# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-26-096192
**Filing Date:** 2026-3
**Character Count:** 336903
**Document Hash:** b43ca58db4089dac4fcb3ac1314db171
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096192.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096192

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** 26730263

**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 Short-Term REIT ETF (Series ID: S000055646)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000175155 | Nuveen Short-Term REIT ETF | NURE            |

### Nuveen International Aggregate Bond ETF (Series ID: S000095480)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000264203 | Nuveen International Aggregate Bond ETF | NXUS            |

?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>December</u> <u>31</u>

Date of reporting period: <u>December</u> <u>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](g87153g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen International Aggregate Bond ETF

NXUS/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen International Aggregate Bond ETF for the period of September 23, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen International Aggregate Bond ETF | $8 | 0.08% |

---

\* Annualized for period less than one year.

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

**Performance Highlights**<br>•  The Nuveen International Aggregate Bond ETF's total return at net asset value (NAV) was 0.43% for the abbreviated annual reporting period from the Fund's launch on September 23, 2025, through December 31, 2025. The Fund's index, the Bloomberg Global Aggregate ex-USD Index (Hedged) Index, returned 0.65%.<br>•  The difference between the Fund's total return at NAV and that of the index was driven by a limited investable universe relative to the index and transaction costs incurred during the Fund's ramp-up period. Both factors are expected to normalize going forward.<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 23, 2025 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g87153g1g02y02.jpg)

#### Average Annual Total Returns

---

| | |
|:---|:---|
|  | **Since Inception<br>(9/23/25)** |
| &nbsp;&nbsp;&nbsp; NAV | 0.43% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index | 0.08% |
| &nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate ex-USD Index (Hedged) | 0.65% |

---

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 December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $2535933488 |
|  Total number of portfolio holdings | 2792 |
|  Portfolio turnover (%) | 2% |
|  Total management fees paid for the year | $164476 |

---

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

![LOGO](g87153g1g02a02.jpg)

![LOGO](g87153g1g03a01.jpg)

![LOGO](g87153g1g03a02.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 April 30, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P672_AR_1225<br> 5093107 | ![LOGO](g87153g1g01w01.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g87153g1g19w55.jpg) | <br>Annual Shareholder Report <br>December 31, 2025  |

---

Nuveen Short-Term REIT ETF

NURE/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Short-Term REIT ETF for the period of January 1, 2025 to December 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 Short-Term REIT ETF | $35 | 0.36% |

---

\* 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 Short-Term REIT ETF's total return at net asset value (NAV) was -7.53% for the 12 months ended December 31, 2025. The Fund's custom index, the Dow Jones U.S. Select Short-Term REIT Index, returned -7.25%.<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.<br>•  During the reporting period, the Fund's custom index significantly underperformed the Fund's base index, the Dow Jones U.S. Select REIT Index, which returned 3.67%.<br>•  Performance drivers between the Fund's custom index and base index during the reporting period:<br>•  Top contributors to the custom index's relative performance<br>•  An underweight to specialized REITs.<br>•  A lack of exposure to office REITs.<br>•  Top detractors from the custom index's relative performance<br>•  An overweight allocation to residential REITs.<br>•  A lack of exposure to health care REITs.<br>•  An overweight allocation to hotel & resort REIT.<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 19, 2016 through December 31, 2025) **Initial Investment of $10,000**![LOGO](g87153g1g07k17.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | Since Inception<br>(12/19/16) |
| &nbsp;&nbsp;&nbsp; NAV | (7.53)% | 4.14% | 4.86% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.96% |
| &nbsp;&nbsp;&nbsp; Dow Jones U.S. Select REIT Index | 3.67% | 6.65% | 4.66% |
| &nbsp;&nbsp;&nbsp; Dow Jones U.S. Select Short-Term REIT Index | (7.25)% | 4.51% | 5.22% |

---

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

**Return of Capital:** During the current reporting period, $0.31 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.

2 continued>>

------

Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $31008241 |
|  Total number of portfolio holdings | 33 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $140548 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g87153g1g08a01.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 April 30, 2026 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 engaged PricewaterhouseCoopers LLP ("PwC") 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 subject to the completion of the December 31, 2024 fiscal year end audit. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, 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.

---

| | |
|:---|:---|
| 67092P706_AR_1225<br> 5093108 | ![LOGO](g87153g1g01w01.jpg) |

---

3.0 ------

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

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

------

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

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

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

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

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

------

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

Nushares ETF Trust

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended December 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 December 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>** |
|  December 31, 2025 (PwC) | $47371 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-<br> approval exception | 0% | 0% | 0% | 0% |
| December 31, 2024 (KPMG) | $20000 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-<br> 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 December 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 December 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** |
|  December 31, 2025 (PwC) | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  December 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 December 31, 2025 for non-audit services, and the amount of fees that KPMG billed during the Registrant's fiscal year ended December 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** |
|  December 31, 2025 (PwC) | $0 | $0 | $11542000 | $11542000 |
|  December 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, Terence J. Toth, Matthew Thornton III and Margaret L. Wolff.

------

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

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

(b) Not applicable.

------

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

------

#### Report of Independent Registered

#### Public Accounting Firm

To the Board of Trustees of Nushares ETF Trust and Shareholders of Nuveen International Aggregate Bond ETF and

Nuveen Short-Term REIT 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 (two of the funds constituting Nushares ETF Trust, hereafter collectively

referred to as the "Funds") as of December 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 December 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 International Aggregate Bond ETF (1)

Nuveen Short-Term REIT ETF (2)

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

23, 2025 (commencement of operations) through December 31, 2025

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

December 31, 2025

The financial statements of Nuveen Short-Term REIT ETF as of and for the year ended December 31, 2024 and the

financial highlights for each of the periods ended on or prior to December 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

February 28, 2025 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 December 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

February 27, 2026

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

#### Portfolio of Investments December 31, 2025

#### NXUS
See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.6%

CORPORATE BONDS - 0.2%

FINANCIALS - 0.2%

$

300,000

Argenta Spaarbank NV, Reg S

0.500 %

10/08/41

$

212,959

300,000

BPCE SFH SA

3.000 02/20/29

356,517

300,000

Caisse de Refinancement de l'Habitat SA

3.375 06/28/32

356,963

300,000

CCF SFH SACA

2.500 04/09/29

350,329

500,000

Commerzbank AG

0.250 01/12/32

503,897

500,000

Credit Mutuel Home Loan SFH SA

3.000 02/03/31

587,609

300,000

DNB Boligkreditt AS

2.625 09/27/29

352,148

200,000

HYPO NOE Landesbank fuer Niederoesterreich und Wien AG

0.125 06/23/31

201,462

300,000

Iccrea Banca SpA, Reg S

3.500 03/04/32

358,369

300,000

Jyske Realkredit A/S, Reg S

2.500 01/01/29

352,127

600,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

0.000 02/15/36

691,383

500,000

Programa Cedulas TDA Fondo de Titulizacion de Activos

4.250 04/10/31

624,444

200,000

Prudential Funding Asia PLC

5.875 05/11/29

279,804

300,000

Societe Generale SFH SA

3.375 07/31/30

359,674

TOTAL FINANCIALS

5,587,685

TOTAL CORPORATE BONDS

(Cost $5,573,494)

5,587,685

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

CORPORATE DEBT - 19.9%

FINANCIALS - 12.1%

200,000

3i Group PLC

, Reg S

3.750 06/05/40

214,412

72,000

(a) 407 International Inc

, Reg S

2.590 05/25/32

49,482

200,000

Aareal Bank AG

, Reg S

0.250 11/23/27

223,913

100,000

Aareal Bank AG

, Reg S

2.375 09/14/29

116,002

550,000

Aareal Bank AG

, Reg S

3.000 08/05/31

644,997

400,000

Abanca Corp Bancaria SA

, Reg S

5.250 09/14/28

489,886

400,000

ABN AMRO Bank NV

2.375 04/07/28

469,878

300,000

ABN AMRO Bank NV

, Reg S

4.375 10/20/28

367,146

200,000

ABN AMRO Bank NV

, Reg S

2.500 10/02/29

234,019

200,000

ABN AMRO Bank NV

, Reg S

4.250 02/21/30

245,062

400,000

ABN AMRO Bank NV

, Reg S

3.875 01/15/32

480,657

500,000

ABN AMRO Bank NV

, Reg S

1.250 01/20/34

491,244

500,000

ABN AMRO Bank NV

, Reg S

4.500 11/21/34

622,908

200,000

Accent Capital PLC

, Reg S

2.625 07/18/49

157,002

200,000

Achmea Bank NV

, Reg S

2.750 09/15/32

231,266

400,000

Achmea BV

, Reg S

6.750 12/26/43

542,351

100,000

Admiral Group PLC

, Reg S

8.500 01/06/34

155,849

68,000

Aegon Ltd

6.125 12/15/31

97,599

500,000

Aeroports de Paris SA

, Reg S

2.750 06/05/28

589,626

300,000

Affinity Sutton Capital Markets PLC

5.981 09/17/38

414,553

155,000

African Development Bank

2.875 03/23/28

184,247

100,000

Ageas SA/NV

, Reg S

4.750 12/01/28

135,654

300,000

AIB Group PLC

, Reg S

5.750 02/16/29

373,395

200,000

AIB Group PLC

, Reg S

4.625 05/20/35

244,008

100,000

Aldermore Group PLC

, Reg S

6.000 10/01/35

134,315

300,000

Allianz SE

, Reg S

5.824 07/25/53

393,686

200,000

Allianz SE

, Reg S

4.851 07/26/54

248,170

600,000

Allianz SE

, Reg S

4.431 07/25/55

723,303

200,000

Altarea SCA

, Reg S

1.750 01/16/30

217,074

100,000

American Express Co

3.433 05/20/32

118,071

300,000

Amplius Living

, Reg S

3.250 05/15/43

283,151

300,000

Anchor Hanover Group

, Reg S

2.000 07/21/51

193,119

500,000

ANZ New Zealand Int'l Ltd/London

, Reg S

0.200 09/23/27

564,120

200,000

Argenta Spaarbank NV

, Reg S

5.375 11/29/27

240,653

200,000

Argenta Spaarbank NV

, Reg S

2.875 02/03/32

232,485

200,000

Arkea Home Loans SFH SA

, Reg S

3.072 02/07/34

230,482

200,000

Arkea Public Sector SCF SA

, Reg S

3.226 07/02/35

230,647

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

300,000

Aroundtown SA

, Reg S

3.000 %

10/16/29

$

373,998

100,000

ASB Bank Ltd

, Reg S

0.250 05/21/31

101,453

80,000

Asian Infrastructure Investment Bank/The

, Reg S

3.000 02/14/28

95,090

74,000

Aspire Defence Finance PLC

4.674 03/31/40

95,008

74,000

Aspire Defence Finance PLC

4.674 03/31/40

95,008

300,000

ASR Nederland NV

, Reg S

7.000 12/07/43

415,503

300,000

Assura Financing PLC

, Reg S

1.625 06/30/33

311,783

200,000

Aster Treasury Plc

, Reg S

1.405 01/27/36

186,505

500,000

Athene Global Funding

, Reg S

0.625 01/12/28

561,226

100,000

Athene Global Funding

, Reg S

5.146 11/01/29

135,717

200,000

Athene Global Funding

, Reg S

5.858 09/19/35

270,415

200,000

Athora Holding Ltd

, Reg S

5.875 09/10/34

249,753

200,000

Atradius Credito y Caucion SA de Seguros y Reaseguros

, Reg S

5.000 04/17/34

247,671

200,000

Australia & New Zealand Banking Group Ltd

5.906 08/12/32

135,290

400,000

Australia & New Zealand Banking Group Ltd

, Reg S

3.706 07/31/35

472,542

150,000

Australia & New Zealand Banking Group Ltd

, Reg S

6.736 02/10/38

104,971

100,000

Australia & New Zealand Banking Group Ltd

6.124 07/25/39

67,220

500,000

Australia & New Zealand Banking Group Ltd

6.171 08/14/45

329,687

200,000

Aviva PLC

, Reg S

4.000 10/02/30

145,180

400,000

Aviva PLC

, Reg S

4.000 06/05/32

504,103

300,000

AXA Home Loan SFH SA

, Reg S

0.050 07/05/27

340,166

200,000

AXA SA

, Reg S

5.500 07/11/43

257,777

400,000

AXA SA

, Reg S

4.375 07/24/55

477,344

500,000

AXA SA

, Reg S

4.125 07/24/56

580,774

200,000

Ayvens SA

, Reg S

3.875 01/24/28

240,633

300,000

Ayvens SA

, Reg S

4.875 10/06/28

371,060

400,000

Banca Monte dei Paschi di Siena SpA

, Reg S

3.500 05/28/31

473,021

100,000

Banca Transilvania SA

, Reg S

7.250 12/07/28

125,488

300,000

Banco Bilbao Vizcaya Argentaria SA

, Reg S

3.125 07/17/27

356,571

900,000

Banco Bilbao Vizcaya Argentaria SA

, Reg S

3.625 06/07/30

1,086,313

400,000

Banco BPI SA

, Reg S

2.625 04/08/31

464,534

675,000

Banco BPM SpA

, Reg S

2.625 09/06/29

789,830

200,000

Banco BPM SpA

, Reg S

3.125 10/23/31

232,064

400,000

Banco de Credito Social Cooperativo SA

, Reg S

3.500 06/13/31

469,222

800,000

Banco de Sabadell SA

, Reg S

3.250 06/05/34

939,421

300,000

Banco di Desio e della Brianza SpA

, Reg S

3.250 01/24/31

350,680

500,000

Banco Santander SA

, Reg S

3.250 04/02/29

592,483

200,000

Banco Santander SA

, Reg S

2.375 07/14/29

233,010

1,000,000

Banco Santander SA

, Reg S

3.375 01/11/30

1,205,719

200,000

Banco Santander SA

, Reg S

5.375 01/17/31

277,935

700,000

Banco Santander SA

, Reg S

4.875 10/18/31

884,668

100,000

Banco Santander SA

, Reg S

2.875 07/14/33

115,605

200,000

Banco Santander SA

, Reg S

3.750 01/09/34

238,336

500,000

Banco Santander SA

, Reg S

3.500 02/17/35

577,354

200,000

Banco Santander Totta SA

, Reg S

3.250 02/15/31

238,870

265,000

Bank Julius Baer & Co AG

2.375 04/04/31

354,210

100,000

Bank of America Corp

, Reg S

4.134 06/12/28

121,369

200,000

Bank of America Corp

, Reg S

1.667 06/02/29

253,028

250,000

Bank of America Corp

, Reg S

3.261 01/28/31

294,902

200,000

Bank of America Corp

, Reg S

3.584 04/27/31

259,307

500,000

Bank of America Corp

, Reg S

2.984 10/30/31

578,310

800,000

Bank of America Corp

, Reg S

3.485 03/10/34

933,059

100,000

Bank of Cyprus Pcl

, Reg S

7.375 07/25/28

125,523

300,000

Bank of Ireland Group PLC

, Reg S

3.625 05/19/32

355,778

200,000

Bank of Ireland Group PLC

, Reg S

4.750 08/10/34

243,584

250,000

Bank of Montreal

, Reg S

0.125 01/26/27

287,187

100,000

Bank of Montreal

4.309 06/01/27

74,251

200,000

Bank of Montreal

3.190 03/01/28

146,330

400,000

Bank of Montreal

, Reg S

0.050 06/08/29

429,852

250,000

Bank of Montreal

3.731 06/03/31

183,277

900,000

Bank of Montreal

4.077 03/05/35

661,650

200,000

Bank of Nova Scotia/The

, Reg S

3.250 01/18/28

238,892

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Bank of Nova Scotia/The

3.807 %

11/15/28

$

147,670

300,000

Bank of Nova Scotia/The

4.680 02/01/29

227,866

300,000

Bank of Nova Scotia/The

, Reg S

3.500 04/17/29

359,465

400,000

Bank of Nova Scotia/The

, Reg S

2.516 06/18/29

467,939

650,000

Bank of Nova Scotia/The

3.734 06/27/31

476,422

400,000

Bank of Nova Scotia/The

5.679 08/02/33

306,361

300,000

Bank of Nova Scotia/The

4.442 11/15/35

223,082

300,000

Bank of Queensland Ltd

, Reg S

1.839 06/09/27

349,782

300,000

Bankinter SA

, Reg S

3.500 09/10/32

355,718

200,000

Bankinter SA

, Reg S

3.625 02/04/33

234,722

100,000

Banque Federative du Credit Mutuel SA

, Reg S

4.125 03/13/29

121,724

100,000

Banque Federative du Credit Mutuel SA

, Reg S

5.000 10/22/29

136,778

200,000

Banque Federative du Credit Mutuel SA

, Reg S

3.000 05/07/30

233,148

300,000

Banque Federative du Credit Mutuel SA

, Reg S

5.250 09/10/31

413,024

500,000

Banque Federative du Credit Mutuel SA

, Reg S

3.250 10/17/31

582,992

200,000

Banque Federative du Credit Mutuel SA

, Reg S

4.750 11/10/31

249,175

300,000

Banque Federative du Credit Mutuel SA

, Reg S

5.125 01/13/33

377,353

200,000

Banque Federative du Credit Mutuel SA

, Reg S

3.750 02/01/33

237,287

500,000

Banque Federative du Credit Mutuel SA

, Reg S

4.125 06/14/33

606,863

300,000

Banque Federative du Credit Mutuel SA

, Reg S

4.375 01/11/34

359,756

300,000

Banque Federative du Credit Mutuel SA

, Reg S

3.750 02/03/34

353,460

500,000

Banque Federative du Credit Mutuel SA

, Reg S

3.625 03/07/35

575,692

400,000

Barclays PLC

, Reg S

6.369 01/31/31

569,047

200,000

Barclays PLC

, Reg S

3.543 08/14/31

236,512

100,000

Barclays PLC

3.250 01/17/33

119,145

150,000

Barclays PLC

, Reg S

4.506 01/31/33

184,614

100,000

Barclays PLC

, Reg S

5.851 03/21/35

138,184

200,000

Barclays PLC

, Reg S

3.941 01/31/36

234,443

300,000

Barclays PLC

, Reg S

3.792 10/31/36

346,064

200,000

Barclays PLC

, Reg S

4.616 03/26/37

241,920

150,000

Basler Kantonalbank

0.300 06/22/27

189,183

600,000

Bausparkasse Schwaebisch Hall AG

3.000 10/09/35

691,658

200,000

BAWAG Group AG

, Reg S

6.750 02/24/34

255,170

400,000

BAWAG PSK Bank fuer Arbeit und Wirtschaft und

Oesterreichische Postsparkasse AG

, Reg S

3.125 01/12/29

477,389

500,000

BAWAG PSK Bank fuer Arbeit und Wirtschaft und

Oesterreichische Postsparkasse AG

, Reg S

3.125 02/27/31

593,259

300,000

Bayerische Landesbank

, Reg S

2.625 10/07/31

348,326

300,000

Bayerische Landesbank

, Reg S

2.750 05/28/32

349,495

500,000

Bayerische Landesbank

, Reg S

2.875 01/12/33

583,350

300,000

Belfius Bank SA

, Reg S

3.625 10/18/28

362,597

800,000

Belfius Bank SA

4.125 09/12/29

978,495

500,000

Berkshire Hathaway Finance Corp

2.375 06/19/39

477,540

300,000

Berkshire Hathaway Inc

2.150 03/15/28

348,441

700,000

Berkshire Hathaway Inc

0.500 01/15/41

495,506

300,000

Beyond Housing Ltd

, Reg S

2.125 05/17/51

201,384

300,000

Blackstone Property Partners Europe Holdings Sarl

, Reg S

4.875 04/29/32

392,608

200,000

Blend Funding PLC

, Reg S

5.260 06/11/32

274,288

400,000

BNP Paribas Fortis SA

, Reg S

0.875 03/22/28

453,681

300,000

BNP Paribas Home Loan SFH SA

, Reg S

3.000 01/31/30

355,084

100,000

BNP Paribas SA

, Reg S

3.583 01/15/31

118,731

100,000

BNP Paribas SA

, Reg S

1.250 07/13/31

111,237

200,000

BNP Paribas SA

, Reg S

4.750 11/13/32

248,932

200,000

BNP Paribas SA

, Reg S

4.125 05/24/33

244,216

1,100,000

BNP Paribas SA

, Reg S

3.494 09/17/33

1,275,026

400,000

BNP Paribas SA

, Reg S

4.095 02/13/34

479,900

200,000

BNP Paribas SA

, Reg S

4.199 07/16/35

238,805

200,000

BNP Paribas SA

, Reg S

6.318 11/15/35

280,871

800,000

BNP Paribas SA

, Reg S

3.979 05/06/36

941,629

300,000

BNP Paribas SA

, Reg S

2.000 09/13/36

293,002

200,000

BNP Paribas SA

, Reg S

3.945 02/18/37

235,310

250,000

BNZ International Funding Ltd/London

, Reg S

0.111 07/24/28

312,109

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

BP Capital Markets PLC

, Reg S

5.773 %

05/25/38

$

277,970

200,000

BPCE Assurances SA

, Reg S

4.125 10/22/35

235,247

200,000

BPCE SA

, Reg S

3.500 01/25/28

238,992

200,000

BPCE SA

, Reg S

4.625 03/02/30

245,799

200,000

BPCE SA

, Reg S

4.875 10/22/30

271,908

100,000

BPCE SA

, Reg S

5.250 10/22/30

136,433

200,000

BPCE SA

, Reg S

4.000 11/29/32

241,699

300,000

BPCE SA

, Reg S

3.625 10/01/33

348,862

200,000

BPCE SA

, Reg S

4.000 01/20/34

237,611

200,000

BPCE SA

, Reg S

4.250 01/11/35

241,396

300,000

BPCE SA

, Reg S

3.875 01/25/36

353,292

500,000

BPCE SA

, Reg S

3.875 02/26/36

581,947

100,000

BPCE SFH SA

, Reg S

0.000 11/08/26

115,373

300,000

BPCE SFH SA

, Reg S

3.250 04/12/28

358,338

500,000

BPCE SFH SA

, Reg S

2.625 07/24/30

580,926

400,000

BPCE SFH SA

, Reg S

3.000 01/15/31

470,980

500,000

BPCE SFH SA

, Reg S

3.125 01/20/33

584,506

300,000

BPCE SFH SA

, Reg S

3.125 05/22/34

347,224

600,000

BPER Banca SPA

, Reg S

3.250 01/22/31

713,310

200,000

BPHA Finance PLC

, Reg S

4.816 04/11/44

237,121

200,000

Broadgate Financing PLC

, Reg S

4.821 07/05/33

265,058

300,000

BSK 1818 AG

, Reg S

2.625 10/22/32

343,912

100,000

Caisse de Refinancement de l'Habitat SA

, Reg S

0.000 10/08/29

106,142

300,000

Caisse de Refinancement de l'Habitat SA

, Reg S

2.625 06/20/30

349,324

300,000

Caisse de Refinancement de l'Habitat SA

, Reg S

2.750 02/20/32

346,159

400,000

Caisse de Refinancement de l'Habitat SA

, Reg S

3.125 06/03/36

450,680

700,000

CaixaBank SA

, Reg S

5.000 07/19/29

864,338

800,000

CaixaBank SA

, Reg S

5.375 11/14/30

1,017,080

225,000

Cambridgeshire Housing Capital Plc

, Reg S

4.250 09/15/45

248,846

100,000

Canadian Imperial Bank of Commerce

2.250 01/07/27

72,586

300,000

Canadian Imperial Bank of Commerce

, Reg S

1.910 07/14/28

392,283

750,000

Canadian Imperial Bank of Commerce

3.650 12/10/28

552,650

300,000

Canadian Imperial Bank of Commerce

3.800 12/10/30

221,139

300,000

Canadian Imperial Bank of Commerce

3.900 06/20/31

221,301

52,000

Canary Wharf Finance II PLC

, Reg S

5.952 01/22/35

73,190

300,000

Carmila SA

, Reg S

3.750 01/13/33

344,904

300,000

CCF SFH SACA

, Reg S

2.625 09/07/32

339,751

200,000

Cepsa Finance SA

, Reg S

0.750 02/12/28

224,684

400,000

Ceska sporitelna AS

, Reg S

3.743 09/09/32

470,063

150,000

Chesnara PLC

, Reg S

4.750 08/04/32

187,403

500,000

Chubb INA Holdings LLC

2.500 03/15/38

509,732

200,000

Church Commissioners for England

, Reg S

3.625 07/14/52

196,162

200,000

Cie de Financement Foncier SA

, Reg S

5.500 01/26/27

272,318

100,000

Cie de Financement Foncier SA

, Reg S

0.875 09/11/28

112,324

200,000

Cie de Financement Foncier SA

, Reg S

3.125 05/17/29

238,317

400,000

Cie de Financement Foncier SA

, Reg S

3.125 06/06/30

475,084

500,000

Cie de Financement Foncier SA

, Reg S

3.375 09/16/31

595,927

200,000

Cie de Financement Foncier SA

, Reg S

1.250 11/15/32

206,992

600,000

Cie de Financement Foncier SA

, Reg S

3.000 03/10/33

693,417

200,000

Citigroup Inc

, Reg S

3.750 05/14/32

238,414

500,000

Citigroup Inc

3.493 10/22/34

575,957

350,000

Citigroup Inc

4.550 06/03/35

259,060

100,000

Citigroup Inc

4.113 04/29/36

119,366

400,000

Citigroup Inc

4.296 07/23/36

473,769

400,000

Citizen Treasury PLC

, Reg S

4.625 12/03/42

461,967

200,000

Close Brothers Finance PLC

, Reg S

1.625 12/03/30

227,456

200,000

Coface SA

, Reg S

6.000 09/22/32

260,454

400,000

Colonial SFL Socimi SA

, Reg S

1.350 10/14/28

453,306

550,000

Commerzbank AG

0.000 03/11/30

578,539

500,000

Commerzbank AG

, Reg S

4.625 01/17/31

617,184

425,000

Commerzbank AG

, Reg S

2.250 09/01/32

479,270

300,000

Commerzbank AG

, Reg S

3.125 06/13/33

355,591

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

600,000

Commerzbank AG

1.250 %

01/09/34

$

614,771

400,000

Commonwealth Bank of Australia

4.266 06/04/34

483,927

600,000

Commonwealth Bank of Australia

, Reg S

3.788 08/26/37

700,557

200,000

Commonwealth Bank of Australia

6.704 03/15/38

140,200

600,000

Commonwealth Bank of Australia

6.152 11/27/39

405,179

200,000

Cooperatieve Rabobank UA

, Reg S

5.250 09/14/27

272,322

250,000

Cooperatieve Rabobank UA/Australia

5.051 02/26/29

167,666

100,000

Co-Operative Bank Holdings PLC/The

, Reg S

9.500 05/24/28

143,650

200,000

Corebridge Global Funding

, Reg S

5.125 12/09/29

273,645

400,000

Coventry Building Society

, Reg S

2.625 10/01/29

467,508

100,000

Credit Agricole Assurances SA

, Reg S

2.625 01/29/48

116,311

200,000

Credit Agricole Home Loan SFH SA

, Reg S

3.375 09/04/28

239,809

300,000

Credit Agricole Home Loan SFH SA

, Reg S

3.000 12/01/30

354,315

500,000

Credit Agricole Home Loan SFH SA

, Reg S

2.625 02/17/31

579,838

500,000

Credit Agricole Home Loan SFH SA

, Reg S

3.000 07/09/32

583,731

200,000

Credit Agricole Home Loan SFH SA

, Reg S

3.000 12/11/32

232,489

200,000

Credit Agricole Home Loan SFH SA

, Reg S

3.000 08/29/33

231,610

500,000

Credit Agricole Home Loan SFH SA

, Reg S

2.875 01/12/34

570,643

200,000

Credit Agricole Italia SpA

, Reg S

3.500 01/15/30

241,435

500,000

Credit Agricole Italia SpA

, Reg S

3.250 02/15/34

581,502

100,000

Credit Agricole Italia SpA

, Reg S

3.500 03/11/36

116,806

100,000

Credit Agricole Public Sector SCF SA

0.000 09/13/28

109,675

300,000

Credit Agricole SA

, Reg S

4.875 10/23/29

408,469

300,000

Credit Agricole SA

, Reg S

3.875 04/20/31

363,169

400,000

Credit Agricole SA

, Reg S

5.500 07/31/32

552,772

300,000

Credit Agricole SA

, Reg S

4.375 11/27/33

367,564

500,000

Credit Agricole SA

, Reg S

3.750 01/22/34

591,795

300,000

Credit Agricole SA

, Reg S

3.500 09/26/34

344,777

600,000

Credit Agricole SA

, Reg S

3.750 05/27/35

697,893

500,000

Credit Agricole SA

, Reg S

4.125 02/26/36

597,232

200,000

Credit Agricole SA

, Reg S

4.375 04/15/36

240,933

100,000

Credit Mutuel Arkea SA

, Reg S

1.125 05/23/29

110,651

400,000

Credit Mutuel Arkea SA

, Reg S

3.307 05/06/32

466,990

400,000

Credit Mutuel Arkea SA

, Reg S

3.625 10/03/33

469,925

300,000

Credit Mutuel Arkea SA

, Reg S

3.635 07/17/35

348,249

200,000

Credit Mutuel Home Loan SFH SA

, Reg S

1.000 04/30/28

227,089

500,000

Credit Mutuel Home Loan SFH SA

2.625 06/06/30

582,575

500,000

Credit Mutuel Home Loan SFH SA

, Reg S

3.000 07/29/32

582,446

500,000

Credito Emiliano SpA

, Reg S

5.625 05/30/29

622,860

300,000

Crelan Home Loan SCF

, Reg S

2.500 07/09/30

347,002

300,000

CTP NV

, Reg S

3.625 04/13/32

346,972

300,000

CTP NV

, Reg S

3.875 11/21/32

349,668

200,000

Dali Capital PLC

4.799 12/21/37

245,057

400,000

Danske Bank A/S

, Reg S

4.125 01/10/31

489,542

2,000,000

Danske Hypotek AB

, Reg S

3.250 12/19/29

221,478

2,000,000

Danske Hypotek AB

, Reg S

3.000 12/18/30

218,526

100,000

Danske Kiinnitysluottopankki Oyj

, Reg S

0.000 11/24/26

115,292

400,000

Danske Kiinnitysluottopankki Oyj

, Reg S

3.500 01/29/29

483,331

400,000

DBS Bank Ltd/London

, Reg S

2.429 01/03/29

467,376

1,300,000

Deutsche Bahn AG

, Reg S

1.500 12/08/32

1,384,555

100,000

Deutsche Bank AG

, Reg S

5.375 01/11/29

122,952

400,000

Deutsche Bank AG

, Reg S

3.000 06/16/29

469,392

400,000

Deutsche Bank AG

, Reg S

3.750 01/15/30

480,474

200,000

Deutsche Bank AG

, Reg S

6.125 12/12/30

282,001

600,000

Deutsche Bank AG

, Reg S

3.375 02/13/31

704,504

500,000

Deutsche Bank AG

, Reg S

4.500 07/12/35

613,868

300,000

Deutsche Kreditbank AG

, Reg S

0.500 03/19/27

345,376

50,000

Deutsche Pfandbriefbank AG

, Reg S

3.000 01/25/27

59,094

200,000

Deutsche Pfandbriefbank AG

, Reg S

2.875 01/24/28

236,309

500,000

Deutsche Pfandbriefbank AG

, Reg S

3.250 09/01/28

582,916

400,000

Digital Dutch Finco BV

, Reg S

3.875 07/15/34

460,892

200,000

Digital Intrepid Holding BV

, Reg S

0.625 07/15/31

199,367

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Digital Stout Holding LLC

, Reg S

3.750 %

10/17/30

$

256,663

700,000

DLR Kredit A/S

1.000 04/01/27

108,678

500,000

DLR Kredit A/S

1.000 04/01/28

76,499

900,000

DLR Kredit A/S

1.000 04/01/30

132,602

100,000

DNB Bank ASA

, Reg S

4.000 03/14/29

120,818

500,000

DNB Bank ASA

, Reg S

3.750 07/02/35

593,286

300,000

DNB Boligkreditt AS

, Reg S

2.625 01/28/30

351,829

300,000

DNB Boligkreditt AS

2.375 06/10/30

347,591

200,000

DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH

,

Reg S

4.875 08/21/30

239,405

950,000

DZ HYP AG

, Reg S

0.000 04/20/29

1,027,740

1,000,000

DZ HYP AG

2.750 02/27/32

1,166,028

400,000

Eika Boligkreditt AS

, Reg S

2.750 05/26/32

464,494

500,000

Electricite de France SA

, Reg S

4.000 05/07/37

581,404

500,000

Electricite de France SA

, Reg S

4.750 06/17/44

582,717

400,000

ELM BV for Julius Baer Group Ltd

, Reg S

3.875 09/13/29

478,257

200,000

EMH Treasury PLC

4.500 01/29/44

228,980

500,000

EnBW International Finance BV

, Reg S

0.250 10/19/30

517,664

500,000

Enexis Holding NV

, Reg S

3.500 05/30/36

576,251

300,000

Equitable Bank

, Reg S

2.375 09/28/28

349,753

200,000

Equitable Financial Life Global Funding

, Reg S

6.375 06/02/28

280,426

100,000

Erste Group Bank AG

, Reg S

0.625 01/18/27

115,548

100,000

Erste Group Bank AG

, Reg S

3.250 01/10/29

119,775

300,000

Erste Group Bank AG

, Reg S

2.875 01/09/31

353,727

100,000

Erste Group Bank AG

, Reg S

3.000 04/20/32

117,713

200,000

Erste Group Bank AG

, Reg S

3.250 01/14/33

233,643

300,000

Erste Group Bank AG

, Reg S

3.125 12/12/33

353,111

300,000

Erste Group Bank AG

, Reg S

3.100 05/28/35

348,074

2,660,000

European Financial Stability Facility

, Reg S

3.000 07/10/30

3,173,872

3,180,000

European Financial Stability Facility

, Reg S

2.875 05/28/31

3,762,947

731,000

European Investment Bank

, Reg S

2.250 08/14/28

857,803

900,000

European Investment Bank

, Reg S

0.000 09/28/28

993,352

65,000

European Investment Bank

3.300 05/25/29

41,744

2,000,000

European Investment Bank

, Reg S

2.500 02/17/31

2,332,795

110,000

European Investment Bank

4.550 06/02/33

70,793

950,000

European Investment Bank

, Reg S

2.875 06/18/35

1,097,756

300,000

EXOR NV

, Reg S

3.750 02/14/33

353,809

200,000

Fairfax Financial Holdings Ltd

, Reg S

2.750 03/29/28

233,152

200,000

Federation des Caisses Desjardins du Quebec

3.804 09/24/29

147,883

200,000

Federation des Caisses Desjardins du Quebec

, Reg S

4.875 10/08/30

272,517

500,000

Federation des Caisses Desjardins du Quebec

, Reg S

4.264 01/24/35

370,469

300,000

First Capital Real Estate Investment Trust

4.461 02/15/34

215,477

200,000

Folio Residential Finance NO 1 PLC

, Reg S

1.246 10/31/27

253,399

200,000

Freshwater Finance PLC

, Reg S

4.607 10/17/36

239,939

300,000

Futures Treasury PLC

, Reg S

3.375 02/08/44

291,980

400,000

GA Global Funding Trust

, Reg S

4.133 09/16/35

460,221

100,000

GB Social Housing PLC

, Reg S

5.193 02/12/38

127,734

300,000

Gecina SA

, Reg S

2.000 06/30/32

322,658

200,000

Gecina SA

, Reg S

3.375 08/04/35

226,627

700,000

Generali

, Reg S

4.250 12/14/47

841,870

75,000

Goldman Sachs Group Inc/The

, Reg S

3.125 07/25/29

96,660

275,000

Goldman Sachs Group Inc/The

, Reg S

1.875 12/16/30

328,034

400,000

Goldman Sachs Group Inc/The

, Reg S

0.750 03/23/32

401,841

700,000

Goldman Sachs Group Inc/The

, Reg S

3.500 01/23/33

822,280

105,000

Goldman Sachs Group Inc/The

6.875 01/18/38

154,035

200,000

Gothaer Allgemeine Versicherung AG

, Reg S

5.000 06/20/45

241,616

200,000

Grainger PLC

, Reg S

3.000 07/03/30

247,685

200,000

Great-West Lifeco Inc

, Reg S

4.700 11/16/29

249,259

200,000

Greensquareaccord Ltd

, Reg S

5.250 11/30/47

239,181

400,000

Guinness Partnership Ltd/The

, Reg S

2.000 04/22/55

244,289

500,000

Hamburg Commercial Bank AG

, Reg S

0.100 11/02/28

546,063

300,000

Hamburger Sparkasse AG

, Reg S

4.375 02/12/29

369,160

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Hastoe Capital PLC

5.600 %

03/27/42

$

257,903

600,000

Heimstaden Bostad Treasury BV

, Reg S

1.625 10/13/31

619,491

300,000

Hiscox Ltd

, Reg S

6.000 09/22/27

412,276

300,000

Home Group Ltd

, Reg S

3.125 03/27/43

280,577

200,000

HOOPP Realty Finance Trust

3.922 11/27/32

145,485

200,000

Housing & Care 21

, Reg S

3.288 11/08/49

179,491

48,000

(b) HSBC Bank Capital Funding Sterling 1 LP

, Reg S

5.844 N/A

67,679

1,000,000

HSBC Holdings PLC

, Reg S

3.755 05/20/29

1,197,864

300,000

HSBC Holdings PLC

3.000 05/29/30

384,671

400,000

HSBC Holdings PLC

6.800 09/14/31

585,226

1,000,000

HSBC UK Bank PLC

, Reg S

2.625 05/25/30

1,163,200

200,000

Hyde Housing Association Ltd

, Reg S

1.750 08/18/55

112,097

400,000

Hypo Vorarlberg Bank AG

, Reg S

2.750 05/13/32

461,631

500,000

ICADE

, Reg S

1.625 02/28/28

572,767

200,000

Iccrea Banca SpA

, Reg S

2.625 11/07/30

232,158

200,000

Iccrea Banca SpA

, Reg S

3.500 06/05/34

236,230

300,000

Immobiliare Grande Distribuzione SIIQ SpA

, Reg S

4.450 11/04/30

353,254

300,000

Incommunities Treasury PLC

, Reg S

3.250 03/21/49

259,752

500,000

ING Belgium SA

, Reg S

2.750 08/25/32

578,318

100,000

ING Groep NV

, Reg S

1.125 12/07/28

126,759

500,000

ING Groep NV

, Reg S

4.500 05/23/29

608,977

200,000

ING Groep NV

, Reg S

4.875 10/02/29

272,256

200,000

ING Groep NV

, Reg S

1.750 02/16/31

222,106

200,000

ING Groep NV

, Reg S

3.000 08/17/31

232,608

300,000

ING Groep NV

, Reg S

3.375 11/19/32

351,526

500,000

ING Groep NV

, Reg S

5.250 11/14/33

647,323

700,000

ING Groep NV

, Reg S

4.750 05/23/34

880,323

200,000

ING Groep NV

, Reg S

4.000 02/12/35

240,759

600,000

ING Groep NV

, Reg S

3.500 08/17/36

686,927

100,000

ING-DiBa AG

, Reg S

0.125 05/23/27

114,128

600,000

ING-DiBa AG

, Reg S

3.250 02/15/28

717,705

70,000

International Bank for Reconstruction & Development

0.000 04/24/28

78,064

22,000,000

International Bank for Reconstruction & Development

2.250 01/19/29

3,188,447

150,000

International Bank for Reconstruction & Development

2.900 02/14/34

174,828

42,000,000

International Bank for Reconstruction & Development

2.750 07/26/34

6,282,896

137,000

International Development Association

, Reg S

0.750 09/21/28

169,811

600,000

International Development Association

, Reg S

3.500 06/12/45

672,385

1,000,000

Intesa Sanpaolo SpA

, Reg S

1.250 01/15/30

1,108,433

600,000

Intesa Sanpaolo SpA

, Reg S

3.850 09/16/32

716,608

100,000

Investec PLC

, Reg S

1.875 07/16/28

129,156

250,000

Investec PLC

, Reg S

9.125 03/06/33

362,418

250,000

Jackson National Life Global Funding

, Reg S

0.125 07/14/28

309,369

200,000

Jigsaw Funding PLC

, Reg S

3.375 05/05/52

178,173

600,000

JPMorgan Chase & Co

, Reg S

4.457 11/13/31

743,245

300,000

JPMorgan Chase & Co

, Reg S

1.895 04/28/33

344,649

700,000

JPMorgan Chase & Co

, Reg S

3.761 03/21/34

831,407

400,000

JPMorgan Chase & Co

, Reg S

3.588 01/23/36

463,609

100,000

Just Group PLC

, Reg S

6.875 03/30/35

139,286

157,000

Juturna European Loan Conduit No 16 PLC

, Reg S

5.064 08/10/33

214,175

550,000

Jyske Bank A/S

, Reg S

0.250 02/17/28

630,346

4,200,000

Jyske Realkredit A/S

1.000 04/01/30

619,360

300,000

Jyske Realkredit A/S

, Reg S

2.750 10/01/32

346,936

200,000

Karbon Homes Ltd

, Reg S

3.375 11/15/47

185,312

400,000

KBC Group NV

, Reg S

4.375 04/19/30

489,695

400,000

KBC Group NV

, Reg S

4.750 04/17/35

491,904

200,000

Klepierre SA

, Reg S

0.875 02/17/31

208,940

300,000

Klepierre SA

, Reg S

3.750 09/30/37

348,365

400,000

Komercni Banka AS

, Reg S

2.750 10/15/30

466,251

700,000

Kreditanstalt fuer Wiederaufbau

, Reg S

4.375 01/31/28

952,133

2,000,000

Kreditanstalt fuer Wiederaufbau

, Reg S

0.750 01/15/29

2,237,075

1,200,000

Kreditanstalt fuer Wiederaufbau

, Reg S

0.000 09/17/30

1,251,068

3,000,000

Kreditanstalt fuer Wiederaufbau

, Reg S

2.500 10/15/31

3,481,628

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

1,310,000

Kreditanstalt fuer Wiederaufbau

, Reg S

2.750 %

02/14/33

$

1,527,507

1,800,000

Kreditanstalt fuer Wiederaufbau

, Reg S

2.875 06/07/33

2,107,895

1,800,000

Kreditanstalt fuer Wiederaufbau

, Reg S

2.625 01/10/34

2,062,829

200,000

La Banque Postale Home Loan SFH SA

, Reg S

2.750 10/30/30

233,622

500,000

La Banque Postale Home Loan SFH SA

, Reg S

3.000 01/31/31

589,368

200,000

La Banque Postale Home Loan SFH SA

, Reg S

2.750 06/12/32

230,949

200,000

La Mondiale SAM

, Reg S

4.375 10/20/35

235,442

600,000

La Poste SA

, Reg S

4.000 06/12/35

723,014

300,000

Land Securities Capital Markets PLC

, Reg S

4.750 09/18/31

404,988

116,000

Landesbank Baden-Wuerttemberg

, Reg S

3.250 11/04/26

137,512

50,000

Landesbank Baden-Wuerttemberg

, Reg S

2.625 02/05/29

58,922

150,000

Landesbank Baden-Wuerttemberg

, Reg S

0.375 05/29/29

163,774

100,000

Landesbank Baden-Wuerttemberg

, Reg S

0.125 07/24/29

107,827

150,000

Landesbank Baden-Wuerttemberg

0.125 01/18/30

159,218

100,000

Landesbank Baden-Wuerttemberg

, Reg S

3.000 09/26/31

118,322

500,000

Landesbank Hessen-Thueringen Girozentrale

0.000 09/26/29

534,208

2,000,000

Landshypotek Bank AB

, Reg S

3.600 04/25/28

222,171

2,000,000

Landshypotek Bank AB

, Reg S

3.250 08/04/28

220,769

2,000,000

Landwirtschaftliche Rentenbank

, Reg S

2.625 07/08/32

2,316,539

1,050,000

Landwirtschaftliche Rentenbank

, Reg S

2.750 01/17/33

1,219,449

2,800,000

Lansforsakringar Hypotek AB

, Reg S

0.500 09/20/28

288,285

2,000,000

Lansforsakringar Hypotek AB

, Reg S

3.000 09/19/29

219,633

4,000,000

Lansforsakringar Hypotek AB

, Reg S

3.750 09/30/30

451,689

2,000,000

Lansforsakringar Hypotek AB

, Reg S

3.000 09/23/32

215,723

500,000

LEG Immobilien SE

, Reg S

3.875 01/20/35

573,823

80,000

Legal & General Finance PLC

5.875 12/11/31

114,205

200,000

Legal & General Group PLC

, Reg S

6.625 04/01/55

282,460

100,000

LHV Group AS

, Reg S

5.375 05/24/28

120,194

700,000

LHV Pank AS

, Reg S

2.625 06/11/29

819,311

200,000

LiveWest Treasury PLC

, Reg S

2.250 10/10/43

163,253

700,000

Lloyds Bank PLC

, Reg S

6.500 09/17/40

1,031,833

550,000

London & Quadrant Housing Trust

, Reg S

2.000 10/20/38

488,169

100,000

Luminor Bank AS/Estonia

, Reg S

4.042 09/10/28

119,129

500,000

Luminor Bank AS/Estonia

, Reg S

3.551 06/12/29

590,700

200,000

Luminor Bank AS/Estonia

, Reg S

2.653 09/10/29

233,943

200,000

Manulife Financial Corp

5.054 02/23/34

152,435

400,000

Manulife Financial Corp

2.818 05/13/35

282,129

200,000

Martlet Homes Ltd

, Reg S

3.000 05/09/52

160,748

100,000

MassMutual Global Funding II

, Reg S

4.625 10/05/29

135,441

200,000

MassMutual Global Funding II

, Reg S

5.000 09/29/32

272,277

80,000

Meadowhall Finance PLC

, Reg S

4.986 01/12/32

106,141

100,000

Mediobanca Banca di Credito Finanziario SpA

, Reg S

2.625 08/05/30

116,169

100,000

Mediobanca Banca di Credito Finanziario SpA

, Reg S

3.000 01/15/31

116,387

300,000

Mediobanca Banca di Credito Finanziario SpA

, Reg S

3.125 08/22/31

349,098

400,000

Mediobanca Banca di Credito Finanziario SpA

, Reg S

3.000 09/04/31

468,691

200,000

Mercialys SA

, Reg S

4.000 09/10/31

237,694

300,000

Metropolitan Funding PLC

, Reg S

4.125 04/05/48

308,774

100,000

Metropolitan Life Global Funding I

, Reg S

5.000 01/10/30

137,444

500,000

Metropolitan Life Global Funding I

, Reg S

4.750 05/30/30

326,906

200,000

Metropolitan Life Global Funding I

, Reg S

4.750 08/27/31

270,969

400,000

Metropolitan Life Global Funding I

, Reg S

4.149 06/06/33

294,315

200,000

Mitsubishi UFJ Financial Group Inc

, Reg S

3.556 09/05/32

237,146

200,000

Mitsubishi UFJ Financial Group Inc

, Reg S

3.870 06/10/36

235,799

200,000

Mizuho Financial Group Inc

, Reg S

3.295 05/13/33

232,364

200,000

Mizuho Financial Group Inc

, Reg S

3.980 05/21/34

239,341

600,000

Mizuho Financial Group Inc

, Reg S

3.688 08/26/35

696,433

100,000

Moat Homes Finance PLC

5.000 09/23/41

123,515

200,000

Morgan Stanley

3.521 05/22/31

237,470

300,000

Morgan Stanley

3.149 11/07/31

349,186

200,000

Morgan Stanley

5.789 11/18/33

282,785

550,000

Morgan Stanley

3.955 03/21/35

654,669

300,000

Morgan Stanley

5.213 10/24/35

402,534

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

300,000

Morgan Stanley

4.099 %

05/22/36

$

358,325

500,000

Morgan Stanley

3.749 11/07/36

577,712

200,000

Morhomes PLC

, Reg S

3.400 02/19/38

211,773

1,100,000

Muenchener Hypothekenbank eG

3.375 04/11/35

1,254,005

700,000

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

, Reg S

1.000 05/26/42

706,360

300,000

Myriad Capital Plc

, Reg S

4.750 12/20/43

348,344

200,000

National Australia Bank Ltd

2.900 02/25/27

131,136

200,000

National Australia Bank Ltd

4.850 03/22/29

133,713

500,000

National Australia Bank Ltd

, Reg S

6.342 06/06/39

341,470

500,000

National Australia Bank Ltd

, Reg S

5.774 07/30/40

328,330

600,000

National Bank of Canada

3.441 10/21/31

433,107

200,000

National Bank of Canada

4.260 02/15/35

148,066

100,000

Nationale-Nederlanden Bank NV/The Netherlands

0.500 09/21/28

110,436

500,000

Nationwide Building Society

, Reg S

0.250 09/14/28

550,780

750,000

Nationwide Building Society

, Reg S

1.375 06/29/32

795,657

300,000

Nationwide Building Society

, Reg S

2.250 05/16/37

310,092

1,500,000

NatWest Group PLC

, Reg S

0.670 09/14/29

1,663,608

500,000

NatWest Group PLC

, Reg S

5.642 10/17/34

687,928

300,000

NBN Co Ltd

, Reg S

3.375 11/29/32

352,453

100,000

NBN Co Ltd

, Reg S

3.750 03/22/34

118,734

200,000

NE Property BV

, Reg S

3.875 09/30/33

233,333

100,000

New York Life Global Funding

, Reg S

0.750 12/14/28

122,016

600,000

New York Life Global Funding

, Reg S

4.450 09/05/30

387,578

200,000

New York Life Global Funding

, Reg S

4.875 04/30/31

274,772

400,000

New York Life Global Funding

, Reg S

4.000 06/17/32

292,806

100,000

NewRiver REIT PLC

, Reg S

3.500 03/07/28

130,470

500,000

NIBC Bank NV

, Reg S

0.125 11/25/30

514,029

200,000

NIE Finance PLC

, Reg S

5.750 12/07/35

276,423

400,000

Nippon Life Insurance Co

, Reg S

4.165 09/02/55

464,001

500,000

NN Group NV

, Reg S

6.000 11/03/43

660,360

100,000

Norddeutsche Landesbank-Girozentrale

0.250 10/28/26

115,684

700,000

Norddeutsche Landesbank-Girozentrale

, Reg S

2.625 10/20/28

824,986

450,000

Nordea Bank Abp

, Reg S

3.375 06/11/29

538,652

2,000,000

Nordea Hypotek AB

, Reg S

1.000 06/16/27

213,233

4,000,000

Nordea Hypotek AB

, Reg S

3.500 09/20/28

445,482

4,000,000

Nordea Hypotek AB

, Reg S

3.500 10/26/29

446,926

8,000,000

Nordea Hypotek AB

, Reg S

3.000 11/26/30

874,592

200,000

Nordea Kiinnitysluottopankki Oyj

, Reg S

3.625 10/26/28

242,301

400,000

Nordea Kiinnitysluottopankki Oyj

, Reg S

3.000 01/31/31

474,460

200,000

Nordea Kiinnitysluottopankki Oyj

, Reg S

3.000 04/12/34

233,343

450,000

Nordea Kiinnitysluottopankki Oyj

, Reg S

3.000 08/28/35

518,597

500,000

Nordea Kredit Realkreditaktieselskab

1.000 10/01/27

77,138

1,000,000

Nordea Kredit Realkreditaktieselskab

, Reg S

1.000 04/01/28

153,175

1,000,000

Nordea Kredit Realkreditaktieselskab

1.000 04/01/29

150,481

2,000,000

Nordea Kredit Realkreditaktieselskab

1.000 04/01/30

295,156

100,000

Nordic Investment Bank

, Reg S

2.375 09/11/29

116,664

200,000

Northwestern Mutual Global Funding

, Reg S

4.700 10/28/30

271,302

500,000

Notting Hill Genesis

, Reg S

3.250 10/12/48

433,545

200,000

Novo Banco SA

, Reg S

2.500 05/20/29

233,444

500,000

Novo Banco SA

, Reg S

2.750 02/04/30

586,531

1,800,000

Nykredit Realkredit AS

, Reg S

1.000 07/01/27

278,786

1,600,000

Nykredit Realkredit AS

, Reg S

1.000 01/01/28

246,047

1,500,000

Nykredit Realkredit AS

, Reg S

1.000 07/01/28

228,816

200,000

Nykredit Realkredit AS

, Reg S

4.000 07/17/28

241,547

200,000

Nykredit Realkredit AS

, Reg S

4.625 01/19/29

246,000

1,500,000

Nykredit Realkredit AS

, Reg S

1.000 07/01/29

224,764

4,000,000

Nykredit Realkredit AS

, Reg S

1.000 01/01/30

593,600

4,000,000

Nykredit Realkredit AS

, Reg S

1.000 07/01/30

586,810

200,000

Nykredit Realkredit AS

, Reg S

3.625 07/24/30

238,043

6,000,000

Nykredit Realkredit AS

, Reg S

1.000 01/01/31

870,639

100,000

Nykredit Realkredit AS

, Reg S

4.000 04/24/35

118,822

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Oesterreichische Kontrollbank AG

, Reg S

3.125 %

11/15/28

$

239,208

200,000

Oesterreichische Kontrollbank AG

, Reg S

4.500 10/22/29

273,394

400,000

Onward Homes Ltd

, Reg S

2.125 03/25/53

261,308

750,000

OP Mortgage Bank

, Reg S

0.625 02/15/29

830,027

200,000

Optivo Finance PLC

, Reg S

3.283 03/22/48

177,287

300,000

Orbit Capital PLC

, Reg S

3.375 06/14/48

272,310

200,000

OSB Group PLC

, Reg S

8.875 01/16/30

299,176

200,000

OTP Banka dd

, Reg S

4.750 04/03/28

240,614

400,000

Oxford Properties Group Trust

3.602 11/13/30

290,095

500,000

Pacific Life Global Funding II

, Reg S

5.375 11/30/28

692,376

300,000

Paradigm Homes Charitable Housing Association Ltd

, Reg S

2.250 05/20/51

209,494

300,000

Paragon Treasury Plc

, Reg S

2.000 05/07/36

287,390

300,000

Peabody Capital PLC

, Reg S

5.250 03/17/43

370,664

300,000

Penarian Housing Finance PLC

, Reg S

3.212 06/07/52

270,192

400,000

Pension Insurance Corp PLC

, Reg S

6.875 11/15/34

563,358

275,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

0.125 02/19/29

344,390

975,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

1.750 03/22/29

1,284,212

525,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

1.000 09/06/30

677,241

350,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

1.875 01/15/31

470,728

1,000,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

1.500 09/06/33

1,332,741

300,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

1.625 03/15/34

404,013

500,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

1.625 01/28/39

676,207

1,200,000

Pfandbriefbank schweizerischer Hypothekarinstitute AG

, Reg S

1.750 12/23/43

1,658,263

200,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

0.350 08/02/27

253,001

1,300,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

1.400 01/16/32

1,713,510

450,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

1.650 12/21/32

604,099

800,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

1.450 12/07/33

1,062,705

300,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

0.900 10/26/35

379,223

500,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

1.070 03/01/40

630,313

900,000

Pfandbriefzentrale der schweizerischen Kantonalbanken AG

, Reg

S

1.450 03/14/42

1,191,161

300,000

Phoenix Group Holdings PLC

, Reg S

5.625 04/28/31

407,354

200,000

Places For People Treasury PLC

, Reg S

6.250 12/06/41

270,322

100,000

Platform HG Financing PLC

, Reg S

1.926 09/15/41

82,474

200,000

Platform HG Financing PLC

, Reg S

1.625 08/10/55

109,208

100,000

Poplar HARCA Ltd Via Poplar HARCA Capital PLC

, Reg S

4.843 09/30/43

119,416

100,000

Praemia Healthcare SACA

, Reg S

0.875 11/04/29

107,207

400,000

Programa Cedulas TDA Fondo de Titulizacion de Activos

4.250 03/28/27

480,233

1,200,000

Prologis Euro Finance LLC

1.500 09/10/49

802,523

125,000

Prologis International Funding II SA

, Reg S

1.750 03/15/28

144,259

200,000

Prologis International Funding II SA

, Reg S

2.750 02/22/32

239,243

200,000

Prologis LP

2.250 06/30/29

251,840

100,000

Protective Life Global Funding

, Reg S

4.803 11/01/30

135,408

400,000

Public Storage Operating Co

3.500 01/20/34

462,373

100,000

QBE Insurance Group Ltd

, Reg S

2.500 09/13/38

127,518

100,000

Raiffeisen Bank International AG

, Reg S

6.000 09/15/28

123,347

500,000

Raiffeisen Bank International AG

, Reg S

3.875 01/03/30

600,063

400,000

Raiffeisenlandesbank Niederoesterreich-Wien AG

, Reg S

3.375 07/24/28

478,963

4,750,000

Realkredit Danmark A/S

, Reg S

1.000 01/01/30

704,900

4,000,000

Realkredit Danmark A/S

, Reg S

1.000 01/01/32

566,821

2,000,000

Realkredit Danmark A/S

, Reg S

1.000 04/01/34

273,797

400,000

Realty Income Corp

6.000 12/05/39

546,750

300,000

RHP Finance PLC

, Reg S

3.250 02/05/48

275,993

100,000

Riverside Finance Plc

, Reg S

6.625 09/11/50

137,530

100,000

RL Finance Bonds NO 4 PLC

, Reg S

4.875 10/07/49

113,941

100,000

Rothesay Life PLC

, Reg S

7.019 12/10/34

144,054

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Royal Bank of Canada

4.632 %

05/01/28

$

150,779

500,000

Royal Bank of Canada

, Reg S

3.500 07/25/28

601,758

400,000

Royal Bank of Canada

, Reg S

2.750 02/04/30

470,063

400,000

Royal Bank of Canada

, Reg S

0.000 01/27/31

406,716

450,000

Royal Bank of Canada

3.985 07/22/31

333,510

350,000

Royal Bank of Canada

5.096 04/03/34

266,758

500,000

Royal Bank of Canada

4.279 02/04/35

370,987

500,000

Royal Bank of Canada

4.464 10/17/35

373,055

1,000,000

RTE Reseau de Transport d'Electricite SADIR

, Reg S

3.750 07/04/35

1,177,977

100,000

Saltaire Finance PLC

, Reg S

4.815 12/06/36

132,865

500,000

Saltaire Finance PLC

, Reg S

4.809 03/14/53

607,036

200,000

Sanctuary Capital PLC

, Reg S

2.375 04/14/50

144,850

200,000

Santander Bank Polska SA

, Reg S

3.500 10/07/31

233,109

400,000

Santander Consumer Finance SA

, Reg S

3.750 01/17/29

481,944

100,000

Santander UK Group Holdings PLC

, Reg S

7.098 11/16/27

137,814

100,000

Santander UK PLC

, Reg S

0.050 01/12/27

114,851

300,000

Santander UK PLC

, Reg S

2.625 04/12/28

352,965

600,000

Santander UK PLC

, Reg S

3.125 05/12/31

710,062

300,000

Saxon Weald Capital PLC

, Reg S

5.375 06/06/42

393,063

200,000

Scentre Group Trust 1 / Scentre Group Trust 2

, Reg S

1.750 04/11/28

230,452

400,000

Scottish Widows Ltd

, Reg S

7.000 06/16/43

565,432

100,000

Segro PLC

5.750 06/20/35

140,012

100,000

Sirius Real Estate Ltd

, Reg S

1.750 11/24/28

112,665

1,850,000

Skandinaviska Enskilda Banken AB

, Reg S

3.875 05/09/28

2,234,920

4,000,000

Skandinaviska Enskilda Banken AB

, Reg S

3.000 11/06/28

439,742

4,000,000

Skandinaviska Enskilda Banken AB

, Reg S

3.000 12/06/29

439,059

4,000,000

Skandinaviska Enskilda Banken AB

, Reg S

3.000 12/17/30

437,168

200,000

Slovenska Sporitelna AS

, Reg S

3.875 09/30/27

240,549

100,000

Societe Generale SA

, Reg S

4.125 11/21/28

122,022

200,000

Societe Generale SA

, Reg S

3.375 05/14/30

236,013

200,000

Societe Generale SA

, Reg S

4.875 11/21/31

249,492

200,000

Societe Generale SA

, Reg S

5.625 06/02/33

257,964

300,000

Societe Generale SA

, Reg S

6.250 06/22/33

433,715

1,000,000

Societe Generale SA

, Reg S

3.750 09/02/33

1,167,813

100,000

Societe Generale SA

, Reg S

3.750 05/17/35

117,560

400,000

Societe Generale SA

, Reg S

4.125 05/14/36

473,136

200,000

Societe Generale SFH SA

0.000 12/02/26

230,391

300,000

Societe Generale SFH SA

, Reg S

3.125 02/24/32

352,666

300,000

Societe Generale SFH SA

, Reg S

3.125 02/01/36

340,741

300,000

Society of Lloyd's

, Reg S

4.875 02/07/47

404,392

100,000

Sovereign Housing Capital PLC

, Reg S

2.375 11/04/48

73,788

300,000

Sovereign Housing Capital PLC

, Reg S

5.500 01/24/57

372,311

100,000

SpareBank 1 Boligkreditt AS

, Reg S

0.050 11/03/28

109,783

200,000

SpareBank 1 Boligkreditt AS

, Reg S

2.375 02/13/30

231,911

200,000

SpareBank 1 Boligkreditt AS

, Reg S

3.000 05/19/30

237,774

200,000

SpareBank 1 Boligkreditt AS

, Reg S

2.750 08/27/32

231,449

300,000

SpareBank 1 Boligkreditt AS

, Reg S

3.000 05/15/34

348,958

2,000,000

Sparebanken Norge

4.550 10/23/30

196,505

400,000

Sparebanken Norge Boligkreditt AS

, Reg S

3.000 07/31/29

476,006

200,000

Sparkasse Pforzheim Calw

, Reg S

3.000 01/22/31

235,839

4,000,000

Stadshypotek AB

, Reg S

2.500 12/01/27

435,272

4,000,000

Stadshypotek AB

, Reg S

2.000 09/01/28

428,856

2,000,000

Stadshypotek AB

, Reg S

4.000 05/02/29

226,667

6,000,000

Stadshypotek AB

, Reg S

2.500 02/01/30

645,721

12,000,000

Stadshypotek AB

, Reg S

2.500 12/02/30

1,281,973

300,000

Standard Chartered PLC

, Reg S

3.864 03/17/33

357,065

300,000

Stedin Holding NV

, Reg S

3.625 06/20/31

360,975

300,000

Stonewater Funding PLC

, Reg S

1.625 09/10/36

279,226

200,000

Sumitomo Mitsui Financial Group Inc

, Reg S

0.303 10/28/27

225,750

200,000

Sumitomo Mitsui Financial Group Inc

, Reg S

3.686 10/06/36

231,671

400,000

Sumitomo Mitsui Trust Bank Ltd

, Reg S

0.000 10/15/27

449,077

200,000

Sun Life Financial Inc

2.800 11/21/33

143,713

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

500,000

Sun Life Financial Inc

4.140 %

09/13/37

$

363,531

300,000

Supermarket Income Reit PLC

, Reg S

5.125 07/30/31

406,226

800,000

Svenska Handelsbanken AB

, Reg S

0.500 02/18/30

847,261

700,000

Svenska Handelsbanken AB

, Reg S

5.000 08/16/34

867,691

2,000,000

Sveriges Sakerstallda Obligationer AB

, Reg S

0.250 06/09/27

211,067

2,000,000

Sveriges Sakerstallda Obligationer AB

, Reg S

3.500 06/14/28

222,360

4,000,000

Sveriges Sakerstallda Obligationer AB

, Reg S

4.000 05/23/29

453,517

4,000,000

Sveriges Sakerstallda Obligationer AB

, Reg S

1.000 06/12/30

402,462

600,000

Swedbank AB

, Reg S

0.200 01/12/28

671,316

100,000

Swedbank AB

, Reg S

4.875 10/11/30

136,842

300,000

Swedbank Hypotek AB

, Reg S

1.375 05/31/27

348,514

4,000,000

Swedbank Hypotek AB

, Reg S

3.000 03/28/29

439,713

5,200,000

Swedbank Hypotek AB

, Reg S

3.000 12/27/29

570,546

9,600,000

Swedbank Hypotek AB

, Reg S

3.000 10/29/30

1,049,920

100,000

Swiss Life Finance I AG

, Reg S

3.250 08/31/29

118,675

200,000

Talanx AG

, Reg S

2.250 12/05/47

231,749

100,000

Telereal Securitisation PLC

, Reg S

3.563 12/10/31

125,319

300,000

Temasek Financial I Ltd

, Reg S

5.125 07/26/40

403,742

43,000

Tesco Property Finance 3 PLC

, Reg S

5.744 04/13/40

58,000

255,000

Tesco Property Finance 6 PLC

, Reg S

5.411 07/13/44

333,211

200,000

THFC Funding No 3 PLC

, Reg S

5.200 10/11/43

250,156

300,000

Together Housing Finance PLC

, Reg S

4.500 12/17/42

338,129

200,000

Toronto-Dominion Bank/The

, Reg S

2.875 04/05/27

264,666

250,000

Toronto-Dominion Bank/The

4.210 06/01/27

185,610

200,000

Toronto-Dominion Bank/The

, Reg S

2.442 09/08/28

234,435

400,000

Toronto-Dominion Bank/The

4.002 10/31/30

297,043

500,000

Toronto-Dominion Bank/The

, Reg S

3.563 04/16/31

593,213

700,000

Toronto-Dominion Bank/The

3.605 09/10/31

509,699

400,000

Toronto-Dominion Bank/The

, Reg S

2.973 09/09/32

467,740

300,000

Toronto-Dominion Bank/The

, Reg S

3.357 09/22/32

348,499

200,000

Toronto-Dominion Bank/The

4.133 01/09/33

147,782

200,000

Toronto-Dominion Bank/The

, Reg S

3.247 02/16/34

235,345

300,000

Toronto-Dominion Bank/The

4.423 10/31/35

222,863

100,000

TP ICAP Finance PLC

, Reg S

2.625 11/18/28

126,070

300,000

Tritax Big Box REIT PLC

, Reg S

1.500 11/27/33

311,257

600,000

UBS Group AG

, Reg S

0.435 11/09/28

753,298

400,000

UBS Group AG

, Reg S

4.375 01/11/31

491,026

300,000

UBS Group AG

, Reg S

0.875 11/03/31

307,064

200,000

UBS Group AG

, Reg S

0.625 01/18/33

192,329

300,000

UBS Group AG

, Reg S

7.375 09/07/33

457,096

500,000

UBS Group AG

, Reg S

3.250 02/12/34

573,247

300,000

UBS Group AG

, Reg S

3.757 08/11/36

349,958

350,000

UBS Switzerland AG

, Reg S

2.583 09/23/27

412,156

1,100,000

Unibail-Rodamco-Westfield SE

, Reg S

1.750 02/27/34

1,096,187

200,000

UniCredit Bank Austria AG

, Reg S

3.125 09/21/29

238,712

300,000

UniCredit Bank Austria AG

, Reg S

0.050 09/21/35

254,351

150,000

UniCredit Bank GmbH

, Reg S

2.625 02/19/30

175,706

850,000

UniCredit Bank GmbH

, Reg S

2.625 11/22/30

991,257

400,000

UniCredit Bank GmbH

0.375 01/17/33

390,233

150,000

UniCredit SpA

, Reg S

3.100 06/10/31

175,777

500,000

UniCredit SpA

, Reg S

3.200 09/22/31

582,555

150,000

UniCredit SpA

, Reg S

4.000 03/05/34

180,409

500,000

UniCredit SpA

, Reg S

4.200 06/11/34

602,490

300,000

UniCredit SpA

, Reg S

3.725 06/10/35

351,408

200,000

Unipol Assicurazioni SpA

, Reg S

4.900 05/23/34

246,115

100,000

UNITE Group PLC/The

, Reg S

5.625 06/25/32

137,701

100,000

US Bancorp

4.009 05/21/32

120,488

100,000

VGP NV

, Reg S

1.500 04/08/29

110,952

300,000

Volksbank Wien AG

, Reg S

3.625 09/09/31

354,582

1,000,000

Vonovia SE

, Reg S

1.500 06/14/41

773,677

800,000

Vonovia SE

, Reg S

1.625 09/01/51

500,103

200,000

Warehouses De Pauw CVA

, Reg S

3.125 01/15/31

231,367

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

200,000

Wellcome Trust Finance PLC

, Reg S

4.625 %

07/25/36

$

262,392

200,000

Wellcome Trust Ltd/The

, Reg S

2.517 02/07/18

124,888

180,000

Wells Fargo & Co

, Reg S

2.500 05/02/29

228,151

100,000

Wells Fargo & Co

, Reg S

2.766 07/23/29

117,094

500,000

Wells Fargo & Co

, Reg S

2.125 09/24/31

589,542

300,000

Wells Fargo & Co

, Reg S

3.900 07/22/32

360,713

500,000

Wells Fargo & Co

, Reg S

3.866 07/23/36

586,228

100,000

Welltower OP LLC

4.800 11/20/28

135,529

300,000

Westfield America Management Ltd

, Reg S

2.625 03/30/29

379,198

1,000,000

Westpac Banking Corp

, Reg S

0.000 09/22/28

1,099,562

100,000

Westpac Banking Corp

5.000 01/15/29

67,148

300,000

Westpac Banking Corp

5.100 05/14/29

201,953

700,000

Westpac Banking Corp

, Reg S

5.815 06/04/40

460,777

200,000

Westpac Securities NZ Ltd/London

, Reg S

3.750 04/20/28

241,445

300,000

Wheatley Group Capital PLC

, Reg S

4.375 11/28/44

335,823

300,000

WHG Treasury PLC

, Reg S

4.250 10/06/45

328,927

134,000

White City Property Finance PLC

, Reg S

5.120 04/17/35

183,229

275,000

Workspace Group PLC

, Reg S

2.250 03/11/28

347,099

225,000

Wrekin Housing Group Ltd/The

, Reg S

2.500 10/22/48

171,294

500,000

Wuestenrot & Wuerttembergische AG

, Reg S

2.125 09/10/41

523,354

100,000

Yorkshire Building Society

, Reg S

3.511 10/11/30

129,705

300,000

Yorkshire Housing Finance PLC

, Reg S

4.125 10/31/44

315,494

TOTAL FINANCIALS

306,039,811

INDUSTRIAL - 5.9%

100,000

AA Bond Co Ltd

, Reg S

7.375 07/31/29

142,893

100,000

AA Bond Co Ltd

, Reg S

6.850 07/31/31

143,594

600,000

AbbVie Inc

1.250 11/18/31

634,708

500,000

Abertis France SAS

, Reg S

0.625 09/14/28

553,140

800,000

Abertis Infraestructuras SA

, Reg S

1.125 03/26/28

905,947

400,000

AGCO International Holdings BV

, Reg S

0.800 10/06/28

443,503

200,000

Air Liquide Finance SA

, Reg S

1.250 06/13/28

227,352

200,000

Air Liquide Finance SA

, Reg S

3.375 05/29/34

234,434

300,000

Air Liquide Finance SA

, Reg S

3.500 03/21/35

353,037

300,000

Air Products and Chemicals Inc

3.450 02/14/37

336,012

300,000

Alimentation Couche-Tard Inc

, Reg S

4.011 02/12/36

352,660

200,000

Alphabet Inc

2.500 05/06/29

233,690

100,000

Alphabet Inc

3.000 05/06/33

115,564

200,000

Alphabet Inc

4.000 11/06/44

228,189

400,000

Alphabet Inc

4.000 05/06/54

435,731

400,000

Alphabet Inc

4.375 11/06/64

447,454

100,000

Alstom SA

, Reg S

0.000 01/11/29

107,826

300,000

Altrad Investment Authority SAS

, Reg S

4.429 06/23/32

354,937

500,000

Amcor UK Finance PLC

3.750 02/20/33

581,085

100,000

America Movil SAB de CV

5.750 06/28/30

140,461

100,000

America Movil SAB de CV

4.375 08/07/41

113,440

100,000

American Honda Finance Corp

1.500 10/19/27

128,111

325,000

American Honda Finance Corp

5.050 08/20/31

441,303

300,000

American Medical Systems Europe BV

3.500 03/08/32

355,753

200,000

American Tower Corp

3.625 05/30/32

236,344

300,000

American Tower Corp

4.100 05/16/34

357,865

300,000

Amgen Inc

, Reg S

4.000 09/13/29

398,559

400,000

Anglo American Capital PLC

, Reg S

4.125 03/15/32

483,794

600,000

Anheuser-Busch InBev SA/NV

, Reg S

3.375 05/19/33

703,557

700,000

Anheuser-Busch InBev SA/NV

, Reg S

3.875 05/19/38

811,446

800,000

Anheuser-Busch InBev SA/NV

, Reg S

3.950 03/22/44

891,234

575,000

Apple Inc

3.600 07/31/42

630,418

200,000

APRR SA

, Reg S

3.125 01/24/30

235,873

500,000

APRR SA

, Reg S

3.125 01/06/34

569,316

400,000

(b) Arkema SA

, Reg S

4.800 N/A

479,750

500,000

Asahi Group Holdings Ltd

, Reg S

3.464 04/16/32

585,782

400,000

Associated British Foods PLC

, Reg S

2.500 06/16/34

453,845

300,000

Astrazeneca Finance LLC

, Reg S

3.121 08/05/30

355,284

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

200,000

Astrazeneca Finance LLC

, Reg S

3.278 %

08/05/33

$

234,389

300,000

AT&T Inc

3.150 06/01/30

352,865

300,000

AT&T Inc

3.950 04/30/31

363,935

300,000

AT&T Inc

3.600 06/01/33

351,659

250,000

AT&T Inc

4.300 11/18/34

304,176

150,000

AT&T Inc

7.000 04/30/40

221,283

600,000

AT&T Inc

4.875 06/01/44

692,180

300,000

Australia Pacific Airports Melbourne Pty Ltd

, Reg S

4.000 06/07/34

357,854

300,000

Autoliv Inc

, Reg S

3.000 10/29/30

347,473

500,000

Autoroutes du Sud de la France SA

, Reg S

1.375 02/21/31

539,802

735,000

Autostrade per l'Italia SpA

, Reg S

1.625 01/25/28

845,417

400,000

Avery Dennison Corp

3.750 11/04/34

463,422

300,000

Barry Callebaut Services NV

, Reg S

3.750 02/19/28

357,950

300,000

BASF SE

, Reg S

1.500 03/17/31

325,583

500,000

BASF SE

, Reg S

1.625 11/15/37

461,123

350,000

BAT Netherlands Finance BV

, Reg S

3.125 04/07/28

415,395

700,000

Bayer AG

, Reg S

4.625 05/26/33

873,679

500,000

Becton Dickinson & Co

3.828 06/07/32

598,419

150,000

Bell Telephone Co of Canada or Bell Canada

3.800 08/21/28

110,676

200,000

Bell Telephone Co of Canada or Bell Canada

5.850 11/10/32

160,123

200,000

Bell Telephone Co of Canada or Bell Canada

5.150 08/24/34

153,243

600,000

Bell Telephone Co of Canada or Bell Canada

5.250 08/14/55

434,823

300,000

Berkeley Group PLC/The

, Reg S

2.500 08/11/31

348,433

500,000

Blackrock Inc

3.750 07/18/35

593,699

400,000

Blackstone Holdings Finance Co LLC

, Reg S

3.500 06/01/34

464,925

400,000

BMS Ireland Capital Funding Designated Activity Co

4.581 11/10/55

458,408

100,000

BMW Finance NV

, Reg S

2.625 05/20/28

117,530

700,000

BMW International Investment BV

, Reg S

3.125 07/22/29

828,472

500,000

BMW US Capital LLC

, Reg S

3.375 02/02/34

577,643

100,000

Booking Holdings Inc

4.500 11/15/31

124,394

100,000

Booking Holdings Inc

4.125 05/12/33

121,739

300,000

Booking Holdings Inc

4.750 11/15/34

378,151

300,000

Booking Holdings Inc

3.625 11/07/35

344,990

400,000

Booking Holdings Inc

4.500 05/09/46

459,776

275,000

Boston Scientific Corp

0.625 12/01/27

311,811

200,000

Bouygues SA

, Reg S

3.875 07/17/31

242,473

300,000

Bouygues SA

, Reg S

4.625 06/07/32

376,178

100,000

Bouygues SA

, Reg S

5.375 06/30/42

129,638

300,000

BPCE SFH SA

, Reg S

3.000 03/24/32

349,909

200,000

Bristol-Myers Squibb Co

1.750 05/15/35

200,169

400,000

(b) British American Tobacco PLC

, Reg S

4.750 N/A

474,482

800,000

British Telecommunications PLC

, Reg S

2.125 09/26/28

926,434

300,000

British Telecommunications PLC

, Reg S

5.750 12/07/28

421,090

200,000

Bromford Flagship Ltd

, Reg S

3.125 05/03/48

177,902

300,000

Brown-Forman Corp

2.600 07/07/28

388,789

200,000

Canadian National Railway Co

4.200 06/10/35

145,866

500,000

Canadian National Railway Co

4.700 05/10/53

353,941

300,000

Capgemini SE

, Reg S

3.125 09/25/31

347,903

200,000

Capgemini SE

, Reg S

3.500 09/25/34

229,337

300,000

Cardiff University

, Reg S

3.000 12/07/55

245,057

300,000

Carrefour SA

, Reg S

3.250 06/24/30

353,609

300,000

Carrefour SA

, Reg S

3.750 05/24/33

353,008

500,000

Carrier Global Corp

3.625 01/15/37

559,948

200,000

Caterpillar Financial Services Corp

, Reg S

4.620 02/28/28

272,210

300,000

Cellnex Finance Co SA

, Reg S

1.250 01/15/29

335,270

400,000

Cellnex Finance Co SA

, Reg S

2.000 02/15/33

419,426

300,000

Chancellor Masters & Scholars of The University of Cambridge/

The

, Reg S

2.350 06/27/78

193,299

200,000

Channel Link Enterprises Finance PLC

, Reg S

3.848 06/30/50

183,640

500,000

Cie de Saint-Gobain SA

, Reg S

2.375 10/04/27

586,443

150,000

Cie de Saint-Gobain SA

, Reg S

4.625 10/09/29

203,630

200,000

Cie Generale des Etablissements Michelin SCA

, Reg S

3.125 05/16/31

235,151

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

200,000

Cie Generale des Etablissements Michelin SCA

, Reg S

3.375 %

05/16/36

$

229,533

300,000

CK Hutchison Finance 16 Ltd

, Reg S

2.000 04/06/28

345,676

200,000

CK HUTCHISON GROUP TELECOM FINANCE SA

, Reg S

2.000 10/17/27

257,200

400,000

Coca-Cola Co/The

, Reg S

1.000 10/02/28

511,680

700,000

Coca-Cola Europacific Partners PLC

, Reg S

3.125 06/03/31

819,831

500,000

Cofiroute SA

, Reg S

3.125 03/06/33

574,671

400,000

Colgate-Palmolive Co

1.375 03/06/34

405,115

180,000

Comcast Corp

1.500 02/20/29

222,606

400,000

Comcast Corp

3.250 09/26/32

463,436

300,000

Comcast Corp

3.550 09/26/36

342,787

200,000

Comcast Corp

5.250 09/26/40

253,850

237,000

Connect Plus M25 Issuer PLC

, Reg S

2.607 03/31/39

267,378

300,000

Continental AG

, Reg S

4.000 06/01/28

361,017

200,000

Continental AG

, Reg S

3.500 10/01/29

238,114

100,000

CPUK Finance Ltd

, Reg S

5.876 08/28/27

137,037

450,000

Daimler Truck Finance Canada Inc

4.540 09/27/29

339,525

300,000

Danone SA

, Reg S

1.208 11/03/28

339,493

200,000

Danone SA

, Reg S

3.200 09/12/31

236,214

200,000

Danone SA

, Reg S

3.438 04/07/33

235,649

2,000,000

Danske Hypotek AB

, Reg S

3.500 12/20/28

222,935

200,000

Derwent London PLC

, Reg S

1.875 11/17/31

227,217

500,000

Deutsche Boerse AG

, Reg S

3.875 09/28/33

605,667

200,000

Deutsche Lufthansa AG

, Reg S

4.000 05/21/30

243,068

300,000

Deutsche Lufthansa AG

, Reg S

4.125 09/03/32

366,426

400,000

Deutsche Post AG

, Reg S

3.125 06/05/32

469,118

400,000

Deutsche Post AG

, Reg S

3.500 03/25/36

466,183

200,000

Deutsche Telekom AG

, Reg S

3.250 06/04/35

231,041

300,000

Deutsche Telekom AG

, Reg S

3.250 03/20/36

342,432

600,000

Deutsche Telekom AG

, Reg S

3.625 02/03/45

647,526

500,000

DH Europe Finance II Sarl

0.750 09/18/31

515,099

700,000

Diageo Finance PLC

, Reg S

3.125 02/28/31

822,248

300,000

Diageo Finance PLC

, Reg S

2.750 06/08/38

306,991

140,000

Dover Corp

0.750 11/04/27

159,155

300,000

Dover Corp

3.500 11/12/33

347,076

300,000

DSV Finance BV

, Reg S

3.375 11/06/32

351,922

300,000

DSV Finance BV

, Reg S

3.375 11/06/34

344,903

500,000

East Japan Railway Co

, Reg S

3.727 09/02/37

581,745

400,000

East Japan Railway Co

, Reg S

5.562 09/04/54

517,857

300,000

Edenred SE

, Reg S

1.875 03/30/27

349,730

500,000

Eli Lilly & Co

0.500 09/14/33

482,993

200,000

Eli Lilly & Co

1.625 09/14/43

150,651

300,000

Elis SA

, Reg S

3.375 09/02/31

348,956

225,000

Emirates Telecommunications Group Co PJSC

, Reg S

0.875 05/17/33

221,931

300,000

EQT AB

, Reg S

0.875 05/14/31

309,546

250,000

Equinix Asia Financing Corp Pte Ltd

, Reg S

2.900 09/15/32

189,416

200,000

Equinix Canada Financing Ltd

4.000 11/15/32

143,692

700,000

Equinix Inc

1.000 03/15/33

681,420

400,000

EssilorLuxottica SA

, Reg S

2.875 03/05/29

471,616

300,000

EssilorLuxottica SA

, Reg S

2.625 01/10/30

349,213

100,000

Euroclear Holding NV

, Reg S

2.625 04/11/48

115,976

200,000

Euroclear Holding NV

, Reg S

1.375 06/16/51

206,425

500,000

Eurofins Scientific SE

, Reg S

4.000 07/06/29

602,599

204,000

Eversholt Funding PLC

, Reg S

6.697 02/22/35

290,452

500,000

Experian Europe DAC

, Reg S

1.560 05/16/31

542,200

400,000

FedEx Corp

0.950 05/04/33

384,281

450,000

Fidelity National Information Services Inc

2.950 05/21/39

460,593

200,000

Fiserv Funding ULC

4.000 06/15/36

229,582

300,000

Fiserv Inc

4.500 05/24/31

363,960

300,000

Fiserv Inc

3.000 07/01/31

362,166

250,000

Flughafen Zurich AG

, Reg S

0.625 05/24/29

315,927

300,000

Flutter Treasury DAC

, Reg S

6.125 06/04/31

406,334

250,000

Ford Credit Canada Co/Canada

4.819 09/11/28

184,793

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

100,000

Ford Motor Credit Co LLC

4.867 %

08/03/27

$

120,899

300,000

Ford Motor Credit Co LLC

3.622 07/27/28

354,832

200,000

Ford Motor Credit Co LLC

4.445 02/14/30

240,204

300,000

Ford Motor Credit Co LLC

6.184 08/29/31

410,255

300,000

Foxconn Singapore Pte Ltd

, Reg S

3.125 11/04/31

344,831

600,000

Fresenius Finance Ireland PLC

, Reg S

0.875 10/01/31

619,249

400,000

Fresenius Medical Care AG

, Reg S

3.750 04/08/32

474,817

300,000

Fresenius SE & Co KGaA

, Reg S

3.500 03/15/34

346,858

400,000

Gatwick Funding Ltd

, Reg S

3.250 02/26/48

353,258

300,000

GE Capital UK Funding Unlimited Co

5.875 01/18/33

428,733

300,000

General Mills Inc

3.650 10/23/30

359,754

200,000

General Motors Financial Co Inc

, Reg S

3.100 08/04/29

235,106

125,000

General Motors Financial Co Inc

, Reg S

5.500 01/12/30

172,104

400,000

General Motors Financial Co Inc

, Reg S

3.700 07/14/31

474,432

400,000

GlaxoSmithKline Capital PLC

, Reg S

4.250 12/18/45

444,192

450,000

Glencore Finance Canada Ltd

4.045 10/10/32

323,452

400,000

Global Switch Finance BV

, Reg S

1.375 10/07/30

439,348

500,000

GSK Capital BV

, Reg S

3.250 11/19/36

565,375

200,000

GXO Logistics Capital BV

3.750 11/24/30

234,360

300,000

Haleon Netherlands Capital BV

, Reg S

2.125 03/29/34

317,003

300,000

Haleon UK Capital PLC

, Reg S

3.375 03/29/38

331,023

500,000

Heathrow Funding Ltd

, Reg S

1.500 02/11/30

550,584

250,000

Heathrow Funding Ltd

, Reg S

6.450 12/10/31

361,319

350,000

Heathrow Funding Ltd

4.900 08/06/37

260,492

200,000

Heathrow Funding Ltd

, Reg S

6.250 10/03/42

273,286

200,000

Henkel AG & Co KGaA

, Reg S

0.500 11/17/32

196,714

200,000

High Speed Rail Finance 1 PLC

, Reg S

4.375 11/01/38

250,509

125,000

Highland Holdings Sarl

2.875 11/19/27

147,373

500,000

Honeywell International Inc

0.750 03/10/32

503,605

400,000

Hyundai Capital America

, Reg S

2.875 06/26/28

470,887

300,000

IDS Financing PLC

, Reg S

4.000 10/01/32

346,898

200,000

IG Group Holdings PLC

, Reg S

3.125 11/18/28

256,363

500,000

IHG Finance LLC

, Reg S

3.625 09/27/31

588,883

200,000

Illinois Tool Works Inc

3.250 05/17/28

238,597

300,000

Illinois Tool Works Inc

3.375 05/17/32

353,868

300,000

Imerys SA

, Reg S

1.875 03/31/28

343,926

200,000

Indigo Group SAS

, Reg S

1.625 04/19/28

228,548

100,000

International Business Machines Corp

3.625 02/06/31

119,901

400,000

International Business Machines Corp

3.150 02/10/33

462,033

100,000

International Business Machines Corp

3.750 02/06/35

118,486

200,000

International Business Machines Corp

3.450 02/10/37

225,743

200,000

International Business Machines Corp

4.875 02/06/38

252,544

400,000

International Business Machines Corp

4.000 02/06/43

451,822

200,000

ITM Entreprises SASU

, Reg S

4.125 01/29/30

239,707

300,000

JAB Holdings BV

, Reg S

2.000 05/18/28

346,357

400,000

JAB Holdings BV

, Reg S

2.500 06/25/29

460,563

200,000

John Deere Bank SA

, Reg S

5.125 10/18/28

276,565

600,000

John Deere Capital Corp

, Reg S

3.450 07/16/32

713,044

300,000

Johnson & Johnson

3.350 02/26/37

344,450

200,000

Johnson & Johnson

3.550 06/01/44

220,820

300,000

Johnson & Johnson

3.700 02/26/55

319,854

200,000

JT International Financial Services BV

, Reg S

2.750 09/28/33

228,922

250,000

JT International Financial Services BV

, Reg S

4.125 06/17/35

295,423

200,000

K+S AG

, Reg S

4.250 06/19/29

243,317

300,000

Kering SA

, Reg S

3.625 09/05/31

357,667

400,000

Kering SA

, Reg S

3.375 03/11/32

469,327

300,000

Kering SA

, Reg S

3.875 09/05/35

352,928

500,000

Koninklijke Philips NV

, Reg S

3.250 05/23/30

591,019

200,000

Kraft Heinz Foods Co

, Reg S

4.125 07/01/27

267,727

600,000

Legrand SA

, Reg S

3.625 03/19/35

704,828

200,000

Linde PLC

, Reg S

2.625 02/18/29

234,258

100,000

Linde PLC

, Reg S

3.375 06/04/30

119,278

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

100,000

Linde PLC

, Reg S

1.375 %

03/31/31

$

107,749

800,000

Linde PLC

, Reg S

3.625 06/12/34

947,324

100,000

London Stock Exchange Group PLC

, Reg S

1.625 04/06/30

120,884

500,000

Lonza Finance International NV

, Reg S

3.875 04/24/36

584,767

700,000

L'Oreal SA

, Reg S

2.875 05/19/28

830,997

200,000

LSEG Finance PLC

, Reg S

4.875 09/19/32

269,888

200,000

Lseg Netherlands BV

, Reg S

4.231 09/29/30

246,057

300,000

Lseg Netherlands BV

, Reg S

3.000 11/06/31

347,157

100,000

LVMH Moet Hennessy Louis Vuitton SE

, Reg S

1.125 02/11/27

130,516

100,000

LVMH Moet Hennessy Louis Vuitton SE

, Reg S

3.250 09/07/29

119,648

500,000

LVMH Moet Hennessy Louis Vuitton SE

, Reg S

3.000 03/07/32

584,770

400,000

LVMH Moet Hennessy Louis Vuitton SE

, Reg S

3.500 09/07/33

478,613

200,000

Magna International Inc

3.625 05/21/31

237,277

200,000

Magna International Inc

4.375 03/17/32

246,694

200,000

Manchester Airport Group Funding PLC

, Reg S

4.750 03/31/34

264,075

800,000

McDonald's Corp

, Reg S

3.500 05/21/32

944,467

100,000

McDonald's Corp

, Reg S

3.750 05/31/38

113,317

100,000

McDonald's Corp

, Reg S

4.125 06/11/54

99,518

200,000

McKesson Corp

3.125 02/17/29

260,204

300,000

Medtronic Global Holdings SCA

0.750 10/15/32

298,111

200,000

Medtronic Global Holdings SCA

1.500 07/02/39

175,184

200,000

Medtronic Global Holdings SCA

1.375 10/15/40

164,567

300,000

Medtronic Inc

4.200 10/15/45

342,479

400,000

Medtronic Inc

4.150 10/15/53

437,928

100,000

Mercedes-Benz Finance Canada Inc

, Reg S

3.000 02/23/27

118,159

1,350,000

Mercedes-Benz Group AG

, Reg S

1.375 05/11/28

1,533,291

300,000

MMS USA Holdings Inc

, Reg S

1.750 06/13/31

324,649

200,000

Mondelez International Inc

0.750 03/17/33

193,879

300,000

Mondelez International Inc

2.375 03/06/35

313,901

450,000

Mondi Finance Europe GmbH

, Reg S

2.375 04/01/28

523,586

300,000

Montreal Gateway Terminals Partnership

4.563 12/31/32

222,469

200,000

Motability Operations Group PLC

, Reg S

3.875 01/24/34

235,382

500,000

Motability Operations Group PLC

, Reg S

4.250 06/17/35

598,367

300,000

Motability Operations Group PLC

, Reg S

5.750 06/17/51

380,855

300,000

Motability Operations Group PLC

, Reg S

5.625 01/24/54

374,250

100,000

MSD Netherlands Capital BV

3.700 05/30/44

110,289

300,000

MSD Netherlands Capital BV

3.750 05/30/54

308,751

200,000

Nats En Route PLC

, Reg S

1.750 09/30/33

215,266

400,000

Nestle Capital Corp

, Reg S

4.750 03/22/36

525,751

150,000

Nestle Capital Markets SA

, Reg S

2.125 07/15/30

200,602

500,000

Nestle Capital Markets SA

2.125 06/28/38

685,686

1,500,000

Nestle Finance International Ltd

, Reg S

0.375 05/12/32

1,504,345

400,000

Netflix Inc

, Reg S

3.625 06/15/30

480,325

200,000

Next Group PLC

, Reg S

3.625 05/18/28

265,430

400,000

Novartis Finance SA

, Reg S

0.000 09/23/28

438,348

700,000

Novo Nordisk Finance Netherlands BV

, Reg S

3.250 01/21/31

830,553

300,000

Novo Nordisk Finance Netherlands BV

, Reg S

3.375 05/21/34

350,070

200,000

NTT Finance Corp

, Reg S

2.906 03/16/29

235,130

250,000

NTT Finance Corp

, Reg S

3.678 07/16/33

295,237

400,000

NTT Finance Corp

, Reg S

4.091 07/16/37

475,487

300,000

Omnicom Capital Holdings PLC

2.250 11/22/33

324,380

500,000

Orange SA

, Reg S

3.250 01/15/32

621,966

1,000,000

Orange SA

, Reg S

3.750 09/04/37

1,152,907

700,000

(b) Orange SA

, Reg S

5.375 N/A

871,515

200,000

Pearson Funding PLC

, Reg S

3.750 06/04/30

259,305

200,000

PepsiCo Inc

3.550 07/22/34

249,369

500,000

PepsiCo Inc

4.050 07/28/55

548,619

300,000

Pernod Ricard SA

, Reg S

3.250 03/03/32

349,508

200,000

Pernod Ricard SA

, Reg S

3.250 02/04/33

230,482

200,000

Pernod Ricard SA

, Reg S

3.625 05/07/34

233,923

300,000

Pfizer Inc

, Reg S

2.735 06/15/43

271,492

500,000

Pfizer Netherlands International Finance BV

3.250 05/19/32

587,907

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

600,000

Philip Morris International Inc

1.450 %

08/01/39

$

497,663

200,000

Pluxee NV

, Reg S

3.500 09/04/28

238,038

500,000

PPG Industries Inc

3.250 03/04/32

578,142

200,000

Procter & Gamble Co/The

1.800 05/03/29

251,799

500,000

Procter & Gamble Co/The

2.900 11/03/33

574,439

300,000

Procter & Gamble Co/The

3.650 11/03/45

337,838

200,000

Prosegur Cash SA

3.380 10/09/30

230,944

500,000

Prosus NV

, Reg S

1.288 07/13/29

548,316

250,000

Prosus NV

, Reg S

2.778 01/19/34

268,305

500,000

Proximus SADP

, Reg S

0.750 11/17/36

439,962

300,000

RCI Banque SA

, Reg S

3.500 01/17/28

356,130

500,000

RCI Banque SA

, Reg S

3.625 11/03/32

576,506

200,000

Reckitt Benckiser Treasury Services PLC

, Reg S

1.750 05/19/32

227,478

300,000

Reckitt Benckiser Treasury Services PLC

, Reg S

3.875 09/14/33

361,540

300,000

RELX Finance BV

, Reg S

3.375 03/20/33

349,926

100,000

Richemont International Holding SA

, Reg S

1.500 03/26/30

110,926

100,000

Richemont International Holding SA

, Reg S

1.125 05/26/32

104,103

450,000

Richemont International Holding SA

, Reg S

2.000 03/26/38

439,617

400,000

Rio Tinto Finance PLC

, Reg S

4.000 12/11/29

531,825

100,000

Robert Bosch Finance LLC

, Reg S

2.750 05/28/28

117,383

300,000

Robert Bosch GmbH

, Reg S

3.625 06/02/30

360,123

200,000

Robert Bosch GmbH

, Reg S

4.000 06/02/35

238,052

200,000

Robert Bosch GmbH

, Reg S

4.375 06/02/43

231,048

300,000

Roche Finance Europe BV

, Reg S

3.586 12/04/36

352,709

100,000

Roche Kapitalmarkt AG

, Reg S

0.750 02/25/31

126,233

200,000

Roche Kapitalmarkt AG

, Reg S

1.098 09/06/34

254,086

100,000

Rogers Communications Inc

5.700 09/21/28

77,191

100,000

Rogers Communications Inc

3.750 04/15/29

73,507

400,000

Rogers Communications Inc

5.900 09/21/33

321,039

300,000

Rogers Communications Inc

5.250 04/15/52

217,705

400,000

Rolls-Royce PLC

, Reg S

5.750 10/15/27

549,510

200,000

Sandoz Group AG

, Reg S

2.125 11/17/26

255,952

800,000

Sanofi SA

, Reg S

1.125 04/05/28

910,438

400,000

SAP SE

, Reg S

1.625 03/10/31

440,488

200,000

Sartorius Finance BV

, Reg S

4.875 09/14/35

248,225

1,000,000

Schneider Electric SE

, Reg S

3.624 09/02/37

1,164,376

100,000

Schroders PLC

, Reg S

6.346 07/18/34

139,945

900,000

Siemens Financieringsmaatschappij NV

, Reg S

0.125 09/05/29

972,541

700,000

Siemens Financieringsmaatschappij NV

, Reg S

1.375 09/06/30

782,047

100,000

Sika Capital BV

, Reg S

3.750 11/03/26

118,653

200,000

Silfin NV

, Reg S

5.125 07/17/30

247,979

300,000

Smurfit Kappa Treasury ULC

, Reg S

0.500 09/22/29

322,822

200,000

Smurfit Kappa Treasury ULC

3.489 11/24/31

234,659

200,000

Sodexo SA

, Reg S

1.750 06/26/28

253,075

600,000

Stellantis NV

, Reg S

4.250 06/16/31

718,223

300,000

Stellantis NV

, Reg S

3.750 03/19/36

330,667

300,000

Stryker Corp

3.375 12/11/28

358,438

300,000

Sydney Airport Finance Co Pty Ltd

, Reg S

4.375 05/03/33

368,230

100,000

Syensqo SA

, Reg S

3.375 05/28/31

116,949

200,000

Syensqo SA

, Reg S

4.000 05/28/35

234,120

200,000

Takeda Pharmaceutical Co Ltd

1.375 07/09/32

207,432

300,000

Takeda Pharmaceutical Co Ltd

2.000 07/09/40

268,026

1,100,000

Telefonica Emisiones SA

, Reg S

3.724 01/23/34

1,276,295

300,000

Teleperformance SE

, Reg S

0.250 11/26/27

336,083

500,000

Telstra Group Ltd

5.650 03/06/34

338,626

100,000

TELUS Corp

2.350 01/27/28

71,834

400,000

TELUS Corp

3.300 05/02/29

290,772

400,000

TELUS Corp

5.250 11/15/32

309,749

100,000

Tesco Corporate Treasury Services PLC

, Reg S

2.750 04/27/30

125,192

200,000

Tesco Corporate Treasury Services PLC

, Reg S

3.500 10/13/33

232,123

300,000

Thales SA

, Reg S

4.250 10/18/31

372,302

700,000

Thermo Fisher Scientific Finance I BV

3.628 12/01/35

819,096

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

INDUSTRIAL

(continued)

300,000

Thermo Fisher Scientific Inc

, Reg S

1.418 %

03/07/33

$

383,722

250,000

Thermo Fisher Scientific Inc

2.038 03/07/36

332,868

200,000

Time Warner Cable LLC

5.250 07/15/42

225,976

100,000

Timken Co/The

4.125 05/23/34

118,186

100,000

T-Mobile USA Inc

3.150 02/11/32

116,160

300,000

T-Mobile USA Inc

3.500 02/11/37

336,956

400,000

Toyota Credit Canada Inc

3.650 08/19/30

292,727

200,000

Toyota Motor Credit Corp

, Reg S

0.750 11/19/26

261,931

300,000

Toyota Motor Credit Corp

, Reg S

4.050 09/13/29

365,721

300,000

Toyota Motor Credit Corp

, Reg S

3.625 07/15/31

359,750

300,000

Toyota Motor Finance Netherlands BV

, Reg S

3.125 07/11/29

354,668

300,000

Transurban Finance Co Pty Ltd

, Reg S

4.143 04/17/35

359,795

100,000

Transurban Finance Co Pty Ltd

, Reg S

3.974 03/12/36

117,522

200,000

Traton Finance Luxembourg SA

, Reg S

5.625 01/16/29

274,745

500,000

Unilever Capital Corp

, Reg S

3.500 10/31/37

573,291

200,000

Unilever PLC

, Reg S

1.875 09/15/29

250,598

750,000

Unilever PLC

, Reg S

1.500 06/11/39

674,193

400,000

United Parcel Service Inc

, Reg S

5.125 02/12/50

492,418

100,000

University College London

, Reg S

1.625 06/04/61

52,790

100,000

University of Leeds

, Reg S

3.125 12/19/50

87,738

500,000

University of Liverpool

, Reg S

3.375 06/25/55

450,173

400,000

University of Manchester

, Reg S

4.250 07/04/53

422,756

100,000

University of Southampton

, Reg S

2.250 04/11/57

67,169

300,000

Utmost Group PLC

, Reg S

4.000 12/15/31

366,754

200,000

Verizon Communications Inc

, Reg S

2.350 03/23/28

126,444

200,000

Verizon Communications Inc

2.500 05/16/30

139,913

200,000

Verizon Communications Inc

, Reg S

0.555 03/24/31

246,860

200,000

Verizon Communications Inc

3.500 06/28/32

235,938

300,000

Verizon Communications Inc

3.250 10/29/32

347,512

300,000

Verizon Communications Inc

3.750 02/28/36

348,096

100,000

Verizon Communications Inc

3.375 10/27/36

111,476

600,000

Verizon Communications Inc

3.750 08/06/37

685,183

500,000

Verizon Communications Inc

1.875 11/03/38

441,571

200,000

Vinci SA

, Reg S

2.750 09/15/34

231,154

100,000

Visa Inc

2.250 05/15/28

116,616

300,000

Visa Inc

3.125 05/15/33

349,600

600,000

Vodafone Group PLC

, Reg S

5.125 12/02/52

690,921

300,000

Vodafone International Financing DAC

, Reg S

3.375 08/01/33

347,428

200,000

Vodafone International Financing DAC

, Reg S

3.750 12/02/34

235,958

300,000

Volkswagen Bank GmbH

, Reg S

4.375 05/03/28

363,931

500,000

Volkswagen Bank GmbH

, Reg S

3.500 06/19/31

586,195

500,000

Volkswagen Financial Services AG

, Reg S

3.625 05/19/29

594,588

200,000

Volkswagen Financial Services NV

, Reg S

2.125 01/18/28

256,854

400,000

(b) Volkswagen International Finance NV

, Reg S

7.500 N/A

511,955

500,000

(b) Volkswagen International Finance NV

, Reg S

7.875 N/A

676,769

500,000

Volkswagen Leasing GmbH

, Reg S

3.875 10/11/28

601,088

130,000

Wabtec Transportation Netherlands BV

1.250 12/03/27

149,073

50,000

Walmart Inc

, Reg S

5.625 03/27/34

71,796

600,000

Walmart Inc

5.250 09/28/35

838,380

200,000

Werfen SA/Spain

, Reg S

3.625 02/12/32

234,008

300,000

Wesfarmers Ltd

, Reg S

3.277 06/10/32

349,169

200,000

Wolters Kluwer NV

, Reg S

3.250 03/18/29

238,116

200,000

Wolters Kluwer NV

, Reg S

3.375 03/20/32

234,893

200,000

Woolworths Group Ltd

, Reg S

3.750 10/25/32

235,474

600,000

WPP Finance 2013

, Reg S

3.625 09/12/29

711,722

TOTAL INDUSTRIAL

149,144,876

UTILITY - 1.9%

300,000

Affinity Water Finance PLC

, Reg S

4.500 03/31/36

369,686

200,000

Air Products and Chemicals Inc

3.250 06/16/32

232,537

300,000

AltaGas Ltd

3.025 11/10/27

218,276

1,460,000

Ameren Illinois Co

, Reg S

5.550 07/01/54

1,750,848

700,000

Amprion GmbH

, Reg S

4.000 09/30/40

799,392

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

UTILITY

(continued)

300,000

Anglian Water Osprey Financing PLC

, Reg S

6.750 %

08/27/31

$

410,315

500,000

Anglian Water Services Financing PLC

, Reg S

6.250 09/12/44

646,736

500,000

AusNet Services Holdings Pty Ltd

, Reg S

5.981 05/16/34

338,022

300,000

Bazalgette Finance Plc

, Reg S

2.375 11/29/27

387,447

400,000

BP Capital Markets PLC

, Reg S

2.519 04/07/28

468,891

250,000

BP Capital Markets PLC

, Reg S

4.751 08/28/29

165,232

300,000

BP Capital Markets PLC

, Reg S

1.231 05/08/31

318,986

300,000

BP Capital Markets PLC

, Reg S

2.822 04/07/32

341,759

100,000

(b) BP Capital Markets PLC

, Reg S

4.250 N/A

133,139

400,000

Cadent Finance PLC

, Reg S

5.750 03/14/34

551,390

200,000

Canadian Utilities Ltd

5.450 12/22/55

145,943

300,000

Capital Power Corp

4.231 01/14/33

216,786

300,000

Cenovus Energy Inc

4.600 11/20/35

217,495

500,000

Coastal Gaslink Pipeline LP

5.857 03/30/49

404,158

300,000

Contact Energy Ltd

, Reg S

3.537 11/03/32

348,580

900,000

CU Inc

4.085 09/02/44

600,969

200,000

Dolomiti Energia Holding SpA/Rovereto

3.500 10/09/30

236,639

350,000

DWR Cymru Financing UK PLC

, Reg S

2.500 03/31/36

354,765

200,000

E.ON SE

, Reg S

3.500 04/16/33

235,844

300,000

E.ON SE

, Reg S

3.875 01/12/35

361,007

700,000

E.ON SE

, Reg S

4.000 01/16/40

815,676

500,000

E.ON SE

, Reg S

4.125 03/25/44

577,810

200,000

Eastern Power Networks PLC

, Reg S

5.375 10/02/39

262,043

400,000

EDP Finance BV

, Reg S

1.875 09/21/29

453,345

400,000

EDP Servicios Financieros Espana SA

, Reg S

3.125 12/03/31

464,019

500,000

Elia Transmission Belgium SA

, Reg S

3.500 10/08/35

576,891

200,000

Enbridge Gas Inc

4.160 09/12/35

144,756

300,000

Enbridge Gas Inc

3.200 09/15/51

163,389

200,000

Enbridge Gas Inc

4.840 09/12/55

144,257

150,000

Enbridge Inc

4.900 05/26/28

113,314

500,000

Enbridge Inc

5.320 08/22/54

367,999

400,000

Enbridge Inc

5.150 12/17/55

291,890

100,000

Enel Finance International NV

, Reg S

2.625 02/24/28

117,623

600,000

Enel Finance International NV

, Reg S

3.000 02/24/31

698,767

750,000

Enel Finance International NV

, Reg S

3.875 01/23/35

890,000

400,000

Enel Finance International NV

, Reg S

3.500 02/24/36

455,945

100,000

Engie SA

, Reg S

3.625 01/11/30

120,351

500,000

Engie SA

, Reg S

3.875 12/06/33

599,382

500,000

Engie SA

, Reg S

4.000 01/11/35

599,341

600,000

Engie SA

, Reg S

4.500 09/06/42

703,783

200,000

Engie SA

, Reg S

5.000 10/01/60

225,613

400,000

(b) Engie SA

, Reg S

5.125 N/A

494,633

1,100,000

Eni SpA

, Reg S

3.625 01/29/29

1,322,450

200,000

ENW Finance PLC

, Reg S

4.893 11/24/32

269,756

500,000

Eurogrid GmbH

, Reg S

3.732 10/18/35

578,812

500,000

Eurogrid GmbH

, Reg S

4.165 10/16/40

579,063

100,000

FCC Aqualia SA

, Reg S

2.629 06/08/27

117,458

500,000

FLUVIUS System Operator CV

, Reg S

3.500 03/12/35

573,603

800,000

Fortis Inc/Canada

5.100 12/04/55

584,865

57,000

Gwynt y Mor OFTO PLC

, Reg S

2.778 02/17/34

68,371

150,000

Hydro One Inc

4.910 01/27/28

113,533

600,000

Hydro One Inc

4.250 01/04/35

442,698

300,000

Hydro One Inc

3.630 06/25/49

181,996

250,000

Hydro One Inc

4.850 11/30/54

182,364

700,000

Iberdrola Finanzas SA

, Reg S

2.625 03/30/28

822,718

700,000

Iberdrola Finanzas SA

, Reg S

3.375 11/22/32

827,595

400,000

Inter Pipeline Ltd/AB

6.590 02/09/34

328,976

500,000

Italgas Reti SpA

, Reg S

0.579 01/29/31

516,419

500,000

Italgas Reti SpA

, Reg S

4.375 06/06/33

613,543

200,000

National Gas Transmission PLC

, Reg S

5.500 02/04/34

273,794

450,000

National Grid Electricity Transmission PLC

, Reg S

2.000 09/16/38

404,523

200,000

National Grid Electricity Transmission PLC

, Reg S

5.272 01/18/43

247,477

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

UTILITY

(continued)

1,050,000

National Grid North America Inc

, Reg S

3.917 %

06/03/35

$

1,235,507

600,000

Neste Oyj

, Reg S

0.750 03/25/28

673,646

300,000

NextEra Energy Capital Holdings Inc

4.670 06/12/35

222,504

500,000

NextEra Energy Capital Holdings Inc

4.496 05/15/56

584,936

200,000

Nortegas Energia Grupo SL

, Reg S

0.905 01/22/31

203,503

400,000

North West Redwater Partnership / NWR Financing Co Ltd

, Reg S

2.800 06/01/31

278,502

200,000

North West Redwater Partnership / NWR Financing Co Ltd

, Reg S

4.050 07/22/44

131,427

100,000

Northern Gas Networks Finance PLC

, Reg S

4.875 11/15/35

127,457

300,000

Northern Gas Networks Finance PLC

5.625 03/23/40

387,863

100,000

Northern Powergrid Northeast PLC

, Reg S

3.250 04/01/52

87,594

200,000

Northern Powergrid Yorkshire PLC

, Reg S

5.625 11/14/33

281,201

300,000

NORTHRIVER MIDSTR PI/NRM

4.866 03/10/39

214,974

100,000

Northumbrian Water Finance PLC

, Reg S

4.500 02/14/31

131,367

300,000

Northumbrian Water Finance PLC

, Reg S

5.375 07/22/32

405,201

100,000

Northumbrian Water Finance PLC

, Reg S

6.375 10/28/34

141,584

800,000

OMV AG

, Reg S

2.375 04/09/32

906,719

37,000

Ontario Power Generation Inc

2.977 09/13/29

26,687

600,000

Pembina Pipeline Corp

, Reg S

4.020 03/27/28

444,011

200,000

Quadgas Finance PLC

, Reg S

3.375 09/17/29

252,525

500,000

Redeia Corp SA

, Reg S

3.375 07/09/32

585,306

600,000

(b) Repsol International Finance BV

, Reg S

4.247 N/A

719,855

500,000

RWE AG

, Reg S

3.625 01/10/32

598,402

750,000

Scottish Hydro Electric Transmission PLC

, Reg S

3.375 09/04/32

878,382

200,000

Scottish Hydro Electric Transmission PLC

, Reg S

5.500 01/15/44

255,667

100,000

Severn Trent Utilities Finance PLC

, Reg S

6.250 06/07/29

141,969

450,000

Severn Trent Utilities Finance PLC

, Reg S

5.250 04/04/36

592,662

1,000,000

Shell International Finance BV

, Reg S

0.875 11/08/39

775,954

800,000

Snam SpA

, Reg S

0.750 06/17/30

853,938

100,000

South Eastern Power Networks PLC

, Reg S

1.750 09/30/34

103,489

100,000

South West Water Finance PLC

, Reg S

5.750 12/11/32

139,232

100,000

Southern Gas Networks PLC

, Reg S

1.250 12/02/31

110,052

100,000

Southern Gas Networks PLC

, Reg S

3.100 09/15/36

107,024

500,000

Suez SACA

, Reg S

4.500 11/13/33

613,852

100,000

Suez SACA

, Reg S

6.625 10/05/43

140,646

500,000

Suncor Energy Inc

3.550 11/14/30

360,759

300,000

SW Finance I PLC

, Reg S

6.875 08/07/32

418,675

200,000

SW Finance I PLC

, Reg S

3.000 05/28/37

192,776

80,000

TC Dudgeon Ofto PLC

, Reg S

3.158 11/12/38

93,797

200,000

Terega SA

, Reg S

4.000 09/17/34

234,467

300,000

TotalEnergies Capital International SA

, Reg S

3.647 07/01/35

349,362

500,000

TotalEnergies Capital International SA

, Reg S

4.060 07/01/40

574,008

500,000

TotalEnergies Capital International SA

, Reg S

3.852 03/03/45

538,086

300,000

(b) TotalEnergies SE

, Reg S

4.500 N/A

356,388

200,000

(b) TotalEnergies SE

, Reg S

4.120 N/A

239,406

200,000

TransCanada PipeLines Ltd

3.800 04/05/27

146,972

200,000

TransCanada PipeLines Ltd

, Reg S

5.277 07/15/30

155,381

200,000

TransCanada PipeLines Ltd

4.575 02/20/35

147,573

500,000

TransCanada PipeLines Ltd

, Reg S

4.340 10/15/49

320,131

650,000

United Utilities Water Finance PLC

, Reg S

1.750 02/10/38

571,488

100,000

Veolia Environnement SA

5.375 12/02/30

139,600

300,000

Veolia Environnement SA

, Reg S

3.324 06/17/32

349,938

500,000

Veolia Environnement SA

, Reg S

3.795 06/17/37

573,679

200,000

Wales & West Utilities Finance PLC

5.750 03/29/30

280,578

200,000

Wessex Water Services Finance PLC

, Reg S

6.125 09/19/34

276,039

300,000

Wintershall Dea Finance BV

, Reg S

4.357 10/03/32

352,062

300,000

Yorkshire Water Finance PLC

, Reg S

6.375 11/18/34

417,163

TOTAL UTILITY

49,027,649

TOTAL CORPORATE DEBT

(Cost $500,223,509)

504,212,336

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 78.5%

SOVEREIGN DEBT - 78.5%

$

200,000

407 International Inc

4.110 %

10/03/35

$

144,731

500,000

407 International Inc

2.840 03/07/50

259,606

300,000

Aargauische Kantonalbank

0.625 04/13/28

380,145

100,000

Action Logement Services

, Reg S

3.750 11/25/35

116,526

200,000

Action Logement Services

, Reg S

4.125 10/03/38

235,967

500,000

Action Logement Services

, Reg S

3.625 05/25/43

534,729

500,000

Adif Alta Velocidad

, Reg S

3.125 01/31/30

592,456

300,000

Adif Alta Velocidad

, Reg S

3.625 04/30/35

353,044

400,000

African Development Bank

2.500 05/29/30

467,233

400,000

Agence Francaise de Developpement EPIC

, Reg S

2.750 09/30/30

463,736

400,000

Agence Francaise de Developpement EPIC

, Reg S

3.375 05/25/33

465,343

300,000

Agence Francaise de Developpement EPIC

, Reg S

3.000 01/17/34

338,711

300,000

Agence Francaise de Developpement EPIC

, Reg S

3.625 01/20/35

349,979

900,000

Agence Francaise de Developpement EPIC

, Reg S

3.875 04/03/40

1,027,870

300,000

Agence France Locale

, Reg S

3.000 03/20/30

353,843

300,000

Agence France Locale

, Reg S

3.125 03/20/34

342,118

500,000

Alliander NV

, Reg S

4.125 N/A

584,437

10,000,000

Asian Development Bank

2.500 02/15/27

1,443,735

700,000

Asian Development Bank

2.800 01/15/32

820,834

200,000

Asian Development Bank

2.875 03/06/35

229,789

600,000

Auckland Council

, Reg S

2.950 09/28/50

215,084

1,500,000

Australia Government Bond

, Reg S

4.750 04/21/27

1,009,516

4,000,000

Australia Government Bond

, Reg S

2.750 11/21/27

2,604,819

4,000,000

Australia Government Bond

, Reg S

2.250 05/21/28

2,556,699

9,000,000

Australia Government Bond

, Reg S

2.750 11/21/28

5,776,699

7,000,000

Australia Government Bond

, Reg S

3.250 04/21/29

4,534,673

3,500,000

Australia Government Bond

, Reg S

2.750 11/21/29

2,212,651

2,800,000

Australia Government Bond

2.500 05/21/30

1,737,688

7,700,000

Australia Government Bond

, Reg S

1.000 12/21/30

4,384,398

6,720,000

Australia Government Bond

, Reg S

1.500 06/21/31

3,864,160

3,545,000

Australia Government Bond

, Reg S

1.000 11/21/31

1,950,330

3,669,000

Australia Government Bond

1.250 05/21/32

2,015,321

3,475,000

Australia Government Bond

, Reg S

1.750 11/21/32

1,941,828

5,595,000

Australia Government Bond

, Reg S

4.500 04/21/33

3,721,953

2,571,000

Australia Government Bond

, Reg S

3.000 11/21/33

1,534,775

500,000

Australia Government Bond

, Reg S

3.750 05/21/34

312,872

2,000,000

Australia Government Bond

, Reg S

4.250 06/21/34

1,297,035

1,500,000

Australia Government Bond

, Reg S

3.500 12/21/34

913,700

1,000,000

Australia Government Bond

, Reg S

4.250 12/21/35

640,675

1,500,000

Australia Government Bond

, Reg S

4.250 03/21/36

958,842

2,000,000

Australia Government Bond

, Reg S

4.250 10/21/36

1,273,028

220,000

Australia Government Bond

3.250 06/21/39

122,604

1,550,000

Australia Government Bond

2.750 05/21/41

785,589

600,000

Australia Government Bond

, Reg S

3.000 03/21/47

288,527

675,000

Australia Government Bond

, Reg S

1.750 06/21/51

230,148

600,000

Australia Government Bond

, Reg S

4.750 06/21/54

372,250

500,000

Australian Capital Territory

, Reg S

2.250 05/22/29

309,838

400,000

Australian Capital Territory

5.000 10/23/35

256,742

150,000

Australian Capital Territory

, Reg S

5.250 10/23/36

97,144

800,000

Autobahnen- und Schnell- strassen-Finanzierungs AG

, Reg S

0.100 07/16/35

697,801

200,000

Autonomous Community of Madrid Spain

, Reg S

3.596 04/30/33

242,652

700,000

Autonomous Community of Madrid Spain

, Reg S

3.462 04/30/34

837,244

200,000

Autonomous Community of Madrid Spain

, Reg S

3.137 04/30/35

231,740

200,000

Bank Gospodarstwa Krajowego

, Reg S

3.875 03/13/35

236,775

300,000

Bank Gospodarstwa Krajowego

, Reg S

4.250 03/18/37

357,417

300,000

Bank Gospodarstwa Krajowego

, Reg S

4.375 03/13/39

354,807

100,000

Bank of Montreal

2.038 04/27/28

130,828

300,000

Banque Ouest Africaine de Developpement

, Reg S

6.250 10/14/40

345,078

200,000

Basque Government

, Reg S

0.450 04/30/32

201,691

500,000

Basque Government

, Reg S

3.250 04/30/35

585,787

200,000

Bayerische Landesbodenkreditanstalt

, Reg S

3.250 03/15/35

235,978

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

200,000

BNG Bank NV

, Reg S

4.500 %

01/31/28

$

272,478

200,000

BNG Bank NV

, Reg S

3.300 07/17/28

129,527

150,000

BNG Bank NV

, Reg S

3.300 04/26/29

96,004

500,000

BNG Bank NV

2.450 07/21/32

283,984

4,500,000

BNG Bank NV

, Reg S

0.000 10/05/32

4,341,365

600,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

2.300 10/01/28

628,833

400,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

5.000 10/01/28

452,896

600,000,000

Bonos de la Tesoreria de la Republica en pesos

0.000 04/01/29

572,132

1,400,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

5.800 10/01/29

1,618,834

600,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

4.700 09/01/30

664,837

600,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

6.000 04/01/33

703,635

500,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

7.000 05/01/34

623,853

600,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

5.800 10/01/34

698,311

450,000,000

Bonos de la Tesoreria de la Republica en pesos

5.000 03/01/35

496,431

500,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

5.300 11/01/37

557,968

600,000,000

(a) Bonos de la Tesoreria de la Republica en pesos

, Reg S

6.200 10/01/40

731,121

410,000,000

Bonos de la Tesoreria de la Republica en pesos

6.100 04/01/56

501,873

100,000

Bpifrance SACA

, Reg S

2.750 02/25/29

117,551

200,000

Bpifrance SACA

, Reg S

2.875 11/25/31

231,297

400,000

Bpifrance SACA

, Reg S

3.000 05/25/32

462,687

500,000

Bpifrance SACA

, Reg S

3.125 07/01/33

576,549

600,000

Bpifrance SACA

, Reg S

3.375 05/25/34

694,785

600,000

Bpifrance SACA

, Reg S

3.250 05/25/35

681,029

250,000

British Columbia Investment Management Corp

3.400 06/02/30

184,266

650,000

British Columbia Investment Management Corp

4.000 06/02/35

478,385

70,000

Bulgaria Government International Bond

, Reg S

0.375 09/23/30

73,259

200,000

Bulgaria Government International Bond

, Reg S

3.625 09/05/32

241,478

300,000

Bulgaria Government International Bond

, Reg S

4.500 01/27/33

378,494

300,000

Bulgaria Government International Bond

, Reg S

3.500 05/07/34

354,421

300,000

Bulgaria Government International Bond

, Reg S

3.375 07/18/35

346,540

100,000

Bulgaria Government International Bond

, Reg S

4.125 05/07/38

118,866

200,000

Bulgaria Government International Bond

, Reg S

4.250 09/05/44

233,209

100,000

Bulgaria Government International Bond

, Reg S

4.125 07/18/45

112,874

1,050,000

Bundesobligation

, Reg S

1.300 10/15/27

1,216,831

1,150,000

Bundesobligation

, Reg S

1.300 10/15/27

1,332,577

1,500,000

Bundesobligation

, Reg S

2.200 04/13/28

1,764,141

1,550,000

Bundesobligation

, Reg S

2.400 10/19/28

1,829,847

3,000,000

Bundesobligation

, Reg S

2.100 04/12/29

3,503,981

1,500,000

Bundesobligation

, Reg S

2.100 04/12/29

1,752,163

3,000,000

Bundesobligation

, Reg S

2.500 10/11/29

3,544,528

4,250,000

Bundesobligation

, Reg S

2.400 04/18/30

4,992,380

2,900,000

Bundesobligation

, Reg S

2.200 10/10/30

3,367,857

2,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.500 08/15/27

2,290,572

4,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 11/15/27

4,520,847

2,150,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

5.625 01/04/28

2,697,790

3,500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.500 02/15/28

3,975,743

2,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

4.750 07/04/28

2,496,371

1,550,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.250 08/15/28

1,733,096

2,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 11/15/28

2,207,996

1,500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.250 02/15/29

1,657,861

1,500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/29

1,623,078

3,750,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.100 11/15/29

4,366,015

1,200,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

6.250 01/04/30

1,617,656

1,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 02/15/30

1,067,136

800,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/30

842,505

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/30

526,713

3,050,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.400 11/15/30

3,573,733

1,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

5.500 01/04/31

1,340,638

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 02/15/31

518,876

750,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/31

767,388

1,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/31

1,022,897

800,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 02/15/32

805,305

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

800,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

1.700 %

08/15/32

$

889,232

2,690,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 11/15/32

3,130,992

750,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.300 02/15/33

862,131

950,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.300 02/15/33

1,090,391

2,800,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.600 08/15/33

3,265,305

1,080,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.200 02/15/34

1,218,024

1,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

4.750 07/04/34

1,351,450

765,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.600 08/15/34

885,623

1,025,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 02/15/35

1,173,093

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 02/15/35

572,856

410,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 05/15/35

369,421

2,945,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.600 08/15/35

3,385,401

630,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 05/15/36

547,160

480,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

4.000 01/04/37

618,048

520,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

1.000 05/15/38

480,678

750,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

4.250 07/04/39

989,835

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

4.750 07/04/40

694,102

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.600 05/15/41

542,149

2,000,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 07/04/44

2,081,754

500,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 08/15/46

511,296

65,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/50

32,803

55,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

0.000 08/15/52

25,933

180,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

1.800 08/15/53

149,230

170,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

1.800 08/15/53

141,239

175,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.500 08/15/54

169,414

305,000

Bundesrepublik Deutschland Bundesanleihe

, Reg S

2.900 08/15/56

319,470

200,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

0.000 11/25/26

230,364

400,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

3.000 05/25/28

475,923

300,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

2.375 09/24/28

351,323

300,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

2.750 02/25/29

354,220

500,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

0.600 11/25/29

542,134

700,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

3.125 03/01/30

834,286

400,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

2.875 05/25/30

471,637

400,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

3.000 11/25/31

468,648

400,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

0.450 01/19/32

403,491

500,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

1.500 05/25/32

533,157

1,000,000

Caisse d'Amortissement de la Dette Sociale

, Reg S

2.750 11/25/32

1,142,670

400,000

Caisse des Depots et Consignations

, Reg S

4.000 01/17/29

536,170

300,000

Caisse des Depots et Consignations

, Reg S

3.125 05/25/33

347,974

200,000

Caisse des Depots et Consignations

, Reg S

3.125 05/25/35

226,639

200,000

Caisse Francaise de Financement Local SA

, Reg S

2.750 10/03/31

230,696

200,000

Caisse Francaise de Financement Local SA

, Reg S

2.875 09/08/32

230,139

500,000

Caisse Francaise de Financement Local SA

, Reg S

3.000 05/24/33

574,030

300,000

Caisse Francaise de Financement Local SA

, Reg S

3.125 07/20/33

347,538

600,000

Caisse Francaise de Financement Local SA

, Reg S

3.125 11/24/33

694,384

600,000

Caisse Francaise de Financement Local SA

, Reg S

3.250 04/17/35

689,116

100,000

Caisse Francaise de Financement Local SA

, Reg S

0.125 02/15/36

83,335

100,000

Caixa Geral de Depositos SA

, Reg S

5.750 10/31/28

123,927

100,000

Caixa Geral de Depositos SA

, Reg S

3.000 10/07/31

116,402

500,000

(a) Canada Housing Trust No 1

2.350 06/15/27

363,775

800,000

(a) Canada Housing Trust No 1

3.600 12/15/27

594,063

70,000

(a) Canada Housing Trust No 1

2.650 12/15/28

50,835

1,060,000

(a) Canada Housing Trust No 1

4.250 12/15/28

804,664

1,045,000

(a) Canada Housing Trust No 1

3.700 06/15/29

782,559

1,600,000

(a) Canada Housing Trust No 1

2.900 12/15/29

1,164,781

750,000

(a) Canada Housing Trust No 1

1.750 06/15/30

518,300

1,000,000

(a) Canada Housing Trust No 1

2.850 06/15/30

724,063

1,000,000

Canada Housing Trust No 1

2.850 12/15/30

721,342

445,000

(a) Canada Housing Trust No 1

2.450 12/15/31

311,148

1,395,000

(a) Canada Housing Trust No 1

3.550 09/15/32

1,031,572

122,000

(a) Canada Housing Trust No 1

3.650 06/15/33

90,532

1,500,000

(a) Canada Housing Trust No 1

4.250 03/15/34

1,154,018

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

400,000

(a) Canada Housing Trust No 1

3.500 %

12/15/34

$

290,904

1,000,000

Canada Housing Trust No 1

3.450 03/15/35

723,794

1,800,000

Canada Housing Trust No 1

3.600 09/15/35

1,313,268

1,500,000

Canada Housing Trust No 1

3.500 03/15/36

1,082,024

1,300,000

Canadian Government Bond

1.250 03/01/27

935,327

500,000

Canadian Government Bond

2.750 05/01/27

365,982

2,000,000

Canadian Government Bond

1.000 06/01/27

1,428,751

1,870,000

Canadian Government Bond

2.500 08/01/27

1,363,221

3,000,000

Canadian Government Bond

2.750 09/01/27

2,194,798

4,000,000

Canadian Government Bond

2.500 11/01/27

2,913,733

3,000,000

Canadian Government Bond

2.250 02/01/28

2,171,862

6,000,000

Canadian Government Bond

3.500 03/01/28

4,455,867

3,000,000

Canadian Government Bond

2.000 06/01/28

2,155,864

5,500,000

Canadian Government Bond

3.250 09/01/28

4,068,134

8,500,000

Canadian Government Bond

4.000 03/01/29

6,429,863

1,000,000

Canadian Government Bond

2.250 06/01/29

716,783

7,600,000

Canadian Government Bond

3.500 09/01/29

5,671,211

6,600,000

Canadian Government Bond

2.750 03/01/30

4,785,608

3,000,000

Canadian Government Bond

1.250 06/01/30

2,036,848

1,580,000

Canadian Government Bond

2.750 09/01/30

1,141,819

1,500,000

Canadian Government Bond

0.500 12/01/30

970,385

1,500,000

Canadian Government Bond

2.750 03/01/31

1,080,000

5,000,000

Canadian Government Bond

1.500 06/01/31

3,366,442

2,750,000

Canadian Government Bond

2.500 12/01/32

1,920,095

2,000,000

Canadian Government Bond

2.750 06/01/33

1,412,745

3,500,000

Canadian Government Bond

3.250 12/01/33

2,549,568

3,300,000

Canadian Government Bond

3.000 06/01/34

2,352,792

1,740,000

Canadian Government Bond

3.250 12/01/34

1,259,756

2,750,000

Canadian Government Bond

3.250 06/01/35

1,984,233

1,750,000

Canadian Government Bond

3.250 12/01/35

1,258,034

1,500,000

Canadian Government Bond

2.000 12/01/51

763,684

2,500,000

Canadian Government Bond

1.750 12/01/53

1,170,582

2,230,000

Canadian Government Bond

2.750 12/01/55

1,309,660

1,750,000

Canadian Government Bond

3.500 12/01/57

1,194,698

400,000

Canton of Zurich

, Reg S

2.000 07/29/38

567,954

500,000

Cassa Depositi e Prestiti SpA

, Reg S

3.375 02/11/32

591,240

500,000

Cassa Depositi e Prestiti SpA

, Reg S

3.500 10/27/35

576,229

600,000

CDP Financial Inc

, Reg S

4.100 06/13/30

388,970

500,000

CDP Financial Inc

, Reg S

3.650 06/02/34

362,433

100,000

Ceske Drahy AS

, Reg S

5.625 10/12/27

122,456

500,000

Chile Government International Bond

3.875 07/09/31

601,593

400,000

Chile Government International Bond

3.750 01/14/32

476,800

250,000

Chile Government International Bond

3.800 07/01/35

293,957

200,000

China Government International Bond

, Reg S

0.125 11/17/28

219,929

800,000

China Government International Bond

, Reg S

0.250 11/25/30

835,639

200,000

China Government International Bond

, Reg S

0.625 11/25/35

190,062

500,000

City of Montreal Canada

3.500 12/01/38

332,209

500,000

City of Montreal Canada

4.400 12/01/43

350,421

2,000,000

City of Stockholm Sweden

3.800 03/12/29

224,782

2,000,000

City of Stockholm Sweden

, Reg S

3.170 04/23/30

220,384

300,000

City of Toronto Canada

3.500 06/02/36

209,174

600,000

City of Toronto Canada

4.500 03/11/55

418,943

800,000

CNP Assurances SA

, Reg S

4.875 07/16/54

981,454

500,000

Corp Andina de Fomento

, Reg S

3.625 02/13/30

602,480

500,000

CPPIB Capital Inc

, Reg S

3.600 06/02/29

372,482

250,000

CPPIB Capital Inc

, Reg S

3.125 06/11/29

298,871

250,000

CPPIB Capital Inc

, Reg S

1.125 12/14/29

301,386

500,000

CPPIB Capital Inc

, Reg S

3.350 12/02/30

367,726

250,000

CPPIB Capital Inc

, Reg S

2.875 01/30/32

291,634

500,000

CPPIB Capital Inc

, Reg S

4.300 06/02/34

380,850

500,000

CPPIB Capital Inc

, Reg S

4.000 06/02/35

369,860

500,000

CPPIB Capital Inc

, Reg S

3.250 08/27/35

581,431

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

150,000

Croatia Government International Bond

, Reg S

3.000 %

03/20/27

$

177,771

1,400,000

Croatia Government International Bond

, Reg S

2.700 06/15/28

1,653,936

1,300,000

Croatia Government International Bond

, Reg S

1.125 06/19/29

1,457,028

1,500,000

Croatia Government International Bond

, Reg S

2.750 01/27/30

1,770,488

1,450,000

Croatia Government International Bond

, Reg S

1.500 06/17/31

1,586,454

910,000

Croatia Government International Bond

, Reg S

2.875 04/22/32

1,062,025

300,000

Croatia Government International Bond

, Reg S

1.125 03/04/33

309,425

210,000

Croatia Government International Bond

, Reg S

3.375 03/12/34

251,420

300,000

Croatia Government International Bond

, Reg S

4.000 06/14/35

375,588

1,050,000

Croatia Government International Bond

, Reg S

3.250 02/11/37

1,192,882

1,500,000

Croatia Government International Bond

, Reg S

1.750 03/04/41

1,363,299

100,000

Cyprus Government International Bond

, Reg S

1.500 04/16/27

116,330

1,400,000

Cyprus Government International Bond

, Reg S

2.375 09/25/28

1,652,509

1,000,000

Cyprus Government International Bond

, Reg S

0.625 01/21/30

1,088,953

1,600,000

Cyprus Government International Bond

, Reg S

0.950 01/20/32

1,684,216

1,010,000

Cyprus Government International Bond

, Reg S

4.125 04/13/33

1,269,225

700,000

Cyprus Government International Bond

, Reg S

2.750 02/26/34

801,846

850,000

Cyprus Government International Bond

, Reg S

1.250 01/21/40

748,256

400,000

Cyprus Government International Bond

, Reg S

2.750 05/03/49

389,157

600,000

Cyprus Government International Bond

, Reg S

2.250 04/16/50

523,560

300,000

Czech Gas Networks Investments Sarl

, Reg S

0.875 03/31/31

309,126

2,880,000

Czech Republic Government Bond

0.250 02/10/27

135,154

13,000,000

Czech Republic Government Bond

, Reg S

2.500 08/25/28

613,047

10,000,000

Czech Republic Government Bond

5.500 12/12/28

508,984

13,000,000

Czech Republic Government Bond

5.750 03/29/29

667,982

18,000,000

Czech Republic Government Bond

2.750 07/23/29

841,615

12,000,000

Czech Republic Government Bond

0.050 11/29/29

502,321

21,500,000

Czech Republic Government Bond

, Reg S

0.950 05/15/30

919,270

18,000,000

Czech Republic Government Bond

5.000 09/30/30

910,427

10,000,000

Czech Republic Government Bond

1.200 03/13/31

420,666

10,000,000

Czech Republic Government Bond

1.750 06/23/32

417,607

14,000,000

Czech Republic Government Bond

4.500 11/11/32

686,411

20,000,000

Czech Republic Government Bond

2.000 10/13/33

816,751

18,000,000

Czech Republic Government Bond

4.900 04/14/34

899,145

12,000,000

Czech Republic Government Bond

3.500 05/30/35

537,860

10,500,000

Czech Republic Government Bond

3.600 06/03/36

466,883

5,000,000

Czech Republic Government Bond

, Reg S

4.200 12/04/36

234,182

7,000,000

Czech Republic Government Bond

1.950 07/30/37

257,464

9,000,000

Czech Republic Government Bond

1.500 04/24/40

287,078

7,430,000

Czech Republic Government Bond

4.000 04/04/44

318,192

5,000,000

Czech Republic Government Bond

, Reg S

4.850 11/26/57

228,969

300,000

DAA Finance PLC

, Reg S

1.554 06/07/28

342,771

1,349,000

Denmark Government Bond

2.250 11/15/26

213,082

11,500,000

Denmark Government Bond

0.500 11/15/27

1,764,743

15,300,000

Denmark Government Bond

0.500 11/15/29

2,260,551

8,122,000

Denmark Government Bond

0.000 11/15/31

1,115,824

9,335,000

Denmark Government Bond

0.000 11/15/31

1,281,251

3,845,000

Denmark Government Bond

2.250 11/15/33

590,508

4,719,000

Denmark Government Bond

2.250 11/15/33

725,072

3,500,000

Denmark Government Bond

, Reg S

2.250 11/15/35

526,677

6,600,000

Denmark Government Bond

2.250 11/15/35

993,082

11,600,000

Denmark Government Bond

4.500 11/15/39

2,145,767

3,614,000

Denmark Government Bond

0.250 11/15/52

276,035

2,000,000

Deutsche Bahn AG

, Reg S

2.740 10/21/30

182,440

300,000

Deutsche Kreditbank AG

2.875 02/12/31

348,813

100,000

DP World Ltd/United Arab Emirates

, Reg S

4.250 09/25/30

131,155

300,000

Electricite de France SA

, Reg S

4.125 06/17/31

366,924

400,000

Electricite de France SA

, Reg S

5.500 10/17/41

495,483

500,000

Electricite de France SA

, Reg S

4.625 01/25/43

575,371

500,000

Electricite de France SA

, Reg S

5.125 09/22/50

553,417

600,000

EnBW International Finance BV

, Reg S

1.875 10/31/33

634,155

400,000

EnBW International Finance BV

, Reg S

6.048 10/30/34

270,031

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

500,000

Equinor ASA

6.125 %

11/27/28

$

706,674

4,900,000

Estonia Government International Bond

, Reg S

0.125 06/10/30

5,084,951

4,750,000

Estonia Government International Bond

, Reg S

4.000 10/12/32

5,845,641

2,000,000

Estonia Government International Bond

, Reg S

3.250 01/17/34

2,326,515

200,000

Eurofima Europaeische Gesellschaft fuer die Finanzierung von

Eisenbahnmaterial

, Reg S

3.350 05/21/29

127,847

600,000

Eurofima Europaeische Gesellschaft fuer die Finanzierung von

Eisenbahnmaterial

, Reg S

0.150 10/10/34

539,150

54,000,000

European Bank for Reconstruction & Development

2.750 04/27/32

8,087,680

3,700,000

European Financial Stability Facility

, Reg S

2.875 02/13/34

4,284,076

400,000

European Investment Bank

, Reg S

2.750 07/28/28

475,285

500,000

European Investment Bank

, Reg S

4.500 06/07/29

685,065

2,000,000

European Investment Bank

, Reg S

3.000 11/25/29

528,844

500,000

European Investment Bank

, Reg S

2.250 12/14/29

582,280

300,000

European Investment Bank

, Reg S

2.250 03/15/30

349,024

300,000

European Investment Bank

, Reg S

2.750 07/30/30

355,396

1,400,000

European Investment Bank

, Reg S

2.500 05/14/32

1,619,707

600,000

European Investment Bank

, Reg S

1.500 06/15/32

652,083

196,000

European Investment Bank

, Reg S

3.000 10/14/33

231,516

150,000

European Investment Bank

, Reg S

2.750 01/16/34

173,479

1,000,000

European Investment Bank

, Reg S

2.625 09/04/34

1,139,560

1,200,000

European Investment Bank

, Reg S

2.875 01/15/35

1,388,268

1,400,000

European Investment Bank

0.200 03/17/36

1,221,886

600,000

European Investment Bank

, Reg S

1.125 09/15/36

572,250

600,000

European Investment Bank

, Reg S

3.125 05/15/37

696,024

500,000

European Investment Bank

, Reg S

3.875 06/08/37

624,107

500,000

European Investment Bank

0.500 11/13/37

427,203

1,100,000

European Investment Bank

, Reg S

3.000 02/15/39

1,246,534

12,500,000

European Union

, Reg S

2.500 10/14/30

14,595,948

12,000,000

European Union

, Reg S

3.625 12/12/40

14,042,827

11,000,000

European Union

, Reg S

4.000 10/12/55

12,741,156

150,000

Export Development Canada

4.500 08/08/29

99,932

1,000,000

Export Development Canada

3.875 08/08/30

574,614

500,000

Export Development Canada

4.000 09/04/30

323,769

350,000

Export-Import Bank of Korea

3.625 09/18/27

419,752

200,000

Export-Import Bank of Korea

, Reg S

4.125 10/22/28

269,221

300,000

Ferrovie dello Stato Italiane SpA

, Reg S

4.125 05/23/29

365,685

300,000

Ferrovie dello Stato Italiane SpA

, Reg S

4.500 05/23/33

375,697

320,000

(a) Finland Government Bond

, Reg S

1.375 04/15/27

372,585

650,000

(a) Finland Government Bond

, Reg S

0.500 09/15/27

742,562

1,000,000

(a) Finland Government Bond

, Reg S

2.750 07/04/28

1,189,963

3,500,000

(a) Finland Government Bond

, Reg S

0.500 09/15/28

3,919,773

5,640,000

(a) Finland Government Bond

, Reg S

2.875 04/15/29

6,723,760

1,100,000

(a) Finland Government Bond

, Reg S

0.500 09/15/29

1,203,884

2,740,000

(a) Finland Government Bond

, Reg S

2.500 04/15/30

3,213,675

1,050,000

(a) Finland Government Bond

, Reg S

0.000 09/15/30

1,092,332

2,500,000

(a) Finland Government Bond

, Reg S

0.750 04/15/31

2,657,758

3,250,000

(a) Finland Government Bond

, Reg S

0.125 09/15/31

3,293,586

2,080,000

(a) Finland Government Bond

, Reg S

2.625 04/15/32

2,417,014

1,900,000

(a) Finland Government Bond

, Reg S

1.500 09/15/32

2,048,896

1,340,000

(a) Finland Government Bond

, Reg S

3.000 09/15/33

1,577,236

1,050,000

(a) Finland Government Bond

, Reg S

1.125 04/15/34

1,062,613

350,000

(a) Finland Government Bond

, Reg S

3.000 09/15/34

408,884

850,000

(a) Finland Government Bond

, Reg S

3.000 09/15/35

984,709

500,000

(a) Finland Government Bond

, Reg S

0.125 04/15/36

427,253

1,440,000

(a) Finland Government Bond

, Reg S

2.750 04/15/38

1,577,880

200,000

(a) Finland Government Bond

, Reg S

0.250 09/15/40

146,905

200,000

(a) Finland Government Bond

, Reg S

2.625 07/04/42

206,601

300,000

(a) Finland Government Bond

, Reg S

0.500 04/15/43

210,643

740,000

Finland Government Bond

, Reg S

3.200 04/15/45

810,667

1,500,000

(a) Finland Government Bond

, Reg S

1.375 04/15/47

1,152,385

400,000

(a) Finland Government Bond

, Reg S

0.125 04/15/52

183,783

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

200,000

(a) Finland Government Bond

, Reg S

2.950 %

04/15/55

$

196,620

750,000

Finnvera Oyj

, Reg S

2.875 08/30/29

886,053

40,000

Free and Hanseatic City of Hamburg

0.000 11/05/35

34,330

100,000

Free and Hanseatic City of Hamburg

, Reg S

0.300 09/16/50

49,801

500,000

Free State of Bavaria

2.375 01/17/33

566,454

500,000

Free State of Saxony

, Reg S

2.875 05/15/34

577,464

390,000

(a) French Republic Government Bond OAT

, Reg S

0.000 02/25/27

446,985

340,000

(a) French Republic Government Bond OAT

, Reg S

1.000 05/25/27

392,820

2,980,000

(a) French Republic Government Bond OAT

, Reg S

2.500 09/24/27

3,515,445

3,940,000

(a) French Republic Government Bond OAT

, Reg S

2.750 10/25/27

4,667,761

4,910,000

(a) French Republic Government Bond OAT

, Reg S

0.750 02/25/28

5,579,354

4,050,000

(a) French Republic Government Bond OAT

, Reg S

0.750 05/25/28

4,580,268

2,920,000

(a) French Republic Government Bond OAT

, Reg S

2.400 09/24/28

3,427,291

3,000,000

(a) French Republic Government Bond OAT

, Reg S

0.750 11/25/28

3,358,097

4,520,000

French Republic Government Bond OAT

, Reg S

2.750 02/25/29

5,348,031

3,050,000

(a) French Republic Government Bond OAT

, Reg S

5.500 04/25/29

3,916,291

3,800,000

(a) French Republic Government Bond OAT

, Reg S

0.500 05/25/29

4,169,530

2,250,000

(a) French Republic Government Bond OAT

, Reg S

0.000 11/25/29

2,388,653

2,540,000

(a) French Republic Government Bond OAT

, Reg S

2.750 02/25/30

2,990,978

2,900,000

(a) French Republic Government Bond OAT

, Reg S

2.500 05/25/30

3,377,618

2,120,000

(a) French Republic Government Bond OAT

, Reg S

0.000 11/25/30

2,174,707

2,240,000

(a) French Republic Government Bond OAT

, Reg S

2.700 02/25/31

2,612,149

675,000

(a) French Republic Government Bond OAT

, Reg S

1.500 05/25/31

738,681

745,000

(a) French Republic Government Bond OAT

, Reg S

0.000 11/25/31

736,355

1,240,000

(a) French Republic Government Bond OAT

, Reg S

0.000 05/25/32

1,201,626

3,580,000

(a) French Republic Government Bond OAT

, Reg S

5.750 10/25/32

4,883,619

695,000

(a) French Republic Government Bond OAT

, Reg S

2.000 11/25/32

759,487

2,015,000

(a) French Republic Government Bond OAT

, Reg S

3.000 05/25/33

2,333,586

1,890,000

(a) French Republic Government Bond OAT

, Reg S

3.500 11/25/33

2,252,080

200,000

(a) French Republic Government Bond OAT

, Reg S

1.250 05/25/34

198,951

1,390,000

(a) French Republic Government Bond OAT

, Reg S

3.000 11/25/34

1,579,973

1,680,000

(a) French Republic Government Bond OAT

, Reg S

4.750 04/25/35

2,171,968

330,000

(a) French Republic Government Bond OAT

, Reg S

3.200 05/25/35

378,670

3,855,000

(a) French Republic Government Bond OAT

, Reg S

3.500 11/25/35

4,505,333

1,245,000

French Republic Government Bond OAT

1.250 05/05/36

1,165,150

1,235,000

(a) French Republic Government Bond OAT

, Reg S

1.250 05/25/38

1,085,966

2,250,000

(a) French Republic Government Bond OAT

, Reg S

4.000 10/25/38

2,694,118

100,000

(a) French Republic Government Bond OAT

, Reg S

1.750 06/25/39

91,676

725,000

(a) French Republic Government Bond OAT

, Reg S

0.500 05/25/40

531,687

1,300,000

(a) French Republic Government Bond OAT

, Reg S

4.500 04/25/41

1,617,980

2,240,000

(a) French Republic Government Bond OAT

, Reg S

3.600 05/25/42

2,485,578

2,200,000

(a) French Republic Government Bond OAT

, Reg S

2.500 05/25/43

2,073,801

500,000

(a) French Republic Government Bond OAT

, Reg S

0.500 06/25/44

314,862

1,750,000

(a) French Republic Government Bond OAT

, Reg S

3.250 05/25/45

1,809,871

300,000

(a) French Republic Government Bond OAT

, Reg S

2.000 05/25/48

237,809

1,210,000

(a) French Republic Government Bond OAT

, Reg S

3.000 06/25/49

1,152,793

7,440,000

(a) French Republic Government Bond OAT

, Reg S

1.500 05/25/50

5,039,168

1,300,000

(a) French Republic Government Bond OAT

, Reg S

0.750 05/25/52

667,664

1,950,000

(a) French Republic Government Bond OAT

, Reg S

0.750 05/25/53

969,300

1,320,000

(a) French Republic Government Bond OAT

, Reg S

3.000 05/25/54

1,193,934

500,000

(a) French Republic Government Bond OAT

, Reg S

4.000 04/25/55

546,193

1,410,000

(a) French Republic Government Bond OAT

, Reg S

3.250 05/25/55

1,333,249

1,820,000

(a) French Republic Government Bond OAT

, Reg S

3.750 05/25/56

1,881,723

1,300,000

(a) French Republic Government Bond OAT

, Reg S

4.000 04/25/60

1,393,241

1,500,000

(a) French Republic Government Bond OAT

, Reg S

1.750 05/25/66

860,417

450,000

(a) French Republic Government Bond OAT

, Reg S

0.500 05/25/72

130,889

300,000

Gaci First Investment Co

, Reg S

3.375 10/14/32

347,857

300,000

Gaci First Investment Co

, Reg S

5.625 06/11/39

394,960

1,200,000

Gemeinsame Deutsche Bundeslaender HB HH MV RP SH

, Reg S

3.000 09/11/35

1,387,147

100,000

Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH

, Reg

S

2.625 02/27/30

117,117

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

300,000

Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH

, Reg

S

2.500 %

10/24/31

$

345,314

100,000

Gemeinsame Deutsche Bundeslaender HB HH RP SL SH

, Reg S

0.100 10/07/26

115,655

500,000

Gestion Securite de Stocks Securite SA

, Reg S

3.375 06/29/30

598,020

637,000

Government of Newfoundland and Labrador

2.850 06/02/29

463,004

1,000,000

Government of Newfoundland and Labrador

3.300 10/17/46

588,459

300,000

Government of Newfoundland and Labrador

2.650 10/17/50

151,071

300,000

(a) Hellenic Republic Government Bond

, Reg S

2.000 04/22/27

353,035

2,740,000

Hellenic Republic Government Bond

, Reg S

3.750 01/30/28

3,318,051

2,120,000

(a) Hellenic Republic Government Bond

, Reg S

3.875 06/15/28

2,581,423

3,800,000

(a) Hellenic Republic Government Bond

, Reg S

3.875 03/12/29

4,657,560

1,000,000

(a) Hellenic Republic Government Bond

, Reg S

1.500 06/18/30

1,119,587

1,200,000

(a) Hellenic Republic Government Bond

, Reg S

0.750 06/18/31

1,262,321

1,800,000

(a) Hellenic Republic Government Bond

, Reg S

1.750 06/18/32

1,960,691

3,000,000

Hellenic Republic Government Bond

, Reg S

3.900 01/30/33

3,692,195

1,340,000

(a) Hellenic Republic Government Bond

, Reg S

4.250 06/15/33

1,684,781

340,000

(a) Hellenic Republic Government Bond

, Reg S

3.375 06/15/34

401,535

1,800,000

(a) Hellenic Republic Government Bond

, Reg S

1.875 02/04/35

1,865,522

900,000

(a) Hellenic Republic Government Bond

, Reg S

3.625 06/15/35

1,072,981

700,000

Hellenic Republic Government Bond

, Reg S

4.000 01/30/37

854,178

300,000

(a) Hellenic Republic Government Bond

, Reg S

4.375 07/18/38

376,890

1,200,000

Hellenic Republic Government Bond

, Reg S

4.200 01/30/42

1,464,666

775,000

(a) Hellenic Republic Government Bond

1.875 01/24/52

585,891

800,000

(a) Hellenic Republic Government Bond

, Reg S

4.125 06/15/54

916,825

700,000

Hong Kong Government International Bond

, Reg S

3.125 06/10/33

835,760

120,000

Housing New Zealand Ltd

, Reg S

2.247 10/05/26

68,776

400,000

Housing New Zealand Ltd

, Reg S

3.420 10/18/28

229,755

200,000

Housing New Zealand Ltd

, Reg S

2.183 04/24/30

107,514

12,270,000

Hungary Government Bond

9.500 10/21/26

38,452

100,000,000

Hungary Government Bond

3.000 10/27/27

289,756

400,000,000

Hungary Government Bond

4.500 03/23/28

1,180,328

230,000,000

Hungary Government Bond

6.750 10/22/28

712,077

100,000,000

Hungary Government Bond

2.000 05/23/29

266,950

500,000,000

Hungary Government Bond

6.000 11/28/29

1,514,619

380,000,000

Hungary Government Bond

3.000 08/21/30

1,008,206

100,000,000

Hungary Government Bond

6.750 07/23/31

310,237

270,000,000

Hungary Government Bond

3.250 10/22/31

701,647

150,000,000

Hungary Government Bond

4.500 05/27/32

409,786

120,000,000

Hungary Government Bond

4.750 11/24/32

330,357

100,000,000

Hungary Government Bond

2.250 04/20/33

229,662

100,000,000

Hungary Government Bond

2.250 06/22/34

218,863

230,000,000

Hungary Government Bond

7.000 10/24/35

712,714

100,000,000

Hungary Government Bond

3.000 10/27/38

202,238

100,780,000

Hungary Government Bond

3.000 04/25/41

189,603

200,000,000

Hungary Government Bond

4.000 04/28/51

376,862

300,000

Hungary Government International Bond

, Reg S

4.000 07/25/29

361,707

160,000

Hungary Government International Bond

, Reg S

0.500 11/18/30

164,290

100,000

Hungary Government International Bond

, Reg S

5.375 09/12/33

125,794

400,000

Hungary Government International Bond

, Reg S

4.500 06/16/34

473,774

200,000

Hungary Government International Bond

, Reg S

4.875 03/22/40

233,887

600,000

Hydro-Quebec

3.400 09/01/29

443,486

300,000

Hydro-Quebec

3.550 09/01/32

219,335

100,000

Hydro-Quebec

6.500 02/15/35

87,478

500,000

Hydro-Quebec

5.000 02/15/45

380,952

500,000

Hydro-Quebec

4.000 02/15/55

324,045

400,000

Hydro-Quebec

2.100 02/15/60

164,523

800,000

Hydro-Quebec

4.000 02/15/63

514,171

900,000

Hydro-Quebec

4.000 02/15/65

577,293

400,000

Ile-de-France Mobilites

, Reg S

3.800 05/25/45

440,293

200,000

Ile-de-France Mobilites

, Reg S

3.450 06/25/49

201,693

400,000

Indonesia Government International Bond

1.400 10/30/31

418,527

300,000

Indonesia Government International Bond

3.650 09/10/32

353,132

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

100,000

Indonesia Government International Bond

4.125 %

01/15/37

$

117,476

2,500,000,000

Indonesia Treasury Bond

7.000 05/15/27

153,343

20,000,000,000

Indonesia Treasury Bond

6.375 08/15/28

1,228,290

25,000,000,000

Indonesia Treasury Bond

9.000 03/15/29

1,655,577

50,000,000,000

Indonesia Treasury Bond

6.875 04/15/29

3,124,262

90,000,000,000

Indonesia Treasury Bond

6.500 07/15/30

5,608,390

7,000,000,000

Indonesia Treasury Bond

10.500 08/15/30

502,124

26,000,000,000

Indonesia Treasury Bond

7.000 09/15/30

1,641,007

68,000,000,000

Indonesia Treasury Bond

5.875 03/15/31

4,137,207

10,000,000,000

Indonesia Treasury Bond

6.375 04/15/32

611,408

10,000,000,000

Indonesia Treasury Bond

7.500 08/15/32

645,891

35,000,000,000

Indonesia Treasury Bond

6.625 02/15/34

2,167,206

46,000,000,000

Indonesia Treasury Bond

6.750 07/15/35

2,896,855

15,000,000,000

Indonesia Treasury Bond

6.500 04/15/36

925,203

10,000,000,000

Indonesia Treasury Bond

7.500 04/15/40

654,584

19,000,000,000

Indonesia Treasury Bond

7.125 08/15/40

1,221,412

4,000,000,000

Indonesia Treasury Bond

7.125 06/15/42

253,917

9,000,000,000

Indonesia Treasury Bond

7.125 06/15/43

571,043

30,100,000,000

Indonesia Treasury Bond

7.125 08/15/45

1,933,927

3,500,000,000

Indonesia Treasury Bond

7.375 05/15/48

224,525

8,800,000,000

Indonesia Treasury Bond

6.875 08/15/51

535,134

41,200,000,000

Indonesia Treasury Bond

6.875 07/15/54

2,520,235

200,000

Industrial Bank of Korea

, Reg S

4.826 02/27/30

132,536

500,000

Instituto de Credito Oficial

, Reg S

3.800 05/31/29

611,866

200,000

Instituto de Credito Oficial

, Reg S

3.050 04/30/31

238,279

100,000

Inter-American Development Bank

4.750 10/05/29

138,121

12,000,000

International Bank for Reconstruction & Development

1.750 01/24/28

1,716,947

300,000

International Bank for Reconstruction & Development

3.450 09/13/38

352,684

100,000

International Development Association

, Reg S

0.000 10/19/26

115,491

300,000

International Development Association

, Reg S

2.750 09/03/32

348,469

200,000

International Development Association

, Reg S

2.500 01/15/38

213,131

600,000

International Development Association

, Reg S

3.625 10/28/50

666,692

500,000

International Finance Corp

1.500 04/15/35

242,103

300,000

Investitionsbank Berlin

, Reg S

2.500 05/20/30

349,164

700,000

Investitionsbank Berlin

, Reg S

3.125 03/01/33

826,166

500,000

Investitionsbank Schleswig-Holstein

, Reg S

2.750 02/19/35

566,246

920,000

Ireland Government Bond

, Reg S

0.200 05/15/27

1,054,349

3,020,000

Ireland Government Bond

, Reg S

0.900 05/15/28

3,444,451

4,000,000

Ireland Government Bond

, Reg S

1.100 05/15/29

4,510,720

2,290,000

Ireland Government Bond

, Reg S

2.400 05/15/30

2,679,472

3,000,000

Ireland Government Bond

0.200 10/18/30

3,155,239

1,220,000

Ireland Government Bond

, Reg S

1.350 03/18/31

1,350,245

1,400,000

Ireland Government Bond

, Reg S

0.000 10/18/31

1,411,454

2,620,000

Ireland Government Bond

, Reg S

0.350 10/18/32

2,620,074

2,340,000

Ireland Government Bond

, Reg S

1.300 05/15/33

2,470,513

200,000

Ireland Government Bond

2.600 10/18/34

227,512

320,000

Ireland Government Bond

, Reg S

0.400 05/15/35

294,292

1,265,000

Ireland Government Bond

, Reg S

1.700 05/15/37

1,270,912

300,000

Ireland Government Bond

, Reg S

0.550 04/22/41

232,051

1,300,000

Ireland Government Bond

, Reg S

3.000 10/18/43

1,428,463

450,000

Ireland Government Bond

, Reg S

2.000 02/18/45

416,620

770,000

Ireland Government Bond

, Reg S

1.500 05/15/50

591,482

600,000

Ireland Government Bond

, Reg S

3.150 10/18/55

627,727

2,550,000

Israel Government Bond - Fixed

3.750 09/30/27

800,137

5,500,000

Israel Government Bond - Fixed

4.100 07/31/28

1,740,139

8,000,000

Israel Government Bond - Fixed

2.250 09/28/28

2,414,401

6,000,000

Israel Government Bond - Fixed

3.750 02/28/29

1,883,265

3,500,000

Israel Government Bond - Fixed

4.600 08/31/29

1,130,242

4,250,000

Israel Government Bond - Fixed

1.000 03/31/30

1,193,534

3,000,000

Israel Government Bond - Fixed

1.300 04/30/32

811,432

3,500,000

Israel Government Bond - Fixed

4.000 03/30/35

1,105,703

4,250,000

Israel Government Bond - Fixed

4.150 10/31/35

1,353,971

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

4,000,000

Israel Government Bond - Fixed

1.500 %

05/31/37

$

967,606

1,500,000

Israel Government Bond - Fixed

5.500 01/31/42

543,278

3,450,000

Israel Government Bond - Fixed

3.750 03/31/47

998,319

3,800,000

Israel Government Bond - Fixed

2.800 11/29/52

888,918

250,000

Israel Government International Bond

, Reg S

5.000 10/30/26

298,861

300,000

Israel Government International Bond

, Reg S

0.625 01/18/32

298,948

500,000

Israel Government International Bond

, Reg S

2.500 01/16/49

410,145

150,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.850 01/15/27

174,029

500,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.050 08/01/27

586,450

520,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.100 08/26/27

609,750

500,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.950 09/15/27

575,676

3,640,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.700 10/15/27

4,309,334

2,200,000

Italy Buoni Poliennali Del Tesoro

, Reg S

6.500 11/01/27

2,781,207

2,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.650 12/01/27

2,366,946

3,250,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.000 02/01/28

3,799,003

3,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.250 03/15/28

3,371,887

3,020,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.400 04/01/28

3,630,590

3,520,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.650 06/15/28

4,160,988

2,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.500 07/15/28

2,243,676

2,340,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.800 08/01/28

2,845,673

2,150,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.750 09/01/28

2,678,001

500,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.800 12/01/28

593,956

6,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.350 01/15/29

7,019,266

4,950,000

Italy Buoni Poliennali Del Tesoro

, Reg S

4.100 02/01/29

6,091,954

500,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.450 02/15/29

552,157

300,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.800 06/15/29

355,565

1,840,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.350 07/01/29

2,217,612

1,500,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.000 08/01/29

1,790,131

340,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.000 10/01/29

404,877

300,000

Italy Buoni Poliennali Del Tesoro

, Reg S

5.250 11/01/29

386,770

840,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.850 12/15/29

1,031,627

1,450,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.500 03/01/30

1,760,399

300,000

Italy Buoni Poliennali Del Tesoro

, Reg S

1.350 04/01/30

334,165

2,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.700 06/15/30

2,444,977

1,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.950 07/01/30

1,185,756

1,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.950 08/01/30

1,085,821

1,800,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.700 10/01/30

2,107,885

2,520,000

Italy Buoni Poliennali Del Tesoro

, Reg S

4.000 11/15/30

3,122,254

1,500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

1.650 12/01/30

1,671,329

750,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.500 02/15/31

908,851

100,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.900 04/01/31

106,499

450,000

Italy Buoni Poliennali Del Tesoro

, Reg S

6.000 05/01/31

611,257

520,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.150 11/15/31

617,248

460,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

1.650 03/01/32

500,281

200,000

Italy Buoni Poliennali Del Tesoro

, Reg S

0.950 06/01/32

206,868

2,750,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.250 07/15/32

3,266,243

1,500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.250 11/15/32

1,775,950

660,000

Italy Buoni Poliennali Del Tesoro

, Reg S

2.500 12/01/32

747,234

470,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.450 09/01/33

524,769

610,000

Italy Buoni Poliennali Del Tesoro

, Reg S

4.350 11/01/33

771,645

1,000,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.850 07/01/34

1,218,949

1,200,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.850 02/01/35

1,460,231

2,000,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.650 08/01/35

2,385,977

1,700,000

Italy Buoni Poliennali Del Tesoro

, Reg S

3.600 10/01/35

2,018,733

465,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.250 09/01/36

483,969

190,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.000 02/01/37

231,957

500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.050 10/30/37

609,029

750,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.250 03/01/38

843,376

1,500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

5.000 08/01/39

1,987,375

100,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.150 10/01/39

121,506

200,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.100 03/01/40

216,311

700,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

5.000 09/01/40

926,616

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

340,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.850 %

10/01/40

$

397,278

1,215,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

1.800 03/01/41

1,082,921

1,290,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.750 09/01/44

1,654,762

5,600,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

1.500 04/30/45

4,330,151

340,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.100 04/30/46

398,262

2,450,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.250 09/01/46

2,529,949

400,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.700 03/01/47

375,557

2,000,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.450 03/01/48

2,107,688

2,200,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

3.850 09/01/49

2,458,483

1,100,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.450 09/01/50

943,215

1,500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

1.700 09/01/51

1,065,769

650,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.150 09/01/52

507,648

1,450,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.500 10/01/53

1,745,637

1,660,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.300 10/01/54

1,934,996

4,110,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

4.650 10/01/55

5,033,116

1,500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.800 03/01/67

1,249,663

500,000

(a) Italy Buoni Poliennali Del Tesoro

, Reg S

2.150 03/01/72

347,085

1,050,000,000

Japan Government Five Year Bond

0.200 12/20/27

6,578,133

800,000,000

Japan Government Five Year Bond

0.300 12/20/27

5,021,659

1,565,000,000

Japan Government Five Year Bond

0.100 03/20/28

9,753,731

500,000,000

Japan Government Five Year Bond

0.300 06/20/28

3,120,865

1,500,000,000

Japan Government Five Year Bond

0.400 09/20/28

9,359,724

1,400,000,000

Japan Government Five Year Bond

0.400 12/20/28

8,704,125

800,000,000

Japan Government Five Year Bond

0.500 06/20/29

4,954,850

500,000,000

Japan Government Five Year Bond

0.600 09/20/29

3,096,750

145,000,000

Japan Government Five Year Bond

0.700 09/20/29

901,341

500,000,000

Japan Government Five Year Bond

0.900 12/20/29

3,123,130

809,250,000

Japan Government Five Year Bond

1.000 12/20/29

5,075,953

900,000,000

Japan Government Five Year Bond

1.100 12/20/29

5,665,903

1,340,000,000

Japan Government Five Year Bond

1.000 03/20/30

8,383,068

800,000,000

Japan Government Five Year Bond

1.000 06/20/30

4,991,853

303,250,000

Japan Government Five Year Bond

1.000 06/20/30

1,892,600

304,800,000

Japan Government Five Year Bond

1.100 06/20/30

1,910,413

1,000,000,000

Japan Government Five Year Bond

1.300 09/20/30

6,309,866

300,000,000

Japan Government Forty Year Bond

0.400 03/20/56

857,980

150,000,000

Japan Government Forty Year Bond

0.900 03/20/57

512,208

300,000,000

Japan Government Forty Year Bond

0.800 03/20/58

970,921

425,000,000

Japan Government Forty Year Bond

0.500 03/20/59

1,190,309

185,000,000

Japan Government Forty Year Bond

0.500 03/20/60

509,601

335,000,000

Japan Government Forty Year Bond

0.700 03/20/61

982,570

475,000,000

Japan Government Forty Year Bond

1.000 03/20/62

1,535,170

385,000,000

Japan Government Forty Year Bond

1.300 03/20/63

1,355,464

880,000,000

Japan Government Forty Year Bond

2.200 03/20/64

4,082,993

700,000,000

Japan Government Forty Year Bond

3.100 03/20/65

4,093,891

650,000,000

Japan Government Ten Year Bond

0.100 09/20/27

4,076,988

1,665,000,000

Japan Government Ten Year Bond

0.100 12/20/27

10,410,539

1,515,000,000

Japan Government Ten Year Bond

0.100 03/20/28

9,441,530

1,165,000,000

Japan Government Ten Year Bond

0.100 06/20/28

7,236,535

1,700,000,000

Japan Government Ten Year Bond

0.100 09/20/28

10,520,814

1,340,000,000

Japan Government Ten Year Bond

0.100 12/20/28

8,257,057

1,200,000,000

Japan Government Ten Year Bond

0.100 03/20/29

7,362,455

1,340,000,000

Japan Government Ten Year Bond

0.100 06/20/29

8,186,101

1,100,000,000

Japan Government Ten Year Bond

0.100 09/20/29

6,687,161

340,000,000

Japan Government Ten Year Bond

0.100 12/20/29

2,057,396

1,300,000,000

Japan Government Ten Year Bond

0.100 03/20/30

7,829,940

335,000,000

Japan Government Ten Year Bond

0.100 06/20/30

2,008,226

847,050,000

Japan Government Ten Year Bond

0.100 09/20/30

5,053,767

340,000,000

Japan Government Ten Year Bond

0.100 12/20/30

2,019,480

340,000,000

Japan Government Ten Year Bond

0.100 03/20/31

2,009,914

600,000,000

Japan Government Ten Year Bond

0.100 06/20/31

3,529,376

340,000,000

Japan Government Ten Year Bond

0.100 09/20/31

1,989,286

600,000,000

Japan Government Ten Year Bond

0.100 12/20/31

3,491,901

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

675,000,000

Japan Government Ten Year Bond

0.200 %

03/20/32

$

3,931,834

800,000,000

Japan Government Ten Year Bond

0.200 06/20/32

4,634,483

1,125,000,000

Japan Government Ten Year Bond

0.200 09/20/32

6,481,929

1,075,000,000

Japan Government Ten Year Bond

0.500 12/20/32

6,295,552

600,000,000

Japan Government Ten Year Bond

0.500 03/20/33

3,495,001

800,000,000

Japan Government Ten Year Bond

0.400 06/20/33

4,601,614

600,000,000

Japan Government Ten Year Bond

0.800 09/20/33

3,541,816

300,000,000

Japan Government Ten Year Bond

0.700 12/20/33

1,748,381

300,000,000

Japan Government Ten Year Bond

0.800 03/20/34

1,755,233

1,500,000,000

Japan Government Ten Year Bond

1.400 03/20/35

9,090,434

790,000,000

Japan Government Ten Year Bond

1.500 06/20/35

4,815,953

300,000,000

Japan Government Ten Year Bond

1.600 09/20/35

1,839,957

1,600,000,000

Japan Government Ten Year Bond

1.700 09/20/35

9,902,555

50,000,000

Japan Government Thirty Year Bond

2.900 11/20/30

339,188

55,650,000

Japan Government Thirty Year Bond

2.200 09/20/39

343,394

1,208,300,000

Japan Government Thirty Year Bond

2.300 03/20/40

7,497,558

370,000,000

Japan Government Thirty Year Bond

2.200 03/20/41

2,234,376

420,000,000

Japan Government Thirty Year Bond

2.000 03/20/42

2,439,588

830,000,000

Japan Government Thirty Year Bond

1.500 03/20/45

4,203,932

157,000,000

Japan Government Thirty Year Bond

0.800 06/20/47

649,695

410,000,000

Japan Government Thirty Year Bond

0.800 03/20/48

1,658,493

300,000,000

Japan Government Thirty Year Bond

0.700 06/20/48

1,172,937

500,000,000

Japan Government Thirty Year Bond

0.400 12/20/49

1,698,810

110,000,000

Japan Government Thirty Year Bond

0.600 09/20/50

384,918

500,000,000

Japan Government Thirty Year Bond

0.700 09/20/51

1,738,301

150,000,000

Japan Government Thirty Year Bond

0.700 12/20/51

517,404

110,000,000

Japan Government Thirty Year Bond

1.600 12/20/53

476,696

1,000,000,000

Japan Government Thirty Year Bond

2.300 12/20/54

5,122,843

205,000,000

Japan Government Thirty Year Bond

2.400 03/20/55

1,074,182

400,000,000

Japan Government Thirty Year Bond

2.800 06/20/55

2,284,245

500,000,000

Japan Government Thirty Year Bond

3.200 09/20/55

3,093,815

500,000,000

Japan Government Twenty Year Bond

2.100 12/20/27

3,249,545

1,000,000,000

Japan Government Twenty Year Bond

2.100 09/20/29

6,538,263

57,750,000

Japan Government Twenty Year Bond

2.100 03/20/30

377,813

54,150,000

Japan Government Twenty Year Bond

1.600 06/20/30

346,861

450,000,000

Japan Government Twenty Year Bond

2.100 12/20/30

2,945,577

1,215,000,000

Japan Government Twenty Year Bond

1.700 09/20/32

7,736,483

1,110,550,000

Japan Government Twenty Year Bond

1.600 03/20/33

6,997,078

500,000,000

Japan Government Twenty Year Bond

1.700 06/20/33

3,164,918

675,000,000

Japan Government Twenty Year Bond

1.700 09/20/33

4,262,906

100,000,000

Japan Government Twenty Year Bond

1.500 06/20/34

617,111

300,000,000

Japan Government Twenty Year Bond

1.200 03/20/35

1,786,679

600,000,000

Japan Government Twenty Year Bond

1.300 06/20/35

3,593,378

900,000,000

Japan Government Twenty Year Bond

1.200 09/20/35

5,317,720

500,000,000

Japan Government Twenty Year Bond

1.000 12/20/35

2,885,897

430,000,000

Japan Government Twenty Year Bond

0.400 03/20/36

2,318,727

600,000,000

Japan Government Twenty Year Bond

0.200 06/20/36

3,143,105

300,000,000

Japan Government Twenty Year Bond

0.500 09/20/36

1,614,846

80,000,000

Japan Government Twenty Year Bond

0.600 06/20/37

426,711

300,000,000

Japan Government Twenty Year Bond

0.500 03/20/38

1,546,078

180,000,000

Japan Government Twenty Year Bond

0.500 06/20/38

920,561

300,000,000

Japan Government Twenty Year Bond

0.700 09/20/38

1,563,418

500,000,000

Japan Government Twenty Year Bond

0.400 03/20/40

2,383,362

300,000,000

Japan Government Twenty Year Bond

0.400 06/20/40

1,418,495

400,000,000

Japan Government Twenty Year Bond

0.400 09/20/40

1,875,352

270,000,000

Japan Government Twenty Year Bond

0.500 03/20/41

1,265,397

600,000,000

Japan Government Twenty Year Bond

0.500 12/20/41

2,746,078

300,000,000

Japan Government Twenty Year Bond

0.800 03/20/42

1,438,400

600,000,000

Japan Government Twenty Year Bond

0.900 06/20/42

2,909,107

400,000,000

Japan Government Twenty Year Bond

1.100 09/20/42

1,995,113

400,000,000

Japan Government Twenty Year Bond

1.100 03/20/43

1,972,962

400,000,000

Japan Government Twenty Year Bond

1.500 09/20/43

2,088,411

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

500,000,000

Japan Government Twenty Year Bond

1.300 %

12/20/43

$

2,509,362

600,000,000

Japan Government Twenty Year Bond

1.800 09/20/44

3,232,371

1,030,000,000

Japan Government Twenty Year Bond

2.000 12/20/44

5,717,520

1,175,000,000

Japan Government Twenty Year Bond

2.400 03/20/45

6,938,906

900,000,000

Japan Government Two Year Bond

1.000 10/01/27

5,730,441

100,000

Jersey International Bond

, Reg S

2.875 05/06/52

84,358

200,000

Junta de Andalucia

, Reg S

0.500 04/30/31

207,052

500,000

Junta de Andalucia

, Reg S

3.300 04/30/35

582,539

300,000

Kazakhstan Government International Bond

, Reg S

1.500 09/30/34

295,070

200,000

Kingdom of Belgium

3.000 06/22/34

231,562

150,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.800 06/22/27

172,913

2,200,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.000 10/22/27

2,486,101

3,200,000

Kingdom of Belgium Government Bond

, Reg S

5.500 03/28/28

4,021,121

3,500,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.800 06/22/28

3,966,698

2,250,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.900 06/22/29

2,507,003

2,040,000

(a) Kingdom of Belgium Government Bond

, Reg S

2.700 10/22/29

2,410,260

2,200,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.100 06/22/30

2,311,352

2,000,000

(a) Kingdom of Belgium Government Bond

, Reg S

2.600 10/22/30

2,337,307

500,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.000 06/22/31

534,075

715,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.000 10/22/31

714,300

3,000,000

Kingdom of Belgium Government Bond

, Reg S

4.000 03/28/32

3,747,294

3,380,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.350 06/22/32

3,371,605

200,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.250 04/22/33

208,207

610,000

(a) Kingdom of Belgium Government Bond

, Reg S

3.000 06/22/33

713,250

1,165,000

(a) Kingdom of Belgium Government Bond

, Reg S

2.850 10/22/34

1,324,827

620,000

(a) Kingdom of Belgium Government Bond

, Reg S

5.000 03/28/35

826,273

1,280,000

(a) Kingdom of Belgium Government Bond

, Reg S

3.100 06/22/35

1,473,468

215,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.900 06/22/38

208,961

1,000,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.400 06/22/40

733,407

500,000

(a) Kingdom of Belgium Government Bond

, Reg S

4.250 03/28/41

614,941

300,000

(a) Kingdom of Belgium Government Bond

, Reg S

3.450 06/22/42

331,610

1,300,000

(a) Kingdom of Belgium Government Bond

, Reg S

3.450 06/22/43

1,427,282

1,000,000

Kingdom of Belgium Government Bond

, Reg S

3.750 06/22/45

1,133,629

1,500,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.600 06/22/47

1,136,717

200,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.700 06/22/50

146,071

140,000

(a) Kingdom of Belgium Government Bond

, Reg S

1.400 06/22/53

88,594

700,000

Kingdom of Belgium Government Bond

, Reg S

3.300 06/22/54

688,811

640,000

(a) Kingdom of Belgium Government Bond

, Reg S

3.500 06/22/55

648,743

650,000

(a) Kingdom of Belgium Government Bond

, Reg S

2.250 06/22/57

490,008

1,165,000

(a) Kingdom of Belgium Government Bond

2.150 06/22/66

794,336

400,000

(a) Kingdom of Belgium Government Bond

, Reg S

0.650 06/22/71

133,690

200,000

Kommunalbanken AS

, Reg S

3.700 01/16/29

149,057

250,000

Kommunalbanken AS

1.250 07/02/30

128,034

150,000

Kommunalbanken AS

4.000 09/24/30

96,799

500,000

Kommunalbanken AS

5.250 04/18/34

332,358

500,000

Kommunekredit

2.750 06/15/27

79,442

300,000

Kommunekredit

, Reg S

1.500 05/16/29

340,909

400,000

Kommunekredit

, Reg S

2.375 09/15/32

454,310

300,000

Kommunekredit

, Reg S

0.000 05/04/34

272,402

2,500,000

Kommuninvest I Sverige AB

, Reg S

0.750 05/12/28

260,863

400,000

Kommuninvest I Sverige AB

, Reg S

2.500 10/04/28

469,790

4,000,000

Kommuninvest I Sverige AB

, Reg S

3.000 03/12/29

439,746

4,000,000

Kommuninvest I Sverige AB

, Reg S

3.250 11/12/29

443,286

3,000,000

Kommuninvest I Sverige AB

, Reg S

3.250 06/12/30

331,697

3,000,000

Kommuninvest I Sverige AB

, Reg S

2.750 11/12/30

324,338

3,000,000

Kommuninvest I Sverige AB

, Reg S

2.650 05/12/31

322,682

500,000

Korea Housing Finance Corp

, Reg S

2.765 09/02/30

583,947

400,000

Korea International Bond

2.250 07/03/28

468,215

368,420,000

Korea Treasury Bond

2.125 06/10/27

253,529

3,700,000,000

Korea Treasury Bond

3.250 06/10/27

2,586,360

5,200,000,000

Korea Treasury Bond

2.250 09/10/27

3,577,659

7,100,000,000

Korea Treasury Bond

2.875 12/10/27

4,930,853

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

4,500,000,000

Korea Treasury Bond

3.250 %

03/10/28

$

3,147,115

3,500,000,000

Korea Treasury Bond

2.250 06/10/28

2,388,110

6,000,000,000

Korea Treasury Bond

1.375 12/10/29

3,887,841

2,000,000,000

Korea Treasury Bond

2.625 03/10/30

1,355,252

2,000,000,000

Korea Treasury Bond

1.375 06/10/30

1,280,646

7,000,000,000

Korea Treasury Bond

2.500 09/10/30

4,708,365

6,150,000,000

Korea Treasury Bond

1.500 12/10/30

3,925,906

2,000,000,000

Korea Treasury Bond

2.000 06/10/31

1,298,287

1,000,000,000

Korea Treasury Bond

2.375 12/10/31

659,121

1,000,000,000

Korea Treasury Bond

4.000 12/10/31

719,370

1,000,000,000

Korea Treasury Bond

3.375 06/10/32

695,793

1,000,000,000

Korea Treasury Bond

4.250 12/10/32

730,929

3,000,000,000

Korea Treasury Bond

3.750 12/10/33

2,132,480

2,400,000,000

Korea Treasury Bond

3.000 12/10/34

1,610,517

3,500,000,000

Korea Treasury Bond

2.625 06/10/35

2,280,132

3,000,000,000

Korea Treasury Bond

3.250 12/10/35

2,065,037

231,420,000

Korea Treasury Bond

1.125 09/10/39

121,580

2,000,000,000

Korea Treasury Bond

2.750 12/10/44

1,267,765

9,115,030,000

Korea Treasury Bond

2.750 09/10/45

5,800,647

3,500,000,000

Korea Treasury Bond

2.625 03/10/48

2,158,682

1,400,000,000

Korea Treasury Bond

1.500 03/10/50

679,406

600,000,000

Korea Treasury Bond

1.875 03/10/51

314,967

1,500,000,000

Korea Treasury Bond

3.250 03/10/54

1,032,189

3,500,000,000

Korea Treasury Bond

2.750 09/10/54

2,188,755

5,100,000,000

Korea Treasury Bond

2.625 03/10/55

3,109,763

4,000,000,000

Korea Treasury Bond

2.625 09/10/55

2,452,647

3,000,000

Kreditanstalt fuer Wiederaufbau

0.750 06/28/28

3,393,598

300,000

Kreditanstalt fuer Wiederaufbau

4.450 01/16/30

199,210

2,050,000

Kreditanstalt fuer Wiederaufbau

, Reg S

1.125 09/15/32

2,159,115

200,000

Kuntarahoitus Oyj

, Reg S

4.375 10/02/28

271,604

500,000

Kuntarahoitus Oyj

, Reg S

2.625 06/14/32

574,527

500,000

Kuntarahoitus Oyj

, Reg S

2.750 02/02/34

570,600

350,000

Kuntarahoitus Oyj

, Reg S

0.050 09/10/35

300,796

800,000

La Banque Postale SA

, Reg S

4.000 05/03/28

964,572

500,000

Land Baden-Wuerttemberg

, Reg S

2.625 03/12/30

587,770

700,000

Land Baden-Wuerttemberg

, Reg S

3.125 01/23/40

786,366

800,000

Land Berlin

2.375 06/04/30

929,170

400,000

Land Berlin

2.750 01/16/32

467,140

100,000

Land Berlin

, Reg S

2.875 02/15/34

115,858

200,000

Land Berlin

3.125 03/19/35

234,321

720,000

Land Berlin

, Reg S

0.150 02/22/36

619,457

105,000

Land Berlin

, Reg S

0.625 08/25/36

93,448

200,000

Land Berlin

, Reg S

3.000 03/13/54

197,758

200,000

Land Thueringen

, Reg S

2.500 09/03/29

234,475

200,000

Land Thueringen

, Reg S

2.875 09/17/35

228,538

200,000

Landesbank Baden-Wuerttemberg

, Reg S

0.250 07/21/28

220,428

1,000,000

Landesbank Baden-Wuerttemberg

, Reg S

0.375 02/21/31

1,015,491

800,000

Landesbank Hessen-Thueringen Girozentrale

, Reg S

3.000 03/05/32

928,222

600,000

Landeskreditbank Baden-Wuerttemberg Foerderbank

, Reg S

0.000 01/20/31

611,996

500,000

Landwirtschaftliche Rentenbank

, Reg S

0.683 10/02/35

622,179

100,000

Latvia Government International Bond

, Reg S

3.875 03/25/27

119,653

2,950,000

Latvia Government International Bond

, Reg S

3.500 01/17/28

3,530,458

750,000

Latvia Government International Bond

, Reg S

1.125 05/30/28

852,373

1,500,000

Latvia Government International Bond

, Reg S

0.000 01/24/29

1,623,740

320,000

Latvia Government International Bond

, Reg S

3.875 05/22/29

389,880

1,260,000

Latvia Government International Bond

, Reg S

2.875 05/21/30

1,474,190

1,360,000

Latvia Government International Bond

, Reg S

0.000 03/17/31

1,362,938

500,000

Latvia Government International Bond

, Reg S

3.000 01/24/32

582,556

500,000

Latvia Government International Bond

, Reg S

3.875 07/12/33

604,781

500,000

Latvia Government International Bond

, Reg S

3.500 10/02/35

576,798

500,000

Latvia Government International Bond

, Reg S

1.375 05/16/36

466,230

450,000

Latvia Government International Bond

, Reg S

2.250 02/15/47

389,624

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

1,400,000

Latvia Government International Bond

, Reg S

1.875 %

02/19/49

$

1,080,105

500,000

LCR Finance PLC

, Reg S

4.500 12/07/28

682,119

200,000

LFA Foerderbank Bayern

0.750 01/04/27

231,564

300,000

LFA Foerderbank Bayern

1.000 03/01/28

341,661

100,000

Lithuania Government International Bond

, Reg S

0.950 05/26/27

115,196

1,600,000

Lithuania Government International Bond

, Reg S

4.125 04/25/28

1,944,797

350,000

Lithuania Government International Bond

, Reg S

0.500 06/19/29

381,956

2,640,000

Lithuania Government International Bond

, Reg S

2.875 01/28/30

3,110,646

150,000

Lithuania Government International Bond

, Reg S

0.750 05/06/30

161,150

2,140,000

Lithuania Government International Bond

, Reg S

3.500 07/03/31

2,564,032

600,000

Lithuania Government International Bond

, Reg S

2.125 06/01/32

660,594

940,000

Lithuania Government International Bond

, Reg S

3.875 06/14/33

1,141,047

150,000

Lithuania Government International Bond

, Reg S

3.500 02/13/34

177,037

650,000

Lithuania Government International Bond

, Reg S

2.125 10/22/35

668,167

640,000

Lithuania Government International Bond

, Reg S

3.625 03/10/36

740,659

400,000

Lithuania Government International Bond

, Reg S

3.625 01/28/40

444,391

1,940,000

Lithuania Government International Bond

, Reg S

4.250 09/10/45

2,229,920

690,000

Lithuania Government International Bond

, Reg S

0.500 07/28/50

337,873

400,000

Logicor Financing Sarl

, Reg S

3.750 07/14/32

464,144

300,000

Magyar Export-Import Bank Zrt

, Reg S

6.000 05/16/29

377,324

1,600,000

Malaysia Government Bond

3.502 05/31/27

396,710

3,000,000

Malaysia Government Bond

3.899 11/16/27

753,209

18,000,000

Malaysia Government Bond

3.519 04/20/28

4,484,298

8,500,000

Malaysia Government Bond

3.733 06/15/28

2,128,387

4,000,000

Malaysia Government Bond

3.885 08/15/29

1,008,246

6,000,000

Malaysia Government Bond

4.498 04/15/30

1,550,645

16,000,000

Malaysia Government Bond

3.336 05/15/30

3,952,449

4,000,000

Malaysia Government Bond

2.632 04/15/31

951,301

3,500,000

Malaysia Government Bond

3.582 07/15/32

871,619

1,500,000

Malaysia Government Bond

4.642 11/07/33

398,813

4,000,000

Malaysia Government Bond

3.828 07/05/34

1,009,364

7,500,000

Malaysia Government Bond

3.476 07/02/35

1,841,086

3,500,000

Malaysia Government Bond

4.762 04/07/37

950,446

2,000,000

Malaysia Government Bond

4.893 06/08/38

549,410

5,000,000

Malaysia Government Bond

4.054 04/18/39

1,266,449

3,000,000

Malaysia Government Bond

3.757 05/22/40

736,562

2,000,000

Malaysia Government Bond

4.696 10/15/42

544,013

7,000,000

Malaysia Government Bond

4.180 05/16/44

1,793,608

7,500,000

Malaysia Government Bond

4.065 06/15/50

1,883,313

6,000,000

Malaysia Government Bond

4.457 03/31/53

1,596,571

300,000

Mediocredito Centrale - Banca Del Mezzogiorno SpA

, Reg S

3.250 03/04/30

351,976

300,000

Merseylink Issuer PLC

, Reg S

3.842 03/31/43

350,937

4,000,000

Mexican Bonos

7.500 06/03/27

222,182

47,000,000

Mexican Bonos

8.500 03/02/28

2,643,575

90,500,000

Mexican Bonos

8.500 03/01/29

5,076,899

40,500,000

Mexican Bonos

8.500 05/31/29

2,271,329

31,500,000

Mexican Bonos

8.500 02/28/30

1,756,428

41,307,000

Mexican Bonos

7.750 05/29/31

2,213,248

17,000,000

Mexican Bonos

8.000 04/15/32

909,445

17,000,000

Mexican Bonos

7.500 05/26/33

879,401

50,500,000

Mexican Bonos

7.750 11/23/34

2,605,007

15,000,000

Mexican Bonos

8.000 02/21/36

772,421

24,500,000

Mexican Bonos

8.500 11/18/38

1,277,047

33,000,000

Mexican Bonos

7.750 11/13/42

1,568,828

16,500,000

Mexican Bonos

8.000 11/07/47

789,590

34,442,000

Mexican Bonos

8.000 07/31/53

1,632,784

8,000,000

Mexican Bonos

8.000 04/29/55

377,733

200,000

Mexico Government International Bond

3.500 09/19/29

234,231

200,000

Mexico Government International Bond

4.490 05/25/32

239,897

500,000

Mexico Government International Bond

4.500 03/19/34

585,672

200,000

Mexico Government International Bond

5.125 05/04/37

237,726

300,000

Mexico Government International Bond

5.125 03/19/38

350,365

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

200,000

Mexico Government International Bond

2.125 %

10/25/51

$

126,894

200,000

Mexico Government International Bond

5.625 03/19/14

205,667

300,000

MFB Magyar Fejlesztesi Bank Zrt

, Reg S

4.375 06/27/30

359,684

300,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

2.750 10/22/29

352,912

500,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

3.250 06/22/37

561,571

300,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

3.675 06/22/40

339,993

300,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

4.000 09/26/42

348,765

200,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

3.500 06/22/45

214,124

600,000

Ministeries Van de Vlaamse Gemeenschap

, Reg S

4.250 06/22/50

692,752

500,000

Municipal Finance Authority of British Columbia

3.300 10/02/30

366,858

300,000

Municipal Finance Authority of British Columbia

4.050 06/03/35

221,968

150,000

Nederlandse Waterschapsbank NV

, Reg S

3.450 07/17/28

97,421

1,200,000

Nederlandse Waterschapsbank NV

, Reg S

2.125 10/30/28

1,398,802

300,000

Nederlandse Waterschapsbank NV

, Reg S

3.300 05/02/29

191,706

1,500,000

Nederlandse Waterschapsbank NV

, Reg S

2.750 09/24/32

1,740,135

100,000

(a) Netherlands Government Bond

, Reg S

0.000 01/15/27

115,094

1,100,000

(a) Netherlands Government Bond

, Reg S

0.750 07/15/27

1,266,538

2,910,000

(a) Netherlands Government Bond

, Reg S

5.500 01/15/28

3,643,088

1,140,000

(a) Netherlands Government Bond

, Reg S

0.750 07/15/28

1,290,902

4,610,000

(a) Netherlands Government Bond

, Reg S

0.000 01/15/29

5,052,548

910,000

(a) Netherlands Government Bond

, Reg S

0.250 07/15/29

992,698

1,610,000

(a) Netherlands Government Bond

, Reg S

2.500 01/15/30

1,895,344

3,510,000

(a) Netherlands Government Bond

, Reg S

0.000 07/15/30

3,686,390

800,000

(a) Netherlands Government Bond

, Reg S

0.000 07/15/31

814,512

800,000

(a) Netherlands Government Bond

, Reg S

0.500 07/15/32

816,914

800,000

(a) Netherlands Government Bond

, Reg S

2.500 01/15/33

925,667

1,910,000

(a) Netherlands Government Bond

, Reg S

2.500 07/15/33

2,198,482

300,000

(a) Netherlands Government Bond

, Reg S

2.500 07/15/34

342,359

1,380,000

(a) Netherlands Government Bond

, Reg S

2.500 07/15/35

1,558,866

140,000

(a) Netherlands Government Bond

, Reg S

4.000 01/15/37

178,101

365,000

(a) Netherlands Government Bond

, Reg S

0.000 01/15/38

292,602

410,000

(a) Netherlands Government Bond

, Reg S

0.500 01/15/40

331,418

145,000

(a) Netherlands Government Bond

, Reg S

3.750 01/15/42

178,377

700,000

(a) Netherlands Government Bond

, Reg S

3.250 01/15/44

803,537

450,000

(a) Netherlands Government Bond

, Reg S

2.750 01/15/47

471,306

395,000

(a) Netherlands Government Bond

, Reg S

0.000 01/15/52

185,745

420,000

(a) Netherlands Government Bond

, Reg S

2.000 01/15/54

355,783

140,000

(a) Netherlands Government Bond

, Reg S

3.500 01/15/56

161,660

600,000

Network Rail Infrastructure Finance PLC

4.750 11/29/35

809,604

650,000

New South Wales Treasury Corp

, Reg S

3.000 04/20/29

414,995

1,600,000

New South Wales Treasury Corp

, Reg S

1.500 02/20/32

881,276

400,000

New South Wales Treasury Corp

2.000 03/08/33

219,148

1,926,000

New South Wales Treasury Corp

, Reg S

1.750 03/20/34

994,512

1,500,000

New South Wales Treasury Corp

, Reg S

4.750 02/20/35

965,964

1,300,000

New South Wales Treasury Corp

, Reg S

4.250 02/20/36

792,619

450,000

New South Wales Treasury Corp

, Reg S

4.750 02/20/37

281,936

500,000

New South Wales Treasury Corp

, Reg S

5.250 02/24/38

323,979

1,150,000

New South Wales Treasury Corp

5.250 02/22/39

737,244

1,000,000

New South Wales Treasury Corp

2.250 05/07/41

428,450

2,000,000

New South Wales Treasury Corp

, Reg S

2.450 08/24/50

725,158

3,900,000

New Zealand Government Bond

0.250 05/15/28

2,096,217

3,000,000

New Zealand Government Bond

3.000 04/20/29

1,701,570

1,300,000

New Zealand Government Bond

4.500 05/15/30

772,000

800,000

New Zealand Government Bond

1.500 05/15/31

406,970

3,000,000

New Zealand Government Bond

2.000 05/15/32

1,527,318

800,000

New Zealand Government Bond

, Reg S

3.500 04/14/33

440,582

600,000

New Zealand Government Bond

4.250 05/15/34

343,814

4,700,000

New Zealand Government Bond

4.500 05/15/35

2,721,598

800,000

New Zealand Government Bond

4.250 05/15/36

450,114

1,793,000

New Zealand Government Bond

, Reg S

2.750 04/15/37

862,075

1,150,000

New Zealand Government Bond

1.750 05/15/41

437,758

700,000

New Zealand Government Bond

2.750 05/15/51

266,282

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

900,000

New Zealand Government Bond

5.000 %

05/15/54

$

504,871

300,000

New Zealand Local Government Funding Agency Bond

, Reg S

2.250 05/15/31

157,252

550,000

New Zealand Local Government Funding Agency Bond

3.500 04/14/33

297,465

500,000

New Zealand Local Government Funding Agency Bond

, Reg S

2.000 04/15/37

215,246

300,000

Norddeutsche Landesbank-Girozentrale

2.750 10/30/30

346,930

500,000

Nordic Investment Bank

, Reg S

2.125 05/23/28

584,426

300,000

Northern Territory Treasury Corp

5.250 03/21/34

197,176

800,000

Northern Territory Treasury Corp

5.250 05/21/38

500,585

1,000,000

(a) Norway Government Bond

, Reg S

1.750 02/17/27

96,764

7,000,000

(a) Norway Government Bond

, Reg S

1.750 09/06/29

643,466

7,000,000

(a) Norway Government Bond

, Reg S

1.375 08/19/30

620,551

3,000,000

(a) Norway Government Bond

, Reg S

1.250 09/17/31

256,931

4,600,000

(a) Norway Government Bond

2.125 05/18/32

408,488

3,000,000

(a) Norway Government Bond

, Reg S

3.000 08/15/33

276,919

5,000,000

(a) Norway Government Bond

, Reg S

3.625 04/13/34

479,402

2,000,000

(a) Norway Government Bond

, Reg S

3.750 06/12/35

192,028

2,000,000

(a) Norway Government Bond

, Reg S

3.625 05/31/39

187,126

1,000,000

(a) Norway Government Bond

, Reg S

3.500 10/06/42

91,495

350,000

NRW Bank

, Reg S

2.625 02/06/29

412,359

300,000

NRW Bank

, Reg S

2.500 09/02/30

349,261

400,000

NRW Bank

, Reg S

3.000 06/04/35

462,163

1,500,000

NRW Bank

, Reg S

3.000 09/24/35

1,730,538

300,000

OMERS Finance Trust

, Reg S

2.600 05/14/29

215,527

350,000

OMERS Finance Trust

, Reg S

4.500 10/16/29

231,383

300,000

OMERS Finance Trust

, Reg S

3.250 01/28/35

345,458

300,000

Ontario Teachers' Finance Trust

, Reg S

0.100 05/19/28

333,536

300,000

Ontario Teachers' Finance Trust

, Reg S

1.850 05/03/32

326,568

250,000

Ontario Teachers' Finance Trust

, Reg S

4.300 06/02/34

189,157

700,000

OP Mortgage Bank

, Reg S

3.125 10/20/28

835,820

400,000

Orsted AS

, Reg S

5.750 04/09/40

512,507

4,000,000

Peru Government Bond

6.350 08/12/28

1,251,931

10,250,000

Peru Government Bond

5.940 02/12/29

3,191,848

9,050,000

Peru Government Bond

6.950 08/12/31

2,990,651

4,000,000

Peru Government Bond

6.150 08/12/32

1,282,932

1,750,000

(a) Peru Government Bond

, Reg S

7.300 08/12/33

593,213

2,250,000

Peru Government Bond

5.400 08/12/34

666,358

6,000,000

(a) Peru Government Bond

, Reg S

6.850 08/12/35

1,919,185

8,500,000

Peru Government Bond

6.900 08/12/37

2,640,521

1,500,000

(a) Peru Government Bond

, Reg S

7.600 08/12/39

486,525

3,750,000

Peru Government Bond

5.350 08/12/40

988,616

5,500,000

Peru Government Bond

6.850 02/12/42

1,708,798

7,000,000

Peru Government Bond

6.714 02/12/55

2,167,403

500,000

Peruvian Government International Bond

1.250 03/11/33

495,229

500,000

Philippine Government International Bond

1.750 04/28/41

423,602

1,540,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

2.125 10/17/28

1,807,408

1,010,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

1.950 06/15/29

1,173,672

1,250,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

3.875 02/15/30

1,552,494

1,140,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

0.475 10/18/30

1,218,571

1,300,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

0.300 10/17/31

1,335,687

1,000,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

1.650 07/16/32

1,095,908

1,000,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

2.250 04/18/34

1,110,171

1,210,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

3.000 06/15/35

1,404,470

300,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

0.900 10/12/35

285,295

3,700,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

4.100 04/15/37

4,658,847

640,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

1.150 04/11/42

521,351

300,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

4.100 02/15/45

368,874

140,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

1.000 04/12/52

86,785

500,000

(a) Portugal Obrigacoes do Tesouro OT

, Reg S

3.625 06/12/54

548,994

500,000

Province of Alberta Canada

2.050 06/01/30

349,677

150,000

Province of Alberta Canada

1.650 06/01/31

100,980

500,000

Province of Alberta Canada

3.950 06/01/35

369,097

700,000

Province of Alberta Canada

3.300 12/01/46

422,768

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

500,000

Province of Alberta Canada

3.050 %

12/01/48

$

284,421

1,500,000

Province of Alberta Canada

3.100 06/01/50

852,125

500,000

Province of Alberta Canada

2.950 06/01/52

272,770

750,000

Province of British Columbia Canada

2.200 06/18/30

527,345

350,000

Province of British Columbia Canada

1.550 06/18/31

233,945

500,000

Province of British Columbia Canada

5.250 05/23/34

331,537

600,000

Province of British Columbia Canada

4.000 06/18/35

442,873

500,000

Province of British Columbia Canada

4.300 06/18/42

358,504

500,000

Province of British Columbia Canada

3.200 06/18/44

303,498

700,000

Province of British Columbia Canada

, Reg S

3.900 10/10/45

803,921

800,000

Province of British Columbia Canada

2.800 06/18/48

434,565

300,000

Province of British Columbia Canada

2.950 06/18/50

164,643

600,000

Province of British Columbia Canada

2.750 06/18/52

312,499

500,000

Province of British Columbia Canada

4.450 12/18/55

353,598

500,000

Province of British Columbia Canada

4.600 06/18/57

362,707

300,000

Province of Manitoba Canada

3.900 12/02/32

224,409

200,000

Province of Manitoba Canada

3.700 06/02/35

144,112

1,000,000

Province of Manitoba Canada

2.850 09/05/46

554,718

300,000

Province of Manitoba Canada

3.200 03/05/50

171,648

500,000

Province of Manitoba Canada

2.050 09/05/52

219,194

350,000

Province of Manitoba Canada

4.400 09/05/55

243,508

500,000

Province of Manitoba Canada

4.600 09/05/57

360,000

131,000

Province of New Brunswick Canada

4.250 08/14/29

99,776

400,000

Province of New Brunswick Canada

4.800 09/26/39

306,653

900,000

Province of New Brunswick Canada

5.000 08/14/54

686,731

200,000

Province of Nova Scotia Canada

1.100 06/01/28

140,249

200,000

Province of Nova Scotia Canada

3.150 12/01/51

112,083

500,000

Province of Nova Scotia Canada

4.600 12/01/55

358,913

300,000

Province of Nova Scotia Canada

4.750 06/01/74

222,329

850,000

Province of Ontario Canada

3.600 03/08/28

631,632

500,000

Province of Ontario Canada

2.900 06/02/28

365,906

1,125,000

Province of Ontario Canada

2.700 06/02/29

814,924

500,000

Province of Ontario Canada

1.550 11/01/29

346,081

1,300,000

Province of Ontario Canada

2.050 06/02/30

908,497

1,500,000

Province of Ontario Canada

2.950 09/08/30

1,086,413

1,043,000

Province of Ontario Canada

2.250 12/02/31

718,028

2,570,000

Province of Ontario Canada

3.750 06/02/32

1,915,177

650,000

Province of Ontario Canada

5.350 05/08/34

435,753

2,500,000

Province of Ontario Canada

4.150 06/02/34

1,886,504

200,000

Province of Ontario Canada

, Reg S

1.018 07/30/35

252,076

1,350,000

Province of Ontario Canada

3.950 12/02/35

990,299

1,000,000

Province of Ontario Canada

3.450 06/02/45

628,371

2,000,000

Province of Ontario Canada

2.900 12/02/46

1,133,817

1,757,000

Province of Ontario Canada

2.650 12/02/50

913,166

850,000

Province of Ontario Canada

1.900 12/02/51

369,697

750,000

Province of Ontario Canada

2.550 12/02/52

376,119

2,300,000

Province of Ontario Canada

3.750 12/02/53

1,458,929

300,000

Province of Ontario Canada

4.150 12/02/54

203,295

590,000

Province of Ontario Canada

4.600 12/02/55

431,205

500,000

Province of Ontario Canada

4.450 12/02/56

356,885

250,000

Province of Quebec Canada

2.750 09/01/28

182,269

1,500,000

Province of Quebec Canada

2.300 09/01/29

1,069,090

800,000

Province of Quebec Canada

1.900 09/01/30

552,807

400,000

Province of Quebec Canada

1.500 09/01/31

264,932

1,088,000

Province of Quebec Canada

3.250 09/01/32

784,185

1,350,000

Province of Quebec Canada

3.600 09/01/33

984,291

300,000

Province of Quebec Canada

5.250 05/02/34

198,114

1,300,000

Province of Quebec Canada

4.450 09/01/34

996,517

150,000

Province of Quebec Canada

5.100 06/04/35

97,173

500,000

Province of Quebec Canada

4.000 09/01/35

367,525

100,000

Province of Quebec Canada

0.918 10/24/35

124,778

1,800,000

Province of Quebec Canada

3.500 12/01/45

1,120,826

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

468,000

Province of Quebec Canada

3.100 %

12/01/51

$

260,899

450,000

Province of Quebec Canada

2.850 12/01/53

234,909

1,496,000

Province of Quebec Canada

4.400 12/01/55

1,040,854

900,000

Province of Quebec Canada

4.200 12/01/57

605,093

300,000

Province of Saskatchewan Canada

3.900 06/02/33

224,367

300,000

Province of Saskatchewan Canada

3.800 06/02/35

218,777

300,000

Province of Saskatchewan Canada

3.300 06/02/48

178,733

500,000

Province of Saskatchewan Canada

3.100 06/02/50

284,001

400,000

Province of Saskatchewan Canada

4.200 12/02/54

272,242

750,000

PSP Capital Inc

, Reg S

1.500 03/15/28

532,438

250,000

PSP Capital Inc

, Reg S

4.250 10/22/30

337,504

600,000

(a) Queensland Treasury Corp

, Reg S

3.250 07/21/28

390,027

300,000

(a) Queensland Treasury Corp

, Reg S

3.500 08/21/30

190,944

400,000

(a) Queensland Treasury Corp

, Reg S

1.750 08/21/31

227,297

448,000

(a) Queensland Treasury Corp

, Reg S

1.500 08/20/32

241,051

390,000

Queensland Treasury Corp

2.000 08/22/33

209,349

450,000

(a) Queensland Treasury Corp

, Reg S

1.750 07/20/34

228,347

4,100,000

(a) Queensland Treasury Corp

, Reg S

4.500 08/22/35

2,558,607

400,000

(a) Queensland Treasury Corp

, Reg S

5.000 03/10/36

258,183

700,000

(a) Queensland Treasury Corp

, Reg S

5.250 07/21/36

458,915

500,000

(a) Queensland Treasury Corp

, Reg S

5.250 08/13/38

320,544

200,000

(a) Queensland Treasury Corp

, Reg S

2.250 11/20/41

83,307

500,000

(a) Queensland Treasury Corp

, Reg S

2.250 10/28/50

174,041

200,000

Region of Ile de France

, Reg S

3.200 05/25/34

229,562

300,000

Region of Ile de France

, Reg S

3.650 05/25/35

354,128

300,000

Region Wallonne Belgium

, Reg S

3.125 06/22/32

347,751

200,000

Region Wallonne Belgium

, Reg S

3.500 06/22/35

230,855

300,000

Region Wallonne Belgium

, Reg S

3.500 03/15/43

316,277

200,000

Region Wallonne Belgium

, Reg S

3.900 06/22/54

207,114

39,000

Regional Municipality of York

2.650 04/18/29

28,160

100,000

(a) Republic of Austria Government Bond

, Reg S

0.500 04/20/27

115,166

240,000

Republic of Austria Government Bond

6.250 07/15/27

299,330

1,300,000

(a) Republic of Austria Government Bond

, Reg S

0.750 02/20/28

1,482,245

1,490,000

(a) Republic of Austria Government Bond

, Reg S

0.000 10/20/28

1,643,529

3,970,000

(a) Republic of Austria Government Bond

, Reg S

0.500 02/20/29

4,404,855

1,510,000

(a) Republic of Austria Government Bond

, Reg S

2.900 05/23/29

1,804,757

1,300,000

(a) Republic of Austria Government Bond

, Reg S

2.500 10/20/29

1,528,985

2,010,000

(a) Republic of Austria Government Bond

0.000 02/20/30

2,131,465

1,600,000

(a) Republic of Austria Government Bond

, Reg S

3.450 10/20/30

1,950,726

1,010,000

(a) Republic of Austria Government Bond

, Reg S

0.000 02/20/31

1,037,010

1,010,000

(a) Republic of Austria Government Bond

, Reg S

0.900 02/20/32

1,061,878

1,400,000

(a) Republic of Austria Government Bond

, Reg S

2.800 09/20/32

1,641,740

1,175,000

(a) Republic of Austria Government Bond

, Reg S

2.900 02/20/33

1,382,218

575,000

(a) Republic of Austria Government Bond

, Reg S

2.900 02/20/34

670,342

300,000

(a) Republic of Austria Government Bond

, Reg S

2.400 05/23/34

336,565

700,000

(a) Republic of Austria Government Bond

, Reg S

2.950 02/20/35

812,487

600,000

(a) Republic of Austria Government Bond

, Reg S

0.250 10/20/36

514,143

200,000

(a) Republic of Austria Government Bond

, Reg S

4.150 03/15/37

254,377

700,000

Republic of Austria Government Bond

, Reg S

3.200 07/15/39

802,267

200,000

(a) Republic of Austria Government Bond

, Reg S

0.000 10/20/40

140,463

725,000

(a) Republic of Austria Government Bond

, Reg S

3.150 06/20/44

796,741

700,000

(a) Republic of Austria Government Bond

, Reg S

1.500 02/20/47

557,063

950,000

(a) Republic of Austria Government Bond

, Reg S

1.850 05/23/49

790,623

200,000

(a) Republic of Austria Government Bond

, Reg S

0.750 03/20/51

120,366

370,000

(a) Republic of Austria Government Bond

, Reg S

3.150 10/20/53

384,490

100,000

(a) Republic of Austria Government Bond

, Reg S

3.800 01/26/62

116,289

300,000

(a) Republic of Austria Government Bond

, Reg S

0.700 04/20/71

120,406

300,000

(a) Republic of Austria Government Bond

, Reg S

1.500 11/02/86

162,239

300,000

(a) Republic of Austria Government Bond

, Reg S

2.100 09/20/17

201,509

300,000

(a) Republic of Austria Government Bond

, Reg S

0.850 06/30/20

105,475

1,066,000

Republic of Poland Government Bond

2.500 07/25/27

291,439

10,000,000

Republic of Poland Government Bond

0.000 01/25/28

2,575,332

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

2,000,000

Republic of Poland Government Bond

2.750 %

04/25/28

$

543,640

4,500,000

Republic of Poland Government Bond

7.500 07/25/28

1,359,104

4,250,000

Republic of Poland Government Bond

4.750 07/25/29

1,203,278

2,700,000

Republic of Poland Government Bond

2.750 10/25/29

711,289

5,250,000

Republic of Poland Government Bond

5.000 01/25/30

1,493,797

3,750,000

Republic of Poland Government Bond

4.500 07/25/30

1,044,562

1,450,000

Republic of Poland Government Bond

1.250 10/25/30

348,291

3,000,000

Republic of Poland Government Bond

4.500 01/25/31

831,761

3,000,000

Republic of Poland Government Bond

1.750 04/25/32

702,836

1,250,000

Republic of Poland Government Bond

6.000 10/25/33

371,672

6,250,000

Republic of Poland Government Bond

5.000 10/25/34

1,730,539

4,200,000

Republic of Poland Government Bond

5.000 10/25/35

1,153,262

3,500,000

Republic of Poland Government Bond

5.000 04/25/37

955,555

3,135,000

Republic of Poland Government Bond

4.000 04/25/47

731,662

1,200,000

Republic of Poland Government International Bond

, Reg S

3.625 01/11/34

1,431,645

650,000

Republic of Poland Government International Bond

, Reg S

3.875 07/07/37

760,871

890,000

Romania Government Bond

7.200 05/31/27

207,467

3,000,000

Romania Government Bond

4.150 01/26/28

661,850

2,500,000

Romania Government Bond

6.300 04/26/28

572,831

3,500,000

Romania Government Bond

8.750 10/30/28

850,578

2,000,000

Romania Government Bond

5.000 02/12/29

440,564

5,500,000

Romania Government Bond

6.300 04/25/29

1,253,961

1,000,000

Romania Government Bond

4.850 07/25/29

217,407

1,000,000

Romania Government Bond

8.000 04/29/30

241,478

1,500,000

Romania Government Bond

6.850 07/29/30

347,463

1,000,000

Romania Government Bond

4.150 10/24/30

207,603

3,000,000

Romania Government Bond

7.350 04/28/31

710,979

2,000,000

Romania Government Bond

7.650 07/27/31

480,298

1,500,000

Romania Government Bond

3.650 09/24/31

297,842

1,000,000

Romania Government Bond

6.700 02/25/32

229,592

1,500,000

Romania Government Bond

8.250 09/29/32

372,339

1,500,000

Romania Government Bond

7.500 07/27/33

359,861

1,500,000

Romania Government Bond

7.200 10/30/33

354,195

1,250,000

Romania Government Bond

7.100 07/31/34

293,699

2,000,000

Romania Government Bond

4.750 10/11/34

400,820

2,000,000

Romania Government Bond

6.750 04/25/35

460,075

1,660,000

Romania Government Bond

4.250 04/28/36

312,663

1,500,000

Romania Government Bond

7.900 02/24/38

375,113

1,000,000

Romania Government Bond

7.250 07/30/40

238,826

300,000

Romanian Government International Bond

, Reg S

2.125 03/07/28

346,469

300,000

Romanian Government International Bond

, Reg S

5.500 09/18/28

372,698

250,000

Romanian Government International Bond

, Reg S

2.500 02/08/30

277,803

650,000

Romanian Government International Bond

, Reg S

5.250 03/10/30

799,155

285,000

Romanian Government International Bond

, Reg S

1.750 07/13/30

302,473

300,000

Romanian Government International Bond

, Reg S

5.375 06/07/33

356,191

200,000

Romanian Government International Bond

, Reg S

5.625 05/30/37

228,892

400,000

Romanian Government International Bond

, Reg S

6.750 07/11/39

488,817

250,000

Romanian Government International Bond

, Reg S

2.875 04/13/42

193,765

700,000

Romanian Government International Bond

, Reg S

6.500 10/07/45

819,030

300,000

Romanian Government International Bond

, Reg S

3.375 01/28/50

225,801

315,000

Saudi Government International Bond

, Reg S

3.375 03/05/32

371,340

150,000

Saudi Government International Bond

, Reg S

3.750 03/05/37

173,002

700,000

SBAB Bank AB

, Reg S

2.750 04/22/31

805,675

100,000

SFIL SA

, Reg S

0.050 06/04/29

107,313

700,000

SFIL SA

, Reg S

3.000 09/24/30

824,271

300,000

SGSP Australia Assets Pty Ltd

, Reg S

3.375 10/08/32

346,695

200,000

Singapore Government Bond

3.500 03/01/27

159,049

2,000,000

Singapore Government Bond

2.625 05/01/28

1,593,147

4,100,000

Singapore Government Bond

2.875 08/01/28

3,291,678

1,000,000

Singapore Government Bond

3.000 04/01/29

810,736

700,000

Singapore Government Bond

2.875 07/01/29

565,624

1,700,000

Singapore Government Bond

2.500 04/01/30

1,359,921

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

1,750,000

Singapore Government Bond

2.875 %

09/01/30

$

1,422,794

1,500,000

Singapore Government Bond

1.625 07/01/31

1,149,184

1,648,000

Singapore Government Bond

2.625 08/01/32

1,331,574

1,500,000

Singapore Government Bond

3.375 09/01/33

1,273,400

500,000

Singapore Government Bond

3.375 05/01/34

426,873

700,000

Singapore Government Bond

2.750 03/01/35

575,119

500,000

Singapore Government Bond

2.250 08/01/36

389,712

2,200,000

Singapore Government Bond

2.375 07/01/39

1,734,551

500,000

Singapore Government Bond

2.250 07/01/40

389,763

1,000,000

Singapore Government Bond

2.750 04/01/42

832,759

1,508,000

Singapore Government Bond

2.750 03/01/46

1,278,177

1,000,000

Singapore Government Bond

1.875 03/01/50

732,367

550,000

Singapore Government Bond

1.875 10/01/51

403,071

1,107,000

Singapore Government Bond

, Reg S

3.250 06/01/54

1,025,688

400,000

Singapore Government Bond

, Reg S

3.000 08/01/72

364,889

100,000

Slovakia Government Bond

, Reg S

1.375 01/21/27

116,397

335,000

Slovakia Government Bond

, Reg S

0.125 06/17/27

381,646

1,200,000

Slovakia Government Bond

, Reg S

3.000 02/07/28

1,428,539

1,410,000

Slovakia Government Bond

, Reg S

1.000 06/12/28

1,599,176

2,050,000

Slovakia Government Bond

, Reg S

3.625 01/16/29

2,485,420

1,390,000

Slovakia Government Bond

, Reg S

1.000 10/09/30

1,510,785

400,000

Slovakia Government Bond

, Reg S

1.625 01/21/31

443,130

800,000

Slovakia Government Bond

, Reg S

3.000 11/06/31

941,167

500,000

Slovakia Government Bond

, Reg S

1.000 05/14/32

517,347

2,410,000

Slovakia Government Bond

, Reg S

4.000 10/19/32

2,973,596

740,000

Slovakia Government Bond

, Reg S

3.625 06/08/33

886,564

500,000

Slovakia Government Bond

, Reg S

3.750 03/06/34

602,183

1,300,000

Slovakia Government Bond

, Reg S

3.750 02/23/35

1,552,485

100,000

Slovakia Government Bond

, Reg S

0.375 04/21/36

84,588

1,500,000

Slovakia Government Bond

, Reg S

3.750 02/27/40

1,707,907

500,000

Slovakia Government Bond

, Reg S

4.000 02/23/43

576,477

800,000

Slovakia Government Bond

, Reg S

2.000 10/17/47

633,512

125,000

Slovakia Government Bond

1.000 10/13/51

71,046

650,000

Slovakia Government Bond

, Reg S

2.250 06/12/68

436,433

634,000

Slovenia Government Bond

, Reg S

1.250 03/22/27

738,220

1,040,000

Slovenia Government Bond

, Reg S

1.000 03/06/28

1,194,380

540,000

Slovenia Government Bond

, Reg S

1.188 03/14/29

614,472

600,000

Slovenia Government Bond

, Reg S

0.275 01/14/30

648,820

540,000

Slovenia Government Bond

, Reg S

0.000 02/12/31

556,997

1,400,000

Slovenia Government Bond

, Reg S

2.250 03/03/32

1,597,767

600,000

Slovenia Government Bond

, Reg S

3.000 03/10/34

702,900

500,000

Slovenia Government Bond

, Reg S

1.500 03/25/35

510,715

1,025,000

Slovenia Government Bond

1.750 11/03/40

956,550

540,000

Slovenia Government Bond

, Reg S

3.125 08/07/45

577,190

700,000

Slovenia Government Bond

, Reg S

3.500 04/14/55

751,729

1,500,000

SNCF Reseau

, Reg S

1.125 05/25/30

1,628,489

300,000

Societe Des Grands Projets EPIC

, Reg S

1.125 10/22/28

338,803

500,000

Societe Des Grands Projets EPIC

, Reg S

3.375 05/25/45

519,443

1,300,000

Societe Des Grands Projets EPIC

, Reg S

1.000 02/18/70

497,475

400,000

Societe Nationale SNCF SACA

, Reg S

3.375 05/25/33

469,277

300,000

Societe Nationale SNCF SACA

, Reg S

3.125 05/25/34

341,247

400,000

South Australian Government Financing Authority

, Reg S

4.000 05/24/29

263,189

500,000

South Australian Government Financing Authority

, Reg S

4.750 05/24/35

320,484

800,000

South Australian Government Financing Authority

, Reg S

4.750 05/24/38

492,860

750,000

South Australian Government Financing Authority

, Reg S

2.250 05/24/40

327,104

4,000,000

Spain Government Bond

2.500 05/31/27

4,719,987

2,980,000

(a) Spain Government Bond

, Reg S

1.450 10/31/27

3,458,187

2,980,000

Spain Government Bond

0.000 01/31/28

3,346,933

2,510,000

(a) Spain Government Bond

, Reg S

1.400 04/30/28

2,895,052

5,410,000

Spain Government Bond

2.400 05/31/28

6,373,362

2,510,000

(a) Spain Government Bond

, Reg S

1.400 07/30/28

2,884,675

4,610,000

(a) Spain Government Bond

, Reg S

5.150 10/31/28

5,830,041

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

3,045,000

Spain Government Bond

6.000 %

01/31/29

$

3,962,023

3,970,000

(a) Spain Government Bond

, Reg S

1.450 04/30/29

4,524,981

2,044,000

Spain Government Bond

3.500 05/31/29

2,483,892

1,940,000

Spain Government Bond

0.800 07/30/29

2,149,931

1,990,000

(a) Spain Government Bond

, Reg S

0.600 10/31/29

2,178,843

5,090,000

Spain Government Bond

2.700 01/31/30

6,012,699

1,380,000

(a) Spain Government Bond

, Reg S

0.500 04/30/30

1,486,029

850,000

(a) Spain Government Bond

, Reg S

1.950 07/30/30

971,432

1,525,000

(a) Spain Government Bond

, Reg S

1.250 10/31/30

1,680,319

950,000

(a) Spain Government Bond

, Reg S

0.100 04/30/31

973,865

1,880,000

Spain Government Bond

3.100 07/30/31

2,247,325

900,000

(a) Spain Government Bond

, Reg S

0.500 10/31/31

929,702

1,130,000

(a) Spain Government Bond

, Reg S

0.700 04/30/32

1,164,626

2,165,000

Spain Government Bond

5.750 07/30/32

2,979,983

2,770,000

(a) Spain Government Bond

, Reg S

2.550 10/31/32

3,181,664

380,000

Spain Government Bond

3.000 01/31/33

447,235

300,000

(a) Spain Government Bond

, Reg S

3.150 04/30/33

356,069

880,000

(a) Spain Government Bond

, Reg S

2.350 07/30/33

988,154

230,000

(a) Spain Government Bond

, Reg S

3.550 10/31/33

279,288

880,000

(a) Spain Government Bond

, Reg S

3.250 04/30/34

1,042,463

130,000

(a) Spain Government Bond

, Reg S

3.450 10/31/34

155,790

680,000

(a) Spain Government Bond

, Reg S

3.150 04/30/35

793,250

1,440,000

(a) Spain Government Bond

, Reg S

1.850 07/30/35

1,500,241

3,800,000

(a) Spain Government Bond

, Reg S

3.200 10/31/35

4,433,735

330,000

(a) Spain Government Bond

, Reg S

4.200 01/31/37

415,756

420,000

(a) Spain Government Bond

, Reg S

0.850 07/30/37

371,181

1,335,000

(a) Spain Government Bond

, Reg S

3.900 07/30/39

1,616,083

2,200,000

(a) Spain Government Bond

, Reg S

4.900 07/30/40

2,942,558

430,000

(a) Spain Government Bond

, Reg S

1.200 10/31/40

363,097

440,000

(a) Spain Government Bond

, Reg S

3.500 01/31/41

502,804

1,825,000

(a) Spain Government Bond

, Reg S

4.700 07/30/41

2,392,481

630,000

(a) Spain Government Bond

, Reg S

1.000 07/30/42

490,054

600,000

(a) Spain Government Bond

, Reg S

3.450 07/30/43

671,042

2,200,000

(a) Spain Government Bond

, Reg S

5.150 10/31/44

3,041,749

1,750,000

(a) Spain Government Bond

, Reg S

2.900 10/31/46

1,770,855

1,230,000

(a) Spain Government Bond

, Reg S

2.700 10/31/48

1,179,451

1,325,000

(a) Spain Government Bond

, Reg S

1.000 10/31/50

829,750

500,000

(a) Spain Government Bond

, Reg S

1.900 10/31/52

383,342

1,850,000

(a) Spain Government Bond

, Reg S

4.000 10/31/54

2,128,243

3,810,000

(a) Spain Government Bond

, Reg S

3.450 07/30/66

3,820,377

1,540,000

(a) Spain Government Bond

, Reg S

1.450 10/31/71

813,866

100,000

Spain Government International Bond

5.250 04/06/29

138,512

100,000

State of Brandenburg

, Reg S

0.250 10/19/26

115,739

500,000

State of Bremen

2.500 11/20/29

585,307

500,000

State of Bremen

2.750 01/28/33

578,388

150,000

State of Hesse

2.500 08/28/30

174,841

300,000

State of Hesse

, Reg S

2.750 01/12/32

350,307

400,000

State of Hesse

2.875 01/10/33

466,918

500,000

State of Hesse

, Reg S

3.125 03/12/35

586,317

650,000

State of Hesse

2.900 06/18/35

746,438

100,000

State of Hesse

, Reg S

0.750 08/04/36

90,426

300,000

State of Lower Saxony

, Reg S

0.000 02/11/27

344,002

100,000

State of North Rhine-Westphalia Germany

, Reg S

3.000 01/27/28

119,133

500,000

State of North Rhine-Westphalia Germany

, Reg S

3.000 06/06/29

596,330

700,000

State of North Rhine-Westphalia Germany

, Reg S

0.200 04/09/30

742,068

500,000

State of North Rhine-Westphalia Germany

, Reg S

2.350 07/10/30

579,515

300,000

State of North Rhine-Westphalia Germany

, Reg S

2.750 01/15/32

350,281

1,000,000

State of North Rhine-Westphalia Germany

, Reg S

2.750 10/08/32

1,161,446

100,000

State of North Rhine-Westphalia Germany

, Reg S

1.100 03/13/34

100,793

350,000

State of North Rhine-Westphalia Germany

, Reg S

2.700 09/05/34

398,375

760,000

State of North Rhine-Westphalia Germany

, Reg S

0.000 10/12/35

654,133

100,000

State of North Rhine-Westphalia Germany

, Reg S

1.650 02/22/38

97,038

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

#### NXUS

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

380,000

State of North Rhine-Westphalia Germany

, Reg S

0.600 %

06/04/41

$

289,811

300,000

State of North Rhine-Westphalia Germany

, Reg S

0.200 01/27/51

146,389

200,000

State of North Rhine-Westphalia Germany

, Reg S

3.000 03/20/54

198,469

400,000

State of North Rhine-Westphalia Germany

, Reg S

3.400 03/07/73

408,184

800,000

State of North Rhine-Westphalia Germany

, Reg S

2.150 03/21/19

516,086

200,000

State of Rhineland-Palatinate

, Reg S

0.375 01/26/27

230,399

300,000

State of Rhineland-Palatinate

, Reg S

0.050 01/23/30

317,847

300,000

State of Rhineland-Palatinate

3.000 05/02/34

350,403

400,000

State of Saxony-Anhalt

0.350 02/09/32

403,412

200,000

State of Saxony-Anhalt

2.750 01/23/34

229,332

500,000

State of Schleswig-Holstein Germany

, Reg S

2.875 08/20/35

571,839

410,000

State of the Grand-Duchy of Luxembourg

, Reg S

0.625 02/01/27

474,311

2,010,000

State of the Grand-Duchy of Luxembourg

, Reg S

1.375 05/25/29

2,279,492

1,000,000

State of the Grand-Duchy of Luxembourg

, Reg S

0.000 04/28/30

1,050,253

1,840,000

State of the Grand-Duchy of Luxembourg

, Reg S

0.000 03/24/31

1,876,631

700,000

State of the Grand-Duchy of Luxembourg

, Reg S

3.000 03/02/33

825,716

700,000

State of the Grand-Duchy of Luxembourg

, Reg S

2.900 09/17/35

806,969

840,000

State of the Grand-Duchy of Luxembourg

, Reg S

3.250 03/02/43

914,915

200,000

States of Guernsey Bond

, Reg S

3.375 12/12/46

196,578

2,000,000

Statkraft AS

, Reg S

4.500 06/14/34

193,352

400,000

Svensk Exportkredit AB

4.200 04/01/31

258,537

8,000,000

Sweden Government Bond

, Reg S

0.750 05/12/28

841,154

14,000,000

Sweden Government Bond

, Reg S

0.750 11/12/29

1,434,564

9,000,000

Sweden Government Bond

, Reg S

0.125 05/12/31

865,274

6,000,000

Sweden Government Bond

, Reg S

2.250 06/01/32

641,049

20,000,000

Sweden Government Bond

, Reg S

1.750 11/11/33

2,036,317

2,000,000

Sweden Government Bond

, Reg S

2.250 05/11/35

208,061

2,000,000

Sweden Government Bond

, Reg S

2.500 10/15/36

210,270

12,000,000

Sweden Government Bond

, Reg S

3.500 03/30/39

1,382,627

2,000,000

Sweden Government Bond

, Reg S

0.500 11/24/45

136,411

3,000,000

Sweden Government Bond

, Reg S

1.375 06/23/71

181,189

500,000

Sweden Government International Bond

, Reg S

2.000 06/26/28

582,920

4,200,000

Swiss Confederation Government Bond

, Reg S

4.000 04/08/28

5,784,470

3,700,000

Swiss Confederation Government Bond

, Reg S

3.500 04/08/33

5,770,786

23,000

Swiss Confederation Government Bond

, Reg S

0.000 06/26/34

28,396

1,600,000

Swiss Confederation Government Bond

, Reg S

0.250 06/23/35

2,011,644

1,000,000

Swiss Confederation Government Bond

, Reg S

2.500 03/08/36

1,537,556

60,000

Swiss Confederation Government Bond

, Reg S

1.250 06/27/37

83,050

200,000

Swiss Confederation Government Bond

, Reg S

1.500 10/26/38

285,146

500,000

Swiss Confederation Government Bond

, Reg S

0.500 05/28/40

633,074

800,000

Swiss Confederation Government Bond

, Reg S

1.250 06/28/43

1,135,357

500,000

Swiss Confederation Government Bond

, Reg S

0.875 05/22/47

676,037

300,000

Swiss Confederation Government Bond

, Reg S

2.000 06/25/64

600,629

200,000

Swisscom AG

1.800 08/23/34

265,593

250,000

Swisscom AG

2.000 11/23/39

333,906

550,000

Tasmanian Public Finance Corp

, Reg S

2.500 01/21/33

309,654

250,000

Tasmanian Public Finance Corp

4.000 01/20/34

152,530

500,000

Tennet Netherlands BV

, Reg S

1.750 06/04/27

582,681

20,000,000

Thailand Government Bond

1.000 06/17/27

633,694

21,037,000

Thailand Government Bond

2.400 11/17/27

683,913

40,000,000

Thailand Government Bond

2.050 04/17/28

1,295,963

23,000,000

Thailand Government Bond

2.650 06/17/28

755,959

25,000,000

Thailand Government Bond

2.875 12/17/28

832,889

33,000,000

Thailand Government Bond

2.400 03/17/29

1,087,696

20,000,000

Thailand Government Bond

4.875 06/22/29

714,363

18,000,000

Thailand Government Bond

2.500 11/17/29

598,987

15,000,000

Thailand Government Bond

1.600 12/17/29

483,001

19,000,000

Thailand Government Bond

1.660 03/17/30

613,556

10,000,000

Thailand Government Bond

3.650 06/20/31

356,389

30,000,000

Thailand Government Bond

2.000 12/17/31

988,875

18,000,000

Thailand Government Bond

3.775 06/25/32

656,474

15,000,000

Thailand Government Bond

3.350 06/17/33

541,368

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

20,000,000

Thailand Government Bond

2.800 %

06/17/34

$

696,100

20,000,000

Thailand Government Bond

2.410 03/17/35

678,666

10,000,000

Thailand Government Bond

1.585 12/17/35

316,544

33,000,000

Thailand Government Bond

3.390 06/17/37

1,217,786

18,000,000

Thailand Government Bond

, Reg S

4.260 12/12/37

700,406

13,000,000

Thailand Government Bond

3.300 06/17/38

475,474

10,000,000

Thailand Government Bond

2.700 06/17/40

346,842

23,000,000

Thailand Government Bond

3.450 06/17/43

851,290

31,500,000

Thailand Government Bond

2.980 06/17/45

1,110,969

18,000,000

Thailand Government Bond

2.875 06/17/46

619,416

10,000,000

Thailand Government Bond

3.150 06/17/50

356,159

20,000,000

Thailand Government Bond

4.000 06/17/55

837,207

2,837,000

Thailand Government Bond

2.500 06/17/71

88,866

32,000,000

Thailand Government Bond

4.000 06/17/72

1,447,342

600,000

Transport for London

, Reg S

3.625 05/15/45

614,475

100,000

Treasury Corp of Victoria

1.250 11/19/27

63,141

1,400,000

Treasury Corp of Victoria

, Reg S

3.000 10/20/28

899,923

1,050,000

Treasury Corp of Victoria

2.500 10/22/29

650,793

200,000

Treasury Corp of Victoria

1.500 11/20/30

115,007

1,300,000

Treasury Corp of Victoria

1.500 09/10/31

725,130

200,000

Treasury Corp of Victoria

4.250 12/20/32

127,674

1,318,000

Treasury Corp of Victoria

, Reg S

2.250 09/15/33

718,594

1,000,000

Treasury Corp of Victoria

2.250 11/20/34

523,410

300,000

Treasury Corp of Victoria

2.000 09/17/35

148,805

350,000

Treasury Corp of Victoria

4.750 09/15/36

219,673

750,000

Treasury Corp of Victoria

2.000 11/20/37

342,499

700,000

Treasury Corp of Victoria

5.250 09/15/38

449,275

1,300,000

Treasury Corp of Victoria

5.500 09/15/39

844,763

300,000

Treasury Corp of Victoria

, Reg S

3.625 09/29/40

345,600

1,200,000

Treasury Corp of Victoria

2.250 11/20/41

497,552

500,000

Treasury Corp of Victoria

2.400 08/18/50

176,992

300,000

UNEDIC ASSEO

, Reg S

3.125 04/25/33

349,281

1,200,000

UNEDIC ASSEO

, Reg S

3.375 11/25/33

1,412,879

500,000

UNEDIC ASSEO

, Reg S

3.125 11/25/34

571,847

600,000

UNEDIC ASSEO

, Reg S

3.250 05/25/35

689,193

1,000,000

United Kingdom Gilt

, Reg S

1.250 07/22/27

1,296,272

450,000

United Kingdom Gilt

, Reg S

4.250 12/07/27

612,180

2,685,000

United Kingdom Gilt

, Reg S

0.125 01/31/28

3,368,607

8,000,000

United Kingdom Gilt

, Reg S

4.375 03/07/28

10,896,590

8,225,000

United Kingdom Gilt

, Reg S

4.500 06/07/28

11,252,354

1,748,000

United Kingdom Gilt

, Reg S

1.625 10/22/28

2,224,058

850,000

United Kingdom Gilt

, Reg S

6.000 12/07/28

1,213,673

550,000

United Kingdom Gilt

, Reg S

0.500 01/31/29

671,302

3,000,000

United Kingdom Gilt

, Reg S

4.000 05/22/29

4,052,108

1,550,000

United Kingdom Gilt

, Reg S

4.125 07/22/29

2,103,348

450,000

United Kingdom Gilt

, Reg S

0.875 10/22/29

544,087

4,450,000

United Kingdom Gilt

, Reg S

4.375 03/07/30

6,086,780

1,900,000

United Kingdom Gilt

, Reg S

0.375 10/22/30

2,169,946

850,000

United Kingdom Gilt

, Reg S

4.750 12/07/30

1,187,212

4,000,000

United Kingdom Gilt

, Reg S

4.125 03/07/31

5,397,657

750,000

United Kingdom Gilt

, Reg S

0.250 07/31/31

824,768

2,950,000

United Kingdom Gilt

, Reg S

4.000 10/22/31

3,949,850

2,850,000

United Kingdom Gilt

, Reg S

1.000 01/31/32

3,201,662

3,400,000

United Kingdom Gilt

, Reg S

4.250 06/07/32

4,615,713

3,200,000

United Kingdom Gilt

, Reg S

3.250 01/31/33

4,042,979

500,000

United Kingdom Gilt

, Reg S

0.875 07/31/33

525,860

1,350,000

United Kingdom Gilt

, Reg S

4.625 01/31/34

1,847,652

1,900,000

United Kingdom Gilt

, Reg S

4.250 07/31/34

2,524,861

500,000

United Kingdom Gilt

, Reg S

4.500 09/07/34

677,036

1,900,000

United Kingdom Gilt

, Reg S

4.500 03/07/35

2,559,862

1,900,000

United Kingdom Gilt

, Reg S

0.625 07/31/35

1,797,133

4,380,000

United Kingdom Gilt

, Reg S

4.750 10/22/35

5,984,341

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

#### NXUS

See Notes to Financial Statements

Principal denominated in U.S. Dollars, unless otherwise noted.

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SOVEREIGN DEBT

(continued)

$

500,000

United Kingdom Gilt

, Reg S

4.250 %

03/07/36

$

654,724

850,000

United Kingdom Gilt

, Reg S

1.750 09/07/37

844,753

1,000,000

United Kingdom Gilt

, Reg S

3.750 01/29/38

1,222,032

600,000

United Kingdom Gilt

, Reg S

1.125 01/31/39

522,995

1,500,000

United Kingdom Gilt

, Reg S

4.250 09/07/39

1,899,819

650,000

United Kingdom Gilt

, Reg S

4.375 01/31/40

829,198

8,450,000

United Kingdom Gilt

, Reg S

4.250 12/07/40

10,568,245

1,314,000

United Kingdom Gilt

, Reg S

1.250 10/22/41

1,057,197

675,000

United Kingdom Gilt

, Reg S

4.500 12/07/42

854,922

655,000

United Kingdom Gilt

, Reg S

4.750 10/22/43

846,655

1,633,000

United Kingdom Gilt

, Reg S

3.250 01/22/44

1,720,863

450,000

United Kingdom Gilt

, Reg S

3.500 01/22/45

487,241

275,000

United Kingdom Gilt

, Reg S

0.875 01/31/46

174,319

900,000

United Kingdom Gilt

, Reg S

4.250 12/07/46

1,074,049

100,000

United Kingdom Gilt

, Reg S

1.500 07/22/47

71,056

300,000

United Kingdom Gilt

, Reg S

1.750 01/22/49

219,194

600,000

United Kingdom Gilt

, Reg S

4.250 12/07/49

706,416

1,500,000

United Kingdom Gilt

, Reg S

0.625 10/22/50

744,038

1,250,000

United Kingdom Gilt

, Reg S

1.250 07/31/51

745,820

325,000

United Kingdom Gilt

, Reg S

3.750 07/22/52

346,798

500,000

United Kingdom Gilt

, Reg S

1.500 07/31/53

309,247

433,000

United Kingdom Gilt

, Reg S

3.750 10/22/53

457,281

390,000

United Kingdom Gilt

, Reg S

4.375 07/31/54

459,870

750,000

United Kingdom Gilt

, Reg S

1.625 10/22/54

473,452

1,142,000

United Kingdom Gilt

, Reg S

4.250 12/07/55

1,319,342

324,000

United Kingdom Gilt

, Reg S

5.375 01/31/56

448,343

1,342,000

United Kingdom Gilt

, Reg S

1.750 07/22/57

848,963

337,000

United Kingdom Gilt

, Reg S

4.000 01/22/60

369,754

1,775,000

United Kingdom Gilt

, Reg S

0.500 10/22/61

623,770

750,000

United Kingdom Gilt

, Reg S

4.000 10/22/63

812,602

1,630,000

United Kingdom Gilt

, Reg S

2.500 07/22/65

1,224,130

450,000

United Kingdom Gilt

, Reg S

3.500 07/22/68

438,083

1,150,000

United Kingdom Gilt

, Reg S

1.625 10/22/71

633,870

1,500,000

United Kingdom Gilt

, Reg S

1.125 10/22/73

648,292

300,000

Western Australian Treasury Corp

1.500 10/22/30

173,928

300,000

Western Australian Treasury Corp

4.250 07/20/33

191,734

1,500,000

Western Australian Treasury Corp

, Reg S

2.000 10/24/34

780,063

300,000

Western Australian Treasury Corp

, Reg S

4.750 10/24/35

193,197

700,000

Western Australian Treasury Corp

, Reg S

5.000 10/21/37

448,538

500,000

Wirtschafts- und Infrastrukturbank Hessen

2.625 02/13/35

560,275

400,000

Zuercher Kantonalbank

, Reg S

2.750 04/19/28

518,820

TOTAL SOVEREIGN DEBT

1,989,391,075

TOTAL GOVERNMENT RELATED

(Cost $1,986,057,888)

1,989,391,075

TOTAL LONG-TERM INVESTMENTS

(Cost $2,491,854,891)

2,499,191,096

OTHER ASSETS & LIABILITIES, NET - 1.4%

36,742,392

NET ASSETS - 100%

$

2,535,933,488

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.

REIT

Real Estate Investment Trust

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

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

As of the end of the reporting period, the aggregate value of these securities is $399,621,826 or 16.0% of Total Investments.

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

See Notes to Financial Statements

Investments in Derivatives

Forward Foreign Currency Contracts

Currency

Purchased

Notional Amount

(Local Currency)

Currency

Sold

Notional Amount

(Local Currency)

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

CNY

146,909,126

USD

20,990,979

Anz Banking Group Ltd

1/05/26

56,324

EUR

5,284,248

USD

6,224,139

Anz Banking Group Ltd

2/03/26

(9,216)

NZD

25,431,266

USD

14,754,498

Anz Banking Group Ltd

1/05/26

(130,255)

USD

7,496,200

AUD

11,280,482

Anz Banking Group Ltd

1/05/26

(26,178)

USD

24,071,178

GBP

18,023,502

Anz Banking Group Ltd

1/05/26

(171,228)

USD

18,849,464

GBP

14,085,683

Anz Banking Group Ltd

1/05/26

(96,402)

USD

21,026,995

CNY

146,909,126

Anz Banking Group Ltd

2/03/26

(59,297)

USD

14,771,046

NZD

25,431,266

Anz Banking Group Ltd

2/03/26

128,000

MXN

465,819,628

USD

25,939,971

Barclays Capital

1/05/26

(31,596)

NOK

39,180,499

USD

3,900,000

Barclays Capital

1/05/26

(15,685)

USD

72,696,651

EUR

62,448,953

Barclays Capital

1/05/26

(646,727)

USD

7,783,244

ILS

25,381,588

Barclays Capital

1/05/26

(180,606)

USD

12,793,617

MXN

234,653,022

Barclays Capital

1/05/26

(257,525)

USD

9,293,963

PLN

33,825,007

Barclays Capital

1/05/26

(114,417)

USD

11,911,129

SEK

112,233,953

Barclays Capital

1/05/26

(263,336)

USD

10,838,123

SGD

14,004,492

Barclays Capital

1/05/26

(51,839)

USD

115,257,056

EUR

98,819,389

Barclays Capital

1/05/26

(801,701)

USD

22,342,198

GBP

16,748,238

Barclays Capital

1/05/26

(184,922)

USD

3,147,746

IDR

52,570,825,000

Barclays Capital

1/09/26

(4,768)

USD

3,299,504

MYR

13,561,949

Barclays Capital

1/09/26

(42,909)

USD

117,775,484

EUR

101,163,306

Barclays Capital

1/05/26

(1,036,094)

USD

46,810,861

JPY

7,324,352,615

Barclays Capital

1/05/26

83,038

USD

3,141,488

MYR

12,923,451

Barclays Capital

1/09/26

(43,564)

USD

115,592,266

EUR

98,376,815

Barclays Capital

1/05/26

53,292

USD

2,988,264

MYR

12,217,817

Barclays Capital

1/09/26

(22,880)

USD

1,517,040

SEK

14,071,492

Barclays Capital

1/05/26

(9,351)

USD

7,060,205

AUD

10,672,438

Barclays Capital

1/05/26

(56,699)

USD

121,660,560

EUR

103,444,237

Barclays Capital

1/05/26

170,136

USD

926,070

RON

4,015,948

Barclays Capital

1/05/26

USD

7,895,592

AUD

11,939,553

Barclays Capital

1/05/26

(66,286)

USD

122,592,293

EUR

104,591,366

Barclays Capital

1/05/26

(245,381)

USD

1,265,545

ILS

4,056,800

Barclays Capital

1/05/26

(7,336)

USD

2,509,562

MYR

10,230,228

Barclays Capital

1/09/26

(11,731)

USD

983,116

RON

4,275,016

Barclays Capital

1/05/26

(2,478)

USD

25,871,850

MXN

465,819,628

Barclays Capital

2/03/26

38,331

USD

3,899,880

NOK

39,180,499

Barclays Capital

2/03/26

15,105

DKK

116,547,547

USD

18,388,698

Citigroup

1/05/26

(62,459)

ILS

51,180,725

USD

16,029,236

Citigroup

1/05/26

29,477

RON

44,140,149

USD

10,210,033

Citigroup

1/05/26

(33,630)

SGD

27,721,990

USD

21,582,653

Citigroup

1/05/26

(25,896)

THB

455,992,833

USD

14,406,446

Citigroup

1/05/26

67,220

USD

20,824,418

CNY

146,909,126

Citigroup

1/05/26

(222,886)

USD

14,684,923

IDR

244,145,656,112

Citigroup

1/09/26

44,240

USD

28,408,915

KRW

41,589,799,194

Citigroup

1/09/26

(466,009)

USD

2,202,531

NOK

22,301,880

Citigroup

1/05/26

(8,454)

USD

9,084,683

PEN

30,639,909

Citigroup

1/09/26

(25,843)

USD

5,272,271

RON

23,140,027

Citigroup

1/05/26

(62,606)

USD

8,333,225

AUD

12,548,805

Citigroup

1/05/26

(34,933)

USD

8,976,378

KRW

13,209,100,000

Citigroup

1/09/26

(194,422)

USD

2,446,443

MXN

44,569,530

Citigroup

1/05/26

(32,465)

USD

2,650,193

PEN

8,942,811

Citigroup

1/09/26

(8,879)

USD

945,997

RON

4,142,024

Citigroup

1/05/26

(8,936)

USD

1,769,037

SEK

16,609,069

Citigroup

1/05/26

(32,615)

USD

7,669,651

AUD

11,545,757

Citigroup

1/05/26

(29,625)

USD

895,411

CZK

18,675,608

Citigroup

1/05/26

(11,985)

USD

762,411

HUF

251,887,723

Citigroup

1/05/26

(8,099)

USD

6,587,200

KRW

9,670,800,000

Citigroup

1/09/26

(127,033)

USD

1,340,436

NZD

2,314,306

Citigroup

1/05/26

9,595

USD

1,010,505

RON

4,427,239

Citigroup

1/05/26

(10,184)

USD

2,580,110

PEN

8,712,774

Citigroup

1/09/26

(10,562)

USD

1,842,344

ILS

5,942,690

Citigroup

1/05/26

(22,264)

USD

6,520,553

KRW

9,585,800,000

Citigroup

1/09/26

(134,666)

USD

179,065

NOK

1,815,849

Citigroup

1/05/26

(956) USD

1,449,871

NZD

2,498,657

Citigroup

1/05/26

13,019

USD

1,825,141

PEN

6,155,105

Citigroup

1/09/26

(5,029)

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

#### NXUS

See Notes to Financial Statements

USD

953,618

RON

4,139,895

Citigroup

1/05/26

(825) USD

787,049

CLP

720,968,809

Citigroup

1/09/26

(12,793)

USD

6,476,068

KRW

9,551,100,000

Citigroup

1/09/26

(155,060)

USD

3,069,122

CHF

2,438,995

Citigroup

1/05/26

(9,446)

USD

1,406,841

DKK

8,966,993

Citigroup

1/05/26

(3,153)

USD

196,265

NOK

1,991,581

Citigroup

1/05/26

(1,178)

USD

1,734,074

NZD

3,012,997

Citigroup

1/05/26

1,451

USD

1,944,370

SEK

18,034,936

Citigroup

1/05/26

(11,952)

USD

5,910,382

KRW

8,729,634,000

Citigroup

1/09/26

(150,420)

USD

18,419,640

DKK

116,547,547

Citigroup

2/03/26

60,797

USD

16,028,051

ILS

51,180,725

Citigroup

2/03/26

(30,662)

USD

10,193,291

RON

44,140,149

Citigroup

2/03/26

33,072

USD

21,623,983

SGD

27,721,990

Citigroup

2/03/26

24,002

USD

14,407,630

THB

455,992,833

Citigroup

2/03/26

(92,732)

USD

2,135,376

THB

67,395,699

Citigroup

1/05/26

(3,830)

USD

1,448,867

THB

45,539,336

Citigroup

1/05/26

3,403

USD

1,537,509

THB

48,929,677

Citigroup

1/05/26

(15,568)

USD

9,210,096

THB

294,128,121

Citigroup

1/05/26

(125,823)

AUD

121,871,137

USD

81,521,115

Morgan Stanley

1/05/26

(251,476)

CAD

201,344,129

USD

147,066,061

Morgan Stanley

1/05/26

(179,955)

CZK

222,152,873

USD

10,771,153

Morgan Stanley

1/05/26

22,634

EUR

1,879,191

USD

2,195,046

Morgan Stanley

1/05/26

11,977

EUR

87,594,810

USD

103,239,996

Morgan Stanley

1/05/26

(363,983)

EUR

1,000,000,000

USD

1,178,100,000

Morgan Stanley

1/05/26

(3,646,708)

GBP

160,668,928

USD

216,811,472

Morgan Stanley

1/05/26

(704,664)

THB

177,048,736

USD

5,592,719

Morgan Stanley

1/05/26

26,984

USD

74,860,448

CAD

104,482,285

Morgan Stanley

1/05/26

(1,362,266)

USD

20,540,183

CHF

16,426,933

Morgan Stanley

1/05/26

(194,349)

USD

4,050,663

CLP

3,761,445,694

Morgan Stanley

1/09/26

(122,285)

USD

5,895,957

CZK

122,378,478

Morgan Stanley

1/05/26

(50,072)

USD

9,235,719

DKK

59,219,251

Morgan Stanley

1/05/26

(76,070)

USD

582,236,000

EUR

500,000,000

Morgan Stanley

1/05/26

(4,990,646)

USD

110,920,873

GBP

83,844,873

Morgan Stanley

1/05/26

(1,854,186)

USD

4,730,204

HUF

1,553,414,951

Morgan Stanley

1/05/26

(21,601)

USD

13,662,595

MYR

56,334,976

Morgan Stanley

1/09/26

(221,452)

USD

4,235,520

CHF

3,395,537

Morgan Stanley

1/05/26

(50,422)

USD

864,083

CLP

795,302,424

Morgan Stanley

1/09/26

(18,225)

USD

1,096,951

CZK

22,767,124

Morgan Stanley

1/05/26

(9,240)

USD

1,719,104

DKK

11,005,396

Morgan Stanley

1/05/26

(11,413)

USD

805,644

HUF

264,261,023

Morgan Stanley

1/05/26

(2,715)

USD

544,290

NOK

5,496,694

Morgan Stanley

1/05/26

(647) USD

1,587,042

NZD

2,743,503

Morgan Stanley

1/05/26

9,392

USD

381,292

PLN

1,385,174

Morgan Stanley

1/05/26

(3,992)

USD

2,513,142

SGD

3,248,281

Morgan Stanley

1/05/26

(12,738)

USD

3,943,801

CHF

3,171,978

Morgan Stanley

1/05/26

(59,958)

USD

1,932,739

DKK

12,390,590

Morgan Stanley

1/05/26

(15,589)

USD

9,486,410

EUR

8,143,741

Morgan Stanley

1/05/26

(78,034)

USD

3,383,316

IDR

56,470,250,000

Morgan Stanley

1/09/26

(3,036)

USD

1,407,129

ILS

4,537,328

Morgan Stanley

1/05/26

(16,525)

USD

1,887,069

MXN

34,413,039

Morgan Stanley

1/05/26

(26,946)

USD

1,712,129

PLN

6,225,660

Morgan Stanley

1/05/26

(19,530)

USD

2,309,950

SEK

21,574,684

Morgan Stanley

1/05/26

(30,342)

USD

2,076,155

SGD

2,687,834

Morgan Stanley

1/05/26

(13,918)

USD

15,466,004

CAD

21,294,246

Morgan Stanley

1/05/26

(68,736)

USD

4,031,334

CHF

3,200,140

Morgan Stanley

1/05/26

(7,972)

USD

995,424

CLP

905,886,051

Morgan Stanley

1/09/26

(9,566)

USD

966,813

CZK

19,985,555

Morgan Stanley

1/05/26

(4,229)

USD

1,943,517

DKK

12,349,990

Morgan Stanley

1/05/26

1,573

USD

2,426,415

EUR

2,064,015

Morgan Stanley

1/05/26

2,326

USD

910,718

HUF

299,344,778

Morgan Stanley

1/05/26

(4,960)

USD

2,865,343

IDR

47,736,620,000

Morgan Stanley

1/09/26

2,721

USD

2,740,182

MXN

49,595,562

Morgan Stanley

1/05/26

(18,269)

USD

1,774,855

PLN

6,394,208

Morgan Stanley

1/05/26

(3,686)

USD

1,872,305

SGD

2,414,816

Morgan Stanley

1/05/26

(5,468)

USD

869,365

CZK

18,030,475

Morgan Stanley

1/05/26

(6,686)

USD

1,986,204

DKK

12,615,327

Morgan Stanley

1/05/26

2,537

USD

12,235,340

EUR

10,422,178

Morgan Stanley

1/05/26

(5,021)

USD

754,412

HUF

249,674,285

Morgan Stanley

1/05/26

(9,327)

USD

1,677,560

ILS

5,418,112

Morgan Stanley

1/05/26

(22,453)

USD

3,266,534

MXN

58,946,250

Morgan Stanley

1/05/26

(11,991)

USD

2,965,079

MYR

12,097,524

Morgan Stanley

1/09/26

(16,418)

See Notes to Financial Statements

USD

362,907

NOK

3,703,945

Morgan Stanley

1/05/26

(4,298)

USD

1,379,311

NZD

2,383,827

Morgan Stanley

1/05/26

8,492

USD

2,552,784

PEN

8,608,423

Morgan Stanley

1/09/26

(6,860)

USD

1,606,420

PLN

5,762,226

Morgan Stanley

1/05/26

3,664

USD

2,840,844

SEK

26,356,948

Morgan Stanley

1/05/26

(18,199)

USD

2,208,602

SGD

2,847,105

Morgan Stanley

1/05/26

(5,321)

USD

573,164

CLP

521,052,007

Morgan Stanley

1/09/26

(4,891)

USD

5,938,798

IDR

99,484,364,200

Morgan Stanley

1/09/26

(26,981)

USD

1,620,728

PEN

5,463,328

Morgan Stanley

1/09/26

(3,748)

USD

1,691,489

PLN

6,077,387

Morgan Stanley

1/05/26

1,072

USD

1,950,987

SGD

2,519,462

Morgan Stanley

1/05/26

(8,159)

USD

81,527,793

AUD

121,871,137

Morgan Stanley

2/03/26

243,484

USD

147,256,344

CAD

201,344,129

Morgan Stanley

2/03/26

171,179

USD

10,775,615

CZK

222,152,873

Morgan Stanley

2/03/26

(23,372)

USD

103,382,110

EUR

87,594,810

Morgan Stanley

2/03/26

359,888

USD

1,179,726,500

EUR

1,000,000,000

Morgan Stanley

2/03/26

3,604,054

USD

216,801,896

GBP

160,668,928

Morgan Stanley

2/03/26

703,518

USD

5,592,844

THB

177,048,736

Morgan Stanley

2/03/26

(37,225)

USD

1,561,578

THB

49,872,435

Morgan Stanley

1/05/26

(21,423)

USD

1,347,690

THB

42,411,660

Morgan Stanley

1/05/26

1,501

USD

1,546,569

THB

49,381,963

Morgan Stanley

1/05/26

(20,864)

USD

1,112,708

THB

35,382,678

Morgan Stanley

1/05/26

(10,373)

CHF

32,922,855

USD

41,757,513

Toronto Dominion

1/05/26

(201,369)

HUF

2,880,027,702

USD

8,766,146

Toronto Dominion

1/05/26

43,690

JPY

65,379,171,777

USD

418,936,126

Toronto Dominion

1/05/26

(1,830,816)

PLN

60,539,702

USD

16,865,522

Toronto Dominion

1/05/26

(26,486)

SEK

208,881,082

USD

22,736,067

Toronto Dominion

1/05/26

(77,903)

USD

41,865,539

AUD

63,884,102

Toronto Dominion

1/05/26

(735,507)

USD

210,281,314

JPY

32,546,025,447

Toronto Dominion

1/05/26

2,644,545

USD

7,168,977

NZD

12,477,976

Toronto Dominion

1/05/26

(6,480)

USD

13,889,183

CAD

19,219,254

Toronto Dominion

1/05/26

(131,794)

USD

1,806,426

ILS

5,844,207

Toronto Dominion

1/05/26

(27,281)

USD

40,960,405

JPY

6,342,419,767

Toronto Dominion

1/05/26

497,107

USD

239,533

PLN

870,040

Toronto Dominion

1/05/26

(2,468)

USD

12,056,031

CAD

16,666,739

Toronto Dominion

1/05/26

(102,816)

USD

798,025

CLP

740,566,932

Toronto Dominion

1/09/26

(23,560)

USD

17,346,350

GBP

13,048,844

Toronto Dominion

1/05/26

(204,921)

USD

381,698

NOK

3,870,550

Toronto Dominion

1/05/26

(2,024)

USD

41,799,212

JPY

6,498,811,963

Toronto Dominion

1/05/26

338,164

USD

14,430,417

CAD

19,856,485

Toronto Dominion

1/05/26

(55,437)

USD

5,413,724

CHF

4,289,272

Toronto Dominion

1/05/26

(314) USD

3,809,856

IDR

63,630,240,000

Toronto Dominion

1/09/26

(5,858)

USD

37,984,412

JPY

5,894,743,913

Toronto Dominion

1/05/26

377,191

USD

14,391,276

CAD

19,825,120

Toronto Dominion

1/05/26

(71,697)

USD

979,398

CZK

20,315,633

Toronto Dominion

1/05/26

(7,682)

USD

19,930,732

GBP

14,917,788

Toronto Dominion

1/05/26

(134,352)

USD

790,675

HUF

261,444,942

Toronto Dominion

1/05/26

(9,070)

USD

43,059,596

JPY

6,772,818,072

Toronto Dominion

1/05/26

(149,553)

USD

2,419,348

MXN

43,642,225

Toronto Dominion

1/05/26

(7,985)

USD

41,887,245

CHF

32,922,855

Toronto Dominion

2/03/26

195,874

USD

8,748,223

HUF

2,880,027,702

Toronto Dominion

2/03/26

(43,545)

USD

420,015,905

JPY

65,379,171,777

Toronto Dominion

2/03/26

1,798,811

USD

16,862,810

PLN

60,539,702

Toronto Dominion

2/03/26

27,237

USD

22,772,199

SEK

208,881,082

Toronto Dominion

2/03/26

77,919

Total

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(13,434,443)

Total unrealized appreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12,008,239

Total unrealized depreciation on forward foreign currency contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(25,442,682)

#### Portfolio of Investments December 31, 2025

#### NURE
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.1%

REAL ESTATE INVESTMENT TRUST COMMON STOCKS - 99.1%

APARTMENTS - 47.8%

49,002

American Homes 4 Rent, Class A

$

1,572,964

36,814

Apartment Investment and Management Co, Class A

218,675

8,570

AvalonBay Communities Inc

1,553,827

14,653

Camden Property Trust

1,613,002

4,639

Centerspace

309,514

24,909

Equity Residential

1,570,263

5,925

Essex Property Trust Inc

1,550,454

66,303

Independence Realty Trust Inc

1,158,976

57,070

Invitation Homes Inc

1,585,975

11,457

Mid-America Apartment Communities Inc

1,591,492

6,058

NexPoint Residential Trust Inc

182,346

42,908

UDR Inc

1,573,866

22,558

Veris Residential Inc

335,663

TOTAL APARTMENTS

14,817,017

DIVERSIFIED - 2.6%

24,485

Elme Communities

426,039

22,488

UMH Properties Inc

357,784

TOTAL DIVERSIFIED

783,823

HOTELS - 21.1%

61,106

Apple Hospitality REIT Inc

724,106

56,575

DiamondRock Hospitality Co

506,912

84,757

Host Hotels & Resorts Inc

1,502,742

55,518

Park Hotels & Resorts Inc

580,718

31,549

Pebblebrook Hotel Trust

357,135

41,415

RLJ Lodging Trust

308,542

15,916

Ryman Hospitality Properties Inc

1,505,972

43,882

Service Properties Trust

80,743

29,413

Summit Hotel Properties Inc

143,241

52,742

Sunstone Hotel Investors Inc

471,514

26,331

Xenia Hotels & Resorts Inc

372,320

TOTAL HOTELS

6,553,945

MANUFACTURED HOMES - 9.8%

25,095

Equity LifeStyle Properties Inc

1,521,008

12,373

Sun Communities Inc

1,533,138

TOTAL MANUFACTURED HOMES

3,054,146

SELF-STORAGE - 17.8%

41,943

CubeSmart

1,512,045

11,645

Extra Space Storage Inc

1,516,412

19,658

National Storage Affiliates Trust

554,552

5,647

Public Storage

1,465,397

15,376

Smartstop Self Storage REIT Inc

475,734

TOTAL SELF-STORAGE

5,524,140

TOTAL REAL ESTATE INVESTMENT TRUST COMMON STOCKS

(Cost $41,515,082)

30,733,071

TOTAL LONG-TERM INVESTMENTS

(Cost $41,515,082)

30,733,071

OTHER ASSETS & LIABILITIES, NET - 0.9%

275,170

NET ASSETS - 100%

$

31,008,241

REIT

Real Estate Investment Trust

Statement of Assets and Liabilities

See Notes to Financial Statements

December 31, 2025

NXUS

NURE

ASSETS

Long-term investments, at value

†

$

2,499,191,096

$

30,733,071

Cash

16,842,892

103,435

Cash denominated in foreign currencies

^

626,404

—

Segregated cash balance with authorized participant for deposit securities

41,659,980

—

Unrealized appreciation on forward foreign currency contracts

12,008,239

—

Receivables:

Dividends

—

181,625

Interest

26,571,056

—

Investments sold

13,413,490

—

Reclaims

194,001

—

Other

—

1,326

Total assets

2,610,507,158

31,019,457

LIABILITIES

Unrealized depreciation on forward foreign currency contracts

25,442,682

—

Payables:

Management fees

120,733

9,491

Collateral upon the receipt of in-kind securities from authorized participant

41,659,980

—

Interest

84,297

—

Investments purchased - regular settlement

7,253,366

—

Accrued expenses:

Professional fees

941

Trustees fees

11,671

Other

—

1,326

Total liabilities

74,573,670

11,216

Net assets

$

2,535,933,488

$

31,008,241

Shares outstanding

101,400,000

1,100,000

Net asset value ("NAV") per share

$

25.01 $

28.19 NET ASSETS CONSIST OF:

Paid-in capital

2,544,243,945

53,922,440

Total distributable earnings (loss)

(8,310,457)

(22,914,199)

Net assets

$

2,535,933,488

$

31,008,241

Authorized shares

Unlimited

Unlimited

Par value per share

$

0.01 $

0.01 †

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

$

2,491,854,891

$

41,515,082

^ Cash denominated in foreign currencies, cost

$

620,078

$

—

Statement of Operations

See Notes to Financial Statements

Year Ended December 31, 2025

NXUS

NURE

INVESTMENT INCOME

Dividends

$

—

$

1,355,618

Interest

7,176,628

—

Tax withheld on income

(556,071)

—

Total investment income

6,620,557

1,355,618

EXPENSES

Management fees

164,476

140,548

Professional fees

1,052

—

Trustees fees

18,593

1,607

Total expenses

184,121

142,155

Net investment income (loss)

6,436,436

1,213,463

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

99,836

(1,735,465)

In-kind redemptions

—

(629,239)

Forward foreign currency contracts

(2,429,941)

—

Foreign currency transactions

309,043

—

Net realized gain (loss)

(2,021,062)

(2,364,704)

Change in unrealized appreciation (depreciation) on:

Investments

7,334,525

(2,274,220)

Forward foreign currency contracts

(13,434,443)

—

Foreign currency translations

226,022

—

Net change in unrealized appreciation (depreciation)

(5,873,896)

(2,274,220)

Net realized and unrealized gain (loss)

(7,894,958)

(4,638,924)

Net increase (decrease) in net assets from operations

$

(1,458,522)

$

(3,425,461)

For the period September 23, 2025 (commencement of operations) through December 31, 2025.

Statement of Changes in Net Assets

See Notes to Financial Statements

NXUS

NURE

For the period

9/23/25

(commencement

of operations)

through

12/31/25

Year Ended

12/31/25

Year Ended

12/31/24

OPERATIONS

Net investment income (loss)

$

6,436,436

$

1,213,463

$

1,377,557

Net realized gain (loss)

(2,021,062)

(2,364,704)

(1,846,852)

Net change in unrealized appreciation (depreciation)

(5,873,896)

(2,274,220)

3,736,499

Net increase (decrease) in net assets from operations

(1,458,522)

(3,425,461)

3,267,204

DISTRIBUTIONS TO SHAREHOLDERS

Dividends

(6,851,935)

(1,213,463)

(1,377,557)

Return of capital

–

(411,477)

(368,008)

Total distributions

(6,851,935)

(1,624,940)

(1,745,565)

FUND SHARE TRANSACTIONS

Subscriptions

2,544,245,096

–

10,904,836

Redemptions

(1,151)

(14,890,582)

(10,888,402)

Net increase (decrease) from Fund share transactions

2,544,243,945

(14,890,582)

16,434

Net increase (decrease) in net assets

2,535,933,488

(19,940,983)

1,538,073

Net assets at the beginning of period

–

50,949,224

49,411,151

Net assets at the end of period

$

2,535,933,488

$

31,008,241

$

50,949,224

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

NXUS

12/31/25

(d) $

25.00 $

0.19 $

(0.08)

$

0.11 $

(0.10)

$

—

$

—

$

(0.10)

$

25.01 $

25.04 NURE

12/31/25

31.84 0.91 (3.28)

(2.37)

(0.97)

—

(0.31)

(1.28)

28.19 28.16 12/31/24

30.88 0.87 1.21 2.08 (0.89)

—

(0.23)

(1.12)

31.84 31.80 12/31/23

28.43 0.75 2.85 3.60 (0.80)

—

(0.35)

(1.15)

30.88 30.88 12/31/22

40.68 0.54 (11.99)

(11.45)

(0.59)

—

(0.21)

(0.80)

28.43 28.42 12/31/21

26.98 0.46 13.79 14.25 (0.39)

—

(0.16)

(0.55)

40.68 40.74 (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 September 23, 2025 (commencement of operations) through December 31, 2025.

(e) Annualized.

See Notes to Financial Statements

Ratios and Supplemental Data

Total Return

Ratios to Average Net Assets

Based

on

Net Asset

Value

(b) Based

on

Market

Price

(b) Net Assets,

End of Period

(000) Expenses

Net Investment

Income (Loss)

Portfolio

Turnover

Rate

(c) 0.43 %

0.55 %

$

2,535,933

0.08 %

(e) 2.85 %

(e) 2

%

(7.53)

(7.49)

31,008

0.36 3.04 14

6.83 6.69 50,949

0.35 2.76 29

12.99 13.03 49,411

0.36 2.56 17

(28.37)

(28.49)

66,810

0.35 1.56 18

53.19 53.42 117,978

0.35 1.31 11

Notes to Financial Statements

1. General Information

Trust and Fund Information:

Nushares ETF Trust (the "Trust") is an open-end management investment company registered under the Investment

Company Act of 1940, as amended (the "1940 Act"). The Trust is comprised of Nuveen International Aggregate Bond ETF (NXUS) and Nuveen

Short-Term REIT ETF (NURE) (each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a Massachusetts business trust

on February 20, 2015. Shares of NXUS are listed and traded on the NYSE Arca, while shares NURE are listed and traded on the Cboe BZX Exchange,

Inc. The NYSE Arca and the Cboe BZX Exchange, Inc are each an "Exchange".

Current Fiscal Period

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

Statements for NXUS is September 23, 2025 (commencement of operations) through December 31, 2025 and for NURE is the fiscal year ended

December 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. The Adviser has entered into sub-advisory agreements with Nuveen Asset

Management ("NAM") and Teachers Advisors, LLC ("TAL") (each a "Sub-Adviser") and collectively, the "Sub-Advisers") each an affiliate of the

Adviser. NAM is responsible for managing the investment portfolio of NXUS and TAL is responsible for managing the investment portfolio of NURE.

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.

The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities

held in the Funds' portfolio. Distributions received from certain securities in which the Fund invests, most notably real estate investment trust (REIT)

securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security

reports the tax character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The

distribution is included in the Funds' ordinary income until such time the Fund is notified by the issuer of the actual tax character. Dividend income,

net realized gains, (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of income, capital

gain, and/or return of capital as reported by the issuers of such securities for distributions during the current fiscal period.

Foreign Currency Transactions and Translation:

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

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

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

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

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

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

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

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

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

exchange rates.

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

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

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

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

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

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

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

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

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

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

Foreign Taxes:

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

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

exist in the markets in which the Funds invest.

Indemnifications:

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

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

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

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

the risk of loss to be remote.

Investments and Investment Income:

Securities transactions are accounted for as of the end of trade date for financial reporting purposes. Realized

gains and losses on securities transactions

are based upon the specific identification method. Dividend income is recorded on the ex-dividend date.

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

recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also

reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu

of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

Segment Reporting:

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

("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-

term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess

the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,

is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as

"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,

Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09

is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes

paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal

period, the Funds adopted the new guidance. See Note 7 for more information.

New Accounting Pronouncement (ASU No. 2025-11)

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

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

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

NXUS

Value

% of

Net Assets

Country:

Japan

$

418,800,897

16.5 %

France

209,189,032

8.2 United Kingdom

195,255,007

7.7 Germany

192,958,717

7.6 Canada

156,005,489

6.2 Italy

138,961,862

5.5 Spain

124,116,315

4.9 Supranational

98,967,903

3.9 Australia

81,508,792

3.2 South Korea

65,233,376

2.6 Other

733,308,654

29.0 Total non-U.S. Securities

$2,414,306,044

95.3%

#### Notes to Financial Statements
(continued)

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

periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these

changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

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

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

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

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

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

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

these securities are generally classified as Level 2.

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.

Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing

service using the procedures approved by the Adviser, subject to the oversight of the Board, 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:

NXUS

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Corporate Bonds

$

–

$

5,587,685

$

–

$

5,587,685

Corporate Debt

–

504,212,336

–

504,212,336

Government Related

–

1,989,391,075

–

1,989,391,075

Total

$

–

$

2,499,191,096

$

–

$

2,499,191,096

a

NURE

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Real Estate Investment Trust Common Stocks

$

30,733,071

$

–

$

–

$

30,733,071

Total

$

30,733,071

$

–

$

–

$

30,733,071

a

\* Represents net unrealized appreciation (depreciation).

4. Portfolio Securities

Securities Lending:

The 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, the 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 Fund did not have any securities out on loan.

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.

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

NXUS

$

209,271,373

$

1,801,430

$

17,450,266

$

1,799,367

NURE

5,832,030

—

5,722,498

—

Fund

In-Kind

Purchases

In-Kind

Sales

NXUS

$

2,297,001,839

$

—

NURE

—

14,845,564

(continued)

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.

Forward Foreign Currency Contracts:

During the current fiscal period, NXUS used forward foreign currency contracts to partially hedge its exposure

to non-U.S. dollar denominated positions.

A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the

future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery

of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated

between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are

reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward

contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated

movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets

and Liabilities.

The average notional amount of forward contracts outstanding during the current fiscal period was as follows:

The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those

forward foreign currency contracts as of the end of the reporting period.

As of the end of the current fiscal period, NXUS invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as

follows:

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

Fund

Average Notional

Amount of

Forward

Contracts

Outstanding\*

NXUS

$

4,469,941,501

\*

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

each fiscal quarter within the current fiscal period.

Fund

Counterparty

Gross Unrealized

Appreciation on

Forward Foreign

Currency Contracts\*

Gross Unrealized

(Depreciation) on

Forward Foreign

Currency Contracts\*

Net Unrealized

Collateral

Pledged to (from)

Counterparty

Net Exposure

NXUS

ANZ Banking Group LTD

$

184,324

$

(492,576)

$

(308,252)

$

—

$

(308,252)

NXUS

Barclays Capital

360,105

(4,097,831)

(3,737,726)

—

(3,737,726)

NXUS

Citigroup

286,276

(2,193,878)

(1,907602)

—

(1,907,602)

NXUS

Morgan Stanley

5,176,996

(14,799,479)

(9,622,483)

—

(9,622,483)

NXUS

Toronto Dominion

6,000,538

(3,858,918)

2,141,620

—

2,141,620

\* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

NXUS

Forward foreign currency

contracts

Foreign currency

exchange rate

Unrealized appreciation on

forward contracts

$

12,008,239

Unrealized depreciation on

forward contracts

$

(25,442,6

82)

Market and Counterparty Credit Risk:

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

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

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

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

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

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

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

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

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

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

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

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

at least the pre-determined threshold amount.

6. Fund Shares

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

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

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

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

Creation Units are purchased and redeemed in-kind for a designated portfolio of securities and/or a specified amount of cash, as determined by

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

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

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

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

Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain

transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or

selling portfolio securities. Such variable charges, if any, are included in "Proceeds from shares sold" on the Statements of Changes in Net Assets.

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

7. Income Tax Information

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

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

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

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

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

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

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

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

NXUS

Forward foreign currency contracts

Foreign currency exchange rate

$

(2,429,941)

$

(13,434,443)

NXUS

NURE

For the period

9/23/25

(commencement of

operations)

through 12/31/25

Year Ended

12/31/25

Year Ended

12/31/24

Shares

Value

Shares

Value

Shares

Value

Subscriptions

101,400,000

$2,544,245,096

–

$–

150,000

$10,904,836

Redemptions

–

(1,151)

(500,000)

(14,890,582)

(150,000)

(10,888,402)

Net increase (decrease)

101,400,000

$2,544,243,945

(500,000)

$(14,890,582)

–

$16,434

(continued)

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, foreign currency transactions, and redemptions in-kind. 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:

The tax character of distributions paid was as follows:

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

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NXUS

$

2,488,625,815

$

7,336,205

$

(10,205,367)

$

(2,869,162)

NURE

42,220,177

—

(11,487,106)

(11,487,106)

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

NXUS

$

—

$

—

$

(2,644,820)

$

—

$

(5,665,637)

$

—

$

(8,310,457)

NURE

—

—

(11,487,106)

(11,427,093)

—

—

(22,914,199)

For the Period

9/23/25

(commencement of operations)

through

12/31/25

Fund

Ordinary

Income

Long-Term

Capital Gains

Return of

Capital

NXUS

$6,851,935

$–

$—

12/31/25

12/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital Gains

Return

of

Capital

NURE

$

1,213,463

$

—

$

411,477

$

1,377,557

$

—

$

368,008

Fund

Short-Term

Long-Term

Total

NXUS

$

—

$

—

$

—

NURE

3,970,005

7,457,088

11,427,093

The following table presents income taxes paid by the Funds in foreign jurisdictions during the current fiscal period. The Funds did not pay any

other income taxes.

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund's management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser

is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other

expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred

in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees' counsel fees), certain

compensation expenses of the Funds' chief compliance officer, litigation expenses and extraordinary expenses.

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

Other Transactions with Affiliates:

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the

Sub-Advisers or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board

("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by

virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7

under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring

broker commissions.

During the current fiscal period, the Fund did not engage in cross-trades pursuant to these procedures.

Affiliate Owned Shares:

As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:

Fund

NXUS

NURE

Income taxes by foreign jurisdictions:

Chile

$10

$—

Hungary

—

Indonesia

793

—

Mexico

(98) —

Romania

—

South Korea

—

Switzerland

—

Thailand

(502) —

Total income taxes paid, net of refunds

$694

$—

Fund

Management Fee

NXUS

0.07%

NURE

0.35 Underlying Fund

TIAA

Nuveen

Lifecycle

Index Funds

Total

NXUS

–

%

\*

%

%

NURE

–

–

–

\*

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:

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:

Qualified Business Income (QBI)

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

treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:

Fund

Net Long-Term

Capital Gains

NXUS

$

—

NURE

—

Fund

Percentage

NXUS

–

%

NURE

.2

Fund

Percentage

NXUS

.2

%

NURE

.0

Fund

1/1 to Current

Year End

Percentage

NXUS

1.1 %

NURE

—

Fund

Percentage

NXUS

—

%

NURE

.6%

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

NXUS

19.3 %

NURE

–

------

**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 Fund's 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 Nuveen Short-Term REIT ETF (the "Fund") effective upon (i) completion of KPMG's audit of the Fund's financial statements to be included in the Fund's Annual Report on Form N-CSR (the "2024 Annual Report") for the fiscal year ended December 31, 2024 and (ii) the issuance of KPMG's report on the same. KPMG's dismissal as the Fund's independent registered public accounting firm was effective on February 28, 2025, which is the date on which KPMG issued their report on their audit of the Fund's financial statements to be included in the 2024 Annual Report. KPMG's audit reports on the Fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 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 Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, 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 Fund's fiscal years ended December 31, 2024 and December 31, 2023 and the subsequent interim period through February 28, 2025, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

The Fund provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Fund 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 Fund for the fiscal year ending December 31, 2025. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, the Fund has 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 Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

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

#### Nuveen International Aggregate Bond ETF
The Approval Process

At the meeting held on August 5-6, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nushares ETF Trust (the "Trust"), which is comprised entirely of Board Members who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")), considered and approved for Nuveen International Aggregate Bond ETF (the "Fund"), a series of the Trust, the investment management agreement (the "Investment Management Agreement") pursuant to which Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser") serves as investment adviser to the Fund and the investment sub-advisory agreement (the "Sub-Advisory Agreement") pursuant to which Nuveen Asset Management, LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Adviser and the Sub-Adviser are each hereafter a "Fund Adviser." The Investment Management Agreement and the Sub-Advisory Agreement are each hereafter an "Advisory Agreement" and collectively, the "Advisory Agreements." The references to the Board and the Board Members are interchangeable.

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

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

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

• the expertise and background of the Fund Adviser;

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

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

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

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

At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/ or at prior meetings, the Board Members also met privately with their legal counsel to, among other things, review the Board's duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser's fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Fund's Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers. The Nuveen fund complex consists of the group of funds advised by NFAL and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or "funds"). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of TAL and NFAL.

A. Nature, Extent and Quality of Services

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

The Board Members considered information about the structure, investment objective, investment strategy and other characteristics of the Fund and considered that the Fund would be an exchange-traded fund ("ETF") advised by the Adviser. Further, the Board considered that the Fund (an "Index ETF") would seek to track the investment results of a specified underlying index ("Underlying Index").

At the Meeting and/or at prior meetings, the Board Members considered materials regarding, among other things, the respective Fund Adviser's organization and business; the types of services that such Fund Adviser or its affiliates currently provide to the applicable funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser. Further, at the Meeting and/or at prior meetings, the Board Members considered the background and experience of the investment personnel expected to manage the Fund.

The Board has considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board has considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as 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. The Board has considered the significant resources, both financial and personnel, the Adviser and its affiliates have 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,

------

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

enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. The Board has 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 applicable funds.

The Board has considered that the funds operate in a highly regulated industry and that 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 include 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 have received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board has considered that the Adviser provides investment advisory services. With respect to the Nuveen funds advised by the Adviser, such funds utilize sub-advisers to manage the portfolios of the funds subject to the supervision of the Adviser. Accordingly, the Board has considered that the Adviser and its affiliates, among other things, oversee and review the performance of the 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. With respect to the Nuveen ETFs, 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 Index ETFs) and analyzing secondary market dynamics.

In addition to the portfolio management services provided to the applicable funds (including indirectly by overseeing the sub-advisers), the Board has considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, 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 has considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board has also 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 has considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services. Further, the Board has 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 Members considered that the Adviser would oversee the Sub-Adviser, which was generally expected to provide portfolio advisory services to the Fund. In addition, the Board Members considered the experience and expertise of the investment team expected to manage the Fund.

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

B. Investment Performance

The Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and sub-advised by the Sub-Adviser. The Board Members considered that the portfolio management team expected to manage the Fund included portfolio managers from teams that managed certain existing passive fixed income ETFs and passive fixed income mutual funds. The Board Members considered that the portfolio management team was expected to maintain an investment process for the Fund that would be generally similar to that used for certain other Nuveen ETFs. Further, the Board Members considered certain historical performance-related data pertaining to various unaffiliated ETFs that, based on information provided by the Adviser, were generally comparable in certain respects to the Fund (the "Comparable ETFs").

------

C. Fees, Expenses and Profitability

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

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

In their review, the Board Members considered, among other things, the Fund's proposed unified fee compared to expense and management fee data relating to the Comparable ETFs. Because the Fund will pay a unified fee, the Board Members considered, among other things, the net expense ratios of the ETFs comprising the applicable Comparable ETFs and certain related data provided by the Adviser. Further, the Board Members considered the proposed sub-advisory fee for the Fund, which will be paid by the Adviser out of its unified fee.

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

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

At the Meeting and/or at prior meetings, the Board has considered that the Adviser, affiliated sub-advisers and/or their affiliate(s) provide investment management services to, in addition to the Nuveen funds, various other types of clients which may include, among others: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board has previously 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 has 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 has limited the comparability of the data. In this regard, the Board has 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 variations in relative fee rates. Differences in the level of advisory services required for passively managed funds, including 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 has 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 has further considered that a sub-adviser's fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board has concluded that the varying levels of fees are reasonable given the foregoing.

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

At the Meeting and/or at prior meetings, the Board Members have considered various profitability data relating to the Fund Advisers' services to the Nuveen funds. In 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 have 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 has considered profitability data at the per fund level for the respective adviser.

------

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

In reviewing the profitability data, the Board Members have considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board has reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members have 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 have considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board has also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board has 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 has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered the investments the Adviser, its parent and/or other affiliates have made into their business.

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

The Board considered certain information regarding the expected profitability of the Fund for its first year of operations, including currently estimated pre- and post-distribution margins.

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

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

In addition, the Board Members have considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board has 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 has 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 has also been a means of sharing economies of scale with the funds and their shareholders.

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

E. Indirect Benefits

At the Meeting and/or prior meetings, the Board Members have received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex. These benefits have included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. 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 have considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members have also considered reimbursements of such costs by the Adviser and/or 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 expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable in light of the services expected to be provided.

F. Approval

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

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

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

------

**Item 16.** **Controls and Procedures.** <br>

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

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

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

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

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

------

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

(a) Not applicable.

(b) Not applicable.

------

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

---

| | |
|:---|:---|
| (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d87153dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | [Change in the registrant's independent public accountant. Filed herewith.](d87153dex99a5.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.](d87153dex99906cert.htm) |

---

------

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

<u>Nushares ETF Trust</u> 

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |

---

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

---

| | | |
|:---|:---|:---|
| Date: March 6, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

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

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

I, Briton Ryan, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 6, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.(A)(5)

![LOGO](g87153g0107232915047.jpg)

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

March 6, 2026

Securities and Exchange Commission

Washington, D.C. 20549

Ladies and Gentlemen:

We were previously principal accountants for the Nuveen Short-Term REIT ETF (the Fund) and, under the date of February 28, 2025, we reported on the financial statements of the Fund as of and for the years ended December 31, 2024 and 2023. On October 24, 2024, we were notified that the Fund appointed PricewaterhouseCoopers LLP as its principal accountant for the year ending December 31, 2025 and that the auditor-client relationship with KPMG LLP will cease upon completion of the audit of the Fund's financial statements as of and for the year ended December 31, 2024, and the issuance of our report thereon. On February 28, 2025, we completed our audit and the auditor-client relationship ceased.

We have read the statements made by the Fund included under Item 8 of Form N-CSR dated March 6, 2026, and we agree with such statements, except we are not in a position to agree or disagree with the Fund's statement in section (b) of Item 8 of Form N-CSR.

Very truly yours,

![LOGO](g87153g0107232915187.jpg)

KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

## 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 December 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: March 6, 2026 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: March 6, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---