# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-25-230251
**Filing Date:** 2025-10
**Character Count:** 510375
**Document Hash:** 5a963686111856fa5f5871ec758d42d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-230251.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001193125-25-230251

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**EFFECTIVENESS DATE**: 20251003

**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:** 251374195

**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 Enhanced Yield U.S. Aggregate Bond ETF (Series ID: S000055017)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000173018 | Nuveen Enhanced Yield U.S. Aggregate Bond ETF | NUAG            |

### Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (Series ID: S000056738)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000180107 | Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF | NUSA            |

### Nuveen ESG U.S. Aggregate Bond ETF (Series ID: S000059077)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000193700 | Nuveen ESG U.S. Aggregate Bond ETF | NUBD            |

### Nuveen ESG High Yield Corporate Bond ETF (Series ID: S000064846)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000209930 | Nuveen ESG High Yield Corporate Bond ETF | NUHY            |

### Nuveen Core Plus Bond ETF (Series ID: S000084188)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000248461 | Nuveen Core Plus Bond ETF | NCPB            |

### Nuveen Preferred and Income ETF (Series ID: S000084189)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000248462 | Nuveen Preferred and Income ETF | NPFI            |

### Nuveen Ultra Short Income ETF (Series ID: S000084190)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000248463 | Nuveen Ultra Short Income ETF | NUSB            |

### Nuveen Sustainable Core ETF (Series ID: S000084191)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000248464 | Nuveen Sustainable Core ETF | NSCR            |

### Nuveen AA-BBB CLO ETF (Series ID: S000088815)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000255190 | Nuveen AA-BBB CLO ETF | NCLO            |

?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 811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(312) 917-7700</u>

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

Date of reporting period: <u>July 31, 2025</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](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen AA-BBB CLO ETF

NCLO/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen AA-BBB CLO ETF for the period of December 10, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 AA-BBB CLO ETF | $27 | 0.26% |

---

\* 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 AA-BBB CLO ETF returned 3.94% for Common Shares at net asset value (NAV) for the abbreviated reporting period from the Fund's launch on December 10, 2024, through July 31, 2025. The Fund performed in line with the JP Morgan CLO A Index, which returned 4.14%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Active management and tactical rotation, with a tilt toward higher-rated, more liquid collateralized loan obligation (CLO) debt.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection and manager rotation that favored relative value across the capital stack while seeking to manage downside risk.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to A-rated tranches.<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** (December 10, 2024 through July 31, 2025) **Initial Investment of $10,000**![LOGO](g943920g1g00a02.jpg)

#### Average Annual Total Returns

---

| | |
|:---|:---|
|  | **Since Inception<br> (12/10/24)** |
| &nbsp;&nbsp;&nbsp; NAV | 3.94% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 1.97% |
| &nbsp;&nbsp;&nbsp; JP Morgan CLO A Index | 4.14% |
| &nbsp;&nbsp;&nbsp; S&P UBS Leveraged Loan Index | 4.09% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $101776844 |
|  Total number of portfolio holdings | 69 |
|  Portfolio turnover (%) | 25% |
|  Total management fees paid for the year | $133251 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g943920g1g02a01.jpg)

![LOGO](g943920g1g02a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 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.

---

| | |
|:---|:---|
| 67092P730_AR_0725<br> 4715837 | ![LOGO](g943920g1g01w01.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen Core Plus Bond ETF

NCPB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Core Plus Bond ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 Core Plus Bond ETF | $32 | 0.31% |

---

\* 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 Core Plus Bond ETF (NCPB) returned 3.88% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the Bloomberg U.S. Aggregate Bond Index, which returned 3.38%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exposure to higher-yielding spread sectors, particularly corporate bonds, including high- yield corporate and emerging market debt.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underweight allocation to U.S. Treasury bonds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection within corporate bonds, asset-backed securities and commercial mortgage-backed securities.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Underweight to the two-year segment of yield curve.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to the 30-year segment of the yield curve.<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** (March 5, 2024 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g05g05.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception<br> (3/5/24)** |
| &nbsp;&nbsp;&nbsp; NAV | 3.88% | 4.92% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.29% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $55581992 |
|  Total number of portfolio holdings | 371 |
|  Portfolio turnover (%) | 143% |
|  Total management fees paid for the year | $156836 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g943920g1g06a01.jpg)

![LOGO](g943920g1g06a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**Portfolio manager updates:** Effective February 11, 2025, Kristal Seales, CFA has been added as a portfolio manager of the Fund. Effective July 1, 2025, Kevin Lorenz retired and is no longer a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P763_AR_0725<br> 4715857 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen Enhanced Yield U.S. Aggregate Bond ETF

NUAG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Enhanced Yield U.S. Aggregate Bond ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 Enhanced Yield U.S. Aggregate Bond ETF | $20 | 0.20% |

---

\* 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 Enhanced Yield U.S. Aggregate Bond ETF (NUAG)'s total return at net asset value (NAV) was 4.05% for the 12 months ended July 31, 2025. The Fund's custom index, the ICE BofA Enhanced Yield U.S. Broad Bond Index, returned 4.21%.<br>• The difference between the Fund's total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.<br>• During the reporting period, the Fund's custom index outperformed the Fund's base index, the ICE BofA U.S. Broad Market Index, which returned 3.40%.<br>• Performance drivers between the Fund's custom index and base index during the reporting period:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The top contributor to the custom index's relative performance was an underweight to US treasury bonds, which generally underperformed spread sectors over the reporting period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There were no material detractors from the custom index's relative performance during the reporting period.<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** (September 14, 2016 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g09g09.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br> (9/14/16)** |
| &nbsp;&nbsp;&nbsp; NAV | 4.05% | (0.84)% | 1.46% |
| &nbsp;&nbsp;&nbsp; ICE BofA U.S. Broad Market Index | 3.40% | (1.10)% | 1.31% |
| &nbsp;&nbsp;&nbsp; ICE BofA Enhanced Yield U.S. Broad Bond Index | 4.21% | (0.45)% | 1.80% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $58641275 |
|  Total number of portfolio holdings | 896 |
|  Portfolio turnover (%) | 47% |
|  Total management fees paid for the year | $84532 |

---

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

![LOGO](g943920g1g11a01.jpg)

![LOGO](g943920g1g11a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**Management fees:** Effective May 1, 2025, the Fund's contractual management fee was reduced to 0.18% from 0.20%.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P102_AR_0725<br> 4715863 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF

NUSA/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 ESG 1-5 Year U.S. Aggregate Bond ETF | $15 | 0.15% |

---

\* 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 ESG 1-5 Year U.S. Aggregate Bond ETF (NUSA)'s total return at net asset value (NAV) was 4.54% for the 12 months ended July 31, 2025. The Fund's custom index, the Bloomberg MSCI 1-5 Year U.S. Aggregate ESG Select Index, returned 4.76%.<br>• The difference between the Fund's total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.<br>• During the reporting period, the Fund's custom index underperformed the Fund's base index, the Bloomberg 1-5 Year U.S. Aggregate Bond Index, which returned 4.79%.<br>• Sector allocations and performance were consistent in both the custom index and base index, and there were no material contributors or detractors between the custom index and base index over the reporting period.<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** (March 31, 2017 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g00a14.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception**<br> **(3/31/17)** |
| &nbsp;&nbsp;&nbsp; NAV | 4.54% | 1.11% | 2.09% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07)% | 1.58% |
| &nbsp;&nbsp;&nbsp; Bloomberg 1-5 Year U.S. Aggregate Bond Index | 4.79% | 1.06% | 1.97% |
| &nbsp;&nbsp;&nbsp; NUSA Custom Index\* | 4.76% | 1.33% | 2.31% |

---

\* The NUSA Custom Index is defined as the linked returns between the Bloomberg MSCI 1-5 Year U.S. Aggregate ESG Select index (effective July 1, 2023) and the ICE BofA Enhanced Yield 1-5 Year U.S. Broad Bond Index (through market close on June 30, 2023).

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $32579154 |
|  Total number of portfolio holdings | 305 |
|  Portfolio turnover (%) | 38% |
|  Total management fees paid for the year | $43576 |

---

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

![LOGO](g943920g1g16a01.jpg)

![LOGO](g943920g1g16a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at** https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P110_AR_0725<br> 4715870 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen ESG High Yield Corporate Bond ETF

NUHY/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG High Yield Corporate Bond ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 ESG High Yield Corporate Bond 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 ESG High Yield Corporate Bond ETF (NUHY)'s total return at net asset value (NAV) was 8.34% for the 12 months ended July 31, 2025. The Fund's custom index, the Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index, returned 8.47%.<br>• The difference between the Fund's total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.<br>• During the reporting period, the Fund's custom index performed in line with the Fund's base index, the Bloomberg U.S. High Yield Very Liquid Index, which returned 8.33%.<br>• Performance drivers between the Fund's custom index and base index during the reporting period:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The top contributor to the custom index's relative performance was security selection in consumer cyclical bonds within the industrial sector.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There were no material detractors between the custom index and base index over the reporting period.<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** (September 25, 2019 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g00a19.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br> (9/25/19)** |
| &nbsp;&nbsp;&nbsp; NAV | 8.34% | 3.60% | 3.38% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07)% | 0.45% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. High Yield Very Liquid Index | 8.33% | 4.57% | 4.40% |
| &nbsp;&nbsp;&nbsp; Bloomberg MSCI U.S. High Yield Very Liquid ESG Select Index | 8.47% | 3.96% | 3.73% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $97011518 |
|  Total number of portfolio holdings | 395 |
|  Portfolio turnover (%) | 49% |
|  Total management fees paid for the year | $278691 |

---

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

![LOGO](g943920g1g21a01.jpg)

![LOGO](g943920g1g21a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P854_AR_0725<br> 4715879 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br> Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen ESG U.S. Aggregate Bond ETF

NUBD/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG U.S. Aggregate Bond ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 ESG U.S. Aggregate Bond ETF | $15 | 0.15% |

---

\* 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 ESG U.S. Aggregate Bond ETF (NUBD)'s total return at net asset value (NAV) was 3.20% for the 12 months ended July 31, 2025. The Fund's custom index, the Bloomberg MSCI U.S. Aggregate ESG Select Index, returned 3.38%.<br>• The difference between the Fund's total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process. The representative sampling process utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.<br>• During the reporting period, the Fund's custom index performed in line with the Fund's base index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.38%.<br>• Sector allocations and performance were consistent in both the custom index and base index, and there were no material contributors or detractors between the custom index and base index over the reporting period.<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** (September 29, 2017 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g24g24.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception**<br> **(9/29/17)** |
| &nbsp;&nbsp;&nbsp; NAV | 3.20% | (1.37)% | 1.18% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | (1.07)% | 1.39% |
| &nbsp;&nbsp;&nbsp; Bloomberg MSCI U.S. Aggregate ESG Select Index | 3.38% | (1.09)% | 1.39% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $402145116 |
|  Total number of portfolio holdings | 2105 |
|  Portfolio turnover (%) | 10% |
|  Total management fees paid for the year | $602227 |

---

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

![LOGO](g943920g1g26a01.jpg)

![LOGO](g943920g1g26a02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.** 

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P870_AR_0725<br> 4715890 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br>Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen Preferred and Income ETF

NPFI/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Preferred and Income ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 Preferred and Income ETF | $58 | 0.56% |

---

\* 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 Preferred and Income ETF returned 8.48% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund underperformed the NPFI Blended Benchmark, which returned 9.25%. The NPFI Blended Benchmark consists of: 1) 60% ICE U.S. Institutional Capital Securities Index (IIPS), 2) 40% ICE USD Contingent Capital Index (CDLR).<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An underweight and security selection in the insurance industry.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the contingent capital securities (CoCos) segment.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the consumer non-cyclical and consumer cyclical industries.<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** (March 5, 2024 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g29t01.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception**<br> **(3/5/24)** |
| &nbsp;&nbsp;&nbsp; NAV | 8.48% | 8.99% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.29% |
| &nbsp;&nbsp;&nbsp; ICE US Institutional Capital Securities Index | 8.45% | 9.03% |
| &nbsp;&nbsp;&nbsp; NPFI Blended Benchmark | 9.25% | 9.97% |

---

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 tohttps://www.nuveen.com/en-us/exchange-traded-funds/prospectusesor call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $56828160 |
|  Total number of portfolio holdings | 138 |
|  Portfolio turnover (%) | 28% |
|  Total management fees paid for the year | $271979 |

---

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

![LOGO](g943920g1g00o30.jpg)

![LOGO](g943920g1g00m30.jpg)

![LOGO](g943920g1g00n30.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The ratings disclosed are the highest 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 November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| <br> 67092P771_AR_0725<br> 4715904 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br>Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen Sustainable Core ETF

NSCR/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Sustainable Core ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the 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 Sustainable Core ETF | $48 | 0.45% |

---

\* 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 Sustainable Core ETF returned 12.22% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund significantly underperformed the S&P 500 Index, which returned 16.33%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to Bank of New York Mellon Corp.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to Boston Scientific Corporation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to Wells Fargo & Co.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the consumer discretionary sector, including an underweight to Tesla, Inc. and an overweight to D.R. Horton, Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Security selection in the information technology sector, including an underweight to Palantir Technologies Inc. and an overweight to Lam Research Corporation.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An overweight to Merck & Co., Inc.<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** (March 5, 2024 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g33t01.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception**<br> **(3/5/24)** |
| &nbsp;&nbsp;&nbsp; NAV | 12.22% | 14.91% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 16.33% | 18.65% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $6582377 |
|  Total number of portfolio holdings | 55 |
|  Portfolio turnover (%) | 121% |
|  Total management fees paid for the year | $26739 |

---

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

![LOGO](g943920g1g00m34.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

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.

---

| | |
|:---|:---|
| 67092P748_AR_0725<br> 4715936 | ![LOGO](g943920g1g01w01.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g943920g1g19w55.jpg) | <br>Annual Shareholder Report <br>July 31, 2025  |

---

Nuveen Ultra Short Income ETF

NUSB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Ultra Short Income ETF for the period of August 1, 2024 to July 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

What were the Fund costs for the 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 Ultra Short Income ETF | $17 | 0.17% |

---

\* 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 Ultra Short Income ETF returned 4.94% for Common Shares at net asset value (NAV) for the 12 months ended July 31, 2025. The Fund outperformed the ICE BofA U.S. 3-Month Treasury Bill Index, which returned 4.57%.<br>• Top contributors to relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Out-of-benchmark allocations to investment-grade credit, commercial mortgage-backed securities, and asset-backed securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Longer-duration positioning than the benchmark.<br>• Top detractors from relative performance<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overweight to two-year maturity 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** (March 5, 2024 through July 31, 2025) **Initial Investment of $10,000**

![LOGO](g943920g1g37t01.jpg)

#### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
|  | **1-Year** | **Since Inception**<br> **(3/5/24)** |
| &nbsp;&nbsp;&nbsp; NAV | 4.94% | 5.12% |
| &nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index | 3.38% | 4.29% |
| &nbsp;&nbsp;&nbsp; ICE BofA U.S. 3-Month Treasury Bill Index | 4.57% | 4.81% |

---

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 July 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $151843391 |
|  Total number of portfolio holdings | 186 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $230306 |

---

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

![LOGO](g943920g1g00m38.jpg)

![LOGO](g943920g1g00n38.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by November 28, 2025 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

Changes in independent registered public accounting firm

On October 24, 2024, the Fund's Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund. KPMG was informed of their dismissal on October 24, 2024. During the Fund's fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

3 continued>>

------

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:

• prospectus  • financial statements and other information  • fund holdings  • proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 67092P755_AR_0725<br> 4715957 | ![LOGO](g943920g1g01w01.jpg) |

---

4.0 ------

**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, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

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

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

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

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

------

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

Nushares ETF Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended July 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended July 31, 2024. The Audit Committee approved in advance all audit services and non-audit services that PwC and KPMG 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<sup>5</sup>** | **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>** |
|  July 31, 2025 (PwC) | $194104 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  July 31, 2024 (KPMG) | $185500 | $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".

5 The Registrant changed audit firm from KPMG to PwC on October 24, 2024.

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 fiscal year ended July 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended July 31, 2024.

------

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** |
|  July 31, 2025 (PwC) | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  July 31, 2024 (KPMG) | $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 fiscal year ended July 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant's fiscal year ended July 31, 2024 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 and KPMG 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 and KPMG'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** |
|  July 31, 2025 (PwC) | $0 | $0 | $11045250 | $11045250 |
|  July 31, 2024 (KPMG) | $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, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.

------

**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 AA-BBB CLO ETF, Nuveen Core Plus Bond

ETF, Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG

High Yield Corporate Bond ETF, Nuveen ESG U.S. Aggregate Bond ETF, Nuveen Preferred and Income ETF, Nuveen

Sustainable Core ETF and Nuveen Ultra Short Income ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

each of the funds listed in the table below (nine of the funds constituting Nushares ETF Trust, hereafter collectively

referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for

each of the periods indicated in the table below, including the related notes, and the financial highlights for each of

the periods indicated in the table below (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 listed in the table

below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of

the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles

generally accepted in the United States of America.

Nuveen AA-BBB CLO ETF (1)

Nuveen Core Plus Bond ETF (2)

Nuveen Enhanced Yield U.S. Aggregate Bond ETF (2)

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (2)

Nuveen ESG High Yield Corporate Bond ETF (2)

Nuveen ESG U.S. Aggregate Bond ETF (2)

Nuveen Preferred and Income ETF (2)

Nuveen Sustainable Core ETF (2)

Nuveen Ultra Short Income ETF (2)

(1) Statement of operations, statement of changes in net assets and the financial highlights for the period December

10, 2024 (commencement of operations) through July 31, 2025

(2) Statement of operations, statement of changes in net assets and the financial highlights for the year ended July 31,

2025

The financial statements of Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate

Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF as of and for

the year ended July 31, 2024 and the financial highlights for each of the periods ended on or prior to July 31, 2024

(not presented herein, other than the statement of changes in net assets and the financial highlights) and the financial

statements of Nuveen Core Plus Bond ETF, Nuveen Preferred and Income ETF, Nuveen Sustainable Core ETF and

Nuveen Ultra Short Income ETF as of July 31, 2024 and for the period March 5, 2024 (commencement of operations)

through July 31, 2024 and the financial highlights for each of the periods ended on or prior to July 31, 2024 (not

presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other

auditors whose report dated September 27, 2024 expressed an unqualified opinion on those financial statements and

financial highlights.

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.

#### Report of Independent Registered Public Accounting Firm
(continued)

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 July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from

brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

September 26, 2025

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

#### Portfolio of Investments July 31, 2025

#### NCLO
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 102.8%

SECURITIZED - 102.8%

$

1,500,000

(a),(b)

AGL CLO 42 Ltd (TSFR3M + 1.800%)

6.069 %

07/22/38

$

1,506,477

500,000

(a),(b)

AIMCO CLO 16 Ltd (TSFR3M + 1.650%)

5.972 07/17/37

501,888

1,600,000

(a) AIMCO CLO 18 Ltd, Reg S (TSFR3M + 1.900%)

6.225 07/20/37

1,605,726

840,000

(a),(b)

AIMCO CLO 22 Ltd (TSFR3M + 3.400%)

7.725 04/19/37

847,378

500,000

(a),(b)

Allegany Park CLO Ltd (TSFR3M + 2.050%)

6.667 01/20/35

501,932

550,000

(a),(b)

Allegro CLO XII Ltd (TSFR3M + 3.500%)

7.825 07/21/37

553,779

2,500,000

(a),(b)

Anchorage Capital Clo 20 Ltd (TSFR3M + 1.950%)

6.275 01/20/35

2,517,782

400,000

(a),(b)

Apidos CLO XV (TSFR3M + 1.812%)

6.429 04/20/31

400,504

1,500,000

(a),(b)

Apidos CLO XXXVI (TSFR3M + 3.162%)

7.487 07/20/34

1,507,592

2,000,000

(a),(b)

Ares LXXII CLO Ltd (TSFR3M + 1.700%)

6.018 07/15/36

2,003,804

3,000,000

(a),(b)

Ares LXXV CLO Ltd (TSFR3M + 1.850%)

6.090 01/15/37

3,009,000

1,500,000

(a),(b)

Benefit Street Partners CLO XV Ltd (TSFR3M + 2.000%)

6.318 07/15/37

1,505,583

1,000,000

(a),(b)

Benefit Street Partners CLO XVII Ltd (TSFR3M + 1.750%)

6.068 10/15/37

1,003,858

1,300,000

(a),(b)

Benefit Street Partners CLO XXIX Ltd (TSFR3M + 1.750%)

6.068 01/25/38

1,305,065

2,000,000

(a),(b)

Benefit Street Partners CLO XXXVIII Ltd (TSFR3M + 1.800%)

6.118 01/25/38

2,008,400

730,000

(a),(b)

Blueberry Park CLO Ltd (TSFR3M + 2.900%)

7.225 10/20/37

732,321

2,650,000

(a),(b)

Boyce Park CLO Ltd (TSFR3M + 1.750%)

6.075 04/21/35

2,658,681

2,000,000

(a),(b)

Boyce Park CLO Ltd (TSFR3M + 3.100%)

7.425 04/21/35

2,018,732

250,000

(a),(b)

CIFC Funding 2018-III Ltd (TSFR3M + 5.762%)

10.091 07/18/31

251,973

640,000

(a),(b)

CIFC Funding 2019-II Ltd (TSFR3M + 3.262%)

7.584 04/17/34

643,186

905,000

(a),(b)

CIFC Funding 2021-III Ltd (TSFR3M + 1.962%)

6.218 07/15/36

907,956

950,000

(a),(b)

CIFC Funding 2021-IV Ltd (TSFR3M + 1.900%)

6.219 07/23/37

951,630

2,750,000

(a),(b)

CIFC Funding 2021-V Ltd (TSFR3M + 2.750%)

7.068 01/15/38

2,758,814

1,000,000

(a),(b)

CIFC Funding 2022-IV Ltd (TSFR3M + 3.550%)

7.868 07/16/35

1,002,274

3,550,000

(a),(b)

CIFC Funding 2024-III Ltd (TSFR3M + 2.200%)

6.525 07/21/37

3,571,016

2,000,000

(a),(b)

Davis Park CLO Ltd (TSFR3M + 3.100%)

0.000 07/20/38

2,003,942

1,000,000

(a),(b)

Elmwood CLO III Ltd (TSFR3M + 3.100%)

7.429 07/18/37

1,004,147

3,250,000

(a),(b)

Elmwood CLO VIII Ltd (TSFR3M + 2.500%)

6.825 04/20/37

3,260,036

1,500,000

(a),(b)

Elmwood CLO XII Ltd (TSFR3M + 2.000%)

6.318 10/15/37

1,507,712

675,000

(a),(b)

Flatiron CLO 20 Ltd (TSFR3M + 1.920%)

6.242 05/20/36

675,888

3,250,000

(a),(b)

Galaxy XXV CLO Ltd (TSFR3M + 2.400%)

6.718 04/25/36

3,258,980

360,000

(a),(b)

Goldentree Loan Management US CLO 5 Ltd (TSFR3M +

1.500%)

5.825 10/20/32

360,260

250,000

(a),(b)

Golub Capital Partners CLO 76 B Ltd (TSFR3M + 2.900%)

7.218 10/25/37

250,817

750,000

(a),(b)

Invesco CLO 2021-3 Ltd (TSFR3M + 3.262%)

7.594 10/22/34

752,225

3,250,000

(a),(b)

Invesco US CLO 2024-3 Ltd (TSFR3M + 2.250%)

6.575 07/20/37

3,269,854

1,000,000

(a),(b)

Madison Park Funding XXXVI Ltd (TSFR3M + 2.550%)

6.868 04/15/35

998,586

750,000

(a),(b)

Magnetite XIX Ltd (TSFR3M + 5.100%)

9.422 04/17/34

746,408

1,500,000

(a),(b)

Magnetite Xli Ltd (TSFR3M + 1.780%)

6.098 01/25/38

1,503,015

2,000,000

(a),(b)

Magnetite XXII Ltd (TSFR3M + 1.600%)

5.918 07/15/36

2,002,936

1,050,000

(a),(b)

Magnetite XXII Ltd (TSFR3M + 2.900%)

7.218 07/15/36

1,052,101

1,000,000

(a),(b)

Magnetite XXVI Ltd (TSFR3M + 1.750%)

6.068 01/25/38

1,003,858

3,000,000

(a),(b)

Magnetite XXVII Ltd (TSFR3M + 1.812%)

6.429 10/20/34

3,009,297

500,000

(a),(b)

Magnetite XXXI Ltd (TSFR3M + 1.912%)

6.168 07/15/34

500,991

3,250,000

(a),(b)

MidOcean Credit CLO XVI (TSFR3M + 2.000%)

6.269 10/20/37

3,268,096

2,500,000

(a) MidOcean Credit CLO XVII Ltd (TSFR3M + 1.950%)

6.275 01/20/38

2,510,480

3,250,000

(a),(b)

Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

1.750%)

6.075 01/20/35

3,250,162

1,200,000

(a) Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

1.750%)

6.075 01/20/35

1,200,060

750,000

(a) Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

2.100%)

6.390 01/20/35

750,038

2,000,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

1.850%)

6.179 07/20/39

2,005,278

3,000,000

(a),(b),(c)

Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

2.850%)

7.179 07/20/39

3,011,667

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 36 Ltd (TSFR3M +

3.712%)

8.037 04/20/33

501,538

1,000,000

(a),(b)

Neuberger Berman Loan Advisers Clo 44 Ltd (TSFR3M +

2.650%)

6.948 10/16/35

1,002,276

#### Portfolio of Investments July 31, 2025
(continued)

#### NCLO

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

1,200,000

(a),(b)

OCP CLO 2019-16 Ltd (TSFR3M + 3.412%)

7.740 %

04/10/33

$

1,202,846

250,000

(a),(b)

OCP CLO 2020-18 Ltd (TSFR3M + 3.100%)

7.425 07/20/37

251,510

750,000

(a),(b)

OHA Credit Funding 2 LTD (TSFR3M + 3.700%)

8.025 01/21/38

751,438

750,000

(a),(b)

OHA Credit Funding 8 Ltd (TSFR3M + 1.750%)

6.075 01/20/38

752,496

2,000,000

(a),(b)

OHA Loan Funding 2013-1 Ltd (TSFR3M + 3.300%)

7.619 04/23/37

2,017,602

1,000,000

(a),(b)

OHA Loan Funding 2015-1 Ltd (TSFR3M + 3.462%)

7.787 01/19/37

1,004,113

2,000,000

(a),(b)

Palmer Square CLO 2023-1 Ltd (TSFR3M + 3.750%)

8.075 01/20/38

1,990,302

3,000,000

(a),(b)

Park Avenue Institutional Advisers CLO Ltd 2021-1 (TSFR3M +

2.012%)

6.337 01/20/34

3,001,590

1,000,000

(a),(b)

RAD CLO 28 Ltd (TSFR3M + 2.800%)

7.063 04/20/38

1,003,904

1,500,000

(a),(b)

REESE PARK CLO LTD (TSFR3M + 1.900%)

6.218 01/15/38

1,504,722

1,000,000

(a),(b)

Regatta VI Funding Ltd (TSFR3M + 3.362%)

7.687 04/20/34

1,004,209

2,250,000

(a),(b)

Regatta XXII Funding Ltd (TSFR3M + 1.700%)

6.025 07/20/35

2,252,875

500,000

(a),(b)

Riverbank Park Clo Ltd (TSFR3M + 1.800%)

6.092 01/25/38

501,198

1,000,000

(a),(b)

Rockford Tower CLO 2019-1 Ltd (TSFR3M + 2.212%)

6.537 04/20/34

1,001,625

650,000

(a),(b)

Rockford Tower CLO 2022-2 Ltd (TSFR3M + 5.150%)

9.475 10/20/35

654,107

1,550,000

(a),(b)

TCW CLO 2020-1 Ltd (TSFR3M + 3.400%)

7.725 04/20/34

1,559,102

3,250,000

(a),(b)

TICP CLO XII Ltd (TSFR3M + 3.562%)

7.879 07/15/34

3,265,840

TOTAL SECURITIZED

(Cost $104,680,865)

104,655,478

TOTAL LONG-TERM INVESTMENTS

(Cost $104,680,865)

104,655,478

OTHER ASSETS & LIABILITIES, NET - (2.8)%

(2,878,634)

NET ASSETS - 100%

$

101,776,844

CLO

Collateralized Loan Obligation

Reg S

Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering

those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the

registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are

made outside the United States.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(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 $98,589,175 or 94.2% of Total Investments.

(c) When-issued or delayed delivery security.

#### Portfolio of Investments July 31, 2025

#### NCPB
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.0%

CORPORATE DEBT - 35.3%

FINANCIALS - 14.3%

$

55,000

(a) Acrisure LLC / Acrisure Finance Inc

4.250 %

02/15/29

$

52,509

85,000

Agree LP

4.800 10/01/32

84,052

60,000

(a) Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6.750 04/15/28

60,812

70,000

Aon North America Inc

5.450 03/01/34

71,604

685,000

Bank of America Corp

5.162 01/24/31

700,818

210,000

Bank of America Corp

5.744 02/12/36

213,636

75,000

(b) Bank of America Corp

6.125 N/A

75,651

50,000

(b) Bank of America Corp

6.625 N/A

51,203

55,000

(b) Bank of New York Mellon Corp/The

4.700 N/A

54,960

50,000

(b) Bank of New York Mellon Corp/The

6.300 N/A

51,248

65,000

Berkshire Hathaway Finance Corp

3.850 03/15/52

49,580

126,000

(a),(b)

BNP Paribas SA

7.450 N/A

128,363

50,000

Citigroup Inc

5.610 09/29/26

50,061

70,000

(b) Citigroup Inc

7.625 N/A

73,023

25,000

(b) Citigroup Inc

4.000 N/A

24,833

30,000

(a) Compass Group Diversified Holdings LLC

5.250 04/15/29

27,869

200,000

(a),(b)

Credit Agricole SA

6.700 N/A

200,075

140,000

Deutsche Bank AG/New York NY

6.819 11/20/29

149,013

55,000

(a) FirstCash Inc

6.875 03/01/32

56,381

65,000

(a) Five Corners Funding Trust II

2.850 05/15/30

60,033

230,000

Goldman Sachs Group Inc/The

5.536 01/28/36

235,145

80,000

(b) Goldman Sachs Group Inc/The

7.379 N/A

80,304

80,000

(b) Goldman Sachs Group Inc/The

7.500 N/A

84,500

55,000

Highwoods Realty LP

2.600 02/01/31

47,482

200,000

(b) HSBC Holdings PLC

8.000 N/A

211,468

45,000

(a) HUB International Ltd

7.250 06/15/30

46,910

50,000

(b) Huntington Bancshares Inc/OH

5.625 N/A

51,218

60,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

5.250 05/15/27

58,455

25,000

(a) Jane Street Group / JSG Finance Inc

6.125 11/01/32

24,804

740,000

JPMorgan Chase & Co

4.851 07/25/28

745,957

255,000

JPMorgan Chase & Co

5.103 04/22/31

260,782

315,000

JPMorgan Chase & Co

5.572 04/22/36

325,294

50,000

JPMorgan Chase & Co

5.576 07/23/36

50,648

50,000

(b) JPMorgan Chase & Co

3.650 N/A

49,170

55,000

(b) JPMorgan Chase & Co

6.875 N/A

57,485

40,000

Kennedy-Wilson Inc

4.750 03/01/29

37,618

100,000

MetLife Inc

6.350 03/15/55

102,646

80,000

(b) MetLife Inc

3.850 N/A

79,719

25,000

(a) Molina Healthcare Inc

6.250 01/15/33

24,665

370,000

Morgan Stanley

5.192 04/17/31

377,956

295,000

Morgan Stanley

5.664 04/17/36

304,258

245,000

Morgan Stanley Bank NA

4.968 07/14/28

247,430

110,000

Morgan Stanley Private Bank NA

4.734 07/18/31

110,496

40,000

MPT Operating Partnership LP / MPT Finance Corp

3.500 03/15/31

27,218

50,000

Navient Corp

5.500 03/15/29

48,912

70,000

(a) Omnis Funding Trust

6.722 05/15/55

72,400

65,000

OneMain Finance Corp

5.375 11/15/29

63,735

65,000

(a) Panther Escrow Issuer LLC

7.125 06/01/31

67,216

40,000

(a) PennyMac Financial Services Inc

7.875 12/15/29

42,215

170,000

Piedmont Operating Partnership LP

9.250 07/20/28

187,141

25,000

(b) PNC Financial Services Group Inc/The

3.400 N/A

24,089

30,000

(b) PNC Financial Services Group Inc/The

6.200 N/A

30,324

55,000

Prudential Financial Inc

5.200 03/14/35

55,390

70,000

Prudential Financial Inc

5.125 03/01/52

67,811

50,000

Prudential Financial Inc

6.500 03/15/54

51,928

70,000

Reinsurance Group of America Inc

5.750 09/15/34

71,803

55,000

(a) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

4.000 10/15/33

48,660

350,000

Royal Bank of Canada

6.750 08/24/85

353,850

25,000

(a) Ryan Specialty LLC

5.875 08/01/32

25,069

#### Portfolio of Investments July 31, 2025
(continued)

#### NCPB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

25,000

(a) Starwood Property Trust Inc

6.500 %

07/01/30

$

25,714

85,000

(b) State Street Corp

6.700 N/A

87,635

160,000

(b) Truist Financial Corp

6.669 N/A

159,896

125,000

UnitedHealth Group Inc

5.350 02/15/33

127,944

115,000

UnitedHealth Group Inc

5.500 07/15/44

111,011

45,000

UnitedHealth Group Inc

5.050 04/15/53

39,506

25,000

(a) UWM Holdings LLC

6.625 02/01/30

25,011

55,000

Ventas Realty LP

5.000 01/15/35

53,876

65,000

Wells Fargo & Co

5.605 04/23/36

66,947

100,000

(b) Wells Fargo & Co

7.625 N/A

106,445

40,000

(b) Wells Fargo & Co

3.900 N/A

39,627

TOTAL FINANCIALS

7,931,507

INDUSTRIAL - 18.3%

50,000

(a) ADT Security Corp/The

4.875 07/15/32

47,516

40,000

(a) Ahead DB Holdings LLC

6.625 05/01/28

40,171

20,000

(a) Air Transport Services Group Inc

7.250 03/15/32

21,007

40,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

6.500 02/15/28

40,621

15,000

(a) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

6.250 03/15/33

15,289

115,000

Amcor Group Finance PLC

5.450 05/23/29

118,250

200,000

American Tower Corp

5.800 11/15/28

207,622

170,000

Amgen Inc

5.650 03/02/53

164,387

85,000

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc

4.700 02/01/36

82,421

56,000

Anheuser-Busch Cos LLC / Anheuser-Busch InBev Worldwide Inc

4.900 02/01/46

51,198

50,000

(a) Antero Midstream Partners LP / Antero Midstream Finance Corp

6.625 02/01/32

51,398

30,000

(a) Archrock Partners LP / Archrock Partners Finance Corp

6.250 04/01/28

29,998

30,000

(a) Archrock Partners LP / Archrock Partners Finance Corp

6.625 09/01/32

30,445

30,000

(a) Arsenal AIC Parent LLC

8.000 10/01/30

31,800

40,000

(a) Asbury Automotive Group Inc

5.000 02/15/32

37,836

35,000

(a) ASGN Inc

4.625 05/15/28

34,075

275,000

AT&T Inc

3.500 09/15/53

185,265

175,000

AT&T Inc

3.800 12/01/57

121,567

35,000

Ball Corp

6.875 03/15/28

35,725

30,000

(a) Bath & Body Works Inc

6.625 10/01/30

30,708

50,000

Block Inc

6.500 05/15/32

51,309

90,000

Boeing Co/The

3.250 02/01/28

87,097

195,000

Boeing Co/The

5.805 05/01/50

188,192

315,000

Broadcom Inc

5.150 11/15/31

322,787

100,000

Broadcom Inc

5.200 07/15/35

100,473

25,000

(a) Buckeye Partners LP

6.750 02/01/30

25,881

40,000

(a) Caesars Entertainment Inc

6.500 02/15/32

40,793

35,000

(a) CCO Holdings LLC / CCO Holdings Capital Corp

5.125 05/01/27

34,713

35,000

(a) CCO Holdings LLC / CCO Holdings Capital Corp

4.500 08/15/30

32,747

30,000

(a) CCO Holdings LLC / CCO Holdings Capital Corp

4.250 02/01/31

27,402

30,000

(a) Chart Industries Inc

7.500 01/01/30

31,426

230,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

6.550 06/01/34

242,521

230,000

Cheniere Energy Partners LP

4.500 10/01/29

227,504

40,000

(a) CHS/Community Health Systems Inc

5.250 05/15/30

34,991

50,000

(a) Churchill Downs Inc

5.750 04/01/30

49,877

25,000

(a) Clarios Global LP / Clarios US Finance Co

6.750 02/15/30

25,776

25,000

(a) CNX Resources Corp

7.250 03/01/32

25,775

109,000

Comcast Corp

5.650 06/01/54

104,665

20,000

(a) Concentra Escrow Issuer Corp

6.875 07/15/32

20,550

85,000

Constellation Brands Inc

4.800 05/01/30

85,454

50,000

(a) CSC Holdings LLC

5.500 04/15/27

48,396

55,000

(a) Cushman & Wakefield US Borrower LLC

6.750 05/15/28

55,417

135,000

CVS Health Corp

5.050 03/25/48

116,159

40,000

(a) DaVita Inc

4.625 06/01/30

38,144

35,000

(a) DaVita Inc

6.875 09/01/32

35,985

35,000

Enbridge Inc

8.500 01/15/84

39,419

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

30,000

Encompass Health Corp

4.500 %

02/01/28

$

29,497

40,000

Energy Transfer LP

5.200 04/01/30

40,763

135,000

Enterprise Products Operating LLC

4.450 02/15/43

115,589

50,000

(a) Ferrellgas LP / Ferrellgas Finance Corp

5.875 04/01/29

46,167

200,000

(a) Ford Otomotiv Sanayi AS

7.125 04/25/29

201,809

55,000

(a) Frontier Communications Holdings LLC

5.875 10/15/27

55,010

30,000

(a) Garda World Security Corp

4.625 02/15/27

29,733

35,000

(a) Gen Digital Inc

6.750 09/30/27

35,575

170,000

General Motors Financial Co Inc

5.350 01/07/30

172,416

20,000

(b) General Motors Financial Co Inc

5.750 N/A

19,531

30,000

Goodyear Tire & Rubber Co/The

5.000 07/15/29

29,103

55,000

Goodyear Tire & Rubber Co/The

5.250 04/30/31

52,233

180,000

(a) Grupo Aeromexico SAB de CV

8.250 11/15/29

177,120

75,000

Haleon US Capital LLC

3.625 03/24/32

70,153

170,000

HCA Inc

5.250 03/01/30

173,657

85,000

HCA Inc

5.750 03/01/35

87,048

45,000

(a) Hilcorp Energy I LP / Hilcorp Finance Co

8.375 11/01/33

46,959

52,000

(a) Hilton Domestic Operating Co Inc

5.875 04/01/29

52,842

55,000

Honeywell International Inc

5.250 03/01/54

51,755

200,000

(a) IHS Holding Ltd

7.875 05/29/30

202,546

60,000

(a) Imola Merger Corp

4.750 05/15/29

58,214

25,000

Intel Corp

5.700 02/10/53

22,508

55,000

(a) Iron Mountain Inc

7.000 02/15/29

56,500

50,000

(a) Kinetik Holdings LP

6.625 12/15/28

51,136

20,000

(a) Kodiak Gas Services LLC

7.250 02/15/29

20,483

40,000

Kohl's Corp

4.625 05/01/31

28,814

50,000

Kroger Co/The

5.000 09/15/34

49,460

75,000

Kroger Co/The

5.500 09/15/54

70,773

80,000

L3Harris Technologies Inc

5.400 07/31/33

82,108

40,000

Lamar Media Corp

4.875 01/15/29

39,282

30,000

(a) LCM Investments Holdings II LLC

8.250 08/01/31

31,720

40,000

(a) Level 3 Financing Inc

6.875 06/30/33

40,534

30,000

(a) Light & Wonder International Inc

7.500 09/01/31

31,269

80,000

Marathon Petroleum Corp

4.750 09/15/44

66,759

30,000

(a) Marriott Ownership Resorts Inc

4.500 06/15/29

28,701

190,000

(a) Mars Inc

4.800 03/01/30

191,887

55,000

(a) Mars Inc

5.200 03/01/35

55,263

55,000

(a) Mars Inc

5.650 05/01/45

54,622

105,000

(a) Mars Inc

5.700 05/01/55

103,608

30,000

(a) McGraw-Hill Education Inc

7.375 09/01/31

31,183

30,000

MGM Resorts International

6.125 09/15/29

30,410

60,000

(a) Michaels Cos Inc/The

5.250 05/01/28

47,578

200,000

(a) Millicom International Cellular SA

7.375 04/02/32

205,454

58,000

(a) Mineral Resources Ltd

9.250 10/01/28

60,619

30,000

Newell Brands Inc

6.375 09/15/27

30,235

115,000

Nutrien Ltd

4.900 03/27/28

116,240

130,000

ONEOK Inc

5.700 11/01/54

119,385

50,000

(a) Open Text Holdings Inc

4.125 02/15/30

46,865

145,000

Oracle Corp

6.000 08/03/55

142,034

70,000

O'Reilly Automotive Inc

4.200 04/01/30

68,996

30,000

(a) Organon & Co / Organon Foreign Debt Co-Issuer BV

4.125 04/30/28

28,395

55,000

(a) Organon & Co / Organon Foreign Debt Co-Issuer BV

5.125 04/30/31

47,581

30,000

Paramount Global

6.375 03/30/62

29,550

40,000

(a) Parkland Corp/Canada

4.625 05/01/30

38,359

30,000

(a) Permian Resources Operating LLC

7.000 01/15/32

30,979

140,000

Pfizer Investment Enterprises Pte Ltd

5.300 05/19/53

130,726

45,000

(a) Post Holdings Inc

6.250 02/15/32

45,841

75,000

(a) Prime Security Services Borrower LLC / Prime Finance Inc

6.250 01/15/28

74,995

35,000

(a) Primo Water Holdings Inc / Triton Water Holdings Inc

4.375 04/30/29

33,761

115,000

RTX Corp

6.000 03/15/31

123,029

80,000

Salesforce Inc

2.700 07/15/41

57,236

50,000

(a) Sealed Air Corp/Sealed Air Corp US

7.250 02/15/31

51,970

#### Portfolio of Investments July 31, 2025
(continued)

#### NCPB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

45,000

(a) Sirius XM Radio LLC

4.125 %

07/01/30

$

41,051

30,000

(a) Sirius XM Radio LLC

3.875 09/01/31

26,467

200,000

(a) Sitios Latinoamerica SAB de CV

6.000 11/25/29

204,760

30,000

(a) SM Energy Co

6.750 08/01/29

30,024

35,000

(a) Standard Industries Inc/NY

5.000 02/15/27

34,982

50,000

(a) Sunoco LP

7.000 05/01/29

51,753

50,000

(a) Sunrise FinCo I BV

4.875 07/15/31

47,130

60,000

Tenet Healthcare Corp

6.125 10/01/28

60,004

75,000

Tenet Healthcare Corp

4.375 01/15/30

72,108

59,000

Teva Pharmaceutical Finance Netherlands III BV

3.150 10/01/26

57,709

115,000

T-Mobile US Inc

5.125 05/15/32

116,671

140,000

T-Mobile US Inc

5.300 05/15/35

141,075

30,000

T-Mobile US Inc

5.875 11/15/55

29,913

75,000

TotalEnergies Capital SA

5.488 04/05/54

71,852

25,000

Transcanada Trust

5.500 09/15/79

24,528

45,000

(a) TransDigm Inc

6.875 12/15/30

46,637

24,000

(a) Transocean Inc

8.750 02/15/30

24,882

60,000

(a) Tronox Inc

4.625 03/15/29

46,681

35,000

(a) Univision Communications Inc

4.500 05/01/29

32,385

55,000

USA Compression Partners LP / USA Compression Finance Corp

6.875 09/01/27

54,987

45,000

(a) Venture Global Calcasieu Pass LLC

4.125 08/15/31

41,566

55,000

(a) Venture Global LNG Inc

9.875 02/01/32

59,342

25,000

(a) Veritiv Operating Co

10.500 11/30/30

27,097

260,000

Verizon Communications Inc

4.780 02/15/35

252,014

25,000

(a) Viking Baked Goods Acquisition Corp

8.625 11/01/31

24,513

30,000

(a) VistaJet Malta Finance PLC / Vista Management Holding Inc

6.375 02/01/30

28,340

45,000

(a) Vmed O2 UK Financing I PLC

4.750 07/15/31

41,633

40,000

Vodafone Group PLC

5.125 06/04/81

30,843

40,000

(a) VZ Secured Financing BV

5.000 01/15/32

35,178

30,000

Walmart Inc

4.350 04/28/30

30,127

35,000

Walmart Inc

2.500 09/22/41

24,575

35,000

Walmart Inc

4.500 04/15/53

30,410

20,000

(a) Wand NewCo 3 Inc

7.625 01/30/32

20,999

40,000

Waste Management Inc

4.950 03/15/35

39,959

30,000

(a) WESCO Distribution Inc

7.250 06/15/28

30,399

45,000

Williams Cos Inc/The

5.650 03/15/33

46,601

200,000

(a) Windfall Mining Group Inc / Groupe Minier Windfall Inc

5.854 05/13/32

204,481

50,000

(a) Windsor Holdings III LLC

8.500 06/15/30

52,998

25,000

(a) Windstream Escrow LLC / Windstream Escrow Finance Corp

8.250 10/01/31

26,172

50,000

ZF North America Capital Inc

6.750 04/23/30

47,581

TOTAL INDUSTRIAL

10,145,747

UTILITY - 2.7%

150,000

AEP Transmission Co LLC

5.400 03/15/53

144,099

75,000

Atmos Energy Corp

5.000 12/15/54

67,849

25,000

(a) California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6.375 02/15/32

25,253

40,000

(a) Clearway Energy Operating LLC

4.750 03/15/28

39,329

35,000

CMS Energy Corp

6.500 06/01/55

35,291

30,000

Commonwealth Edison Co

5.950 06/01/55

31,091

45,000

Consolidated Edison Co of New York Inc

5.500 03/15/55

43,520

65,000

Dominion Energy Inc

3.300 04/15/41

47,922

35,000

Dominion Energy Inc

7.000 06/01/54

37,338

50,000

Dominion Energy Inc

6.625 05/15/55

51,234

45,000

DTE Electric Co

5.400 04/01/53

43,689

70,000

Duke Energy Carolinas LLC

4.250 12/15/41

59,734

65,000

Duke Energy Carolinas LLC

5.400 01/15/54

62,551

50,000

Exelon Corp

6.500 03/15/55

51,091

140,000

Florida Power & Light Co

4.800 05/15/33

139,776

170,000

Georgia Power Co

2.650 09/15/29

159,329

55,000

Interstate Power and Light Co

5.600 06/29/35

56,435

35,000

NiSource Inc

5.850 04/01/55

34,526

65,000

NRG Energy Inc

5.750 01/15/28

65,199

30,000

(a) Pattern Energy Operations LP / Pattern Energy Operations Inc

4.500 08/15/28

29,085

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

55,000

PECO Energy Co

2.800 %

06/15/50

$

34,283

55,000

Public Service Co of Colorado

4.050 09/15/49

42,177

100,000

(b) Sempra

4.875 N/A

99,528

75,000

(a) Talen Energy Supply LLC

8.625 06/01/30

79,700

40,000

(a) TerraForm Power Operating LLC

4.750 01/15/30

38,344

TOTAL UTILITY

1,518,373

TOTAL CORPORATE DEBT

(Cost $19,461,767)

19,595,627

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 3.3%

GOVERNMENT AGENCY - 1.8%

194,000

Aeropuerto Internacional de Tocumen SA

4.000 08/11/41

149,250

200,000

(a) Corp Nacional del Cobre de Chile

6.150 10/24/36

203,853

200,000

Indian Railway Finance Corp Ltd

3.835 12/13/27

196,180

102,000

(a) OCP SA

5.125 06/23/51

78,314

200,000

(a) Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

5.450 05/21/28

204,061

225,000

(a) Petronas Capital Ltd

2.480 01/28/32

197,078

TOTAL GOVERNMENT AGENCY

1,028,736

SOVEREIGN DEBT - 1.5%

204,000

Colombia Government International Bond

5.000 06/15/45

142,290

250,000

(a) Hungary Government International Bond

2.125 09/22/31

209,358

200,000

(a) Ivory Coast Government International Bond

6.125 06/15/33

185,017

110,000

Republic of South Africa Government International Bond

6.250 03/08/41

95,644

200,000

(a) Saudi Government International Bond

5.000 01/16/34

200,883

TOTAL SOVEREIGN DEBT

833,192

TOTAL GOVERNMENT RELATED

(Cost $1,861,832)

1,861,928

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 41.0%

250,000

(a),(c)

ARDN 2025-ARCP Mortgage Trust (TSFR1M + 2.000%)

6.342 06/15/35

250,632

250,000

(a) Avis Budget Rental Car Funding AESOP LLC

6.180 10/20/27

251,198

250,000

(a),(c)

BBCMS Trust 2015-SRCH

4.957 08/10/35

233,856

150,000

(a),(c)

BBCMS Trust 2018-CBM (TSFR1M + 1.297%)

5.639 07/15/37

146,540

200,000

(c) Benchmark 2018-B2 Mortgage Trust

4.308 02/15/51

160,795

250,000

Benchmark 2019-B14 Mortgage Trust

3.493 12/15/62

207,876

150,000

(a),(c)

BX Trust 2023-DELC (TSFR1M + 3.339%)

7.681 05/15/38

151,511

100,000

(c) Citigroup Commercial Mortgage Trust 2016-P3

4.271 04/15/49

93,777

191,138

COMM 2015-CCRE26 Mortgage Trust

3.630 10/10/48

190,481

150,000

(c) COMM 2018-COR3 Mortgage Trust

4.516 05/10/51

125,753

50,000

(a),(c)

Connecticut Avenue Securities Trust 2022-R03 (SOFR30A +

9.850%)

14.823 03/25/42

55,733

300,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R04 (SOFR30A +

3.550%)

7.856 05/25/43

317,554

25,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R05 (SOFR30A +

3.100%)

7.406 06/25/43

26,154

185,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R05 (SOFR30A +

4.750%)

9.056 06/25/43

199,929

92,750

(a) DB Master Finance LLC

4.030 11/20/47

90,937

198,625

DBJPM 2016-C3 Mortgage Trust

2.632 08/10/49

195,465

150,000

(a),(c)

DBSG 2024-ALTA Mortgage Trust

6.595 06/10/37

152,038

99,174

(a),(c)

ELP Commercial Mortgage Trust 2021-ELP (TSFR1M + 2.233%)

6.575 11/15/38

99,181

100,000

(a),(c)

EQT Trust 2024-EXTR

5.331 07/05/41

101,583

406,364

Fannie Mae Pool FN MA4512

2.500 01/01/52

334,432

174,570

Fannie Mae Pool FN MA4548

2.500 02/01/52

143,507

114,557

Fannie Mae Pool FN MA4578

2.500 04/01/52

94,118

349,151

Fannie Mae Pool FN FS1533

3.000 04/01/52

302,665

164,497

Fannie Mae Pool FN MA4579

3.000 04/01/52

141,044

80,635

Fannie Mae Pool FN FS7299

3.000 05/01/52

69,846

#### Portfolio of Investments July 31, 2025
(continued)

#### NCPB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

586,880

Fannie Mae Pool FN MA4600

3.500 %

05/01/52

$

525,249

664,540

Fannie Mae Pool FN MA4684

4.500 06/01/52

631,515

642,971

Fannie Mae Pool FN MA4700

4.000 08/01/52

594,230

150,585

Fannie Mae Pool FN MA4737

5.000 08/01/52

147,296

526,834

Fannie Mae Pool FN MA4733

4.500 09/01/52

500,670

607,389

Fannie Mae Pool FN MA4783

4.000 10/01/52

560,800

96,898

Fannie Mae Pool FN MA4784

4.500 10/01/52

92,326

264,810

Fannie Mae Pool FN MA4785

5.000 10/01/52

258,999

55,925

Fannie Mae Pool FN MA4804

4.000 11/01/52

51,677

484,418

Fannie Mae Pool FN MA4805

4.500 11/01/52

460,397

565,173

Fannie Mae Pool FN MA4978

5.000 04/01/53

552,149

437,693

Fannie Mae Pool FN MA5039

5.500 06/01/53

436,138

145,853

Fannie Mae Pool FN MA5089

4.000 07/01/53

134,675

357,656

Fannie Mae Pool FN MA5106

5.000 08/01/53

348,974

207,511

Fannie Mae Pool FN MA5107

5.500 08/01/53

206,764

763,790

Fannie Mae Pool FN MA5165

5.500 10/01/53

760,841

276,308

Fannie Mae Pool FN MA5247

6.000 01/01/54

280,383

1,137,585

Fannie Mae Pool FN FA0197

4.000 02/01/54

1,052,228

287,310

Fannie Mae Pool FN MA5295

6.000 03/01/54

291,480

613,305

Fannie Mae Pool FN MA5331

5.500 04/01/54

610,605

601,105

Fannie Mae Pool FN MA5353

5.500 05/01/54

598,458

24,861

Fannie Mae Pool FN MA5389

6.000 06/01/54

25,215

92,761

Fannie Mae Pool FN MA5497

5.500 10/01/54

92,296

79,766

Fannie Mae REMICS

2.000 08/25/50

52,373

56,178

Fannie Mae REMICS

3.500 04/25/52

42,448

415,182

Freddie Mac Pool FR RA6766

2.500 02/01/52

344,685

61,073

Freddie Mac Pool FR SD4810

3.000 04/01/52

53,040

622,559

Freddie Mac Pool FR SD8213

3.000 05/01/52

533,732

212,724

Freddie Mac Pool FR SD8220

3.000 06/01/52

182,153

704,793

Freddie Mac Pool FR SD8231

4.500 07/01/52

668,975

452,093

Freddie Mac Pool FR SD8329

5.000 06/01/53

440,912

27,581

Freddie Mac REMICS

2.000 09/25/50

18,248

185,000

(a),(c)

Freddie Mac STACR REMIC Trust 2022-DNA3 (SOFR30A +

5.650%)

8.647 04/25/42

197,867

25,000

(a),(c)

Freddie Mac STACR REMIC Trust 2022-DNA4 (SOFR30A +

3.350%)

7.655 05/25/42

26,017

200,000

(a),(c)

Freddie Mac STACR REMIC Trust 2022-DNA6 (SOFR30A +

3.700%)

8.005 09/25/42

210,255

60,000

(a),(c)

Freddie Mac STACR REMIC Trust 2022-HQA2 (SOFR30A +

4.000%)

8.305 07/25/42

63,349

150,000

(a) Frontier Issuer LLC

6.600 08/20/53

151,967

48,955

Ginnie Mae II Pool G2 MA7419

3.000 06/20/51

42,827

117,205

Ginnie Mae II Pool G2 MA7768

3.000 12/20/51

102,462

205,943

Ginnie Mae II Pool G2 MA7989

3.500 04/20/52

185,704

266,437

Ginnie Mae II Pool G2 MA8149

3.500 07/20/52

239,606

395,159

Ginnie Mae II Pool G2 MA8267

4.000 09/20/52

367,130

186,203

Ginnie Mae II Pool G2 MA8489

4.500 12/20/52

177,699

54,579

Ginnie Mae II Pool G2 MA8724

4.500 03/20/53

52,135

250,000

(c) GS Mortgage Securities Trust 2017-GS5

3.826 03/10/50

236,631

93,677

(a),(c)

GS Mortgage-Backed Securities Trust 2022-LTV2

4.335 12/25/52

83,369

250,000

(a) Hertz Vehicle Financing III LP

2.520 12/27/27

240,291

150,000

(a),(c)

Houston Galleria Mall Trust 2025-HGLR

5.462 02/05/45

152,498

185,000

(a),(c)

HTL Commercial Mortgage Trust 2024-T53

6.555 05/10/39

187,539

250,000

(a),(c)

IP 2025-IP Mortgage Trust

5.250 06/10/42

252,101

180,498

(a),(c)

J.P. Morgan Mortgage Trust 2021-INV5

3.187 12/25/51

150,066

182,865

(a),(c)

J.P. Morgan Mortgage Trust 2021-INV8

3.281 05/25/52

147,920

101,446

(a),(c)

J.P. Morgan Mortgage Trust 2022-6

3.000 11/25/52

84,988

71,708

(a),(c)

JP Morgan Mortgage Trust 2017-5

4.979 10/26/48

71,619

73,060

(a),(c)

JP Morgan Mortgage Trust 2021-11

2.500 01/25/52

58,502

72,603

(a),(c)

JP Morgan Mortgage Trust 2021-7

2.500 11/25/51

58,207

181,317

(a),(c)

JP Morgan Mortgage Trust 2021-INV4

3.209 01/25/52

145,239

181,601

(a),(c)

JP Morgan Mortgage Trust 2021-INV6

3.343 04/25/52

147,110

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

75,876

(a),(c)

JP Morgan Mortgage Trust Series 2024-3

3.000 %

05/25/54

$

63,515

100,000

(c) JPMCC Commercial Mortgage Securities Trust 2017-JP6

3.700 07/15/50

82,549

150,000

JPMDB Commercial Mortgage Securities Trust 2017-C5

3.694 03/15/50

145,945

250,000

(a),(c)

Magnetite XXIII Ltd (TSFR3M + 3.312%)

7.630 01/25/35

251,526

84,926

(a),(c)

Morgan Stanley Residential Mortgage Loan Trust 2023-1

4.000 02/25/53

76,431

147,683

(a) MVW 2021-1W LLC

1.940 01/22/41

140,634

175,000

(a) One Bryant Park Trust 2019-OBP

2.516 09/15/54

158,685

200,000

(a) Onemain Financial Issuance Trust 2025-1

5.200 07/14/38

201,265

208,736

(a),(c)

Sequoia Mortgage Trust 2020-1

3.852 02/25/50

164,016

373,160

(a) Sierra Timeshare 2024-3 Receivables Funding LLC

4.980 08/20/41

373,125

149,250

(a) Subway Funding LLC

6.028 07/30/54

151,418

147,375

(a) Taco Bell Funding LLC

2.294 08/25/51

133,929

150,000

(a),(c)

TX Trust 2024-HOU (TSFR1M + 1.591%)

5.933 06/15/39

149,979

114,000

(c) UBS Commercial Mortgage Trust 2018-C13

4.585 10/15/51

110,232

150,000

(a),(c)

WCORE Commercial Mortgage Trust 2024-CORE (TSFR1M +

1.842%)

6.184 11/15/41

150,583

150,000

(c) Wells Fargo Commercial Mortgage Trust 2024-C63

5.820 08/15/57

154,905

184,957

(a) Wendy's Funding LLC

3.884 03/15/48

180,137

600,000

(a) Westlake Automobile Receivables Trust 2025-2

4.850 01/15/31

601,398

TOTAL SECURITIZED

(Cost $22,795,361)

22,809,906

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY - 17.4%

915,000

United States Treasury Note/Bond

3.875 06/30/30

911,712

500,000

United States Treasury Note/Bond

3.875 07/31/30

498,203

442,000

United States Treasury Note/Bond

4.375 01/31/32

448,664

310,000

United States Treasury Note/Bond

4.125 02/29/32

310,230

197,000

United States Treasury Note/Bond

4.125 05/31/32

196,908

200,000

United States Treasury Note/Bond

4.125 06/30/32

198,375

1,595,000

United States Treasury Note/Bond

4.250 05/15/35

1,581,044

333,000

United States Treasury Note/Bond

4.125 08/15/44

301,521

2,652,000

United States Treasury Note/Bond

4.625 11/15/44

2,565,396

160,000

United States Treasury Note/Bond

4.750 02/15/45

157,275

440,000

United States Treasury Note/Bond

5.000 05/15/45

446,462

1,587,000

United States Treasury Note/Bond

4.625 02/15/55

1,520,296

525,000

United States Treasury Note/Bond

4.750 05/15/55

513,516

TOTAL U.S. TREASURY

(Cost $9,708,418)

9,649,602

TOTAL LONG-TERM INVESTMENTS

(Cost $53,827,378)

53,917,063

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.7%

CORPORATE DEBT - 0.7%

INDUSTRIAL - 0.7%

175,000

Berry Global Inc

1.570 01/15/26

172,349

110,000

Ford Motor Credit Co LLC

6.950 03/06/26

110,864

115,000

MPLX LP

1.750 03/01/26

113,063

TOTAL INDUSTRIAL

396,276

TOTAL CORPORATE DEBT

(Cost $395,572)

396,276

TOTAL SHORT-TERM INVESTMENTS

(Cost $395,572)

396,276

TOTAL INVESTMENTS - 97.7%

(Cost $54,222,950)

54,313,339

OTHER ASSETS & LIABILITIES, NET - 2.3%

1,268,653

NET ASSETS - 100%

$

55,581,992

#### Portfolio of Investments July 31, 2025
(continued)

#### NCPB

See Notes to Financial Statements

SOFR

30A

30 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(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 $14,214,857 or 26.2% of Total Investments.

(b) Perpetual security. Maturity date is not applicable.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

#### Portfolio of Investments July 31, 2025

#### NUAG
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.1%

CORPORATE DEBT - 33.0%

FINANCIALS - 9.7%

$

18,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.450

%

10/29/26

$

17,523

5,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.625

10/15/27

5,000

1,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.000

10/29/28

952

200,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.150

09/30/30

212,201

38,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.300

01/30/32

34,378

10,000

Aetna Inc

.750

12/15/37

10,788

4,000

Aetna Inc

.500

05/15/42

3,296

10,000

Aetna Inc

.750

03/15/44

8,400

10,000

Affiliated Managers Group Inc

.300

06/15/30

9,348

11,000

Air Lease Corp

.875

08/15/26

10,694

7,000

Air Lease Corp

.200

01/15/27

6,774

8,000

Air Lease Corp

.625

04/01/27

7,840

22,000

Air Lease Corp

.250

10/01/29

20,889

10,000

Air Lease Corp

.000

02/01/30

9,330

23,000

Alexandria Real Estate Equities Inc

.550

03/15/52

15,548

50,000

Allstate Corp/The

.250

03/30/33

51,077

28,000

Ally Financial Inc

.200

11/02/28

25,844

11,000

Ally Financial Inc

.000

11/01/31

12,427

20,000

American Express Co

.442

01/30/36

20,394

10,000

American Financial Group Inc/OH

.500

06/15/47

8,064

50,000

American International Group Inc

.750

04/01/48

44,062

19,000

Aon Corp

.800

05/15/30

17,618

1,000

Aon Corp / Aon Global Holdings PLC

.600

12/02/31

882

55,000

Aon Corp / Aon Global Holdings PLC

.350

02/28/33

56,454

100,000

Aon North America Inc

.750

03/01/54

97,411

30,000

Ares Capital Corp

.000

01/15/27

30,882

50,000

Ares Capital Corp

.500

09/01/30

49,911

50,000

Arthur J Gallagher & Co

.150

02/15/35

49,708

30,000

Arthur J Gallagher & Co

.750

02/15/54

32,753

100,000

Arthur J Gallagher & Co

.750

07/15/54

96,741

7,000

Assurant Inc

.700

02/22/30

6,660

10,000

Assurant Inc

.650

01/15/32

8,604

1,000

Athene Holding Ltd

.150

04/03/30

1,059

30,000

Athene Holding Ltd

.250

04/01/54

29,622

7,000

AXIS Specialty Finance PLC

.000

12/06/27

6,897

20,000

Bain Capital Specialty Finance Inc

.950

03/15/30

19,882

44,000

Banco Santander SA

.749

12/03/30

39,157

100,000

Banco Santander SA

.938

11/07/33

112,660

50,000

Bank of America Corp

.518

10/25/35

50,048

7,000

Bank of Nova Scotia/The

.625

10/27/81

6,519

21,000

BankUnited Inc

.125

06/11/30

20,797

3,000

Barclays PLC

.088

06/20/30

3,011

24,000

Barclays PLC

.811

03/10/42

18,779

20,000

BlackRock TCP Capital Corp

.950

05/30/29

20,650

14,000

Blackstone Private Credit Fund

.625

12/15/26

13,533

20,000

(a) Blackstone Private Credit Fund

.000

01/15/29

19,310

10,000

Blackstone Private Credit Fund

.950

07/16/29

10,201

50,000

Blackstone Private Credit Fund

.250

01/25/31

51,548

16,000

Blackstone Secured Lending Fund

.125

02/15/27

15,302

20,000

Blackstone Secured Lending Fund

.350

04/13/28

20,160

1,000

Blue Owl Capital Corp

.625

01/15/27

964

50,000

Blue Owl Capital Corp

.125

04/13/27

48,257

14,000

Blue Owl Credit Income Corp

.700

02/08/27

13,893

100,000

Blue Owl Credit Income Corp

.800

03/15/30

100,185

30,000

(a) Boston Properties LP

.500

01/15/34

32,110

14,000

Brighthouse Financial Inc

.625

05/15/30

14,026

50,000

Brighthouse Financial Inc

.700

06/22/47

37,057

100,000

Brookfield Finance I UK Plc / Brookfield Finance Inc

.340

01/30/32

85,762

24,000

Brown & Brown Inc

.375

03/15/31

21,065

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

8,000

Capital One Financial Corp

.100

%

02/09/27

$

7,958

6,000

Capital One Financial Corp

.878

11/02/27

5,798

44,000

Capital One Financial Corp

.800

01/31/28

43,350

21,000

Capital One Financial Corp

.927

05/10/28

21,117

7,000

Capital One Financial Corp

.273

03/01/30

6,687

200,000

Capital One Financial Corp

.624

10/30/31

225,207

46,000

Capital One Financial Corp

.359

07/29/32

39,171

31,000

Capital One Financial Corp

.268

05/10/33

31,238

10,000

Capital One Financial Corp

.964

11/02/34

11,650

10,000

Centene Corp

.000

10/15/30

8,710

50,000

Centene Corp

.500

03/01/31

41,975

25,000

Charles Schwab Corp/The

.643

05/19/29

25,840

26,000

CI Financial Corp

.200

12/17/30

23,079

70,000

Citigroup Inc

.827

02/13/35

71,183

30,000

Citigroup Inc

.020

01/24/36

30,745

10,000

Citigroup Inc

.300

05/06/44

9,407

12,000

Citizens Financial Group Inc

.500

02/06/30

10,874

50,000

Citizens Financial Group Inc

.253

03/05/31

50,643

8,000

CNA Financial Corp

.900

05/01/29

7,810

8,000

CNO Financial Group Inc

.250

05/30/29

8,069

100,000

Comerica Bank

.332

08/25/33

97,353

46,000

Corebridge Financial Inc

.850

04/05/29

44,940

50,000

Corebridge Financial Inc

.400

04/05/52

40,020

4,000

Deutsche Bank AG/New York NY

.311

11/16/27

3,882

1,000

Deutsche Bank AG/New York NY

.547

09/18/31

940

80,000

Deutsche Bank AG/New York NY

.079

02/10/34

86,226

50,000

Elevance Health Inc

.550

03/01/48

40,843

40,000

Elevance Health Inc

.650

06/15/54

37,874

10,000

Enact Holdings Inc

.250

05/28/29

10,332

13,000

Enstar Group Ltd

.100

09/01/31

11,430

33,000

Equitable Holdings Inc

.350

04/20/28

32,859

25,000

Essex Portfolio LP

.375

04/01/35

25,314

50,000

Everest Reinsurance Holdings Inc

.868

06/01/44

43,872

10,000

Everest Reinsurance Holdings Inc

.500

10/15/50

6,788

24,000

Fairfax Financial Holdings Ltd

.625

04/29/30

23,802

10,000

Fairfax Financial Holdings Ltd

.100

03/15/55

9,709

21,000

Fidelity National Financial Inc

.400

06/15/30

19,609

10,000

Fidelity National Financial Inc

.200

09/17/51

6,137

2,000

Fifth Third Bancorp

.707

11/01/27

1,930

13,000

Fifth Third Bancorp

.950

03/14/28

12,841

40,000

Fifth Third Bancorp

.361

10/27/28

41,607

11,000

First American Financial Corp

.400

08/15/31

9,420

30,000

First American Financial Corp

.450

09/30/34

29,400

10,000

First Horizon Bank

.750

05/01/30

10,215

10,000

First-Citizens Bank & Trust Co

.125

03/09/28

10,345

11,000

FS KKR Capital Corp

.250

07/15/27

10,566

16,000

GATX Corp

.550

11/07/28

15,960

30,000

GATX Corp

.050

03/15/34

31,645

50,000

GATX Corp

.500

03/30/45

40,320

10,000

Goldman Sachs BDC Inc

.875

01/15/26

9,905

50,000

Goldman Sachs Group Inc/The

.016

10/23/35

49,316

81,000

Goldman Sachs Group Inc/The

.450

05/01/36

86,860

50,000

Goldman Sachs Group Inc/The

.150

05/22/45

45,143

23,000

Golub Capital BDC Inc

.050

02/15/27

21,934

20,000

HA Sustainable Infrastructure Capital Inc

.375

07/01/34

19,817

12,000

Hartford Insurance Group Inc/The

.800

08/19/29

11,257

60,000

Hartford Insurance Group Inc/The

.300

04/15/43

50,388

20,000

Hartford Insurance Group Inc/The

.900

09/15/51

12,559

20,000

Hercules Capital Inc

.375

01/20/27

19,435

56,000

HSBC Holdings PLC

.800

06/01/38

60,475

50,000

Humana Inc

.000

05/01/55

48,046

112,000

Huntington Bancshares Inc/OH

.550

02/04/30

102,396

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

10,000

Independent Bank Corp

.250

%

04/01/35

$

10,159

8,000

Jackson Financial Inc

.170

06/08/27

8,073

19,000

Jefferies Financial Group Inc

.150

01/23/30

18,557

40,000

Jefferies Financial Group Inc

.750

10/15/32

33,997

20,000

Jefferies Financial Group Inc

.500

01/20/43

20,814

42,000

Kemper Corp

.800

02/23/32

38,186

27,000

KeyCorp

.550

10/01/29

24,936

50,000

(a) KeyCorp

.121

04/04/31

50,537

12,000

Kimco Realty OP LLC

.250

04/01/45

9,885

21,000

Lazard Group LLC

.500

09/19/28

20,909

16,000

Lincoln National Corp

.625

12/12/26

15,795

10,000

Lincoln National Corp

.300

10/09/37

10,402

200,000

Lloyds Banking Group PLC

.369

12/14/46

144,301

50,000

LPL Holdings Inc

.150

06/15/30

50,574

21,000

Main Street Capital Corp

.000

07/14/26

20,605

12,000

Markel Group Inc

.350

09/17/29

11,506

20,000

Markel Group Inc

.000

05/16/54

19,914

20,000

Marsh & McLennan Cos Inc

.000

03/15/35

19,953

100,000

MetLife Inc

.350

03/15/55

102,646

2,000

Morgan Stanley

.950

04/23/27

1,983

50,000

Morgan Stanley

.587

01/18/36

51,318

1,000

Morgan Stanley

.484

09/16/36

852

53,000

Nasdaq Inc

.550

02/15/34

54,988

11,000

NNN REIT Inc

.000

04/15/52

6,735

43,000

Nomura Holdings Inc

.386

07/06/27

43,616

4,000

Nomura Holdings Inc

.710

01/22/29

3,748

12,000

Nomura Holdings Inc

.103

01/16/30

11,171

1,000

Nomura Holdings Inc

.679

07/16/30

904

100,000

Nomura Holdings Inc

.181

01/18/33

106,481

10,000

Oaktree Specialty Lending Corp

.700

01/15/27

9,620

10,000

Oaktree Strategic Credit Fund

.500

07/23/29

10,260

7,000

Old Republic International Corp

.875

08/26/26

6,942

10,000

Old Republic International Corp

.850

06/11/51

7,053

10,000

ORIX Corp

.000

04/13/32

9,512

30,000

PartnerRe Finance B LLC

.500

10/01/50

27,881

30,000

PNC Financial Services Group Inc/The

.575

01/29/36

30,764

7,000

Prudential Financial Inc

.700

09/15/48

7,084

41,000

Prudential Financial Inc

.700

10/01/50

37,431

10,000

Regions Bank/Birmingham AL

.450

06/26/37

10,576

24,000

Regions Financial Corp

.800

08/12/28

22,184

50,000

RenaissanceRe Holdings Ltd

.800

04/01/35

51,388

10,000

Royal Bank of Canada

.350

11/24/84

9,529

20,000

Sabra Health Care LP

.200

12/01/31

17,813

7,000

Santander Holdings USA Inc

.244

10/05/26

6,884

30,000

Santander Holdings USA Inc

.400

07/13/27

29,959

1,000

Santander Holdings USA Inc

.490

01/06/28

969

30,000

Santander UK Group Holdings PLC

.469

01/11/28

29,042

20,000

(b) Sixth Street Lending Partners

.125

07/15/30

20,378

60,000

Stewart Information Services Corp

.600

11/15/31

53,364

12,000

Stifel Financial Corp

.000

05/15/30

11,545

20,000

Synchrony Financial

.935

08/02/30

20,556

10,000

Synovus Financial Corp

.168

11/01/30

10,283

50,000

Unum Group

.500

12/15/49

39,515

10,000

Ventas Realty LP

.000

01/15/35

9,796

20,000

Ventas Realty LP

.875

04/15/49

17,120

15,000

W R Berkley Corp

.000

05/12/50

11,352

50,000

W R Berkley Corp

.550

03/30/52

34,261

10,000

Wachovia Corp

.574

08/01/26

10,281

10,000

Webster Financial Corp

.100

03/25/29

9,717

100,000

Wells Fargo & Co

.950

12/15/36

101,559

200,000

Wells Fargo & Co

.650

11/04/44

171,504

30,000

Welltower OP LLC

.850

06/15/32

28,481

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

10,000

Western Alliance Bancorp

.000

%

06/15/31

$

9,447

27,000

Westpac Banking Corp

.668

11/15/35

23,846

14,000

Willis North America Inc

.500

09/15/28

14,020

70,000

Willis North America Inc

.050

09/15/48

61,376

TOTAL FINANCIALS

5,665,965

INDUSTRIAL - 11.4%

50,000

Adventist Health System/West

.757

12/01/34

49,963

10,000

Adventist Health System/West

.630

03/01/49

6,635

10,000

(a) Albemarle Corp

.650

06/01/52

8,333

34,000

Altria Group Inc

.800

02/14/39

34,361

50,000

Altria Group Inc

.450

05/06/50

39,033

20,000

American Tower Corp

.400

01/31/35

20,345

25,000

Amgen Inc

.250

03/02/33

25,501

48,000

Amgen Inc

.150

02/21/40

36,787

6,000

Amgen Inc

.150

11/15/41

5,603

1,000

Amgen Inc

.000

01/15/52

635

11,000

Amgen Inc

.200

02/22/52

8,536

100,000

Amgen Inc

.770

09/01/53

58,554

10,000

AngloGold Ashanti Holdings PLC

.750

10/01/30

9,397

60,000

(b) APA Corp

.000

01/15/37

54,437

50,000

(b) APA Corp

.350

07/01/49

39,960

10,000

AppLovin Corp

.375

12/01/31

10,190

50,000

AppLovin Corp

.500

12/01/34

50,574

10,000

Aptiv Swiss Holdings Ltd

.400

03/15/49

8,588

13,000

Aptiv Swiss Holdings Ltd

.100

12/01/51

7,806

57,000

AT&T Inc

.850

03/01/39

53,518

100,000

AT&T Inc

.000

08/15/40

103,379

80,000

AT&T Inc

.500

06/01/41

62,562

10,000

AT&T Inc

.700

03/01/57

9,609

40,000

AT&T Inc

.500

02/01/61

25,545

11,000

Barrick North America Finance LLC

.700

05/30/41

10,979

15,000

BAT Capital Corp

.343

08/02/30

16,081

20,000

BAT Capital Corp

.079

08/02/43

22,009

50,000

BAT Capital Corp

.984

09/25/50

35,817

20,000

Baxter International Inc

.500

08/15/46

14,066

23,000

Becton Dickinson & Co

.685

12/15/44

20,017

20,000

Berry Global Inc

.650

01/15/34

20,674

34,000

Biogen Inc

.200

09/15/45

30,335

65,000

Boeing Co/The

.705

05/01/40

64,574

20,000

Boeing Co/The

.500

03/01/45

13,873

60,000

Boeing Co/The

.900

05/01/49

43,488

10,000

Boeing Co/The

.825

03/01/59

6,813

50,000

(a) Booz Allen Hamilton Inc

.950

04/15/35

51,048

8,000

BorgWarner Inc

.375

03/15/45

6,572

30,000

Broadcom Inc

.550

02/15/32

29,600

84,000

(b) Broadcom Inc

.187

11/15/36

69,320

5,000

Canadian Natural Resources Ltd

.850

02/01/35

5,082

2,000

Canadian Natural Resources Ltd

.750

02/01/39

2,123

10,000

Canadian Pacific Railway Co

.800

09/15/35

9,705

14,000

Canadian Pacific Railway Co

.700

05/01/48

12,288

20,000

Canadian Pacific Railway Co

.200

11/15/69

14,983

10,000

Cardinal Health Inc

.500

11/15/44

8,346

6,000

Carrier Global Corp

.577

04/05/50

4,399

10,000

Carrier Global Corp

.200

03/15/54

10,686

50,000

Celulosa Arauco y Constitucion SA

.500

11/02/47

43,897

5,000

Cenovus Energy Inc

.250

06/15/37

4,700

10,000

CF Industries Inc

.375

03/15/44

9,331

1,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.500

03/01/42

704

100,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.484

10/23/45

97,297

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

54,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.375

%

05/01/47

$

45,790

50,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.125

07/01/49

40,395

21,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.250

04/01/53

17,315

50,000

Cigna Group/The

.125

11/15/41

51,716

33,000

Cigna Group/The

.900

12/15/48

28,527

11,000

Conagra Brands Inc

.300

11/01/38

10,356

10,000

Constellation Brands Inc

.250

11/15/48

9,120

10,000

Continental Resources Inc/OK

.900

06/01/44

7,846

10,000

Corning Inc

.900

11/15/49

7,548

50,000

Corning Inc

.850

11/15/68

48,090

20,000

Coterra Energy Inc

.400

02/15/35

19,714

10,000

Crown Castle Inc

.750

05/15/47

8,615

49,000

CVS Health Corp

.875

07/20/35

46,781

18,000

CVS Health Corp

.780

03/25/38

16,448

100,000

CVS Health Corp

.050

03/25/48

86,044

20,000

CVS Health Corp

.000

06/01/63

19,099

10,000

Dell International LLC / EMC Corp

.350

07/15/46

12,718

19,000

Devon Energy Corp

.600

07/15/41

17,659

36,000

Diamondback Energy Inc

.250

03/15/52

27,216

50,000

Discovery Communications LLC

.300

05/15/49

30,000

7,000

Dollar General Corp

.125

04/03/50

5,305

11,000

Dollar Tree Inc

.375

12/01/51

7,007

12,000

Dow Chemical Co/The

.250

10/01/34

10,801

8,000

Dow Chemical Co/The

.250

11/15/41

7,172

10,000

Dow Chemical Co/The

.550

11/30/48

8,907

10,000

Dow Chemical Co/The

.600

02/15/54

8,832

20,000

Dow Chemical Co/The

.950

03/15/55

18,526

50,000

DR Horton Inc

.500

10/15/35

50,697

5,000

DuPont de Nemours Inc

.319

11/15/38

5,130

50,000

Eastern Energy Gas Holdings LLC

.800

01/15/35

51,861

6,000

Eastman Chemical Co

.800

09/01/42

5,217

10,000

Eastman Chemical Co

.650

10/15/44

8,449

20,000

Enbridge Inc

.500

01/15/84

22,525

50,000

Energy Transfer LP

.600

09/01/34

50,564

22,000

Energy Transfer LP

.800

06/15/38

21,972

10,000

Energy Transfer LP

.150

02/01/43

8,799

22,000

Energy Transfer LP

.000

05/15/44

18,939

22,000

Equifax Inc

.350

09/15/31

19,158

60,000

Expand Energy Corp

.750

02/01/32

58,278

20,000

FactSet Research Systems Inc

.450

03/01/32

18,234

10,000

(b) FedEx Corp

.900

01/15/34

9,672

20,000

(b) FedEx Corp

.250

05/15/41

14,297

10,000

FedEx Corp

.750

11/15/45

8,246

50,000

FedEx Corp

.050

02/15/48

36,806

14,000

(b) FedEx Corp

.050

02/15/48

10,306

41,000

Fidelity National Information Services Inc

.650

03/01/28

38,222

50,000

Fidelity National Information Services Inc

.750

05/15/48

41,818

37,000

Fiserv Inc

.250

06/01/27

35,546

40,000

Fiserv Inc

.625

08/21/33

41,215

40,000

Fiserv Inc

.450

03/15/34

40,603

10,000

Flowserve Corp

.500

10/01/30

9,412

30,000

Ford Motor Co

.100

08/19/32

30,050

10,000

Ford Motor Co

.291

12/08/46

8,162

10,000

Freeport-McMoRan Inc

.400

11/14/34

10,122

12,000

General Mills Inc

.550

04/17/38

10,801

10,000

General Mills Inc

.400

06/15/40

9,717

42,000

General Motors Co

.600

04/01/36

44,349

50,000

General Motors Co

.250

10/02/43

49,537

6,000

Global Payments Inc

.950

08/15/27

6,035

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

6,000

Global Payments Inc

.450

%

06/01/28

$

5,974

15,000

Global Payments Inc

.900

05/15/30

13,687

41,000

Global Payments Inc

.900

11/15/31

35,994

10,000

GLP Capital LP / GLP Financing II Inc

.750

12/01/33

10,712

10,000

GLP Capital LP / GLP Financing II Inc

.625

09/15/34

9,987

9,000

Halliburton Co

.500

11/15/41

7,705

18,000

Halliburton Co

.750

08/01/43

15,529

30,000

Hasbro Inc

.100

05/15/44

25,990

20,000

HCA Inc

.450

09/15/34

20,081

60,000

HCA Inc

.375

03/15/42

49,993

10,000

HCA Inc

.500

07/15/51

6,576

20,000

HCA Inc

.000

04/01/54

19,420

14,000

Hewlett Packard Enterprise Co

.200

10/15/35

14,783

20,000

Hexcel Corp

.875

02/26/35

20,425

60,000

(a) Intel Corp

.150

02/21/34

59,348

50,000

Intel Corp

.250

11/15/49

30,517

50,000

International Paper Co

.000

09/15/35

49,345

18,000

International Paper Co

.800

06/15/44

15,703

10,000

International Paper Co

.150

05/15/46

8,950

7,000

International Paper Co

.400

08/15/47

5,640

16,000

J M Smucker Co/The

.250

03/15/35

14,827

30,000

JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl

.500

12/01/52

30,661

12,000

Johnson Controls International plc

.950

07/02/64

10,261

20,000

Keurig Dr Pepper Inc

.420

12/15/46

16,402

13,000

Keurig Dr Pepper Inc

.500

04/15/52

10,665

20,000

Kinder Morgan Energy Partners LP

.500

11/15/40

23,043

41,000

Kinder Morgan Energy Partners LP

.375

03/01/41

42,598

11,000

Kinder Morgan Inc

.600

02/15/51

7,522

50,000

Kraft Heinz Foods Co

.000

06/04/42

44,490

24,000

Kraft Heinz Foods Co

.500

06/01/50

21,696

74,000

Kroger Co/The

.400

01/15/49

68,986

50,000

Kyndryl Holdings Inc

.100

10/15/41

39,229

10,000

L3Harris Technologies Inc

.054

04/27/45

9,279

20,000

Las Vegas Sands Corp

.200

08/15/34

20,508

10,000

Lear Corp

.500

05/30/30

9,411

12,000

Leggett & Platt Inc

.500

11/15/51

7,719

100,000

Lowe's Cos Inc

.000

04/15/40

93,075

9,000

Lowe's Cos Inc

.050

05/03/47

6,950

41,000

Lowe's Cos Inc

.250

04/01/52

31,803

19,000

LYB International Finance BV

.250

07/15/43

16,693

10,000

LYB International Finance III LLC

.800

10/01/60

6,272

11,000

Marathon Petroleum Corp

.500

03/01/41

11,473

5,000

Marriott International Inc/MD

.500

10/01/34

4,773

1,000

Martin Marietta Materials Inc

.200

07/15/51

663

20,000

Masco Corp

.500

05/15/47

16,138

55,000

McDonald's Corp

.700

12/09/35

53,483

30,000

MDC Holdings Inc

.000

01/15/43

27,385

23,000

MDC Holdings Inc

.966

08/06/61

16,401

8,000

Molson Coors Beverage Co

.200

07/15/46

6,343

30,000

Montefiore Obligated Group

.246

11/01/48

24,099

7,000

Moody's Corp

.250

01/15/28

6,837

35,000

Moody's Corp

.000

08/19/31

30,236

32,000

MPLX LP

.500

04/15/38

28,249

20,000

MPLX LP

.200

12/01/47

17,336

20,000

Mylan Inc

.200

04/15/48

15,877

50,000

National Fuel Gas Co

.950

03/15/35

51,206

10,000

Newmont Corp

.875

04/01/35

10,615

10,000

Newmont Corp / Newcrest Finance Pty Ltd

.200

05/13/50

8,142

11,000

Norfolk Southern Corp

.800

08/15/43

9,633

30,000

Norfolk Southern Corp

.450

06/15/45

25,583

18,000

Norfolk Southern Corp

.700

03/15/53

13,008

10,000

Norfolk Southern Corp

.100

08/01/18

8,410

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

30,000

Northrop Grumman Corp

.200

%

06/01/54

$

27,790

100,000

NOV Inc

.950

12/01/42

75,066

12,000

Nutrien Ltd

.625

12/01/40

11,804

10,000

Nutrien Ltd

.125

01/15/41

10,288

10,000

Nutrien Ltd

.950

05/13/50

7,465

21,000

NXP BV / NXP Funding LLC / NXP USA Inc

.250

11/30/51

13,517

100,000

Occidental Petroleum Corp

.875

07/15/30

113,973

20,000

Occidental Petroleum Corp

.875

09/15/31

22,383

10,000

Occidental Petroleum Corp

.400

04/15/46

7,372

10,000

Ochsner LSU Health System of North Louisiana

.510

05/15/31

8,213

13,000

ONEOK Inc

.150

10/15/43

11,494

50,000

ONEOK Inc

.150

01/15/51

54,219

19,000

ONEOK Partners LP

.125

02/01/41

19,065

50,000

Oracle Corp

.700

09/27/34

48,040

50,000

Oracle Corp

.900

05/15/35

44,830

54,000

Oracle Corp

.800

11/15/37

45,815

96,000

Oracle Corp

.650

03/25/41

75,054

14,000

Orange SA

.375

01/13/42

13,573

20,000

Ovintiv Inc

.125

09/15/30

22,788

10,000

Owens Corning

.000

12/01/36

11,274

4,000

Owens Corning

.300

07/15/47

3,220

3,000

Packaging Corp of America

.050

10/01/51

1,877

24,000

Paramount Global

.900

08/15/44

18,834

6,000

Phillips 66

.650

11/15/34

5,731

5,000

Phillips 66

.875

05/01/42

4,970

26,000

Phillips 66

.300

03/15/52

16,735

45,000

Regal Rexnord Corp

.400

04/15/33

47,568

10,000

Republic Services Inc

.200

11/15/34

10,193

100,000

Rogers Communications Inc

.500

08/15/38

114,725

50,000

Royalty Pharma PLC

.550

09/02/50

33,882

4,000

RPM International Inc

.250

01/15/48

3,266

60,000

RTX Corp

.450

11/16/38

55,050

10,000

RTX Corp

.625

11/16/48

8,592

40,000

RTX Corp

.400

03/15/54

43,562

10,000

Sherwin-Williams Co/The

.000

12/15/42

8,065

10,000

Sherwin-Williams Co/The

.300

05/15/50

6,673

10,000

Sonoco Products Co

.750

11/01/40

9,847

10,000

Southern Copper Corp

.500

07/27/35

11,568

20,000

Southern Copper Corp

.750

04/16/40

21,792

7,000

Southern Copper Corp

.250

11/08/42

6,498

30,000

Spectra Energy Partners LP

.500

03/15/45

24,838

10,000

Stanley Black & Decker Inc

.850

11/15/48

8,498

31,000

Starbucks Corp

.350

03/12/50

20,761

30,000

Stryker Corp

.200

02/10/35

30,466

16,000

Stryker Corp

.100

04/01/43

13,254

24,000

Suncor Energy Inc

.000

11/15/47

17,665

50,000

Synopsys Inc

.150

04/01/35

50,177

50,000

Sysco Corp

.600

04/01/40

54,498

15,000

Sysco Corp

.150

12/14/51

9,569

20,000

Takeda Pharmaceutical Co Ltd

.175

07/09/50

13,044

50,000

Targa Resources Corp

.550

08/15/35

50,103

10,000

Targa Resources Partners LP / Targa Resources Partners Finance

Corp

.875

02/01/31

9,885

30,000

Telefonica Emisiones SA

.213

03/08/47

26,554

38,000

Time Warner Cable LLC

.500

09/01/41

34,136

50,000

Timken Co/The

.125

04/01/32

46,990

30,000

T-Mobile USA Inc

.700

01/15/35

29,026

150,000

T-Mobile USA Inc

.375

04/15/40

132,520

50,000

T-Mobile USA Inc

.400

10/15/52

33,351

20,000

TR Finance LLC

.350

05/15/26

19,762

10,000

Trane Technologies Financing Ltd

.500

03/21/49

8,458

4,000

Trane Technologies Global Holding Co Ltd

.750

06/15/43

4,097

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

10,000

Trane Technologies Global Holding Co Ltd

.300

%

02/21/48

$

8,256

19,000

TransCanada PipeLines Ltd

.100

03/15/49

17,092

36,000

Transcontinental Gas Pipe Line Co LLC

.950

05/15/50

27,092

4,000

Triton Container International Ltd / TAL International Container

Corp

.250

03/15/32

3,504

11,000

Tyson Foods Inc

.100

09/28/48

9,835

60,000

Vale Canada Ltd

.200

09/15/32

65,146

20,000

Vale Overseas Ltd

.125

06/12/33

20,884

23,000

Valero Energy Corp

.650

12/01/51

15,388

50,000

VeriSign Inc

.250

06/01/32

50,541

100,000

Verisk Analytics Inc

.250

03/15/35

100,043

50,000

Verizon Communications Inc

.272

01/15/36

46,006

102,000

Verizon Communications Inc

.400

03/22/41

78,643

7,000

Verizon Communications Inc

.850

09/03/41

4,949

80,000

Verizon Communications Inc

.862

08/21/46

71,015

16,000

Verizon Communications Inc

.000

03/22/50

12,215

26,000

Verizon Communications Inc

.875

03/01/52

19,308

86,000

Viatris Inc

.850

06/22/40

63,093

10,000

VICI Properties LP

.625

05/15/52

9,172

60,000

Western Digital Corp

.100

02/01/32

53,341

23,000

Westlake Corp

.125

08/15/51

14,074

10,000

Westlake Corp

.375

08/15/61

5,886

50,000

Williams Cos Inc/The

.600

03/15/35

51,106

10,000

Williams Cos Inc/The

.800

11/15/43

9,849

2,000

Zimmer Biomet Holdings Inc

.250

08/15/35

1,824

6,000

Zimmer Biomet Holdings Inc

.750

11/30/39

5,981

11,000

Zoetis Inc

.700

02/01/43

9,990

TOTAL INDUSTRIAL

6,653,839

UTILITY - 11.9%

65,000

AEP Texas Inc

.800

10/01/47

47,453

100,000

AEP Texas Inc

.250

05/15/52

89,857

25,000

AEP Transmission Co LLC

.375

06/15/35

25,408

50,000

AEP Transmission Co LLC

.400

03/15/53

48,033

20,000

American Water Capital Corp

.150

06/01/49

15,810

20,000

American Water Capital Corp

.250

06/01/51

13,471

50,000

Arizona Public Service Co

.700

08/15/34

51,629

50,000

Arizona Public Service Co

.650

09/15/50

29,465

20,000

Atmos Energy Corp

.200

11/15/53

21,445

4,000

Black Hills Corp

.150

01/15/27

3,916

10,000

Black Hills Corp

.200

09/15/46

7,785

61,000

Black Hills Corp

.875

10/15/49

44,037

80,000

CenterPoint Energy Inc

.850

02/15/55

83,431

10,000

CenterPoint Energy Inc

.700

05/15/55

10,130

18,000

Cleco Corporate Holdings LLC

.973

05/01/46

15,240

10,000

CMS Energy Corp

.700

03/31/43

8,540

11,000

CMS Energy Corp

.875

03/01/44

9,707

60,000

CMS Energy Corp

.750

12/01/50

53,937

100,000

Commonwealth Edison Co

.125

03/15/51

66,006

80,000

Consolidated Edison Co of New York Inc

.900

11/15/53

81,401

101,000

Constellation Energy Generation LLC

.600

06/15/42

99,115

20,000

Consumers Energy Co

.050

05/15/48

16,037

10,000

Consumers Energy Co

.350

08/31/64

7,591

70,000

Dayton Power & Light Co/The

.950

06/15/49

51,543

13,000

Delmarva Power & Light Co

.000

06/01/42

10,564

90,000

Dominion Energy Inc

.375

04/01/30

85,464

20,000

Dominion Energy Inc

.250

08/15/31

17,386

200,000

Dominion Energy Inc

.000

06/15/38

225,648

7,000

Dominion Energy Inc

.900

08/01/41

6,303

43,000

Dominion Energy Inc

.850

08/15/52

36,414

50,000

Dominion Energy Inc

.000

06/01/54

53,340

10,000

DTE Electric Co

.000

04/01/43

8,197

90,000

DTE Electric Co

.700

03/15/45

69,540

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

287,000

Duke Energy Corp

.950

%

08/15/47

$

215,351

1,000

Duke Energy Corp

.000

08/15/52

873

200,000

Duke Energy Indiana LLC

.900

07/15/43

182,002

100,000

Duke Energy Indiana LLC

.400

04/01/53

94,967

10,000

Duke Energy Ohio Inc

.700

06/15/46

7,465

27,000

El Paso Electric Co

.000

12/01/44

23,052

32,000

Emera US Finance LP

.750

06/15/46

26,424

1,000

Entergy Corp

.750

06/15/50

714

110,000

Entergy Louisiana LLC

.200

09/01/48

87,358

21,000

Essential Utilities Inc

.351

04/15/50

13,670

50,000

Evergy Kansas Central Inc

.250

12/01/45

40,926

20,000

Evergy Kansas Central Inc

.250

09/01/49

13,220

50,000

Eversource Energy

.850

04/15/31

52,359

6,000

Eversource Energy

.450

01/15/50

4,187

100,000

Exelon Corp

.450

03/15/34

102,466

3,000

Exelon Corp

.950

06/15/35

2,904

21,000

Exelon Corp

.100

06/15/45

19,038

7,000

Exelon Corp

.450

04/15/46

5,785

1,000

Exelon Corp

.700

04/15/50

837

40,000

FirstEnergy Corp

.250

09/01/30

35,437

48,000

FirstEnergy Pennsylvania Electric Co

.150

10/01/38

50,872

81,000

Georgia Power Co

.700

01/30/50

60,430

100,000

Georgia Power Co

.125

05/15/52

93,041

18,000

Iberdrola International BV

.750

07/15/36

20,555

10,000

Idaho Power Co

.800

04/01/54

9,962

100,000

Indiana Michigan Power Co

.750

07/01/47

74,852

10,000

Interstate Power and Light Co

.100

09/26/28

9,894

25,000

Interstate Power and Light Co

.600

06/29/35

25,652

7,000

IPALCO Enterprises Inc

.250

05/01/30

6,709

1,000

ITC Holdings Corp

.300

07/01/43

920

10,000

Louisville Gas and Electric Co

.375

10/01/45

8,427

50,000

MidAmerican Energy Co

.150

04/15/50

33,685

100,000

National Grid PLC

.418

01/11/34

101,827

12,000

National Grid USA

.803

04/01/35

12,216

50,000

National Rural Utilities Cooperative Finance Corp

.150

06/15/29

51,413

4,000

NextEra Energy Capital Holdings Inc

.500

04/01/29

3,864

100,000

NextEra Energy Capital Holdings Inc

.300

03/15/32

102,638

129,000

NextEra Energy Capital Holdings Inc

.000

07/15/32

130,284

150,000

NextEra Energy Capital Holdings Inc

.550

03/15/54

142,700

50,000

NextEra Energy Capital Holdings Inc

.375

08/15/55

51,298

100,000

NextEra Energy Capital Holdings Inc

.500

08/15/55

103,207

19,000

NiSource Inc

.490

05/15/27

18,666

58,000

NiSource Inc

.950

06/15/41

58,570

21,000

NiSource Inc

.650

02/01/45

20,323

200,000

NiSource Inc

.375

05/15/47

164,070

7,000

NiSource Inc

.950

03/30/48

5,357

19,000

NiSource Inc

.000

06/15/52

16,760

50,000

Northern States Power Co/MN

.050

05/15/35

50,263

30,000

Northern States Power Co/WI

.650

06/15/54

30,164

50,000

NSTAR Electric Co

.950

09/15/52

44,363

4,000

Oglethorpe Power Corp

.950

11/01/39

4,081

60,000

Oglethorpe Power Corp

.375

11/01/40

57,972

69,000

Oglethorpe Power Corp

.200

12/01/42

54,833

14,000

Oglethorpe Power Corp

.250

04/01/46

10,956

13,000

Oglethorpe Power Corp

.050

10/01/48

11,468

7,000

Oglethorpe Power Corp

.250

09/01/50

6,283

250,000

Ohio Power Co

.150

04/01/48

192,592

40,000

Oncor Electric Delivery Co LLC

.350

10/01/52

37,577

8,000

Pacific Gas and Electric Co

.300

12/01/27

7,727

9,000

Pacific Gas and Electric Co

.000

06/15/28

8,568

9,000

Pacific Gas and Electric Co

.200

03/01/29

8,791

40,000

Pacific Gas and Electric Co

.900

06/15/32

41,170

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

100,000

Pacific Gas and Electric Co

.400

%

06/15/33

$

105,509

110,000

Pacific Gas and Electric Co

.950

03/15/34

119,666

59,000

Pacific Gas and Electric Co

.200

06/01/41

45,978

6,000

Pacific Gas and Electric Co

.450

04/15/42

4,834

258,000

Pacific Gas and Electric Co

.750

08/15/42

186,891

7,000

Pacific Gas and Electric Co

.300

03/15/45

5,385

300,000

Pacific Gas and Electric Co

.250

03/15/46

226,412

7,000

Pacific Gas and Electric Co

.000

12/01/46

5,072

7,000

Pacific Gas and Electric Co

.950

12/01/47

5,029

106,000

Pacific Gas and Electric Co

.950

07/01/50

87,600

54,000

Pacific Gas and Electric Co

.250

03/01/52

46,019

110,000

PacifiCorp

.500

05/15/54

100,545

115,000

Piedmont Natural Gas Co Inc

.640

11/01/46

82,963

11,000

Piedmont Natural Gas Co Inc

.350

06/01/50

7,327

10,000

Potomac Electric Power Co

.150

03/15/43

8,280

100,000

Potomac Electric Power Co

.500

03/15/54

96,804

10,000

PPL Capital Funding Inc

.100

05/15/26

9,880

1,000

PPL Capital Funding Inc

.125

04/15/30

979

70,000

PPL Electric Utilities Corp

.150

06/15/48

56,491

30,000

Public Service Co of Colorado

.800

06/15/47

22,347

80,000

Public Service Co of Colorado

.500

06/01/52

64,901

60,000

Public Service Co of Colorado

.250

04/01/53

55,023

10,000

Public Service Electric and Gas Co

.700

12/01/36

10,419

25,000

Public Service Electric and Gas Co

.450

08/01/53

24,414

50,000

Public Service Enterprise Group Inc

.400

03/15/35

50,669

26,000

Puget Energy Inc

.379

06/15/28

24,446

36,000

Puget Energy Inc

.100

06/15/30

34,679

10,000

Puget Sound Energy Inc

.893

09/15/51

6,129

50,000

San Diego Gas & Electric Co

.150

05/15/48

39,136

52,000

Sempra

.400

02/01/28

50,571

38,000

Sempra

.800

02/01/38

31,405

34,000

Sempra

.000

02/01/48

25,222

10,000

Southern California Edison Co

.500

09/01/40

8,585

100,000

Southern California Edison Co

.700

03/01/53

90,552

50,000

Southern California Gas Co

.450

06/15/35

50,965

100,000

Southern Co Gas Capital Corp

.950

09/15/34

98,918

50,000

Southern Co Gas Capital Corp

.000

10/01/34

52,387

101,000

Southern Co Gas Capital Corp

.400

05/30/47

82,645

1,000

Southern Co/The

.113

08/01/27

1,013

40,000

Southern Co/The

.850

06/15/28

40,508

80,000

Southern Co/The

.700

03/15/34

83,275

51,000

Southern Power Co

.950

12/15/46

44,406

50,000

Southwest Gas Corp

.200

06/15/30

44,808

45,000

Southwest Gas Corp

.150

06/01/49

34,439

8,000

Southwestern Electric Power Co

.650

03/15/26

7,858

1,000

Southwestern Electric Power Co

.900

04/01/45

752

109,000

Southwestern Electric Power Co

.250

11/01/51

70,431

21,000

Southwestern Public Service Co

.000

10/01/36

21,321

18,000

Spire Inc

.700

08/15/44

14,857

50,000

Tampa Electric Co

.150

03/01/35

50,039

10,000

Union Electric Co

.650

04/15/45

7,619

65,000

Union Electric Co

.450

03/15/53

62,273

30,000

Virginia Electric and Power Co

.350

01/15/54

28,156

100,000

Wisconsin Power and Light Co

.375

03/30/34

102,252

60,000

Wisconsin Power and Light Co

.100

10/15/44

47,418

20,000

Wisconsin Public Service Corp

.850

12/01/51

12,366

7,000

Xcel Energy Inc

.800

09/15/41

6,060

TOTAL UTILITY

6,992,806

TOTAL CORPORATE DEBT

(Cost $19,889,942)

19,312,610

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 8.1%

GOVERNMENT AGENCY - 0.8%

$

70,000

Export-Import Bank of Korea

.500

%

06/29/41

$

49,609

25,000

Federal Home Loan Banks

.625

09/04/26

24,873

50,000

Federal Home Loan Banks

.875

06/04/27

49,969

1,000

Federal National Mortgage Association

.875

09/24/26

975

15,000

Federal National Mortgage Association

.625

07/15/37

16,315

20,000

Kreditanstalt fuer Wiederaufbau

.625

03/18/30

20,564

70,000

Tennessee Valley Authority

.650

06/15/35

70,293

9,000

Tennessee Valley Authority

.250

09/15/39

9,281

129,000

Tennessee Valley Authority

.500

12/15/42

103,929

5,000

Tennessee Valley Authority

.250

09/15/52

4,132

50,000

Tennessee Valley Authority

.250

02/01/55

48,418

50,000

Tennessee Valley Authority

.250

09/15/65

39,861

TOTAL GOVERNMENT AGENCY

438,219

MUNICIPAL BONDS - 1.8%

18,000

Bay Area Toll Authority, California, Revenue Bonds, San Francisco

Bay Area Toll Bridge, Series 2021F-3

.126

04/01/55

11,626

16,000

Bay Area Toll Authority, California, Revenue Bonds, San Francisco

Bay Area Toll Bridge, Subordinate Lien, Build America Federally

Taxable Bond Series 2010S-1

.918

04/01/40

17,829

60,000

Board of Regents of the University of Texas System, Revenue

Financing System Bonds, Green Series 2016B

.852

08/15/46

48,570

42,000

California State University, Systemwide Revenue Bonds, Taxable

Series 2021B

.719

11/01/52

27,368

10,000

California State University, Systemwide Revenue Bonds, Taxable

Series 2021B

.939

11/01/52

6,593

70,000

California State, General Obligation Bonds, Taxable Various

Purpose Series 2018

.600

04/01/38

70,816

50,000

California State, General Obligation Bonds, Various Purpose

Build America Taxable Bond Series 2010

.625

03/01/40

59,421

15,000

California State, General Obligation Bonds, Various Purpose

Taxable Series 2018

.500

04/01/33

15,137

35,000

California State, General Obligation Bonds, Various Purpose

Taxable Series 2018

.500

04/01/33

34,784

10,000

Chicago Greater Metropolitan Water Reclamation District, Illinois,

General Obligation Bonds, Build America Taxable Bonds, Series

2009

.720

12/01/38

10,280

28,000

Chicago Transit Authority, Illinois, Sales and Transfer Tax Receipts

Revenue Bonds, Pension Funding Taxable Series 2008B

.899

12/01/40

31,148

27,000

Chicago, Illinois, General Airport Revenue Bonds, O'Hare

International Airport, Taxable Senior Lien Series 2018C

.572

01/01/54

23,126

20,000

Commonwealth Financing Authority, Pennsylvania, Revenue

Bonds Taxable Series 2021A

.991

06/01/42

14,866

6,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Plancon Program, Taxable Series

2018A

.864

06/01/38

5,453

10,000

Cook County, Illinois, General Obligation Bonds, Build America

Taxable Bonds, Series 2010D

.229

11/15/34

10,524

40,000

Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds,

Taxable Refunding Senior Lien Series 2021A

.613

12/01/48

26,472

20,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds Taxable Improvement Series 2022A

.087

11/01/51

16,355

20,000

Dallas Fort Worth International Airport, Texas, Joint Revenue

Bonds Taxable Improvement Series 2022A

.507

11/01/51

17,300

40,000

Dallas-Fort Worth International Airport, Texas, Joint Revenue

Bonds, Taxable Refunding Series 2021C

.843

11/01/46

28,564

1,000

Dormitory Authority of the State of New York, State Personal

Income Tax Revenue Bonds, General Purpose, Series 2021C

.202

03/15/34

828

20,000

Florida State Board of Administration Finance Corporation,

Revenue Bonds, Taxable, Series 2024A

.526

07/01/34

20,517

40,000

Grand Parkway Transportation Corporation, Texas, System Toll

Revenue Bonds, Taxable Refunding Subordinate Lien Series

2020B. Tela Supported

.236

10/01/52

27,050

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL BONDS

(continued)

$

49,000

Illinois State, General Obligation Bonds, Pension Funding Series

2003

.100

%

06/01/33

$

49,959

20,000

Kansas Development Finance Authority, Kansas, Revenue Bonds,

State of Kansas KPERS Projects, Taxable Series 2021K

.774

05/01/51

13,590

30,000

Los Angeles Community College District, California, General

Obligation Bonds, Build America Taxable Bonds, Series 2010

.750

08/01/49

32,682

11,000

Michigan Finance Authority, Hospital Revenue Bonds, Trinity

Health Credit Group, Taxable Refunding Series 2019-T

.384

12/01/40

9,108

21,000

Missouri Health and Educational Facilities Authority, Revenue

Bonds, Washington University, Series 2016B

.086

09/15/51

13,838

36,000

Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4

Project J Bonds, Taxable Build America Bonds Series 2010A

.637

04/01/57

38,630

45,000

New Jersey Turnpike Authority, Revenue Bonds, Build America

Taxable Bonds, Series 2010A

.102

01/01/41

51,483

1,000

New York City Municipal Water Finance Authority, New York,

Water and Sewer System Revenue Bonds, Second Generation

Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA

.440

06/15/43

979

50,000

New York City, New York, General Obligation Bonds, Taxable

Fiscal 2025 Series C-2

.610

09/01/37

48,241

10,000

Ohio State University, General Receipts Bonds, Build America

Taxable Bond Series 2010C

.910

06/01/40

9,690

100,000

Port Authority of New York and New Jersey, Consolidated

Revenue Bonds, Two Hundred Twenty-Fifth Series 2021

.175

07/15/60

64,175

39,000

Province of British Columbia Canada

.300

01/29/31

33,399

75,000

Sales Tax Securitization Corporation, Illinois, Tax Securitization

Bonds, Taxable Series 2018

.238

01/01/42

60,144

93,000

The Rector and Visitors of the University of Virginia, General

Revenue Bonds, Taxable Pledge and Refunding Series 2020

.256

09/01/50

52,586

32,000

Tucson, Arizona, Certificates of Participation, Taxable Series

2021A

.856

07/01/47

22,772

30,000

University of Michigan, General Revenue Bonds, Series 2022A

.504

04/01/52

21,896

TOTAL MUNICIPAL BONDS

1,047,799

SOVEREIGN DEBT - 5.5%

200,000

Chile Government International Bond

.340

03/07/42

171,820

1,000

Chile Government International Bond

.625

10/30/42

803

102,000

Chile Government International Bond

.500

01/25/50

71,696

13,000

Chile Government International Bond

.000

01/31/52

9,883

13,000

Chile Government International Bond

.250

09/21/71

7,840

200,000

Colombia Government International Bond

.500

04/25/35

211,700

9,000

Colombia Government International Bond

.125

02/22/42

5,909

200,000

Colombia Government International Bond

.625

02/26/44

152,030

13,000

Colombia Government International Bond

.000

06/15/45

9,068

19,000

Colombia Government International Bond

.200

05/15/49

13,125

13,000

Colombia Government International Bond

.125

05/15/51

7,741

13,000

Colombia Government International Bond

.875

02/15/61

7,137

1,000

Hungary Government International Bond

.625

03/29/41

1,142

1,000

Indonesia Government International Bond

.350

01/11/48

845

1,000

Indonesia Government International Bond

.350

02/11/49

973

50,000

Indonesia Government International Bond

.700

10/30/49

37,483

143,000

Indonesia Government International Bond

.300

03/31/52

116,509

10,000

Indonesia Government International Bond

.450

04/15/70

7,981

25,000

Indonesia Government International Bond

.350

03/12/71

15,902

50,000

Inter-American Development Bank

.750

06/14/30

49,474

20,000

Inter-American Development Bank

.375

01/24/44

18,359

28,000

Israel Government International Bond

.500

01/30/43

23,431

250,000

Israel Government International Bond

.125

01/17/48

189,599

50,000

Israel Government International Bond

.500

04/03/20

35,864

11,000

Korea International Bond

.875

09/20/48

8,998

200,000

Mexico Government International Bond

.000

05/07/36

196,000

70,000

Mexico Government International Bond

.280

08/14/41

53,550

200,000

Mexico Government International Bond

.750

03/08/44

157,600

200,000

Mexico Government International Bond

.400

02/12/52

139,700

100,000

Mexico Government International Bond

.338

05/04/53

91,350

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

300,000

Mexico Government International Bond

.375

%

05/13/55

$

309,000

60,000

Panama Government International Bond

.875

01/31/36

59,876

48,000

Panama Government International Bond

.500

05/15/47

33,614

100,000

Panama Government International Bond

.300

04/29/53

65,613

200,000

Panama Government International Bond

.875

03/01/57

208,500

80,000

Panama Government International Bond

.870

07/23/60

46,546

93,000

Peruvian Government International Bond

.300

03/11/41

69,372

17,000

Peruvian Government International Bond

.550

03/10/51

11,496

5,000

Peruvian Government International Bond

.780

12/01/60

2,649

1,000

Peruvian Government International Bond

.600

01/15/72

604

16,000

Peruvian Government International Bond

.230

07/28/21

8,432

20,000

Philippine Government International Bond

.375

10/23/34

22,013

10,000

Philippine Government International Bond

.000

01/13/37

9,942

19,000

Philippine Government International Bond

.700

03/01/41

15,585

200,000

Philippine Government International Bond

.200

07/06/46

141,290

60,000

Republic of Italy Government International Bond

.000

10/17/49

43,160

60,000

Republic of Poland Government International Bond

.125

09/18/34

60,271

30,000

Republic of Poland Government International Bond

.500

04/04/53

28,026

200,000

Uruguay Government International Bond

.442

02/14/37

203,800

17,000

Uruguay Government International Bond

.100

06/18/50

15,577

90,000

Uruguay Government International Bond

.975

04/20/55

79,053

TOTAL SOVEREIGN DEBT

3,247,931

UTILITY - 0.0%

20,000

San Antonio, Texas, Electric and Gas System Revenue Bonds,

Build America Taxable Bond Series 2010A

.718

02/01/41

20,147

TOTAL UTILITY

20,147

TOTAL GOVERNMENT RELATED

(Cost $5,412,172)

4,754,096

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 27.4%

50,000

(b) American Credit Acceptance Receivables Trust 2025-3

.750

09/12/29

50,119

100,000

American Express Credit Account Master Trust

.300

07/15/30

100,492

16,667

(b) Avis Budget Rental Car Funding AESOP LLC

.330

08/20/26

16,643

15,000

BA Credit Card Trust

.310

05/15/30

15,068

150,000

BANK 2024-BNK47

.457

06/15/57

159,284

50,000

(c) BANK 2025-BNK49

.623

03/15/58

52,122

50,000

Bank5

.452

07/15/58

51,467

50,000

(c) BANK5 2023-5YR3

.724

09/15/56

52,753

43,281

BANK5 2023-5YR4

.500

12/15/56

45,403

50,000

(b) Barings Equipment Finance LLC 2025-A

.820

08/13/32

50,671

100,000

BBCMS Mortgage Trust 2022-C17

.174

09/15/55

94,939

50,000

BBCMS Mortgage Trust 2025-5C34

.659

05/15/58

51,863

50,000

(d) BBCMS Mortgage Trust 2025-5C36

.033

08/15/58

50,634

150,000

Benchmark 2021-B27 Mortgage Trust

.703

07/15/54

109,255

100,000

(c) Benchmark 2024-V7 Mortgage Trust

.228

05/15/56

104,805

100,000

Benchmark 2025-V15 Mortgage Trust

.805

06/15/58

104,554

45,000

BMO 2023-5C2 Mortgage Trust

.673

11/15/56

47,275

50,000

BMO 2025-5C10 Mortgage Trust

.578

05/15/58

51,562

50,000

BMO 2025-C11 Mortgage Trust

.687

02/15/58

52,135

50,000

(b) BofA Auto Trust 2025-1

.350

11/20/29

50,096

30,000

Capital One Prime Auto Receivables Trust 2024-1

.620

07/16/29

30,100

27,708

Carmax Auto Owner Trust 2024-3

.210

09/15/27

27,766

50,000

CarMax Auto Owner Trust 2024-4

.640

04/15/30

50,444

50,000

Carmax Auto Owner Trust 2025-2

.480

03/15/30

50,190

50,000

Carvana Auto Receivables Trust 2024-P3

.310

09/10/30

49,922

50,000

(b) Chase Auto Owner Trust 2024-3

.220

07/25/29

50,518

100,000

Chase Issuance Trust

.160

07/15/30

99,971

100,000

CNH Equipment Trust 2023-B

.600

02/15/29

101,098

50,000

CNH Equipment Trust 2024-C

.120

03/15/32

49,958

9,239

COMM 2015-LC19 Mortgage Trust

.527

02/10/48

9,226

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

100,000

(b) Dell Equipment Finance Trust 2025-1

.680

%

07/22/27

$

100,237

50,000

Drive Auto Receivables Trust

.730

09/15/32

50,155

35,803

(b) Enterprise Fleet Financing 2024-3 LLC

.310

04/20/27

35,941

50,000

(b) Enterprise Fleet Financing 2025-2 LLC

.510

02/22/28

50,022

50,000

Exeter Automobile Receivables Trust 2024-4

.290

08/15/30

50,215

21,218

Fannie Mae Pool FN MA1489

.000

07/01/43

18,945

53,515

Fannie Mae Pool FN MA3211

.000

12/01/47

50,386

32,304

Fannie Mae Pool FN MA3277

.000

02/01/48

30,334

71,723

Fannie Mae Pool FN MA3305

.500

03/01/48

65,197

21,805

Fannie Mae Pool FN MA3306

.000

03/01/48

20,515

43,615

Fannie Mae Pool FN MA3383

.500

06/01/48

39,559

122,428

Fannie Mae Pool FN MA3416

.500

07/01/48

118,300

41,021

Fannie Mae Pool FN MA3663

.500

05/01/49

37,106

62,781

Fannie Mae Pool FN MA3744

.000

08/01/49

54,428

159,477

Fannie Mae Pool FN MA4160

.000

10/01/50

137,940

218,988

Fannie Mae Pool FN MA4305

.000

04/01/51

172,216

114,722

Fannie Mae Pool FN MA4438

.500

10/01/51

94,344

108,151

Fannie Mae Pool FN MA4562

.000

03/01/52

84,910

225,023

Fannie Mae Pool FN MA4578

.500

04/01/52

184,876

75,293

Fannie Mae Pool FN MA4737

.000

08/01/52

73,648

369,990

Fannie Mae Pool FN MA4738

.500

08/01/52

369,229

155,027

Fannie Mae Pool FN MA4761

.000

09/01/52

151,633

108,911

Fannie Mae Pool FN MA4783

.000

10/01/52

100,557

79,867

Fannie Mae Pool FN MA5216

.000

12/01/53

81,174

78,715

Fannie Mae Pool FN MA5295

.000

03/01/54

79,858

70,147

Fannie Mae Pool FN MA5329

.500

04/01/54

72,344

59,881

Fannie Mae Pool FN MA5391

.000

06/01/54

62,976

152,696

Fannie Mae Pool FN MA5469

.000

09/01/54

148,651

92,154

Fannie Mae Pool FN MA5471

.000

09/01/54

93,441

99,526

Fannie Mae Pool FN MA5761

.000

07/01/55

100,916

50,000

Ford Credit Auto Lease Trust 2024-B

.990

12/15/27

50,288

50,000

Ford Credit Auto Owner Trust 2024-B

.100

04/15/29

50,561

50,000

Ford Credit Floorplan Master Owner Trust A

.630

04/15/30

50,412

200,000

Freddie Mac Multifamily Structured Pass Through Certificates

.819

06/25/28

202,449

200,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.650

08/25/28

201,920

100,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.800

09/25/28

101,326

50,000

Freddie Mac Multifamily Structured Pass Through Certificates

.618

07/25/29

50,513

50,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.700

11/25/29

50,677

30,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.230

12/25/29

29,879

25,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.410

01/25/30

25,062

200,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.478

01/25/30

201,278

45,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.513

02/25/30

45,296

183,901

Freddie Mac Multifamily Structured Pass Through Certificates

.353

11/25/30

169,998

35,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.680

10/25/31

35,420

150,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.150

12/25/33

155,378

90,000

Freddie Mac Multifamily Structured Pass Through Certificates

.760

10/25/34

90,549

50,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

.000

02/25/35

51,134

231,389

Freddie Mac Pool FR SD5345

.500

04/01/52

190,594

96,866

Freddie Mac Pool FR RQ0015

.500

06/01/55

99,899

214,850

Ginnie Mae II Pool G2 MA4586

.500

07/20/47

196,267

227,631

Ginnie Mae II Pool G2 MA6819

.500

08/20/50

191,853

240,729

Ginnie Mae II Pool G2 MA7051

.000

12/20/50

194,384

176,994

Ginnie Mae II Pool G2 MA7136

.500

01/20/51

149,046

333,690

Ginnie Mae II Pool G2 MA7137

.000

01/20/51

292,655

177,285

Ginnie Mae II Pool G2 MA7192

.000

02/20/51

143,249

468,670

Ginnie Mae II Pool G2 MA7767

.500

12/20/51

394,340

213,100

Ginnie Mae II Pool G2 MA7768

.000

12/20/51

186,295

201,581

Ginnie Mae II Pool G2 MA7883

.500

02/20/52

181,958

229,415

Ginnie Mae II Pool G2 MA7987

.500

04/20/52

193,030

231,394

Ginnie Mae II Pool G2 MA8046

.500

05/20/52

220,904

103,919

Ginnie Mae II Pool G2 MA8150

.000

07/20/52

96,516

194,479

Ginnie Mae II Pool G2 MA8489

.500

12/20/52

185,597

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

156,536

Ginnie Mae II Pool G2 MA8800

.000

%

04/20/53

$

153,655

161,031

Ginnie Mae II Pool G2 MA8875

.500

05/20/53

145,860

153,608

Ginnie Mae II Pool G2 MA8946

.500

06/20/53

146,283

185,701

Ginnie Mae II Pool G2 MA9106

.500

08/20/53

186,001

202,021

Ginnie Mae II Pool G2 MA9170

.000

09/20/53

197,442

194,527

Ginnie Mae II Pool G2 MA9489

.000

02/20/54

197,950

144,725

Ginnie Mae II Pool G2 MA9727

.500

06/20/54

148,695

198,344

Ginnie Mae II Pool G2 MA9905

.000

09/20/54

193,685

341,645

Ginnie Mae II Pool G2 MA9906

.500

09/20/54

340,986

130,775

Ginnie Mae II Pool G2 MA9907

.000

09/20/54

132,667

210,170

Ginnie Mae II Pool G2 MA9962

.000

10/20/54

193,633

101,979

Ginnie Mae II Pool G2 MA9963

.500

10/20/54

96,818

101,853

Ginnie Mae II Pool G2 MA9964

.000

10/20/54

99,461

89,916

Ginnie Mae II Pool G2 MA9966

.000

10/20/54

91,197

172,175

Ginnie Mae II Pool G2 MB0028

.500

11/20/54

176,878

216,810

Ginnie Mae II Pool G2 MB0089

.000

12/20/54

199,750

198,221

Ginnie Mae II Pool G2 MB0259

.500

03/20/55

197,804

197,669

Ginnie Mae II Pool G2 MB0260

.000

03/20/55

200,485

99,444

Ginnie Mae II Pool G2 MB0307

.000

04/20/55

97,092

198,990

Ginnie Mae II Pool G2 MB0366

.500

05/20/55

198,572

149,147

Ginnie Mae II Pool G2 MB0367

.000

05/20/55

151,271

149,085

Ginnie Mae II Pool G2 MB0368

.500

05/20/55

153,158

143,692

Ginnie Mae II Pool G2 MB0369

.000

05/20/55

148,539

194,550

Ginnie Mae II Pool G2 MB0425

.000

06/20/55

197,321

165,022

Ginnie Mae II Pool MA7473 G2 MA7473

.000

07/20/51

144,405

108,895

Ginnie Mae II Pool MA7589 G2 MA7589

.500

09/20/51

91,625

365,615

Ginnie Mae II Pool MA7766 G2 MA7766

.000

12/20/51

295,212

151,543

Ginnie Mae II Pool MA7989 G2 MA7989

.500

04/20/52

136,650

50,000

(b) GLS Auto Receivables Issuer Trust 2025-2

.750

01/16/29

50,110

100,000

GM Financial Automobile Leasing Trust 2024-1

.090

03/22/27

100,243

16,227

GM Financial Consumer Automobile Receivables Trust 2022-2

.100

02/16/27

16,185

25,000

Gm Financial Consumer Automobile Receivables Trust 2025-3

.300

09/16/31

25,034

183,368

GS Mortgage Securities Trust 2016-GS4

.178

11/10/49

180,311

50,000

Harley-Davidson Motorcycle Trust 2025-A

.670

04/15/30

50,363

50,000

Honda Auto Receivables 2024-2 Owner Trust

.270

11/20/28

50,546

(b),(e)

HPEFS Equipment Trust 2023-2

.040

01/21/31

100,000

(b) HPEFS Equipment Trust 2025-1

.430

09/20/32

99,875

100,000

(b) Hyundai Auto Lease Securitization Trust 2025-B

.530

04/17/28

100,307

17,878

Hyundai Auto Receivables Trust 2022-B

.720

11/16/26

17,858

100,000

John Deere Owner Trust 2022

.490

01/16/29

99,556

100,000

(b) Kubota Credit Owner Trust 2025-1

.670

06/15/29

100,985

25,000

Mercedes-Benz Auto Receivables Trust 2024-1

.790

07/15/31

25,282

250,000

Morgan Stanley Capital I Trust 2021-L5

.518

05/15/54

241,633

50,000

Nissan Auto Lease Trust 2025-A

.750

03/15/28

50,359

100,000

(b) OneMain Financial Issuance Trust 2023-2

.170

09/15/36

102,865

100,000

(b) PFS Financing Corp

.470

05/15/30

100,096

100,000

Santander Drive Auto Receivables Trust 2023-4

.040

12/15/31

102,581

50,000

Toyota Auto Receivables 2024-C Owner Trust

.880

03/15/29

50,366

50,000

Toyota Auto Receivables 2025-A Owner Trust

.640

08/15/29

50,379

40,000

Verizon Master Trust

.400

06/20/31

40,147

45,000

Verizon Master Trust Series 2024-4

.210

06/20/29

45,305

200,000

Wells Fargo Commercial Mortgage Trust 2024-5C1

.928

07/15/57

208,080

50,000

(b) Westlake Automobile Receivables Trust 2025-1

.750

08/15/28

50,130

50,000

World Omni Auto Receivables Trust 2024-B

.270

09/17/29

50,436

197,996

Ginnie Mae II Pool

.500

05/20/53

198,412

109,842

Ginnie Mae II Pool

.000

06/20/55

101,198

TOTAL SECURITIZED

(Cost $16,199,837)

16,060,954

#### Portfolio of Investments July 31, 2025
(continued)

#### NUAG

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY - 29.6%

$

600

United States Treasury Note/Bond

.750

%

04/30/26

$

585

2,800

United States Treasury Note/Bond

.875

06/30/26

2,717

250,000

United States Treasury Note/Bond

.750

08/31/26

248,897

200,000

United States Treasury Note/Bond

.125

10/31/26

199,984

450,000

United States Treasury Note/Bond

.250

11/30/26

450,861

3,600

United States Treasury Note/Bond

.250

12/31/26

3,462

100,000

United States Treasury Note/Bond

.125

01/31/27

100,102

800,000

United States Treasury Note/Bond

.125

02/28/27

801,219

250,000

United States Treasury Note/Bond

.250

03/15/27

250,928

1,000

United States Treasury Note/Bond

.500

03/31/27

976

3,250,000

United States Treasury Note/Bond

.875

03/31/27

3,243,525

30,000

United States Treasury Note/Bond

.750

04/30/27

29,380

2,000,000

United States Treasury Note/Bond

.750

04/30/27

1,992,109

200,000

United States Treasury Note/Bond

.500

05/15/27

201,750

650,000

United States Treasury Note/Bond

.875

05/31/27

648,883

2,800

United States Treasury Note/Bond

.250

06/30/27

2,764

800,000

United States Treasury Note/Bond

.750

06/30/27

797,000

(e) United States Treasury Note/Bond

.750

07/31/27

100,000

United States Treasury Note/Bond

.875

07/31/27

99,871

150,000

United States Treasury Note/Bond

.625

05/31/28

148,939

105,000

United States Treasury Note/Bond

.375

08/31/28

106,456

100,000

United States Treasury Note/Bond

.875

10/31/28

102,949

150,000

United States Treasury Note/Bond

.125

11/15/28

146,455

500,000

United States Treasury Note/Bond

.000

01/31/29

501,484

275,000

United States Treasury Note/Bond

.250

02/28/29

278,137

250,000

United States Treasury Note/Bond

.500

09/30/29

245,918

200,000

United States Treasury Note/Bond

.125

10/31/29

201,484

450,000

United States Treasury Note/Bond

.125

11/30/29

453,410

600,000

United States Treasury Note/Bond

.375

12/31/29

610,523

2,950,000

United States Treasury Note/Bond

.250

01/31/30

2,987,105

350,000

United States Treasury Note/Bond

.000

03/31/30

350,807

200,000

United States Treasury Note/Bond

.875

06/30/30

199,281

200,000

United States Treasury Note/Bond

.750

08/31/31

196,602

500,000

United States Treasury Note/Bond

.375

01/31/32

507,539

30,000

United States Treasury Note/Bond

.000

02/15/34

29,420

60,000

United States Treasury Note/Bond

.250

11/15/34

59,625

50,000

United States Treasury Note/Bond

.625

02/15/35

51,086

300,000

United States Treasury Note/Bond

.250

05/15/35

297,375

50,000

United States Treasury Note/Bond

.875

02/15/43

44,275

20,000

United States Treasury Note/Bond

.500

02/15/44

19,105

25,000

United States Treasury Note/Bond

.750

11/15/53

24,405

335,000

United States Treasury Note/Bond

.250

08/15/54

301,291

100,000

United States Treasury Note/Bond

.500

11/15/54

93,813

250,000

United States Treasury Note/Bond

.625

02/15/55

239,492

100,000

United States Treasury Note/Bond

.750

05/15/55

97,813

TOTAL U.S. TREASURY

(Cost $17,380,722)

17,370,193

TOTAL LONG-TERM INVESTMENTS

(Cost $58,882,673)

57,497,853

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%

189,582

(f) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (g)

$

189,582

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $189,582)

189,582

TOTAL INVESTMENTS - 98.4%

(Cost $59,072,255)

57,687,435

OTHER ASSETS & LIABILITIES, NET - 1.6%

953,840

NET ASSETS - 100%

$

58,641,275

See Notes to Financial Statements

REIT

Real Estate Investment Trust

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

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

of the reporting period was $182,879.

(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 $1,227,088 or 2.1% of Total Investments.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(d) When-issued or delayed delivery security.

(e) Principal Amount (000) rounds to less than $1,000.

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

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

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

this money market fund.

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

#### Portfolio of Investments July 31, 2025

#### NUSA
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.8%

CORPORATE DEBT - 23.9%

FINANCIALS - 10.4%

$

80,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

3.875 %

01/23/28

$

78,683

20,000

Ally Financial Inc

7.100 11/15/27

21,017

90,000

American Express Co

5.850 11/05/27

93,010

50,000

American International Group Inc

4.850 05/07/30

50,659

100,000

Banco Santander SA

1.722 09/14/27

96,733

180,000

Bank of America Corp

4.376 04/27/28

179,621

50,000

Bank of America Corp

5.162 01/24/31

51,155

50,000

Bank of Montreal

5.717 09/25/28

51,914

50,000

(a) Bank of Montreal

5.004 01/27/29

50,671

50,000

Bank of New York Mellon Corp/The

4.441 06/09/28

50,097

50,000

Bank of Nova Scotia/The

5.130 02/14/31

50,866

80,000

Barclays PLC

2.279 11/24/27

77,611

11,000

Boston Properties LP

2.750 10/01/26

10,761

30,000

Brixmor Operating Partnership LP

3.900 03/15/27

29,693

10,000

Canadian Imperial Bank of Commerce

5.260 04/08/29

10,260

34,000

Capital One Financial Corp

7.149 10/29/27

35,020

14,000

Capital One Financial Corp

3.800 01/31/28

13,793

20,000

Centene Corp

4.250 12/15/27

19,394

27,000

Charles Schwab Corp/The

2.450 03/03/27

26,224

20,000

Charles Schwab Corp/The

5.643 05/19/29

20,672

150,000

Citigroup Inc

4.658 05/24/28

150,191

50,000

Citigroup Inc

4.952 05/07/31

50,475

50,000

Deutsche Bank AG/New York NY

5.371 09/09/27

51,022

30,000

Digital Realty Trust LP

3.700 08/15/27

29,585

20,000

Elevance Health Inc

3.650 12/01/27

19,680

20,000

Equitable Holdings Inc

4.350 04/20/28

19,915

30,000

Fifth Third Bancorp

1.707 11/01/27

28,958

20,000

GATX Corp

3.250 09/15/26

19,707

155,000

Goldman Sachs Group Inc/The

4.482 08/23/28

154,990

14,000

Goldman Sachs Group Inc/The

6.484 10/24/29

14,801

50,000

Goldman Sachs Group Inc/The

5.218 04/23/31

51,127

20,000

Healthpeak OP LLC

3.250 07/15/26

19,762

102,000

HSBC Holdings PLC

4.755 06/09/28

102,250

50,000

Humana Inc

5.750 12/01/28

51,747

80,000

JPMorgan Chase & Co

2.947 02/24/28

78,124

38,000

JPMorgan Chase & Co

4.851 07/25/28

38,306

50,000

JPMorgan Chase & Co

4.995 07/22/30

50,849

50,000

JPMorgan Chase & Co

4.603 10/22/30

50,111

70,000

JPMorgan Chase & Co

5.140 01/24/31

71,538

40,000

Kimco Realty OP LLC

3.800 04/01/27

39,541

20,000

Lincoln National Corp

3.625 12/12/26

19,744

60,000

Lloyds Banking Group PLC

3.750 03/18/28

59,179

20,000

M&T Bank Corp

7.413 10/30/29

21,647

60,000

Mitsubishi UFJ Financial Group Inc

4.080 04/19/28

59,496

40,000

Mizuho Financial Group Inc

4.018 03/05/28

39,695

83,000

Morgan Stanley

5.164 04/20/29

84,338

100,000

Morgan Stanley

5.042 07/19/30

101,724

50,000

Morgan Stanley

5.192 04/17/31

51,075

45,000

Nasdaq Inc

5.350 06/28/28

46,207

5,000

ORIX Corp

5.000 09/13/27

5,044

70,000

PNC Financial Services Group Inc/The

6.615 10/20/27

71,654

50,000

PNC Financial Services Group Inc/The

5.222 01/29/31

51,300

20,000

Progressive Corp/The

2.500 03/15/27

19,439

100,000

Royal Bank of Canada

4.969 08/02/30

101,450

30,000

Santander Holdings USA Inc

2.490 01/06/28

29,071

40,000

State Street Corp

5.820 11/04/28

41,245

50,000

State Street Corp

4.834 04/24/30

50,794

50,000

Synchrony Financial

5.019 07/29/29

49,971

10,000

Synovus Financial Corp

6.168 11/01/30

10,283

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

50,000

Toronto-Dominion Bank/The

1.250 %

09/10/26

$

48,264

50,000

Toronto-Dominion Bank/The

4.861 01/31/28

50,529

50,000

Toronto-Dominion Bank/The

4.808 06/03/30

50,441

50,000

Truist Financial Corp

7.161 10/30/29

53,972

30,000

Ventas Realty LP

3.850 04/01/27

29,672

50,000

Welltower OP LLC

4.500 07/01/30

49,871

40,000

Westpac Banking Corp

5.050 04/16/29

41,071

20,000

Willis North America Inc

4.650 06/15/27

20,096

TOTAL FINANCIALS

3,367,805

INDUSTRIAL - 12.0%

20,000

3M Co

2.250 09/19/26

19,506

60,000

AbbVie Inc

4.800 03/15/29

60,951

10,000

Adobe Inc

4.850 04/04/27

10,114

50,000

Adobe Inc

4.950 01/17/30

51,415

60,000

American Honda Finance Corp

5.250 07/07/26

60,436

40,000

American Tower Corp

3.650 03/15/27

39,414

50,000

American Tower Corp

4.900 03/15/30

50,450

40,000

Amgen Inc

3.200 11/02/27

38,979

20,000

Arrow Electronics Inc

5.150 08/21/29

20,277

50,000

Astrazeneca Finance LLC

4.850 02/26/29

50,899

20,000

Baxter International Inc

2.600 08/15/26

19,602

50,000

Bristol-Myers Squibb Co

3.200 06/15/26

49,530

40,000

Broadcom Corp / Broadcom Cayman Finance Ltd

3.875 01/15/27

39,657

50,000

Bunge Ltd Finance Corp

4.550 08/04/30

49,884

20,000

Canadian Pacific Railway Co

1.750 12/02/26

19,294

50,000

Caterpillar Financial Services Corp

4.800 01/08/30

50,974

30,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

6.150 11/10/26

30,433

70,000

Cigna Group/The

5.000 05/15/29

71,321

50,000

Cintas Corp No 2

4.200 05/01/28

49,955

100,000

Cisco Systems Inc

4.750 02/24/30

101,696

20,000

CNH Industrial Capital LLC

1.450 07/15/26

19,420

50,000

CNH Industrial Capital LLC

4.500 10/08/27

49,927

60,000

Coca-Cola Co/The

1.500 03/05/28

56,334

10,000

Colgate-Palmolive Co

4.200 05/01/30

9,980

80,000

Comcast Corp

3.300 04/01/27

78,641

20,000

Conagra Brands Inc

5.300 10/01/26

20,132

50,000

Conagra Brands Inc

5.000 08/01/30

50,088

40,000

Crown Castle Inc

2.900 03/15/27

38,891

50,000

Cummins Inc

4.250 05/09/28

50,052

4,000

Dell International LLC / EMC Corp

6.020 06/15/26

4,035

20,000

Dell International LLC / EMC Corp

5.250 02/01/28

20,407

20,000

Dollar General Corp

4.625 11/01/27

20,056

10,000

DXC Technology Co

1.800 09/15/26

9,677

70,000

Eastman Chemical Co

5.000 08/01/29

70,787

50,000

Eli Lilly & Co

4.150 08/14/27

50,051

50,000

Enbridge Inc

5.300 04/05/29

51,121

20,000

Equinix Inc

1.800 07/15/27

19,005

15,000

Fidelity National Information Services Inc

1.650 03/01/28

13,984

40,000

Fiserv Inc

5.450 03/02/28

40,883

20,000

Fortive Corp

3.150 06/15/26

19,724

30,000

GE HealthCare Technologies Inc

4.800 08/14/29

30,343

20,000

General Mills Inc

4.200 04/17/28

19,910

20,000

Gilead Sciences Inc

2.950 03/01/27

19,596

15,000

Global Payments Inc

4.950 08/15/27

15,088

43,000

HCA Inc

3.125 03/15/27

42,037

10,000

Hershey Co/The

4.550 02/24/28

10,098

41,000

Home Depot Inc/The

2.125 09/15/26

40,058

20,000

Home Depot Inc/The

4.900 04/15/29

20,438

20,000

HP Inc

1.450 06/17/26

19,465

50,000

IBM International Capital Pte Ltd

4.600 02/05/29

50,383

30,000

Illumina Inc

5.750 12/13/27

30,664

#### Portfolio of Investments July 31, 2025
(continued)

#### NUSA

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

50,000

Intel Corp

1.600 %

08/12/28

$

45,849

10,000

IQVIA Inc

6.250 02/01/29

10,450

10,000

Jabil Inc

4.250 05/15/27

9,939

100,000

John Deere Capital Corp

4.250 06/05/28

100,130

40,000

John Deere Capital Corp

4.950 07/14/28

40,899

80,000

Johnson & Johnson

4.800 06/01/29

81,805

30,000

Kellanova

3.400 11/15/27

29,365

20,000

Keurig Dr Pepper Inc

5.050 03/15/29

20,365

20,000

Kinder Morgan Inc

1.750 11/15/26

19,317

20,000

Kraft Heinz Foods Co

3.000 06/01/26

19,738

10,000

Kyndryl Holdings Inc

2.050 10/15/26

9,691

20,000

Laboratory Corp of America Holdings

3.600 09/01/27

19,702

20,000

Lennox International Inc

1.700 08/01/27

18,913

20,000

Mastercard Inc

4.875 03/09/28

20,387

10,000

Mastercard Inc

4.550 03/15/28

10,101

50,000

McDonald's Corp

5.000 05/17/29

51,113

10,000

McKesson Corp

1.300 08/15/26

9,682

30,000

Merck & Co Inc

4.050 05/17/28

29,963

50,000

Micron Technology Inc

6.750 11/01/29

53,796

40,000

Microsoft Corp

2.400 08/08/26

39,281

30,000

Mondelez International Inc

2.625 03/17/27

29,160

10,000

Motorola Solutions Inc

4.600 02/23/28

10,033

20,000

MPLX LP

4.250 12/01/27

19,858

50,000

National Fuel Gas Co

5.500 03/15/30

51,272

10,000

Nokia Oyj

4.375 06/12/27

9,912

10,000

Nordson Corp

4.500 12/15/29

9,937

10,000

Nutrien Ltd

5.200 06/21/27

10,117

16,000

ONEOK Inc

5.550 11/01/26

16,168

50,000

Oracle Corp

2.800 04/01/27

48,633

50,000

Oracle Corp

4.800 08/03/28

50,544

100,000

Oracle Corp

4.200 09/27/29

98,813

15,000

PACCAR Financial Corp

5.000 05/13/27

15,204

50,000

PACCAR Financial Corp

4.550 05/08/30

50,397

10,000

Parker-Hannifin Corp

4.250 09/15/27

9,989

10,000

PayPal Holdings Inc

3.900 06/01/27

9,935

40,000

PepsiCo Inc

5.125 11/10/26

40,413

30,000

PepsiCo Inc

4.500 07/17/29

30,323

10,000

Phillips 66 Co

3.750 03/01/28

9,835

30,000

Procter & Gamble Co/The

1.900 02/01/27

29,047

10,000

Regal Rexnord Corp

6.050 04/15/28

10,302

10,000

Republic Services Inc

2.900 07/01/26

9,875

30,000

Rogers Communications Inc

3.200 03/15/27

29,374

40,000

Roper Technologies Inc

1.400 09/15/27

37,619

11,000

Ryder System Inc

2.850 03/01/27

10,715

10,000

Ryder System Inc

6.300 12/01/28

10,555

50,000

Ryder System Inc

4.900 12/01/29

50,584

10,000

S&P Global Inc

2.450 03/01/27

9,721

20,000

Sabine Pass Liquefaction LLC

5.000 03/15/27

20,074

30,000

Sherwin-Williams Co/The

3.450 06/01/27

29,470

20,000

Starbucks Corp

3.500 03/01/28

19,592

50,000

Starbucks Corp

4.800 05/15/30

50,520

50,000

Stryker Corp

4.850 02/10/30

50,832

10,000

Sysco Corp

3.250 07/15/27

9,786

50,000

Texas Instruments Inc

4.500 05/23/30

50,250

50,000

Toyota Motor Credit Corp

4.800 05/15/30

50,717

12,000

TransCanada PipeLines Ltd

4.250 05/15/28

11,925

20,000

Tyco Electronics Group SA

4.625 02/01/30

20,168

20,000

Unilever Capital Corp

4.875 09/08/28

20,365

50,000

Valero Energy Corp

5.150 02/15/30

50,886

60,000

Verizon Communications Inc

2.100 03/22/28

56,711

19,000

(b) Verizon Communications Inc

5.401 07/02/37

18,986

15,000

VMware LLC

3.900 08/21/27

14,827

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

60,000

Waste Management Inc

3.150 %

11/15/27

$

58,562

50,000

Westinghouse Air Brake Technologies Corp

4.900 05/29/30

50,613

80,000

Williams Cos Inc/The

4.800 11/15/29

80,625

20,000

Zimmer Biomet Holdings Inc

5.350 12/01/28

20,555

TOTAL INDUSTRIAL

3,920,347

UTILITY - 1.5%

38,000

American Water Capital Corp

2.950 09/01/27

36,949

20,000

Atmos Energy Corp

3.000 06/15/27

19,550

50,000

Consumers Energy Co

4.500 01/15/31

49,906

50,000

DTE Energy Co

4.950 07/01/27

50,452

10,000

Enel Americas SA

4.000 10/25/26

9,925

10,000

Evergy Kansas Central Inc

2.550 07/01/26

9,840

49,000

Eversource Energy

2.900 03/01/27

47,726

50,000

FirstEnergy Transmission LLC

4.550 01/15/30

49,907

20,000

Fortis Inc/Canada

3.055 10/04/26

19,612

50,000

National Rural Utilities Cooperative Finance Corp

5.100 05/06/27

50,574

25,000

OGE Energy Corp

5.450 05/15/29

25,761

10,000

Public Service Electric and Gas Co

2.250 09/15/26

9,772

48,000

Sempra

5.400 08/01/26

48,295

70,000

Wisconsin Public Service Corp

4.550 12/01/29

70,585

TOTAL UTILITY

498,854

TOTAL CORPORATE DEBT

(Cost $7,718,600)

7,787,006

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 5.7%

GOVERNMENT AGENCY - 2.0%

80,000

Export Development Canada

4.375 06/29/26

80,055

50,000

Export Development Canada

3.750 09/07/27

49,748

200,000

Korea Development Bank/The

4.625 02/03/28

201,593

80,000

Kreditanstalt fuer Wiederaufbau

3.500 08/27/27

79,271

80,000

Landwirtschaftliche Rentenbank

1.750 07/27/26

78,103

20,000

Oesterreichische Kontrollbank AG

0.500 02/02/26

19,613

70,000

Oesterreichische Kontrollbank AG

4.750 05/21/27

70,811

45,000

Oesterreichische Kontrollbank AG

4.000 05/28/28

45,067

36,000

Svensk Exportkredit AB

4.375 02/13/26

35,989

TOTAL GOVERNMENT AGENCY

660,250

MUNICIPAL BONDS - 0.5%

28,000

Province of British Columbia Canada

4.800 11/15/28

28,622

60,000

Province of Ontario Canada

4.200 01/18/29

60,292

60,000

Province of Quebec Canada

4.500 04/03/29

60,874

TOTAL MUNICIPAL BONDS

149,788

SOVEREIGN DEBT - 3.2%

70,000

African Development Bank

0.875 07/22/26

67,802

50,000

Asian Development Bank

4.250 01/09/26

49,955

140,000

Asian Development Bank

1.000 04/14/26

136,790

100,000

Canada Government International Bond

3.750 04/26/28

99,555

50,000

Council Of Europe Development Bank

3.625 05/08/28

49,600

60,000

Council Of Europe Development Bank

4.500 01/15/30

61,215

60,000

European Investment Bank

2.375 05/24/27

58,293

40,000

European Investment Bank

3.875 06/15/28

39,969

50,000

European Investment Bank

4.750 06/15/29

51,419

110,000

Inter-American Development Bank

4.500 05/15/26

110,180

50,000

Inter-American Development Bank

3.750 06/14/30

49,474

80,000

International Bank for Reconstruction & Development

4.000 08/27/26

79,832

60,000

International Bank for Reconstruction & Development

4.625 08/01/28

61,148

60,000

International Bank for Reconstruction & Development

3.875 10/16/29

59,729

18,000

International Finance Corp

4.500 07/13/28

18,280

#### Portfolio of Investments July 31, 2025
(continued)

#### NUSA

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

60,000

Republic of Poland Government International Bond

4.875 %

02/12/30

$

61,318

TOTAL SOVEREIGN DEBT

1,054,559

TOTAL GOVERNMENT RELATED

(Cost $1,854,474)

1,864,597

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 7.1%

47,236

BANK 2021-BNK34

1.935 06/15/63

45,934

45,000

BANK5 2024-5YR9

5.614 08/15/57

46,441

50,000

BBCMS Mortgage Trust 2025-5C33

5.839 03/15/58

52,199

100,000

Benchmark 2021-B29 Mortgage Trust

2.024 09/15/54

94,809

50,000

(c) Benchmark 2024-V7 Mortgage Trust

6.228 05/15/56

52,403

50,000

BMO 2025-5C10 Mortgage Trust

5.578 05/15/58

51,562

50,000

Capital One Multi-Asset Execution Trust

3.920 09/15/29

49,710

100,000

CarMax Auto Owner Trust 2023-4

6.000 07/17/28

101,201

100,000

Chase Issuance Trust

4.160 07/15/30

99,971

55,851

Fannie Mae Pool FN MA3798

3.000 10/01/34

53,508

15,385

Fannie Mae Pool FN MA3828

3.000 11/01/34

14,759

16,989

Fannie Mae Pool FN MA3897

3.000 01/01/35

16,276

96,963

Fannie Mae Pool FN MA3985

3.000 04/01/35

92,297

231,225

Fannie Mae Pool FN MA4206

2.000 12/01/35

211,200

95,187

Fannie Mae Pool FN MA4417

1.500 09/01/36

84,296

177,033

Fannie Mae Pool FN MA4469

1.500 11/01/36

156,514

135,520

Fannie Mae Pool FN MA4567

2.000 03/01/37

123,038

67,627

Fannie Mae Pool FN MA4583

2.500 04/01/37

62,780

67,010

Fannie Mae Pool FN MA4990

4.500 04/01/38

66,287

74,581

Fannie Mae Pool FN MA5023

4.000 05/01/38

72,419

80,952

Fannie Mae Pool FN MA5061

5.500 06/01/38

82,384

32,307

Fannie Mae Pool FN MA5093

5.000 07/01/38

32,422

72,805

Fannie Mae Pool FN MA5145

6.000 09/01/38

74,751

53,501

Federal Home Loan Mortgage Corporation, Notes FG G18642

3.500 04/01/32

52,528

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

4.819 06/25/28

101,224

50,000

Freddie Mac Multifamily Structured Pass Through Certificates

4.618 07/25/29

50,513

50,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

4.410 01/25/30

50,125

45,000

(c) Freddie Mac Multifamily Structured Pass Through Certificates

4.513 02/25/30

45,296

50,000

Honda Auto Receivables 2024-3 Owner Trust

4.570 03/21/29

50,148

37,257

(b) SoFi Professional Loan Program 2020-C Trust

1.950 02/15/46

34,753

50,000

Toyota Auto Receivables 2025-A Owner Trust

4.640 08/15/29

50,379

45,000

Verizon Master Trust Series 2024-4

5.210 06/20/29

45,305

99,216

Wells Fargo Commercial Mortgage Trust 2018-C44

3.948 05/15/51

97,689

TOTAL SECURITIZED

(Cost $2,363,108)

2,315,121

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY - 62.1%

100,000

United States Treasury Note/Bond

4.250 11/30/26

100,191

100,000

United States Treasury Note/Bond

1.250 12/31/26

96,160

250,000

United States Treasury Note/Bond

4.250 12/31/26

250,596

250,000

United States Treasury Note/Bond

4.125 01/31/27

250,254

900,000

United States Treasury Note/Bond

1.875 02/28/27

870,750

300,000

United States Treasury Note/Bond

2.500 03/31/27

292,805

1,750,000

United States Treasury Note/Bond

3.875 03/31/27

1,746,514

850,000

United States Treasury Note/Bond

2.750 04/30/27

832,435

850,000

United States Treasury Note/Bond

2.625 05/31/27

829,879

700,000

United States Treasury Note/Bond

3.875 05/31/27

698,797

150,000

United States Treasury Note/Bond

3.250 06/30/27

148,084

1,000,000

United States Treasury Note/Bond

3.750 06/30/27

996,250

250,000

United States Treasury Note/Bond

2.750 07/31/27

244,287

300,000

United States Treasury Note/Bond

3.875 07/31/27

299,613

150,000

United States Treasury Note/Bond

3.125 08/31/27

147,603

500,000

United States Treasury Note/Bond

4.125 10/31/27

502,129

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY

(continued)

$

500,000

United States Treasury Note/Bond

3.875 %

11/30/27

$

499,551

100,000

United States Treasury Note/Bond

3.875 12/31/27

99,933

500,000

United States Treasury Note/Bond

3.500 01/31/28

495,293

300,000

United States Treasury Note/Bond

4.000 02/29/28

300,762

700,000

United States Treasury Note/Bond

3.625 03/31/28

695,379

700,000

United States Treasury Note/Bond

3.500 04/30/28

692,836

400,000

United States Treasury Note/Bond

3.625 05/31/28

397,172

200,000

United States Treasury Note/Bond

4.000 06/30/28

200,648

75,000

United States Treasury Note/Bond

4.125 07/31/28

75,507

300,000

United States Treasury Note/Bond

4.625 09/30/28

306,469

250,000

United States Treasury Note/Bond

4.375 11/30/28

253,652

300,000

United States Treasury Note/Bond

4.000 01/31/29

300,891

500,000

United States Treasury Note/Bond

4.250 02/28/29

505,703

300,000

United States Treasury Note/Bond

4.125 03/31/29

302,168

1,150,000

United States Treasury Note/Bond

4.625 04/30/29

1,178,211

600,000

United States Treasury Note/Bond

4.500 05/31/29

612,305

100,000

United States Treasury Note/Bond

4.250 06/30/29

101,187

100,000

United States Treasury Note/Bond

4.000 07/31/29

100,289

200,000

United States Treasury Note/Bond

3.625 08/31/29

197,758

150,000

United States Treasury Note/Bond

3.500 09/30/29

147,551

350,000

United States Treasury Note/Bond

4.125 10/31/29

352,598

420,000

United States Treasury Note/Bond

4.125 11/30/29

423,183

900,000

United States Treasury Note/Bond

4.375 12/31/29

915,785

700,000

United States Treasury Note/Bond

4.250 01/31/30

708,805

800,000

United States Treasury Note/Bond

4.000 03/31/30

801,844

150,000

United States Treasury Note/Bond

3.875 04/30/30

149,543

150,000

United States Treasury Note/Bond

4.125 05/31/30

150,363

600,000

United States Treasury Note/Bond

3.875 06/30/30

597,844

350,000

United States Treasury Note/Bond

3.875 07/31/30

348,742

TOTAL U.S. TREASURY

(Cost $20,184,714)

20,218,319

TOTAL LONG-TERM INVESTMENTS

(Cost $32,120,896)

32,185,043

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

38,538

(d) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (e)

$

38,538

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $38,538)

38,538

TOTAL INVESTMENTS - 98.9%

(Cost $32,159,434)

32,223,581

OTHER ASSETS & LIABILITIES, NET - 1.1%

355,573

NET ASSETS - 100%

$

32,579,154

S&P

Standard & Poor's

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

of the reporting period was $37,507.

(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 $53,739 or 0.2% of Total Investments.

(c) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

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

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

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

this money market fund.

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

#### Portfolio of Investments July 31, 2025

#### NUHY
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.7%

CORPORATE DEBT - 97.7%

FINANCIALS - 14.2%

$

250,000

Ally Financial Inc

.700

%

02/14/33

$

259,617

180,000

(a),(b)

Apollo Commercial Real Estate Finance Inc

.625

06/15/29

170,967

390,000

(b) Baldwin Insurance Group Holdings LLC / Baldwin Insurance

Group Holdings Finance

.125

05/15/31

402,661

110,000

(b) Bread Financial Holdings Inc

.750

03/15/29

118,005

112,000

(b) Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus

LLC / GGSI Sellco LL

.500

04/01/27

108,791

250,000

(b) Burford Capital Global Finance LLC

.500

07/15/33

251,625

250,000

(b) Coinbase Global Inc

.375

10/01/28

235,219

250,000

(b) Coinbase Global Inc

.625

10/01/31

223,750

230,000

(b) Compass Group Diversified Holdings LLC

.250

04/15/29

213,664

250,000

(b) Credit Acceptance Corp

.250

12/15/28

264,396

150,000

(b) Credit Acceptance Corp

.625

03/15/30

151,901

49,000

Diversified Healthcare Trust

.375

03/01/31

40,950

200,000

(b) Encore Capital Group Inc

.500

05/15/30

211,703

200,000

(b) FTAI Aviation Investors LLC

.000

06/15/32

207,122

200,000

(b) FTAI Aviation Investors LLC

.875

04/15/33

198,208

200,000

(b) FTAI Aviation Ltd

.000

05/01/31

207,509

450,000

(b) Global Atlantic Fin Co

.700

10/15/51

440,492

100,000

(b) Global Atlantic Fin Co

.950

10/15/54

104,501

100,000

(b) goeasy Ltd

.250

12/01/28

105,847

200,000

(b) goeasy Ltd

.625

07/01/29

205,950

170,000

(b) Howard Hughes Corp/The

.375

08/01/28

168,957

160,000

(b) Howard Hughes Corp/The

.375

02/01/31

147,253

440,000

Kennedy-Wilson Inc

.750

03/01/29

413,797

360,000

Kennedy-Wilson Inc

.750

02/01/30

331,708

405,000

(a) Kennedy-Wilson Inc

.000

03/01/31

369,109

70,000

(b) Liberty Mutual Group Inc

.125

12/15/51

68,118

110,000

(b) Molina Healthcare Inc

.875

11/15/30

99,327

230,000

(b) Molina Healthcare Inc

.875

05/15/32

200,787

200,000

(a) MPT Operating Partnership LP / MPT Finance Corp

.500

03/15/31

136,088

100,000

(b) MPT Operating Partnership LP / MPT Finance Corp

.500

02/15/32

103,941

230,000

(b) Nationstar Mortgage Holdings Inc

.500

08/15/28

229,690

150,000

(b) Nationstar Mortgage Holdings Inc

.500

08/01/29

153,421

150,000

(b) Nationstar Mortgage Holdings Inc

.125

12/15/30

149,715

200,000

(b) Nationstar Mortgage Holdings Inc

.750

11/15/31

202,221

450,000

(b) Nationstar Mortgage Holdings Inc

.125

02/01/32

469,911

200,000

Navient Corp

.875

06/15/32

208,244

200,000

OneMain Finance Corp

.500

01/15/27

195,151

300,000

OneMain Finance Corp

.875

09/15/28

286,112

410,000

OneMain Finance Corp

.875

03/15/30

431,591

250,000

OneMain Finance Corp

.000

09/15/30

229,100

400,000

OneMain Finance Corp

.500

05/15/31

416,867

290,000

(b) Park Intermediate Holdings LLC / PK Domestic Property LLC / PK

Finance Co-Issuer

.875

10/01/28

288,870

380,000

(b) Park Intermediate Holdings LLC / PK Domestic Property LLC / PK

Finance Co-Issuer

.875

05/15/29

365,540

210,000

(b) PennyMac Financial Services Inc

.875

12/15/29

221,630

100,000

(b) PennyMac Financial Services Inc

.125

11/15/30

103,080

145,000

(b) PennyMac Financial Services Inc

.750

09/15/31

141,879

100,000

(b) PRA Group Inc

.875

01/31/30

103,855

310,000

(b) PROG Holdings Inc

.000

11/15/29

299,150

360,000

(b) RHP Hotel Properties LP / RHP Finance Corp

.500

02/15/29

350,114

200,000

(b) RHP Hotel Properties LP / RHP Finance Corp

.500

04/01/32

204,231

100,000

(b) Rocket Cos Inc

.125

08/01/30

101,395

200,000

(b) Rocket Cos Inc

.375

08/01/33

203,997

200,000

(b) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

.875

03/01/31

184,483

300,000

(b) Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

.000

10/15/33

265,419

230,000

(b) Ryan Specialty LLC

.875

08/01/32

230,636

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

251,000

SLM Corp

.125

%

11/02/26

$

245,226

120,000

(b) Starwood Property Trust Inc

.375

01/15/27

117,949

265,000

(b) Starwood Property Trust Inc

.250

04/01/29

277,148

200,000

(b) Starwood Property Trust Inc

.500

07/01/30

205,716

100,000

(b) Starwood Property Trust Inc

.500

10/15/30

102,931

100,000

(b) StoneX Group Inc

.875

03/01/31

105,055

100,000

Synchrony Financial

.250

02/02/33

105,088

460,000

(b) XHR LP

.875

06/01/29

443,982

TOTAL FINANCIALS

13,801,360

INDUSTRIAL - 81.4%

420,000

(b) 1011778 BC ULC / New Red Finance Inc

.500

02/15/29

397,410

250,000

(b) 1011778 BC ULC / New Red Finance Inc

.125

06/15/29

255,518

930,000

(b) 1011778 BC ULC / New Red Finance Inc

.000

10/15/30

861,656

70,000

(b) 180 Medical Inc

.875

10/15/29

66,273

100,000

(b) AAR Escrow Issuer LLC

.750

03/15/29

102,606

150,000

(b) Acadia Healthcare Co Inc

.375

03/15/33

154,440

350,000

(b) ACCO Brands Corp

.250

03/15/29

310,132

330,000

(b) AdaptHealth LLC

.625

08/01/29

309,225

310,000

(b) AdaptHealth LLC

.125

03/01/30

291,400

200,000

(b) Adient Global Holdings Ltd

.000

04/15/28

204,723

150,000

(b) Adient Global Holdings Ltd

.250

04/15/31

156,792

100,000

(b) Advanced Drainage Systems Inc

.375

06/15/30

101,511

360,000

(b) Advantage Sales & Marketing Inc

.500

11/15/28

270,000

300,000

(b) AECOM

.000

08/01/33

302,439

350,000

(b) Air Canada

.875

08/15/26

346,244

550,000

(a),(b)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.500

02/15/28

558,534

200,000

(b) Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

.250

03/15/33

203,855

310,000

(b) Allegiant Travel Co

.250

08/15/27

309,807

110,000

(b) Allison Transmission Inc

.750

01/30/31

100,533

100,000

(b) Alta Equipment Group Inc

.000

06/01/29

94,834

100,000

(b) AltaGas Ltd

.200

10/15/54

100,766

450,000

(a),(b)

American Airlines Inc

.250

02/15/28

459,186

450,000

(b) American Airlines Inc

.500

05/15/29

470,306

1,210,000

(b) American Airlines Inc/AAdvantage Loyalty IP Ltd2022 1

.750

04/20/29

1,209,576

350,000

(a) American Axle & Manufacturing Inc

.000

10/01/29

317,568

230,000

(b) Antero Midstream Partners LP / Antero Midstream Finance Corp

.375

06/15/29

228,066

172,000

(b) Anywhere Real Estate Group LLC / Anywhere Co-Issuer Corp

.000

04/15/30

164,721

20,000

(b) Anywhere Real Estate Group LLC / Realogy Co-Issuer Corp

.750

01/15/29

17,804

120,000

(b) Archrock Partners LP / Archrock Partners Finance Corp

.625

09/01/32

121,779

100,000

(b) Arcosa Inc

.875

08/15/32

103,305

80,000

(a),(b)

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal

Packaging Finance PLC

.000

09/01/29

72,868

25,000

(b) Asbury Automotive Group Inc

.625

11/15/29

24,021

260,000

(b) Asbury Automotive Group Inc

.000

02/15/32

245,935

600,000

(b) Aston Martin Capital Holdings Ltd

.000

03/31/29

572,255

170,000

(b) Avantor Funding Inc

.625

07/15/28

166,191

140,000

(b) Avantor Funding Inc

.875

11/01/29

132,034

350,000

(b) Avianca Midco 2 PLC

.000

12/01/28

333,375

200,000

(b) Avianca Midco 2 PLC

.625

02/14/30

186,000

60,000

(b) Avient Corp

.125

08/01/30

61,630

150,000

(b) Avient Corp

.250

11/01/31

150,533

150,000

(b) Avis Budget Car Rental LLC / Avis Budget Finance Inc

.750

04/01/28

143,717

200,000

(a),(b)

Avis Budget Car Rental LLC / Avis Budget Finance Inc

.375

03/01/29

191,482

150,000

(b) Avis Budget Car Rental LLC / Avis Budget Finance Inc

.000

02/15/31

153,170

110,000

(b) Axalta Coating Systems Dutch Holding B BV

.250

02/15/31

114,393

110,000

(b) Axalta Coating Systems LLC

.375

02/15/29

103,116

60,000

(b) Axalta Coating Systems LLC / Axalta Coating Systems Dutch

Holding B BV

.750

06/15/27

59,471

100,000

(b) Axon Enterprise Inc

.125

03/15/30

102,130

150,000

(b) Axon Enterprise Inc

.250

03/15/33

153,671

#### Portfolio of Investments July 31, 2025
(continued)

#### NUHY

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

150,000

(b) B&G Foods Inc

.000

%

09/15/28

$

140,250

390,000

Ball Corp

.875

08/15/30

350,333

240,000

Ball Corp

.125

09/15/31

214,810

150,000

(b) Bath & Body Works Inc

.625

10/01/30

153,539

100,000

(b) Bausch Health Cos Inc

.875

06/01/28

88,500

720,000

(b) Bausch Health Cos Inc

.000

09/30/28

739,800

300,000

Bell Telephone Co of Canada or Bell Canada

.875

09/15/55

305,224

400,000

Bell Telephone Co of Canada or Bell Canada

.000

09/15/55

405,956

200,000

(b) Belron UK Finance PLC

.750

10/15/29

201,877

55,000

Block Inc

.500

05/15/32

56,440

150,000

(b) Bombardier Inc

.500

02/01/29

155,774

200,000

Bombardier Inc

.750

11/15/30

215,225

200,000

(b) Bombardier Inc

.250

07/01/31

208,841

200,000

(b) Bombardier Inc

.000

06/01/32

206,898

250,000

(b) British Telecommunications PLC

.875

11/23/81

234,208

371,000

(b) Builders FirstSource Inc

.250

02/01/32

342,395

160,000

(b) Builders FirstSource Inc

.375

06/15/32

163,617

150,000

(b) Builders FirstSource Inc

.375

03/01/34

152,206

150,000

(b) Cable One Inc

.000

11/15/30

115,506

100,000

(b) CACI International Inc

.375

06/15/33

102,254

50,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.375

09/01/29

50,460

420,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.250

02/01/31

383,629

250,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.375

03/01/31

257,012

350,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.750

02/01/32

323,527

500,000

CCO Holdings LLC / CCO Holdings Capital Corp

.500

05/01/32

453,682

200,000

(b) CCO Holdings LLC / CCO Holdings Capital Corp

.500

06/01/33

177,547

620,000

(a),(b)

CCO Holdings LLC / CCO Holdings Capital Corp

.250

01/15/34

534,224

290,000

Celanese US Holdings LLC

.850

11/15/28

301,897

300,000

Celanese US Holdings LLC

.830

07/15/29

311,629

170,000

Celanese US Holdings LLC

.050

11/15/30

177,042

200,000

Celanese US Holdings LLC

.879

07/15/32

207,056

200,000

Celanese US Holdings LLC

.200

11/15/33

208,801

190,000

(b) Century Communities Inc

.875

08/15/29

175,150

110,000

(b) Charles River Laboratories International Inc

.750

03/15/29

103,621

200,000

(b) Charles River Laboratories International Inc

.000

03/15/31

183,530

450,000

(b) Chart Industries Inc

.500

01/01/30

471,389

240,000

(b) Chart Industries Inc

.500

01/01/31

256,662

40,000

(b) Chemours Co/The

.750

11/15/28

36,737

160,000

(b) Chemours Co/The

.625

11/15/29

135,514

110,000

(b) CHS/Community Health Systems Inc

.875

04/15/29

85,525

100,000

(b) CHS/Community Health Systems Inc

.125

04/01/30

70,685

160,000

(b) Cimpress PLC

.375

09/15/32

156,397

150,000

(b) Cinemark USA Inc

.250

07/15/28

148,939

145,000

(b) Cinemark USA Inc

.000

08/01/32

149,725

250,000

(b) Clarivate Science Holdings Corp

.875

07/01/29

234,136

250,000

(b) Clear Channel Outdoor Holdings Inc

.750

04/15/28

236,074

240,000

(b) Clear Channel Outdoor Holdings Inc

.000

09/15/28

251,458

150,000

(b) Clear Channel Outdoor Holdings Inc

.500

06/01/29

136,653

250,000

(b) Clear Channel Outdoor Holdings Inc

.875

04/01/30

257,452

500,000

(b) Clue Opco LLC

.500

10/15/31

530,186

320,000

(b) Coherent Corp

.000

12/15/29

313,181

150,000

(b) CommScope LLC

.750

09/01/29

145,657

150,000

(b) CommScope LLC

.500

12/15/31

157,960

500,000

(b) Concentra Escrow Issuer Corp

.875

07/15/32

513,745

700,000

(b) Condor Merger Sub Inc

.375

02/15/30

649,032

150,000

(b) Cornerstone Building Brands Inc

.500

08/15/29

137,496

182,000

Crowdstrike Holdings Inc

.000

02/15/29

170,337

150,000

(b) Crown Americas LLC

.875

06/01/33

150,279

130,000

(b) Darling Ingredients Inc

.000

06/15/30

130,831

260,000

(b) DaVita Inc

.625

06/01/30

247,938

640,000

(b) DaVita Inc

.750

02/15/31

580,390

650,000

(b) Diebold Nixdorf Inc

.750

03/31/30

689,641

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

40,000

(b) Domtar Corp

.750

%

10/01/28

$

34,845

70,000

(b) Dycom Industries Inc

.500

04/15/29

67,850

140,000

(b) Dye & Durham Ltd

.625

04/15/29

145,880

100,000

(b) Edgewell Personal Care Co

.125

04/01/29

94,573

170,000

(b) Elastic NV

.125

07/15/29

161,683

250,000

(b) Element Solutions Inc

.875

09/01/28

240,837

104,000

(b) Enerflex Ltd

.000

10/15/27

107,096

430,000

(b) Energizer Holdings Inc

.375

03/31/29

407,662

220,000

(b) Entegris Inc

.950

06/15/30

221,971

150,000

(b) Excelerate Energy LP

.000

05/15/30

157,028

250,000

(b) Fair Isaac Corp

.000

05/15/33

251,174

110,000

FMC Corp

.450

11/01/55

113,722

100,000

(b) Fortrea Holdings Inc

.500

07/01/30

91,430

70,000

(b) Frontier Communications Holdings LLC

.875

10/15/27

70,013

600,000

(b) Frontier Communications Holdings LLC

.000

05/01/28

599,245

270,000

(b) Frontier Communications Holdings LLC

.750

05/01/29

272,582

370,000

(b) Frontier Communications Holdings LLC

.000

01/15/30

374,399

150,000

(b) Frontier Communications Holdings LLC

.750

05/15/30

156,986

270,000

(b) Frontier Communications Holdings LLC

.625

03/15/31

286,037

335,000

(b) Gap Inc/The

.625

10/01/29

309,139

250,000

(b) Garrett Motion Holdings Inc / Garrett LX I Sarl

.750

05/31/32

259,443

150,000

(b) Gates Corp/DE

.875

07/01/29

154,362

200,000

(b) Gen Digital Inc

.750

09/30/27

203,286

150,000

(b) Gen Digital Inc

.125

09/30/30

155,019

350,000

Genesis Energy LP / Genesis Energy Finance Corp

.875

04/15/30

370,505

175,000

Genesis Energy LP / Genesis Energy Finance Corp

.875

05/15/32

180,985

200,000

Genesis Energy LP / Genesis Energy Finance Corp

.000

05/15/33

207,351

100,000

Goodyear Tire & Rubber Co/The

.000

07/15/29

97,011

200,000

Goodyear Tire & Rubber Co/The

.250

07/15/31

189,772

300,000

(b) Gray Escrow Inc

.375

11/15/31

221,381

550,000

(b) Gray Media Inc

.500

07/15/29

595,210

410,000

(b) Grifols SA

.750

10/15/28

394,956

100,000

(b) Group 1 Automotive Inc

.375

01/15/30

101,856

400,000

(b) HealthEquity Inc

.500

10/01/29

385,060

195,000

(b) Heartland Dental LLC / Heartland Dental Finance Corp

.500

04/30/28

205,556

100,000

(b) Herc Holdings Inc

.625

06/15/29

102,379

200,000

(b) Herc Holdings Inc

.000

06/15/30

206,707

270,000

(b) Herc Holdings Inc

.250

06/15/33

279,589

250,000

(b) Hess Midstream Operations LP

.500

06/01/29

257,525

110,000

(b) Hess Midstream Operations LP

.250

02/15/30

106,435

150,000

Hillenbrand Inc

.250

02/15/29

151,920

100,000

(b) Hilton Domestic Operating Co Inc

.875

04/01/29

101,620

300,000

(b) Hilton Domestic Operating Co Inc

.750

05/01/29

285,784

180,000

(b) Hilton Domestic Operating Co Inc

.000

05/01/31

167,955

360,000

(b) Hilton Domestic Operating Co Inc

.625

02/15/32

324,585

408,000

(b) Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand

Vacations Borrower Esc

.875

07/01/31

375,137

170,000

(b) Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand

Vacations Borrower Esc

.625

01/15/32

171,908

550,000

(b) Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations

Borrower Inc

.000

06/01/29

526,393

200,000

HLF Financing Sarl LLC / Herbalife International Inc

.250

04/15/29

216,740

220,000

(b) HLF Financing Sarl LLC / Herbalife International Inc

.875

06/01/29

183,341

170,000

(b) Hologic Inc

.250

02/15/29

160,983

130,000

(b) Ingevity Corp

.875

11/01/28

123,708

100,000

(b) Insight Enterprises Inc

.625

05/15/32

102,263

300,000

(b) IQVIA Inc

.500

05/15/30

309,310

100,000

(b) Iron Mountain Inc

.000

02/15/29

102,728

200,000

(b) Iron Mountain Inc

.250

01/15/33

203,416

290,000

(b) Iron Mountain Information Management Services Inc

.000

07/15/32

276,747

200,000

(b) Jaguar Land Rover Automotive PLC

.875

01/15/28

200,610

410,000

(b) Jazz Securities DAC

.375

01/15/29

396,624

#### Portfolio of Investments July 31, 2025
(continued)

#### NUHY

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

700,000

(b) JetBlue Airways Corp / JetBlue Loyalty LP

.875

%

09/20/31

$

676,795

350,000

(b) Kinetik Holdings LP

.875

06/15/30

350,283

100,000

(b) Kodiak Gas Services LLC

.250

02/15/29

102,414

100,000

(b) Lamb Weston Holdings Inc

.125

01/31/30

95,132

100,000

(b) Lamb Weston Holdings Inc

.375

01/31/32

93,436

100,000

(b) Level 3 Financing Inc

.750

12/15/30

112,625

300,000

(b) Life Time Inc

.000

11/15/31

302,214

60,000

(b) Lithia Motors Inc

.875

06/01/29

56,534

310,000

(b) Lithia Motors Inc

.375

01/15/31

291,598

250,000

(b) Live Nation Entertainment Inc

.750

01/15/28

242,983

190,000

(a),(b)

Magnera Corp

.750

11/15/29

167,929

130,000

(b) Marriott Ownership Resorts Inc

.500

06/15/29

124,370

400,000

(b) Masterbrand Inc

.000

07/15/32

406,496

90,000

(b) McGraw-Hill Education Inc

.000

08/01/29

91,483

290,000

Mercer International Inc

.125

02/01/29

233,607

164,000

Methanex Corp

.125

10/15/27

163,177

130,000

(b) Michaels Cos Inc/The

.250

05/01/28

103,086

50,000

(b) Mobius Merger Sub Inc

.000

06/01/30

45,883

100,000

(b) Murphy Oil USA Inc

.750

02/15/31

91,845

32,000

(b) NCL Corp Ltd

.875

03/15/26

32,058

920,000

(b) NCL Corp Ltd

.875

02/15/27

922,726

850,000

(b) NCL Corp Ltd

.125

01/15/29

892,959

310,000

(b) NCL Corp Ltd

.750

02/15/29

328,859

60,000

(b) NCL Corp Ltd

.750

02/01/32

61,627

250,000

(b) NCR Atleos Corp

.500

04/01/29

270,839

71,000

(b) NCR Voyix Corp

.000

10/01/28

69,839

220,000

(b) NESCO Holdings II Inc

.500

04/15/29

214,502

150,000

(b) New Flyer Holdings Inc

.250

07/01/30

159,635

200,000

Newell Brands Inc

.375

09/15/27

201,565

200,000

Newell Brands Inc

.625

09/15/29

199,113

438,000

(b) Nexstar Media Inc

.750

11/01/28

425,711

250,000

NuStar Logistics LP

.375

10/01/30

257,549

200,000

(b) OCI NV

.700

03/16/33

221,500

100,000

(b) ON Semiconductor Corp

.875

09/01/28

96,635

230,000

(b) Open Text Holdings Inc

.125

12/01/31

209,312

120,000

(b) Option Care Health Inc

.375

10/31/29

114,620

720,000

(b) Organon & Co / Organon Foreign Debt Co-Issuer BV

.125

04/30/28

681,487

450,000

(b) Organon & Co / Organon Foreign Debt Co-Issuer BV

.125

04/30/31

389,302

400,000

(b) Organon & Co / Organon Foreign Debt Co-Issuer BV

.750

05/15/34

377,191

510,000

(b) Outfront Media Capital LLC / Outfront Media Capital Corp

.250

01/15/29

485,546

100,000

(b) Owens & Minor Inc

.625

04/01/30

90,050

520,000

(a),(b)

Owens-Brockway Glass Container Inc

.250

05/15/31

525,843

375,000

Paramount Global

.375

03/30/62

369,374

200,000

(b) Parkland Corp/Canada

.625

05/01/30

191,795

130,000

(b) Patrick Industries Inc

.375

11/01/32

130,087

220,000

PBF Holding Co LLC / PBF Finance Corp

.000

02/15/28

211,719

200,000

(b) PBF Holding Co LLC / PBF Finance Corp

.875

09/15/30

182,407

955,000

(b) Performance Food Group Inc

.250

08/01/29

918,170

400,000

(b) Performance Food Group Inc

.125

09/15/32

406,195

420,000

Perrigo Finance Unlimited Co

.900

06/15/30

409,540

200,000

(b) Phinia Inc

.750

04/15/29

205,818

590,000

(b) Post Holdings Inc

.500

09/15/31

545,346

425,000

(b) Post Holdings Inc

.250

02/15/32

432,938

150,000

(b) Post Holdings Inc

.375

03/01/33

149,887

150,000

(b) Post Holdings Inc

.250

10/15/34

150,188

150,000

(b) Prestige Brands Inc

.750

04/01/31

137,266

100,000

(b) Primo Water Holdings Inc / Triton Water Holdings Inc

.250

04/01/29

100,206

300,000

(b) Primo Water Holdings Inc / Triton Water Holdings Inc

.375

04/30/29

289,381

300,000

(b) Queen MergerCo Inc

.750

04/30/32

308,932

200,000

(b) Rakuten Group Inc

.750

04/15/29

218,983

355,000

(b),(c)

Rakuten Group Inc

.250

N/A

330,159

100,000

(b) RB Global Inc

.750

03/15/28

102,364

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

110,000

(b) RB Global Inc

.750

%

03/15/31

$

115,279

100,000

(b) Resideo Funding Inc

.500

07/15/32

101,444

160,000

(b) Reworld Holding Corp

.875

12/01/29

152,802

100,000

Rogers Communications Inc

.000

04/15/55

102,237

350,000

Rogers Communications Inc

.125

04/15/55

358,156

240,000

(b) Rogers Communications Inc

.250

03/15/82

236,596

380,000

(b) RR Donnelley & Sons Co

.500

08/01/29

388,273

35,000

(b) Sabre GLBL Inc

.625

06/01/27

35,556

360,000

(b) Sabre GLBL Inc

.750

11/15/29

370,789

200,000

(b) Sabre GLBL Inc

.125

07/15/30

210,850

390,000

SBA Communications Corp

.875

02/15/27

383,263

187,000

(b) Seagate Data Storage Technology Pte Ltd

.625

12/01/32

211,505

120,000

(b) Sealed Air Corp

.125

02/01/28

121,147

270,000

(a),(b)

SeaWorld Parks & Entertainment Inc

.250

08/15/29

262,805

300,000

(a),(b)

Select Medical Corp

.250

12/01/32

299,224

220,000

(b) Sensata Technologies BV

.000

04/15/29

209,095

200,000

(b) Sensata Technologies BV

.875

09/01/30

200,161

500,000

Service Corp International/US

.000

05/15/31

463,820

250,000

(b) Sinclair Television Group Inc

.125

02/15/33

255,002

395,000

(b) Sirius XM Radio LLC

.125

09/01/26

386,126

700,000

(b) Sirius XM Radio LLC

.000

07/15/28

666,251

540,000

(a),(b)

Sirius XM Radio LLC

.875

09/01/31

476,401

170,000

Six Flags Entertainment Corp

.250

05/15/31

173,260

250,000

(b) Six Flags Entertainment Corp / Six Flags Theme Parks Inc

.625

05/01/32

254,577

200,000

(b) Snap Inc

.875

03/01/33

205,070

170,000

(b) Somnigroup International Inc

.000

04/15/29

161,451

400,000

(b) Somnigroup International Inc

.875

10/15/31

361,114

100,000

(b) Sonic Automotive Inc

.625

11/15/29

96,171

200,000

(b) Sonic Automotive Inc

.875

11/15/31

188,498

500,000

(b) Sotera Health Holdings LLC

.375

06/01/31

517,236

170,000

(b) SPX FLOW Inc

.750

04/01/30

175,577

300,000

(b) Stagwell Global LLC

.625

08/15/29

288,755

230,000

(b) Stena International SA

.250

01/15/31

233,720

170,000

(b) Suburban Propane Partners LP/Suburban Energy Finance Corp

.000

06/01/31

159,659

260,000

(b) Summit Midstream Holdings LLC

.625

10/31/29

264,816

150,000

(b) Sunoco LP

.000

05/01/29

155,260

580,000

(b) Sunoco LP

.250

05/01/32

607,837

210,000

(b) Sunrise FinCo I BV

.875

07/15/31

197,946

60,000

(b) Superior Plus LP / Superior General Partner Inc

.500

03/15/29

57,239

150,000

(a),(b)

Surgery Center Holdings Inc

.250

04/15/32

154,231

100,000

TELUS Corp

.625

10/15/55

101,266

100,000

TELUS Corp

.000

10/15/55

101,242

450,000

(b) Tenneco Inc

.000

11/17/28

446,646

180,000

(b) Terex Corp

.000

05/15/29

175,693

200,000

(b) TGS ASA

.500

01/15/30

203,768

310,000

(b) Thor Industries Inc

.000

10/15/29

290,866

70,000

(b) TopBuild Corp

.125

02/15/32

64,514

21,000

(b) TransDigm Inc

.625

03/01/32

21,594

240,000

(b) Travel + Leisure Co

.500

12/01/29

230,446

140,000

TreeHouse Foods Inc

.000

09/01/28

129,472

100,000

(b) Trinity Industries Inc

.750

07/15/28

104,112

160,000

(b) Tronox Inc

.625

03/15/29

124,482

250,000

(b) TTM Technologies Inc

.000

03/01/29

237,954

160,000

Twilio Inc

.875

03/15/31

148,673

100,000

(b) Unisys Corp

.625

01/15/31

104,841

150,000

(b) United Natural Foods Inc

.750

10/15/28

149,366

350,000

(b) United Rentals North America Inc

.125

03/15/34

358,856

100,000

(b) Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC

.000

01/15/30

94,630

494,000

(b) Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC

.500

02/15/28

522,098

110,000

(b) Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC

.750

04/15/28

106,603

150,000

(b) Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC

.500

02/15/29

145,923

34,000

(b) Univision Communications Inc

.500

05/01/29

31,459

#### Portfolio of Investments July 31, 2025
(continued)

#### NUHY

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

228,000

(b) US Foods Inc

.750

%

02/15/29

$

223,289

250,000

(b) US Foods Inc

.625

06/01/30

240,824

90,000

(b) Valvoline Inc

.625

06/15/31

81,017

150,000

(b) Veritiv Operating Co

.500

11/30/30

162,582

130,000

(b) Vertiv Group Corp

.125

11/15/28

126,424

78,000

(b) Victoria's Secret & Co

.625

07/15/29

72,588

70,000

Vodafone Group PLC

.250

06/04/81

68,086

325,000

Vodafone Group PLC

.125

06/04/81

299,299

630,000

(b) VZ Secured Financing BV

.000

01/15/32

554,049

550,000

Walgreens Boots Alliance Inc

.125

08/15/29

590,385

300,000

(b) Wayfair LLC

.250

10/31/29

305,246

400,000

(b) Wayfair LLC

.750

09/15/30

409,958

245,000

(b) Weatherford International Ltd

.625

04/30/30

251,691

150,000

(b) WESCO Distribution Inc

.375

03/15/29

153,854

150,000

(b) WESCO Distribution Inc

.625

03/15/32

154,772

175,000

(b) WESCO Distribution Inc

.375

03/15/33

179,158

190,000

(b) Williams Scotsman Inc

.625

08/15/28

186,909

130,000

(b) Williams Scotsman Inc

.375

10/01/31

135,710

1,450,000

(b) Windstream Escrow LLC / Windstream Escrow Finance Corp

.250

10/01/31

1,517,991

100,000

(b) Wolverine World Wide Inc

.000

08/15/29

90,123

150,000

(b) Wyndham Hotels & Resorts Inc

.375

08/15/28

145,562

210,000

(b) Xerox Holdings Corp

.500

08/15/28

138,894

180,000

(b) XPO Inc

.125

02/01/32

187,107

360,000

Yum! Brands Inc

.625

03/15/31

331,820

450,000

Yum! Brands Inc

.625

01/31/32

430,781

360,000

Yum! Brands Inc

.375

04/01/32

358,051

100,000

(b) Zebra Technologies Corp

.500

06/01/32

102,498

230,000

(b) ZipRecruiter Inc

.000

01/15/30

174,065

200,000

(b) ZoomInfo Technologies LLC/ZoomInfo Finance Corp

.875

02/01/29

188,019

TOTAL INDUSTRIAL

79,009,360

UTILITY - 2.1%

260,000

AES Corp/The

.600

01/15/55

262,611

110,000

Algonquin Power & Utilities Corp

.750

01/18/82

106,781

210,000

(b) Clearway Energy Operating LLC

.750

02/15/31

191,679

160,000

(b) NRG Energy Inc

.750

07/15/29

158,581

150,000

(b) Vistra Operations Co LLC

.750

10/15/31

158,759

100,000

(b) Vistra Operations Co LLC

.875

04/15/32

103,905

210,000

(b) XPLR Infrastructure Operating Partners LP

.250

01/15/29

214,159

400,000

(b) XPLR Infrastructure Operating Partners LP

.375

01/15/31

419,560

350,000

(a),(b)

XPLR Infrastructure Operating Partners LP

.625

03/15/33

370,711

TOTAL UTILITY

1,986,746

TOTAL CORPORATE DEBT

(Cost $93,774,332)

94,797,466

TOTAL LONG-TERM INVESTMENTS

(Cost $93,774,332)

94,797,466

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.1%

2,996,682

(d) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (e)

$

2,996,682

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,996,682)

2,996,682

TOTAL INVESTMENTS - 100.8%

(Cost $96,771,014)

97,794,148

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(782,630)

NET ASSETS - 100%

$

97,011,518

See Notes to Financial Statements

REIT

Real Estate Investment Trust

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

of the reporting period was $2,863,374.

(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 $79,449,960 or 81.2% of Total Investments.

(c) Perpetual security. Maturity date is not applicable.

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

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

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

this money market fund.

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

#### Portfolio of Investments July 31, 2025

#### NUBD
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.8%

CORPORATE DEBT - 23.9%

FINANCIALS - 7.9%

$

10,000

Aegon Ltd

.500

%

04/11/48

$

10,015

200,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.450

10/29/26

194,700

30,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.650

07/21/27

29,492

20,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.875

01/23/28

19,671

10,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.100

01/19/29

10,156

10,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.150

09/30/30

10,610

190,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.300

01/30/32

171,892

10,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.400

10/29/33

8,782

10,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.300

01/19/34

10,040

20,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

.950

03/10/55

20,924

40,000

Aflac Inc

.600

04/01/30

38,715

10,000

Air Lease Corp

.625

10/01/28

10,016

80,000

Air Lease Corp

.125

12/01/30

73,795

50,000

Air Lease Corp

.200

07/15/31

50,933

30,000

Air Lease Corp

.875

01/15/32

26,589

50,000

Aircastle Ltd

.250

06/15/26

49,805

50,000

Ally Financial Inc

.737

05/15/29

50,922

92,000

Ally Financial Inc

.000

11/01/31

103,935

30,000

Ally Financial Inc

.000

11/01/31

33,799

50,000

Ally Financial Inc

.548

07/31/33

50,069

20,000

American Assets Trust LP

.375

02/01/31

17,886

90,000

American Express Co

.650

11/04/26

87,002

50,000

American Express Co

.085

01/30/31

51,064

50,000

American Express Co

.918

07/20/33

50,161

150,000

American Express Co

.625

07/28/34

153,803

150,000

American Express Co

.284

07/26/35

152,023

50,000

American Homes 4 Rent

.500

07/15/34

50,670

10,000

American Homes 4 Rent LP

.950

06/15/30

10,065

70,000

American International Group Inc

.400

06/30/30

66,398

20,000

American International Group Inc

.125

03/27/33

20,245

10,000

American International Group Inc

.375

06/30/50

8,266

30,000

Ameriprise Financial Inc

.700

12/15/28

31,222

10,000

Ameriprise Financial Inc

.500

05/13/32

9,904

20,000

Ameriprise Financial Inc

.200

04/15/35

20,045

10,000

Aon Corp / Aon Global Holdings PLC

.850

05/28/27

9,735

120,000

Aon Corp / Aon Global Holdings PLC

.350

02/28/33

123,172

20,000

Aon Global Ltd

.600

06/14/44

17,225

60,000

Aon North America Inc

.450

03/01/34

61,374

20,000

Apollo Global Management Inc

.375

11/15/33

21,795

20,000

Apollo Global Management Inc

.000

12/15/54

19,618

50,000

Arthur J Gallagher & Co

.500

05/20/51

34,291

90,000

Arthur J Gallagher & Co

.050

03/09/52

55,857

60,000

Arthur J Gallagher & Co

.550

02/15/55

56,602

42,000

Assurant Inc

.650

01/15/32

36,136

90,000

AvalonBay Communities Inc

.300

12/07/33

92,243

30,000

AXIS Specialty Finance LLC

.900

07/15/29

29,128

20,000

AXIS Specialty Finance LLC

.900

01/15/40

19,241

320,000

Banco Santander SA

.175

03/24/28

317,725

150,000

Banco Santander SA

.490

05/28/30

142,128

40,000

Banco Santander SA

.921

08/08/33

43,563

50,000

Bank of America Corp

.250

10/22/26

49,810

40,000

Bank of America Corp

.734

07/22/27

38,901

40,000

Bank of America Corp

.933

09/15/27

40,602

50,000

Bank of America Corp

.979

01/24/29

50,621

130,000

Bank of America Corp

.087

06/14/29

121,710

150,000

Bank of America Corp

.271

07/23/29

149,436

740,000

Bank of America Corp

.974

02/07/30

727,924

200,000

Bank of America Corp

.592

04/29/31

182,825

250,000

Bank of America Corp

.651

03/11/32

224,046

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

120,000

Bank of America Corp

.299

%

07/21/32

$

104,594

100,000

Bank of America Corp

.972

02/04/33

89,523

310,000

Bank of America Corp

.872

09/15/34

326,576

50,000

Bank of America Corp

.464

05/09/36

51,162

272,000

Bank of America Corp

.311

04/22/42

207,849

20,000

Bank of America Corp

.831

10/24/51

12,502

250,000

Bank of America Corp

.972

07/21/52

161,366

40,000

Bank of Montreal

.650

03/08/27

38,982

50,000

Bank of Montreal

.717

09/25/28

51,914

50,000

(a) Bank of Montreal

.004

01/27/29

50,671

50,000

Bank of Montreal

.640

09/10/30

50,233

58,000

Bank of Montreal

.803

12/15/32

56,354

100,000

Bank of New York Mellon Corp/The

.050

01/26/27

96,884

50,000

Bank of New York Mellon Corp/The

.442

02/07/28

49,356

50,000

Bank of New York Mellon Corp/The

.992

06/13/28

49,670

50,000

Bank of New York Mellon Corp/The

.942

02/11/31

50,923

120,000

Bank of New York Mellon Corp/The

.188

03/14/35

121,545

50,000

Bank of New York Mellon Corp/The

.606

07/21/39

51,123

60,000

Bank of Nova Scotia/The

.350

06/24/26

58,405

100,000

Bank of Nova Scotia/The

.400

06/04/27

102,038

50,000

Bank of Nova Scotia/The

.130

02/14/31

50,866

50,000

Bank of Nova Scotia/The

.740

11/10/32

49,842

60,000

Barclays PLC

.836

05/09/28

60,143

10,000

Barclays PLC

.501

08/09/28

10,172

200,000

Barclays PLC

.367

02/25/31

204,319

200,000

Barclays PLC

.692

09/13/34

218,218

200,000

Barclays PLC

.335

09/10/35

199,000

60,000

BlackRock Funding Inc

.350

01/08/55

57,860

40,000

Blackrock Inc

.250

04/30/29

38,774

20,000

Blackrock Inc

.400

04/30/30

18,384

30,000

Blackrock Inc

.900

01/28/31

26,289

50,000

Blackrock Inc

.750

05/25/33

50,138

132,000

Boston Properties LP

.900

03/15/30

121,197

20,000

(a) Boston Properties LP

.500

01/15/34

21,407

20,000

Brixmor Operating Partnership LP

.125

06/15/26

19,925

50,000

Brixmor Operating Partnership LP

.200

04/01/32

50,547

80,000

Brookfield Finance I UK Plc / Brookfield Finance Inc

.340

01/30/32

68,609

20,000

Brookfield Finance Inc

.900

01/25/28

19,705

60,000

Brookfield Finance Inc

.350

01/05/34

64,600

10,000

Brookfield Finance Inc

.968

03/04/54

10,069

50,000

Brown & Brown Inc

.650

06/11/34

50,906

50,000

Brown & Brown Inc

.550

06/23/35

50,545

50,000

Canadian Imperial Bank of Commerce

.260

04/08/29

51,301

100,000

Canadian Imperial Bank of Commerce

.092

10/03/33

107,257

30,000

Capital One Financial Corp

.468

02/01/29

30,638

100,000

Capital One Financial Corp

.312

06/08/29

104,469

130,000

Capital One Financial Corp

.624

10/30/31

146,385

100,000

Capital One Financial Corp

.700

11/29/32

109,297

100,000

Capital One Financial Corp

.051

02/01/35

104,181

10,000

Cboe Global Markets Inc

.650

01/12/27

9,896

10,000

Cboe Global Markets Inc

.000

03/16/32

9,007

250,000

Centene Corp

.375

02/15/30

225,087

10,000

Charles Schwab Corp/The

.200

03/02/27

9,821

110,000

Charles Schwab Corp/The

.000

03/20/28

103,926

30,000

Charles Schwab Corp/The

.000

02/01/29

29,740

110,000

Charles Schwab Corp/The

.643

05/19/29

113,695

10,000

Charles Schwab Corp/The

.250

05/22/29

9,622

10,000

Charles Schwab Corp/The

.853

05/19/34

10,599

10,000

Charles Schwab Corp/The

.136

08/24/34

10,792

139,000

Chubb Corp/The

.000

05/11/37

149,412

15,000

Chubb INA Holdings LLC

.375

09/15/30

12,966

10,000

Chubb INA Holdings LLC

.350

11/03/45

8,577

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

90,000

Citibank NA

.576

%

05/29/27

$

90,255

898,000

Citigroup Inc

.980

03/20/30

878,890

50,000

Citigroup Inc

.542

09/19/30

49,797

60,000

Citigroup Inc

.666

01/29/31

54,959

190,000

Citigroup Inc

.561

05/01/32

168,216

280,000

Citigroup Inc

.520

11/03/32

244,433

20,000

Citigroup Inc

.057

01/25/33

17,915

100,000

Citigroup Inc

.174

05/25/34

104,576

50,000

Citigroup Inc

.827

02/13/35

50,845

20,000

Citigroup Inc

.449

06/11/35

20,407

50,000

Citigroup Inc

.020

01/24/36

51,242

50,000

Citigroup Inc

.333

03/27/36

50,234

50,000

Citigroup Inc

.411

09/19/39

48,954

32,000

Citizens Financial Group Inc

.850

07/27/26

31,458

100,000

Citizens Financial Group Inc

.638

09/30/32

84,006

70,000

CME Group Inc

.300

09/15/43

69,612

50,000

CNO Financial Group Inc

.450

06/15/34

52,091

60,000

Comerica Inc

.982

01/30/30

61,695

100,000

Cooperatieve Rabobank UA

.750

07/21/26

99,138

50,000

Cooperatieve Rabobank UA

.750

12/01/43

50,001

40,000

COPT Defense Properties LP

.000

01/15/29

36,523

20,000

Cousins Properties LP

.375

02/15/32

20,190

10,000

Credit Suisse USA LLC

.125

07/15/32

11,350

120,000

Deutsche Bank AG/New York NY

.552

01/07/28

116,402

160,000

Deutsche Bank AG/New York NY

.819

11/20/29

170,301

150,000

Deutsche Bank AG/New York NY

.950

08/04/31

150,248

50,000

Deutsche Bank AG/New York NY

.742

01/07/33

45,142

60,000

Digital Realty Trust LP

.550

01/15/28

61,390

20,000

Eaton Vance Corp

.500

04/06/27

19,711

30,000

Elevance Health Inc

.650

12/01/27

29,521

30,000

Elevance Health Inc

.250

05/15/30

26,987

50,000

Elevance Health Inc

.500

10/15/32

51,630

50,000

Elevance Health Inc

.200

02/15/35

49,962

70,000

Elevance Health Inc

.375

06/15/37

74,983

100,000

Elevance Health Inc

.650

01/15/43

86,769

30,000

Elevance Health Inc

.125

05/15/50

19,123

110,000

Elevance Health Inc

.550

05/15/52

88,687

20,000

Equitable Holdings Inc

.350

04/20/28

19,915

36,000

Equitable Holdings Inc

.000

04/20/48

31,623

40,000

ERP Operating LP

.500

02/15/30

36,745

50,000

ERP Operating LP

.650

09/15/34

48,422

30,000

Everest Reinsurance Holdings Inc

.500

10/15/50

20,364

100,000

(b) Fairfax Financial Holdings Ltd

.750

05/20/35

100,819

50,000

Federal Realty OP LP

.500

06/01/30

47,443

32,000

Fifth Third Bancorp

.707

11/01/27

30,888

100,000

Fifth Third Bancorp

.339

07/27/29

105,099

50,000

Fifth Third Bancorp

.631

01/29/32

51,794

30,000

First American Financial Corp

.400

08/15/31

25,692

30,000

Franklin Resources Inc

.600

10/30/30

25,837

50,000

GATX Corp

.700

04/01/29

50,239

10,000

GATX Corp

.000

06/30/30

9,722

10,000

GATX Corp

.900

06/01/31

8,516

30,000

GATX Corp

.500

06/01/32

27,284

20,000

GATX Corp

.450

09/15/33

20,340

20,000

GATX Corp

.050

03/15/34

21,097

20,000

GATX Corp

.200

03/15/44

18,304

10,000

Goldman Sachs Group Inc/The

.387

06/15/27

9,975

420,000

Goldman Sachs Group Inc/The

.800

03/15/30

408,633

50,000

Goldman Sachs Group Inc/The

.727

04/25/30

51,916

100,000

Goldman Sachs Group Inc/The

.218

04/23/31

102,253

652,000

Goldman Sachs Group Inc/The

.383

07/21/32

569,560

200,000

Goldman Sachs Group Inc/The

.650

10/21/32

176,162

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

140,000

Goldman Sachs Group Inc/The

.561

%

10/24/34

$

154,687

50,000

Goldman Sachs Group Inc/The

.330

07/23/35

50,511

90,000

Goldman Sachs Group Inc/The

.016

10/23/35

88,769

50,000

Goldman Sachs Group Inc/The

.536

01/28/36

51,118

50,000

Goldman Sachs Group Inc/The

.561

11/19/45

49,419

20,000

HA Sustainable Infrastructure Capital Inc

.375

07/01/34

19,817

90,000

Hartford Insurance Group Inc/The

.900

09/15/51

56,515

50,000

Healthpeak OP LLC

.125

12/01/28

46,287

60,000

Healthpeak OP LLC

.500

07/15/29

57,680

40,000

Highwoods Realty LP

.050

02/15/30

36,417

10,000

Host Hotels & Resorts LP

.375

12/15/29

9,377

50,000

Host Hotels & Resorts LP

.700

06/15/32

50,720

110,000

HSBC Holdings PLC

.013

09/22/28

104,227

270,000

HSBC Holdings PLC

.206

08/17/29

251,368

450,000

HSBC Holdings PLC

.804

05/24/32

400,825

100,000

HSBC Holdings PLC

.871

11/22/32

88,553

250,000

HSBC Holdings PLC

.547

06/20/34

265,325

200,000

HSBC Holdings PLC

.450

03/03/36

201,259

10,000

HSBC Holdings PLC

.500

09/15/37

10,563

10,000

Humana Inc

.350

02/03/27

9,539

10,000

Humana Inc

.750

12/01/28

10,349

30,000

Humana Inc

.875

04/01/30

30,153

10,000

Humana Inc

.375

04/15/31

10,200

110,000

Humana Inc

.150

02/03/32

92,157

20,000

Humana Inc

.950

10/01/44

17,311

10,000

Humana Inc

.500

03/15/53

8,947

10,000

Humana Inc

.750

04/15/54

9,291

120,000

Huntington Bancshares Inc/OH

.709

02/02/35

122,758

100,000

ING Groep NV

.950

03/29/27

99,170

70,000

ING Groep NV

.050

04/09/29

68,947

40,000

ING Groep NV

.550

03/19/35

40,846

64,000

Intercontinental Exchange Inc

.750

09/21/28

62,906

10,000

Intercontinental Exchange Inc

.350

06/15/29

10,006

50,000

Intercontinental Exchange Inc

.250

06/15/31

51,698

20,000

Intercontinental Exchange Inc

.850

09/15/32

16,571

20,000

Intercontinental Exchange Inc

.600

03/15/33

19,807

90,000

Intercontinental Exchange Inc

.250

09/21/48

73,924

20,000

Intercontinental Exchange Inc

.950

06/15/52

17,971

60,000

Invitation Homes Operating Partnership LP

.450

08/15/30

61,750

30,000

Jackson Financial Inc

.125

11/23/31

26,588

40,000

JPMorgan Chase & Co

.947

02/24/28

39,062

50,000

JPMorgan Chase & Co

.979

07/22/28

50,481

30,000

JPMorgan Chase & Co

.509

01/23/29

29,346

50,000

JPMorgan Chase & Co

.915

01/24/29

50,544

240,000

JPMorgan Chase & Co

.005

04/23/29

237,336

60,000

JPMorgan Chase & Co

.581

04/22/30

62,198

570,000

JPMorgan Chase & Co

.702

05/06/30

554,262

260,000

JPMorgan Chase & Co

.739

10/15/30

242,194

50,000

JPMorgan Chase & Co

.603

10/22/30

50,111

648,000

JPMorgan Chase & Co

.493

03/24/31

645,741

180,000

JPMorgan Chase & Co

.545

11/08/32

158,251

50,000

JPMorgan Chase & Co

.946

10/22/35

49,447

270,000

JPMorgan Chase & Co

.157

04/22/42

203,874

450,000

JPMorgan Chase & Co

.328

04/22/52

312,664

20,000

KeyBank NA/Cleveland OH

.950

02/01/28

21,007

20,000

KeyBank NA/Cleveland OH

.900

04/13/29

19,280

50,000

KeyCorp

.250

04/06/27

48,121

60,000

KeyCorp

.401

03/06/35

64,127

20,000

Kilroy Realty LP

.750

12/15/28

19,790

20,000

Kilroy Realty LP

.500

11/15/32

16,130

100,000

Kimco Realty OP LLC

.250

12/01/31

86,386

50,000

Lazard Group LLC

.625

08/01/35

49,947

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

10,000

Legg Mason Inc

.625

%

01/15/44

$

9,836

25,000

Lincoln National Corp

.050

01/15/30

23,380

30,000

Lincoln National Corp

.400

03/01/32

27,170

60,000

Lloyds Banking Group PLC

.550

08/16/28

60,072

200,000

Lloyds Banking Group PLC

.721

06/05/30

207,496

50,000

Lloyds Banking Group PLC

.679

01/05/35

51,332

75,000

Lloyds Banking Group PLC

.344

01/09/48

59,959

20,000

LPL Holdings Inc

.750

11/17/28

21,236

20,000

LPL Holdings Inc

.150

06/15/30

20,230

20,000

LXP Industrial Trust

.750

11/15/28

21,101

30,000

M&T Bank Corp

.413

10/30/29

32,471

60,000

M&T Bank Corp

.082

03/13/32

63,137

50,000

M&T Bank Corp

.385

01/16/36

49,818

40,000

Manulife Financial Corp

.375

03/04/46

39,469

20,000

Marsh & McLennan Cos Inc

.375

03/15/29

20,030

120,000

Marsh & McLennan Cos Inc

.250

11/15/30

107,177

10,000

Marsh & McLennan Cos Inc

.150

03/15/34

10,177

20,000

Marsh & McLennan Cos Inc

.750

03/15/39

18,844

40,000

Marsh & McLennan Cos Inc

.350

01/30/47

33,257

60,000

Marsh & McLennan Cos Inc

.200

03/01/48

48,842

60,000

Marsh & McLennan Cos Inc

.450

03/15/54

57,412

10,000

MetLife Inc

.875

02/06/41

10,299

220,000

MetLife Inc

.875

11/13/43

200,587

40,000

MetLife Inc

.000

07/15/52

35,973

200,000

Mitsubishi UFJ Financial Group Inc

.757

09/13/26

196,328

150,000

Mitsubishi UFJ Financial Group Inc

.538

07/20/27

145,601

64,000

Mitsubishi UFJ Financial Group Inc

.961

03/02/28

63,376

10,000

Mitsubishi UFJ Financial Group Inc

.080

04/19/28

9,916

200,000

Mitsubishi UFJ Financial Group Inc

.441

02/22/34

206,231

10,000

Mitsubishi UFJ Financial Group Inc

.751

07/18/39

8,581

10,000

Mizuho Financial Group Inc

.663

02/28/27

9,881

60,000

Mizuho Financial Group Inc

.254

09/11/29

59,438

100,000

Mizuho Financial Group Inc

.869

09/13/30

93,304

10,000

Mizuho Financial Group Inc

.979

09/08/31

8,733

200,000

Mizuho Financial Group Inc

.594

07/10/35

205,972

50,000

Morgan Stanley

.350

09/08/26

49,870

10,000

Morgan Stanley

.512

07/20/27

9,702

50,000

Morgan Stanley

.652

04/13/28

50,934

50,000

Morgan Stanley

.210

04/20/28

49,777

10,000

Morgan Stanley

.591

07/22/28

9,828

517,000

Morgan Stanley

.772

01/24/29

508,392

10,000

Morgan Stanley

.123

02/01/29

10,147

70,000

Morgan Stanley

.164

04/20/29

71,129

291,000

Morgan Stanley

.431

01/23/30

290,094

50,000

Morgan Stanley

.656

04/18/30

51,812

25,000

Morgan Stanley

.654

10/18/30

25,050

120,000

Morgan Stanley

.622

04/01/31

114,941

210,000

Morgan Stanley

.239

07/21/32

181,973

130,000

Morgan Stanley

.424

07/21/34

133,134

100,000

Morgan Stanley

.627

11/01/34

110,285

50,000

Morgan Stanley

.831

04/19/35

52,413

60,000

Morgan Stanley

.320

07/19/35

60,755

50,000

Morgan Stanley

.587

01/18/36

51,318

50,000

Morgan Stanley

.664

04/17/36

51,569

100,000

Morgan Stanley

.484

09/16/36

85,239

100,000

Morgan Stanley

.942

02/07/39

103,255

20,000

Morgan Stanley

.300

01/27/45

17,040

50,000

Morgan Stanley

.516

11/19/55

48,981

20,000

Morgan Stanley Bank NA

.952

01/14/28

20,116

135,000

Nasdaq Inc

.550

02/15/34

140,063

250,000

National Australia Bank Ltd/New York

.308

06/13/28

250,576

80,000

NatWest Group PLC

.892

05/18/29

80,682

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

100,000

NatWest Group PLC

.808

%

09/13/29

$

103,678

100,000

NatWest Group PLC

.076

01/27/30

101,353

10,000

Nomura Holdings Inc

.594

07/02/27

10,192

120,000

Nomura Holdings Inc

.172

07/14/28

112,036

10,000

Nomura Holdings Inc

.999

01/22/32

8,896

80,000

Nomura Holdings Inc

.181

01/18/33

85,185

10,000

Nomura Holdings Inc

.087

07/12/33

10,632

20,000

Northern Trust Corp

.150

05/03/29

19,212

30,000

Old Republic International Corp

.750

03/28/34

30,739

60,000

Omega Healthcare Investors Inc

.750

01/15/28

60,173

40,000

ORIX Corp

.700

07/18/27

39,387

40,000

ORIX Corp

.250

03/09/31

35,094

20,000

ORIX Corp

.000

04/13/32

19,024

10,000

ORIX Corp

.200

09/13/32

10,139

20,000

Piedmont Operating Partnership LP

.150

08/15/30

17,796

10,000

PNC Bank NA

.100

10/25/27

9,728

90,000

PNC Bank NA

.050

07/26/28

89,037

20,000

PNC Bank NA

.700

10/22/29

18,566

100,000

PNC Financial Services Group Inc/The

.582

06/12/29

103,110

50,000

PNC Financial Services Group Inc/The

.222

01/29/31

51,300

50,000

PNC Financial Services Group Inc/The

.812

10/21/32

49,963

140,000

PNC Financial Services Group Inc/The

.875

10/20/34

156,385

50,000

PNC Financial Services Group Inc/The

.676

01/22/35

51,878

54,000

Principal Financial Group Inc

.700

05/15/29

52,490

10,000

Principal Financial Group Inc

.125

06/15/30

8,937

44,000

Progressive Corp/The

.200

03/26/30

41,862

40,000

Progressive Corp/The

.000

03/15/32

36,378

50,000

Progressive Corp/The

.200

03/15/48

41,064

31,000

Prologis LP

.875

09/15/28

30,586

50,000

Prologis LP

.875

11/15/29

46,975

50,000

Prologis LP

.750

01/15/31

50,419

10,000

Prologis LP

.375

09/15/48

8,238

30,000

Prologis LP

.250

06/15/53

28,007

50,000

Prologis LP

.250

03/15/54

46,676

10,000

Prudential Financial Inc

.878

03/27/28

9,918

30,000

Prudential Financial Inc

.100

03/10/30

27,243

70,000

Prudential Financial Inc

.000

03/10/40

52,800

20,000

Prudential Financial Inc

.500

09/15/47

19,684

143,000

Prudential Financial Inc

.905

12/07/47

110,776

20,000

Prudential Financial Inc

.700

10/01/50

18,259

30,000

Prudential Funding Asia PLC

.625

03/24/32

27,889

90,000

Public Storage Operating Co

.125

01/15/29

92,329

50,000

Public Storage Operating Co

.000

07/01/35

49,453

40,000

Raymond James Financial Inc

.950

07/15/46

36,019

50,000

Regency Centers Corp

.250

01/15/34

50,749

20,000

Regions Financial Corp

.800

08/12/28

18,487

40,000

Regions Financial Corp

.375

12/10/37

44,948

30,000

Reinsurance Group of America Inc

.950

09/15/26

29,812

29,000

Reinsurance Group of America Inc

.900

05/15/29

28,484

100,000

Royal Bank of Canada

.150

07/14/26

96,988

110,000

Royal Bank of Canada

.200

08/01/28

112,749

50,000

(c) Royal Bank of Canada

.498

08/06/29

50,033

50,000

Royal Bank of Canada

.969

08/02/30

50,725

50,000

Royal Bank of Canada

.650

10/18/30

50,006

140,000

Royal Bank of Canada

.153

02/04/31

142,777

100,000

Santander Holdings USA Inc

.490

01/06/28

96,905

10,000

Santander Holdings USA Inc

.565

06/12/29

10,460

50,000

Santander Holdings USA Inc

.342

05/31/35

52,568

100,000

Santander UK Group Holdings PLC

.858

09/11/30

100,107

10,000

Selective Insurance Group Inc

.900

04/15/35

10,175

162,000

Simon Property Group LP

.500

03/08/33

168,725

50,000

Simon Property Group LP

.750

09/26/34

48,684

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

FINANCIALS

(continued)

60,000

State Street Corp

.993

%

03/18/27

$

60,683

10,000

State Street Corp

.141

12/03/29

9,933

160,000

State Street Corp

.400

01/24/30

148,317

50,000

State Street Corp

.834

04/24/30

50,794

50,000

State Street Corp

.675

10/22/32

49,846

60,000

State Street Corp

.123

11/21/34

63,931

50,000

Sumitomo Mitsui Financial Group Inc

.632

07/14/26

49,170

260,000

Sumitomo Mitsui Financial Group Inc

.364

07/12/27

255,567

90,000

Sumitomo Mitsui Financial Group Inc

.544

01/17/28

88,308

170,000

Sumitomo Mitsui Financial Group Inc

.750

01/15/30

157,331

10,000

Sumitomo Mitsui Financial Group Inc

.710

01/12/31

8,574

70,000

Sumitomo Mitsui Financial Group Inc

.836

07/09/44

70,717

70,000

Synchrony Financial

.935

08/02/30

71,945

50,000

Synchrony Financial

.000

07/29/36

50,151

20,000

Synovus Financial Corp

.168

11/01/30

20,567

152,000

Toronto-Dominion Bank/The

.200

06/03/26

147,925

100,000

Toronto-Dominion Bank/The

.523

07/17/28

103,047

50,000

Toronto-Dominion Bank/The

.783

12/17/29

50,497

50,000

Toronto-Dominion Bank/The

.625

09/15/31

49,315

50,000

Toronto-Dominion Bank/The

.298

01/30/32

51,307

50,000

Travelers Cos Inc/The

.050

07/24/35

50,123

20,000

Travelers Cos Inc/The

.350

11/01/40

19,938

72,000

Travelers Cos Inc/The

.600

08/01/43

63,818

20,000

Travelers Cos Inc/The

.750

05/15/46

15,418

20,000

Travelers Cos Inc/The

.000

05/30/47

15,960

10,000

Travelers Cos Inc/The

.050

03/07/48

8,018

10,000

Travelers Cos Inc/The

.450

05/25/53

9,713

21,000

Truist Financial Corp

.123

06/06/28

20,894

50,000

Truist Financial Corp

.873

01/26/29

50,457

100,000

Truist Financial Corp

.887

06/07/29

93,090

100,000

Truist Financial Corp

.161

10/30/29

107,944

10,000

Truist Financial Corp

.950

06/05/30

8,874

50,000

Truist Financial Corp

.071

05/20/31

50,687

50,000

Truist Financial Corp

.153

08/05/32

50,853

200,000

UBS AG/London

.650

09/11/28

207,644

300,000

US Bancorp

.384

01/23/30

308,149

170,000

US Bancorp

.678

01/23/35

176,165

1,000

Ventas Realty LP

.850

04/01/27

989

20,000

Ventas Realty LP

.400

01/15/29

19,885

10,000

Ventas Realty LP

.000

01/15/30

9,353

64,000

Ventas Realty LP

.750

11/15/30

63,917

50,000

Ventas Realty LP

.100

07/15/32

50,533

19,000

Voya Financial Inc

.800

06/15/46

16,411

20,000

Voya Financial Inc

.700

01/23/48

19,115

88,000

Welltower OP LLC

.125

03/15/29

87,073

10,000

Welltower OP LLC

.750

01/15/31

9,102

100,000

Welltower OP LLC

.125

07/01/35

99,654

110,000

Westpac Banking Corp

.953

11/20/28

102,321

10,000

Westpac Banking Corp

.650

01/16/30

9,341

100,000

Westpac Banking Corp

.150

06/03/31

88,400

116,000

Westpac Banking Corp

.322

11/23/31

115,002

50,000

Westpac Banking Corp

.618

11/20/35

50,425

10,000

Willis North America Inc

.500

09/15/28

10,015

30,000

Willis North America Inc

.950

09/15/29

28,132

50,000

Willis North America Inc

.900

03/05/54

49,267

40,000

WP Carey Inc

.450

02/01/32

34,273

30,000

XL Group Ltd

.250

12/15/43

28,625

20,000

Zions Bancorp NA

.250

10/29/29

18,395

TOTAL FINANCIALS

31,974,611

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL - 13.7%

30,000

3M Co

.375

%

03/01/29

$

28,993

28,000

3M Co

.375

08/26/29

25,908

100,000

3M Co

.050

04/15/30

93,945

20,000

3M Co

.700

03/15/37

20,908

10,000

3M Co

.625

10/15/47

7,355

20,000

3M Co

.250

08/26/49

13,581

20,000

ABB Finance USA Inc

.800

04/03/28

19,953

100,000

AbbVie Inc

.800

03/15/27

100,659

100,000

AbbVie Inc

.650

03/15/28

100,914

100,000

AbbVie Inc

.800

03/15/29

101,586

150,000

AbbVie Inc

.950

03/15/31

153,057

150,000

AbbVie Inc

.050

03/15/34

151,893

150,000

AbbVie Inc

.350

03/15/44

146,524

180,000

AbbVie Inc

.400

03/15/54

173,451

150,000

AbbVie Inc

.500

03/15/64

144,398

18,000

Adobe Inc

.150

02/01/27

17,479

70,000

Adobe Inc

.800

04/04/29

71,467

50,000

Adobe Inc

.950

01/17/30

51,415

80,000

Agilent Technologies Inc

.100

06/04/30

71,465

89,000

Air Products and Chemicals Inc

.850

05/15/27

85,388

10,000

Air Products and Chemicals Inc

.050

05/15/30

8,989

40,000

Air Products and Chemicals Inc

.800

03/03/33

40,115

10,000

Air Products and Chemicals Inc

.700

05/15/40

7,224

30,000

Albemarle Corp

.650

06/01/27

29,772

40,000

Allegion US Holding Co Inc

.411

07/01/32

41,082

10,000

Amcor Finance USA Inc

.500

05/15/28

9,984

60,000

Amcor Flexibles North America Inc

.630

06/19/30

54,444

150,000

America Movil SAB de CV

.700

07/21/32

147,979

10,000

America Movil SAB de CV

.125

11/15/37

10,488

11,000

American Airlines 2016-1 Class AA Pass Through Trust2020 A

.575

01/15/28

11,106

62,000

American Airlines 2017-1 Class AA Pass Through Trust2020 A

.650

02/15/29

59,173

12,000

American Airlines 2017-2 Class AA Pass Through Trust

.350

10/15/29

11,778

40,000

American Honda Finance Corp

.300

09/09/26

39,063

60,000

American Honda Finance Corp

.900

03/13/29

60,806

80,000

American Honda Finance Corp

.850

10/04/30

84,398

120,000

American Honda Finance Corp

.050

07/10/31

121,849

10,000

American Tower Corp

.450

09/15/26

9,659

10,000

American Tower Corp

.375

10/15/26

9,865

10,000

American Tower Corp

.600

01/15/28

9,803

40,000

American Tower Corp

.500

01/31/28

37,213

110,000

American Tower Corp

.250

07/15/28

112,483

50,000

American Tower Corp

.800

11/15/28

51,906

60,000

American Tower Corp

.900

01/15/30

55,720

20,000

American Tower Corp

.875

10/15/30

17,361

110,000

American Tower Corp

.050

03/15/32

105,374

20,000

American Tower Corp

.700

10/15/49

14,511

30,000

American Tower Corp

.100

06/15/50

19,473

60,000

Amgen Inc

.150

03/02/28

61,100

130,000

Amgen Inc

.000

02/22/29

123,929

10,000

Amgen Inc

.250

03/02/30

10,274

138,000

Amgen Inc

.300

02/25/31

122,483

110,000

Amgen Inc

.000

01/15/32

93,592

20,000

Amgen Inc

.750

03/15/40

20,337

10,000

Amgen Inc

.950

10/01/41

9,162

320,000

Amgen Inc

.600

03/02/43

316,101

160,000

Amgen Inc

.400

05/01/45

135,274

30,000

Amgen Inc

.563

06/15/48

25,277

70,000

Amgen Inc

.663

06/15/51

59,234

30,000

Amgen Inc

.650

03/02/53

29,010

10,000

Analog Devices Inc

.500

12/05/26

9,887

50,000

Analog Devices Inc

.700

10/01/28

46,177

20,000

Analog Devices Inc

.100

10/01/31

17,436

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

10,000

Analog Devices Inc

.050

%

04/01/34

$

10,183

50,000

Analog Devices Inc

.300

04/01/54

48,044

32,000

Applied Materials Inc

.100

10/01/35

32,775

110,000

Applied Materials Inc

.350

04/01/47

93,697

40,000

Aptiv Swiss Holdings Ltd

.350

03/15/29

39,548

82,000

Aptiv Swiss Holdings Ltd

.150

05/01/52

59,080

20,000

Archer-Daniels-Midland Co

.500

08/11/26

19,617

40,000

Archer-Daniels-Midland Co

.250

03/27/30

38,018

120,000

Archer-Daniels-Midland Co

.700

09/15/51

72,560

50,000

Arrow Electronics Inc

.150

08/21/29

50,693

50,000

Astrazeneca Finance LLC

.800

02/26/27

50,440

49,000

AstraZeneca PLC

.375

08/06/30

42,419

235,000

AstraZeneca PLC

.450

09/15/37

262,399

20,000

AstraZeneca PLC

.375

11/16/45

17,419

20,000

AstraZeneca PLC

.125

08/06/50

11,053

200,000

AT&T Inc

.700

08/15/30

201,521

350,000

AT&T Inc

.550

12/01/33

291,824

200,000

AT&T Inc

.400

02/15/34

204,386

350,000

AT&T Inc

.375

08/15/35

354,933

350,000

AT&T Inc

.050

08/15/56

354,804

40,000

Atlassian Corp

.500

05/15/34

40,618

70,000

Autodesk Inc

.400

12/15/31

61,109

70,000

Automatic Data Processing Inc

.700

05/15/28

65,637

50,000

Automatic Data Processing Inc

.750

05/08/32

50,482

30,000

AutoNation Inc

.950

08/01/28

27,813

40,000

AutoNation Inc

.750

06/01/30

39,646

10,000

AutoNation Inc

.850

03/01/32

9,196

50,000

AutoZone Inc

.500

02/01/28

50,161

100,000

AutoZone Inc

.200

08/01/33

100,900

50,000

Avery Dennison Corp

.250

02/15/32

42,432

10,000

(a) Baidu Inc

.425

04/07/30

9,553

80,000

Baidu Inc

.375

10/09/30

72,247

125,000

Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc

.138

11/07/29

119,389

30,000

Baker Hughes Holdings LLC / Baker Hughes Co-Obligor Inc

.486

05/01/30

30,009

10,000

Baxter International Inc

.600

08/15/26

9,801

40,000

Baxter International Inc

.730

04/01/31

34,077

120,000

Baxter International Inc

.539

02/01/32

104,297

10,000

Bell Telephone Co of Canada or Bell Canada

.100

05/11/33

9,993

10,000

Bell Telephone Co of Canada or Bell Canada

.200

02/15/34

9,961

50,000

Bell Telephone Co of Canada or Bell Canada

.464

04/01/48

40,287

80,000

Berry Global Inc

.500

04/15/28

81,848

20,000

Berry Global Inc

.650

01/15/34

20,674

20,000

Biogen Inc

.250

05/01/30

17,943

50,000

Biogen Inc

.750

05/15/35

51,290

120,000

Biogen Inc

.150

05/01/50

74,896

10,000

Biogen Inc

.250

02/15/51

6,279

30,000

Block Financial LLC

.500

07/15/28

28,225

50,000

Booking Holdings Inc

.600

06/01/26

49,652

20,000

Booking Holdings Inc

.625

04/13/30

20,154

20,000

Booz Allen Hamilton Inc

.950

08/04/33

20,687

50,000

(a) Booz Allen Hamilton Inc

.950

04/15/35

51,048

62,000

BorgWarner Inc

.650

07/01/27

59,872

30,000

Bristol-Myers Squibb Co

.200

06/15/26

29,718

10,000

Bristol-Myers Squibb Co

.250

02/27/27

9,856

20,000

Bristol-Myers Squibb Co

.125

11/13/27

18,710

60,000

Bristol-Myers Squibb Co

.900

02/22/29

61,156

90,000

Bristol-Myers Squibb Co

.450

11/13/30

77,575

40,000

Bristol-Myers Squibb Co

.900

11/15/33

42,756

560,000

Bristol-Myers Squibb Co

.125

06/15/39

494,162

10,000

Bristol-Myers Squibb Co

.550

02/20/48

8,514

50,000

Bristol-Myers Squibb Co

.250

11/15/53

53,220

10,000

British Telecommunications PLC

.125

12/04/28

10,172

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

60,000

British Telecommunications PLC

.625

%

12/15/30

$

73,329

70,000

Broadcom Inc

.050

04/15/30

71,521

50,000

Broadcom Inc

.150

11/15/31

51,236

50,000

Broadcom Inc

.550

02/15/32

49,334

292,000

(b) Broadcom Inc

.150

04/15/32

280,659

485,000

Broadcom Inc

.300

11/15/32

468,788

90,000

(b) Broadcom Inc

.187

11/15/36

74,272

50,000

Broadridge Financial Solutions Inc

.600

05/01/31

44,312

50,000

Brunswick Corp/DE

.400

09/15/32

46,695

40,000

Bunge Ltd Finance Corp

.250

08/15/26

39,481

10,000

Bunge Ltd Finance Corp

.750

09/25/27

9,874

50,000

Bunge Ltd Finance Corp

.550

08/04/30

49,884

60,000

Bunge Ltd Finance Corp

.750

05/14/31

54,126

20,000

Cabot Corp

.000

06/30/32

19,926

10,000

Canadian National Railway Co

.850

08/05/32

9,473

10,000

Canadian National Railway Co

.250

08/01/34

10,980

60,000

Canadian National Railway Co

.375

11/15/37

66,551

60,000

Canadian National Railway Co

.650

02/03/48

45,376

30,000

Canadian National Railway Co

.450

01/20/49

25,700

10,000

Canadian Pacific Railway Co

.000

06/01/28

9,905

10,000

Canadian Pacific Railway Co

.875

11/15/29

9,353

10,000

Canadian Pacific Railway Co

.050

03/05/30

8,977

70,000

Canadian Pacific Railway Co

.450

12/02/31

61,227

10,000

Canadian Pacific Railway Co

.800

09/15/35

9,705

50,000

Canadian Pacific Railway Co

.000

12/02/41

36,249

70,000

Canadian Pacific Railway Co

.300

05/15/43

59,064

70,000

Canadian Pacific Railway Co

.125

09/15/15

71,048

120,000

Cardinal Health Inc

.500

11/15/44

100,156

10,000

Cardinal Health Inc

.900

09/15/45

8,829

50,000

Cardinal Health Inc

.750

11/15/54

48,916

10,000

Carlisle Cos Inc

.750

03/01/30

9,227

20,000

Carlisle Cos Inc

.200

03/01/32

16,906

10,000

Carrier Global Corp

.700

02/15/31

9,073

70,000

Carrier Global Corp

.900

03/15/34

74,130

112,000

Carrier Global Corp

.377

04/05/40

88,384

10,000

Caterpillar Financial Services Corp

.450

10/16/26

10,025

50,000

Caterpillar Financial Services Corp

.000

05/14/27

50,653

10,000

Caterpillar Financial Services Corp

.400

10/15/27

10,047

50,000

Caterpillar Financial Services Corp

.600

11/15/27

50,443

50,000

Caterpillar Financial Services Corp

.400

03/03/28

50,212

50,000

Caterpillar Inc

.600

09/19/29

46,857

180,000

Caterpillar Inc

.803

08/15/42

147,412

70,000

Caterpillar Inc

.250

09/19/49

48,820

30,000

CBRE Services Inc

.950

08/15/34

31,610

112,000

CDW LLC / CDW Finance Corp

.670

12/01/26

109,060

50,000

Cencora Inc

.625

12/15/27

50,226

50,000

Cencora Inc

.125

02/15/34

50,226

50,000

Cencora Inc

.150

02/15/35

50,130

30,000

CF Industries Inc

.150

03/15/34

29,778

10,000

CF Industries Inc

.950

06/01/43

8,873

20,000

CGI Inc

.450

09/14/26

19,322

20,000

CH Robinson Worldwide Inc

.200

04/15/28

19,892

40,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.250

01/15/29

36,761

200,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.400

04/01/33

186,144

210,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.650

02/01/34

222,610

10,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.800

03/01/50

7,754

290,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

.500

04/01/63

237,354

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

62,000

Cheniere Corpus Christi Holdings LLC

.125

%

06/30/27

$

62,430

50,000

Cheniere Energy Inc

.650

04/15/34

50,860

150,000

Cheniere Energy Partners LP

.950

06/30/33

156,575

30,000

Choice Hotels International Inc

.850

08/01/34

30,222

50,000

Church & Dwight Co Inc

.150

08/01/27

48,900

300,000

Cigna Group/The

.050

10/15/27

291,420

130,000

Cigna Group/The

.800

08/15/38

120,642

10,000

Cigna Group/The

.125

11/15/41

10,343

50,000

Cigna Group/The

.875

10/15/47

37,157

20,000

Cigna Group/The

.600

02/15/54

18,885

50,000

Cintas Corp No 2

.200

05/01/28

49,955

308,000

Cisco Systems Inc

.500

09/20/26

302,276

30,000

Cisco Systems Inc

.500

01/15/40

30,720

110,000

Cisco Systems Inc

.300

02/26/54

105,989

50,000

Cisco Systems Inc

.500

02/24/55

49,512

40,000

Clorox Co/The

.400

05/01/29

39,993

20,000

Clorox Co/The

.800

05/15/30

17,673

20,000

CNH Industrial Capital LLC

.450

07/15/26

19,420

50,000

CNH Industrial Capital LLC

.500

10/08/27

49,927

20,000

CNH Industrial NV

.850

11/15/27

19,766

10,000

Coca-Cola Co/The

.375

03/25/27

9,885

5,000

Coca-Cola Co/The

.450

06/01/27

4,767

10,000

Coca-Cola Co/The

.500

03/05/28

9,389

140,000

Coca-Cola Co/The

.000

03/15/28

129,489

170,000

Coca-Cola Co/The

.650

06/01/30

150,473

10,000

Coca-Cola Co/The

.375

03/15/31

8,546

20,000

Coca-Cola Co/The

.875

05/05/41

14,949

110,000

Coca-Cola Co/The

.000

03/05/51

73,033

50,000

Coca-Cola Co/The

.300

05/13/54

48,420

70,000

Coca-Cola Co/The

.750

06/01/60

41,415

70,000

Colgate-Palmolive Co

.250

08/15/32

64,534

40,000

Comcast Corp

.300

04/01/27

39,321

290,000

Comcast Corp

.400

04/01/30

277,320

250,000

(a) Comcast Corp

.500

02/15/31

212,592

80,000

Comcast Corp

.500

11/15/32

83,477

50,000

Comcast Corp

.800

05/15/33

49,645

150,000

Comcast Corp

.450

03/15/37

163,580

370,000

Comcast Corp

.750

04/01/40

304,322

20,000

Comcast Corp

.049

11/01/52

14,879

60,000

Comcast Corp

.650

06/01/54

57,614

50,000

Comcast Corp

.050

05/15/55

50,622

280,000

Comcast Corp

.987

11/01/63

156,075

60,000

Conagra Brands Inc

.250

09/15/30

68,998

40,000

Conagra Brands Inc

.300

11/01/38

37,659

10,000

Conagra Brands Inc

.400

11/01/48

8,812

50,000

(a) Concentrix Corp

.850

08/02/33

52,194

70,000

Corning Inc

.350

11/15/48

65,421

10,000

Corning Inc

.900

11/15/49

7,548

10,000

Corning Inc

.375

11/15/57

7,987

20,000

Crown Castle Inc

.700

06/15/26

19,835

40,000

Crown Castle Inc

.300

02/15/29

39,474

114,000

Crown Castle Inc

.300

07/01/30

106,756

10,000

Crown Castle Inc

.100

04/01/31

8,605

150,000

Crown Castle Inc

.500

07/15/31

131,223

50,000

Crown Castle Inc

.900

04/01/41

35,738

20,000

Crown Castle Inc

.250

01/15/51

13,117

55,000

CSX Corp

.250

03/15/29

54,761

30,000

CSX Corp

.000

10/01/36

32,162

20,000

CSX Corp

.150

05/01/37

21,526

120,000

CSX Corp

.100

03/15/44

98,938

30,000

CSX Corp

.800

11/01/46

23,175

80,000

CSX Corp

.750

11/15/48

70,356

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

10,000

CSX Corp

.800

%

04/15/50

$

7,512

62,000

CSX Corp

.250

11/01/66

47,164

50,000

Cummins Inc

.250

05/09/28

50,052

39,000

Cummins Inc

.500

09/01/30

33,987

112,000

Cummins Inc

.600

09/01/50

66,141

100,000

Danaher Corp

.800

12/10/51

62,128

10,000

DCP Midstream Operating LP

.625

07/15/27

10,176

70,000

DCP Midstream Operating LP

.125

05/15/29

70,915

60,000

Deere & Co

.450

01/16/35

62,272

130,000

Deere & Co

.900

06/09/42

110,166

10,000

Dell Inc

.500

04/15/38

10,681

10,000

Dell International LLC / EMC Corp

.250

02/01/28

10,204

50,000

Dell International LLC / EMC Corp

.750

04/01/28

50,399

20,000

Dell International LLC / EMC Corp

.350

02/01/30

19,788

10,000

Dell International LLC / EMC Corp

.200

07/15/30

10,663

112,000

Dell International LLC / EMC Corp

.100

07/15/36

134,732

20,000

Dell International LLC / EMC Corp

.375

12/15/41

14,998

110,000

Dell International LLC / EMC Corp

.350

07/15/46

139,893

14,000

Delta Air Lines 2020-1 Class AA Pass Through Trust2020 A

.000

06/10/28

13,217

40,000

Delta Air Lines Inc

.375

04/19/28

39,698

50,000

Delta Air Lines Inc

.250

07/10/30

50,471

20,000

DH Europe Finance II Sarl

.400

11/15/49

14,205

130,000

Dollar General Corp

.500

04/03/30

123,260

92,000

Dollar Tree Inc

.375

12/01/51

58,602

30,000

Dover Corp

.375

10/15/35

30,943

60,000

Dow Chemical Co/The

.800

11/30/28

60,170

10,000

Dow Chemical Co/The

.100

11/15/30

8,718

91,000

Dow Chemical Co/The

.250

10/01/34

81,909

10,000

Dow Chemical Co/The

.400

05/15/39

12,889

10,000

(a) Dow Chemical Co/The

.900

05/15/53

10,467

20,000

Dow Chemical Co/The

.600

02/15/54

17,664

50,000

Dow Chemical Co/The

.950

03/15/55

46,316

70,000

DR Horton Inc

.300

10/15/26

67,339

40,000

DuPont de Nemours Inc

.319

11/15/38

41,038

10,000

DuPont de Nemours Inc

.419

11/15/48

9,996

30,000

DXC Technology Co

.800

09/15/26

29,032

60,000

Eastman Chemical Co

.750

03/08/33

62,315

48,000

Eaton Corp

.103

09/15/27

46,932

62,000

Eaton Corp

.000

11/02/32

59,646

114,000

eBay Inc

.700

03/11/30

105,444

10,000

eBay Inc

.650

05/10/51

7,215

36,000

Ecolab Inc

.250

12/01/27

35,177

10,000

Ecolab Inc

.800

03/24/30

10,176

10,000

Ecolab Inc

.300

01/30/31

8,473

120,000

Ecolab Inc

.700

12/15/51

73,033

22,000

Electronic Arts Inc

.850

02/15/31

19,044

50,000

Eli Lilly & Co

.550

02/12/28

50,519

25,000

Eli Lilly & Co

.375

03/15/29

24,361

200,000

Eli Lilly & Co

.700

02/27/33

200,954

110,000

Eli Lilly & Co

.700

03/01/45

87,193

70,000

Eli Lilly & Co

.950

03/15/49

55,735

10,000

Eli Lilly & Co

.875

02/27/53

9,044

110,000

Eli Lilly & Co

.000

02/09/54

101,541

50,000

Emerson Electric Co

.000

12/21/28

46,486

22,000

Emerson Electric Co

.950

10/15/30

19,543

50,000

Emerson Electric Co

.000

03/15/35

50,470

30,000

Enbridge Inc

.700

07/15/27

29,546

180,000

Enbridge Inc

.125

11/15/29

169,769

140,000

Enbridge Inc

.500

06/10/44

115,249

50,000

Enbridge Inc

.950

04/05/54

49,527

20,000

Enterprise Products Operating LLC

.800

01/31/30

18,673

110,000

Enterprise Products Operating LLC

.550

04/15/38

129,447

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

210,000

Enterprise Products Operating LLC

.125

%

10/15/39

$

221,857

70,000

Enterprise Products Operating LLC

.850

03/15/44

62,796

20,000

Enterprise Products Operating LLC

.100

02/15/45

18,488

75,000

Enterprise Products Operating LLC

.900

05/15/46

66,949

120,000

Enterprise Products Operating LLC

.300

02/15/53

79,013

30,000

Equifax Inc

.100

12/15/27

30,350

50,000

Equifax Inc

.100

06/01/28

50,797

20,000

Equinix Inc

.900

11/18/26

19,571

120,000

Equinix Inc

.900

04/15/32

113,158

90,000

Equinix Inc

.000

07/15/50

56,312

30,000

Estee Lauder Cos Inc/The

.150

03/15/27

29,457

120,000

Estee Lauder Cos Inc/The

.600

04/15/30

110,215

10,000

Estee Lauder Cos Inc/The

.950

03/15/31

8,699

20,000

FactSet Research Systems Inc

.450

03/01/32

18,234

330,000

(b) FedEx Corp

.900

02/01/35

294,681

10,000

(b) FedEx Corp

.750

11/15/45

8,246

10,000

(b) FedEx Corp

.400

01/15/47

7,825

30,000

(b) FedEx Corp

.050

02/15/48

22,084

10,000

(b) FedEx Corp

.950

10/17/48

8,408

92,000

Fidelity National Information Services Inc

.650

03/01/28

85,767

40,000

Fiserv Inc

.250

06/01/27

38,428

254,000

Fiserv Inc

.500

07/01/29

243,716

40,000

Fiserv Inc

.650

06/01/30

36,469

30,000

Fiserv Inc

.450

03/15/34

30,453

30,000

Fiserv Inc

.400

07/01/49

23,962

70,000

Flex Ltd

.875

06/15/29

70,337

60,000

Flowserve Corp

.800

01/15/32

52,418

40,000

FMC Corp

.450

10/01/29

37,219

30,000

FMC Corp

.500

10/01/49

22,555

10,000

Fomento Economico Mexicano SAB de CV

.375

05/10/43

8,509

59,000

Fomento Economico Mexicano SAB de CV

.500

01/16/50

42,357

30,000

Fortinet Inc

.200

03/15/31

26,379

40,000

Fortive Corp

.150

06/15/26

39,448

40,000

Fortune Brands Innovations Inc

.875

06/01/33

41,805

140,000

GE HealthCare Technologies Inc

.857

03/15/30

147,269

184,000

General Mills Inc

.875

04/15/30

170,592

20,000

General Mills Inc

.950

03/29/33

19,947

100,000

General Motors Financial Co Inc

.000

07/15/27

100,530

200,000

General Motors Financial Co Inc

.050

04/04/28

201,973

100,000

General Motors Financial Co Inc

.450

07/15/30

101,723

100,000

General Motors Financial Co Inc

.625

04/04/32

101,574

100,000

General Motors Financial Co Inc

.150

07/15/35

102,496

20,000

Genuine Parts Co

.500

11/01/28

21,156

40,000

Genuine Parts Co

.750

02/01/32

34,934

50,000

Gilead Sciences Inc

.100

06/15/35

50,352

90,000

Gilead Sciences Inc

.600

09/01/35

87,040

176,000

Gilead Sciences Inc

.000

09/01/36

159,984

70,000

Gilead Sciences Inc

.650

12/01/41

70,704

20,000

Gilead Sciences Inc

.800

04/01/44

18,155

30,000

Gilead Sciences Inc

.150

03/01/47

24,445

10,000

GlaxoSmithKline Capital Inc

.875

05/15/28

9,917

60,000

GlaxoSmithKline Capital Inc

.375

04/15/34

62,132

40,000

GlaxoSmithKline Capital Inc

.375

05/15/38

44,164

70,000

GlaxoSmithKline Capital PLC

.375

06/01/29

67,783

170,000

Global Payments Inc

.200

08/15/29

159,834

20,000

Grupo Televisa SAB

.625

01/15/40

18,537

60,000

Grupo Televisa SAB

.000

05/13/45

42,425

50,000

GXO Logistics Inc

.650

07/15/26

48,593

120,000

Haleon US Capital LLC

.375

03/24/29

115,936

20,000

Haleon US Capital LLC

.000

03/24/52

15,282

152,000

Halliburton Co

.850

11/15/35

146,038

30,000

Harley-Davidson Inc

.625

07/28/45

23,970

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

20,000

Hasbro Inc

.550

%

11/19/26

$

19,729

10,000

Hasbro Inc

.500

09/15/27

9,772

60,000

Hasbro Inc

.900

11/19/29

57,844

30,000

HCA Inc

.250

06/15/26

30,040

40,000

HCA Inc

.500

02/15/27

39,911

80,000

HCA Inc

.125

03/15/27

78,209

100,000

HCA Inc

.200

06/01/28

101,702

206,000

HCA Inc

.125

06/15/29

201,919

70,000

HCA Inc

.450

04/01/31

71,947

110,000

HCA Inc

.125

06/15/39

103,129

160,000

HCA Inc

.500

07/15/51

105,210

50,000

HCA Inc

.200

03/01/55

49,884

70,000

Hershey Co/The

.250

05/04/28

70,240

260,000

Hewlett Packard Enterprise Co

.200

10/15/35

274,533

60,000

HF Sinclair Corp

.000

02/01/28

59,852

120,000

Home Depot Inc/The

.875

06/25/27

121,409

30,000

Home Depot Inc/The

.950

06/15/29

28,618

299,000

Home Depot Inc/The

.400

09/15/40

300,266

130,000

Home Depot Inc/The

.950

04/01/41

136,662

30,000

Home Depot Inc/The

.875

02/15/44

27,536

42,000

Home Depot Inc/The

.400

03/15/45

35,985

220,000

Home Depot Inc/The

.500

12/06/48

187,750

60,000

Home Depot Inc/The

.125

12/15/49

40,212

120,000

Honda Motor Co Ltd

.534

03/10/27

116,472

20,000

Honda Motor Co Ltd

.967

03/10/32

17,885

50,000

Hormel Foods Corp

.700

06/03/28

46,659

10,000

Hormel Foods Corp

.800

06/11/30

8,855

50,000

Howmet Aerospace Inc

.850

10/15/31

50,567

30,000

HP Inc

.000

04/15/29

29,368

52,000

HP Inc

.400

06/17/30

48,839

110,000

HP Inc

.200

04/15/32

105,016

10,000

(a) HP Inc

.500

01/15/33

10,190

20,000

IBM International Capital Pte Ltd

.600

02/05/27

20,065

120,000

IBM International Capital Pte Ltd

.300

02/05/54

111,357

30,000

IDEX Corp

.625

06/15/31

26,742

90,000

Illinois Tool Works Inc

.875

09/15/41

84,166

10,000

Illinois Tool Works Inc

.900

09/01/42

8,238

50,000

Ingersoll Rand Inc

.197

06/15/27

50,623

10,000

Intel Corp

.750

03/25/27

9,866

292,000

Intel Corp

.450

11/15/29

265,714

110,000

Intel Corp

.125

02/10/30

111,629

10,000

Intel Corp

.000

12/15/32

9,275

110,000

Intel Corp

.600

03/25/40

94,289

20,000

Intel Corp

.800

08/12/41

13,149

20,000

Intel Corp

.250

12/15/42

15,736

10,000

Intel Corp

.100

05/19/46

7,317

90,000

Intel Corp

.100

05/11/47

65,412

100,000

Intel Corp

.734

12/08/47

68,436

10,000

Intel Corp

.250

11/15/49

6,103

10,000

Intel Corp

.750

03/25/50

7,923

20,000

Intel Corp

.700

02/10/53

18,007

50,000

Intel Corp

.600

02/21/54

44,182

10,000

International Business Machines Corp

.300

01/27/27

9,856

100,000

International Business Machines Corp

.650

02/10/28

100,782

100,000

International Business Machines Corp

.720

02/09/32

88,912

82,000

International Business Machines Corp

.600

11/30/39

83,558

10,000

International Business Machines Corp

.850

05/15/40

7,324

80,000

International Business Machines Corp

.000

06/20/42

65,885

10,000

International Business Machines Corp

.700

02/19/46

8,787

7,000

International Flavors & Fragrances Inc

.000

09/26/48

5,976

45,000

International Paper Co

.800

06/15/44

39,258

52,000

International Paper Co

.350

08/15/48

41,682

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

60,000

Interpublic Group of Cos Inc/The

.400

%

03/01/31

$

53,161

30,000

Interpublic Group of Cos Inc/The

.375

06/15/33

30,227

80,000

Intuit Inc

.250

09/15/26

80,745

18,000

Intuit Inc

.350

07/15/27

17,067

20,000

Intuit Inc

.650

07/15/30

17,580

10,000

Intuit Inc

.500

09/15/53

9,901

50,000

IQVIA Inc

.250

02/01/29

52,248

180,000

J M Smucker Co/The

.250

03/15/35

166,808

40,000

Jabil Inc

.250

05/15/27

39,755

40,000

Jacobs Engineering Group Inc

.350

08/18/28

41,893

8,000

JetBlue 2019-1 Class AA Pass Through Trust2020 A

.750

05/15/32

6,484

21,000

JetBlue 2020-1 Class A Pass Through Trust

.000

11/15/32

19,754

280,000

John Deere Capital Corp

.300

10/13/26

270,512

110,000

John Deere Capital Corp

.900

06/11/27

111,426

40,000

John Deere Capital Corp

.350

04/18/29

38,736

110,000

John Deere Capital Corp

.700

06/10/30

111,432

50,000

John Deere Capital Corp

.375

10/15/30

49,808

70,000

Johnson & Johnson

.950

03/03/27

68,830

60,000

Johnson & Johnson

.800

06/01/29

61,354

100,000

Johnson & Johnson

.000

03/01/35

101,990

350,000

Johnson & Johnson

.550

03/01/36

312,864

20,000

Johnson & Johnson

.500

09/01/40

18,892

50,000

(a) Johnson & Johnson

.250

06/01/54

49,293

10,000

Johnson Controls International plc

.625

07/02/44

8,632

20,000

Johnson Controls International plc / Tyco Fire & Security Finance

SCA

.750

09/15/30

17,471

30,000

Johnson Controls International plc / Tyco Fire & Security Finance

SCA

.000

09/16/31

25,606

50,000

Johnson Controls International plc / Tyco Fire & Security Finance

SCA

.900

12/01/32

50,178

70,000

Kellanova

.400

11/15/27

68,518

40,000

Kellanova

.100

06/01/30

35,790

30,000

Kellanova

.500

04/01/46

25,563

50,000

Kenvue Inc

.850

05/22/32

50,378

120,000

Kenvue Inc

.900

03/22/33

121,321

10,000

Kenvue Inc

.100

03/22/43

9,552

50,000

Keurig Dr Pepper Inc

.100

03/15/27

50,483

50,000

Keurig Dr Pepper Inc

.350

05/15/28

49,909

30,000

Keurig Dr Pepper Inc

.200

05/01/30

28,169

20,000

Keurig Dr Pepper Inc

.800

05/01/50

14,642

180,000

Keurig Dr Pepper Inc

.500

04/15/52

147,665

50,000

Keysight Technologies Inc

.000

10/30/29

46,884

20,000

Kimberly-Clark Corp

.950

11/01/28

19,854

98,000

Kimberly-Clark Corp

.625

08/01/37

112,389

20,000

Kinder Morgan Energy Partners LP

.950

01/15/38

22,014

10,000

Kinder Morgan Inc

.750

11/15/26

9,659

50,000

Kinder Morgan Inc

.150

06/01/30

51,020

382,000

Kinder Morgan Inc

.300

12/01/34

381,311

50,000

Kinder Morgan Inc

.050

02/15/46

43,691

60,000

Kinder Morgan Inc

.250

08/01/50

38,458

50,000

Kinder Morgan Inc

.950

08/01/54

48,770

20,000

KLA Corp

.650

07/15/32

20,031

110,000

KLA Corp

.950

07/15/52

99,887

20,000

Koninklijke KPN NV

.375

10/01/30

23,187

40,000

Kraft Heinz Foods Co

.000

06/01/26

39,475

30,000

Kraft Heinz Foods Co

.875

05/15/27

29,633

60,000

Kraft Heinz Foods Co

.250

03/01/31

58,130

50,000

(a) Kraft Heinz Foods Co

.200

03/15/32

50,357

10,000

Kraft Heinz Foods Co

.500

02/09/40

10,383

10,000

Kraft Heinz Foods Co

.000

06/04/42

8,898

130,000

Kraft Heinz Foods Co

.500

06/01/50

117,522

30,000

Kroger Co/The

.200

05/01/30

27,065

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

10,000

Kroger Co/The

.700

%

01/15/31

$

8,590

50,000

Kroger Co/The

.000

09/15/34

49,460

110,000

Kroger Co/The

.900

04/15/38

123,002

9,000

Kroger Co/The

.400

07/15/40

8,790

90,000

Kroger Co/The

.450

02/01/47

74,194

70,000

(a) Kyndryl Holdings Inc

.350

02/20/34

73,907

10,000

Laboratory Corp of America Holdings

.600

09/01/27

9,851

10,000

Laboratory Corp of America Holdings

.950

12/01/29

9,368

90,000

Laboratory Corp of America Holdings

.700

06/01/31

80,682

30,000

Lam Research Corp

.900

06/15/30

26,727

80,000

Lam Research Corp

.125

06/15/60

49,316

60,000

Lear Corp

.600

01/15/32

51,644

40,000

Leggett & Platt Inc

.400

03/15/29

39,057

30,000

Leggett & Platt Inc

.500

11/15/51

19,297

10,000

Lennox International Inc

.700

08/01/27

9,456

30,000

Linde Inc/CT

.100

08/10/30

25,761

40,000

LKQ Corp

.750

06/15/28

40,949

40,000

Lowe's Cos Inc

.350

04/01/27

39,320

201,000

Lowe's Cos Inc

.500

04/15/30

201,500

310,000

Lowe's Cos Inc

.000

04/15/40

288,532

20,000

Lowe's Cos Inc

.050

05/03/47

15,444

20,000

Lowe's Cos Inc

.750

07/01/53

19,376

10,000

Lowe's Cos Inc

.850

04/01/63

9,659

60,000

LYB International Finance III LLC

.150

05/15/35

61,511

150,000

LYB International Finance III LLC

.375

10/01/40

108,779

21,000

LYB International Finance III LLC

.200

05/01/50

15,288

60,000

LYB International Finance III LLC

.625

04/01/51

39,380

70,000

(a) Magna International Inc

.450

06/15/30

63,497

142,000

Martin Marietta Materials Inc

.200

07/15/51

94,177

60,000

Marvell Technology Inc

.450

04/15/28

57,000

20,000

Marvell Technology Inc

.950

09/15/33

21,097

10,000

Masco Corp

.000

10/01/30

8,760

70,000

Masco Corp

.000

02/15/31

60,117

30,000

Masco Corp

.500

05/15/47

24,207

10,000

Mastercard Inc

.950

11/21/26

9,847

50,000

Mastercard Inc

.550

03/15/28

50,507

32,000

Mastercard Inc

.950

06/01/29

30,625

44,000

Mastercard Inc

.350

03/26/30

42,275

120,000

Mastercard Inc

.000

11/18/31

103,876

20,000

Mastercard Inc

.875

05/09/34

20,121

40,000

Mastercard Inc

.800

11/21/46

31,607

10,000

Mastercard Inc

.650

06/01/49

7,540

20,000

Mastercard Inc

.850

03/26/50

15,562

20,000

Mastercard Inc

.950

03/15/51

13,002

80,000

McCormick & Co Inc/MD

.850

02/15/31

69,035

200,000

McDonald's Corp

.600

09/09/32

199,705

20,000

McDonald's Corp

.300

10/15/37

21,754

30,000

McDonald's Corp

.450

09/01/48

24,911

220,000

McDonald's Corp

.150

09/09/52

201,279

10,000

McKesson Corp

.300

08/15/26

9,682

50,000

McKesson Corp

.900

07/15/28

50,784

10,000

McKesson Corp

.100

07/15/33

10,179

60,000

McKesson Corp

.250

05/30/35

60,683

50,000

MDC Holdings Inc

.966

08/06/61

35,655

40,000

Mercedes-Benz Finance North America LLC

.500

01/18/31

47,405

100,000

Merck & Co Inc

.900

12/10/28

92,866

150,000

Merck & Co Inc

.450

06/24/30

130,810

60,000

Merck & Co Inc

.500

12/01/33

67,732

10,000

Merck & Co Inc

.150

05/18/43

8,442

50,000

Merck & Co Inc

.900

05/17/44

46,281

230,000

Merck & Co Inc

.750

12/10/51

139,681

50,000

Microchip Technology Inc

.050

02/15/30

50,602

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

10,000

Micron Technology Inc

.375

%

04/15/28

$

10,246

110,000

Micron Technology Inc

.300

01/15/31

112,265

50,000

Micron Technology Inc

.650

11/01/32

51,686

60,000

Micron Technology Inc

.800

01/15/35

61,520

20,000

Microsoft Corp

.400

09/15/26

19,844

40,000

Microsoft Corp

.300

02/06/27

39,558

10,000

Microsoft Corp

.500

02/12/35

9,288

211,000

Microsoft Corp

.450

08/08/36

188,383

60,000

Microsoft Corp

.750

02/12/45

49,757

50,000

Microsoft Corp

.700

08/08/46

40,055

566,000

Microsoft Corp

.921

03/17/52

373,422

70,000

Mohawk Industries Inc

.850

09/18/28

72,539

50,000

Mondelez International Inc

.750

02/20/29

50,655

50,000

Mondelez International Inc

.750

08/28/34

49,149

10,000

Mondelez International Inc

.625

09/04/50

5,878

20,000

Moody's Corp

.000

08/19/31

17,278

20,000

Moody's Corp

.250

07/15/44

18,875

110,000

Moody's Corp

.750

02/25/52

80,971

10,000

Mosaic Co/The

.050

11/15/27

9,892

40,000

Mosaic Co/The

.375

11/15/28

40,967

50,000

Motorola Solutions Inc

.850

08/15/30

50,339

120,000

Motorola Solutions Inc

.750

05/24/31

107,747

240,000

MPLX LP

.650

08/15/30

217,495

210,000

MPLX LP

.950

03/14/52

173,345

20,000

National Fuel Gas Co

.500

10/01/26

20,139

50,000

National Fuel Gas Co

.500

03/15/30

51,272

30,000

NetApp Inc

.375

06/22/27

28,818

50,000

Nordson Corp

.500

12/15/29

49,684

50,000

NOV Inc

.950

12/01/42

37,533

120,000

Novartis Capital Corp

.200

08/14/30

108,755

120,000

Novartis Capital Corp

.400

05/06/44

105,973

20,000

Novartis Capital Corp

.750

08/14/50

12,566

100,000

Nutrien Ltd

.200

04/01/29

98,793

50,000

Nutrien Ltd

.250

03/12/32

50,779

10,000

NVIDIA Corp

.200

09/16/26

9,885

70,000

NVIDIA Corp

.000

06/15/31

61,770

132,000

NVIDIA Corp

.500

04/01/40

110,885

30,000

NVR Inc

.000

05/15/30

27,993

10,000

NXP BV / NXP Funding LLC / NXP USA Inc

.150

05/01/27

9,767

102,000

NXP BV / NXP Funding LLC / NXP USA Inc

.500

05/11/31

90,050

110,000

NXP BV / NXP Funding LLC / NXP USA Inc

.650

02/15/32

95,977

10,000

Omnicom Group Inc

.450

04/30/30

9,052

20,000

Omnicom Group Inc

.300

11/01/34

20,193

223,000

ONEOK Inc

.550

07/15/28

223,222

39,000

ONEOK Inc

.350

03/15/29

38,621

70,000

ONEOK Inc

.650

09/01/34

70,886

10,000

ONEOK Inc

.500

03/15/50

7,652

170,000

ONEOK Inc

.150

01/15/51

184,345

50,000

ONEOK Inc

.700

11/01/54

45,917

70,000

Oracle Corp

.800

04/01/27

68,086

20,000

Oracle Corp

.650

05/06/30

20,079

120,000

Oracle Corp

.900

02/06/33

119,600

690,000

Oracle Corp

.300

07/08/34

648,621

50,000

Oracle Corp

.700

09/27/34

48,040

80,000

Oracle Corp

.500

04/15/38

86,170

30,000

Oracle Corp

.125

07/08/39

31,226

70,000

Oracle Corp

.000

11/15/47

53,016

280,000

Oracle Corp

.900

11/09/52

307,143

10,000

Oracle Corp

.550

02/06/53

9,239

50,000

Oracle Corp

.375

09/27/54

45,036

50,000

Oracle Corp

.000

08/03/55

48,977

100,000

Orange SA

.375

01/13/42

96,953

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

100,000

O'Reilly Automotive Inc

.900

%

06/01/29

$

97,766

20,000

O'Reilly Automotive Inc

.200

04/01/30

19,713

120,000

Otis Worldwide Corp

.112

02/15/40

91,236

2,000

Owens Corning

.400

08/15/26

1,978

70,000

Owens Corning

.875

06/01/30

67,519

30,000

PACCAR Financial Corp

.200

11/09/26

30,357

50,000

PACCAR Financial Corp

.000

05/13/27

50,679

50,000

PACCAR Financial Corp

.450

08/06/27

50,296

50,000

PACCAR Financial Corp

.550

03/03/28

50,517

50,000

PACCAR Financial Corp

.550

05/08/30

50,397

20,000

Paramount Global

.200

06/01/29

19,460

140,000

Paramount Global

.200

05/19/32

128,359

50,000

Paramount Global

.900

10/15/40

45,839

30,000

Paramount Global

.850

09/01/43

26,635

40,000

Paramount Global

.600

01/15/45

30,541

10,000

Parker-Hannifin Corp

.250

03/01/27

9,827

30,000

Parker-Hannifin Corp

.250

06/14/29

28,776

64,000

Parker-Hannifin Corp

.200

11/21/34

60,832

20,000

Parker-Hannifin Corp

.450

11/21/44

17,281

30,000

Parker-Hannifin Corp

.000

06/14/49

23,616

10,000

PayPal Holdings Inc

.900

06/01/27

9,935

170,000

PayPal Holdings Inc

.850

10/01/29

160,116

80,000

PayPal Holdings Inc

.100

04/01/35

80,242

40,000

PepsiCo Inc

.375

10/06/26

39,158

50,000

PepsiCo Inc

.125

11/10/26

50,516

50,000

PepsiCo Inc

.400

02/07/27

50,185

50,000

PepsiCo Inc

.500

07/17/29

50,538

100,000

PepsiCo Inc

.625

05/01/30

88,544

50,000

PepsiCo Inc

.000

07/23/35

50,102

10,000

PepsiCo Inc

.500

01/15/40

10,266

20,000

PepsiCo Inc

.450

04/14/46

17,552

364,000

PepsiCo Inc

.875

10/15/49

237,385

10,000

PepsiCo Inc

.625

03/19/50

7,456

50,000

Pepsico Singapore Financing I Pte Ltd

.650

02/16/27

50,357

40,000

Phillips 66

.900

03/15/28

39,481

40,000

Phillips 66 Co

.550

10/01/26

39,602

223,000

Phillips 66 Co

.680

02/15/45

186,855

150,000

Plains All American Pipeline LP / PAA Finance Corp

.700

09/15/34

152,145

20,000

PPG Industries Inc

.750

03/15/28

19,704

210,000

Procter & Gamble Co/The

.000

03/25/30

199,237

70,000

Procter & Gamble Co/The

.200

10/29/30

60,174

10,000

Procter & Gamble Co/The

.050

01/26/33

9,822

50,000

Procter & Gamble Co/The

.600

05/01/35

49,733

11,000

PulteGroup Inc

.000

01/15/27

11,048

50,000

PVH Corp

.500

06/13/30

50,364

20,000

Qorvo Inc

.375

10/15/29

19,398

10,000

QUALCOMM Inc

.300

05/20/28

9,274

220,000

QUALCOMM Inc

.650

05/20/32

182,904

40,000

QUALCOMM Inc

.250

05/20/32

39,404

50,000

QUALCOMM Inc

.750

05/20/32

50,448

30,000

QUALCOMM Inc

.650

05/20/35

29,622

20,000

QUALCOMM Inc

.800

05/20/45

18,174

20,000

Quanta Services Inc

.900

10/01/30

18,385

10,000

Quanta Services Inc

.350

01/15/32

8,629

50,000

Quanta Services Inc

.250

08/09/34

50,525

50,000

Quest Diagnostics Inc

.450

06/01/26

49,564

10,000

Quest Diagnostics Inc

.950

06/30/30

9,292

50,000

Quest Diagnostics Inc

.000

12/15/34

49,659

50,000

Ralph Lauren Corp

.000

06/15/32

50,644

80,000

Regal Rexnord Corp

.300

02/15/30

83,743

40,000

Regeneron Pharmaceuticals Inc

.750

09/15/30

34,732

30,000

Regeneron Pharmaceuticals Inc

.800

09/15/50

17,920

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

50,000

RELX Capital Inc

.750

%

05/20/32

$

50,154

10,000

Republic Services Inc

.375

11/15/27

9,803

70,000

Republic Services Inc

.950

05/15/28

69,453

68,000

Republic Services Inc

.300

03/01/30

62,016

80,000

Republic Services Inc

.450

02/15/31

68,059

20,000

Republic Services Inc

.700

05/15/41

20,476

10,000

Revvity Inc

.300

09/15/29

9,448

60,000

Revvity Inc

.250

09/15/31

51,083

70,000

Rockwell Automation Inc

.200

03/01/49

57,503

10,000

Rogers Communications Inc

.900

11/15/26

9,774

50,000

Rogers Communications Inc

.200

03/15/27

48,958

40,000

Rogers Communications Inc

.000

02/15/29

40,511

10,000

Rogers Communications Inc

.800

03/15/32

9,319

150,000

Rogers Communications Inc

.450

10/01/43

140,853

130,000

Roper Technologies Inc

.800

12/15/26

128,811

20,000

Ross Stores Inc

.875

04/15/31

17,135

70,000

Royalty Pharma PLC

.900

09/02/54

67,620

40,000

RPM International Inc

.950

01/15/32

35,414

10,000

Ryder System Inc

.850

03/01/27

9,741

50,000

Ryder System Inc

.300

12/01/28

52,775

50,000

Ryder System Inc

.375

03/15/29

51,282

50,000

Ryder System Inc

.950

09/01/29

50,653

50,000

Ryder System Inc

.900

12/01/29

50,584

50,000

Ryder System Inc

.850

06/15/30

50,321

20,000

S&P Global Inc

.250

08/15/30

17,210

130,000

S&P Global Inc

.900

03/01/32

117,483

20,000

S&P Global Inc

.250

09/15/33

20,684

20,000

S&P Global Inc

.700

03/01/52

14,978

23,000

S&P Global Inc

.300

08/15/60

11,745

6,000

Sabine Pass Liquefaction LLC

.875

06/30/26

6,029

120,000

Sabine Pass Liquefaction LLC

.500

05/15/30

119,408

10,000

Salesforce Inc

.700

04/11/28

9,905

60,000

Salesforce Inc

.700

07/15/41

42,927

152,000

Salesforce Inc

.900

07/15/51

96,782

101,000

Sherwin-Williams Co/The

.950

08/15/29

95,151

82,000

Sherwin-Williams Co/The

.500

06/01/47

68,532

20,000

Skyworks Solutions Inc

.800

06/01/26

19,460

50,000

Smith & Nephew PLC

.032

10/14/30

43,744

10,000

Smith & Nephew PLC

.400

03/20/34

10,148

60,000

Snap-on Inc

.100

05/01/50

40,427

30,000

Solventum Corp

.450

03/13/31

31,073

110,000

Solventum Corp

.600

03/23/34

112,824

70,000

Sonoco Products Co

.850

02/01/32

61,520

110,000

Stanley Black & Decker Inc

.000

05/15/32

96,934

10,000

Starbucks Corp

.250

03/12/30

9,050

50,000

Starbucks Corp

.800

05/15/30

50,520

20,000

Starbucks Corp

.550

11/15/30

18,085

110,000

Starbucks Corp

.000

02/14/32

99,511

100,000

Starbucks Corp

.800

02/15/33

99,862

20,000

Starbucks Corp

.450

08/15/49

16,417

30,000

Starbucks Corp

.500

11/15/50

20,681

90,000

Stryker Corp

.950

06/15/30

80,083

50,000

Stryker Corp

.625

09/11/34

48,888

50,000

Stryker Corp

.200

02/10/35

50,777

10,000

Stryker Corp

.100

04/01/43

8,284

10,000

Sysco Corp

.300

07/15/26

9,886

70,000

Sysco Corp

.250

07/15/27

68,505

70,000

Sysco Corp

.400

02/15/30

63,817

50,000

Sysco Corp

.000

01/17/34

53,460

20,000

Sysco Corp

.600

04/01/50

21,693

10,000

Takeda Pharmaceutical Co Ltd

.050

03/31/30

8,936

150,000

Takeda Pharmaceutical Co Ltd

.300

07/05/34

151,854

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

40,000

Takeda Pharmaceutical Co Ltd

.025

%

07/09/40

$

29,741

10,000

Takeda Pharmaceutical Co Ltd

.650

07/05/44

9,894

60,000

Takeda Pharmaceutical Co Ltd

.375

07/09/60

37,966

20,000

Take-Two Interactive Software Inc

.700

04/14/27

19,758

30,000

Take-Two Interactive Software Inc

.400

06/12/29

30,845

30,000

Tapestry Inc

.125

07/15/27

29,775

40,000

Tapestry Inc

.050

03/15/32

35,645

75,000

Targa Resources Corp

.150

03/01/29

78,516

100,000

Targa Resources Corp

.500

03/30/34

107,449

50,000

Targa Resources Corp

.125

05/15/55

48,849

80,000

Targa Resources Partners LP / Targa Resources Partners Finance

Corp

.000

01/15/28

79,896

1,000

Target Corp

.375

04/15/29

970

130,000

Target Corp

.350

02/15/30

119,566

50,000

Target Corp

.500

09/15/34

48,449

72,000

Target Corp

.500

10/15/37

80,207

19,000

Target Corp

.900

11/15/47

14,779

10,000

TC PipeLines LP

.900

05/25/27

9,888

50,000

TD SYNNEX Corp

.100

04/12/34

52,463

40,000

Teledyne Technologies Inc

.250

04/01/28

37,908

50,000

TELUS Corp

.700

09/15/27

49,131

10,000

Texas Eastern Transmission LP

.000

07/15/32

11,059

70,000

Texas Instruments Inc

.750

05/04/30

62,307

100,000

Texas Instruments Inc

.900

09/15/31

86,594

50,000

Texas Instruments Inc

.875

03/15/39

43,594

40,000

Texas Instruments Inc

.150

05/15/48

32,643

120,000

The Campbell's Company

.375

04/24/30

108,110

10,000

Time Warner Cable LLC

.550

05/01/37

10,275

30,000

Time Warner Cable LLC

.300

07/01/38

32,351

170,000

Time Warner Cable LLC

.750

06/15/39

174,234

10,000

Time Warner Cable LLC

.500

09/01/41

8,983

20,000

Time Warner Cable LLC

.500

09/15/42

15,697

30,000

Timken Co/The

.125

04/01/32

28,194

60,000

TJX Cos Inc/The

.875

04/15/30

58,766

100,000

Toyota Motor Corp

.186

06/30/27

99,807

50,000

Toyota Motor Corp

.450

06/30/30

49,965

150,000

Toyota Motor Credit Corp

.500

05/14/27

150,573

390,000

Toyota Motor Credit Corp

.800

05/15/30

395,592

50,000

TR Finance LLC

.350

05/15/26

49,404

10,000

Trane Technologies Financing Ltd

.800

03/21/29

9,807

70,000

Trane Technologies Financing Ltd

.250

03/03/33

71,906

50,000

Trane Technologies Financing Ltd

.100

06/13/34

50,715

50,000

TransCanada PipeLines Ltd

.100

04/15/30

48,698

100,000

TransCanada PipeLines Ltd

.625

03/01/34

95,538

140,000

Transcontinental Gas Pipe Line Co LLC

.250

05/15/30

131,652

80,000

Transcontinental Gas Pipe Line Co LLC

.950

05/15/50

60,205

30,000

Trimble Inc

.100

03/15/33

31,781

30,000

Triton Container International Ltd / TAL International Container

Corp

.250

03/15/32

26,278

160,000

TSMC Arizona Corp

.250

04/22/32

157,936

60,000

TWDC Enterprises 18 Corp

.950

06/15/27

58,791

20,000

TWDC Enterprises 18 Corp

.375

08/16/41

17,577

30,000

TWDC Enterprises 18 Corp

.125

12/01/41

25,341

10,000

TWDC Enterprises 18 Corp

.125

06/01/44

8,303

20,000

Tyco Electronics Group SA

.625

02/01/30

20,168

50,000

Tyco Electronics Group SA

.500

02/09/31

49,888

30,000

Tyco Electronics Group SA

.500

02/04/32

26,427

21,000

Unilever Capital Corp

.000

07/28/26

20,564

40,000

Unilever Capital Corp

.900

05/05/27

39,116

20,000

Unilever Capital Corp

.125

09/06/29

18,382

150,000

Unilever Capital Corp

.750

08/12/31

129,523

10,000

Unilever Capital Corp

.000

12/08/33

10,212

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

10,000

Union Pacific Corp

.150

%

02/05/27

$

9,686

50,000

Union Pacific Corp

.500

01/20/33

49,423

20,000

Union Pacific Corp

.375

02/01/35

17,649

20,000

Union Pacific Corp

.600

09/15/37

17,254

508,000

Union Pacific Corp

.550

08/15/39

422,119

50,000

Union Pacific Corp

.600

12/01/54

49,467

30,000

Union Pacific Corp

.875

02/01/55

22,491

10,000

Union Pacific Corp

.950

08/15/59

7,337

50,000

United Parcel Service Inc

.650

10/15/30

50,406

50,000

United Parcel Service Inc

.950

05/14/55

50,855

10,000

Valero Energy Corp

.150

09/15/27

9,517

130,000

Valero Energy Corp

.800

12/01/31

115,641

40,000

Valero Energy Corp

.625

06/15/37

43,116

40,000

Valmont Industries Inc

.250

10/01/54

35,767

30,000

VeriSign Inc

.750

07/15/27

29,998

50,000

Verisk Analytics Inc

.125

03/15/29

49,606

50,000

(a) Verizon Communications Inc

.500

09/18/30

43,023

115,000

Verizon Communications Inc

.550

03/21/31

102,998

605,000

Verizon Communications Inc

.355

03/15/32

520,125

100,000

Verizon Communications Inc

.050

05/09/33

100,907

30,000

Verizon Communications Inc

.780

02/15/35

29,079

10,000

Verizon Communications Inc

.272

01/15/36

9,201

98,000

(b) Verizon Communications Inc

.401

07/02/37

97,927

10,000

Verizon Communications Inc

.812

03/15/39

9,331

122,000

Verizon Communications Inc

.850

09/03/41

86,246

20,000

Verizon Communications Inc

.850

11/01/42

15,914

50,000

Verizon Communications Inc

.500

03/16/47

48,164

80,000

Verizon Communications Inc

.000

03/22/50

61,077

320,000

Verizon Communications Inc

.875

03/01/52

237,639

20,000

Verizon Communications Inc

.987

10/30/56

11,994

30,000

Verizon Communications Inc

.700

03/22/61

20,620

100,000

Viatris Inc

.700

06/22/30

88,656

100,000

Viatris Inc

.850

06/22/40

73,364

50,000

Visa Inc

.050

04/15/30

45,334

10,000

Visa Inc

.100

02/15/31

8,483

171,000

Visa Inc

.150

12/14/35

161,722

50,000

Visa Inc

.700

04/15/40

37,368

20,000

Visa Inc

.000

08/15/50

10,727

120,000

VMware LLC

.400

08/15/26

116,258

20,000

VMware LLC

.700

05/15/30

20,005

20,000

VMware LLC

.200

08/15/31

17,315

20,000

Vodafone Group PLC

.250

11/30/32

21,503

85,000

Vodafone Group PLC

.150

02/27/37

90,744

10,000

Vodafone Group PLC

.000

05/30/38

9,571

50,000

Vodafone Group PLC

.750

06/28/54

47,752

10,000

Vodafone Group PLC

.750

02/10/63

9,392

10,000

Vodafone Group PLC

.875

06/28/64

9,625

50,000

Vulcan Materials Co

.900

04/01/27

49,627

50,000

Vulcan Materials Co

.700

12/01/54

49,448

10,000

Walt Disney Co/The

.800

03/22/30

9,786

50,000

Walt Disney Co/The

.650

01/13/31

45,844

100,000

Walt Disney Co/The

.400

12/15/35

112,111

60,000

Walt Disney Co/The

.650

11/15/37

68,151

12,000

Walt Disney Co/The

.750

09/15/44

10,835

30,000

Walt Disney Co/The

.950

10/15/45

27,555

270,000

Walt Disney Co/The

.750

09/01/49

168,738

10,000

Walt Disney Co/The

.600

01/13/51

7,336

110,000

Waste Connections Inc

.200

01/15/32

95,015

20,000

Waste Connections Inc

.200

01/15/33

19,265

50,000

Waste Management Inc

.650

03/15/30

50,498

10,000

Waste Management Inc

.500

03/15/31

8,526

120,000

Waste Management Inc

.150

04/15/32

116,878

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

90,000

Waste Management Inc

.875

%

02/15/34

$

90,891

20,000

Western Digital Corp

.100

02/01/32

17,780

110,000

Western Midstream Operating LP

.150

04/01/33

114,735

30,000

Western Union Co/The

.200

11/17/36

30,235

50,000

Westinghouse Air Brake Technologies Corp

.900

05/29/30

50,613

60,000

Westinghouse Air Brake Technologies Corp

.611

03/11/34

62,034

40,000

Weyerhaeuser Co

.000

04/15/30

38,954

20,000

Weyerhaeuser Co

.375

03/15/32

22,629

40,000

Weyerhaeuser Co

.375

03/09/33

35,711

200,000

Williams Cos Inc/The

.600

03/15/31

178,711

50,000

Williams Cos Inc/The

.150

03/15/34

49,805

50,000

Williams Cos Inc/The

.300

09/30/35

49,785

50,000

Williams Cos Inc/The

.800

11/15/54

48,592

20,000

Williams Cos Inc/The

.000

03/15/55

19,971

70,000

Workday Inc

.700

04/01/29

68,219

90,000

WRKCo Inc

.000

03/15/28

88,790

10,000

(a) WRKCo Inc

.000

06/15/33

8,769

50,000

WW Grainger Inc

.450

09/15/34

48,615

10,000

WW Grainger Inc

.600

06/15/45

8,813

50,000

Xilinx Inc

.375

06/01/30

45,680

31,000

(a) Xylem Inc/NY

.250

01/30/31

27,341

60,000

Zimmer Biomet Holdings Inc

.600

11/24/31

53,025

76,000

Zoetis Inc

.900

08/20/28

75,231

9,000

Zoetis Inc

.000

05/15/30

8,061

20,000

Zoetis Inc

.600

11/16/32

21,049

TOTAL INDUSTRIAL

55,000,494

UTILITY - 2.3%

$

62,000

AEP Texas Inc

.150

05/01/49

47,007

30,000

AEP Texas Inc

.450

01/15/50

20,366

50,000

AES Corp/The

.800

03/15/32

50,754

50,000

American Electric Power Co Inc

.750

11/01/27

51,304

80,000

American Electric Power Co Inc

.200

01/15/29

81,750

70,000

American Electric Power Co Inc

.950

11/01/32

74,129

120,000

American Water Capital Corp

.800

05/01/30

111,249

110,000

American Water Capital Corp

.300

06/01/31

96,623

50,000

American Water Capital Corp

.250

03/01/35

50,522

20,000

American Water Capital Corp

.750

09/01/47

15,104

20,000

American Water Capital Corp

.200

09/01/48

16,124

50,000

American Water Capital Corp

.450

03/01/54

48,182

160,000

Appalachian Power Co

.400

05/15/44

131,397

10,000

Appalachian Power Co

.700

05/01/50

7,022

20,000

Atlantic City Electric Co

.300

03/15/31

17,770

40,000

Atmos Energy Corp

.625

09/15/29

37,337

50,000

Atmos Energy Corp

.900

11/15/33

53,474

30,000

Atmos Energy Corp

.125

10/15/44

24,765

100,000

Atmos Energy Corp

.850

02/15/52

61,217

10,000

Avista Corp

.350

06/01/48

8,143

30,000

Avista Corp

.000

04/01/52

22,295

50,000

Black Hills Corp

.950

03/15/28

51,571

10,000

CenterPoint Energy Houston Electric LLC

.200

10/01/28

10,245

100,000

CenterPoint Energy Houston Electric LLC

.000

03/01/32

90,106

60,000

CenterPoint Energy Houston Electric LLC

.150

03/01/34

60,451

10,000

CenterPoint Energy Houston Electric LLC

.550

08/01/42

7,690

110,000

CenterPoint Energy Inc

.450

06/01/26

107,166

10,000

CenterPoint Energy Inc

.650

06/01/31

8,912

10,000

CenterPoint Energy Inc

.000

02/15/55

10,434

120,000

Cleveland Electric Illuminating Co/The

.950

12/15/36

123,632

121,000

Commonwealth Edison Co

.450

01/15/38

132,834

110,000

Commonwealth Edison Co

.750

09/01/51

66,421

35,000

Commonwealth Edison Co

.950

06/01/55

36,273

130,000

Connecticut Light and Power Co/The

.050

07/01/31

113,080

50,000

Consolidated Edison Co of New York Inc

.400

06/15/31

44,644

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

10,000

Consolidated Edison Co of New York Inc

.200

%

03/01/33

$

10,287

30,000

Consolidated Edison Co of New York Inc

.375

05/15/34

30,802

124,000

Consolidated Edison Co of New York Inc

.500

12/01/39

124,231

162,000

Consolidated Edison Co of New York Inc

.650

12/01/48

139,744

30,000

Consolidated Edison Co of New York Inc

.950

04/01/50

23,226

10,000

Consolidated Edison Co of New York Inc

.900

11/15/53

10,175

70,000

Consolidated Edison Co of New York Inc

.300

12/01/56

54,643

20,000

Consolidated Edison Co of New York Inc

.500

05/15/58

16,124

10,000

Consolidated Edison Co of New York Inc

.700

11/15/59

6,910

41,000

Consolidated Edison Co of New York Inc

.000

12/01/60

24,346

10,000

Consumers Energy Co

.800

11/15/28

9,859

100,000

Consumers Energy Co

.900

02/15/29

101,771

110,000

Consumers Energy Co

.500

08/01/51

80,055

25,000

DTE Electric Co

.250

05/14/27

24,996

136,000

DTE Energy Co

.950

03/01/30

126,360

10,000

Duke Energy Florida LLC

.200

01/15/27

9,843

142,000

Duke Energy Florida LLC

.400

12/15/31

125,008

10,000

Duke Energy Florida LLC

.875

11/15/33

10,597

67,000

Duke Energy Florida LLC

.350

09/15/37

72,873

170,000

Duke Energy Florida LLC

.950

11/15/52

174,803

20,000

Duke Energy Indiana LLC

.250

10/01/49

13,567

20,000

Edison International

.750

06/15/27

20,172

10,000

Edison International

.125

03/15/28

9,696

50,000

Edison International

.450

06/15/29

49,682

102,000

Emera US Finance LP

.750

06/15/46

84,226

100,000

Entergy Texas Inc

.250

04/15/35

100,957

10,000

Entergy Texas Inc

.550

09/30/49

7,023

110,000

Essential Utilities Inc

.400

05/01/31

96,828

20,000

Essential Utilities Inc

.375

01/15/34

20,245

20,000

Essential Utilities Inc

.351

04/15/50

13,019

100,000

Evergy Kansas Central Inc

.250

03/15/35

100,632

12,000

Eversource Energy

.650

08/15/30

10,403

50,000

Eversource Energy

.850

04/15/31

52,359

40,000

Eversource Energy

.500

01/01/34

40,685

120,000

Exelon Corp

.750

03/15/27

116,756

10,000

Exelon Corp

.050

04/15/30

9,810

70,000

Exelon Corp

.950

06/15/35

67,766

10,000

Exelon Corp

.100

06/15/45

9,066

90,000

Exelon Corp

.450

04/15/46

74,382

20,000

Exelon Corp

.700

04/15/50

16,745

20,000

Exelon Corp

.600

03/15/53

19,081

50,000

Idaho Power Co

.800

04/01/54

49,813

48,000

Interstate Power and Light Co

.600

04/01/29

46,619

70,000

IPALCO Enterprises Inc

.250

05/01/30

67,085

50,000

MidAmerican Energy Co

.750

11/01/35

52,742

40,000

MidAmerican Energy Co

.150

04/15/50

26,948

10,000

National Grid PLC

.809

06/12/33

10,457

70,000

National Grid PLC

.418

01/11/34

71,279

10,000

National Rural Utilities Cooperative Finance Corp

.600

11/13/26

10,132

100,000

National Rural Utilities Cooperative Finance Corp

.750

02/07/28

100,849

40,000

National Rural Utilities Cooperative Finance Corp

.000

02/07/31

40,879

100,000

National Rural Utilities Cooperative Finance Corp

.750

04/15/32

89,189

100,000

National Rural Utilities Cooperative Finance Corp

.000

08/15/34

100,016

70,000

National Rural Utilities Cooperative Finance Corp

.300

03/15/49

58,162

10,000

NiSource Inc

.490

05/15/27

9,824

10,000

NiSource Inc

.250

03/30/28

10,202

10,000

NiSource Inc

.950

09/01/29

9,422

131,000

NiSource Inc

.600

05/01/30

125,428

30,000

NiSource Inc

.700

02/15/31

25,578

50,000

NiSource Inc

.350

04/01/34

50,775

40,000

NiSource Inc

.800

02/15/44

35,314

50,000

NiSource Inc

.375

05/15/47

41,017

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

50,000

NSTAR Electric Co

.200

%

05/15/27

$

49,039

110,000

NSTAR Electric Co

.950

04/01/30

107,499

62,000

NSTAR Electric Co

.500

03/15/40

61,993

50,000

OGE Energy Corp

.450

05/15/29

51,522

50,000

Oklahoma Gas and Electric Co

.150

04/01/47

40,016

20,000

Oncor Electric Delivery Co LLC

.750

05/15/30

18,486

77,000

Oncor Electric Delivery Co LLC

.500

09/01/38

91,500

200,000

Oncor Electric Delivery Co LLC

.950

09/15/52

178,027

50,000

ONE Gas Inc

.100

04/01/29

51,166

30,000

ONE Gas Inc

.250

09/01/32

28,972

20,000

ONE Gas Inc

.500

11/01/48

16,630

40,000

PECO Energy Co

.900

06/15/33

40,421

190,000

PECO Energy Co

.600

05/15/52

162,600

76,000

Potomac Electric Power Co

.500

11/15/37

83,928

50,000

PPL Capital Funding Inc

.250

09/01/34

50,425

20,000

PPL Electric Utilities Corp

.850

02/15/34

19,885

110,000

PPL Electric Utilities Corp

.150

10/01/45

91,407

50,000

Public Service Co of Colorado

.350

05/15/34

50,704

18,000

Public Service Co of Colorado

.500

08/01/38

19,754

200,000

Public Service Co of Colorado

.100

06/15/48

154,673

50,000

Public Service Co of New Hampshire

.200

06/15/31

43,771

10,000

Public Service Co of New Hampshire

.350

10/01/33

10,314

20,000

Public Service Co of Oklahoma

.200

08/15/31

17,321

10,000

Public Service Electric and Gas Co

.250

09/15/26

9,772

70,000

Public Service Electric and Gas Co

.900

08/15/31

60,222

140,000

Public Service Electric and Gas Co

.800

05/01/37

147,397

20,000

Public Service Electric and Gas Co

.050

08/01/50

10,681

70,000

Public Service Electric and Gas Co

.450

03/01/54

68,467

120,000

Puget Energy Inc

.224

03/15/32

112,959

10,000

Puget Sound Energy Inc

.330

06/15/34

10,211

30,000

Puget Sound Energy Inc

.638

04/15/41

29,534

100,000

San Diego Gas & Electric Co

.400

04/15/35

101,950

43,000

San Diego Gas & Electric Co

.150

05/15/48

33,657

10,000

San Diego Gas & Electric Co

.100

06/15/49

7,862

30,000

Sempra

.500

08/01/33

30,665

134,000

Sempra

.000

10/15/39

134,829

110,000

Sempra

.000

02/01/48

81,600

180,000

Southern California Edison Co

.700

06/01/27

180,109

50,000

Southern California Edison Co

.250

03/15/30

50,412

50,000

Southern California Edison Co

.200

06/01/34

49,033

30,000

Southern California Edison Co

.350

07/15/35

29,268

20,000

Southern California Edison Co

.500

09/01/40

17,169

50,000

Southern California Edison Co

.600

02/01/45

34,836

10,000

Southern California Edison Co

.125

03/01/48

7,476

90,000

Southern California Edison Co

.875

03/01/49

73,942

10,000

Southern California Edison Co

.650

02/01/50

6,814

210,000

Southern California Edison Co

.450

06/01/52

182,887

10,000

Southern California Gas Co

.600

06/15/26

9,841

40,000

Southern California Gas Co

.550

02/01/30

36,737

50,000

Southern California Gas Co

.450

06/15/35

50,965

40,000

Southern California Gas Co

.300

01/15/49

31,878

170,000

Southern California Gas Co

.750

06/01/53

166,887

20,000

Southwest Gas Corp

.800

12/01/27

20,546

10,000

Southwest Gas Corp

.700

04/01/28

9,785

40,000

Southwest Gas Corp

.200

06/15/30

35,847

20,000

Southwest Gas Corp

.800

09/29/46

14,674

300,000

Southwestern Electric Power Co

.250

11/01/51

193,848

50,000

Southwestern Public Service Co

.300

05/15/35

50,141

126,000

Southwestern Public Service Co

.500

08/15/41

109,304

23,000

Southwestern Public Service Co

.400

11/15/48

18,306

10,000

Southwestern Public Service Co

.150

05/01/50

6,434

30,000

Spire Missouri Inc

.800

02/15/33

29,832

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

10,000

Spire Missouri Inc

.150

%

08/15/34

$

10,152

50,000

Tampa Electric Co

.000

07/15/52

44,311

40,000

Tucson Electric Power Co

.250

05/15/32

36,357

50,000

Tucson Electric Power Co

.250

05/01/51

32,361

30,000

Washington Gas Light Co

.796

09/15/46

22,351

42,000

WEC Energy Group Inc

.600

09/12/26

42,435

100,000

WEC Energy Group Inc

.200

12/15/28

93,037

20,000

Wisconsin Power and Light Co

.950

09/16/31

17,118

50,000

Wisconsin Power and Light Co

.950

04/01/33

49,926

68,000

Wisconsin Public Service Corp

.671

12/01/42

52,465

TOTAL UTILITY

9,128,819

TOTAL CORPORATE DEBT

(Cost $101,356,114)

96,103,924

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 4.4%

GOVERNMENT AGENCY - 1.3%

20,000

Equinor ASA

.000

04/06/27

19,622

10,000

Equinor ASA

.625

09/10/28

9,817

167,000

Equinor ASA

.125

04/06/30

158,322

10,000

Equinor ASA

.625

04/06/40

8,346

30,000

Equinor ASA

.100

08/17/40

29,322

20,000

Equinor ASA

.250

11/23/41

17,673

62,000

Equinor ASA

.950

05/15/43

52,004

30,000

Equinor ASA

.250

11/18/49

20,941

30,000

Equinor ASA

.700

04/06/50

22,690

180,000

Export Development Canada

.375

06/29/26

180,124

35,000

Export Development Canada

.875

02/14/28

34,938

170,000

Export Development Canada

.125

02/13/29

170,916

40,000

Export Development Canada

.000

06/20/30

39,987

310,000

Federal National Mortgage Association

.875

09/24/26

302,277

10,000

Federal National Mortgage Association

.250

05/15/30

11,424

429,000

Federal National Mortgage Association

.625

07/15/37

466,608

30,000

Industrial & Commercial Bank of China Ltd/New York NY

.538

11/08/27

29,488

10,000

Israel Government AID Bond

.500

09/18/33

10,587

90,000

Japan International Cooperation Agency

.750

04/27/27

87,684

100,000

Japan International Cooperation Agency

.000

05/23/28

99,592

30,000

Korea Development Bank/The

.375

04/25/27

28,575

200,000

Korea Development Bank/The

.625

02/03/28

201,593

180,000

Korea Development Bank/The

.375

02/15/28

180,563

200,000

Korea Development Bank/The

.375

10/23/28

206,732

120,000

Kreditanstalt fuer Wiederaufbau

.625

08/07/26

120,490

442,000

Kreditanstalt fuer Wiederaufbau

.000

05/20/27

434,296

135,000

Kreditanstalt fuer Wiederaufbau

.000

06/28/27

135,095

60,000

Kreditanstalt fuer Wiederaufbau

.500

08/27/27

59,453

270,000

Kreditanstalt fuer Wiederaufbau

.875

05/15/28

269,895

135,000

Kreditanstalt fuer Wiederaufbau

.625

03/18/30

138,804

200,000

Kreditanstalt fuer Wiederaufbau

.750

07/15/30

198,023

100,000

Kreditanstalt fuer Wiederaufbau

.750

10/29/30

103,463

110,000

Kreditanstalt fuer Wiederaufbau

.125

07/15/33

109,007

195,000

Kreditanstalt fuer Wiederaufbau

.375

02/28/34

195,651

110,000

Landwirtschaftliche Rentenbank

.875

09/28/27

109,759

100,000

Landwirtschaftliche Rentenbank

.625

04/17/29

102,211

100,000

Landwirtschaftliche Rentenbank

.000

10/24/33

104,593

60,000

Oesterreichische Kontrollbank AG

.750

05/21/27

60,695

45,000

Oesterreichische Kontrollbank AG

.000

05/28/28

45,067

90,000

Oesterreichische Kontrollbank AG

.125

01/18/29

90,380

70,000

Oesterreichische Kontrollbank AG

.750

09/05/29

69,288

100,000

Oesterreichische Kontrollbank AG

.500

01/24/30

101,995

200,000

Svensk Exportkredit AB

.750

09/13/27

198,873

TOTAL GOVERNMENT AGENCY

5,036,863

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

MUNICIPAL BONDS - 0.8%

$

160,000

Province of Alberta Canada

.300

%

03/15/28

$

156,999

50,000

Province of Alberta Canada

.500

06/26/29

50,679

40,000

Province of Alberta Canada

.300

07/22/30

34,900

50,000

Province of Alberta Canada

.500

01/24/34

49,665

150,000

Province of British Columbia Canada

.250

06/02/26

147,454

110,000

Province of British Columbia Canada

.900

07/20/26

106,492

100,000

Province of British Columbia Canada

.700

01/24/28

101,530

85,000

Province of British Columbia Canada

.200

07/06/33

83,148

100,000

Province of British Columbia Canada

.750

06/12/34

100,844

100,000

Province of British Columbia Canada

.800

06/11/35

100,592

100,000

Province of Manitoba Canada

.500

10/25/28

92,181

100,000

Province of Manitoba Canada

.300

07/27/33

98,149

70,000

Province of New Brunswick Canada

.625

02/24/28

69,154

300,000

Province of Ontario Canada

.500

04/27/26

295,893

260,000

(a) Province of Ontario Canada

.100

05/19/27

255,269

23,000

Province of Ontario Canada

.050

05/21/27

21,784

150,000

Province of Ontario Canada

.200

01/18/29

150,729

100,000

Province of Ontario Canada

.700

09/17/29

98,522

100,000

Province of Ontario Canada

.700

01/15/30

102,384

150,000

Province of Ontario Canada

.800

10/14/31

129,254

100,000

Province of Ontario Canada

.125

01/21/32

87,252

305,000

Province of Quebec Canada

.500

04/20/26

300,965

70,000

Province of Quebec Canada

.750

04/12/27

68,360

140,000

Province of Quebec Canada

.500

04/03/29

142,040

100,000

Province of Quebec Canada

.500

09/08/33

99,580

50,000

Province of Quebec Canada

.250

09/05/34

48,575

50,000

Province of Saskatchewan Canada

.650

01/28/30

51,022

TOTAL MUNICIPAL BONDS

3,043,416

SOVEREIGN DEBT - 2.3%

110,000

African Development Bank

.875

07/22/26

106,545

100,000

African Development Bank

.500

09/18/29

98,099

50,000

African Development Bank

.000

03/18/30

50,015

250,000

Asian Development Bank

.500

01/20/27

240,843

25,000

Asian Development Bank

.375

01/14/28

25,265

120,000

Asian Development Bank

.500

08/25/28

121,953

100,000

(a) Asian Development Bank

.375

03/06/29

101,362

100,000

Asian Development Bank

.875

03/15/29

93,000

130,000

Asian Development Bank

.625

08/28/29

128,329

110,000

Asian Development Bank

.125

04/27/32

103,155

110,000

Asian Development Bank

.125

01/12/34

108,393

210,000

Canada Government International Bond

.750

04/26/28

209,065

35,000

Canada Government International Bond

.000

03/18/30

35,034

130,000

Chile Government International Bond

.240

02/06/28

126,243

160,000

Chile Government International Bond

.450

01/31/31

143,214

140,000

Chile Government International Bond

.950

01/05/36

136,857

260,000

Chile Government International Bond

.250

09/21/71

156,790

50,000

Council Of Europe Development Bank

.875

09/22/26

48,179

100,000

Council Of Europe Development Bank

.625

06/11/27

100,995

50,000

Council Of Europe Development Bank

.625

05/08/28

49,600

50,000

Council Of Europe Development Bank

.500

01/15/30

51,012

100,000

European Bank for Reconstruction & Development

.375

03/09/28

101,035

70,000

European Bank for Reconstruction & Development

.250

03/13/34

69,421

190,000

European Investment Bank

.750

10/26/26

182,335

312,000

European Investment Bank

.375

03/15/27

299,111

100,000

European Investment Bank

.500

10/16/28

101,724

225,000

European Investment Bank

.000

02/15/29

225,439

100,000

European Investment Bank

.750

06/15/29

102,839

30,000

European Investment Bank

.750

11/15/29

29,751

25,000

European Investment Bank

.500

03/14/30

25,560

170,000

European Investment Bank

.625

07/15/30

167,270

100,000

European Investment Bank

.375

10/10/31

101,600

85,000

European Investment Bank

.125

02/13/34

83,925

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

84,000

Hungary Government International Bond

.625

%

03/29/41

$

95,936

190,000

Indonesia Government International Bond

.550

01/11/28

191,233

70,000

Indonesia Government International Bond

.850

01/11/33

69,941

200,000

Indonesia Government International Bond

.600

01/15/35

208,509

280,000

Indonesia Government International Bond

.650

01/11/53

278,401

100,000

Inter-American Development Bank

.500

01/13/27

96,369

90,000

Inter-American Development Bank

.375

02/01/27

90,362

120,000

Inter-American Development Bank

.000

01/12/28

120,160

110,000

Inter-American Development Bank

.125

07/20/28

101,391

50,000

Inter-American Development Bank

.500

02/15/30

51,072

50,000

Inter-American Development Bank

.750

06/14/30

49,474

100,000

Inter-American Development Bank

.375

07/16/35

99,655

240,000

Inter-American Development Bank

.875

10/28/41

210,319

630,000

International Bank for Reconstruction & Development

.500

11/22/27

609,587

36,000

International Bank for Reconstruction & Development

.625

05/05/28

35,735

100,000

International Bank for Reconstruction & Development

.625

08/01/28

101,913

92,000

International Bank for Reconstruction & Development

.000

07/25/30

92,012

95,000

International Bank for Reconstruction & Development

.000

01/10/31

94,726

100,000

International Bank for Reconstruction & Development

.500

04/10/31

102,068

100,000

International Bank for Reconstruction & Development

.625

11/03/31

86,192

75,000

International Bank for Reconstruction & Development

.625

01/15/32

76,985

112,000

International Bank for Reconstruction & Development

.500

03/29/32

101,159

50,000

International Bank for Reconstruction & Development

.000

05/06/32

49,460

100,000

(a) International Bank for Reconstruction & Development

.750

11/14/33

103,009

45,000

International Bank for Reconstruction & Development

.875

08/28/34

43,367

35,000

International Finance Corp

.375

01/15/27

35,136

30,000

International Finance Corp

.500

01/21/28

30,406

180,000

Israel Government International Bond

.750

07/03/30

163,495

280,000

Israel Government International Bond

.875

07/03/50

198,307

30,000

Korea International Bond

.750

01/19/27

29,374

30,000

Korea International Bond

.500

06/19/29

28,186

120,000

Korea International Bond

.000

09/16/30

102,537

70,000

Korea International Bond

.750

10/15/31

60,640

200,000

Nordic Investment Bank

.750

05/09/30

197,947

40,000

Panama Government International Bond

.160

01/23/30

36,026

80,000

Panama Government International Bond

.875

01/31/36

79,834

200,000

Panama Government International Bond

.000

03/01/38

216,500

250,000

Panama Government International Bond

.500

05/15/47

175,075

90,000

Panama Government International Bond

.500

04/16/50

61,497

65,000

Peruvian Government International Bond

.000

01/15/34

54,765

85,000

Peruvian Government International Bond

.375

02/08/35

84,623

96,000

Peruvian Government International Bond

.625

11/18/50

90,724

20,000

Peruvian Government International Bond

.550

03/10/51

13,524

140,000

Republic of Italy Government International Bond

.875

10/17/29

131,594

200,000

Republic of Poland Government International Bond

.875

10/04/33

199,405

195,000

Republic of Poland Government International Bond

.125

09/18/34

195,882

50,000

Republic of Poland Government International Bond

.375

02/12/35

50,974

15,000

Uruguay Government International Bond

.375

01/23/31

14,917

113,000

Uruguay Government International Bond

.750

10/28/34

118,714

200,000

Uruguay Government International Bond

.125

11/20/45

169,466

TOTAL SOVEREIGN DEBT

9,422,541

TOTAL GOVERNMENT RELATED

(Cost $18,189,823)

17,502,820

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 26.1%

150,000

American Express Credit Account Master Trust

.230

09/15/28

151,496

21,942

AmeriCredit Automobile Receivables Trust 2021-2

.010

01/19/27

21,774

50,000

BA Credit Card Trust

.980

11/15/28

50,433

200,000

Bank 2019-BNK19

.926

08/15/61

188,212

94,473

BANK 2021-BNK34

.935

06/15/63

91,867

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

100,000

BANK 2021-BNK35

.067

%

06/15/64

$

92,697

55,000

BANK 2024-BNK48

.053

10/15/57

55,058

50,000

(d) BANK 2025-BNK49

.623

03/15/58

52,122

43,281

BANK5 2023-5YR4

.500

12/15/56

45,403

50,000

(d) BANK5 2024-5YR12

.902

12/15/57

52,221

45,000

BANK5 2024-5YR9

.614

08/15/57

46,441

50,000

BANK5 Trust 2024-5YR6

.225

05/15/57

52,415

357,566

BBCMS Mortgage Trust 2020-C6

.690

02/15/53

335,248

100,000

(d) BBCMS Mortgage Trust 2023-C21

.000

09/15/56

106,231

100,000

(d) BBCMS Mortgage Trust 2023-C22

.804

11/15/56

110,932

100,000

BBCMS Mortgage Trust 2024-C26

.829

05/15/57

105,577

50,000

BBCMS Mortgage Trust 2025-5C33

.839

03/15/58

52,199

50,000

BBCMS Mortgage Trust 2025-C32

.720

02/15/62

52,453

200,000

Benchmark 2021-B24 Mortgage Trust

.264

03/15/54

176,668

100,000

Benchmark 2021-B27 Mortgage Trust

.703

07/15/54

72,837

100,000

Benchmark 2021-B28 Mortgage Trust

.073

08/15/54

89,132

40,000

Benchmark 2024-V10 Mortgage Trust

.277

09/15/57

40,790

50,000

(d) Benchmark 2024-V11 Mortgage Trust

.909

11/15/57

52,182

35,000

Benchmark 2024-V12 Mortgage Trust

.738

12/15/57

36,391

90,000

(d) BMARK 2023-V4

.841

11/15/56

95,304

50,000

(d) BMO 2024-5C7 Mortgage Trust

.566

11/15/57

51,516

35,000

(d) BMO 2024-C10 Mortgage Trust

.478

11/15/57

35,956

90,000

(d) BMO 2024-C8 Mortgage Trust

.598

03/15/57

93,411

25,000

(d) BMO 2025-5C9 Mortgage Trust

.779

04/15/58

25,996

100,000

(d) BMO Mortgage Trust

.117

08/15/56

105,651

50,000

Capital One Multi-Asset Execution Trust

.920

09/15/29

49,710

30,000

Capital One Prime Auto Receivables Trust 2024-1

.620

07/16/29

30,100

100,000

CarMax Auto Owner Trust

.700

08/16/27

98,458

50,000

CarMax Auto Owner Trust 2024-4

.640

04/15/30

50,444

20,913

(b) Carvana Auto Receivables Trust 2022-N1

.130

12/11/28

20,675

50,000

Carvana Auto Receivables Trust 2024-P3

.310

09/10/30

49,922

100,000

Chase Issuance Trust

.160

07/15/30

99,971

100,000

Citibank Credit Card Issuance Trust

.230

12/08/27

100,239

180,000

Citigroup Commercial Mortgage Trust 2016-C1

.209

05/10/49

177,812

100,000

CNH Equipment Trust 2023-B

.600

02/15/29

101,098

50,000

CNH Equipment Trust 2024-C

.120

03/15/32

49,958

50,000

Exeter Automobile Receivables Trust 2024-4

.290

08/15/30

50,215

235,893

Fannie Mae FN MA4547

.000

02/01/52

185,070

143,426

Fannie Mae Pool FN MA2941

.500

03/01/32

140,681

46,729

Fannie Mae Pool FN MA3392

.500

06/01/33

45,731

97,780

Fannie Mae Pool FN MA3490

.000

10/01/33

96,931

38,463

Fannie Mae Pool FN MA3828

.000

11/01/34

36,897

79,678

Fannie Mae Pool FN MA3865

.000

12/01/34

76,336

92,408

Fannie Mae Pool FN MA3957

.500

03/01/35

88,992

443,205

Fannie Mae Pool FN MA4074

.000

07/01/35

404,832

689,034

Fannie Mae Pool FN MA4123

.000

09/01/35

629,370

389,505

Fannie Mae Pool FN MA4180

.500

11/01/35

362,219

302,738

Fannie Mae Pool FN MA4228

.500

01/01/36

268,123

403,866

Fannie Mae Pool FN MA4278

.500

03/01/36

357,677

440,003

Fannie Mae Pool FN MA4298

.500

03/01/36

409,166

119,751

Fannie Mae Pool FN MA4302

.500

04/01/36

106,055

50,681

Fannie Mae Pool FN MA4316

.500

04/01/36

47,176

130,969

Fannie Mae Pool FN MA4330

.500

05/01/36

121,909

247,851

Fannie Mae Pool FN MA4359

.500

06/01/36

219,498

53,617

Fannie Mae Pool FN MA4361

.500

06/01/36

49,908

487,740

Fannie Mae Pool FN MA4383

.000

07/01/36

443,966

126,574

Fannie Mae Pool FN MA4402

.500

08/01/36

112,093

230,114

Fannie Mae Pool FN MA4516

.000

01/01/37

209,028

190,943

Fannie Mae Pool FN MA4535

.500

02/01/37

168,626

911,267

Fannie Mae Pool FN MA4536

.000

02/01/37

827,502

279,209

Fannie Mae Pool FN MA4566

.500

03/01/37

246,576

179,656

Fannie Mae Pool FN MA4602

.000

05/01/37

163,108

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

81,947

Fannie Mae Pool FN MA4604

.000

%

05/01/37

$

77,591

245,297

Fannie Mae Pool FN MA4629

.000

06/01/37

232,259

73,885

Fannie Mae Pool FN MA5042

.500

06/01/38

73,032

92,445

Fannie Mae Pool FN MA3890

.000

01/01/40

85,662

621,196

Fannie Mae Pool FN MA4268

.000

02/01/41

530,433

105,151

Fannie Mae Pool FN MA4310

.500

04/01/41

86,238

474,760

Fannie Mae Pool FN MA4334

.500

05/01/41

418,264

72,092

Fannie Mae Pool FN MA4364

.000

06/01/41

61,520

66,180

Fannie Mae Pool FN MA4366

.500

06/01/41

58,571

207,252

Fannie Mae Pool FN MA4387

.000

07/01/41

176,815

274,679

Fannie Mae Pool FN MA4423

.500

09/01/41

242,641

684,981

Fannie Mae Pool FN MA3143

.000

09/01/47

599,407

395,088

Fannie Mae Pool FN MA3120

.500

09/01/47

359,556

43,806

Fannie Mae Pool FN MA3182

.500

11/01/47

39,967

142,648

Fannie Mae Pool FN MA3358

.500

05/01/48

137,810

1,979,432

Fannie Mae Pool FN FM5665

.500

08/01/48

1,812,917

82,189

Fannie Mae Pool FN MA3536

.000

12/01/48

77,062

141,197

Fannie Mae Pool FN MA3574

.500

01/01/49

127,801

1,324,782

Fannie Mae Pool FN FM5488

.000

05/01/49

1,244,013

481,355

Fannie Mae Pool FN MA3692

.500

07/01/49

435,321

834,380

Fannie Mae Pool FN MA3774

.000

09/01/49

723,279

562,623

Fannie Mae Pool FN MA3905

.000

01/01/50

487,590

254,820

Fannie Mae Pool FN MA3991

.000

04/01/50

219,754

337,738

Fannie Mae Pool FN MA4019

.500

05/01/50

280,559

597,118

Fannie Mae Pool FN MA4077

.000

07/01/50

470,688

216,962

Fannie Mae Pool FN MA4078

.500

07/01/50

179,826

320,333

Fannie Mae Pool FN MA4079

.000

07/01/50

277,406

205,943

Fannie Mae Pool FN MA4097

.000

08/01/50

178,303

322,463

Fannie Mae Pool FN MA4120

.500

09/01/50

267,089

678,850

Fannie Mae Pool FN MA4158

.000

10/01/50

535,374

1,816,093

Fannie Mae Pool FN MA4182

.000

11/01/50

1,432,827

225,285

Fannie Mae Pool FN MA4183

.500

11/01/50

186,032

1,658,815

Fannie Mae Pool FN MA4208

.000

12/01/50

1,307,704

751,724

Fannie Mae Pool FN MA4254

.500

02/01/51

558,563

807,247

Fannie Mae Pool FN MA4255

.000

02/01/51

635,501

307,344

Fannie Mae Pool FN MA4304

.500

04/01/51

228,198

2,059,428

Fannie Mae Pool FN MA4305

.000

04/01/51

1,619,564

72,087

Fannie Mae Pool FN MA4337

.000

04/01/51

67,033

1,338,516

Fannie Mae Pool FN MA4325

.000

05/01/51

1,052,485

262,824

Fannie Mae Pool FN MA4327

.000

05/01/51

226,883

1,592,161

Fannie Mae Pool FN MA4355

.000

06/01/51

1,247,563

226,831

Fannie Mae Pool FN MA4356

.500

06/01/51

187,180

523,342

Fannie Mae Pool FN MA4357

.000

06/01/51

450,746

161,155

Fannie Mae Pool FN MA4377

.500

07/01/51

119,710

229,911

Fannie Mae Pool FN MA4378

.000

07/01/51

180,754

407,849

Fannie Mae Pool FN MA4397

.500

08/01/51

302,817

1,194,935

Fannie Mae Pool FN MA4398

.000

08/01/51

939,319

1,441,899

Fannie Mae Pool FN MA4437

.000

10/01/51

1,133,304

214,641

Fannie Mae Pool FN MA4438

.500

10/01/51

176,515

279,872

Fannie Mae Pool FN MA4439

.000

10/01/51

240,498

1,020,616

Fannie Mae Pool FN MA4465

.000

11/01/51

801,770

226,981

Fannie Mae Pool FN MA4466

.500

11/01/51

186,452

1,448,579

Fannie Mae Pool FN MA4492

.000

12/01/51

1,136,069

6,546,019

Fannie Mae Pool FN MA4493

.500

12/01/51

5,374,558

1,302,593

Fannie Mae Pool FN MA4511

.000

01/01/52

1,020,766

742,395

Fannie Mae Pool FN MA4512

.500

01/01/52

610,982

398,503

Fannie Mae Pool FN MA4513

.000

01/01/52

341,234

1,212,392

Fannie Mae Pool FN MA4549

.000

02/01/52

1,039,665

2,688,162

Fannie Mae Pool FN MA4563

.500

03/01/52

2,208,928

292,824

Fannie Mae Pool FN MA4564

.000

03/01/52

251,106

718,694

Fannie Mae Pool FN MA4565

.500

03/01/52

644,517

338,431

Fannie Mae Pool FN MA4577

.000

04/01/52

265,102

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

1,145,779

Fannie Mae Pool FN MA4578

.500

%

04/01/52

$

941,356

401,212

Fannie Mae Pool FN MA4579

.000

04/01/52

344,009

440,973

Fannie Mae Pool FN MA4600

.500

05/01/52

394,665

539,406

Fannie Mae Pool FN MA4644

.000

05/01/52

498,518

245,824

Fannie Mae Pool FN MA4625

.500

06/01/52

220,009

768,254

Fannie Mae Pool FN MA4684

.500

06/01/52

730,075

320,550

Fannie Mae Pool FN MA4686

.000

06/01/52

313,549

501,505

Fannie Mae Pool FN MA4653

.000

07/01/52

429,902

195,844

Fannie Mae Pool FN MA4654

.500

07/01/52

175,278

286,592

Fannie Mae Pool FN MA4655

.000

07/01/52

264,882

638,467

Fannie Mae Pool FN MA4656

.500

07/01/52

606,715

304,543

Fannie Mae Pool FN MA4709

.000

07/01/52

297,891

486,607

Fannie Mae Pool FN MA4699

.500

08/01/52

435,457

576,600

Fannie Mae Pool FN MA4700

.000

08/01/52

532,890

481,002

Fannie Mae Pool FN MA4701

.500

08/01/52

457,098

828,218

Fannie Mae Pool FN MA4737

.000

08/01/52

810,128

813,978

Fannie Mae Pool FN MA4738

.500

08/01/52

812,303

289,780

Fannie Mae Pool FN MA4731

.500

09/01/52

259,302

331,722

Fannie Mae Pool FN MA4732

.000

09/01/52

306,575

519,964

Fannie Mae Pool FN MA4781

.000

10/01/52

445,617

428,918

Fannie Mae Pool FN MA4782

.500

10/01/52

383,808

531,989

Fannie Mae Pool FN MA4783

.000

10/01/52

491,183

215,096

Fannie Mae Pool FN MA4804

.000

11/01/52

198,757

501,122

Fannie Mae Pool FN MA4805

.500

11/01/52

476,272

310,709

Fannie Mae Pool FN MA4807

.500

11/01/52

310,774

502,669

Fannie Mae Pool FN MA4847

.000

11/01/52

511,270

182,701

Fannie Mae Pool FN MA4852

.500

11/01/52

189,306

393,098

Fannie Mae Pool FN MA4842

.500

12/01/52

392,948

759,475

Fannie Mae Pool FN MA4894

.000

01/01/53

772,128

469,869

Fannie Mae Pool FN MA4895

.500

01/01/53

485,701

391,165

Fannie Mae Pool FN MA5027

.000

05/01/53

361,309

258,709

Fannie Mae Pool FN MA5008

.500

05/01/53

245,476

347,258

Fannie Mae Pool FN MA5009

.000

05/01/53

339,235

188,523

Fannie Mae Pool FN MA5012

.500

05/01/53

195,180

291,752

Fannie Mae Pool FN MA5038

.000

06/01/53

285,127

178,029

Fannie Mae Pool FN MA5071

.000

07/01/53

173,764

737,120

Fannie Mae Pool FN MA5106

.000

08/01/53

719,227

165,904

Fannie Mae Pool FN MA5108

.000

08/01/53

168,464

1,177,334

Fannie Mae Pool FN MA5165

.500

10/01/53

1,172,789

76,373

Fannie Mae Pool FN MA5166

.000

10/01/53

77,534

238,769

Fannie Mae Pool FN MA5190

.500

11/01/53

238,071

142,656

Fannie Mae Pool FN MA5192

.500

11/01/53

147,124

55,278

Fannie Mae Pool FN MA5193

.000

11/01/53

58,087

695,986

Fannie Mae Pool FN MA5216

.000

12/01/53

707,369

127,816

Fannie Mae Pool FN MA5217

.500

12/01/53

131,876

150,774

Fannie Mae Pool FN MA5218

.000

12/01/53

158,436

311,208

Fannie Mae Pool FN MA5263

.000

01/01/54

287,196

155,667

Fannie Mae Pool FN MA5247

.000

01/01/54

157,962

182,705

Fannie Mae Pool FN MA5271

.500

02/01/54

181,914

123,413

Fannie Mae Pool FN MA5273

.500

02/01/54

127,278

118,073

Fannie Mae Pool FN MA5295

.000

03/01/54

119,786

54,512

Fannie Mae Pool FN MA5298

.000

03/01/54

57,282

491,720

Fannie Mae Pool FN MA5326

.500

04/01/54

466,566

171,860

Fannie Mae Pool FN MA5329

.500

04/01/54

177,242

163,903

Fannie Mae Pool FN MA5342

.000

04/01/54

172,357

359,785

Fannie Mae Pool FN MA5353

.500

05/01/54

358,201

138,180

Fannie Mae Pool FN MA5388

.500

06/01/54

137,571

91,157

Fannie Mae Pool FN MA5389

.000

06/01/54

92,453

305,090

Fannie Mae Pool FN MA5390

.500

06/01/54

315,311

625,367

Fannie Mae Pool FN MA5419

.000

07/01/54

609,480

336,927

Fannie Mae Pool FN MA5421

.000

07/01/54

341,685

461,559

Fannie Mae Pool FN MA5444

.500

08/01/54

459,527

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

422,318

Fannie Mae Pool FN MA5445

.000

%

08/01/54

$

428,324

385,961

Fannie Mae Pool FN MA5446

.500

08/01/54

398,048

1,206,773

Fannie Mae Pool FN MA5471

.000

09/01/54

1,223,634

167,636

Fannie Mae Pool FN MA5499

.500

10/01/54

173,304

208,115

Fannie Mae Pool FN MA5529

.500

11/01/54

197,468

496,908

Fannie Mae Pool FN MA5530

.000

11/01/54

483,746

1,091,290

Fannie Mae Pool FN MA5553

.500

12/01/54

1,085,811

338,247

Fannie Mae Pool FN MA5675

.500

04/01/55

348,840

505,142

Fannie Mae Pool FN MA5700

.500

05/01/55

502,605

840,993

Fannie Mae Pool FN MA5761

.000

07/01/55

852,744

190,000

Fannie Mae Pool FN MA5795

.000

08/01/55

199,656

176,977

(d) Fannie Mae-Aces

.031

03/25/28

171,822

242,371

(d) Fannie Mae-Aces

.354

07/25/28

236,621

50,000

Ford Credit Auto Lease Trust 2024-B

.990

12/15/27

50,288

50,000

Ford Credit Auto Lease Trust 2025-B

.230

12/15/28

49,940

50,000

Ford Credit Auto Owner Trust 2024-A

.010

09/15/29

50,756

763,753

Freddie Mac Multifamily Structured Pass Through Certificates

.862

05/25/26

754,315

93,844

Freddie Mac Multifamily Structured Pass Through Certificates

.861

06/25/27

92,079

62,000

Freddie Mac Multifamily Structured Pass Through Certificates

.760

03/25/28

58,322

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

.770

05/25/28

93,602

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

.819

06/25/28

101,224

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.650

08/25/28

100,960

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.800

09/25/28

101,327

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.355

01/25/29

103,370

35,000

Freddie Mac Multifamily Structured Pass Through Certificates

.400

01/25/29

36,157

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.180

03/25/29

102,746

245,572

Freddie Mac Multifamily Structured Pass Through Certificates

.701

04/25/29

238,507

50,000

Freddie Mac Multifamily Structured Pass Through Certificates

.618

07/25/29

50,513

89,179

Freddie Mac Multifamily Structured Pass Through Certificates

.101

08/25/30

81,599

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

.400

10/25/30

100,190

91,951

Freddie Mac Multifamily Structured Pass Through Certificates

.353

11/25/30

84,999

50,000

Freddie Mac Multifamily Structured Pass Through Certificates

.203

02/25/31

51,879

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

.647

05/25/31

85,884

100,000

Freddie Mac Multifamily Structured Pass Through Certificates

.963

05/25/31

102,664

200,000

Freddie Mac Multifamily Structured Pass Through Certificates

.456

08/25/31

200,303

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.550

01/25/32

100,418

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.800

01/25/32

101,793

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.500

08/25/33

99,393

95,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.150

12/25/33

98,406

50,000

Freddie Mac Multifamily Structured Pass Through Certificates

.489

09/25/34

49,351

90,000

Freddie Mac Multifamily Structured Pass Through Certificates

.760

10/25/34

90,549

100,000

(d) Freddie Mac Multifamily Structured Pass Through Certificates

.660

12/25/34

99,762

96,509

Freddie Mac Multifamily Structured Pass Through Certificates

.007

07/25/35

81,159

628,622

Freddie Mac Pool FR SD3574

.000

11/01/48

554,325

85,712

Freddie Mac Pool FR SD8071

.500

06/01/50

82,081

219,810

Freddie Mac Pool FR SD8161

.500

08/01/51

181,240

227,511

Freddie Mac Pool FR SD8195

.000

02/01/52

195,099

333,200

Freddie Mac Pool FR SD5345

.500

04/01/52

274,455

204,971

Freddie Mac Pool FR SD8428

.000

05/01/54

189,112

380,257

Ginnie Mae II Pool G2 MA3663

.500

05/20/46

349,848

47,870

Ginnie Mae II Pool G2 MA5264

.000

06/20/48

44,699

55,360

Ginnie Mae II Pool G2 MA5398

.000

08/20/48

51,676

341,694

Ginnie Mae II Pool G2 MA6038

.000

07/20/49

301,280

160,000

Ginnie Mae II Pool G2 MA6283

.000

11/20/49

140,357

194,007

Ginnie Mae II Pool G2 MA6284

.500

11/20/49

175,758

627,601

Ginnie Mae II Pool G2 MA6338

.000

12/20/49

550,790

181,503

Ginnie Mae II Pool G2 MA6340

.000

12/20/49

169,258

193,354

Ginnie Mae II Pool G2 MA6410

.500

01/20/50

175,163

120,125

Ginnie Mae II Pool G2 MA6542

.500

03/20/50

108,830

62,143

Ginnie Mae II Pool G2 MA6600

.500

04/20/50

56,290

63,516

Ginnie Mae II Pool G2 MA6820

.000

08/20/50

55,681

629,521

Ginnie Mae II Pool G2 MA6864

.000

09/20/50

508,338

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

559,880

Ginnie Mae II Pool G2 MA6865

.500

%

09/20/50

$

471,646

67,361

Ginnie Mae II Pool G2 MA6931

.500

10/20/50

56,745

224,885

Ginnie Mae II Pool G2 MA6995

.500

11/20/50

189,442

400,213

Ginnie Mae II Pool G2 MA7051

.000

12/20/50

323,163

189,901

Ginnie Mae II Pool G2 MA7054

.500

12/20/50

171,421

372,258

Ginnie Mae II Pool G2 MA7136

.500

01/20/51

313,477

422,893

Ginnie Mae II Pool G2 MA7312

.500

04/20/51

355,915

468,012

Ginnie Mae II Pool G2 MA7367

.500

05/20/51

393,956

305,247

Ginnie Mae II Pool G2 MA7419

.000

06/20/51

267,039

676,091

Ginnie Mae II Pool G2 MA7472

.500

07/20/51

568,872

687,575

Ginnie Mae II Pool G2 MA7533

.000

08/20/51

555,185

206,985

Ginnie Mae II Pool G2 MA7534

.500

08/20/51

174,159

222,005

Ginnie Mae II Pool G2 MA7589

.500

09/20/51

186,797

201,637

Ginnie Mae II Pool G2 MA7650

.000

10/20/51

176,399

679,998

Ginnie Mae II Pool G2 MA7704

.000

11/20/51

549,061

218,466

Ginnie Mae II Pool G2 MA7705

.500

11/20/51

183,819

335,819

Ginnie Mae II Pool G2 MA7767

.500

12/20/51

282,559

468,031

Ginnie Mae II Pool G2 MA7826

.000

01/20/52

377,905

150,438

Ginnie Mae II Pool G2 MA7827

.500

01/20/52

126,579

1,243,210

Ginnie Mae II Pool G2 MA7882

.000

02/20/52

1,087,079

182,916

Ginnie Mae II Pool G2 MA7883

.500

02/20/52

165,110

1,327,708

Ginnie Mae II Pool G2 MA7935

.000

03/20/52

1,072,033

192,939

Ginnie Mae II Pool G2 MA7936

.500

03/20/52

162,339

373,219

Ginnie Mae II Pool G2 MA7937

.000

03/20/52

326,250

691,129

Ginnie Mae II Pool G2 MA7938

.500

03/20/52

623,317

175,670

Ginnie Mae II Pool G2 MA7939

.000

03/20/52

163,048

496,442

Ginnie Mae II Pool G2 MA8042

.500

05/20/52

417,706

182,694

Ginnie Mae II Pool G2 MA8044

.500

05/20/52

164,712

385,657

Ginnie Mae II Pool G2 MA8046

.500

05/20/52

368,173

667,057

Ginnie Mae II Pool G2 MA8100

.000

06/20/52

619,126

195,169

Ginnie Mae II Pool G2 MA8101

.500

06/20/52

186,321

369,926

Ginnie Mae II Pool G2 MA8102

.000

06/20/52

362,752

392,566

Ginnie Mae II Pool G2 MA8151

.500

07/20/52

374,526

160,963

Ginnie Mae II Pool G2 MA8200

.000

08/20/52

149,522

157,955

Ginnie Mae II Pool G2 MA8201

.500

08/20/52

151,184

153,690

Ginnie Mae II Pool G2 MA8202

.000

08/20/52

150,815

161,321

Ginnie Mae II Pool G2 MA8266

.500

09/20/52

145,392

179,247

Ginnie Mae II Pool G2 MA8267

.000

09/20/52

166,533

142,721

Ginnie Mae II Pool G2 MA8349

.500

10/20/52

143,668

350,323

Ginnie Mae II Pool G2 MA8428

.000

11/20/52

343,770

118,363

Ginnie Mae II Pool G2 MA8430

.000

11/20/52

120,846

233,742

Ginnie Mae II Pool G2 MA8487

.500

12/20/52

210,210

358,007

Ginnie Mae II Pool G2 MA8491

.500

12/20/52

360,031

116,565

Ginnie Mae II Pool G2 MA8492

.000

12/20/52

119,009

296,159

Ginnie Mae II Pool G2 MA8571

.000

01/20/53

300,425

131,386

Ginnie Mae II Pool G2 MA8572

.500

01/20/53

135,421

272,001

Ginnie Mae II Pool G2 MA8801

.500

04/20/53

272,894

171,948

Ginnie Mae II Pool G2 MA8876

.000

05/20/53

159,590

92,339

Ginnie Mae II Pool G2 MA8881

.500

05/20/53

94,975

197,496

Ginnie Mae II Pool G2 MA8946

.500

06/20/53

188,078

89,501

Ginnie Mae II Pool G2 MA9015

.500

07/20/53

85,285

242,219

Ginnie Mae II Pool G2 MA9106

.500

08/20/53

242,610

241,546

Ginnie Mae II Pool G2 MA9170

.000

09/20/53

236,072

158,656

Ginnie Mae II Pool G2 MA9171

.500

09/20/53

159,084

66,875

Ginnie Mae II Pool G2 MA9172

.000

09/20/53

68,139

39,737

Ginnie Mae II Pool G2 MA9244

.000

10/20/53

41,222

197,046

Ginnie Mae II Pool G2 MA9303

.500

11/20/53

187,319

278,230

Ginnie Mae II Pool G2 MA9361

.000

12/20/53

271,810

284,848

Ginnie Mae II Pool G2 MA9422

.000

01/20/54

278,816

191,830

Ginnie Mae II Pool G2 MA9424

.000

01/20/54

195,206

76,967

Ginnie Mae II Pool G2 MA9425

.500

01/20/54

79,132

162,233

Ginnie Mae II Pool G2 MA9490

.500

02/20/54

166,835

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

122,670

Ginnie Mae II Pool G2 MA9671

.000

%

05/20/54

$

126,960

205,672

Ginnie Mae II Pool G2 MA9722

.000

06/20/54

189,617

91,960

Ginnie Mae II Pool G2 MA9725

.500

06/20/54

91,868

205,529

Ginnie Mae II Pool G2 MA9726

.000

06/20/54

208,857

231,298

Ginnie Mae II Pool G2 MA9779

.500

07/20/54

230,812

292,785

Ginnie Mae II Pool G2 MA9849

.500

08/20/54

278,028

252,323

Ginnie Mae II Pool G2 MA9852

.000

08/20/54

256,093

193,507

Ginnie Mae II Pool G2 MA9905

.000

09/20/54

188,961

659,564

Ginnie Mae II Pool G2 MA9906

.500

09/20/54

658,292

174,366

Ginnie Mae II Pool G2 MA9907

.000

09/20/54

176,889

392,863

Ginnie Mae II Pool G2 MA9964

.000

10/20/54

383,634

296,676

Ginnie Mae II Pool G2 MA9967

.500

10/20/54

304,780

99,444

Ginnie Mae II Pool G2 MB0307

.000

04/20/55

97,093

500,000

Ginnie Mae II Pool G2 MB0485

.500

07/20/55

498,948

300,000

Ginnie Mae II Pool G2 MB0486

.000

07/20/55

304,523

50,000

GM Financial Consumer Automobile Receivables Trust 2024-2

.100

03/16/29

50,384

200,000

GS Mortgage Securities Trust 2019-GC38

.968

02/10/52

193,793

50,000

Harley-Davidson Motorcycle Trust 2024-B

.310

07/16/29

49,956

40,000

Honda Auto Receivables 2024-2 Owner Trust

.210

07/18/30

40,640

50,000

Honda Auto Receivables 2024-3 Owner Trust

.570

03/21/29

50,147

100,000

Hyundai Auto Receivables Trust 2023-C

.540

10/16/28

100,928

25,000

Mercedes-Benz Auto Receivables Trust 2024-1

.790

07/15/31

25,282

100,000

Morgan Stanley Capital I Trust 2021-L5

.518

05/15/54

96,653

50,000

Nissan Auto Lease Trust 2025-A

.750

03/15/28

50,359

100,000

Santander Drive Auto Receivables Trust 2024-2

.630

11/15/28

100,475

100,000

Synchrony Card Funding LLC

.540

07/15/29

101,027

35,000

Toyota Auto Receivables 2024-D Owner Trust

.430

04/15/30

35,139

90,000

Verizon Master Trust Series 2024-4

.210

06/20/29

90,610

300,000

Wells Fargo Commercial Mortgage Trust 2019-C49

.760

03/15/52

292,159

50,000

Wells Fargo Commercial Mortgage Trust 2024-5C2

.439

11/15/57

51,283

50,000

WF Card Issuance Trust

.290

10/15/29

50,125

50,000

World Omni Auto Receivables Trust 2024-C

.430

12/17/29

50,088

TOTAL SECURITIZED

(Cost $114,039,951)

104,979,308

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY - 44.4%

1,550,000

United States Treasury Note/Bond

.625

06/30/26

1,555,522

1,100,000

United States Treasury Note/Bond

.625

07/31/26

1,061,912

1,450,000

United States Treasury Note/Bond

.750

08/31/26

1,398,117

2,800,000

United States Treasury Note/Bond

.750

08/31/26

2,787,641

2,600,000

United States Treasury Note/Bond

.875

09/30/26

2,504,430

1,350,000

United States Treasury Note/Bond

.500

09/30/26

1,340,191

900,000

United States Treasury Note/Bond

.125

10/31/26

867,516

1,700,000

United States Treasury Note/Bond

.125

10/31/26

1,699,867

1,600,000

United States Treasury Note/Bond

.250

11/30/26

1,541,938

1,100,000

United States Treasury Note/Bond

.250

12/31/26

1,057,762

1,850,000

United States Treasury Note/Bond

.250

12/31/26

1,854,408

1,750,000

United States Treasury Note/Bond

.875

02/28/27

1,693,125

500,000

United States Treasury Note/Bond

.500

03/31/27

488,008

1,250,000

United States Treasury Note/Bond

.750

04/30/27

1,224,170

550,000

United States Treasury Note/Bond

.750

04/30/27

547,830

200,000

United States Treasury Note/Bond

.500

05/15/27

201,750

2,000,000

United States Treasury Note/Bond

.625

05/31/27

1,952,656

900,000

United States Treasury Note/Bond

.500

06/30/27

843,293

2,500,000

United States Treasury Note/Bond

.250

06/30/27

2,468,066

1,000,000

United States Treasury Note/Bond

.750

07/31/27

977,148

2,186,000

United States Treasury Note/Bond

.250

08/15/27

2,114,101

100,000

United States Treasury Note/Bond

.125

09/30/27

100,426

1,600,000

United States Treasury Note/Bond

.125

10/31/27

1,606,813

888,000

United States Treasury Note/Bond

.250

11/15/27

855,845

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY

(continued)

$

300,000

United States Treasury Note/Bond

.125

%

11/15/27

$

301,313

320,000

United States Treasury Note/Bond

.625

11/30/27

296,800

1,600,000

United States Treasury Note/Bond

.875

11/30/27

1,598,563

3,798,000

United States Treasury Note/Bond

.875

12/31/27

3,795,478

1,500,000

United States Treasury Note/Bond

.500

01/31/28

1,485,879

2,344,000

United States Treasury Note/Bond

.750

02/15/28

2,278,991

1,200,000

United States Treasury Note/Bond

.000

02/29/28

1,203,047

3,200,000

United States Treasury Note/Bond

.625

03/31/28

3,178,875

2,000,000

United States Treasury Note/Bond

.500

04/30/28

1,979,531

1,100,000

United States Treasury Note/Bond

.625

05/31/28

1,092,223

1,900,000

United States Treasury Note/Bond

.000

06/30/28

1,906,160

2,450,000

United States Treasury Note/Bond

.125

07/31/28

2,466,557

3,700,000

United States Treasury Note/Bond

.625

09/30/28

3,779,781

650,000

United States Treasury Note/Bond

.375

10/31/28

600,564

2,000,000

United States Treasury Note/Bond

.875

10/31/28

2,058,984

2,550,000

United States Treasury Note/Bond

.375

11/30/28

2,587,254

4,750,000

United States Treasury Note/Bond

.750

12/31/28

4,726,807

300,000

United States Treasury Note/Bond

.750

01/31/29

279,117

2,850,000

United States Treasury Note/Bond

.000

01/31/29

2,858,461

3,850,000

United States Treasury Note/Bond

.250

02/28/29

3,893,914

2,650,000

United States Treasury Note/Bond

.125

03/31/29

2,669,150

800,000

United States Treasury Note/Bond

.625

04/30/29

819,625

1,470,000

United States Treasury Note/Bond

.375

05/15/29

1,391,389

2,200,000

United States Treasury Note/Bond

.500

05/31/29

2,245,117

3,650,000

United States Treasury Note/Bond

.250

06/30/29

3,693,344

2,950,000

United States Treasury Note/Bond

.000

07/31/29

2,958,527

514,000

United States Treasury Note/Bond

.625

08/15/29

471,314

4,600,000

United States Treasury Note/Bond

.625

08/31/29

4,548,430

3,600,000

United States Treasury Note/Bond

.500

09/30/29

3,541,219

5,050,000

United States Treasury Note/Bond

.125

10/31/29

5,087,480

1,800,000

United States Treasury Note/Bond

.125

11/30/29

1,813,641

500,000

United States Treasury Note/Bond

.875

12/31/29

498,828

750,000

United States Treasury Note/Bond

.375

12/31/29

763,154

3,050,000

United States Treasury Note/Bond

.250

01/31/30

3,088,363

1,300,000

United States Treasury Note/Bond

.000

03/31/30

1,302,996

3,450,000

United States Treasury Note/Bond

.875

04/30/30

3,439,488

100,000

United States Treasury Note/Bond

.625

05/15/30

85,613

1,550,000

United States Treasury Note/Bond

.125

05/31/30

1,553,754

2,300,000

United States Treasury Note/Bond

.875

06/30/30

2,291,734

1,500,000

United States Treasury Note/Bond

.875

07/31/30

1,494,609

150,000

United States Treasury Note/Bond

.000

01/31/31

149,906

750,000

United States Treasury Note/Bond

.625

05/31/31

772,354

100,000

United States Treasury Note/Bond

.125

10/31/31

100,219

700,000

United States Treasury Note/Bond

.125

11/30/31

701,230

250,000

United States Treasury Note/Bond

.500

12/31/31

255,615

1,000,000

United States Treasury Note/Bond

.875

02/15/32

872,461

500,000

United States Treasury Note/Bond

.125

02/29/32

500,371

3,050,000

United States Treasury Note/Bond

.875

05/15/32

2,824,467

1,150,000

United States Treasury Note/Bond

.750

08/15/32

1,052,564

1,150,000

United States Treasury Note/Bond

.125

11/15/32

1,147,439

700,000

United States Treasury Note/Bond

.500

02/15/33

669,102

800,000

United States Treasury Note/Bond

.375

05/15/33

755,906

1,300,000

United States Treasury Note/Bond

.875

08/15/33

1,268,770

1,750,000

United States Treasury Note/Bond

.500

11/15/33

1,781,035

1,650,000

United States Treasury Note/Bond

.000

02/15/34

1,618,096

2,500,000

United States Treasury Note/Bond

.375

05/15/34

2,515,137

750,000

United States Treasury Note/Bond

.875

08/15/34

725,566

2,000,000

United States Treasury Note/Bond

.250

11/15/34

1,987,500

450,000

United States Treasury Note/Bond

.625

02/15/35

459,773

2,400,000

United States Treasury Note/Bond

.250

05/15/35

2,379,000

200,000

United States Treasury Note/Bond

.125

08/15/40

122,312

1,300,000

United States Treasury Note/Bond

.875

02/15/41

888,266

#### Portfolio of Investments July 31, 2025
(continued)

#### NUBD

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY

(continued)

$

500,000

United States Treasury Note/Bond

.250

%

05/15/41

$

360,059

1,050,000

United States Treasury Note/Bond

.750

08/15/41

691,400

198,000

United States Treasury Note/Bond

.000

11/15/41

135,004

3,900,000

United States Treasury Note/Bond

.250

05/15/42

3,192,059

1,964,000

United States Treasury Note/Bond

.750

08/15/42

1,487,423

500,000

United States Treasury Note/Bond

.375

08/15/42

415,176

135,000

United States Treasury Note/Bond

.750

11/15/42

101,767

498,000

United States Treasury Note/Bond

.000

11/15/42

449,484

600,000

United States Treasury Note/Bond

.875

05/15/43

529,898

950,000

United States Treasury Note/Bond

.375

08/15/43

895,486

2,340,000

United States Treasury Note/Bond

.750

11/15/43

2,310,384

1,350,000

United States Treasury Note/Bond

.500

02/15/44

1,289,566

900,000

United States Treasury Note/Bond

.625

05/15/44

872,789

100,000

United States Treasury Note/Bond

.125

08/15/44

90,547

400,000

United States Treasury Note/Bond

.625

11/15/44

386,938

200,000

United States Treasury Note/Bond

.750

02/15/45

196,594

1,250,000

United States Treasury Note/Bond

.000

05/15/45

1,268,359

4,221,000

United States Treasury Note/Bond

.750

08/15/47

2,972,178

1,850,000

United States Treasury Note/Bond

.250

05/15/50

876,943

700,000

United States Treasury Note/Bond

.375

08/15/50

340,266

200,000

United States Treasury Note/Bond

.625

11/15/50

103,852

3,800,000

United States Treasury Note/Bond

.875

02/15/51

2,103,953

1,100,000

United States Treasury Note/Bond

.375

05/15/51

687,457

160,000

United States Treasury Note/Bond

.875

11/15/51

87,650

1,300,000

United States Treasury Note/Bond

.250

02/15/52

782,234

1,350,000

United States Treasury Note/Bond

.875

05/15/52

936,141

550,000

United States Treasury Note/Bond

.000

08/15/52

390,994

949,000

United States Treasury Note/Bond

.000

11/15/52

817,956

550,000

United States Treasury Note/Bond

.625

02/15/53

442,557

1,210,000

United States Treasury Note/Bond

.625

05/15/53

972,585

1,590,000

United States Treasury Note/Bond

.125

08/15/53

1,399,511

1,200,000

United States Treasury Note/Bond

.750

11/15/53

1,171,453

1,500,000

United States Treasury Note/Bond

.250

02/15/54

1,348,477

875,000

United States Treasury Note/Bond

.625

05/15/54

837,437

1,350,000

United States Treasury Note/Bond

.250

08/15/54

1,214,156

1,450,000

United States Treasury Note/Bond

.500

11/15/54

1,360,281

350,000

United States Treasury Note/Bond

.625

02/15/55

335,289

1,250,000

United States Treasury Note/Bond

.750

05/15/55

1,222,656

1,400,000

United States Treasury Note/Bond - When Issued

.375

02/15/42

1,008,219

TOTAL U.S. TREASURY

(Cost $189,296,549)

178,500,876

TOTAL LONG-TERM INVESTMENTS

(Cost $422,882,437)

397,086,928

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%

917,674

(e) State Street Navigator Securities Lending Government Money

Market Portfolio

4.320 (f)

$

917,674

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $917,674)

917,674

TOTAL INVESTMENTS - 99.0%

(Cost $423,800,111)

398,004,602

OTHER ASSETS & LIABILITIES, NET - 1.0%

4,140,514

NET ASSETS - 100%

$

402,145,116

See Notes to Financial Statements

S&P

Standard & Poor's

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

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

of the reporting period was $889,023.

(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 $915,596 or 0.2% of Total Investments.

(c) When-issued or delayed delivery security.

(d) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

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

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

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

this money market fund.

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

#### Portfolio of Investments July 31, 2025

#### NPFI
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.8%

54966010

CORPORATE BONDS - 96.7% (a)

54966010

AUTOMOBILES & COMPONENTS - 1.7%

$

648,000

(b),(c)

General Motors Financial Co Inc

5.750 %

N/A

$

632,797

329,000

(b),(c)

General Motors Financial Co Inc

5.700 N/A

320,967

TOTAL AUTOMOBILES & COMPONENTS

953,764

BANKS - 54.9%

200,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

6.125 N/A

198,223

656,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

9.375 N/A

727,806

400,000

(b),(d)

Banco Bilbao Vizcaya Argentaria SA

7.750 N/A

414,514

600,000

(b),(d)

Banco Santander SA

9.625 N/A

708,643

600,000

(b),(d)

Banco Santander SA

4.750 N/A

586,816

600,000

(b),(d)

Banco Santander SA

8.000 N/A

645,628

1,225,000

(b),(c)

Bank of America Corp

6.625 N/A

1,254,465

350,000

(b),(c)

Bank of America Corp

6.300 N/A

351,371

100,000

(b),(c)

Bank of America Corp

6.125 N/A

100,868

41,000

(b),(c)

Bank of America Corp

4.375 N/A

40,016

400,000

(c) Bank of Montreal

7.700 05/26/84

418,462

400,000

(c) Bank of Montreal

7.300 11/26/84

415,046

200,000

(c) Bank of Nova Scotia/The

8.000 01/27/84

213,203

402,000

(b),(d)

Barclays PLC

8.000 N/A

426,056

800,000

(b),(d)

Barclays PLC

9.625 N/A

903,664

200,000

(b),(d)

Barclays PLC

7.625 N/A

203,734

483,000

(b),(d),(e)

BNP Paribas SA

9.250 N/A

519,851

650,000

(b),(d),(e)

BNP Paribas SA

8.000 N/A

695,480

400,000

(b),(d),(e)

BNP Paribas SA

7.750 N/A

423,071

891,000

(b),(d),(e)

BNP Paribas SA

8.500 N/A

950,058

200,000

(c) Canadian Imperial Bank of Commerce

6.950 01/28/85

201,075

275,000

(c) Canadian Imperial Bank of Commerce

7.000 10/28/85

277,475

135,000

(b),(c)

Citigroup Inc

6.950 N/A

136,094

600,000

(b),(c)

Citigroup Inc

7.000 N/A

623,378

465,000

(b),(c)

Citigroup Inc

7.125 N/A

475,582

125,000

(b),(c)

Citigroup Inc

6.875 N/A

126,063

559,000

(b),(c)

Citigroup Inc

7.375 N/A

580,723

446,000

(b),(c)

Citigroup Inc

7.625 N/A

465,264

250,000

(b),(c),(f)

Citizens Financial Group Inc (TSFR3M + 3.419%)

7.704 N/A

250,031

723,000

(b),(d),(e)

Credit Agricole SA

6.700 N/A

723,271

918,000

(b),(d)

HSBC Holdings PLC

8.000 N/A

970,639

800,000

(b),(d)

HSBC Holdings PLC

6.875 N/A

824,521

500,000

(b),(d)

HSBC Holdings PLC

6.950 N/A

512,970

435,000

(b),(c)

Huntington Bancshares Inc/OH

5.625 N/A

445,600

600,000

(b),(d)

ING Groep NV

5.750 N/A

598,096

988,000

(b),(d)

ING Groep NV

7.500 N/A

1,029,602

809,000

(b),(c)

JPMorgan Chase & Co

3.650 N/A

795,567

400,000

(b),(c)

JPMorgan Chase & Co

6.500 N/A

410,034

868,000

(b),(c)

JPMorgan Chase & Co

6.875 N/A

907,210

187,000

(b),(c)

KeyCorp

5.000 N/A

184,132

800,000

(b),(d)

Lloyds Banking Group PLC

8.000 N/A

854,421

400,000

(b),(d)

Lloyds Banking Group PLC

6.750 N/A

397,508

17,000

(b),(c)

M&T Bank Corp

3.500 N/A

16,338

222,000

(b),(c)

M&T Bank Corp

5.125 N/A

219,546

297,000

(b),(d)

NatWest Group PLC

6.000 N/A

297,437

400,000

(b),(d)

NatWest Group PLC

8.000 N/A

400,182

771,000

(b),(d)

NatWest Group PLC

8.125 N/A

844,701

200,000

(b),(d)

NatWest Group PLC

7.300 N/A

206,646

400,000

(b),(d),(e)

Nordea Bank Abp

6.300 N/A

396,681

545,000

(b),(c)

PNC Financial Services Group Inc/The

6.200 N/A

550,890

30,000

(b),(c)

PNC Financial Services Group Inc/The

5.000 N/A

29,839

610,000

(b),(c)

PNC Financial Services Group Inc/The

6.250 N/A

616,945

180,000

(b),(c)

PNC Financial Services Group Inc/The

3.400 N/A

173,443

286,000

(b),(c)

PNC Financial Services Group Inc/The

6.000 N/A

286,549

200,000

(c) Royal Bank of Canada

6.750 08/24/85

202,200

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

BANKS

(continued)

$

400,000

(b),(d),(e)

Societe Generale SA

8.500 %

N/A

$

423,908

377,000

(b),(d),(e)

Societe Generale SA

9.375 N/A

403,500

800,000

(b),(d),(e)

Societe Generale SA

10.000 N/A

881,902

400,000

(c) Toronto-Dominion Bank/The

8.125 10/31/82

421,635

160,000

(b),(c)

Truist Financial Corp

5.100 N/A

157,485

328,000

(b),(c)

Truist Financial Corp

6.669 N/A

327,787

176,000

(b),(c)

US Bancorp

5.300 N/A

175,296

800,000

(b),(c)

Wells Fargo & Co

6.850 N/A

828,657

951,000

(b),(c)

Wells Fargo & Co

7.625 N/A

1,012,295

358,000

(b),(c)

Wells Fargo & Co

3.900 N/A

354,660

TOTAL BANKS

31,214,753

CAPITAL GOODS - 0.4%

260,000

(b),(c)

Air Lease Corp

6.000 N/A

255,406

TOTAL CAPITAL GOODS

255,406

ENERGY - 7.1%

315,000

(c) Enbridge Inc

6.000 01/15/77

314,642

198,000

(c) Enbridge Inc

5.750 07/15/80

196,020

239,000

(c) Enbridge Inc

7.625 01/15/83

253,684

955,000

(c) Enbridge Inc

8.500 01/15/84

1,075,583

322,000

(b),(c)

Energy Transfer LP

7.125 N/A

329,675

109,000

(b),(c)

Energy Transfer LP

6.500 N/A

109,208

180,000

(b),(c)

Energy Transfer LP

6.625 N/A

179,064

400,000

(c) Energy Transfer LP

8.000 05/15/54

426,114

470,000

(c),(e)

South Bow Canadian Infrastructure Holdings Ltd

7.500 03/01/55

488,301

203,000

(c) Transcanada Trust

5.500 09/15/79

199,165

300,000

(c) Transcanada Trust

5.600 03/07/82

291,738

37,000

(c) Transcanada Trust

5.875 08/15/76

36,923

125,000

(b),(c),(e)

Venture Global LNG Inc

9.000 N/A

125,032

TOTAL ENERGY

4,025,149

FINANCIAL SERVICES - 12.1%

1,315,000

(c) AerCap Ireland Capital DAC / AerCap Global Aviation Trust

6.950 03/10/55

1,375,754

222,000

(b),(c)

Ally Financial Inc

4.700 N/A

202,507

85,000

(b),(c)

Capital One Financial Corp

5.500 N/A

84,053

600,000

(b),(d)

Deutsche Bank AG

8.130 N/A

629,100

179,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

189,069

282,000

(b),(c)

Goldman Sachs Group Inc/The

5.300 N/A

281,208

250,000

(b),(c)

Goldman Sachs Group Inc/The

7.500 N/A

261,208

500,000

(b),(c)

Goldman Sachs Group Inc/The

6.125 N/A

494,430

600,000

(b),(c)

Goldman Sachs Group Inc/The

6.850 N/A

612,756

200,000

(b),(d)

Nomura Holdings Inc

7.000 N/A

202,511

177,000

(b),(c)

State Street Corp

6.700 N/A

182,486

1,043,000

(b),(d),(e)

UBS Group AG

9.250 N/A

1,222,608

400,000

(b),(d),(e)

UBS Group AG

7.750 N/A

426,378

300,000

(b),(d),(e)

UBS Group AG

9.250 N/A

329,259

200,000

(b),(d),(e)

UBS Group AG

7.000 N/A

200,000

150,000

(b),(c)

Voya Financial Inc

7.758 N/A

158,475

TOTAL FINANCIAL SERVICES

6,851,802

FOOD, BEVERAGE & TOBACCO - 0.7%

450,000

(b),(c),(e)

Land O' Lakes Inc

7.250 N/A

385,286

TOTAL FOOD, BEVERAGE & TOBACCO

385,286

HEALTH CARE EQUIPMENT & SERVICES - 0.3%

200,000

(c) CVS Health Corp

6.750 12/10/54

200,166

TOTAL HEALTH CARE EQUIPMENT & SERVICES

200,166

INSURANCE - 9.3%

1,362,000

(c) Assurant Inc

7.000 03/27/48

1,391,171

89,000

(c) AXIS Specialty Finance LLC

4.900 01/15/40

85,621

1,000,000

(c) Corebridge Financial Inc

6.375 09/15/54

998,399

50,000

(c),(e)

Enstar Group Ltd

7.500 04/01/45

51,636

104,000

(c),(e)

MetLife Inc

9.250 04/08/38

123,051

23,000

(b),(c)

MetLife Inc

5.875 N/A

23,391

400,000

(c) MetLife Inc

6.350 03/15/55

410,583

84,000

(c) PartnerRe Finance B LLC

4.500 10/01/50

78,067

#### Portfolio of Investments July 31, 2025
(continued)

#### NPFI

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INSURANCE

(continued)

$

500,000

(b),(d)

Phoenix Group Holdings PLC

8.500 %

N/A

$

527,500

107,000

(c) Prudential Financial Inc

3.700 10/01/50

97,685

125,000

(c) Prudential Financial Inc

5.125 03/01/52

121,091

225,000

(c) Prudential Financial Inc

6.500 03/15/54

233,676

550,000

(c) Reinsurance Group of America Inc

6.650 09/15/55

550,268

650,000

(b),(c),(e)

SBL Holdings Inc

6.500 N/A

604,768

TOTAL INSURANCE

5,296,907

MEDIA & ENTERTAINMENT - 0.1%

38,000

(c) Paramount Global

6.375 03/30/62

37,430

TOTAL MEDIA & ENTERTAINMENT

37,430

TELECOMMUNICATION SERVICES - 1.7%

200,000

(c) Bell Telephone Co of Canada or Bell Canada

7.000 09/15/55

202,978

375,000

(c) Rogers Communications Inc

7.125 04/15/55

383,739

150,000

(c) TELUS Corp

7.000 10/15/55

151,862

73,000

(c) Vodafone Group PLC

7.000 04/04/79

76,284

170,000

(c) Vodafone Group PLC

4.125 06/04/81

156,557

TOTAL TELECOMMUNICATION SERVICES

971,420

UTILITIES - 8.4%

285,000

(c) AES Corp/The

7.600 01/15/55

287,863

200,000

(c) AES Corp/The

6.950 07/15/55

192,704

400,000

(c),(e)

AltaGas Ltd

7.200 10/15/54

403,065

86,000

(c) American Electric Power Co Inc

3.875 02/15/62

82,930

125,000

(c) CMS Energy Corp

6.500 06/01/55

126,039

302,000

(c) Dominion Energy Inc

7.000 06/01/54

322,176

180,000

(c) Duke Energy Corp

6.450 09/01/54

185,331

335,000

(c) Entergy Corp

7.125 12/01/54

346,818

1,000,000

(c) EUSHI Finance Inc

7.625 12/15/54

1,044,827

659,000

(c) NextEra Energy Capital Holdings Inc

6.750 06/15/54

687,584

400,000

(c) PG&E Corp

7.375 03/15/55

385,993

84,000

(c) Sempra

4.125 04/01/52

81,116

300,000

(c) Sempra

6.550 04/01/55

289,467

100,000

(b),(c),(e)

Vistra Corp

8.000 N/A

102,072

19,000

(b),(c),(e)

Vistra Corp

7.000 N/A

19,186

200,000

(b),(c),(e)

Vistra Corp

8.875 N/A

216,756

TOTAL UTILITIES

4,773,927

TOTAL CORPORATE BONDS

(Cost $53,904,160)

54,966,010

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

617443

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.1%

617443

250,000

CoBank ACB

7.250 07/01/74

257,028

250,000

(e) Farm Credit Bank of Texas

7.750 09/15/73

258,915

100,000

Farm Credit Bank of Texas

7.000 09/15/73

101,500

TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS

(Cost $605,642)

617,443

TOTAL LONG-TERM INVESTMENTS

(Cost $54,509,802)

55,583,453

OTHER ASSETS & LIABILITIES, NET - 2.2%

1,244,707

NET ASSETS - 100%

$

56,828,160

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Contains $1,000 Par Preferred and/or Contingent Capital Securities.

(b) Perpetual security. Maturity date is not applicable.

(c) $1,000 Par Institutional Preferred security. As of the end of the period, the percent of $1,000 Par Institutional Preferred securities was

61.6% of Total Investments.

(d) Contingent Capital Securities ("CoCos") are debt or preferred securities with loss absorption characteristics built into the terms

of the security for the benefit of the issuer, for example an automatic write-down of principal or a mandatory conversion into the

issuer's common stock under certain adverse circumstances, such as the issuer's capital ratio falling below a specified level. As of

the end of the reporting period, the Fund's total investment in CoCos was 37.3% of Total Investments.

(e) 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 $10,374,035 or 18.7% of Total Investments.

See Notes to Financial Statements

(f) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

#### Portfolio of Investments July 31, 2025

#### NSCR
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.5%

COMMON STOCKS - 99.5%

COMMUNICATION SERVICES - 10.0%

650

Alphabet Inc, Class A

$

124,735

508

Alphabet Inc, Class C

97,973

Meta Platforms Inc

341,860

787

Walt Disney Co/The

93,740

TOTAL COMMUNICATION SERVICES

658,308

CONSUMER DISCRETIONARY - 10.2%

1,350

(a) Amazon.com Inc

316,049

(a) AutoZone Inc

56,526

1,789

(a) Carnival Corp

53,259

1,071

(a) Chipotle Mexican Grill Inc

45,924

Expedia Group Inc

50,101

Home Depot Inc/The

32,708

(a) Tesla Inc

56,722

TJX Cos Inc/The

61,642

TOTAL CONSUMER DISCRETIONARY

672,931

CONSUMER STAPLES - 2.9%

1,185

Altria Group Inc

73,399

Costco Wholesale Corp

118,395

TOTAL CONSUMER STAPLES

191,794

ENERGY - 0.5%

Chevron Corp

31,541

TOTAL ENERGY

31,541

FINANCIALS - 14.0%

Ameriprise Financial Inc

107,784

533

Arch Capital Group Ltd

45,870

892

Bank of New York Mellon Corp/The

90,493

1,425

Citigroup Inc

133,523

561

KKR & Co Inc

82,231

Mastercard Inc, Class A

156,912

Progressive Corp/The

64,867

Visa Inc, Class A

144,752

1,135

Wells Fargo & Co

91,515

TOTAL FINANCIALS

917,947

HEALTH CARE - 6.3%

(a) Alnylam Pharmaceuticals Inc

33,733

830

(a) Boston Scientific Corp

87,084

637

(a) Edwards Lifesciences Corp

50,520

Eli Lilly & Co

65,866

Johnson & Johnson

69,520

(a) Veeva Systems Inc, Class A

108,280

TOTAL HEALTH CARE

415,003

INDUSTRIALS - 14.5%

752

Carrier Global Corp

51,602

Cummins Inc

57,716

Eaton Corp PLC

131,574

Howmet Aerospace Inc

77,301

Parker-Hannifin Corp

99,539

874

RTX Corp

137,716

Trane Technologies PLC

122,663

TransDigm Group Inc

46,645

1,118

(a) Uber Technologies Inc

98,105

United Rentals Inc

131,558

TOTAL INDUSTRIALS

954,419

INFORMATION TECHNOLOGY - 36.8%

1,500

Apple Inc

311,355

787

Broadcom Inc

231,142

1,652

Cisco Systems Inc

112,468

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

INFORMATION TECHNOLOGY

(continued)

4,743

Gen Digital Inc

$

139,871

Intuit Inc

163,307

KLA Corp

79,992

1,034

Lam Research Corp

98,064

1,058

Microsoft Corp

564,443

3,056

NVIDIA Corp

543,571

(a) Palantir Technologies Inc, Class A

66,507

Salesforce Inc

84,732

(a) Snowflake Inc

27,714

TOTAL INFORMATION TECHNOLOGY

2,423,166

MATERIALS - 2.2%

1,273

Freeport-McMoRan Inc

51,226

(a) Linde PLC

96,194

TOTAL MATERIALS

147,420

UTILITIES - 2.1%

1,237

American Electric Power Co Inc

139,954

TOTAL UTILITIES

139,954

TOTAL COMMON STOCKS

(Cost $5,380,916)

6,552,483

TOTAL LONG-TERM INVESTMENTS

(Cost $5,380,916)

6,552,483

OTHER ASSETS & LIABILITIES, NET - 0.5%

29,894

NET ASSETS - 100%

$

6,582,377

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

#### Portfolio of Investments July 31, 2025

#### NUSB
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 72.1%

CORPORATE DEBT - 55.9%

FINANCIALS - 26.4%

$

750,000

AerCap Ireland Capital DAC / AerCap Global Aviation Trust

4.450 %

10/01/25

$

749,594

1,000,000

Allstate Corp/The

3.280 12/15/26

984,536

1,520,000

(a) American Express Co (SOFR + 0.750%)

5.157 04/23/27

1,524,126

1,000,000

Aon North America Inc

5.125 03/01/27

1,009,575

1,500,000

Bank of America Corp

3.559 04/23/27

1,488,358

1,410,000

(a) Bank of Montreal (SOFR Compounded Index + 0.880%)

5.743 09/10/27

1,414,218

750,000

Bank of New York Mellon Corp/The

4.587 04/20/27

750,913

1,555,000

Bank of New York Mellon Corp/The

4.947 04/26/27

1,559,787

2,085,000

Charles Schwab Corp/The

0.900 03/11/26

2,039,543

1,275,000

(a) Citibank NA (SOFR Compounded Index + 0.590%)

5.003 04/30/26

1,277,722

875,000

Citigroup Inc

5.610 09/29/26

876,067

750,000

(a),(b)

Corebridge Global Funding (SOFR + 0.750%)

5.146 01/07/28

748,642

1,000,000

ERP Operating LP

2.850 11/01/26

980,215

1,320,000

Goldman Sachs Group Inc/The

5.798 08/10/26

1,320,261

1,500,000

Goldman Sachs Group Inc/The

1.431 03/09/27

1,470,750

1,000,000

(a) Huntington National Bank/The (SOFR + 0.720%)

5.118 04/12/28

999,744

1,668,000

JPMorgan Chase & Co

6.070 10/22/27

1,698,225

1,000,000

(a) Marsh & McLennan Cos Inc (SOFR Compounded Index +

0.700%)

5.043 11/08/27

1,004,999

1,285,000

(a),(b)

Massachusetts Mutual Life Insurance Co (SOFR + 0.740%)

5.137 04/09/27

1,291,354

1,320,000

Morgan Stanley

5.050 01/28/27

1,322,406

1,250,000

(a) Morgan Stanley Private Bank NA (SOFR + 0.770%)

5.128 07/06/28

1,251,912

995,000

(a),(b)

New York Life Global Funding (SOFR + 0.670%)

5.066 04/02/27

999,043

700,000

PNC Bank NA

4.543 05/13/27

699,140

1,400,000

Prologis LP

3.250 06/30/26

1,385,259

2,055,000

(a) Royal Bank of Canada (SOFR Compounded Index + 1.080%)

5.483 07/20/26

2,070,312

1,400,000

Simon Property Group LP

3.300 01/15/26

1,392,212

1,000,000

(a) State Street Corp (SOFR + 0.640%)

5.045 10/22/27

1,001,587

1,000,000

(a) Toronto-Dominion Bank/The (SOFR + 0.620%)

5.004 12/17/26

1,003,280

1,250,000

(a) Truist Bank (SOFR + 0.770%)

5.133 07/24/28

1,252,135

750,000

UBS AG/Stamford CT

4.864 01/10/28

754,715

1,275,000

(a) UnitedHealth Group Inc (SOFR + 0.500%)

4.899 07/15/26

1,277,910

1,000,000

Ventas Realty LP

3.850 04/01/27

989,076

1,520,000

Wells Fargo Bank NA

4.811 01/15/26

1,522,161

TOTAL FINANCIALS

40,109,777

INDUSTRIAL - 22.9%

810,000

(a) American Honda Finance Corp (SOFR Compounded Index +

0.720%)

5.115 10/05/26

811,521

1,725,000

AT&T Inc

2.950 07/15/26

1,701,108

1,000,000

BAT Capital Corp

3.557 08/15/27

981,437

395,000

(a),(b)

BMW US Capital LLC (SOFR Compounded Index + 0.550%)

4.946 04/02/26

395,297

1,000,000

Broadcom Inc

3.459 09/15/26

990,141

1,000,000

Carrier Global Corp

2.493 02/15/27

972,493

1,410,000

(a) Caterpillar Financial Services Corp (SOFR + 0.690%)

5.092 10/16/26

1,417,415

720,000

(a) Caterpillar Financial Services Corp (SOFR + 0.520%)

4.870 05/14/27

721,129

1,275,000

CVS Health Corp

5.000 02/20/26

1,276,102

1,250,000

Gilead Sciences Inc

2.950 03/01/27

1,224,749

645,000

(a) Home Depot Inc/The (SOFR + 0.330%)

4.717 12/24/25

645,474

1,320,000

Intel Corp

4.875 02/10/26

1,320,731

1,000,000

(a) John Deere Capital Corp (SOFR + 0.500%)

4.869 03/06/28

1,002,220

1,250,000

(a) Keurig Dr Pepper Inc (SOFR + 0.580%)

4.933 11/15/26

1,252,959

1,000,000

L3Harris Technologies Inc

3.850 12/15/26

991,305

1,410,000

Magna International Inc

4.150 10/01/25

1,408,501

1,000,000

(b) Mars Inc

4.450 03/01/27

1,001,401

1,250,000

McDonald's Corp

3.500 03/01/27

1,233,886

1,000,000

O'Reilly Automotive Inc

5.750 11/20/26

1,014,666

1,000,000

Otis Worldwide Corp

2.293 04/05/27

965,602

1,250,000

Philip Morris International Inc

4.750 02/12/27

1,256,924

1,400,000

Republic Services Inc

2.900 07/01/26

1,382,490

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

1,250,000

Roper Technologies Inc

3.800 %

12/15/26

$

1,238,568

1,000,000

RTX Corp

2.650 11/01/26

978,428

1,000,000

(a),(b)

Siemens Funding BV (SOFR + 0.640%)

5.001 05/26/28

1,002,380

1,000,000

Sysco Corp

3.300 07/15/26

988,583

750,000

T-Mobile USA Inc

2.625 04/15/26

739,375

1,065,000

(a) Toyota Motor Credit Corp (SOFR + 0.450%)

4.801 05/15/26

1,065,932

1,290,000

(a) Toyota Motor Credit Corp (SOFR + 0.770%)

5.113 08/07/26

1,296,062

1,525,000

Trane Technologies Financing Ltd

3.500 03/21/26

1,515,043

1,000,000

(b) Volkswagen Group of America Finance LLC

4.950 03/25/27

1,001,945

1,000,000

Zimmer Biomet Holdings Inc

4.700 02/19/27

1,003,666

TOTAL INDUSTRIAL

34,797,533

UTILITY - 6.6%

325,000

DTE Electric Co

4.250 05/14/27

324,954

1,250,000

Duke Energy Progress LLC

4.350 03/06/27

1,251,420

1,725,000

National Rural Utilities Cooperative Finance Corp

4.450 03/13/26

1,723,947

1,275,000

(a) National Rural Utilities Cooperative Finance Corp (SOFR +

0.820%)

5.202 09/16/27

1,279,806

1,320,000

NextEra Energy Capital Holdings Inc

4.950 01/29/26

1,322,005

1,000,000

NextEra Energy Capital Holdings Inc

4.685 09/01/27

1,004,908

1,000,000

(b) Oncor Electric Delivery Co LLC

4.500 03/20/27

1,002,511

2,060,000

WEC Energy Group Inc

4.750 01/09/26

2,060,113

TOTAL UTILITY

9,969,664

TOTAL CORPORATE DEBT

(Cost $84,825,696)

84,876,974

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 0.1%

GOVERNMENT AGENCY - 0.1%

50,000

Federal Home Loan Banks

0.700 08/26/25

49,873

75,000

Federal Home Loan Banks

1.375 09/30/25

74,621

25,000

Federal Home Loan Banks

1.250 12/15/25

24,711

TOTAL GOVERNMENT AGENCY

149,205

TOTAL GOVERNMENT RELATED

(Cost $149,001)

149,205

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 13.4%

130,273

BANK 2017-BNK6

3.289 07/15/60

129,181

570,969

Bank of America Merrill Lynch Commercial Mortgage Trust

2016-UBS10

2.903 07/15/49

566,568

349,167

Bank of America Merrill Lynch Commercial Mortgage Trust

2017-BNK3

3.366 02/15/50

346,429

205,000

Benchmark 2021-B30 Mortgage Trust

1.190 11/15/54

200,339

513,942

(a) BMW Vehicle Lease Trust (SOFR30A + 0.420%)

5.154 01/25/27

514,261

209,759

Carmax Auto Owner Trust 2022-4

5.340 08/16/27

210,362

50,075

(a) CarMax Auto Owner Trust 2024-2 (SOFR30A + 0.580%)

4.883 05/17/27

50,100

867,352

(a) CarMax Auto Owner Trust 2024-4 (SOFR30A + 0.450%)

4.754 12/15/27

868,062

114,446

CFCRE Commercial Mortgage Trust 2016-C4

3.014 05/10/58

113,628

107,729

CFCRE Commercial Mortgage Trust 2016-C6

3.060 11/10/49

107,298

84,607

(b) Chase Auto Owner Trust 2024-4

5.250 09/27/27

84,759

500,000

(a) Citibank Credit Card Issuance Trust (SOFR + 0.630%)

5.028 12/08/27

500,332

38,830

Citigroup Commercial Mortgage Trust 2016-C1

3.003 05/10/49

38,713

9,101

(a),(b)

Citizens Auto Receivables Trust 2024-1 (SOFR30A + 0.600%)

4.904 10/15/26

9,102

52,612

(a) CNH Equipment Trust 2024-B (SOFR30A + 0.400%)

4.704 10/15/27

52,619

514,367

(a) CNH Equipment Trust 2024-C (SOFR30A + 0.420%)

4.724 02/18/28

514,560

76,455

COMM 2015-CCRE26 Mortgage Trust

3.630 10/10/48

76,193

3,105

COMM 2015-LC23 Mortgage Trust

3.521 10/10/48

3,101

597,191

COMM 2016-CR28 Mortgage Trust

3.651 02/10/49

592,040

259,446

CSAIL 2016-C5 Commercial Mortgage Trust

3.757 11/15/48

258,359

283,751

DBJPM 2016-C3 Mortgage Trust

2.632 08/10/49

279,236

#### Portfolio of Investments July 31, 2025
(continued)

#### NUSB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

187,063

(b) DLLMT 2024-1 LLC

5.080 %

02/22/27

$

187,414

991,737

(a),(b)

ELP Commercial Mortgage Trust 2021-ELP (TSFR1M + 0.815%)

4.114 11/15/38

991,392

129,257

(a) Ford Credit Auto Lease Trust 2024-B (SOFR30A + 0.400%)

4.704 02/15/27

129,322

26,428

(a) Ford Credit Auto Owner Trust 2024-A (SOFR30A + 0.360%)

4.664 01/15/27

26,431

380,505

(a) Ford Credit Auto Owner Trust 2024-C (SOFR30A + 0.400%)

4.704 08/15/27

380,710

151,976

GM Financial Automobile Leasing Trust 2024-2

5.430 09/21/26

152,265

544,588

(a) GM Financial Automobile Leasing Trust 2024-3 (SOFR30A +

0.470%)

4.772 01/20/27

544,886

34,844

(a) GM Financial Consumer Automobile Receivables Trust 2024-2

(SOFR30A + 0.390%)

4.694 03/16/27

34,855

516,900

(a) GM Financial Consumer Automobile Receivables Trust 2024-4

(SOFR30A + 0.400%)

4.704 10/18/27

517,204

128,107

(a) GS Mortgage Securities Trust 2016-GS4

3.278 11/10/49

127,325

1,400,000

(b) Hyundai Auto Lease Securitization Trust 2025-C

4.370 01/18/28

1,399,674

30,600

(a) Hyundai Auto Receivables Trust 2024-A (SOFR30A + 0.420%)

4.724 04/15/27

30,613

580,195

(a) Hyundai Auto Receivables Trust 2024-C (SOFR30A + 0.400%)

4.704 09/15/27

580,549

1,000,000

Hyundai Auto Receivables Trust 2025-A

4.330 12/15/27

999,120

35,439

(a) John Deere Owner Trust 2024 (SOFR30A + 0.370%)

4.674 02/16/27

35,449

316,270

JPMBB Commercial Mortgage Securities Trust 2015-C33

3.770 12/15/48

314,865

1,000,000

(b) Kubota Credit Owner Trust 2025-2

4.480 04/17/28

1,001,518

244,318

(a),(b)

MHC Commercial Mortgage Trust 2021-MHC (TSFR1M +

0.915%)

5.257 04/15/38

244,411

38,916

Morgan Stanley Capital I Trust 2016-UBS11

2.606 08/15/49

38,612

83,985

Morgan Stanley Capital I Trust 2016-UBS12

3.436 12/15/49

83,057

128,000

Morgan Stanley Capital I Trust 2016-UBS9

3.594 03/15/49

126,776

149,281

Morgan Stanley Capital I Trust 2021-L5

0.785 05/15/54

146,907

306,432

Morgan Stanley Capital I Trust 2021-L7

0.881 10/15/54

299,417

200,744

(a),(b)

Porsche Innovative Lease Owner Trust 2024-1 (SOFR30A +

0.520%)

4.822 01/20/27

200,859

424,143

(a),(b)

Porsche Innovative Lease Owner Trust 2024-2 (SOFR30A +

0.440%)

0.000 12/21/26

424,319

950

(a),(b)

Tesla Auto Lease Trust 2024-A (SOFR30A + 0.500%)

4.802 06/22/26

950

683,777

(a),(b)

Tesla Auto Lease Trust 2024-B (SOFR30A + 0.590%)

4.892 01/20/27

684,155

101,254

(a) Toyota Auto Receivables 2024-C Owner Trust (SOFR30A +

0.370%)

4.674 05/17/27

101,285

676,403

Toyota Auto Receivables 2024-D Owner Trust

4.550 08/16/27

676,488

262,769

(a),(b)

Toyota Lease Owner Trust 2024-B (SOFR30A + 0.440%)

4.742 02/22/27

262,773

25,397

UBS Commercial Mortgage Trust 2017-C1

3.256 06/15/50

25,204

39,215

UBS Commercial Mortgage Trust 2017-C4

3.366 10/15/50

38,775

100,000

(a) Verizon Master Trust (SOFR30A + 0.650%)

4.952 12/20/28

100,147

302,402

(a) Volkswagen Auto Lease Trust 2024-A (SOFR30A + 0.470%)

4.772 12/21/26

302,521

430,375

(b) Volvo Financial Equipment LLC Series 2024-1

4.560 05/17/27

430,410

1,216

(a) Wells Fargo Commercial Mortgage Trust 2015-NXS2

3.767 07/15/58

1,208

976,462

Wells Fargo Commercial Mortgage Trust 2015-NXS3

3.617 09/15/57

974,239

81,480

Wells Fargo Commercial Mortgage Trust 2015-P2

3.541 12/15/48

81,155

6,161

Wells Fargo Commercial Mortgage Trust 2015-P2

3.656 12/15/48

6,148

365,000

Wells Fargo Commercial Mortgage Trust 2016-C33

3.426 03/15/59

361,902

66,956

Wells Fargo Commercial Mortgage Trust 2016-C35

2.788 07/15/48

66,758

5,589

World Omni Auto Receivables Trust 2023-D

5.910 02/16/27

5,591

162,107

(a) World Omni Auto Receivables Trust 2024-C (SOFR30A +

0.470%)

4.774 01/18/28

162,184

1,500,000

(a) World Omni Auto Receivables Trust 2025-B (SOFR30A + 0.470%)

4.774 08/15/28

1,501,941

62,705

(a) World Omni Automobile Lease Securitization Trust 2024-A

(SOFR30A + 0.430%)

4.734 02/16/27

62,729

TOTAL SECURITIZED

(Cost $20,320,954)

20,379,755

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

U.S. TREASURY - 2.7%

$

4,055,000

United States Treasury Note/Bond

4.625 %

02/28/26

$

4,061,431

TOTAL U.S. TREASURY

(Cost $4,064,544)

4,061,431

TOTAL LONG-TERM INVESTMENTS

(Cost $109,360,195)

109,467,365

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 27.9%

CERTIFICATE OF DEPOSIT - 0.8%

1,250,000

(a) Nordea Bank Abp/New York NY (SOFR + 0.170%)

4.430 08/19/25

1,250,063

TOTAL CERTIFICATE OF DEPOSIT

(Cost $1,249,993)

1,250,063

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

COMMERCIAL PAPER - 20.3%

285,000

ABN AMRO Funding USA LLC

0.000 09/02/25

283,850

270,000

American Honda Finance Corp

0.000 09/05/25

268,757

648,000

American Honda Finance Corp

0.000 08/08/25

647,345

1,000,000

(b) ANZ New Zealand Int'l Ltd/London

0.000 10/28/25

989,441

1,500,000

AstraZeneca PLC

0.000 10/06/25

1,487,388

1,260,000

(b) Atlantic Asset Securitization LLC

0.000 09/22/25

1,251,848

1,035,000

(b) Atlantic Asset Securitization LLC

0.000 10/16/25

1,025,269

1,250,000

(b) Barton Capital SA

0.000 09/24/25

1,241,642

1,250,000

(b) BP Capital Markets PLC

0.000 08/15/25

1,247,700

1,400,000

Danske Bank A/S

0.000 08/01/25

1,399,831

570,000

Danske Bank A/S

0.000 10/27/25

563,882

1,000,000

Dow Chemical Co/The

0.000 09/25/25

992,804

250,000

Dow Chemical Co/The

0.000 09/26/25

248,169

1,000,000

Duke Energy Corp

0.000 09/22/25

993,312

750,000

Duke Energy Corp

0.000 08/04/25

749,626

500,000

Eastman Chemical Co

0.000 08/05/25

499,684

1,000,000

Fiserv Inc

0.000 08/08/25

998,984

500,000

Fiserv Inc

0.000 08/04/25

499,747

1,000,000

(b) Honeywell International Inc

0.000 09/09/25

995,170

1,500,000

(b) Honeywell International Inc

0.000 08/06/25

1,498,920

1,250,000

Kentucky Utilities Co

0.000 08/11/25

1,248,256

393,000

L3Harris Technologies Inc

0.000 08/07/25

392,652

1,315,000

(b) La Fayette Asset Securitization LLC

0.000 09/18/25

1,307,147

250,000

(b) McDonald's Corp

0.000 08/12/25

249,620

1,250,000

Medtronic Global Holdings SCA

0.000 08/22/25

1,246,591

1,000,000

(b) MetLife Short Term Funding LLC

0.000 08/20/25

997,572

270,000

(b) National Bank of Canada

0.000 11/04/25

266,862

750,000

(b) Nestle Finance International Ltd

0.000 08/15/25

748,652

1,000,000

Royal Bank of Canada

0.000 10/03/25

992,258

1,250,000

Salisbury Receivables Co LLC

0.000 10/24/25

1,237,024

1,250,000

(b) Sheffield Receivables Co LLC

0.000 10/09/25

1,239,350

756,000

TotalEnergies Capital SA

0.000 10/17/25

748,835

1,250,000

TotalEnergies Capital SA

0.000 09/16/25

1,242,859

1,000,000

VW Credit Inc

0.000 09/24/25

992,980

TOTAL COMMERCIAL PAPER

(Cost $30,797,546)

30,794,027

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CORPORATE DEBT - 6.6%

FINANCIALS - 1.3%

1,000,000

Air Lease Corp

2.875 01/15/26

991,308

1,000,000

Federal Realty OP LP

1.250 02/15/26

981,221

TOTAL FINANCIALS

1,972,529

#### Portfolio of Investments July 31, 2025
(continued)

#### NUSB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL - 2.6%

$

1,250,000

American Tower Corp

4.400 %

02/15/26

$

1,248,171

1,250,000

Comcast Corp

3.150 03/01/26

1,239,609

1,535,000

Lowe's Cos Inc

4.400 09/08/25

1,534,368

TOTAL INDUSTRIAL

4,022,148

UTILITY - 2.7%

2,060,000

Entergy Corp

0.900 09/15/25

2,050,568

2,060,000

Public Service Enterprise Group Inc

0.800 08/15/25

2,056,912

TOTAL UTILITY

4,107,480

TOTAL CORPORATE DEBT

(Cost $10,103,712)

10,102,157

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

REPURCHASE AGREEMENTS - 0.2%

279,000

(c) Fixed Income Clearing Corp (FICC)

4.360 08/01/25

$

279,000

TOTAL REPURCHASE AGREEMENTS

(Cost $279,000)

279,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $42,430,251)

42,425,247

TOTAL INVESTMENTS - 100.0%

(Cost $151,790,446)

151,892,612

OTHER ASSETS & LIABILITIES, NET - (0.0)%

(49,221)

NET ASSETS - 100%

$

151,843,391

SOFR

Secured Overnight Financing Rate

SOFR

30A

30 Day Average Secured Overnight Financing Rate

TSFR1M

CME Term Secured Overnight Financing Rate 1 Month

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a) Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of

the security. Coupon rate reflects the rate at period end.

(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 $26,423,503 or 17.4% of Total Investments.

(c) Agreement with Fixed Income Clearing Corp (FICC), 4.360% dated 7/31/25 to be repurchased at $282,834 on 8/1/25, collateralized

by Government Agency Securities, with coupon rate 4.125% and maturity date 3/31/29, valued at $284,635.

Statement of Assets and Liabilities

See Notes to Financial Statements

July 31, 2025

NCLO

NCPB

NUAG

NUSA

NUHY

ASSETS

Long-term investments, at value

†‡

$

104,655,478

$

53,917,063

$

57,497,853

$

32,185,043

$

94,797,466

Short-term investments, at value

◊

—

396,276

—

—

—

Investments purchased with collateral from securities lending, at value

(cost approximates value)

—

—

189,582

38,538

2,996,682

Cash

1,866,786

769,991

754,647

109,075

914,697

Receivables:

Interest

276,883

489,917

564,469

269,069

1,652,807

Investments sold

—

215,027

984,049

718,429

1,696,528

Securities lending income

—

—

637

4,544

Other

2,086

539

1,585

Total assets

106,799,299

55,788,504

59,993,323

33,320,795

102,064,309

LIABILITIES

Payables:

Management fees

21,085

14,405

8,931

4,013

24,218

Collateral from securities lending

—

—

189,582

38,538

2,996,682

Interest

—

1,960

30,622

Investments purchased - regular settlement

—

190,973

1,098,203

698,071

1,998,418

Investments purchased - when-issued/delayed-delivery settlement

5,000,000

—

50,499

—

—

Accrued expenses:

Professional fees

Trustees fees

1,051

635

651

1,022

Other

2,088

541

1,584

Total liabilities

5,022,455

206,512

1,352,048

741,641

5,052,791

Net assets

$

101,776,844

$

55,581,992

$

58,641,275

$

32,579,154

$

97,011,518

Shares outstanding

4,050,000

2,225,000

2,800,000

1,400,000

4,500,000

Net asset value ("NAV") per share

$

25.13 $

24.98 $

20.94 $

23.27 $

21.56 NET ASSETS CONSIST OF:

Paid-in capital

101,252,617

55,905,457

86,955,639

34,755,513

109,708,519

Total distributable earnings (loss)

524,227

(323,465)

(28,314,364)

(2,176,359)

(12,697,001)

Net assets

$

101,776,844

$

55,581,992

$

58,641,275

$

32,579,154

$

97,011,518

Authorized shares

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 $

0.01 $

0.01 †

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

104,680,865

$

53,827,378

$

58,882,673

$

32,120,896

$

93,774,332

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

–

$

395,572

$

–

$

–

$

–

‡ Includes securities loaned of

$

—

$

—

$

182,879

$

37,507

$

2,863,374

#### Statement of Assets and Liabilities
(continued)

See Notes to Financial Statements

July 31, 2025

NUBD

NPFI

NSCR

NUSB

ASSETS

Long-term investments, at value

†‡

$

397,086,928

$

55,583,453

$

6,552,483

$

109,467,365

Short-term investments, at value

◊

—

—

—

42,425,247

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

value)

917,674

—

—

—

Cash

3,208,625

337,237

31,593

24,360

Receivables:

Dividends

—

—

852

—

Interest

3,312,697

874,076

—

953,498

Investments sold

3,337,673

261,550

—

—

Securities lending income

662

—

—

—

Other

4,944

Total assets

407,869,203

57,056,514

6,584,957

152,870,963

LIABILITIES

Payables:

Management fees

50,652

27,344

2,469

21,883

Collateral from securities lending

917,674

—

—

—

Interest

32,876

—

—

—

Investments purchased - regular settlement

4,662,638

200,000

—

1,003,160

Investments purchased - when-issued/delayed-delivery settlement

50,000

—

—

—

Accrued expenses:

Professional fees

983

Trustees fees

4,320

704

1,754

Other

4,944

Total liabilities

5,724,087

228,354

2,580

1,027,572

Net assets

$

402,145,116

$

56,828,160

$

6,582,377

$

151,843,391

Shares outstanding

18,200,000

2,175,000

220,000

6,000,000

Net asset value ("NAV") per share

$

22.10 $

26.13 $

29.92 $

25.31 NET ASSETS CONSIST OF:

Paid-in capital

440,249,876

55,761,479

5,541,339

151,151,216

Total distributable earnings (loss)

(38,104,760)

1,066,681

1,041,038

692,175

Net assets

$

402,145,116

$

56,828,160

$

6,582,377

$

151,843,391

Authorized shares

Unlimited

Unlimited

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 $

0.01 $

0.01 †

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

422,882,437

$

54,509,802

$

5,380,916

$

109,360,195

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

–

$

–

$

–

$

42,430,251

‡ Includes securities loaned of

$

889,023

$

—

$

—

$

—

Statement of Operations

See Notes to Financial Statements

Year Ended July 31, 2025

NCLO

NCPB

NUAG

NUSA

NUHY

INVESTMENT INCOME

Interest

3,486,955

2,840,153

2,056,475

1,177,530

6,135,638

Securities lending income, net

—

—

1,573

68,484

Tax withheld on income

—

(24) —

—

—

Total investment income

3,486,955

2,840,129

2,058,048

1,177,934

6,204,122

EXPENSES

Management fees

133,251

156,836

84,532

43,576

278,691

Professional fees

678

Trustees fees

2,410

2,015

1,528

1,019

3,356

Total expenses

136,091

159,529

86,258

44,671

282,174

Net investment income (loss)

3,350,864

2,680,600

1,971,790

1,133,263

5,921,948

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(23,082)

(296,010)

(16,754)

67,727

153,339

In-kind redemptions

—

(13,077)

(22,723)

135,378

63,782

Net realized gain (loss)

(23,082)

(309,087)

(39,477)

203,105

217,121

Change in unrealized appreciation (depreciation) on:

Investments

(25,387)

(476,887)

59,180

56,870

1,121,409

Foreign currency translations

—

—

—

—

Net change in unrealized appreciation (depreciation)

(25,387)

(476,886)

59,180

56,870

1,121,409

Net realized and unrealized gain (loss)

(48,469)

(785,973)

19,703

259,975

1,338,530

Net increase (decrease) in net assets from

operations

$

3,302,395

$

1,894,627

$

1,991,493

$

1,393,238

$

7,260,478

#### Statement of Operations
(continued)

See Notes to Financial Statements

Year Ended July 31, 2025

NUBD

NPFI

NSCR

NUSB

INVESTMENT INCOME

Dividends

$

—

$

—

$

71,778

$

—

Interest

15,443,841

3,093,193

—

6,352,584

Securities lending income, net

13,700

—

—

—

Tax withheld on income

—

—

(71) —

Total investment income

15,457,541

3,093,193

71,707

6,352,584

EXPENSES

Management fees

602,227

271,979

26,739

230,306

Professional fees

2,243

554

1,355

Trustees fees

14,639

2,015

5,314

Total expenses

619,109

274,548

26,954

236,975

Net investment income (loss)

14,838,432

2,818,645

44,753

6,115,609

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(976,225)

1,740

(106,731)

79,328

In-kind redemptions

(1,167,576)

145,083

8,240

—

Net realized gain (loss)

(2,143,801)

146,823

(98,491)

79,328

Change in unrealized appreciation (depreciation) on:

Investments

(848,681)

810,951

771,405

77,065

Net change in unrealized appreciation (depreciation)

(848,681)

810,951

771,405

77,065

Net realized and unrealized gain (loss)

(2,992,482)

957,774

672,914

156,393

Net increase (decrease) in net assets from operations

$

11,845,950

$

3,776,419

$

717,667

$

6,272,002

For the period December 10, 2024 (commencement of operations) through July 31, 2025.

Statement of Changes in Net Assets

See Notes to Financial Statements

NCLO

NCPB

For the period

12/10/24

(commencement

of operations)

through 7/31/25

Year Ended

7/31/25

For the period

3/5/24

(commencement

of operations)

through 7/31/24

OPERATIONS

Net investment income (loss)

$

3,350,864

$

2,680,600

$

692,557

Net realized gain (loss)

(23,082)

(309,087)

(234,737)

Net change in unrealized appreciation (depreciation)

(25,387)

(476,886)

567,276

Net increase (decrease) in net assets from operations

3,302,395

1,894,627

1,025,096

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(2,778,168)

(2,760,275)

(497,480)

Total distributions

(2,778,168)

(2,760,275)

(497,480)

FUND SHARE TRANSACTIONS

Subscriptions

103,757,038

19,004,830

40,030,789

Redemptions

(2,504,421)

(3,115,595)

–

Net increase (decrease) from Fund share transactions

101,252,617

15,889,235

40,030,789

Net increase (decrease) in net assets

101,776,844

15,023,587

40,558,405

Net assets at the beginning of period

–

40,558,405

–

Net assets at the end of period

$

101,776,844

$

55,581,992

$

40,558,405

See Notes to Financial Statements

#### Statement of Changes in Net Assets
(continued)

NUAG

NUSA

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

OPERATIONS

Net investment income (loss)

$

1,971,790

$

1,242,529

$

1,133,263

$

1,199,681

Net realized gain (loss)

(39,477)

(961,100)

203,105

(441,373)

Net change in unrealized appreciation (depreciation)

59,180

1,942,257

56,870

970,403

Net increase (decrease) in net assets from operations

1,991,493

2,223,686

1,393,238

1,728,711

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(1,964,010)

(1,385,020)

(1,151,940)

(1,275,430)

Total distributions

(1,964,010)

(1,385,020)

(1,151,940)

(1,275,430)

FUND SHARE TRANSACTIONS

Subscriptions

31,218,134

12,312,988

9,228,744

11,382,469

Redemptions

(8,421,143)

(10,351,166)

(9,323,898)

(20,491,350)

Net increase (decrease) from Fund share transactions

22,796,991

1,961,822

(95,154)

(9,108,881)

Net increase (decrease) in net assets

22,824,474

2,800,488

146,144

(8,655,600)

Net assets at the beginning of period

35,816,801

33,016,313

32,433,010

41,088,610

Net assets at the end of period

$

58,641,275

$

35,816,801

$

32,579,154

$

32,433,010

See Notes to Financial Statements

NUHY

NUBD

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

OPERATIONS

Net investment income (loss)

$

5,921,948

$

6,515,824

$

14,838,432

$

8,847,444

Net realized gain (loss)

217,121

(3,582,177)

(2,143,801)

(1,621,489)

Net change in unrealized appreciation (depreciation)

1,121,409

6,476,442

(848,681)

9,442,435

Net increase (decrease) in net assets from operations

7,260,478

9,410,089

11,845,950

16,668,390

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(6,076,470)

(6,599,640)

(14,741,660)

(10,481,530)

Total distributions

(6,076,470)

(6,599,640)

(14,741,660)

(10,481,530)

FUND SHARE TRANSACTIONS

Subscriptions

14,948,488

16,620,534

75,648,374

102,065,429

Redemptions

(8,342,559)

(33,252,640)

(39,329,376)

(12,943,120)

Net increase (decrease) from Fund share transactions

6,605,929

(16,632,106)

36,318,998

89,122,309

Net increase (decrease) in net assets

7,789,937

(13,821,657)

33,423,288

95,309,169

Net assets at the beginning of period

89,221,581

103,043,238

368,721,828

273,412,659

Net assets at the end of period

$

97,011,518

$

89,221,581

$

402,145,116

$

368,721,828

See Notes to Financial Statements

(continued)

NPFI

NSCR

Year Ended

7/31/25

For the period

3/5/24

(commencement

of operations)

through 7/31/24

Year Ended

7/31/25

For the period

3/5/24

(commencement

of operations)

through 7/31/24

OPERATIONS

Net investment income (loss)

$

2,818,645

$

373,905

$

44,753

$

17,511

Net realized gain (loss)

146,823

(98,491)

4,869

Net change in unrealized appreciation (depreciation)

810,951

262,700

771,405

400,162

Net increase (decrease) in net assets from operations

3,776,419

636,733

717,667

422,542

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(2,925,131)

(180,000)

(92,379)

–

Return of capital

–

(106,028)

–

–

Total distributions

(2,925,131)

(286,028)

(92,379)

–

FUND SHARE TRANSACTIONS

Subscriptions

49,043,314

16,890,171

503,781

5,520,319

Redemptions

(10,307,318)

–

(235,890)

(253,663)

Net increase (decrease) from Fund share transactions

38,735,996

16,890,171

267,891

5,266,656

Net increase (decrease) in net assets

39,587,284

17,240,876

893,179

5,689,198

Net assets at the beginning of period

17,240,876

–

5,689,198

–

Net assets at the end of period

$

56,828,160

$

17,240,876

$

6,582,377

$

5,689,198

See Notes to Financial Statements

NUSB

Year Ended

7/31/25

For the period

3/5/24

(commencement

of operations)

through 7/31/24

OPERATIONS

Net investment income (loss)

$

6,115,609

$

337,614

Net realized gain (loss)

79,328

(3,996)

Net change in unrealized appreciation (depreciation)

77,065

25,101

Net increase (decrease) in net assets from operations

6,272,002

358,719

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(5,691,048)

(247,498)

Total distributions

(5,691,048)

(247,498)

FUND SHARE TRANSACTIONS

Subscriptions

139,990,999

26,933,619

Redemptions

(14,521,266)

(1,252,136)

Net increase (decrease) from Fund share transactions

125,469,733

25,681,483

Net increase (decrease) in net assets

126,050,687

25,792,704

Net assets at the beginning of period

25,792,704

–

Net assets at the end of period

$

151,843,391

$

25,792,704

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

NCLO

7/31/25

(d) $

25.00 $

1.00 $

(0.03)

$

0.97 $

(0.84)

$

—

$

—

$

(0.84)

$

25.13 $

25.13 NCPB

7/31/25

25.35 1.28 (0.31)

0.97 (1.27)

(0.07)

—

(1.34)

24.98 24.96 7/31/24

(f) 25.00 0.53 0.21 0.74 (0.39)

—

—

(0.39)

25.35 25.35 NUAG

7/31/25

21.07 0.94 (0.12)

0.82 (0.95)

—

—

(0.95)

20.94 20.96 7/31/24

20.64 0.77 0.52 1.29 (0.86)

—

—

(0.86)

21.07 21.09 7/31/23

22.02 0.75 (1.30)

(0.55)

(0.83)

—

—

(0.83)

20.64 20.68 7/31/22

25.17 0.39 (3.01)

(2.62)

(0.53)

—

—

(0.53)

22.02 22.09 7/31/21

26.08 0.33 (0.55)

(0.22)

(0.69)

—

—

(0.69)

25.17 25.18 NUSA

7/31/25

23.17 0.90 0.12 1.02 (0.92)

—

—

(0.92)

23.27 23.28 7/31/24

22.83 0.87 0.39 1.26 (0.92)

—

—

(0.92)

23.17 23.21 7/31/23

23.48 0.56 (0.58)

(0.02)

(0.63)

—

—

(0.63)

22.83 22.83 7/31/22

25.29 0.31 (1.62)

(1.31)

(0.50)

—

—

(0.50)

23.48 23.52 7/31/21

25.61 0.34 (0.08)

0.26 (0.58)

—

—

(0.58)

25.29 25.31 NUHY

7/31/25

21.24 1.36 0.35 1.71 (1.39)

—

—

(1.39)

21.56 21.58 7/31/24

20.61 1.42 0.63 2.05 (1.42)

—

—

(1.42)

21.24 21.28 7/31/23

21.48 1.13 (0.65)

0.48 (1.35)

—

—

(1.35)

20.61 20.68 7/31/22

24.71 1.02 (3.04)

(2.02)

(1.21)

—

—

(1.21)

21.48 21.63 7/31/21

24.43 1.04 0.47 1.51 (1.23)

—

—

(1.23)

24.71 24.78 (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 December 10, 2024 (commencement of operations) through July 31, 2025.

(e) Annualized.

(f) For the period March 5, 2024 (commencement of operations) through July 31, 2024.

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) 3.94 %

3.93 %

$

101,777

0.26 %

(e) 6.29 %

(e) 25

%

3.88 3.85 55,582

0.31 5.13 143

2.99 2.99 40,558

0.30 (e) 5.32 (e) 34

4.05 3.98 58,641

0.20 4.51 47

6.44 6.38 35,817

0.21 3.76 48

(2.51)

(2.62)

33,016

0.21 3.58 54

(10.50)

(10.27)

165,182

0.20 1.65 81

(0.81)

(0.64)

173,676

0.20 1.32 235

4.54 4.38 32,579

0.15 3.90 38

5.65 5.81 32,433

0.16 3.81 37

(0.08)

(0.20)

41,089

0.20 2.43 78

(5.20)

(5.13)

37,566

0.20 1.27 77

1.03 0.80 40,456

0.20 1.33 46

8.34 8.26 97,012

0.30 6.37 49

10.43 10.25 89,222

0.31 6.87 43

2.47 2.07 103,043

0.31 5.50 44

(8.44)

(8.07)

96,652

0.31 4.42 56

6.32 5.25 96,378

0.35 4.14 65

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

NUBD

7/31/25

$

22.21 $

0.82 $

(0.11)

$

0.71 $

(0.82)

$

—

$

—

$

(0.82)

$

22.10 $

22.10 7/31/24

21.87 0.61 0.46 1.07 (0.73)

—

—

(0.73)

22.21 22.21 7/31/23

23.36 0.54 (1.36)

(0.82)

(0.67)

—

—

(0.67)

21.87 21.90 7/31/22

26.29 0.41 (2.81)

(2.40)

(0.53)

—

—

(0.53)

23.36 23.40 7/31/21

27.31 0.45 (0.92)

(0.47)

(0.55)

—

—

(0.55)

26.29 26.30 NPFI

7/31/25

25.54 1.46 0.64 2.10 (1.43)

(0.08)

—

(1.51)

26.13 26.12 7/31/24

(d) 25.00 0.59 0.41 1.00 (0.29)

—

(0.17)

(0.46)

25.54 25.63 NSCR

7/31/25

27.09 0.21 3.06 3.27 (0.21)

(0.23)

—

(0.44)

29.92 29.91 7/31/24

(d) 25.00 0.08 2.01 2.09 —

—

—

—

27.09 27.09 NUSB

7/31/25

25.16 1.14 0.08 1.22 (1.07)

—

—

(1.07)

25.31 25.31 7/31/24

(d) 25.00 0.52 0.03 0.55 (0.39)

—

—

(0.39)

25.16 25.16 (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 March 5, 2024 (commencement of operations) through July 31, 2024.

(e) Annualized.

See accompanying 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) 3.20 %

3.23 %

$

402,145

0.15 %

3.70 %

%

5.03 4.88 368,722

0.16 2.80 13

(3.47)

(3.53)

273,413

0.16 2.47 14

(9.24)

(9.09)

256,945

0.16 1.64 45

(1.72)

(1.90)

262,884

0.20 1.69 33

8.48 8.05 56,828

0.56 5.70 28

4.05 4.41 17,241

0.55 (e) 5.84 (e) 6

12.22 12.15 6,582

0.45 0.75 121

8.33 8.36 5,689

0.46 (e) 0.78 (e) 4

4.94 4.97 151,843

0.17 4.51 16

2.22 2.21 25,793

0.17 (e) 5.18 (e) 7

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 (the "1940 Act"), as amended. The Trust is comprised of Nuveen AA-BBB CLO ETF (NCLO), Nuveen Core Plus Bond ETF

(NCPB), Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG), Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (NUSA), Nuveen ESG High

Yield Corporate Bond ETF (NUHY), Nuveen ESG U.S. Aggregate Bond ETF (NUBD),

Nuveen Preferred and Income ETF (NPFI), Nuveen Sustainable

Core ETF (NSCR), Nuveen Ultra Short Income ETF (NUSB)

(each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a

Massachusetts business trust on February 20, 2015. Shares of NCLO, NUAG, NUSA, NUHY and NUBD are listed and traded on the NYSE Arca, while

shares of NCPB, NPFI, NSCR and NUSB are listed and traded on the

NASDAQ Stock Market LLC. The NYSE Arca and the NASDAQ Stock Market

LLC are each an "Exchange".

Current Fiscal Period

: The end of the reporting period for the Funds is July 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended July 31, 2025 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and if necessary, asset allocation decisions. For NUAG, NUSA, NUHY and NUBD, the

Adviser has entered into a sub-advisory agreement with Teachers Advisors, LLC ("TAL"), an affiliate of the Adviser, under which TAL manages the

investment portfolios of the Funds. For NCLO, NCPB, NPFI, NSCR and NUSB, 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. NAM and TAL are

each a "Sub-Adviser".

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.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,

and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and

expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with

(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign

currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized

appreciation (depreciation)" on the Statement of Operations, when applicable.

As of the end of the current fiscal period, the Fund's investments in non-U.S. securities were as follows:

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

Indemnifications:

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of

the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general

indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may

be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects

the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the 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. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Fund determines the existence of a dividend

declaration. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value.

Interest

income, is recorded on an accrual basis 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. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

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

monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial

information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's

comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and

expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

NPFI

Value

% of Total

Investments

Country:

United Kingdom

$

7,602,819

13.7 %

Canada

6,146,797

11.1 France

5,021,043

9.0 Spain

3,281,630

5.9 Switzerland

2,178,245

3.9 Netherlands

1,627,698

2.9 Ireland

1,375,754

2.5 Germany

629,100

1.1 Finland

396,681

0.7 Japan

202,511

0.4 Total non-U.S. Securities

$28,462,278

51.2%

#### Notes to Financial Statements
(continued)

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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

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

spreads, etc.).

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

investments).

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

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or

official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on

a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S.

dollars at the prevailing rates of exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are

applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price,

these securities are generally classified as Level 2.

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.

Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,

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

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

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally

classified as Level 2.

Certificates of deposit and commercial paper are valued at amortized cost, which approximates market value and 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:

NCLO

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Securitized

$

–

$

104,655,478

$

–

$

104,655,478

Total

$

–

$

104,655,478

$

–

$

104,655,478

a

NCPB

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

19,595,627

$

–

$

19,595,627

Government Related

–

1,861,928

–

1,861,928

Securitized

–

22,809,906

–

22,809,906

U.S. Treasury

–

9,649,602

–

9,649,602

Short-Term Investments:

Corporate Debt

–

396,276

–

396,276

Total

$

–

$

54,313,339

$

–

$

54,313,339

a

NUAG

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

19,312,610

$

–

$

19,312,610

Government Related

–

4,754,096

–

4,754,096

Securitized

–

16,060,954

–

16,060,954

U.S. Treasury

–

17,370,193

–

17,370,193

Investments Purchased with Collateral from Securities

Lending

189,582

–

–

189,582

Total

$

189,582

$

57,497,853

$

–

$

57,687,435

a

NUSA

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

7,787,006

$

–

$

7,787,006

Government Related

–

1,864,597

–

1,864,597

Securitized

–

2,315,121

–

2,315,121

U.S. Treasury

–

20,218,319

–

20,218,319

Investments Purchased with Collateral from Securities

Lending

38,538

–

–

38,538

Total

$

38,538

$

32,185,043

$

–

$

32,223,581

a

NUHY

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

94,797,466

$

–

$

94,797,466

Investments Purchased with Collateral from Securities

Lending

2,996,682

–

–

2,996,682

Total

$

2,996,682

$

94,797,466

$

–

$

97,794,148

a

NUBD

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

96,103,924

$

–

$

96,103,924

Government Related

–

17,502,820

–

17,502,820

Securitized

–

104,979,308

–

104,979,308

U.S. Treasury

–

178,500,876

–

178,500,876

Investments Purchased with Collateral from Securities

Lending

917,674

–

–

917,674

Total

$

917,674

$

397,086,928

$

–

$

398,004,602

a

NPFI

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

54,966,010

$

–

$

54,966,010

U.S. Government and Agency Obligations

–

617,443

–

617,443

Total

$

–

$

55,583,453

$

–

$

55,583,453

a

(continued)

4. Portfolio Securities

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Securities Lending:

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other

institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the

economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. State Street Bank and Trust Company serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

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

NSCR

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

6,552,483

$

–

$

–

$

6,552,483

Total

$

6,552,483

$

–

$

–

$

6,552,483

a

NUSB

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Debt

$

–

$

84,876,974

$

–

$

84,876,974

Government Related

–

149,205

–

149,205

Securitized

–

20,379,755

–

20,379,755

U.S. Treasury

–

4,061,431

–

4,061,431

Short-Term Investments:

Certificate of Deposit

–

1,250,063

–

1,250,063

Commercial Paper

–

30,794,027

–

30,794,027

Corporate Debt

–

10,102,157

–

10,102,157

Repurchase Agreements

–

279,000

–

279,000

Total

$

–

$

151,892,612

$

–

$

151,892,612

a

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

NUSB

Fixed Income Clearing Corp (FICC)

$

279,000

$

(284,635)

Purchases and Sales:

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

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.

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

the current fiscal period.

Aggregate Value of

Securities on Loan

Fund

Fixed Income

Securities

Cash Collateral

Received\*

Total Collateral

Received

NUAG

$182,879

$189,582

$189,582

NUSA

37,507

38,538

38,538

NUHY

2,863,374

2,996,682

2,996,682

NUBD

889,023

917,674

917,674

\*May include cash and investment of cash collateral.

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

U.S. Government

and Agency

Obligations

Non-U.S.

Government

Sales

U.S. Government

and Agency

Obligations

NCLO

$

126,399,003

$

—

$

21,180,161

$

—

NCPB

30,332,674

61,889,602

24,144,423

48,708,951

NUAG

8,006,583

20,399,543

8,288,499

12,431,129

NUSA

4,632,205

7,300,539

1,836,928

8,999,144

NUHY

44,878,921

—

47,480,561

—

NUBD

20,019,432

49,779,263

9,757,646

28,216,330

NPFI

56,150,955

—

13,662,559

—

NSCR

7,463,213

—

7,115,332

—

NUSB

121,312,553

5,070,318

12,720,210

999,005

Fund

In-Kind

Purchases

In-Kind

Sales

NCLO

$

—

$

—

NCPB

399,663

1,829,865

NUAG

25,113,712

8,251,764

NUSA

8,684,890

9,096,402

NUHY

15,150,329

7,431,849

NUBD

57,366,688

36,339,074

NPFI

631,857

5,126,900

NSCR

498,640

219,002

NUSB

—

—

(continued)

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

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

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof

("Creation Units"). Only certain institutional investors (referred to as "Authorized Participants") who have entered into agreements with Nuveen

Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market

prices and are only available to individual investors through their brokers.

Creation Units are purchased and redeemed in-kind for a designated portfolio of securities included in each Fund's respective Index and/or a

specified amount of cash. 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:

NCLO

For the period

12/10/24

(commencement of

operations)

through 7/31/25

Shares

Value

Subscriptions

4,150,000

$103,757,038

Redemptions

(100,000)

(2,504,421)

Net increase (decrease)

4,050,000

$101,252,617

NCPB

NUAG

Year Ended

7/31/25

For the period

3/05/24

(commencement of

operations)

through 7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Subscriptions

750,000

$19,004,830

1,600,000

$40,030,789

1,500,000

$31,218,134

600,000

$12,312,988

Redemptions

(125,000)

(3,115,595)

–

–

(400,000)

(8,421,143)

(500,000)

(10,351,166)

Net increase (decrease)

625,000

$15,889,235

1,600,000

$40,030,789

1,100,000

$22,796,991

100,000

$1,961,822

NUSA

NUHY

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

Year Ended

7/31/24

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Subscriptions

400,000

$9,228,744

500,000

$11,382,469

700,000

$14,948,488

800,000

$16,620,534

Redemptions

(400,000)

(9,323,898)

(900,000)

(20,491,350)

(400,000)

(8,342,559)

(1,600,000)

(33,252,640)

Net increase (decrease)

–

$(95,154)

(400,000)

$(9,108,881)

300,000

$6,605,929

(800,000)

$(16,632,106)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

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 bond premium amortization adjustments, complex securities character

adjustments, distribution reallocations, paydowns, prior period adjustments related to return of capital, redemptions in-kind, and return of capital

and long-term capital gain distributions received from portfolio investments. 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:

NUBD

NPFI

Year Ended

7/31/25

Year Ended

7/31/24

Year Ended

7/31/25

For the period

3/05/24

(commencement of

operations)

through 7/31/24

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Subscriptions

3,400,000

$75,648,374

4,700,000

$102,065,429

1,900,000

$49,043,314

675,000

$16,890,171

Redemptions

(1,800,000)

(39,329,376)

(600,000)

(12,943,120)

(400,000)

(10,307,318)

–

–

Net increase (decrease)

1,600,000

$36,318,998

4,100,000

$89,122,309

1,500,000

$38,735,996

675,000

$16,890,171

NSCR

NUSB

Year Ended

7/31/25

For the period

3/05/24

(commencement of

operations)

through 7/31/24

Year Ended

7/31/25

For the period

3/05/24

(commencement of

operations)

through 7/31/24

Shares

Value

Shares

Value

Shares

Value

Shares

Value

Subscriptions

20,000

$503,781

220,000

$5,520,319

5,550,000

$139,990,999

1,075,000

$26,933,619

Redemptions

(10,000)

(235,890)

(10,000)

(253,663)

(575,000)

(14,521,266)

(50,000)

(1,252,136)

Net increase (decrease)

10,000

$267,891

210,000

$5,266,656

4,975,000

$125,469,733

1,025,000

$25,681,483

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NCLO

$

104,698,372

$

170,222

$

(213,116)

$

(42,894)

NCPB

54,280,483

470,816

(437,959)

32,857

NUAG

59,376,741

397,407

(2,086,713)

(1,689,306)

NUSA

32,179,310

215,210

(170,940)

44,270

NUHY

97,121,111

1,896,750

(1,223,713)

673,037

NUBD

426,946,395

1,803,455

(30,745,248)

(28,941,793)

NPFI

54,871,547

1,139,144

(427,238)

711,906

NSCR

5,416,729

1,224,460

(88,706)

1,135,754

NUSB

151,914,237

162,875

(184,500)

(21,625)

(continued)

The tax character of distributions paid was as follows:

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

As of year end, the Funds utilized the following capital loss carryforwards:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NCLO

$

591,275

$

—

$

(42,894)

$

(24,154)

$

—

$

—

$

524,227

NCPB

171,397

—

32,857

(527,719)

—

—

(323,465)

NUAG

232,629

—

(1,689,306)

(26,857,687)

—

—

(28,314,364)

NUSA

106,161

—

44,270

(2,326,790)

—

—

(2,176,359)

NUHY

595,941

—

673,037

(13,965,979)

—

—

(12,697,001)

NUBD

1,535,694

—

(28,941,793)

(10,698,661)

—

—

(38,104,760)

NPFI

350,106

4,669

711,906

—

—

—

1,066,681

NSCR

19,145

—

1,135,754

—

(113,861)

—

1,041,038

NUSB

713,353

(21,625)

—

—

—

692,175

7/31/25

7/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

NUAG

$

1,964,010

$

—

$

—

$

1,385,020

$

—

$

—

NUSA

1,151,940

—

—

1,275,430

—

—

NUHY

6,076,470

—

—

6,599,640

—

—

NUBD

14,741,660

—

—

10,481,530

—

—

7/31/25

For the Period

3/05/24

(commencement of operations)

through

7/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

NCPB

$2,760,275

$–

$—

$497,480

$–

$—

NPFI

2,925,131

–

—

180,000

–

106,028

NSCR

92,080

—

–

–

—

NUSB

5,691,048

–

—

247,498

–

—

For the Period

12/10/24

(commencement of operations)

through

7/31/25

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

NCLO

$2,778,168

$–

$–

Fund

Short-Term

Long-Term

Total

NCLO

$

24,154

$

—

$

24,154

NCPB

513,472

14,247

527,719

NUAG

20,526,257

6,331,430

26,857,687

NUSA

514,172

1,812,618

2,326,790

NUHY

4,990,959

8,975,020

13,965,979

NUBD

4,154,471

6,544,190

10,698,661

NPFI

—

—

—

NSCR

—

—

—

NUSB

—

—

—

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

Utilized

NCLO

$

—

NCPB

—

NUAG

—

NUSA

13,849

NUHY

—

NUBD

—

NPFI

—

NSCR

—

NUSB

4,318

Fund

Management Fee

NCLO

0.25%

NCPB

0.30 NUAG

0.18\*

NUSA

0.15 NUHY

0.30 NUBD

0.15 NPFI

0.55 NSCR

0.45 NUSB

0.17 \* As of May 1, 2025, the management fee changed from 0.20% to 0.18%

Underlying Fund

TIAA

Nuveen Fixed

Income Funds

Total

NCLO

%

–

%

%

NCPB

–

NUAG

–

\*

NUSA

–

–

–

NUHY

–

–

–

NUBD

–

–

–

NPFI

–

NSCR

–

NUSB

–

\*

Value rounded to zero.

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:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

Fund

Net Long-Term

Capital Gains

NCLO

$

—

NCPB

—

NUAG

—

NUSA

—

NUHY

—

NUBD

—

NPFI

—

NSCR

NUSB

—

Fund

Percentage

NCLO

–

%

NCPB

.9

NUAG

.4

NUSA

–

NUHY

.3

NUBD

.1

NPFI

.2

NSCR

.1

NUSB

.5

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as

Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

Percentage

NCLO

–

%

NCPB

.2

NUAG

.4

NUSA

–

NUHY

.1

NUBD

.1

NPFI

.3

NSCR

.2

NUSB

.5

Fund

Prior Year End to

12/31 Percentage

1/1 to Current

Year End

Percentage

NCLO

—

%

—

%

NCPB

100.0 46.0 NUAG

88.0 85.8 NUSA

100.0 56.0 NUHY

51.8 94.2 NUBD

92.5 90.0 NPFI

14.1 12.3 NSCR

—

—

NUSB

73.5 67.5 Fund

Percentage

NCLO

.0

%

NCPB

.0

NUAG

.1

NUSA

.0

NUHY

.5

NUBD

.3

NPFI

.9

NSCR

–

NUSB

.6

------

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

#### Changes in Independent Registered Public Accounting Firm
**(a) Previous independent registered public accounting firm:** On October 24, 2024, the Funds' Board of Trustees (the "Board"), upon recommendation from the Audit Committee, notified KPMG LLP ("KPMG") that it would be dismissed as the independent registered public accounting firm for the Funds.

Regarding the four funds that commenced operations on March 5, 2024 (NCPB, NPFI, NSCR and NUSB and collectively referred to as the "Stub Period Funds"), KPMG's audit reports on the Stub Period Funds' financial statements as of and for the fiscal period March 5, 2024 (commencement of operations) through July 31, 2024 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Stub Period Funds' fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Stub Period Funds' fiscal period March 5, 2024 (commencement of operations) through July 31, 2024, and for the subsequent interim period through October 24, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

Regarding the four funds that commenced operations prior to March 5, 2024 (NUAG, NUSA, NUBD and NUHY and collectively referred to as the "Other Funds"; with the Stub Period Funds, referred to as the "Funds"), KPMG's audit reports on the Other Funds' financial statements as of and for the fiscal years ended July 31, 2024 and July 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Other Funds' fiscal years ended July 31, 2024 and July 31, 2023, and for the subsequent interim period through October 24, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Other Funds' fiscal years ended July 31, 2024 and July 31, 2023 and for the subsequent interim period through October 24, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Funds provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Funds with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.

**(b) New independent registered public accounting firm:** On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP ("PwC") as the new independent registered public accounting firm for the Funds for the fiscal year ended July 31, 2025 audits. During the Stub Period Funds' fiscal period March 5, 2024 (commencement of operations) through July 31, 2024 and the Other Funds' fiscal years ended July 31, 2024 and July 31, 2023 and for the subsequent interim period through October 24, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 ("S-K 304"), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

------

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

Not applicable.

------

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

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

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

------

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

#### Nuveen AA-BBB CLO ETF

#### Nuveen Core Plus Bond ETF

#### Nuveen Enhanced Yield U.S. Aggregate Bond ETF

#### Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF

#### Nuveen ESG High Yield Corporate Bond ETF

#### Nuveen ESG U.S. Aggregate Bond ETF

#### Nuveen Preferred and Income ETF

#### Nuveen Sustainable Core ETF

#### Nuveen Ultra Short Income ETF

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nushares ETF Trust (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), pursuant to which NFAL serves as investment adviser to such funds. Similarly, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with (a) in the case of Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF, Teachers Advisors, LLC ("TAL"), pursuant to which TAL serves as the sub-adviser to such Fund; and (b) in the case of Nuveen Core Plus Bond ETF, Nuveen Preferred and Income ETF, Nuveen Sustainable Core ETF and Nuveen Ultra Short Income ETF, Nuveen Asset Management, LLC ("NAM," and TAL and NAM are each a "Sub-Adviser"), pursuant to which NAM serves as the sub-adviser to such Fund. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. NAM is also an affiliate of TAL and NFAL. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report except for Nuveen AA-BBB CLO ETF (the "Funds"). The advisory arrangements of Nuveen AA-BBB CLO ETF have not yet been up for renewal and, accordingly, Nuveen AA-BBB CLO ETF is not a "Fund" for purposes of the discussion below.

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

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

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

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an

------

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

analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

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

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

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

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

A. Nature, Extent and Quality of Services

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

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

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

------

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

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

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

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

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

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders

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

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

With respect to the Funds, the Board considered that certain of the Funds (the "Index ETFs") are designed to track the performance of a specified index (the "Underlying Index") and others are actively managed. In this regard, the Board considered that Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF were Index ETFs, and the other Funds, including Nuveen Core Plus Bond ETF, Nuveen Preferred and Income ETF, Nuveen Sustainable Core ETF and Nuveen Ultra Short Income ETF, were actively managed ("Active ETFs").

With respect to the relative benchmark performance for the Index ETFs, the Board also considered, among other things, the Index ETF's performance in comparison to the performance of its Underlying Index, the performance of the Underlying Index compared to the base index from which it is derived over the one-, three- and five-year periods ended December 31, 2024, and each Index ETF's tracking error over various periods. However, given the Index ETFs' investment objective of seeking investment results that correspond generally to the performance of their respective Underlying Index, the Board considered that the extent to which an Index ETF tracked its benchmark was of greater relevance in assessing the performance of these Funds and therefore placed more emphasis on the tracking error and correlation data. Given their objectives, the Index ETFs do not have Performance Peer Groups.

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

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

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

• Index ETFs

• For each Index ETF (i.e., Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, Nuveen ESG High Yield Corporate Bond ETF and Nuveen ESG U.S. Aggregate Bond ETF), the Board considered, among other things, the performance of such Index ETF for the one-, three- and five-year periods ended December 31, 2024 on an absolute basis and relative return basis compared to its Underlying Index as well as its tracking error compared to its respective Underlying Index as of December 31, 2024 and as of each month end for the 2024 calendar year. Given each Index ETF's investment objective, however, the Board placed more emphasis on its review of the tracking error data and after review of such data and other metrics, the Board considered that each Index ETF had performed in line with expectations in 2024. For each Index ETF, on the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Index ETF's investment objective(s) and management's discussion of performance, the Board concluded that the Index ETF's performance supported renewal of the Advisory Agreements.

• Active ETFs

• For each Active ETF (i.e., Nuveen Core Plus Bond ETF, Nuveen Preferred and Income ETF, Nuveen Sustainable Core ETF and Nuveen Ultra Short Income ETF), the Board considered that such Active ETF was newly launched with a performance history too short to make a meaningful assessment of performance.

C. Fees, Expenses and Profitability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Fees and Expenses

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

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

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

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

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

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

• For Nuveen Core Plus Bond ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and first quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Enhanced Yield U.S. Aggregate Bond ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median, and the Fund's actual management fee rate and net total expense ratio also were each slightly above (within 5 basis points) the Expense Universe median, respectively. In its review, the Board considered management's proposed reduction in the management fee.

• For Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, third quartile and fourth quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. Although the Fund's actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median. In its review, the Board, however, considered that the Fund's management fee was reduced in 2023, and certain strategy differences between the Fund and some of the peers limited the value of some of the relative fee data.

• For Nuveen ESG High Yield Corporate Bond ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, first quartile and second quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen ESG U.S. Aggregate Bond ETF, the Fund's actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. Given the small number of peers, the quartile ranking for the contractual management fee rate was not available. In addition, although the Fund's actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Universe, the Fund's contractual management fee rate ranked in the third quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. Although the Fund's net total expense ratio was above the Expense Universe median, the Fund's contractual management fee rate and actual management fee rate were each slightly above (approximately 5 basis points) the Expense Universe median.

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

• For Nuveen Preferred and Income ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Sustainable Core ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

• For Nuveen Ultra Short Income ETF, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Comparisons with the Fees of Other Clients

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Profitability of the Fund Advisers

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

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

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

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

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

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

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

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

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

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

E. Indirect Benefits

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

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

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

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

F. Other Considerations

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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**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.

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**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.

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**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.

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

(a) Not applicable.

(b) Not applicable.

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

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| | |
|:---|:---|
| (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.](d943920dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | [Change in the registrant's independent public accountant. Filed herewith.](d943920dex99indpubacct.htm) |
| (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.](d943920dex99906cert.htm) |

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#### 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> 

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| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Briton Ryan |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |

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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.

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| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Briton Ryan |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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## 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;&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;&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;&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;&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;&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;&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.

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| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Briton Ryan |
|  |  | 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;&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;&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;&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;&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;&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;&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: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Ind

![LOGO](g943920g0929185035509.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KPMG LLP Aon Center Suite 5500 200 E. Randolph Street Chicago, IL 60601-6436

October 3, 2025

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Funds listed in Appendix I (the Funds) and, under the date of September 27, 2024, we reported on the financial statements of the Funds as of July 31, 2024 and for the years or period listed in Appendix I. On October 24, 2024, our appointment as independent public accountant was terminated.

We have read the statements made by the Funds included under Item 8 of Form N-CSR dated October 3, 2025, and we agree with such statements, except we are not in a position to agree or disagree with the Funds' statements in section (b) of Item 8 of Form N-CSR.

Very truly yours,

![LOGO](g943920g0929185035165.jpg)

Attachment

------

**Appendix I** 

**Nushares ETF Trust** 

*For the years ended July 31, 2024 and 2023:* 

Nuveen Enhanced Yield U.S. Aggregate Bond ETF (NUAG)

Nuveen ESG 1-5 Year U.S. Aggregate Bond ETF (NUSA)

Nuveen ESG High Yield Corporate Bond ETF (NUHY)

Nuveen ESG U.S. Aggregate Bond ETF (NUBD)

*For the period March 5, 2024 (commencement of operations) through July 31, 2024:* 

Nuveen Core Plus Bond ETF (NCPB)

Nuveen Preferred and Income ETF (NPFI)

Nuveen Sustainable Core ETF (NSCR)

Nuveen Ultra Short Income ETF (NUSB)

## 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 July 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

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

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

---

| | | |
|:---|:---|:---|
| Date: October 3, 2025 | By: | /s/ Briton Ryan |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: October 3, 2025 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---