# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-26-258845
**Filing Date:** 2026-6
**Character Count:** 167224
**Document Hash:** 639b22cd950d9f99be0763e003f48e9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-258845.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001193125-26-258845

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**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:** 261067632

**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, 2026</u>

------

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g102276g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2026  |

---

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 April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $36 | 0.35% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen High Yield Municipal Income ETF returned 3.54% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Yield Index, which returned 3.63%.<br>•  Top contributors to relative performance<br>•  Underweight to bonds with durations less than six years.<br>•  Overweight to bonds rated AAA, A and BBB, as well as an underweight to bonds rated BB and B.<br>•  Overweight to incremental tax bonds.<br>•  Security selection.<br>•  Top detractors from relative performance<br>•  Underweight to the health care sector.<br>•  Underweight to the housing sector.<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, 2026) **Initial Investment of $10,000**

![LOGO](g102276g1g00g02.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br>(1/22/25)** |
| &nbsp;&nbsp;&nbsp; NAV | 3.54% | 2.97% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.32% | 3.44% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.63% | 3.06% |

---

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, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $117209461 |
|  Total number of portfolio holdings | 235 |
|  Portfolio turnover (%) | 48% |
|  Total management fees paid for the year | $319658 |

---

What did the Fund invest in? (as of March 31, 2026)

![LOGO](g102276g1g03k01.jpg)

![LOGO](g102276g1g03k02.jpg)

(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.

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, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

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_0326<br> 5366811 | ![LOGO](g102276g1g01w01.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g102276g1g19w55.jpg) | <br>Annual Shareholder Report <br>March 31, 2026  |

---

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 April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

**This report describes changes to the Fund that occurred during the reporting period.**

What were the Fund costs for the last year? (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 | $31 | 0.30% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Municipal Income ETF returned 4.38% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Bond Index, which returned 4.32%.<br>•  Top contributors to relative performance<br>•  Underweight to bonds with durations less than two years and overweight in bonds with durations greater than eight years.<br>•  Underweight to tobacco settlement bonds.<br>•  Security selection.<br>•  Top detractors from relative performance<br>•  Sector allocations in housing, industrial development revenue, transportation and health care.<br>•  Overweight to non-rated bonds and an underweight to AAA-rated and AA-rated bonds.<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, 2026) **Initial Investment of $10,000**

![LOGO](g102276g1g06g06.jpg)

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br>(1/22/25)** |
| &nbsp;&nbsp;&nbsp; NAV | 4.38% | 3.06% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.32% | 3.44% |

---

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, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $76544211 |
|  Total number of portfolio holdings | 260 |
|  Portfolio turnover (%) | 81% |
|  Total management fees paid for the year | $188956 |

---

What did the Fund invest in? (as of March 31, 2026)

![LOGO](g102276g1g07k01.jpg)

![LOGO](g102276g1g07k02.jpg)

(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.

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, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

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_0326<br> 5366824 | ![LOGO](g102276g1g01w01.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.

------

**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 and Loren M. Starr, 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 Board 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).

------

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

Nushares ETF Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, 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.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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, 2026 | $55250 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| March 31, 2025 | $54800 | $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.

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".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

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 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.

------

---

| | | | |
|:---|:---|:---|:---|
| **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, 2026 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  March 31, 2025 | $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 Service 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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, 2026 | $0 | $0 | $11629068 | $11629068 |
|  March 31, 2025 | $0 | $0 | $0 | $0 |

---

"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.

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

------

**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, Terence J. Toth, Matthew Thornton III and Margaret L. Wolff.

------

**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.

------

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

------

#### 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,

2026,

the

related

statements

of

operations

for

the

year

ended

March

31,

2026

and

the

statements

of

changes

in

net

assets

and

the

financial

highlights

for

the

year

ended

March

31,

2026

and

for

the

period

January

22,

2025

(commencement

of

operations)

through

March

31,

2025,

including

the

related

notes

(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,

2026,

the

results

of

each

of

their

operations

for

the

year

ended

March

31,

2026,

and

the

changes

in

their

net

assets

and

each

of

the

financial

highlights

for

the

year

ended

March

31,

2026

and

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,

2026

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,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002. 2

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026

#### NHYM
See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

-

99.0%

INVESTMENT

COMPANIES

-

1.0%

1,202,004

State

Street

Institutional

US

Government

Money

Market

Fund

$

1,202,004

TOTAL

INVESTMENT

COMPANIES

(cost

$1,202,004)

$

1,202,004

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL

BONDS

-

98.0%

ALABAMA

-

2.8%

$

250,000

(a),(b)

Baldwin

County

Industrial

Development

Authority,

Alabama,Solid

Waste

Disposal

Revenue

Bonds,

Novelis

Corporation

Project,

Series

2026A,

(AMT),

(Mandatory

Put

3/01/33)

.300

%

03/01/56

242,564

1,500,000

(a),(b)

Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2025C,

(Mandatory

Put

8/01/34)

.500

11/01/56

1,587,159

500,000

Mobile

County

Industrial

Development

Authority,

Alabama,

Solid

Waste

Disposal

Revenue

Bonds,

AM/NS

Calvert

LLC

Project,

Series

2024A,

(AMT)

.000

06/01/54

476,742

1,000,000

Mobile

County

Industrial

Development

Authority,

Alabama,

Solid

Waste

Disposal

Revenue

Bonds,

AM/NS

Calvert

LLC

Project,

Series

2024B,

(AMT)

.750

12/01/54

919,323

TOTAL

ALABAMA

3,225,788

ARIZONA

-

1.9%

1,250,000

(b) Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2019,

(AMT),

(Mandatory

Put

6/01/29)

.000

06/01/49

1,266,340

1,000,000

Maricopa

County

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Great

Hearts

Academies

Projects,

Series

2017A

.000

07/01/52

963,260

TOTAL

ARIZONA

2,229,600

ARKANSAS

-

0.4%

500,000

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2023,

(AMT)

.700

05/01/53

509,600

TOTAL

ARKANSAS

509,600

CALIFORNIA

-

6.2%

500,000

(b) California

Community

Choice

Financing

Authority,

California,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023C,

(Mandatory

Put

10/01/31)

.250

01/01/54

529,124

1,000,000

California

Community

Choice

Financing

Authority,

California,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2026B

.000

03/01/36

1,039,383

500,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Senior

Series

2021A-1

.000

02/01/56

414,192

250,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

.000

02/01/50

197,750

300,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-1

.000

02/01/57

200,122

650,000

California

Municipal

Finance

Agency,

Municipal

Certificates,

Series

2026-1

Class

.050

07/20/41

598,751

160,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

.000

07/01/47

137,177

780,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Hesperia-

Silverwood

Improvement

Area

1,

Series

2025

.125

09/01/50

785,148

1,000,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

.250

12/01/56

1,000,065

125,000

(a) CMFA

Special

Finance

Agency

I,

California,

Essential

Housing

Revenue

Bonds,

The

Mix

at

Center

City,

Series

2021A-2

.000

04/01/56

94,753

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

500,000

(a) CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Latitude

33,

Senior

Series

2021A-1

.000

%

12/01/56

$

323,786

105,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Moda

at

Monrovia

Station,

Social

Series

2021A-2

.000

10/01/56

79,309

500,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Renaissance

at

City

Center,

Series

2020A

.000

07/01/51

467,322

200,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Senior

Lien

Series

2021A

.000

09/01/56

134,484

2,000,000

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2

.000

06/01/66

200,432

500,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Green

Series

2025A,

(AMT)

.000

05/15/55

503,664

500,000

Mountain

House

Community

Facilities

District,

California

Special

Tax

Bonds,

Improvement

Area

Series

2024-1

.000

09/01/40

514,391

TOTAL

CALIFORNIA

7,219,853

COLORADO

-

11.1%

500,000

(a) Aerotropolis

Regional

Transportation

Authority,

Colorado,

Special

Revenue

Bonds,

Series

2024

.750

12/01/54

493,404

500,000

Aurora

Crossroads

Metropolitan

District

2,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2025A-3

.125

12/01/55

489,112

692,000

CCP

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2024

.000

12/01/53

665,687

250,000

Colorado

Educational

and

Cultural

Facilities

Authority,

Charter

School

Revenue

Bonds,Science

Technology

Engineering

and

Math

School

Project,

Refunding

Series

2014

.125

11/01/49

233,241

750,000

(a) Colorado

Educational

and

Cultural

Facilities

Authority,

Cultural

Facilities

Revenue

Bonds,

Stanley

Project,

Senior

Lien

Series

2025A-1

.875

02/01/59

783,887

400,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Covenant

Living

Communities

&

Services,

Series

2025A

.125

12/01/55

388,474

750,000

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2025A

.000

12/01/55

791,444

500,000

Flying

Horse

North

Metropolitan

District

No.

Limited

Tax

General

Obligation

Convertible

Capital

Appreciation

Bonds,

Colorado,

Series

2026A

.875

12/01/55

366,514

250,000

Gardens

on

Havana

Metropolitan

District

3,

Arapahoe

County,

Colorado,

Special

Revenue

Bonds,

Refunding

Series

2017A

.250

12/01/47

233,842

1,000,000

(a) Granby

Ranch

Metropolitan

District,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2018

.500

12/01/52

989,627

500,000

Haymeadow

Metropolitan

District

1,

Eagle

County,

Colorado,

General

Obligation

Bonds,

Subordinate

Limited

Tax

Series

2025A

.125

12/01/54

510,126

250,000

Jefferson

Center

Metropolitan

District

1,

Arvada,

Jefferson

County,

Colorado,

Special

Revenue

Bonds,

Series

2020-A2

.125

12/01/40

235,098

500,000

Lakota

Pointe

Metropolitan

District

1,

Winter

Park,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2025A

.000

12/01/55

506,711

500,000

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

.250

12/01/48

483,987

500,000

(a) Orchard

Park

Place

South

Metropolitan

District,

Adams

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Series

2024

.000

12/01/54

488,932

500,000

Pinery

Commercial

Metropolitan

District

2,

Douglas

County,

Colorado,

Special

Revenue

Bonds,

Series

2025

.750

12/01/54

489,999

500,000

(c) Pinon

Pines

Metropolitan

District

No.

3,

El

Paso

County,

Colorado,

General

Obligation

Limited

Tax

Convertible

Capital

Appreciation

Bonds,

Series

2025(c)

.000

12/01/54

457,149

1,000,000

Prairie

Farm

Metropolitan

District,

In

the

City

of

Commerce

City,

Adams

County,

Colorado,

Limited

Tax

Convertible

to

Unlimited

Tax,

General

Obligation

Bonds,

Series

2018A

.250

12/01/48

983,236

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NHYM

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

750,000

(a) Reagan

Ranch

Metropolitan

District

1,

Colorado

Springs,

Colorado,

General

Obligation

Bonds,

Limited

Tax

&

Special

Revenue,

Series

2025

.125

%

12/01/54

$

735,069

500,000

Red

Barn

Metropolitan

District,

Mead,

Colorado,

Weld

County,

Colorado,

General

Obligation

Bond,

Limited

Tax

Convertible

to

Unlimited

Tax,

Refunding

and

Improvement,

Series

2025A

.500

12/01/55

498,718

900,000

Redtail

Ridge

Metropolitan

District,

City

of

Louisville,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Capital

Appreciation

Turbo

Bonds,

Series

2025

.000

12/01/32

572,777

500,000

Reserve

Metropolitan

District

2,

Mount

Crested

Butte,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2016A

.000

12/01/45

487,567

500,000

Southlands

Metropolitan

District

1,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2017A-1

.000

12/01/47

488,580

600,000

West

Valley

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Windsor

Series

2024A

.250

12/01/54

582,248

TOTAL

COLORADO

12,955,429

CONNECTICUT

-

0.4%

500,000

Stamford

Housing

Authority,

Connecticut,

Revenue

Bonds,

Mozaic

Concierge

Living

Project,

Series

2025A

.500

10/01/55

506,669

TOTAL

CONNECTICUT

506,669

FLORIDA

-

12.9%

380,000

(a) Armstrong

Community

Development

District,

Clay

County,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2017A

.000

11/01/34

382,276

180,000

Astonia

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Area

Project,

Series

2023

.125

06/15/43

183,664

125,000

Bridgewater

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Assessment

Area

Project,

Refunding

Series

2015

.650

05/01/35

124,994

370,000

(a) Cedar

Crossing

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

.300

05/01/45

367,591

500,000

(a) Charlotte

County

Industrial

Development

Authority,

Florida,

Utility

System

Revenue

Bonds,

Town

&

Country

Utilities

Project,

Series

2021A,

(AMT)

.000

10/01/51

398,402

250,000

(a) Connerton

East

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

Project,

Series

2025

.450

06/15/45

256,215

105,000

Corkscrew

Farms

Community

Development

District,

Lee

County,

Florida,

Special

Assessment

Bonds,

Area

One

Project,

Series

2016

.750

11/01/37

105,069

450,000

Creekside

at

Twin

Creeks

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Area

Project,

Series

2016A-3

.250

11/01/30

454,679

140,000

(a) Davenport

Road

South

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2018

.000

11/01/38

142,206

410,000

(a) Del

Webb

Sunchase

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Bonds,

Series

2025

.450

05/01/45

416,897

500,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

(AMT)

.500

07/01/53

372,500

510,000

(a),(b)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2025B,

(AMT),

(Mandatory

Put

6/15/26)

.000

07/01/57

351,900

500,000

(a) Grand

Bay

at

Doral

Community

Development

District,

Miami-

Dade

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

Two

Phase

Project,

Series

2025A-1

.000

05/01/45

501,628

260,000

Grand

Bay

at

Doral

Community

Development

District,

Miami-

Dade

County,

Florida,

Special

Assessment

Bonds,

South

Parcel

Assessment

Area

Project,

Series

2016

.750

05/01/36

260,037

1,000,000

Greater

Orlando

Aviation

Authority,

Florida,

Special

Purpose

Airport

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Project,

Series

2025,

(AMT)

.250

11/01/34

1,044,102

500,000

(a) Groves

at

Lake

Marion

Community

Development

District

,

Polk

County,

Florida,

Special

Assessment

Bonds,

Series

2026

.300

12/15/46

495,301

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FLORIDA

(continued)

$

250,000

(a) Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Lorraine

Lakes

Project,

Series

2020

.875

%

05/01/51

$

197,247

500,000

Lee

County,

Florida,

Airport

Revenue

Bonds,

Series

2026A-1,

(AMT)

.500

10/01/56

523,927

385,000

(a) Lowery

Hills

Community

Development

District,

Lake

Alfred,

Florida,

Special

Assessments

Revenue

Bonds,

Assessment

Area

1,

Series

2025

.625

05/01/45

385,808

250,000

(a) Magnolia

Island

Community

Development

District,

Pasco

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

1,

Series

2025

.750

05/01/55

243,792

295,000

Mangrove

Point

and

Mangrove

Manor,

Community

Development

District,

Hillsborough

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2022

.375

05/01/52

232,149

500,000

(a),(b)

Miami-Dade

County

Industrial

Development

Authority,

Florida,

Student

Housing

Revenue

Bonds,

PRG

-

Casa

Properties

LLC

Project,

Senior

Series

2026A-1,

(Mandatory

Put

7/01/36)

.375

07/01/65

513,189

500,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

.000

10/01/40

504,450

505,000

(a) Miromar

Lakes

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2025

.000

05/01/35

539,859

750,000

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Inc.

Series

2025A

.500

10/01/56

703,749

485,000

(a) Pacific

Ace

Community

Development

District,

Lake

County,

Florida,

Special

Assessment

Revenue

Bonds,

Area

Series

2024

.200

05/01/44

488,134

400,000

Palermo

Community

Development

District,

Lee

County,

Florida,

Special

Assessment

Bonds,

Area

2,

Series

2025

.500

06/15/55

403,087

205,000

Palm

Gate

Community

Development

District,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

.300

06/15/45

207,110

250,000

(a) Palm

Gate

Community

Development

District,

Florida,

Special

Assessment

Bond,

2025

Project,

Series

2025

.550

06/15/55

249,930

645,000

(a) Ranches

at

Lake

McLeod

Community

Development

District,

Polk

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

Series

2025

.450

06/15/45

658,659

750,000

(a) Sawyers

Landing

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Series

2021

.125

05/01/41

695,977

380,000

Stoneybrook

North

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Project,

Series

2017A-3

.875

11/01/29

383,903

500,000

(a) Sugarloaf

Community

Development

District,

Lake

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessments

Area

1,

Series

2026

.375

12/15/46

496,864

180,000

(a) Twisted

Oaks

Pointe

Community

Development

District,

Florida,

Special

Assessment

Revenue

Bonds

Assessment

Area

One

Project

Series

2023

.625

05/01/53

180,527

500,000

Two

Lakes

Community

Development

District,

Hialeah,

Florida,

Special

Assessment

Bonds,

Series

2024

.000

05/01/55

480,100

100,000

(a) Two

Rivers

West

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Bonds,

2022

Project,

Series

2022

.250

05/01/53

102,733

190,000

(a) Two

Rivers

West

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Bonds,

2024

Project,

Series

2024

.875

05/01/54

190,439

245,000

(a) V-Dana

Community

Development

District,

Lee

County,

Florida,

Special

Assessment

Bonds,

Area

-

2025

Project,

Series

2025

.550

05/01/55

238,449

180,000

Verandah

West

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2013

.000

05/01/33

180,117

275,000

Verano

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Phase

Assessment

Area,

Series

2021

.375

05/01/41

235,360

300,000

(a) Woodcreek

Community

Development

District,

Pasco

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

2,

Series

2025

.500

05/01/55

283,403

TOTAL

FLORIDA

15,176,423

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NHYM

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GEORGIA

-

3.5%

$

1,000,000

Geo.

L. Smith

II

Georgia

World

Congress

Center

Authority,

Georgia,

Convention

Center

Hotel

Revenue

Bonds,

First

Tier

Series

2021A

.000

%

01/01/54

$

824,290

500,000

Georgia

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Series

2025A

.500

12/01/45

496,990

500,000

(a),(b)

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2022C,

(Mandatory

Put

11/01/27)

.000

08/01/52

499,006

1,000,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

J

Bonds,

Series

2015A

.000

07/01/60

988,401

1,000,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

J

Bonds,

Series

2019A

.000

01/01/49

999,625

300,000

(a) Savannah-Georgia

Convention

Center

Authority,

Convention

Center

Hotel

Second

Tier

Revenue

Bonds,

Series

2025B

.250

06/01/61

296,965

TOTAL

GEORGIA

4,105,277

GUAM

-

0.9%

1,000,000

Guam

Port

Authority,

Port

Revenue

Bonds,

Series

2018A

.000

07/01/48

1,003,072

TOTAL

GUAM

1,003,072

HAWAII

-

0.4%

500,000

Hawaii

State,

Airport

System

Revenue

Bonds,

Series

2025A,

(AMT)

.250

07/01/51

514,327

TOTAL

HAWAII

514,327

IDAHO

-

0.4%

500,000

(a) Spring

Valley

Community

Infrastructure

District

1,

Eagle,

Idaho,

Special

Assessment

Bonds,

Assessment

Area

Two,

Series

2025

.250

09/01/54

512,114

TOTAL

IDAHO

512,114

ILLINOIS

-

2.7%

700,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Refunding

Project

Second

Lien

Series

2026A

.000

12/01/59

703,618

1,250,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2025E

-

BAM

Insured,

(AMT)

.000

01/01/60

1,233,591

250,000

(a) Lincolnwood,

Cook

County,

Illinois,

Tax

Increment

Revenue

Bonds,

District

1860

Development

Project,

Series

2025B

.750

12/01/43

254,172

1,000,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A

.000

06/15/50

996,549

TOTAL

ILLINOIS

3,187,930

INDIANA

-

0.1%

100,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Senior

Series

2023E

.000

03/01/53

102,953

TOTAL

INDIANA

102,953

IOWA

-

0.2%

250,000

Iowa

Finance

Authority,

Single

Family

Mortgage

Revenue

Bonds,

Social

Series

2025A

.550

07/01/45

249,709

TOTAL

IOWA

249,709

KENTUCKY

-

1.9%

500,000

Kentucky

Economic

Development

Finance

Authority,

Hospital

Revenue

Bonds,

Owensboro

Health,

Refunding

Series

2017A

.250

06/01/41

503,039

500,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A

.000

01/01/45

500,126

750,000

Louisville

and

Jefferson

County

Metropolitan

Government,

Kentucky,

Hospital

Revenue

Bonds,

UofL

Health

Project,

Series

2022A

.000

05/15/52

709,008

500,000

(b) Public

Energy

Authority

of

Kentucky,

Gas

Supply

Revenue

Bonds,

Refunding

Series

2025A,

(Mandatory

Put

12/01/29)

.250

06/01/55

529,313

TOTAL

KENTUCKY

2,241,486

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LOUISIANA

-

2.0%

$

235,000

(a) Juban

Trails

Community

Development

District,

Livingston

Parish,

Louisiana,

Special

Assessment Revenue

Bonds,

Series

2022

.250

%

06/01/51

$

189,275

400,000

Louisiana

Housing

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2025A

.600

12/01/50

390,335

200,000

(a) Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Terrebonne

Parish

GOMESA

Project,

Series

2018

.500

11/01/39

205,993

100,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

Westlake

Chemical

Corporation

Projects,

Refunding

Series

2017

.500

11/01/32

97,195

500,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

.750

09/01/64

513,003

750,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Calcasieu

River

Bridge

Public-Private

Partnership

Project,

Senior

Lien

Series

2024,

(AMT)

.000

09/01/66

707,742

250,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

.000

05/15/47

250,049

TOTAL

LOUISIANA

2,353,592

MAINE

-

0.2%

200,000

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

Eastern

Maine

Medical

Center

Obligated

Group

Issue,

Series

2016A

.000

07/01/46

183,156

TOTAL

MAINE

183,156

MARYLAND

-

0.3%

250,000

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

.000

09/01/46

236,152

120,000

Maryland

Economic

Development

Corporation,

Special

Obligation

Bonds,

Metro

Centre

Owings

Mills

Project,

Series

2017

.375

07/01/36

117,798

TOTAL

MARYLAND

353,950

MASSACHUSETTS

-

1.8%

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G

.250

07/01/48

503,252

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A

.000

01/01/47

483,817

100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017

.000

07/01/47

94,882

1,000,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2016B,

(AMT)

.000

07/01/43

1,000,167

TOTAL

MASSACHUSETTS

2,082,118

MICHIGAN

-

0.3%

100,000

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

2006

Sold

Tobacco

Receipts

Senior

Current

Interest

Series

2020A-2

.000

06/01/40

102,889

250,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

Improvement

Project,

Series

2018,

(AMT)

.000

12/31/32

257,028

TOTAL

MICHIGAN

359,917

MINNESOTA

-

1.3%

1,000,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A

.000

11/15/49

969,980

500,000

Minnesota

Agricultural

and

Economic

Development

Board,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2024A

.250

01/01/54

510,707

TOTAL

MINNESOTA

1,480,687

MISSOURI

-

0.7%

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2025A

.250

04/01/55

460,954

300,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

Saint

Louis

Obligated

Group,

Series

2018A

.000

09/01/38

305,232

TOTAL

MISSOURI

766,186

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NHYM

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MONTANA

-

0.4%

$

500,000

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Revenue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2018

.000

%

06/01/48

$

502,150

TOTAL

MONTANA

502,150

NEVADA

-

0.6%

225,000

Henderson,

Nevada,

Local

Improvement

Bonds,

Local

Improvement

District

Black

Mountain

Ranch,

Series

2022

.500

09/01/45

177,230

500,000

(a) Reno,

Nevada,

Special

Assessment

Bonds,

2024

Quilici

Ranch

Local

Improvement

District

1,

Series

2025

.250

06/01/54

489,254

TOTAL

NEVADA

666,484

NEW

HAMPSHIRE

-

0.8%

500,000

(a) National

Finance

Authority,

New

Hampshire,

Class

A

Certificates,

Avenue

One

Project

Series

2025-1.

.250

03/15/36

508,129

495,000

(b) National

Finance

Authority,

New

Hampshire,

Municipal

Certificates

Series

2025-1

Class

.086

01/20/41

470,362

TOTAL

NEW

HAMPSHIRE

978,491

NEW

JERSEY

-

1.2%

375,000

Passaic

County

Improvement

Authority,

New

Jersey,

Charter

School

Revenue

Bonds,

Paterson

Charter

School

for

Science

and

Technology,

Inc.

Project,

Series

2025

.000

07/01/44

375,433

1,000,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

.250

06/01/46

996,843

TOTAL

NEW

JERSEY

1,372,276

NEW

YORK

-

8.2%

500,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A

.000

07/15/50

479,127

500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Refunding

Series

2025A

.250

11/15/45

530,628

500,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025H-1

.250

11/01/48

527,306

2,000,000

(a) New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Class

Series

2014

.000

11/15/44

2,000,067

225,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

.500

10/31/31

199,928

750,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

.000

07/01/41

750,267

1,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

.000

07/01/46

999,958

1,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

.250

01/01/50

1,000,030

750,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Redevelopment

Project,

Senior

Green

Series

2024A,

(AMT)

.500

12/31/60

754,522

435,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

Terminal

One

Project,

Green

Series

2025,

(AMT)

.500

06/30/59

447,111

1,500,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

John

F

Kennedy

International

Airport

Project,

Green

Series

2023

-

AGM

Insured,

(AMT)

.125

06/30/60

1,491,184

500,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Refunding

Series

2016

.000

11/01/46

459,244

TOTAL

NEW

YORK

9,639,372

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NORTH

CAROLINA

-

1.3%

$

1,000,000

North

Carolina

Department

of

Transportation,

Private

Activity

Revenue

Bonds,

Hot

Lanes

Project,

Series

2015,

(AMT)

.000

%

06/30/54

$

955,276

500,000

North

Carolina

Medical

Care

Commission,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Twin

Lakes

Community,

Series

2025A

.250

01/01/55

508,529

TOTAL

NORTH

CAROLINA

1,463,805

NORTH

DAKOTA

-

0.4%

500,000

Horace,

Cass

County,

North

Dakota,

General

Obligation

Bonds,

Refunding

Improvement

Series

2024C

.000

05/01/50

486,327

TOTAL

NORTH

DAKOTA

486,327

OHIO

-

4.3%

1,800,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

.000

06/01/55

1,453,500

530,000

Butler

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

UC

Health,

Series

2016

.000

11/15/40

477,967

250,000

Chillicothe,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Adena

Health

System

Obligated

Group

Project,

Refunding

&

Improvement

Series

2017

.000

12/01/47

242,390

500,000

Cuyahoga

County,

Ohio,

Hospital

Revenue

Bonds,

MetroHealth

System,

Series

2017

.250

02/15/47

484,717

325,000

Hamilton

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

UC

Health,

Series

2025A

.500

08/01/51

327,791

400,000

Miami

County,

Ohio,

Hospital

Facilities

Revenue

Bonds,

Kettering

Health

Network

Obligated

Group

Project,

Refunding

Improvement

Series

2019

.000

08/01/49

401,656

275,000

Norwood,

Ohio,

Special

Obligation

Revenue

Bonds,

Rookwood

Exchange

Project,

Refunding

Series

2025

.000

12/01/41

280,572

500,000

(a) Ohio

Air

Quality

Development

Authority,

Ohio,

Exempt

Facilities

Revenue

Bonds,

AMG

Vanadium

Project,

Series

2019,

(AMT)

.000

07/01/49

453,384

500,000

(a) Ohio

Air

Quality

Development

Authority,

Ohio,

Revenue

Bonds,

Pratt

Paper

Ohio,

LLC

Project,

Series

2017,

(AMT)

.500

01/15/48

459,234

500,000

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Duke

Energy

Convention

Center

Project,

TOT

First

Subordinate

Development

Revenue

Bonds,

Refunding

Series

2024B

.000

12/01/63

497,339

TOTAL

OHIO

5,078,550

OKLAHOMA

-

1.4%

240,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

.250

08/15/48

233,821

250,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2025A

.500

01/01/54

266,284

1,000,000

Tulsa

Municipal

Airport

Trust,

Oklahoma,

Revenue

Bonds,

American

Airlines

Inc.,

Series

2025,

(AMT)

.250

12/01/35

1,134,268

TOTAL

OKLAHOMA

1,634,373

PENNSYLVANIA

-

2.6%

250,000

(a) Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Project,

Series

2024

.000

05/01/42

256,676

250,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Tower

Health

Project,

Series

2024A-3

.000

06/30/39

235,410

250,000

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2019A

.000

07/01/44

252,132

500,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2025A

.000

11/15/49

496,514

750,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022

-

AGM

Insured,

(AMT)

.000

12/31/57

749,795

550,000

(a),(b)

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Core

Natural

Resources

Inc.,

Project,

Series

2025,

(AMT),

(Mandatory

Put

3/27/35)

.450

01/01/51

598,039

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NHYM

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

500,000

Philadelphia

Authority

for

Industrial

Development

Senior

Living

Facilities,

Philadelphia,

Pennsylvania,

Revenue

Bonds,

Wesley

Enhanced

Living

Obligated

Group,

Series

2017A

.000

%

07/01/49

$

449,032

TOTAL

PENNSYLVANIA

3,037,598

PUERTO

RICO

-

3.3%

449,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/46

158,119

1,250,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/58

1,190,156

1,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

.784

07/01/58

924,751

386,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/33

280,565

1,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/41

926,553

500,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/46

429,650

TOTAL

PUERTO

RICO

3,909,794

RHODE

ISLAND

-

0.4%

500,000

Rhode

Island

Health

and

Educational

Building

Corporation,

Student

Housing

Revenue

Bonds,

PRG-

RI

Properties

LLC,

Senior

Series

2025A

.000

07/01/60

477,039

TOTAL

RHODE

ISLAND

477,039

SOUTH

CAROLINA

-

0.9%

500,000

South

Carolina

Public

Service

Authority

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

.000

12/01/41

503,288

250,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Improvement

Series

2025A

.000

12/01/55

252,388

305,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Series

2015E

.250

12/01/55

305,020

TOTAL

SOUTH

CAROLINA

1,060,696

TENNESSEE

-

0.3%

300,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

.000

07/01/49

301,433

TOTAL

TENNESSEE

301,433

TEXAS

-

7.5%

105,000

(a) Austin,

Travis,

Williamson

and

Hays

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Whisper

Valley

Public

Improvement

District

Improvement

Area

2,

Series

2022

.500

11/01/51

105,609

250,000

(a) Celina,

Texas,

Special

Assessment

Revenue

Bonds,

The

Parks

at

Wilson

Creek

Public

Improvement

District

Initial

Major

Improvement

Project,

Series

2021

.250

09/01/41

225,614

250,000

(a) City

of

Midlothian,

Texas,

Westside

Preserve

Public

Improvement

District

Improvement

Area

#1

Project

Special

Assessment

Revenue

Bonds

Series

2022

.375

09/15/52

240,619

200,000

Crandall,

Kaufman

County,

Texas,

Special

Assessment

Revenue

Bonds,

River

Ridge

Public

Improvement

District

Improvement

Area

Project,

Series

2025

.250

09/15/45

199,462

870,000

(a) Dripping

Springs,

Texas,

Special

Assessment

Revenue

Bonds,

Heritage

Public

Improvement

District

Improvement

Area

3A

&

Improvement

Area

3B,

Series

2025

.625

09/01/55

850,513

100,000

Fort

Bend

County

Industrial

Development

Corporation,

Texas,

Revenue

Bonds,

NRG

Energy

Inc.

Project,

Series

2012A.

RMKT

.750

05/01/38

100,016

1,000,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

Improvements

Project,

Series

2024B,

(AMT)

.250

07/15/34

1,049,307

250,000

(a) Hutto,

Williams

County

Texas,

Special

Assessment

Revenue

Bonds,

Cottonwood

Creek

Public

Improvement

Area

Project

Series

2025

.125

09/01/45

248,080

400,000

(a) Hutto,

Williams

County

Texas,

Special

Assessment

Revenue

Bonds,

Prairie

Winds,

Public

Improvement

Area

1,

Series

2025

.125

09/01/45

396,928

250,000

(a) Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Creeks

Public

Improvement

District

Improvement

Area

3B

Project,

Series

2025

.125

09/01/46

250,484

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

250,000

(a) Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Creeks

Public

Improvement

District

Improvement

Area

Project,

Series

2025

.375

%

09/01/50

$

248,433

250,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2025

.000

05/15/55

253,753

250,000

(a) New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Beta

Academy,

Series

2019A

.000

08/15/49

225,178

500,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Westminster

Project,

Series

2025

.000

11/01/55

483,053

275,000

(a) Port

Beaumont

Industrial

Development

Authority,

Texas,

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2021B

.100

01/01/28

250,055

500,000

(a) Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2024A,

(AMT)

.000

01/01/39

475,311

500,000

(a) Port

Beaumont

Navigation

District,

Jefferson

County,

Texas,

Dock

and

Wharf

Facility

Revenue

Bonds,

Jefferson

Gulf

Coast

Energy

Project,

Series

2024A,

(AMT)

.125

01/01/44

474,515

250,000

(a) Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Eastridge

Public

Improvement

District

Improvement

Area

Project,

Series

2025

.375

09/01/45

250,854

300,000

(a) Princeton,

Texas,

Special

Assessment

Revenue

Bonds,

Westridge

Public

Improvement

District

Improvement

Area

Project,

Series

2025

.375

09/01/45

302,855

275,000

(a) Providence

Village,

Denton

County,

Texas,

Special

Assessment

Revenue

Bonds,

Foree

Ranch

Public

Improvement

District

Improvement

Area

Project

Series

2025

.350

09/01/45

274,728

135,000

(a) Sachse,

Texas,

Special

Assessment

Bonds,

Sachse

Public

Improvement

District

Improvement

Areas

2-3

Project,

Series

2022

.000

09/15/52

146,333

1,500,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

LLC

Segments

3C

Project,

Series

2019,

(AMT)

.000

06/30/58

1,455,206

300,000

(a) Venus,

Johnson

County,

Texas,

Special

Assessment

Revenue

Bonds,

Patriot

Estates

Public

Improvement

District,

Series

2021

.000

09/15/51

239,839

TOTAL

TEXAS

8,746,745

UTAH

-

2.1%

500,000

(a) Black

Desert

Public

Infrastructure

District,

Washington

County,

Utah,

Special

Assessment

Bonds,

Black

Desert

Assessment

Area

1,

Series

2024

.625

12/01/53

500,551

500,000

(a) Downtown

East

Streetcar

Sewer

Public

Infrastructure

District,

South

Salt

Lake,

Salt

Lake

County,

Utah,

Limited

Tax

General

Obligation

Bonds,

Series

2022A

.000

03/01/53

479,458

500,000

(a) MIDA

Mountain

Village

Public

Infrastructure

District,

Utah,

Subordinate

Tax

Allocation

Revenue

Bonds,

Series

2024-1

.125

06/15/54

487,276

500,000

(a) South

Salt

Lake

Redevelopment

Agency,

Utah,

Tax

Increment

Bonds,

Series

2025

.250

04/15/46

506,948

500,000

(a) Wakara

Ridge

Public

Infrastructure

District,

Utah,

Special

Assessment

Bonds,

Wakara

Ridge

Assessment

Area,

Series

2025

.625

12/01/54

507,024

TOTAL

UTAH

2,481,257

VIRGIN

ISLANDS

-

0.6%

750,000

Virgin

Islands

Hotel

Development

Financing

Corporation,

Hotel

Revenue

Bonds

Frenchman's

Reef

Hotel

Acquisition

Project,

Senior

Lien

Series

2025A-1

.000

12/01/55

729,817

TOTAL

VIRGIN

ISLANDS

729,817

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NHYM

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VIRGINIA

-

1.4%

$

100,000

(a) Cherry

Hill

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Potomac

Shores

Project,

Series

2015

.150

%

03/01/35

$

100,134

100,000

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Revenue

Bonds,

Fort

Norfolk

Retirement

Community,

Inc.

Harbor's

Edge

Project,

Refunding

Series

2014

.375

01/01/46

99,995

500,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2025A

.600

09/01/50

489,010

1,000,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

P3

Project,

Senior

Lien

Series

2017,

(AMT)

.000

12/31/52

956,029

TOTAL

VIRGINIA

1,645,168

WASHINGTON

-

2.3%

250,000

(b) Washington

Economic

Development

Finance

Authority,

Port

Revenue

Bonds,

Husky

Terminal

Improvement

Project,

Series

2025,

(AMT),

(Mandatory

Put

12/01/30)

.875

12/01/45

252,659

500,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

.000

07/01/48

488,110

1,000,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

.000

07/01/58

961,067

1,000,000

(a) Washington

State

Housing

Finance

Commission,

Nonprofit

Revenue

Bonds,

Provident

Group

-

SH

II

Properties

LLC,

Blakeley

&

Laurel

Villages

Portfolio,

Series

2025A

-

BAM

Insured

.250

07/01/64

994,805

TOTAL

WASHINGTON

2,696,641

WEST

VIRGINIA

-

1.1%

500,000

Ohio

County

Commission,

West

Virginia,

Tax

Increment

Revenue

Bonds,

The

Highlands

Project,

Refunding

&

Improvement

Series

2024

.250

06/01/53

487,795

595,000

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A

.000

01/01/43

550,287

250,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A

.000

06/01/47

250,545

TOTAL

WEST

VIRGINIA

1,288,627

WISCONSIN

-

4.5%

100,000

(a) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Envision

Science

Academy

Project,

Series

2016A

.250

05/01/46

92,232

250,000

(a) Public

Finance

Authority

of

Wisconsin,

Charter

School

Revenue

Bonds,

Hapeville

Charter

Project,

Series

2025A

.750

02/01/52

252,530

500,000

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Senior

Lien

Series

2022A

.000

02/01/52

480,837

1,000,000

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Senior

Lien

Series

2022A

.000

02/01/62

944,183

250,000

(a) Public

Finance

Authority

of

Wisconsin,

Limited

Obligation

PILOT

Revenue

Bonds,

American

Dream

Meadowlands

Project,

Series

2017

.500

12/01/37

195,000

250,000

(a) Public

Finance

Authority

of

Wisconsin,

Retirement

Facility

Revenue

Bonds,

Penick

Village,

Series

2019

.000

09/01/54

226,095

246,000

(a) Public

Finance

Authority

of

Wisconsin,

Revenue

Anticipation

Bonds,

Texas

Infrastructure

Authority

Program,

Astro

Texas

Land

Projects,

Refunding

&

Improvement

Series

2025

.000

12/15/36

241,869

370,000

Public

Finance

Authority

of

Wisconsin,

Student

Housing

Revenue

Bonds,

Campus

Real

Estate

Holding

Corporation,

LLC

Project,

Series

2025A

.250

06/01/45

371,292

500,000

Public

Finance

Authority

of

Wisconsin,

Student

Housing

Revenue

Bonds,

KSU

Bixby

Real

Estate

Foundation,

LLC

Project,

Senior

Series

2025A

.250

06/15/55

487,660

500,000

Public

Finance

Authority,

Wisconsin,

Toll

Revenue

Bonds,

Georgia

SR

Express

Lanes

Project,

Senior

Lien

Series

2025

.750

06/30/60

516,189

1,000,000

Public

Finance

Authority,

Wisconsin,

Toll

Revenue

Bonds,

Georgia

SR

Express

Lanes

Project,

Senior

Lien

Series

2025

.750

12/31/65

1,021,379

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

(continued)

$

500,000

(d) Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Benevolent

Corporation

Cedar

Community,

Series

2026

.500

%

06/01/55

$

498,460

TOTAL

WISCONSIN

5,327,726

TOTAL

MUNICIPAL

BONDS

(cost

$116,249,804)

114,844,205

TOTAL

LONG-TERM

INVESTMENTS

(cost

$117,451,808)

116,046,209

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.0%

1,163,252

NET

ASSETS

-

100%

$

117,209,461

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

$33,522,029

or

28.9%

of

Total

Investments.

(b) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-

backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c) Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(d) When-issued

or

delayed

delivery

security.

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026

#### NUMI
See

Notes

to

Financial

Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

-

99.9%

INVESTMENT

COMPANIES

-

1.4%

1,064,404

State

Street

Institutional

US

Government

Money

Market

Fund

$

1,064,404

TOTAL

INVESTMENT

COMPANIES

(cost

$1,064,404)

$

1,064,404

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL

BONDS

-

98.5%

ALABAMA

-

1.6%

$

200,000

(a) Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2024A,

(Mandatory

Put

9/01/32)

.250

%

05/01/55

205,705

340,000

(a) Black

Belt

Energy

Gas

District,

Alabama,

Gas

Project

Revenue

Bonds,

Series

2024B,

(Mandatory

Put

9/01/32)

.000

10/01/55

358,893

100,000

Energy

Southeast

Cooperative

District,

Alabama,

Energy

Supply

Revenue

Bonds,

Series

2025B

.000

09/01/33

101,793

110,000

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024

.250

10/01/42

118,068

125,000

Lower

Alabama

Gas

District

Gas

Project

Revenue

Refunding

Bonds,

Equitable

Financial

Life

Insurance

Company

of

America,

Series

2025A

.000

12/01/33

129,888

140,000

Southeast

Energy

Authority,

Alabama,

Energy

Supply

Revenue

Bonds,

Cooperative

District

Series

2025E

.000

10/01/30

148,615

140,000

Southeast

Energy

Authority,

Alabama,

Revenue

Bonds,

A

Cooperative

District

Energy

Supply

Series

2025D

.000

09/01/35

150,800

TOTAL

ALABAMA

1,213,762

ARIZONA

-

0.9%

400,000

Chandler,

Arizona,

General

Obligation

Bonds,

Series

2026

.000

07/01/35

461,050

110,000

Mesa,

Arizona,

Utility

System

Revenue

Bonds,

Series

2018

.000

07/01/42

112,731

100,000

Phoenix,

Arizona,

General

Obligation

Bonds,

Various

Purpose

Series

2024A

.000

07/01/39

110,165

TOTAL

ARIZONA

683,946

ARKANSAS

-

0.8%

500,000

(a),(b)

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation

Project,

Series

2026A,

(AMT),

(Mandatory

Put

3/01/33)

.000

09/01/46

497,813

100,000

(a) Arkansas

Development

Finance

Authority,

Resource

Recovery

Revenue

Bonds,

Weyerhaeuser

Company

Project,

Series

2025,

(AMT),

(Mandatory

Put

10/15/32)

.875

10/15/65

99,563

TOTAL

ARKANSAS

597,376

CALIFORNIA

-

12.0%

340,000

(a) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

(Mandatory

Put

4/01/32)

.000

05/01/54

358,803

200,000

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025B

.000

11/01/32

213,707

200,000

(a) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025D,

(Mandatory

Put

7/01/34)

.000

10/01/55

202,023

100,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Chapman

University, Refunding

Series

2025A

.000

04/01/42

109,826

150,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

.000

11/15/42

142,959

100,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Saint

Joseph

Health,

Refunding

Series

2016A

.000

10/01/47

88,377

100,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Academy

of

Motion

Picture

Arts

and

Sciences

Obligated

Group,

Series

2015A

.000

11/01/45

95,341

250,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

UCSF

Clinical

and

Life

Sciences

Building,

Series

2025

.000

05/15/40

280,123

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CALIFORNIA

(continued)

$

220,000

California

Municipal

Finance

Agency,

Municipal

Certificates,

Series

2026-1

Class

.050

%

07/20/41

$

202,654

150,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

.000

12/31/34

153,996

125,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/41

125,234

250,000

(a) California

Municipal

Finance

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Republic

Services

Inc.

Project,

Series

2021B,

(AMT),

(Mandatory

Put

7/15/26)

.250

07/01/51

250,015

750,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2025A

.000

11/01/39

864,313

615,000

California

State,

General

Obligation

Bonds,

Refunding

Various

Purpose

Series

2024

.000

09/01/43

668,467

560,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Refunding

Series

2025

.000

03/01/37

634,927

475,000

(b) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

.250

12/01/56

475,031

750,000

Eastern

Municipal

Water

District

Community

Facilities

District

2018-80

Willow

Springs,

California,

Special

Tax

Bonds

Series

2025

.000

09/01/50

750,111

500,000

Foothill-De

Anza

Community

College

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016

.000

08/01/40

487,375

250,000

Oxnard

School

District,

Ventura

County,

California,

General

Obligation

Bonds,

Bond

Anticipation

Notes

Series

2026

.000

02/01/31

211,409

250,000

Peralta

Community

College

District,

Alameda

County,

California,

General

Obligation,

Refunding

Series

2025

.000

08/01/38

288,666

190,000

Sacramento

County,

California,

Airport

System

Revenue

Bonds,

Refunding

Senior

Series

2018C,

(AMT)

.000

07/01/34

195,917

320,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Governmental

Purpose

Series

2016C

.000

05/01/46

320,261

270,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

.000

05/01/37

279,533

500,000

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Water

Revenue

Bonds,

Refunding

Green

Sub

Series

2025A

.000

11/01/47

539,038

100,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

.250

01/15/49

100,039

500,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2016K

.000

05/15/46

469,218

500,000

University

of

California,

General

Revenue

Bonds,

Series

2025CC

.000

05/15/42

549,682

105,000

University

of

California,

General

Revenue

Bonds,

Series

2025CE

.000

11/15/41

117,162

TOTAL

CALIFORNIA

9,174,207

COLORADO

-

5.7%

310,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

.500

12/01/37

365,768

300,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

.500

12/01/38

351,534

300,000

Adams

and

Arapahoe

Counties

Joint

School

District

28J,

Aurora,

Colorado,

General

Obligation

Bonds,

Series

2025

.500

12/01/39

348,786

990,000

Adams

County

School

District

14,

Colorado,

General

Obligation

Bonds,

Series

2025

.500

12/01/44

1,097,489

500,000

CCP

Metropolitan

District

3,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2024

.000

12/01/53

480,988

280,000

Cherry

Creek

School

District

5, Arapahoe

County,

Colorado,

General

Obligation

Bonds,

Series

2024

.250

12/15/41

315,041

250,000

Colorado

Housing

and

Finance

Authority,

Single

Family

Mortgage

Bonds,

Class

I

Series

2024A-1

.000

11/01/55

276,716

100,000

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018B

.000

12/01/48

101,062

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NUMI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COLORADO

(continued)

$

500,000

Denver

School

District

1,

Colorado,

General

Obligation

Bonds,

Series

2025C

.500

%

12/01/46

$

552,110

250,000

Denver,

Colorado,

General

Obligation

Bonds,

Vibrant

Denver

Series

2026A

.500

08/01/43

285,991

180,000

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A

.000

07/15/35

180,348

TOTAL

COLORADO

4,355,833

DELAWARE

-

0.3%

200,000

Delaware

Transportation

Authority,

Revenue

Bonds,

US

Project,

Series

2015

.000

06/01/45

200,058

TOTAL

DELAWARE

200,058

DISTRICT

OF

COLUMBIA

-

1.6%

300,000

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Subordinate

Lien

Green

Series

2022B

.000

10/01/47

310,779

200,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2016A

.000

06/01/41

200,801

255,000

District

of

Columbia,

General

Obligation

Bonds,

Series

2024A

.000

08/01/37

283,824

110,000

District

of

Columbia,

Income

Tax

Secured

Revenue

Bonds,

Series

2022A

.500

07/01/47

117,372

305,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B

.500

10/01/44

321,933

TOTAL

DISTRICT

OF

COLUMBIA

1,234,709

FLORIDA

-

4.5%

245,000

City

of

Miami

Beach,

Florida,

Stormwater

Revenue

Bonds,

Series

2015

.000

09/01/45

232,481

150,000

Fort

Lauderdale,

Florida,

Water

and

Sewer

Revenue

Bonds,

Prospect

Lake

Water

Treatment

Plant

Project

Series

2023B

.000

09/01/39

163,582

500,000

(b) Grand

Bay

at

Doral

Community

Development

District,

Miami-

Dade

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

Two

Phase

Project,

Series

2025A-1

.000

05/01/45

501,628

365,000

(a) Miami-Dade

County

Industrial

Development

Authority,

Florida,

Solid

Waste

Disposal

Revenue

Bonds,

Waste

Management

Inc

Project,

Series

2018B,

(AMT),

(Mandatory

Put

7/01/26)

.000

11/01/48

365,250

250,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Refunding

Series

2017B,

(AMT)

.000

10/01/40

252,225

250,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Series

2025A,

(AMT)

.500

10/01/55

260,174

150,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2018

.000

07/01/43

153,476

505,000

(b) Miromar

Lakes

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Refunding

Series

2025

.000

05/01/35

539,859

400,000

Orlando

Utilities

Commission,

Florida,

Utility

System

Revenue

Bonds,

Series

2025A

.000

10/01/45

423,962

440,000

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Series

2019A-1

.000

10/01/35

452,687

120,000

Putnam

County

Development

Authority,

Florida,

Pollution

Control

Revenue

Bonds,

Seminole

Electric

Cooperative,

Inc.

Project,

Refunding

Series

2018B

.000

03/15/42

121,839

TOTAL

FLORIDA

3,467,163

GEORGIA

-

2.5%

350,000

Atlanta,

Georgia,

Airport

General

Revenue

Bonds,

Green

Series

2025B-1,

(AMT)

.000

07/01/33

385,342

100,000

Burke

County

Development

Authority,

Georgia,

Pollution

Control

Revenue

Bonds,

Oglethorpe

Power

Corporation

Vogtle

Project,

Series

2017D

.125

11/01/45

93,730

170,000

Carroll

City-County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Tanner

Medical

Center,

Inc.

Project,

Series

2015

.000

07/01/45

164,689

500,000

DeKalb

County,

Georgia,

Water

and

Sewerage

Revenue

Bonds,

Refunding

Series

2006B

-

AGM

Insured

.250

10/01/32

505,979

300,000

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A

.000

04/01/47

301,429

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GEORGIA

(continued)

$

100,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

J

Bonds,

Series

2015A

.500

%

07/01/60

$

100,009

100,000

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

&

Project

J

Bonds,

Series

2019A

-

BAM

Insured

.000

01/01/49

100,770

255,000

Richmond

County

Board

of

Education,

Georgia,

General

Obligation

Bonds,

Sales

Tax

Series

2025

.000

10/01/32

286,927

TOTAL

GEORGIA

1,938,875

GUAM

-

0.7%

250,000

Guam

Port

Authority,

Port

Revenue

Bonds,

Series

2018A

.000

07/01/48

250,768

265,000

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2022A

.000

10/01/42

274,299

TOTAL

GUAM

525,067

HAWAII

-

0.5%

100,000

Honolulu

City

and

County,

Hawaii,

Wastewater

System

Revenue

Bonds,

First

Bond

Resolution,

Senior

Series

2019A

.000

07/01/44

102,947

250,000

Maui

County,

Hawaii,

General

Obligation

Bonds,

Series

2025

.000

09/01/39

278,542

TOTAL

HAWAII

381,489

ILLINOIS

-

4.0%

275,000

Chicago,

Illinois,

General

Obligation

Bonds,

Series

2019A

.500

01/01/35

282,179

105,000

Chicago,

Illinois,

Water

Revenue

Bonds,

Second

Lien

Refunding

Series

2024A

.000

11/01/35

115,675

250,000

(a) Illinois

Finance

Authority,

Water

Facilities

Revenue

Bonds,

American

Water

Capital

Corporation

Project,

Refunding

Series

2019,

(Mandatory

Put

10/01/29)

.450

10/01/39

241,809

250,000

Illinois

State,

General

Obligation

Bonds,

May

Series

2018A

.000

05/01/43

252,538

140,000

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D

.000

11/01/28

144,167

720,000

Illinois

State,

Sales

Tax

Revenue

Bonds,

Build

Illinois,

Refunding

Junior

Obligation

March

Series

2025B

.000

06/15/40

770,485

50,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2021A

.000

01/01/46

51,606

330,000

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2017A

.000

06/15/57

321,767

500,000

Northern

Illinois

Municipal

Power

Agency,

Power

Project

Revenue

Bonds,

Prairie

State

Project,

Refunding

Series

2016A

.000

12/01/33

500,393

100,000

Schaumburg,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2013A

.000

12/01/41

99,978

300,000

Southwestern

Illinois

Development

Authority,

Illinois,

Local

Government

Revenue

Bonds,

Triad

Community

Unit

School

District

Project,

Series

2025B

-

BAM

Insured

.500

04/01/48

319,258

TOTAL

ILLINOIS

3,099,855

INDIANA

-

1.5%

250,000

Indiana

Finance

Authority,

State

Revolving

Fund

Program

Bonds,

Green

Series

2025C

.000

02/01/40

276,370

170,000

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Ad

Valorem

Property

Tax

Funded

Project

Series

2023D

.000

02/01/43

189,911

155,000

Ivy

Tech

Community

College,

Indiana,

Student

Fee

Revenue

Bonds,

Series

2026Y

.000

07/01/37

174,595

500,000

(a) Whiting,

Indiana,

Environmental

Facilities

Revenue

Bonds,

BP

Products

North

America

Inc.

Project,

Series

2008,

(Mandatory

Put

6/21/35)

.200

06/01/44

514,980

TOTAL

INDIANA

1,155,856

KENTUCKY

-

1.3%

150,000

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A

-

AGM

Insured

.000

12/01/41

145,321

275,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A

.000

01/01/45

275,069

500,000

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

132,

Series

2025A

.000

04/01/41

546,873

TOTAL

KENTUCKY

967,263

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NUMI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LOUISIANA

-

0.5%

$

205,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Revenue

Bonds,

Westlake

Chemical

Corporation

Projects,

Refunding

Series

2017

.500

%

11/01/32

$

199,249

100,000

(c) Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015,

(Pre-refunded

5/01/26)

.250

05/15/40

97,341

120,000

Louisiana

Public

Facilities

Authority,

Revenue

Bonds,

Ochsner

Clinic

Foundation

Project,

Series

2015

.000

05/15/47

120,023

TOTAL

LOUISIANA

416,613

MAINE

-

0.1%

100,000

Maine

Municipal

Bond

Bank,

Transportation

Infrastructure

Revenue

Bonds,

Transcap

Program,

Highway

and

Bridge

Series

2026A

.000

09/01/32

112,297

TOTAL

MAINE

112,297

MARYLAND

-

0.6%

120,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Maryland

Medical

System

Issue,

Series

2017B

.000

07/01/39

117,890

325,000

Montgomery

County,

Maryland,

General

Obligation

Bonds,

Consolidated

Public

Improvement

Series

2025A

.000

10/01/34

368,188

TOTAL

MARYLAND

486,078

MASSACHUSETTS

-

3.0%

250,000

Boston,

Massachusetts,

General

Obligation

Bonds,

Series

2025A

.000

02/01/37

281,463

500,000

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

Series

2026

.000

02/01/35

581,820

155,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016

.000

10/01/46

155,290

250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Smith

College,

Series

2025

.000

07/01/45

242,190

125,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Issue

Series

2025N-1

.250

07/01/50

125,469

500,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2016E

.000

04/01/46

470,026

300,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2016J

.000

12/01/39

295,274

125,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A

.000

01/01/54

128,329

TOTAL

MASSACHUSETTS

2,279,861

MICHIGAN

-

3.7%

245,000

Detroit

City

School

District,

Wayne

County,

Michigan,

Unlimited

Tax

School

Building

and

Site

Improvement

Bonds,

Series

2001A

-

AGM

Insured

.000

05/01/29

259,013

250,000

Howell

Public

Schools,

Livingston

County,

Michigan,

General

Obligation

Bonds,

School

Building

and

Site

Series

2025-II

.000

05/01/40

273,151

250,000

Lansing

Board

of

Water

and

Light,

Michigan,

Utility

System

Revenue

Bonds,

Refunding

Series

2026B

.000

07/01/37

284,347

245,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Refunding

Series

2016

.000

11/15/41

246,448

250,000

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

2006

Sold

Tobacco

Receipts

Senior

Current

Interest

Series

2020A-2

.000

06/01/40

257,222

500,000

Michigan

Housing

Development

Authority,

Rental

Housing

Revenue

Bonds,

Series

2025A-1

.550

10/01/31

496,935

330,000

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2016-I

.000

04/15/41

332,322

450,000

Michigan

Strategic

Fund,

Limited

Obligation

Revenue

Bonds,

Improvement

Project,

Series

2018,

(AMT)

.000

12/31/43

452,125

200,000

Oakland

University,

Michigan,

General

Revenue

Bonds,

Series

2016

.000

03/01/47

200,213

TOTAL

MICHIGAN

2,801,776

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MINNESOTA

-

1.8%

$

1,340,000

Minnetonka

Independent

School

District

276,

Minnesota,

General

Obligation

Bonds,

School

Building

Capital

Appreciation,

Series

2026A

.000

%

02/01/38

$

856,806

500,000

(a) Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2025B,

(Mandatory

Put

5/15/32)

.000

11/15/55

548,597

TOTAL

MINNESOTA

1,405,403

MISSISSIPPI

-

0.3%

195,000

Mississippi

Home

Corporation,

Single

Family

Mortgage

Revenue

Bonds,

Series

2026A

.250

12/01/55

217,934

TOTAL

MISSISSIPPI

217,934

MISSOURI

-

1.4%

100,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F

.000

11/15/45

100,041

780,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Saint

Anthony's

Medical

Center,

Series

2015B

.000

02/01/40

768,015

200,000

North

Kansas

City

School

District

74,

Missouri,

General

Obligation

Bonds,

Improvement

Series

2025

.000

03/01/44

213,331

TOTAL

MISSOURI

1,081,387

MONTANA

-

0.5%

400,000

Lewis

and

Clark

County

High

School

District,

Montana,

General

Obligation

Bonds,

School

Building

Series

2025

-

BAM

Insured

.000

07/01/51

413,690

TOTAL

MONTANA

413,690

NEBRASKA

-

1.8%

800,000

Boys

Town

Village,

Nebraska,

Revenue

Bonds,

Boys

Town

Project

Series

2026

.000

07/01/46

824,075

500,000

(a) Central

Plains

Energy

Project,

Nebraska,

Gas

Supply

Revenue

Bonds,

Refunding

Series

2025A

Subseries

2025A-1,

(Mandatory

Put

8/01/31)

.000

08/01/55

529,522

TOTAL

NEBRASKA

1,353,597

NEVADA

-

0.7%

100,000

Las

Vegas

Redevelopment

Agency,

Nevada,

Tax

Increment

Revenue

Bonds,

Refunding

Series

2016

.000

06/15/40

100,023

250,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Limited

Tax

Water

Improvement

Series

2025A

.000

06/01/41

275,827

140,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Limited

Tax

Water

Refunding

Series

2024A

.000

06/01/39

154,272

TOTAL

NEVADA

530,122

NEW

JERSEY

-

3.1%

160,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A

.000

07/01/34

159,379

255,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

.000

10/01/37

258,124

500,000

(d) New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

William

Paterson University,

Series

2026A

-

BAM

Insured

.000

07/01/37

558,942

400,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A

.000

07/01/41

389,347

195,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Social

Series

2025B

.050

11/01/29

194,683

250,000

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

-

BAM

Insured

.000

07/01/39

277,551

150,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2018A

.000

06/15/29

150,667

150,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

.250

06/15/41

150,125

250,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

.000

06/01/30

259,816

TOTAL

NEW

JERSEY

2,398,634

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NUMI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

NEW

YORK

-

8.3%

$

150,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

.000

%

08/01/32

$

153,947

410,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

.000

08/01/33

419,460

250,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2018A

.000

03/15/35

252,271

500,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A

.000

02/15/42

505,632

200,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017

.000

09/01/47

202,342

500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2019A-2

.000

11/15/45

507,504

485,000

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

.000

01/01/33

467,276

125,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2013

Series

BB

.000

06/15/47

113,699

225,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2019

Series

.000

06/15/49

228,647

250,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2025

Series

.000

06/15/49

258,874

250,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025F-1

.000

11/01/37

278,714

500,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025H-1

.000

11/01/42

539,499

130,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2017

Series

.000

08/01/39

126,385

300,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

.000

04/01/43

306,363

500,000

(b) New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Class

Series

2014

.000

11/15/44

500,017

145,000

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Refunding

Green

Series

2022A-CL2

.125

09/15/50

106,298

400,000

(a) New

York

State

Housing

Finance

Agency,

Affordable

Housing

Revenue

Bonds,

Sustainability

Green

Series

2025B-2,

(Mandatory

Put

5/01/29)

.600

11/01/64

402,115

200,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

.500

10/31/31

177,714

250,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

John

F

Kennedy

International

Airport

Project,

Green

Series

2023

-

AGM

Insured,

(AMT)

.500

06/30/43

262,963

130,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2020C

.000

12/01/38

136,100

265,000

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2020,

(AMT)

.000

10/01/30

269,331

100,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Green

Bonds,

Series

2022D-2

.500

05/15/52

105,070

20,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Real

Estate

Transfer

Tax

Revenue

Bonds,

MTA

Bridges

and

Tunnels,

TBTA

Capital

Lockbox

Fund,

Series

2025A

.250

12/01/54

20,833

TOTAL

NEW

YORK

6,341,054

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

OHIO

-

3.4%

$

250,000

Columbus

Regional

Airport

Authority,

Ohio,

Revenue

Bonds,

John

Glenn

Columbus

International

Airport,

Series

2025A,

(AMT)

.000

%

01/01/40

$

265,097

250,000

Columbus

Regional

Airport

Authority,

Ohio,

Revenue

Bonds,

John

Glenn

Columbus

International

Airport,

Series

2025A,

(AMT)

.500

01/01/55

259,672

250,000

Columbus,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2025A

.000

10/01/32

281,617

250,000

Norwood,

Ohio,

Special

Obligation

Revenue

Bonds,

Rookwood

Exchange

Project,

Refunding

Series

2025

.000

12/01/35

261,061

250,000

Ohio

State,

General

Obligation

Bonds,

Higher

Education

Refunding

Series

2025D

.000

11/01/32

282,172

250,000

Ohio

State,

General

Obligation

Bonds,

Higher

Education

Refunding

Series

2025D

.000

11/01/35

284,985

210,000

Ohio

State,

Hospital

Revenue

Bonds,

University

Hospitals

Health

System,

Inc.,

Refunding

Series

2014A

.000

01/15/44

196,167

250,000

Olentangy

Local

School

District,

Delaware

and

Franklin

Counties,

Ohio,

General

Obligation

Bonds,

Various

Purpose

Series

2026

.000

12/01/39

278,959

500,000

Toledo

Lucas

County

Public

Library,

Ohio,

General

Obligation

Bonds,

Library

Improvement

Series

2025A

.000

12/01/47

519,820

TOTAL

OHIO

2,629,550

OKLAHOMA

-

1.9%

350,000

Cleveland

County

Independent

School

District

Moore,

Oklahoma,

General

Obligation

Bonds,

Combined

Purpose

Series

2026

.000

03/01/28

342,174

500,000

Oklahoma

County,

Oklahoma,

Finance

Authority,

Educational

Facilities

Lease

Revenue

Bonds,

Choctaw-Nicoma

Park

Public

Schools

Project,

Series

2023

.000

09/01/41

529,561

250,000

Oklahoma

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Homeownership

Loan

Program,

Series

2025B

.875

09/01/45

254,204

500,000

Tulsa,

Oklahoma,

General

Obligation

Bonds,

Series

2024C

.050

10/01/37

317,077

TOTAL

OKLAHOMA

1,443,016

OREGON

-

0.2%

250,000

Beaverton

School

District

48J,

Washington

and

Multnomah

Counties,

Oregon,

General

Obligation

Bonds,

Series

2025A

.000

06/15/37

158,790

TOTAL

OREGON

158,790

PENNSYLVANIA

-

6.2%

120,000

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

-

AGM

Insured

.000

06/01/39

115,444

170,000

Delaware

County

Authority,

Pennsylvania,

Revenue

Bonds,

Villanova

University,

Series

2015

.000

08/01/40

170,008

300,000

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A

.000

08/15/42

300,962

250,000

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A

.000

09/01/43

254,191

500,000

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2025A

.000

11/15/42

519,638

150,000

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2016A

.000

08/15/46

150,147

125,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

.500

06/30/37

135,671

280,000

Pennsylvania

Economic

Development

Financing

Authority,

Pennsylvania,

Private

Activity

Revenue

Bonds,

The

PennDOT

Major

Bridges

Package

One

Project,

Series

2022,

(AMT)

.500

06/30/38

301,128

200,000

(a),(b)

Pennsylvania

Economic

Development

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Core

Natural

Resources

Inc.,

Project,

Series

2025,

(AMT),

(Mandatory

Put

3/27/35)

.450

01/01/51

217,469

310,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2015

.000

08/15/45

286,690

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NUMI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

PENNSYLVANIA

(continued)

$

1,000,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Refunding

First

Series

2026

.000

%

12/01/40

$

1,107,973

400,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2016A-1

.000

12/01/46

401,602

175,000

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Seventeenth

Series

2024A

.000

08/01/44

184,597

545,000

Wilson

School

District,

Berks

County,

Pennsylvania,

General

Obligation

Bonds,

Notes

Series

2025D

.000

05/15/39

590,495

TOTAL

PENNSYLVANIA

4,736,015

PUERTO

RICO

-

0.3%

600,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/46

211,294

TOTAL

PUERTO

RICO

211,294

SOUTH

CAROLINA

-

1.4%

300,000

Medical

University

Hospital

Authority,

South

Carolina,

FHA-

Insured

Mortgage

Revenue

Bonds,

Indian

Land

Project,

Series

2025

.250

11/15/54

305,109

105,000

South

Carolina

Housing

Finance

and

Development

Authority,

Mortgage

Revenue

Bonds,

Series

2026A

.000

07/01/56

116,846

250,000

(a) South

Carolina

Jobs-Economic

Development

Authority,

Hospital

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc,

Series

2025B-2,

(Mandatory

Put

11/01/32)

.000

11/01/49

278,504

125,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2015A

.000

12/01/50

124,164

140,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016A

.000

12/01/38

140,266

100,000

South

Carolina

State

Ports

Authority,

Revenue

Bonds,

Series

2018,

(AMT)

.000

07/01/37

102,124

TOTAL

SOUTH

CAROLINA

1,067,013

SOUTH

DAKOTA

-

0.6%

150,000

South

Dakota

Conservancy

District,

Revenue

Bonds,

State

Revolving

Fund

Program,

Series

2020

.000

08/01/42

157,236

250,000

South

Dakota

Housing

Development

Authority,

Homeownership

Mortgage

Revenue

Bonds,

Series

2026A

.000

11/01/56

280,489

TOTAL

SOUTH

DAKOTA

437,725

TENNESSEE

-

2.5%

250,000

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1

.000

08/01/44

227,534

300,000

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

General

Obligation

Bonds,

Improvement

Series

2021C

.750

01/01/37

242,086

230,000

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

General

Obligation

Bonds,

Improvement

Series

2026C

.000

01/01/45

223,018

150,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2026B,

(AMT)

.000

07/01/35

166,393

250,000

Shelby

County,

Tennessee,

General

Obligation

Bonds,

Public

Improvement

&

School

Series

2025A

.000

04/01/39

274,164

240,000

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2026A

.000

11/01/34

256,293

250,000

Tennessee

Housing

Development

Agency,

Residential

Finance

Program

Bonds,

Social

Series

2025-1A

.900

07/01/45

253,774

250,000

The

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2006B

.625

09/01/26

251,759

TOTAL

TENNESSEE

1,895,021

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

-

12.7%

$

105,000

Austin,

Texas,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Forward

Delivery

Series

2023

.000

%

11/15/43

$

111,653

500,000

Board

of

Regents

of

the

University

of

Texas

System,

Revenue

Financing

System

Bonds,

Series

2026A

.000

08/15/39

561,576

750,000

Collin

County,

Texas,

General

Obligation

Bonds,

Refunding

Limited

Tax

Permanent

Improvement,

Tax

Notes

Series

2025

.000

02/15/40

819,624

785,000

Conroe

Independent

School

District,

Montgomery

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2026

.000

02/15/38

872,960

350,000

Crowley

Independent

School

District,

Tarrant

and

Johnson

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2025

.000

02/01/32

390,253

130,000

Crowley

Independent

School

District,

Tarrant

and

Johnson

Counties,

Texas,

General

Obligation

Bonds,

School

Building

Series

2023

.000

02/01/43

138,038

270,000

Dallas

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2025B

.000

02/15/43

289,551

520,000

Dallas

Independent

School

District,

Dallas

County,

Texas,

General

Obligation

Bonds,

School

Building

Series

2026A

.000

02/15/38

579,525

175,000

Denton,

Texas,

Certificates

of

Obligation,

Series

2024

.000

02/15/40

189,546

250,000

(d) El

Paso

Independent

School

District,

El

Paso

County,

Texas,

General

Obligation

Bonds,

Refunding

Series

2026A

.000

08/15/39

270,881

250,000

Houston,

Texas,

Airport

System

Special

Facilities

Revenue

Bonds,

United

Airlines,

Inc.

Terminal

Improvements

Project,

Series

2024B,

(AMT)

.500

07/15/35

265,613

500,000

(d) Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Facilities

Department,

Refunding

First

Lien

Series

2026C

.500

09/01/58

531,097

500,000

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

&

School

Building

Series

2025A

.000

08/15/39

553,213

155,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2023A

-

AGM

Insured

.250

05/15/53

160,803

240,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2024

-

AGM

Insured

.000

05/15/41

256,590

250,000

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2025

.000

05/15/43

265,389

250,000

(a) Mission

Economic

Development

Corporation,

Texas,

Solid

Waste

Disposal

Revenue

Bonds,

Republic

Services

Inc.

Project,

Adjustable

Rate

Series

2020A,

(AMT),

(Mandatory

Put

5/01/26)

.000

05/01/50

249,977

200,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Retirement

Facility

Revenue

Bonds,

Westminster

Project,

Series

2025

.000

11/01/40

209,559

500,000

New

Hope

Higher

Education

Finance

Corporation,

Texas,

Education

Revenue

Bonds,

Texas

Christian

University

Project,

Series

2026A

.000

03/15/38

552,096

340,000

Round

Rock

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

School

Building

Series

2025B

.000

08/01/41

371,444

190,000

Spring

Branch

Independent

School

District,

Harris

County,

Texas,

General

Obligation

Bonds,

Schoolhouse

Series

2022

.000

02/01/42

200,661

50,000

Texas

A&M

University,

Financing

System

Revenue

Bonds,

Series

2022

.000

05/15/28

52,521

170,000

Texas

Department

of

Housing

and

Community

Affairs,

Residential

Mortgage

Revenue

Bonds,

Refunding

Series

2026A

.000

01/01/57

189,343

150,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

.000

12/31/34

150,121

195,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

.000

12/31/36

191,134

#### Portfolio

#### of

#### Investments

#### March

#### 31,

#### 2026
(continued)

#### NUMI

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TEXAS

(continued)

$

295,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

LBJ

Infrastructure

Group

LLC

IH-635

Managed

Lanes

Project,

Refunding Series

2020A

.000

%

12/31/39

$

280,031

145,000

Texas

Private

Activity

Bond

Surface

Transportation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

LLC

Refunding

Series

2023,

(AMT)

.500

06/30/43

151,138

250,000

Texas

State

University

System,

Financing

Revenue

Bonds,

Refunding

Series

2024

.000

03/15/43

268,153

400,000

Texas

State,

General

Obligation

Bonds,

Refunding

Water

Financial

Assistance

Bonds,

Series

2021B

.000

08/01/31

400,305

200,000

Trinity

River

Authority,

Texas,

Regional

Wastewater

System

Revenue

Bonds,

Refunding

&

Improvement

Series

2024

.000

08/01/39

218,879

TOTAL

TEXAS

9,741,674

UTAH

-

0.1%

100,000

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017A,

(AMT)

.000

07/01/42

100,033

TOTAL

UTAH

100,033

VERMONT

-

0.7%

500,000

Vermont

Municipal

Bond

Bank,

Local

Investment

Bonds,

Series

2025-1

.000

12/01/50

513,217

TOTAL

VERMONT

513,217

VIRGINIA

-

1.1%

250,000

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Series

2024B

.000

07/01/45

265,758

165,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

.000

07/01/37

171,751

105,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

.000

07/01/40

99,522

250,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Refunding

Series

2024

.000

05/15/38

276,482

TOTAL

VIRGINIA

813,513

WASHINGTON

-

2.7%

275,000

Grant

County

Public

Hospital

District

1,

Washington,

General

Obligation

Bonds,

Samaritan

Healthcare,

Series

2023

.500

12/01/37

295,977

105,000

Highline

School

District

No.

401,

King

County,

Washington,

General

Obligation

Bonds,

Series

2023

.000

12/01/39

112,854

310,000

Highline

School

District

No.

401,

King

County,

Washington,

General

Obligation

Bonds,

Series

2025

.000

12/01/37

346,707

135,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

MultiCare

Health

System,

Series

2015B

.000

08/15/39

130,578

250,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Seattle

Cancer

Center

Alliance,

Series

2020

.000

09/01/45

255,831

125,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017

.000

08/15/37

127,045

100,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

.000

07/01/35

102,034

250,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

.000

07/01/48

244,055

415,000

Washington

State,

General

Obligation

Bonds,

Various

Purpose,

Group

Series

2025C

.000

02/01/44

446,506

TOTAL

WASHINGTON

2,061,587

WEST

VIRGINIA

-

0.6%

250,000

(a) West

Virginia

University,

Revenue

Bonds,

West

Virginia

University

Projects,

Refunding

Series

2019B,

(Mandatory

Put

10/01/29)

.000

10/01/41

266,408

235,000

West

Virginia

Water

Development

Authority,

Infrastructure

Refunding

Revenue

Bonds,

West

Virginia

Infrastructure

and

Jobs

Development

Council

Program,

Series

2016A

.000

10/01/41

231,151

TOTAL

WEST

VIRGINIA

497,559

See

Notes

to

Financial

Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

WISCONSIN

-

0.4%

$

300,000

Public

Finance

Authority

of

Wisconsin,

Hotel

Revenue

Bonds,

Grand

Hyatt

San

Antonio

Hotel

Acquisition

Project,

Senior

Lien

Series

2022A

.000

%

02/01/52

$

288,502

TOTAL

WISCONSIN

288,502

TOTAL

MUNICIPAL

BONDS

(cost

$75,549,517)

75,428,414

TOTAL

LONG-TERM

INVESTMENTS

(cost

$76,613,921)

76,492,818

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

0.7%

MUNICIPAL

BONDS

-

0.7%

COLORADO

-

0.7%

500,000

Colorado

State

Education

Loan

Program,

Tax

and

Revenue

Anticipation

Notes,Series

2025B

.000

06/30/26

503,057

TOTAL

COLORADO

503,057

TOTAL

MUNICIPAL

BONDS

(cost

$503,364)

503,057

TOTAL

SHORT-TERM

INVESTMENTS

(cost

$503,364)

503,057

TOTAL

INVESTMENTS

(cost

$

77,117,285)

-

.6

%

76,995,875

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.6)%

(451,664)

NET

ASSETS

-

100%

$

76,544,211

AMT

Alternative

Minimum

Tax

(a) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-

backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(b) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$2,731,817

or

3.5%

of

Total

Investments.

(c) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(d) When-issued

or

delayed

delivery

security.

#### Statement

#### of

#### Assets

#### and

#### Liabilities
See

Notes

to

Financial

Statements

March

31,

2026

NHYM

NUMI

ASSETS

Long-term

investments,

at

value

†

$

116,046,209

$

76,492,818

Short-term

investments,

at

value

◊

—

503,057

Cash

17,716

10,000

Receivables:

Interest

1,675,191

934,638

Other

Total

assets

117,739,446

77,940,752

LIABILITIES

Payables:

Management

fees

33,775

18,237

Investments

purchased

-

when-issued/delayed-delivery

settlement

494,935

1,377,358

Accrued

expenses:

Professional

fees

Trustees

fees

836

632

Other

Total

liabilities

529,985

1,396,541

Net

assets

$

117,209,461

$

76,544,211

Shares

outstanding

4,750,000

3,075,000

Net

asset

value

("NAV")

per

share

$

24.68 $

24.89 NET

ASSETS

CONSIST

OF:

Paid-in

capital

118,326,210

76,817,164

Total

distributable

earnings

(loss)

(1,116,749)

(272,953)

Net

assets

$

117,209,461

$

76,544,211

Authorized

shares

Unlimited

Unlimited

Par

value

per

share

$

0.01 $

0.01 †

Long-term

investments,

cost

$

117,451,808

$

76,613,921

◊

Short-term

investments,

cost

$

—

$

503,364

#### Statement

#### of

#### Operations
See

Notes

to

Financial

Statements

Year

Ended

March

31,

2026

NHYM

NUMI

INVESTMENT

INCOME

Interest

4,683,144

2,637,512

Total

investment

income

4,683,144

2,637,512

EXPENSES

Management

fees

319,658

188,956

Professional

fees

Trustees

fees

4,041

2,967

Total

expenses

324,188

192,267

Net

investment

income

(loss)

4,358,956

2,445,245

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(244,726)

(179,020)

Net

realized

gain

(loss)

(244,726)

(179,020)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(691,627)

520,704

Net

change

in

unrealized

appreciation

(depreciation)

(691,627)

520,704

Net

realized

and

unrealized

gain

(loss)

(936,353)

341,684

Net

increase

(decrease)

in

net

assets

from

operations

$

3,422,603

$

2,786,929

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
See

Notes

to

Financial

Statements

NHYM

NUMI

Year

Ended

3/31/26

For

the

period

1/22/25

(commencement

of

operations)

through

3/31/25

Year

Ended

3/31/26

For

the

period

1/22/25

(commencement

of

operations)

through

3/31/25

OPERATIONS

Net

investment

income

(loss)

$

4,358,956

$

305,936

$

2,445,245

$

232,774

Net

realized

gain

(loss)

(244,726)

2,069

(179,020)

(142,497)

Net

change

in

unrealized

appreciation

(depreciation)

(691,627)

(713,972)

520,704

(642,114)

Net

increase

(decrease)

in

net

assets

from

operations

3,422,603

(405,967)

2,786,929

(551,837)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends

(4,035,045)

(98,340)

(2,417,265)

(90,780)

Total

distributions

(4,035,045)

(98,340)

(2,417,265)

(90,780)

FUND

SHARE

TRANSACTIONS

Subscriptions

48,615,265

69,710,945

22,915,507

53,901,657

Net

increase

(decrease)

from

Fund

share

transactions

48,615,265

69,710,945

22,915,507

53,901,657

Net

increase

(decrease)

in

net

assets

48,002,823

69,206,638

23,285,171

53,259,040

Net

assets

at

the

beginning

of

period

69,206,638

–

53,259,040

–

Net

assets

at

the

end

of

period

$

117,209,461

$

69,206,638

$

76,544,211

$

53,259,040

#### Financial

#### Highlights

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(Loss)

(a) Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Market

Price,

End

of

Period

NHYM

3/31/26

$

24.94 $

1.17 $

(0.31)

$

0.86 $

(1.12)

$

—

$

—

$

(1.12)

$

24.68 $

24.70 3/31/25

(d) 25.00 0.18 (0.18)

—

(0.06)

—

—

(0.06)

24.94 25.08 NUMI

3/31/26

24.77 0.93 0.13 1.06 (0.94)

—

—

(0.94)

24.89 24.95 3/31/25

(d) 25.00 0.16 (0.34)

(0.18)

(0.05)

—

—

(0.05)

24.77 24.82 (a) Based

on

average

shares

outstanding.

(b) Total

Return

Based

on

NAV

reflects

the

change

in

NAV

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

NAV

on

each

ex-dividend

payment

date

during

the

period.

Total

Return

Based

on

Market

Price

reflects

the

change

in

the

closing

market

price

per

share

over

the

period,

including

the

assumed

reinvestment

of

distributions,

if

any,

at

the

closing

market

price

per

share

on

each

ex-dividend

payment

date

during

the

period.

Since

shares

of

the

Fund

did

not

trade

in

the

secondary

market

until

after

the

Fund's

commencement

of

operations,

for

the

period

from

the

commencement

of

operations

to

the

first

day

of

market

trading,

the

NAV

is

used

as

a

proxy

for

the

market

price

to

calculate

market

price

returns.

Total

returns

are

not

annualized.

(c) Does

not

include

in-kind

transactions.

(d) For

the

period

January

22,

2025

(commencement

of

operations)

through

March

31,

2025. (e) Annualized.

See

Notes

to

Financial

Statements

Ratios

and

Supplemental

Data

Total

Return

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value

(b) Based

on

Market

Price

(b) Net

Assets,

End

of

Period

(000) Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate

(c) 3

.54

%

.07

%

$

117,209

.35

%

.77

%

%

(0

.01)

.56

69,207

.35

(e) 4

.14

(e) 52

.38

.41

76,544

.30

.75

(0

.70)

(0

.51)

53,259

.29

(e) 3

.48

(e) 69

#### 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

Funds

is

March

31,

2026,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

March

31,

2026

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds'

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

"Adviser"),

a

subsidiary

of

Nuveen,

LLC

("Nuveen").

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

("TIAA").

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds'

portfolios,

manages

the

Funds'

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services.

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.

The

Funds are investment

companies

and

follow

accounting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

net

asset

value

("NAV")

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

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

current

fiscal

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Segment

Reporting:

Each

Fund

represents

a

single

operating

segment.

The

officers

of

the

Funds

act

as

the

chief

operating

decision

maker

("CODM"),

as

defined

in

U.S.

GAAP.

The

CODM

monitors

the

operating

results

of

each

Fund

as

a

whole

and

is

responsible

for

each

Fund's

long-

term

strategic

asset

allocation

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

in

the

form

of

the

Fund's

portfolio

composition,

total

returns,

expense

ratios

and

changes

in

net

assets

(i.e.,

changes

in

net

assets

resulting

from

operations,

subscriptions

and

redemptions),

which

are

used

by

the

CODM

to

assess

#### Notes

#### to

#### Financial

#### Statements
(continued)

the

segment's

performance

versus

the

Fund's

comparative

benchmarks

and

to

make

resource

allocation

decisions

for

the

Fund's

single

segment,

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

Segment

assets

are

reflected

on

the

Statement

of

Assets

and

Liabilities

as

"total

assets"

and

significant

segment

revenues

and

expenses

are

listed

on

the

Statement

of

Operations.

New

Accounting

Pronouncement

(ASU

No.

2023-09)

:

In

December

2023,

the

FASB

issued

Accounting

Standard

Update

("ASU")

No.

2023-09,

Income

Taxes

(Topic

740)

Improvements

to

Income

tax

disclosures

("ASU

2023-09").

The

primary

purpose

of

the

amendments

within

ASU

2023-09

is

to

enhance

the

transparency

and

decision

usefulness

of

income

tax

disclosures

primarily

related

to

the

rate

reconciliation

table

and

income

taxes

paid

information.

The

amendments

in

ASU

2023-09

are

effective

for

annual

periods

beginning

after

December

15,

2024. During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance.

See

Note

for

more

income

tax

information.

New

Accounting

Pronouncement

(ASU

No.

2025-11)

:

In

December

2025,

the

FASB

issued

ASU

No.

2025-11,

Interim

Reporting

(Topic

270)

Narrow

Scope

Improvements

("ASU

2025-11").

The

amendments

in

ASU

2025-11

provide

a

comprehensive

list

of

interim

disclosures

that

are

required

by

U.S.

GAAP.

ASU

2025-11

also

includes

a

disclosure

principle

that

requires

entities

to

disclose

events

since

the

end

of

the

last

annual

reporting

period

that

have

a

material

impact

on

the

entity.

The

amendments

in

ASU

2025-11

are

effective

for

interim

reporting

periods

within

annual

reporting

periods

beginning

after

December

15,

2027. Early

adoption

is

permitted

for

all

entities.

Management

is

currently

evaluating

the

implications

of

these

changes

on

the

financial

statements.

3. Investment

Valuation

and

Fair

Value

Measurements

The

Funds'

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management's

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

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

current

fiscal

period,

based

on

the

inputs

used

to

value

them:

4. Portfolio

Securities

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

current

fiscal

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5. Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

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.

NHYM

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

114,844,205

$

–

$

114,844,205

Investment

Companies

1,202,004

–

–

1,202,004

Total

$

1,202,004

$

114,844,205

$

–

$

116,046,209

a

NUMI

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

75,428,414

$

–

$

75,428,414

Investment

Companies

1,064,404

–

–

1,064,404

Short-Term

Investments:

Municipal

Bonds

–

503,057

–

503,057

Total

$

1,064,404

$

75,931,471

$

–

$

76,995,875

a

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NHYM

$

92,648,140

$

43,517,316

NUMI

75,438,794

53,146,239

#### Notes

#### to

#### Financial

#### Statements
(continued)

Creation

Units

are

purchased

and

redeemed

in-kind

for

a

designated

portfolio

of

securities

and/or

a

specified

amount

of

cash,

as

determined

by

each

Fund's

investment

approach. Creation

Units

may

be

delivered

in

advance

of

receipt

by

a

Fund

of

all

or

a

portion

of

the

designated

portfolio

securities.

In

these

instances

the

Authorized

Participants

must

deposit

cash

collateral

in

an

amount

equal

to

the

sum

of

the

(i) cash

component,

(ii) all

applicable

fees

and

(iii) an

amount

of

cash

equal

to

a

percentage

of

the

market

value

of

the

undelivered

securities,

as

defined

in

the

participation

agreement. Authorized

Participants

are

charged

fixed

transaction

fees

in

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant Fund

for

certain

transaction

costs

(i.e.,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

it

incurs

in

purchasing

or

selling

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

"Proceeds

from

shares

sold"

on

the

Statements

of

Changes

in

Net

Assets.

Transactions

in

Fund

shares

during

the

current

and

prior

period

were

as

follows:

7. Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

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

distribution

reallocations,

paydowns,

and

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:

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:

NHYM

Year

Ended

3/31/26

For

the

period

1/22/25

(commencement

of

operations)

through

3/31/25

Shares

Value

Shares

Value

Subscriptions

1,975,000

$48,615,265

2,775,000

$69,710,945

Redemptions

–

–

–

–

Net

increase

(decrease)

1,975,000

$48,615,265

2,775,000

$69,710,945

NUMI

Year

Ended

3/31/26

For

the

period

1/22/25

(commencement

of

operations)

through

3/31/25

Shares

Value

Shares

Value

Subscriptions

925,000

$22,915,507

2,150,000

$53,901,657

Redemptions

–

–

–

–

Net

increase

(decrease)

925,000

$22,915,507

2,150,000

$53,901,657

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NHYM

$

117,434,999

$

701,278

$

(2,090,068)

$

(1,388,790)

NUMI

77,104,570

547,947

(656,642)

(108,695)

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

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:

As

of

the

end

of

the

current

fiscal

period,

the

percentage

of

Fund

shares

owned

by

affiliates was

as

follows:

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NHYM

$

452,138

$

40,323

$

—

$

(1,388,790)

$

(220,420)

$

—

$

—

$

(1,116,749)

NUMI

121,280

35,067

—

(108,695)

(320,605)

—

—

(272,953)

3/31/26

For

the

Period

1/22/25

(commencement

of

operations)

through

3/31/25

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

NHYM

$4,012,828

$22,217

$–

$98,340

$–

$–

NUMI

2,402,158

15,107

–

90,780

–

–

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

NHYM

$

198,466

$

21,954

$

220,420

NUMI

300,918

19,687

320,605

Fund

Management

Fee

NHYM

0.35%

NUMI

0.29 Underlying

Fund

TIAA

Nuveen

Municipal

Funds

Total

NHYM

%

%

%

NUMI

#### Important

#### Tax

#### Information

#### (U

#### naudited)
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

Capital

Gains

NHYM

$

—

NUMI

—

------

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

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

**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.](d102276dex99cert.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.](d102276dex99906cert.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, 2026 | 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, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: June 5, 2026 | 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, 2026 | 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, 2026 | 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, 2026, 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.

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| | | |
|:---|:---|:---|
| Date: June 5, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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| | | |
|:---|:---|:---|
| Date: June 5, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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