# EDGAR Filing Document

**Accession Number:** 0001635073
**File Stem:** 0001193125-25-156007
**Filing Date:** 2025-7
**Character Count:** 302897
**Document Hash:** e2236140149ad5065227af6e92828e84
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156007.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001193125-25-156007

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23161
- **FILM NUMBER:** 251107293

**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 ESG Large-Cap Growth ETF (Series ID: S000055811)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000175723 | Nuveen ESG Large-Cap Growth ETF | NULG            |

### Nuveen ESG Large-Cap Value ETF (Series ID: S000055812)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000175724 | Nuveen ESG Large-Cap Value ETF | NULV            |

### Nuveen ESG Mid-Cap Growth ETF (Series ID: S000055813)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000175725 | Nuveen ESG Mid-Cap Growth ETF | NUMG            |

### Nuveen ESG Mid-Cap Value ETF (Series ID: S000055814)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000175726 | Nuveen ESG Mid-Cap Value ETF | NUMV            |

### Nuveen ESG Small-Cap ETF (Series ID: S000055815)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000175727 | Nuveen ESG Small-Cap ETF | NUSC            |

### Nuveen ESG International Developed Markets Equity ETF (Series ID: S000057420)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000183268 | Nuveen ESG International Developed Markets Equity ETF | NUDM            |

### Nuveen ESG Emerging Markets Equity ETF (Series ID: S000057421)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000183269 | Nuveen ESG Emerging Markets Equity ETF | NUEM            |

### Nuveen ESG Large-Cap ETF (Series ID: S000063599)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000206035 | Nuveen ESG Large-Cap ETF | NULC            |

### Nuveen Dividend Growth ETF (Series ID: S000071941)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000227558 | Nuveen Dividend Growth ETF | NDVG            |

### Nuveen Small Cap Select ETF (Series ID: S000071942)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000227559 | Nuveen Small Cap Select ETF | NSCS            |

### Nuveen Winslow Large-Cap Growth ESG ETF (Series ID: S000071943)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000227560 | Nuveen Winslow Large-Cap Growth ESG ETF | NWLG            |

### Nuveen ESG Dividend ETF (Series ID: S000072489)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000228786 | Nuveen ESG Dividend ETF | NUDV            |

### Nuveen Growth Opportunities ETF (Series ID: S000073535)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000230537 | Nuveen Growth Opportunities ETF | NUGO            |

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

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

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

Date of reporting period: <u>April 30, 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](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Dividend ETF

NUDV/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Dividend ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Dividend ETF | $13 | 0.25% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $26947020 |
|  Total number of portfolio holdings | 124 |
|  Portfolio turnover (%) | 35% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g26s93.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P813_SAR_0425<br> 4477250 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Emerging Markets Equity ETF

NUEM/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Emerging Markets Equity ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Emerging Markets Equity ETF | $18 | 0.35% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $300866077 |
|  Total number of portfolio holdings | 187 |
|  Portfolio turnover (%) | 35% |

---

1 continued>>

------

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g56p94.jpg)

![LOGO](g860949g1g44v45.jpg)

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P888_SAR_0425<br> 4477370 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG International Developed Markets Equity ETF

NUDM/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG International Developed Markets Equity ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG International Developed Markets Equity ETF | $15 | 0.30% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 527301346 |
|  Total number of portfolio holdings |  | 151 |
|  Portfolio turnover (%) |  | 31% |

---

1 continued>>

------

What did the Fund invest in? (as of April 30, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g860949g1g55t07.jpg)

![LOGO](g860949g1g00e27.jpg)

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P805_SAR_0425<br> 4477471 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Large-Cap ETF

NULC/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Large-Cap ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Large-Cap ETF | $10 | 0.20% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 41872449 |
|  Total number of portfolio holdings |  | 119 |
|  Portfolio turnover (%) |  | 31% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g80p81.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P862_SAR_0425<br> 4477612 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Large-Cap Growth ETF

NULG/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Large-Cap Growth ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Large-Cap Growth ETF | $13 | 0.25% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1414747246 |
|  Total number of portfolio holdings | 73 |
|  Portfolio turnover (%) | 27% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g42c60.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P201_SAR_0425<br> 4477692 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Large-Cap Value ETF

NULV/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Large-Cap Value ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Large-Cap Value ETF | $13 | 0.25% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1598279882 |
|  Total number of portfolio holdings | 111 |
|  Portfolio turnover (%) | 30% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g63s03.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P300_SAR_0425<br> 4477794 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Mid-Cap Growth ETF

NUMG/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Mid-Cap Growth ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Mid-Cap Growth ETF | $15 | 0.30% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $384471858 |
|  Total number of portfolio holdings | 43 |
|  Portfolio turnover (%) | 49% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g85i04.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P409_SAR_0425<br> 4477919 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Mid-Cap Value ETF

NUMV/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Mid-Cap Value ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Mid-Cap Value ETF | $15 | 0.30% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $352000736 |
|  Total number of portfolio holdings | 100 |
|  Portfolio turnover (%) | 35% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g23a99.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P508_SAR_0425<br> 4478039 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen ESG Small-Cap ETF

NUSC/Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen ESG Small-Cap ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of <br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Nuveen ESG Small-Cap ETF | $15 | 0.30% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $1058918154 |
|  Total number of portfolio holdings | 466 |
|  Portfolio turnover (%) | 26% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g26g99.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P607_SAR_0425<br> 4478138 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen Dividend Growth ETF

NDVG/NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Dividend Growth ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (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 Dividend Growth ETF | $32 | 0.64% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 11699045 |
|  Total number of portfolio holdings |  | 42 |
|  Portfolio turnover (%) |  | 5% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g05v24.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P821_SAR_0425<br> 4478235 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen Growth Opportunities ETF

NUGO/NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Growth Opportunities ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (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 Growth Opportunities ETF | $28 | 0.55% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 2551179912 |
|  Total number of portfolio holdings |  | 44 |
|  Portfolio turnover (%) |  | 19% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g94o20.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P797_SAR_0425<br> 4478345 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen Small Cap Select ETF

NSCS/NYSE Arca

### (The Fund is scheduled to liquidate on or after July 1, 2025.)
Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Small Cap Select ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (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 Small Cap Select ETF | $43 | 0.85% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 7214271 |
|  Total number of portfolio holdings |  | 78 |
|  Portfolio turnover (%) |  | 28% |

---

What did the Fund invest in? (as of April 30, 2025)

![LOGO](g860949g1g35k99.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P839_SAR_0425<br> 4478447 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g860949g1g19w55.jpg) | <br> Semi-Annual Shareholder Report <br>April 30, 2025  |

---

Nuveen Winslow Large-Cap Growth ESG ETF

NWLG/NYSE Arca

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Nuveen Winslow Large-Cap Growth ESG ETF for the period of November 1, 2024 to April 30, 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.

What were the Fund costs for the last six months? (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 Winslow Large-Cap Growth ESG ETF | $32 | 0.64% |

---

\* Annualized for period less than one year.

Fund Statistics (as of April 30, 2025)

---

| | | |
|:---|:---|:---|
|  Fund net assets | $| 8934306 |
|  Total number of portfolio holdings |  | 44 |
|  Portfolio turnover (%) |  | 60% |

---

What did the Fund invest in? (as of April 30, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g860949g1g60q83.jpg)

1 continued>>

------

Availability of additional information about the Fund

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

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

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

---

| | |
|:---|:---|
| 67092P847_SAR_0425<br> 4478543 | ![LOGO](g860949g1g01w01.jpg) |

---

2.0 ------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

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

Not applicable to this filing.

------

**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.

------

Portfolio of Investments April 30, 2025

NUDV

(Unaudited)

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 99.7%** |  |
|  | **COMMON STOCKS - 99.7%** |  |
|  | **COMMUNICATION SERVICES - 3.8%** |  |
| 11947 | Comcast Corp, Class A | $408587 |
| 1997 | Interpublic Group of Cos Inc/The | 50164 |
| 1055 | Omnicom Group Inc | 80349 |
| 11012 | Verizon Communications Inc | 485189 |
|  | TOTAL COMMUNICATION SERVICES | 1024289 |
|  | **CONSUMER DISCRETIONARY - 5.1%** |  |
| 1086 | Best Buy Co Inc | 72425 |
| 313 | Dick's Sporting Goods Inc | 58763 |
| 743 | Genuine Parts Co | 87340 |
| 1425 | Home Depot Inc/The | 513698 |
| 1395 | LKQ Corp | 53303 |
| 1741 | Lowe's Cos Inc | 389218 |
| 203 | Pool Corp | 59507 |
| 2872 | Tractor Supply Co | 145381 |
|  | TOTAL CONSUMER DISCRETIONARY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379635 |
|  | **CONSUMER STAPLES - 10.0%** |  |
| 2556 | Archer-Daniels-Midland Co | 122049 |
| 746 | Bunge Global SA | 58725 |
| 662 | Clorox Co/The | 94203 |
| 7417 | Coca-Cola Co/The | 538103 |
| 2556 | Conagra Brands Inc | 63159 |
| 1078 | General Mills Inc | 61166 |
| 573 | J M Smucker Co/The | 66623 |
| 1481 | Kellanova | 122582 |
| 10286 | Kenvue Inc | 242749 |
| 1792 | Kimberly-Clark Corp | 236150 |
| 4858 | Kraft Heinz Co/The | 141368 |
| 1354 | McCormick & Co Inc/MD | 103798 |
| 3441 | Procter & Gamble Co/The | 559403 |
| 2458 | Target Corp | 237689 |
| 1038 | The Campbell's Company | 37845 |
|  | TOTAL CONSUMER STAPLES | 2685612 |
|  | **ENERGY - 2.1%** |  |
| 5301 | Baker Hughes Co | 187655 |
| 4732 | Halliburton Co | 93788 |
| 3322 | ONEOK Inc | 272936 |
|  | TOTAL ENERGY | 554379 |
|  | **FINANCIALS - 23.7%** |  |
| 2833 | Aflac Inc | 307890 |
| 1421 | Allstate Corp/The | 281912 |
| 3016 | Annaly Capital Management Inc | 59114 |
| 276 | Assurant Inc | 53196 |
| 11403 | Bank of America Corp | 454752 |
| 3839 | Bank of New York Mellon Corp/The | 308694 |
| 5278 | Citigroup Inc | 360910 |
| 2373 | Citizens Financial Group Inc | 87540 |
| 1347 | Discover Financial Services | 246056 |
| 1679 | Equitable Holdings Inc | 83027 |
| 2893 | Fidelity National Information Services Inc | 228200 |
| 704 | Goldman Sachs Group Inc/The | 385475 |
| 1555 | Hartford Insurance Group Inc/The | 190752 |
| 7781 | Huntington Bancshares Inc/OH | 113058 |
| 394 | Jack Henry & Associates Inc | 68331 |
| 1826 | Marsh & McLennan Cos Inc | 411708 |
| 3155 | MetLife Inc | 237792 |
| 3214 | Morgan Stanley | 370960 |
| 2044 | PNC Financial Services Group Inc/The | 328450 |
| 1224 | Principal Financial Group Inc | 90760 |

---

4 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | FINANCIALS (continued) |  |
| 1905 | Prudential Financial Inc | $195663 |
| 1042 | Raymond James Financial Inc | 142796 |
| 4866 | Regions Financial Corp | 99315 |
| 1573 | State Street Corp | 138581 |
| 2084 | Synchrony Financial | 108264 |
| 1193 | T Rowe Price Group Inc | 105640 |
| 1216 | Travelers Cos Inc/The | 321182 |
| 7122 | Truist Financial Corp | 273057 |
| 8364 | US Bancorp | 337404 |
|  | TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6390479 |
|  | **HEALTH CARE - 15.8%** |  |
| 2784 | AbbVie Inc | 543158 |
| 1521 | Amgen Inc | 442489 |
| 7716 | Bristol-Myers Squibb Co | 387343 |
| 1299 | Cardinal Health Inc | 183536 |
| 547 | Cigna Group/The | 186002 |
| 1065 | Elevance Health Inc | 447918 |
| 4096 | Gilead Sciences Inc | 436388 |
| 644 | Humana Inc | 168883 |
| 5685 | Merck & Co Inc | 484362 |
| 17118 | Pfizer Inc | 417850 |
| 599 | Quest Diagnostics Inc | 106754 |
| 2022 | Royalty Pharma PLC | 66362 |
| 2420 | Zoetis Inc | 378488 |
|  | TOTAL HEALTH CARE | 4249533 |
|  | **INDUSTRIALS - 17.3%** |  |
| 2707 | 3M Co | 376029 |
| 464 | Allegion plc | 64589 |
| 1382 | Automatic Data Processing Inc | 415429 |
| 624 | Broadridge Financial Solutions Inc | 151258 |
| 4335 | Carrier Global Corp | 271111 |
| 1276 | Caterpillar Inc | 394629 |
| 635 | CH Robinson Worldwide Inc | 56655 |
| 4682 | CNH Industrial NV | 54171 |
| 10358 | CSX Corp | 290749 |
| 737 | Cummins Inc | 216560 |
| 859 | Deere & Co | 398198 |
| 1074 | Ferguson Enterprises Inc | 182215 |
| 664 | Fortune Brands Innovations Inc | 35736 |
| 903 | Graco Inc | 73694 |
| 286 | Hubbell Inc | 103869 |
| 404 | IDEX Corp | 70284 |
| 1535 | Illinois Tool Works Inc | 368262 |
| 3555 | Johnson Controls International plc | 298264 |
| 460 | Owens Corning | 66889 |
| 1737 | Paychex Inc | 255547 |
| 603 | Rockwell Automation Inc | 149351 |
| 1758 | Union Pacific Corp | 379130 |
|  | TOTAL INDUSTRIALS | 4672619 |
|  | **INFORMATION TECHNOLOGY - 7.3%** |  |
| 1265 | Accenture PLC, Class A | 378425 |
| 7074 | Hewlett Packard Enterprise Co | 114740 |
| 5023 | HP Inc | 128438 |
| 1866 | International Business Machines Corp | 451236 |
| 1776 | Juniper Networks Inc | 64505 |
| 1086 | NetApp Inc | 97469 |
| 1362 | NXP Semiconductors NV | 251030 |
| 1139 | Seagate Technology Holdings PLC | 103683 |
| 2424 | Texas Instruments Inc | 387961 |
|  | TOTAL INFORMATION TECHNOLOGY | 1977487 |

---

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

------

Portfolio of Investments April 30, 2025(continued)

NUDV

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **MATERIALS - 3.5%** |  |
| 433 | Avery Dennison Corp | $74091 |
| 1599 | Ball Corp | 83052 |
| 1373 | International Flavors & Fragrances Inc | 107726 |
| 2679 | International Paper Co | 122377 |
| 6112 | Newmont Corp | 321980 |
| 1242 | PPG Industries Inc | 135204 |
| 778 | Steel Dynamics Inc | 100914 |
|  | TOTAL MATERIALS | 945344 |
|  | **REAL ESTATE - 7.3%** |  |
| 2154 | American Tower Corp | 485533 |
| 803 | BXP Inc | 51175 |
| 439 | Equinix Inc | 377869 |
| 3740 | Healthpeak Properties Inc | 66722 |
| 1574 | Iron Mountain Inc | 141141 |
| 3473 | Prologis Inc | 354941 |
| 922 | Regency Centers Corp | 66550 |
| 2721 | Welltower Inc | 415197 |
|  | TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959128 |
|  | **UTILITIES - 3.8%** |  |
| 835 | Atmos Energy Corp | 134126 |
| 1863 | Consolidated Edison Inc | 210053 |
| 1398 | Essential Utilities Inc | 57500 |
| 1956 | Eversource Energy | 116343 |
| 5393 | Exelon Corp | 252932 |
| 3395 | Sempra | 252146 |
|  | TOTAL UTILITIES | 1023100 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $27,068,990)** | **26861605** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $27,068,990)** | **26861605** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.3%** | **85415** |
|  | **NET ASSETS - 100%** | $**26947020** |

---

6 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NUEM

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 100.2%** |  |
|  |  | **COMMON STOCKS - 100.2%** |  |
|  |  | **COMMUNICATION SERVICES - 11.6%** |  |
| 25500 |  | Autohome Inc, ADR | $695640 |
| 190209 |  | Bharti Airtel Ltd | 4197786 |
| 89384 | (a) | Bilibili Inc | 1575663 |
| 13569 |  | CD Projekt SA | 839881 |
| 209948 | (a) | China Ruyi Holdings Ltd | 55230 |
| 278098 |  | Chunghwa Telecom Co Ltd | 1126026 |
| 23128 |  | Hellenic Telecommunications Organization SA | 439582 |
| 27263 |  | Info Edge India Ltd | 2281336 |
| 21000 |  | International Games System Co Ltd | 546290 |
| 101230 | (a) | Kanzhun Ltd, ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548819 |
| 82562 |  | Kingsoft Corp Ltd | 410963 |
| 615908 | (a),(b) | Kuaishou Technology | 4098270 |
| 750229 |  | Mobile Telecommunications Co KSCP | 1158154 |
| 30617 |  | NAVER Corp | 4318472 |
| 245389 |  | NetEase Inc | 5284532 |
| 307306 |  | Ooredoo QPSC | 1093844 |
| 94838 |  | Saudi Telecom Co | 1203521 |
| 20151 |  | SK Telecom Co Ltd | 769750 |
| 10717378 |  | Telkom Indonesia Persero Tbk PT | 1704450 |
| 110400 |  | Tencent Music Entertainment Group, ADR | 1481568 |
|  |  | TOTAL COMMUNICATION SERVICES | 34829777 |
|  |  | **CONSUMER DISCRETIONARY - 13.9%** |  |
| 83749 | (a),(b) | Allegro.eu SA | 733725 |
| 122301 |  | BYD Co Ltd | 5838502 |
| 4220 |  | BYD Co Ltd, Class A | 204867 |
| 700500 | (b) | Central Retail Corp PCL | 496987 |
| 44083 |  | China Tourism Group Duty Free Corp Ltd, Class A | 384269 |
| 761853 | (c) | Chow Tai Fook Jewellery Group Ltd | 1019773 |
| 16897 |  | Coway Co Ltd | 1042467 |
| 50116 |  | Eicher Motors Ltd | 3302360 |
| 148710 |  | Empresas Copec SA | 1010670 |
| 460 | (a),(d) | FF Group | 5 |
| 83756426 | (a) | GoTo Gojek Tokopedia Tbk PT | 428873 |
| 145401 |  | Great Wall Motor Co Ltd | 208501 |
| 47100 |  | Great Wall Motor Co Ltd, Class A | 146224 |
| 128057 |  | Haier Smart Home Co Ltd | 372379 |
| 19020 |  | Hero MotoCorp Ltd | 861670 |
| 5380 |  | Indian Hotels Co Ltd/The | 50161 |
| 232356 |  | JD.com Inc, Class A | 3832299 |
| 40699 |  | LG Electronics Inc | 2044255 |
| 97181 | (a) | Li Auto Inc, Class A | 1193662 |
| 160 |  | LPP SA | 654849 |
| 122435 |  | Mahindra & Mahindra Ltd | 4244457 |
| 362688 | (a),(b) | Meituan, Class B | 6094143 |
| 13769 |  | Naspers Ltd | 3620393 |
| 354204 |  | PTT Oil & Retail Business PCL | 153748 |
| 46910 |  | Trent Ltd | 2872055 |
| 73779 |  | Vipshop Holdings Ltd, ADR | 1004870 |
|  |  | TOTAL CONSUMER DISCRETIONARY | 41816164 |
|  |  | **CONSUMER STAPLES - 5.1%** |  |
| 446646 | (a),(c) | Alibaba Health Information Technology Ltd | 290288 |
| 26402 |  | Cencosud SA | 89441 |
| 113434 |  | Hindustan Unilever Ltd | 3144673 |
| 770972 | (b),(c) | Nongfu Spring Co Ltd | 3559235 |
| 493372 |  | Raia Drogasil SA | 1728989 |
| 59326 |  | Tata Consumer Products Ltd | 818646 |
| 133000 |  | Uni-President Enterprises Corp | 319370 |
| 136161 |  | Varun Beverages Ltd | 841862 |

---

See Notes to Financial Statements 7

------

Portfolio of Investments April 30, 2025(continued)

NUEM

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | CONSUMER STAPLES (continued) |  |
| 1461661 | Wal-Mart de Mexico SAB de CV | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4640727 |
|  | TOTAL CONSUMER STAPLES | 15433231 |
|  | **ENERGY - 1.4%** |  |
| 494090 | COSCO SHIPPING Energy Transportation Co Ltd | 392484 |
| 79800 | COSCO SHIPPING Energy Transportation Co Ltd, Class A | 112900 |
| 227959 | Qatar Fuel QSC | 939133 |
| 17073 | S-Oil Corp | 624549 |
| 369645 | Turkiye Petrol Rafinerileri AS | 1198519 |
| 276872 | Ultrapar Participacoes SA | 871980 |
|  | TOTAL ENERGY | 4139565 |
|  | **FINANCIALS - 24.6%** |  |
| 18693 | Abu Dhabi Commercial Bank PJSC | 59239 |
| 78228 | Abu Dhabi Islamic Bank PJSC | 389750 |
| 7332967 | Agricultural Bank of China Ltd | 4482219 |
| 452964 | Agricultural Bank of China Ltd, Class A | 337549 |
| 159437 | Al Rajhi Bank | 4140117 |
| 1800974 | B3 SA - Brasil Bolsa Balcao | 4291366 |
| 13978 | Bancolombia SA | 143620 |
| 6253658 | Bank of China Ltd | 3499926 |
| 2632 | Capitec Bank Holdings Ltd | 486905 |
| 1447010 | Cathay Financial Holding Co Ltd | 2646721 |
| 7920499 | China Construction Bank Corp | 6516407 |
| 189298 | China Construction Bank Corp, Class A | 235803 |
| 819244 | China Merchants Bank Co Ltd | 4484623 |
| 47438 | China Merchants Bank Co Ltd, Class A | 265719 |
| 786700 | China Minsheng Banking Corp Ltd, Class A | 430494 |
| 261801 | China Pacific Insurance Group Co Ltd | 712342 |
| 262518 | CITIC Securities Co Ltd | 652004 |
| 276100 | CITIC Securities Co Ltd, Class A | 952069 |
| 365881 | Commercial International Bank - Egypt (CIB) | 583292 |
| 3899 | Credicorp Ltd | 788339 |
| 3784652 | CTBC Financial Holding Co Ltd | 4650496 |
| 53000 | First Financial Holding Co Ltd | 42091 |
| 838005 | FirstRand Ltd | 3271175 |
| 1651272 | Fubon Financial Holding Co Ltd | 4352383 |
| 294009 | HDFC Bank Ltd | 6699126 |
| 15329 | Huatai Securities Co Ltd, Class A | 33827 |
| 17248 (b) | ICICI Prudential Life Insurance Co Ltd | 125424 |
| 7953348 | Industrial & Commercial Bank of China Ltd | 5456280 |
| 143880 | Industrial & Commercial Bank of China Ltd, Class A | 138673 |
| 475704 | Industrial Bank Co Ltd, Class A | 1365003 |
| 34433 | KB Financial Group Inc | 2184915 |
| 174285 | Malayan Banking Bhd | 403501 |
| 466817 | Ping An Insurance Group Co of China Ltd | 2805224 |
| 87124 (b) | Postal Savings Bank of China Co Ltd | 53703 |
| 607900 | Postal Savings Bank of China Co Ltd, Class A | 427934 |
| 1615736 | Public Bank Bhd | 1673775 |
| 3411 | Santander Bank Polska SA | 523249 |
| 28793 | Shinhan Financial Group Co Ltd | 1041126 |
| 27509 | Standard Bank Group Ltd | 342579 |
| 587870 | Union Bank of India Ltd | 875225 |
| 102028 | Yapi ve Kredi Bankasi AS | 60379 |
| 1460000 | Yuanta Financial Holding Co Ltd | 1419692 |
|  | TOTAL FINANCIALS | 74044284 |
|  | **HEALTH CARE - 3.2%** |  |
| 119400 | Bangkok Dusit Medical Services PCL | 84711 |
| 31254 (a) | BeiGene Ltd | 636792 |
| 31600 | Beijing Tong Ren Tang Co Ltd, Class A | 158365 |
| 56800 | Chongqing Zhifei Biological Products Co Ltd, Class A | 147131 |
| 12426 | Cipla Ltd/India | 227991 |
| 15837 | Dr Sulaiman Al Habib Medical Services Group Co | 1209234 |

---

8 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **HEALTH CARE** (continued) |  |
| 800159 |  | IHH Healthcare Bhd | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283221 |
| 25789 | (a),(b) | Innovent Biologics Inc | 178751 |
| 145200 |  | Jiangsu Hengrui Pharmaceuticals Co Ltd, Class A | 1020145 |
| 34678 |  | Richter Gedeon Nyrt | 1052700 |
| 5200 |  | Shenzhen Mindray Bio-Medical Electronics Co Ltd, Class A | 157047 |
| 762311 |  | Sino Biopharmaceutical Ltd | 384365 |
| 17778 | (b) | WuXi AppTec Co Ltd | 137897 |
| 266926 | (a),(b) | Wuxi Biologics Cayman Inc | 784803 |
| 20673 |  | Yuhan Corp | 1655004 |
| 13940 |  | Zhangzhou Pientzehuang Pharmaceutical Co Ltd, Class A | 393541 |
|  |  | TOTAL HEALTH CARE | 9511698 |
|  |  | **INDUSTRIALS - 9.3%** |  |
| 12601 |  | ABB India Ltd | 823697 |
| 1632448 |  | Airports of Thailand PCL | 1869215 |
| 915023 |  | Bharat Electronics Ltd | 3401941 |
| 16278 |  | Bidvest Group Ltd | 205550 |
| 65861 |  | Contemporary Amperex Technology Co Ltd, Class A | 2096302 |
| 17495 |  | Doosan Bobcat Inc | 603064 |
| 804650 | (a) | GMR Airports Ltd | 830425 |
| 6876 |  | Havells India Ltd | 130303 |
| 3764 |  | HD Hyundai Electric Co Ltd | 814231 |
| 34500 |  | Kuang-Chi Technologies Co Ltd, Class A | 200173 |
| 25366 |  | LG Corp | 1188446 |
| 7836 | (a) | LG Energy Solution Ltd | 1788802 |
| 5739 |  | LS Electric Co Ltd | 821587 |
| 40991 |  | Metlen Energy & Metals SA | 1938417 |
| 11899 |  | POSCO Future M Co Ltd | 1045505 |
| 465563 |  | Rumo SA | 1595351 |
| 109872 |  | SF Holding Co Ltd, Class A | 657431 |
| 11148 |  | Shanghai M&G Stationery Inc, Class A | 45094 |
| 31200 |  | Shenzhen Inovance Technology Co Ltd, Class A | 307101 |
| 29189 | (a) | SK Square Co Ltd | 1825468 |
| 83616 |  | SM Investments Corp | 1302407 |
| 13159 |  | Sociedad Quimica y Minera de Chile SA, Class B | 448535 |
| 1201350 | (a) | Suzlon Energy Ltd | 802002 |
| 80056 | (a) | Turk Hava Yollari AO | 591681 |
| 88760 |  | Voltas Ltd | 1298667 |
| 8000 |  | Voltronic Power Technology Corp | 375199 |
| 340074 |  | Weichai Power Co Ltd | 666580 |
| 155800 |  | Weichai Power Co Ltd, Class A | 325601 |
|  |  | TOTAL INDUSTRIALS | 27998775 |
|  |  | **INFORMATION TECHNOLOGY - 18.1%** |  |
| 1110898 |  | Acer Inc | 1212217 |
| 402000 |  | Delta Electronics Inc | 4191821 |
| 231740 |  | HCL Technologies Ltd | 4299672 |
| 260694 |  | Infosys Ltd | 4628903 |
| 371086 | (a) | Kingdee International Software Group Co Ltd | 630703 |
| 2702975 |  | Lenovo Group Ltd | 3133551 |
| 1058124 |  | Taiwan Semiconductor Manufacturing Co Ltd | 30040228 |
| 206900 |  | TOTVS SA | 1374850 |
| 3463000 |  | United Microelectronics Corp | 4894088 |
|  |  | TOTAL INFORMATION TECHNOLOGY | 54406033 |
|  |  | **MATERIALS - 7.9%** |  |
| 1978220 | (a) | Amman Mineral Internasional PT | 849085 |
| 7216 |  | Anglo American Platinum Ltd | 247895 |
| 20963 |  | APL Apollo Tubes Ltd | 401922 |
| 76453 |  | Asian Paints Ltd | 2195121 |
| 2367135 |  | Cemex SAB de CV | 1463210 |
| 90200 |  | China Jushi Co Ltd, Class A | 145472 |
| 520958 |  | Gerdau SA | 1379369 |
| 83333 |  | Gold Fields Ltd | 1876647 |

---

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

------

Portfolio of Investments April 30, 2025(continued)

NUEM

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | **VALUE** |
|  | MATERIALS (continued) |  |  |
| 16450 | Klabin SA |  | $53841 |
| 1281 | Korea Zinc Co Ltd |  | 719126 |
| 18881 | LG Chem Ltd |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869009 |
| 5446 | PI Industries Ltd |  | 234655 |
| 58463 | Pidilite Industries Ltd |  | 2099468 |
| 749423 | Press Metal Aluminium Holdings Bhd |  | 851025 |
| 30365 | SABIC Agri-Nutrients Co |  | 799015 |
| 350380 (a) | Saudi Arabian Mining Co |  | 4773366 |
| 70582 | Saudi Basic Industries Corp |  | 1147858 |
| 7243 | SKC Co Ltd |  | 520232 |
| 23401 | Supreme Industries Ltd |  | 980261 |
| 51100 | Western Mining Co Ltd, Class A |  | 108057 |
|  | TOTAL MATERIALS |  | 23714634 |
|  | **REAL ESTATE - 1.9%** |  |  |
| 1473865 | Aldar Properties PJSC |  | 3314446 |
| 114832 (b) | Macrotech Developers Ltd |  | 1806811 |
| 29154 | Phoenix Mills Ltd/The |  | 574392 |
|  | TOTAL REAL ESTATE |  | 5695649 |
|  | **UTILITIES - 3.2%** |  |  |
| 558900 | China Yangtze Power Co Ltd, Class A |  | 2266891 |
| 55800 | Engie Brasil Energia SA |  | 409723 |
| 302694 | ENN Energy Holdings Ltd |  | 2402519 |
| 79789 | Interconexion Electrica SA ESP |  | 411792 |
| 91400 | Manila Electric Co |  | 932737 |
| 743516 | Power Grid Corp of India Ltd |  | 2705775 |
| 212152 | Tenaga Nasional Bhd |  | 681443 |
|  | TOTAL UTILITIES |  | 9810880 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $265,191,951)** |  | **301400690** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $265,191,951)** |  | **301400690** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.1%** |  |  |
| 3438472 (e) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360% (f) | $3438472 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING**<br> **(Cost $3,438,472)** |  | **3438472** |
|  | **TOTAL INVESTMENTS - 101.3%**<br> **(Cost $268,630,423)** |  | **304839162** |
|  | **OTHER ASSETS & LIABILITIES, NET - (1.3)%** |  | **(3973085)** |
|  | **NET ASSETS - 100%** |  | $**300866077** |

---

ADR American Depositary Receipt

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

(b) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $18,069,748 or 5.9% of Total Investments.

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,319,675.

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

(e) The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

10 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NUDM

(Unaudited)

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 99.2%** |  |
|  | **COMMON STOCKS - 99.2%** |  |
|  | **COMMUNICATION SERVICES - 5.4%** |  |
| 19628 | CAR Group Ltd | $418339 |
| 1131384 | HKT Trust & HKT Ltd | 1610698 |
| 105434 | KDDI Corp | 1865274 |
| 175637 | Orange SA | 2552596 |
| 23209 | Publicis Groupe SA | 2354934 |
| 6866 | REA Group Ltd | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090524 |
| 5111720 | SoftBank Corp | 7737103 |
| 127805 | SoftBank Group Corp | 6418922 |
| 80499 | Telenor ASA | 1212537 |
| 100359 | Universal Music Group NV | 2949051 |
| 351223 | Vodafone Group PLC | 343684 |
| 10167 | WPP PLC | 78248 |
|  | TOTAL COMMUNICATION SERVICES | 28631910 |
|  | **CONSUMER DISCRETIONARY - 12.4%** |  |
| 93740 | Amadeus IT Group SA | 7371755 |
| 14600 | Asics Corp | 315665 |
| 169400 | Bridgestone Corp | 7114943 |
| 199060 | Cie Generale des Etablissements Michelin SCA | 7279482 |
| 51998 | Compass Group PLC | 1748848 |
| 6333 | D'ieteren Group | 1264872 |
| 4085 | Fast Retailing Co Ltd | 1345438 |
| 91684 | H & M Hennes & Mauritz AB | 1331309 |
| 349 | Hermes International SCA | 948572 |
| 49269 | Industria de Diseno Textil SA | 2645751 |
| 166600 | Isuzu Motors Ltd | 2250104 |
| 188360 | JD Sports Fashion PLC | 197702 |
| 22081 | Kering SA | 4476441 |
| 169065 | Oriental Land Co Ltd/Japan | 3594883 |
| 583864 | Panasonic Holdings Corp | 6717056 |
| 18856 | Prosus NV | 877210 |
| 30974 | Puma SE | 794684 |
| 54100 (a) | Rakuten Group Inc | 318403 |
| 32400 | Sekisui House Ltd | 744128 |
| 441185 | Sony Group Corp | 11663689 |
| 274300 | Yamaha Motor Co Ltd | 2157632 |
|  | TOTAL CONSUMER DISCRETIONARY | 65158567 |
|  | **CONSUMER STAPLES - 9.4%** |  |
| 239294 | Ajinomoto Co Inc | 4891905 |
| 24209 | Associated British Foods PLC | 667415 |
| 1058 | Barry Callebaut AG | 954035 |
| 21629 | Coca-Cola Europacific Partners PLC | 1962615 |
| 1959 | Coca-Cola HBC AG | 102049 |
| 107043 | Danone SA | 9242908 |
| 2750 | Kerry Group PLC, Class A | 291506 |
| 186200 | Kikkoman Corp | 1821664 |
| 70695 | Mowi ASA | 1295968 |
| 73700 | Orkla ASA | 821578 |
| 105347 | Reckitt Benckiser Group PLC | 6807656 |
| 1536817 | Tesco PLC | 7609468 |
| 166386 | Unilever PLC | 10576502 |
| 567724 | Wilmar International Ltd | 1330501 |
| 68785 | Woolworths Group Ltd | 1389458 |
|  | TOTAL CONSUMER STAPLES | 49765228 |
|  | **ENERGY - 0.3%** |  |
| 126770 | Neste Oyj | 1319434 |
|  | TOTAL ENERGY | 1319434 |

---

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

------

Portfolio of Investments April 30, 2025(continued)

NUDM

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **FINANCIALS - 25.5%** |  |
| 152550 |  | 3i Group PLC | $8627255 |
| 19245 |  | Allianz SE | 7965334 |
| 419954 |  | ANZ Group Holdings Ltd | 8023589 |
| 178827 | (a) | AXA SA | 8450424 |
| 587572 |  | Banco Santander SA | 4129101 |
| 8943 | (a) | Banque Cantonale Vaudoise | 1103523 |
| 221071 |  | Barclays PLC | 876406 |
| 70079 |  | Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313633 |
| 186271 |  | Deutsche Bank AG | 4865872 |
| 191413 |  | DNB Bank ASA | 4777042 |
| 12359 |  | Eurazeo SE | 901953 |
| 217856 |  | Generali | 7959409 |
| 25275 |  | Gjensidige Forsikring ASA | 591296 |
| 104310 |  | Hong Kong Exchanges & Clearing Ltd | 4584168 |
| 73778 |  | Insurance Australia Group Ltd | 387567 |
| 1802893 |  | Intesa Sanpaolo SpA | 9595481 |
| 20648 |  | KBC Group NV | 1902611 |
| 9880277 |  | Lloyds Banking Group PLC | 9670839 |
| 42782 |  | Mediobanca Banca di Credito Finanziario SpA | 874655 |
| 292963 |  | Mizuho Financial Group Inc | 7352829 |
| 43864 |  | NN Group NV | 2687586 |
| 145582 |  | QBE Insurance Group Ltd | 2011118 |
| 65000 |  | Sompo Holdings Inc | 2116692 |
| 261864 |  | Standard Chartered PLC | 3763550 |
| 106300 |  | Sumitomo Mitsui Financial Group Inc | 2533791 |
| 431926 |  | Svenska Handelsbanken AB | 5658312 |
| 231762 |  | Swedbank AB | 5764674 |
| 214230 |  | Tokio Marine Holdings Inc | 8572805 |
| 244784 |  | UBS Group AG | 7414267 |
|  |  | TOTAL FINANCIALS | 134475782 |
|  |  | **HEALTH CARE - 10.9%** |  |
| 1793 | (a) | Argenx SE | 1157695 |
| 321023 |  | Astellas Pharma Inc | 3212706 |
| 2000 |  | Chugai Pharmaceutical Co Ltd | 115241 |
| 33925 |  | CSL Ltd | 5451244 |
| 176678 |  | Daiichi Sankyo Co Ltd | 4513563 |
| 29465 |  | EssilorLuxottica SA | 8464028 |
| 20908 | (a) | Hoya Corp | 2459592 |
| 3667 |  | Lonza Group AG | 2626585 |
| 32294 |  | Merck KGaA | 4474978 |
| 3701 | (a),(b) | NMC Health PLC |  |
| 118952 |  | Novartis AG | 13576523 |
| 141063 |  | Novo Nordisk A/S, Class B | 9348409 |
| 7812 |  | Sartorius AG | 2016716 |
|  |  | TOTAL HEALTH CARE | 57417280 |
|  |  | **INDUSTRIALS - 18.8%** |  |
| 145831 |  | ABB Ltd | 7664668 |
| 5826 |  | ACS Actividades de Construccion y Servicios SA | 364895 |
| 38055 |  | AerCap Holdings NV | 4033830 |
| 65768 |  | Alstom SA | 1586446 |
| 218372 |  | Auckland International Airport Ltd | 974539 |
| 56011 | (a) | Bouygues SA | 2464051 |
| 410728 |  | Brambles Ltd | 5392732 |
| 98234 |  | Bunzl PLC | 3083467 |
| 156563 |  | Computershare Ltd | 4079191 |
| 111730 |  | Dai Nippon Printing Co Ltd | 1559552 |
| 29227 |  | DCC PLC | 1907424 |
| 20394 |  | Eiffage SA | 2776153 |
| 685332 | (a) | Grab Holdings Ltd | 3344420 |
| 432051 |  | Keppel Ltd | 2170678 |
| 138611 |  | Komatsu Ltd | 3985163 |
| 11897 |  | Kone Oyj, Class B | 737054 |

---

12 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | INDUSTRIALS (continued) |  |
| 391035 | Mitsubishi Electric Corp | $7567668 |
| 459514 | MTR Corp Ltd | 1588066 |
| 177788 | Nibe Industrier AB | 751713 |
| 175300 | Obayashi Corp | 2724008 |
| 55900 | Recruit Holdings Co Ltd | 3112435 |
| 137699 | RELX PLC | 7480223 |
| 33640 | Rexel SA | 932681 |
| 38901 | Schneider Electric SE | 9029879 |
| 2700 | Secom Co Ltd | 99338 |
| 85100 | SG Holdings Co Ltd | 897595 |
| 19343 | SGS SA | 1900051 |
| 33932 | Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789664 |
| 101876 | Smiths Group PLC | 2536456 |
| 120089 | Swire Pacific Ltd | 1039108 |
| 423156 | Transurban Group | 3820363 |
| 945 (c) | VAT Group AG | 338441 |
| 124483 | Vestas Wind Systems A/S | 1654477 |
|  | TOTAL INDUSTRIALS | 99386429 |
|  | **INFORMATION TECHNOLOGY - 7.0%** |  |
| 17771 | ASML Holding NV | 11767202 |
| 45108 | Infineon Technologies AG | 1481380 |
| 45030 | Logitech International SA | 3399648 |
| 156500 | Ricoh Co Ltd | 1652335 |
| 52983 | SAP SE | 15376333 |
| 9232 | Temenos AG | 662839 |
| 15900 | Tokyo Electron Ltd | 2365939 |
|  | TOTAL INFORMATION TECHNOLOGY | 36705676 |
|  | **MATERIALS - 4.8%** |  |
| 106940 | Antofagasta PLC | 2332577 |
| 80833 | Boliden AB | 2481586 |
| 16511 (a) | Covestro AG | 1114873 |
| 39150 | Croda International PLC | 1543158 |
| 283394 | Fortescue Ltd | 2935720 |
| 1653 | Givaudan SA | 8010035 |
| 417376 | Norsk Hydro ASA | 2197574 |
| 75715 | SIG Group AG | 1465927 |
| 2568 | Sika AG | 643133 |
| 44471 | Sumitomo Metal Mining Co Ltd | 991743 |
| 21855 | Syensqo SA | 1555712 |
|  | TOTAL MATERIALS | 25272038 |
|  | **REAL ESTATE - 1.6%** |  |
| 568000 | CapitaLand Investment Ltd/Singapore | 1196293 |
| 140361 | Goodman Group | 2692497 |
| 176600 | Mitsubishi Estate Co Ltd | 3101395 |
| 1206127 | Sino Land Co Ltd | 1241169 |
|  | TOTAL REAL ESTATE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231354 |
|  | **UTILITIES - 3.1%** |  |
| 476851 | EDP SA | 1884204 |
| 287195 | Iberdrola SA | 5189221 |
| 168737 | Meridian Energy Ltd | 548751 |
| 510093 | National Grid PLC | 7378828 |
| 20250 | Verbund AG | 1558401 |
|  | TOTAL UTILITIES | 16559405 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $439,016,883)** | **522923103** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $439,016,883)** | **522923103** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.8%** | **4378243** |
|  | **NET ASSETS - 100%** | $**527301346** |

---

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

------

Portfolio of Investments April 30, 2025(continued)

NUDM

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

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

(c) 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 $338,441 or 0.1% of Total Investments.

14 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NULC

(Unaudited)

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 99.8%** |  |
|  | **COMMON STOCKS - 99.8%** |  |
|  | **COMMUNICATION SERVICES - 7.1%** |  |
| 7451 | Alphabet Inc, Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183219 |
| 4757 | Alphabet Inc, Class C | 765354 |
| 5125 | Comcast Corp, Class A | 175275 |
| 1873 | Fox Corp, Class A | 93256 |
| 1191 | Fox Corp, Class B | 55072 |
| 1779 (a) | Liberty Media Corp-Liberty Formula One, Class C | 157744 |
| 1360 (a) | Live Nation Entertainment Inc | 180132 |
| 8212 | Verizon Communications Inc | 361821 |
|  | TOTAL COMMUNICATION SERVICES | 2971873 |
|  | **CONSUMER DISCRETIONARY - 10.6%** |  |
| 1979 (a) | Aptiv PLC | 112922 |
| 82 | Booking Holdings Inc | 418141 |
| 983 (a) | Carvana Co | 240196 |
| 4309 (a) | Chipotle Mexican Grill Inc | 217691 |
| 833 (a) | Deckers Outdoor Corp | 92321 |
| 2962 (a) | DoorDash Inc, Class A | 571340 |
| 1294 (a) | Garmin Ltd | 241810 |
| 9286 | General Motors Co | 420099 |
| 227 | Home Depot Inc/The | 81831 |
| 557 | Lowe's Cos Inc | 124523 |
| 948 | McDonald's Corp | 303028 |
| 308 (a) | MercadoLibre Inc | 717902 |
| 6441 (a) | Rivian Automotive Inc, Class A | 87984 |
| 164 | Royal Caribbean Cruises Ltd | 35245 |
| 4824 | TJX Cos Inc/The | 620752 |
| 1044 | Williams-Sonoma Inc | 161267 |
|  | TOTAL CONSUMER DISCRETIONARY | 4447052 |
|  | **CONSUMER STAPLES - 5.7%** |  |
| 11652 | Coca-Cola Co/The | 845353 |
| 2337 | Kellanova | 193434 |
| 2071 | PepsiCo Inc | 280786 |
| 4162 | Procter & Gamble Co/The | 676616 |
| 3836 | Target Corp | 370941 |
|  | TOTAL CONSUMER STAPLES | 2367130 |
|  | **ENERGY - 2.8%** |  |
| 8362 | Baker Hughes Co | 296015 |
| 1892 | Cheniere Energy Inc | 437260 |
| 5228 | ONEOK Inc | 429532 |
|  | TOTAL ENERGY | 1162807 |
|  | **FINANCIALS - 16.8%** |  |
| 4445 | Aflac Inc | 483083 |
| 418 | American Express Co | 111359 |
| 1474 | Arch Capital Group Ltd | 133662 |
| 5750 | Bank of America Corp | 229310 |
| 880 | Cboe Global Markets Inc | 195184 |
| 8301 | Citigroup Inc | 567622 |
| 174 | Goldman Sachs Group Inc/The | 95274 |
| 183 | LPL Financial Holdings Inc | 58522 |
| 2875 | Marsh & McLennan Cos Inc | 648226 |
| 1689 | Mastercard Inc | 925673 |
| 832 | Moody's Corp | 376996 |
| 5046 | Morgan Stanley | 582409 |
| 708 | PNC Financial Services Group Inc/The | 113769 |
| 1310 | S&P Global Inc | 655065 |
| 853 | Travelers Cos Inc/The | 225303 |
| 1989 | Truist Financial Corp | 76258 |
| 11810 | US Bancorp | 476415 |
| 3051 | Visa Inc, Class A | 1054121 |

---

---

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

---

------

Portfolio of Investments April 30, 2025(continued)

NULC

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | FINANCIALS (continued) |  |
| 32 | Willis Towers Watson PLC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850 |
|  | TOTAL FINANCIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018101 |
|  | **HEALTH CARE - 11.7%** |  |
| 1825 | AbbVie Inc | 356058 |
| 413 (a) | Alnylam Pharmaceuticals Inc | 108718 |
| 2907 | Danaher Corp | 579452 |
| 2298 (a) | Dexcom Inc | 164031 |
| 4966 (a) | Edwards Lifesciences Corp | 374883 |
| 1343 | Eli Lilly & Co | 1207290 |
| 1534 | HCA Healthcare Inc | 529353 |
| 804 | McKesson Corp | 573083 |
| 1298 (a) | Veeva Systems Inc, Class A | 303330 |
| 927 (a) | Vertex Pharmaceuticals Inc | 472306 |
| 170 | West Pharmaceutical Services Inc | 35919 |
| 1247 | Zoetis Inc | 195031 |
|  | TOTAL HEALTH CARE | 4899454 |
|  | **INDUSTRIALS - 8.0%** |  |
| 4261 | 3M Co | 591895 |
| 1427 | Automatic Data Processing Inc | 428956 |
| 610 (a) | Axon Enterprise Inc | 374113 |
| 6801 | Carrier Global Corp | 425335 |
| 378 | Caterpillar Inc | 116904 |
| 23 | Cintas Corp | 4869 |
| 5895 (a) | Copart Inc | 359772 |
| 1156 | Cummins Inc | 339679 |
| 353 | EMCOR Group Inc | 141447 |
| 120 | FedEx Corp | 25240 |
| 1479 | Ferguson Enterprises Inc | 250927 |
| 244 | Jacobs Solutions Inc | 30207 |
| 235 | Old Dominion Freight Line Inc | 36021 |
| 283 | Parker-Hannifin Corp | 171232 |
| 78 | Union Pacific Corp | 16821 |
| 49 | United Rentals Inc | 30941 |
|  | TOTAL INDUSTRIALS | 3344359 |
|  | **INFORMATION TECHNOLOGY - 30.4%** |  |
| 315 (a) | Adobe Inc | 118119 |
| 5738 (a) | Advanced Micro Devices Inc | 558594 |
| 1266 (a) | Akamai Technologies Inc | 102014 |
| 2374 | Applied Materials Inc | 357786 |
| 42 (a) | Atlassian Corp, Class A | 9589 |
| 2070 (a) | Cadence Design Systems Inc | 616322 |
| 496 (a) | F5 Inc | 131311 |
| 856 (a) | First Solar Inc | 107702 |
| 19 (a) | Gartner Inc | 8001 |
| 11078 | Hewlett Packard Enterprise Co | 179685 |
| 7899 | HP Inc | 201977 |
| 8100 | Intel Corp | 162810 |
| 2932 | International Business Machines Corp | 709016 |
| 2787 | Juniper Networks Inc | 101224 |
| 1459 (a) | Keysight Technologies Inc | 212139 |
| 1335 | Lam Research Corp | 95679 |
| 7339 | Microsoft Corp | 2900813 |
| 1410 | Motorola Solutions Inc | 620950 |
| 1712 | NetApp Inc | 153652 |
| 24719 | NVIDIA Corp | 2692394 |
| 415 (a) | Palo Alto Networks Inc | 77576 |
| 1917 | Salesforce Inc | 515117 |
| 743 (a) | ServiceNow Inc | 709572 |
| 1142 (a) | Synopsys Inc | 524189 |
| 3804 | Texas Instruments Inc | 608830 |
| 2056 (a) | Trimble Inc | 127760 |

---

16 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | INFORMATION TECHNOLOGY (continued) |  |
| 2911 (a) | Western Digital Corp | $127677 |
|  | TOTAL INFORMATION TECHNOLOGY | 12730498 |
|  | **MATERIALS - 2.4%** |  |
| 2146 | Ecolab Inc | 539569 |
| 4168 | International Paper Co | 190394 |
| 2051 | Newmont Corp | 108047 |
| 593 | Steel Dynamics Inc | 76918 |
| 364 | Vulcan Materials Co | 95488 |
|  | TOTAL MATERIALS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010416 |
|  | **REAL ESTATE - 2.1%** |  |
| 202 | Equinix Inc | 173872 |
| 748 | Iron Mountain Inc | 67073 |
| 4278 | Welltower Inc | 652780 |
|  | TOTAL REAL ESTATE | 893725 |
|  | **UTILITIES - 2.2%** |  |
| 359 | American Water Works Co Inc | 52777 |
| 2928 | Consolidated Edison Inc | 330132 |
| 3286 | Exelon Corp | 154113 |
| 5335 | Sempra | 396230 |
|  | TOTAL UTILITIES | 933252 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $36,010,829)** | **41778667** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $36,010,829)** | **41778667** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.2%** | **93782** |
|  | **NET ASSETS - 100%** | $**41872449** |

---

S&P Standard & Poor's

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

---

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

---

------

Portfolio of Investments April 30, 2025

NULG

(Unaudited)

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 96.3%** |  |
|  | **COMMON STOCKS - 96.3%** |  |
|  | **COMMUNICATION SERVICES - 9.6%** |  |
| 363612 | Alphabet Inc, Class A | $57741586 |
| 362109 | Alphabet Inc, Class C | 58259717 |
| 69294 (a) | Live Nation Entertainment Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9177990 |
| 1219684 (a) | Warner Bros Discovery Inc | 10574660 |
|  | TOTAL COMMUNICATION SERVICES | 135753953 |
|  | **CONSUMER DISCRETIONARY - 11.5%** |  |
| 2925 (a) | AutoZone Inc | 11005605 |
| 5380 | Booking Holdings Inc | 27434126 |
| 13098 (a) | Burlington Stores Inc | 2947574 |
| 60525 (a) | Carvana Co | 14789284 |
| 244789 (a) | Chipotle Mexican Grill Inc | 12366740 |
| 79518 (a) | Deckers Outdoor Corp | 8812980 |
| 106800 (a) | DoorDash Inc, Class A | 20600652 |
| 44777 | Expedia Group Inc | 7026855 |
| 22251 | Hyatt Hotels Corp | 2507243 |
| 16060 (a) | Lululemon Athletica Inc | 4348566 |
| 9406 (a) | MercadoLibre Inc | 21923975 |
| 7917 (a) | O'Reilly Automotive Inc | 11204138 |
| 84949 | Royal Caribbean Cruises Ltd | 18256390 |
|  | TOTAL CONSUMER DISCRETIONARY | 163224128 |
|  | **CONSUMER STAPLES - 2.9%** |  |
| 40993 | Costco Wholesale Corp | 40767539 |
|  | TOTAL CONSUMER STAPLES | 40767539 |
|  | **FINANCIALS - 9.5%** |  |
| 6912 | FactSet Research Systems Inc | 2987505 |
| 75890 | Mastercard Inc | 41592273 |
| 44635 | Moody's Corp | 20225011 |
| 40212 | S&P Global Inc | 20108011 |
| 143087 | Visa Inc, Class A | 49436558 |
|  | TOTAL FINANCIALS | 134349358 |
|  | **HEALTH CARE - 8.0%** |  |
| 52261 | Agilent Technologies Inc | 5623284 |
| 108027 (a) | Edwards Lifesciences Corp | 8154958 |
| 60001 | Eli Lilly & Co | 53937899 |
| 86705 (a) | Exact Sciences Corp | 3957216 |
| 29393 (a) | IDEXX Laboratories Inc | 12716881 |
| 16990 (a) | Insulet Corp | 4286407 |
| 5273 (a) | Mettler-Toledo International Inc | 5645116 |
| 9597 (a) | Veeva Systems Inc, Class A | 2242723 |
| 7718 (a) | Vertex Pharmaceuticals Inc | 3932321 |
| 18877 | West Pharmaceutical Services Inc | 3988521 |
| 59104 | Zoetis Inc | 9243866 |
|  | TOTAL HEALTH CARE | 113729192 |
|  | **INDUSTRIALS - 10.0%** |  |
| 25687 (a) | Axon Enterprise Inc | 15753837 |
| 72300 | Cintas Corp | 15304464 |
| 329171 (a) | Copart Inc | 20089306 |
| 35627 (a) | Dayforce Inc | 2061734 |
| 104340 | Howmet Aerospace Inc | 14459437 |
| 74204 | Ingersoll Rand Inc | 5597208 |
| 7366 | Lennox International Inc | 4027361 |
| 15841 | Old Dominion Freight Line Inc | 2428108 |
| 11413 | Otis Worldwide Corp | 1098730 |
| 65625 | Quanta Services Inc | 19207781 |
| 30464 | Trane Technologies PLC | 11677156 |
| 35877 | TransUnion | 2976356 |
| 84142 | Veralto Corp | 8069218 |

---

18 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | INDUSTRIALS (continued) |  |
| 18062 | WW Grainger Inc | $18501087 |
|  | TOTAL INDUSTRIALS | 141251783 |
|  | **INFORMATION TECHNOLOGY - 43.5%** |  |
| 47512 (a) | Adobe Inc | 17816050 |
| 249006 (a) | Advanced Micro Devices Inc | 24240734 |
| 8387 (a) | ANSYS Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699608 |
| 67873 (a) | Atlassian Corp, Class A | 15496085 |
| 71901 (a) | Autodesk Inc | 19718849 |
| 74483 (a) | Cadence Design Systems Inc | 22176568 |
| 50967 (a) | Dynatrace Inc | 2393920 |
| 38314 (a) | Gartner Inc | 16133259 |
| 10960 (a) | HubSpot Inc | 6702040 |
| 25454 | Intuit Inc | 15971621 |
| 283999 | Lam Research Corp | 20354208 |
| 415665 | Microsoft Corp | 164295748 |
| 52765 | Motorola Solutions Inc | 23237178 |
| 132724 (a) | Nutanix Inc, Class A | 9118139 |
| 1417017 | NVIDIA Corp | 154341492 |
| 72412 (a) | Palo Alto Networks Inc | 13535975 |
| 63013 (a) | PTC Inc | 9765125 |
| 29575 (a) | ServiceNow Inc | 28244421 |
| 34945 (a) | Synopsys Inc | 16040104 |
| 162015 (a) | Trade Desk Inc/The, Class A | 8688864 |
| 58656 (a) | Workday Inc, Class A | 14370720 |
| 45986 (a) | Zscaler Inc | 10400654 |
|  | TOTAL INFORMATION TECHNOLOGY | 615741362 |
|  | **MATERIALS - 0.9%** |  |
| 49707 | Ecolab Inc | 12497831 |
|  | TOTAL MATERIALS | 12497831 |
|  | **REAL ESTATE - 0.4%** |  |
| 40816 (a) | CBRE Group Inc, Class A | 4986899 |
|  | TOTAL REAL ESTATE | 4986899 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $1,200,728,940)** | **1362302045** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $1,200,728,940)** | **1362302045** |
|  | **OTHER ASSETS & LIABILITIES, NET - 3.7%** | **52445201** |
|  | **NET ASSETS - 100%** | $**1414747246** |

---

S&P &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standard & Poor's

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

### Investments in Derivatives

#### Futures Contracts - Long

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration**<br> **Date** | **Notional<br>Amount** | **Value** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| E-mini Nasdaq-100 | 132 | 6/25 | $52345946 | $51898440 | $(447506) |
| Total |  |  | $52345946 | $51898440 | $(447506) |

---

---

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

---

------

Portfolio of Investments April 30, 2025

NULV

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 99.7%** |  |
|  |  | **COMMON STOCKS - 99.7%** |  |
|  |  | **COMMUNICATION SERVICES - 4.9%** |  |
| 52006 |  | Electronic Arts Inc | $7545550 |
| 80011 |  | Fox Corp, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699709 |
| 130167 |  | Interpublic Group of Cos Inc/The | 3269795 |
| 799612 |  | Verizon Communications Inc | 35230905 |
| 316178 |  | Walt Disney Co/The | 28756389 |
|  |  | TOTAL COMMUNICATION SERVICES | 78502348 |
|  |  | **CONSUMER DISCRETIONARY - 6.0%** |  |
| 42385 |  | eBay Inc | 2888962 |
| 53650 |  | Home Depot Inc/The | 19340288 |
| 115639 |  | Lowe's Cos Inc | 25852255 |
| 118048 |  | McDonald's Corp | 37734043 |
| 62187 |  | PulteGroup Inc | 6379142 |
| 284922 | (a),(b) | Rivian Automotive Inc, Class A | 3892035 |
|  |  | TOTAL CONSUMER DISCRETIONARY | 96086725 |
|  |  | **CONSUMER STAPLES - 11.1%** |  |
| 322882 |  | Archer-Daniels-Midland Co | 15417616 |
| 94337 |  | Bunge Global SA | 7426209 |
| 162410 |  | Church & Dwight Co Inc | 16133809 |
| 583767 |  | Coca-Cola Co/The | 42352296 |
| 256521 |  | General Mills Inc | 14555002 |
| 117958 |  | Hormel Foods Corp | 3526944 |
| 25571 |  | Kellanova | 2116512 |
| 938392 |  | Kenvue Inc | 22146051 |
| 351688 |  | Keurig Dr Pepper Inc | 12164888 |
| 2855 |  | Kimberly-Clark Corp | 376232 |
| 141134 |  | Kraft Heinz Co/The | 4106999 |
| 127320 |  | Procter & Gamble Co/The | 20698412 |
| 172523 |  | Target Corp | 16682974 |
|  |  | TOTAL CONSUMER STAPLES | 177703944 |
|  |  | **ENERGY - 3.2%** |  |
| 519225 |  | Baker Hughes Co | 18380565 |
| 589801 |  | Halliburton Co | 11689856 |
| 257341 |  | ONEOK Inc | 21143136 |
|  |  | TOTAL ENERGY | 51213557 |
|  |  | **FINANCIALS - 22.8%** |  |
| 69302 |  | Aflac Inc | 7531741 |
| 83068 |  | American Express Co | 22130146 |
| 1158 |  | Arthur J Gallagher & Co | 371359 |
| 857967 |  | Bank of America Corp | 34215724 |
| 286904 |  | Bank of New York Mellon Corp/The | 23069951 |
| 70691 |  | Cboe Global Markets Inc | 15679264 |
| 378793 |  | Citigroup Inc | 25901865 |
| 160996 |  | Fidelity National Information Services Inc | 12699364 |
| 128115 | (b) | Fiserv Inc | 23646186 |
| 29047 |  | Goldman Sachs Group Inc/The | 15904685 |
| 125447 |  | Marsh & McLennan Cos Inc | 28284535 |
| 91693 |  | MetLife Inc | 6910901 |
| 196333 |  | Morgan Stanley | 22660755 |
| 128118 |  | PNC Financial Services Group Inc/The | 20587281 |
| 98401 |  | Progressive Corp/The | 27723498 |
| 10664 |  | Prudential Financial Inc | 1095299 |
| 518160 |  | Regions Financial Corp | 10575646 |
| 52912 |  | S&P Global Inc | 26458646 |
| 97337 |  | Travelers Cos Inc/The | 25709622 |
| 61381 |  | Truist Financial Corp | 2353347 |
| 36517 |  | Willis Towers Watson PLC | 11239933 |
|  |  | TOTAL FINANCIALS | 364749748 |

---

20 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **HEALTH CARE - 16.1%** |  |
| 42311 | AbbVie Inc | $8254876 |
| 98845 | Agilent Technologies Inc | 10635722 |
| 91272 | Amgen Inc | 26552850 |
| 386636 | Bristol-Myers Squibb Co | 19409127 |
| 107272 | Cardinal Health Inc | 15156461 |
| 54216 | Cencora Inc | 15867397 |
| 78083 | Cigna Group/The | 26551343 |
| 116221 | Danaher Corp | 23166332 |
| 237554 (b) | Edwards Lifesciences Corp | 17932951 |
| 119875 | Gilead Sciences Inc | 12771483 |
| 48998 | HCA Healthcare Inc | 16908230 |
| 2963 (b) | Hologic Inc | 172447 |
| 32142 | McKesson Corp | 22910496 |
| 325142 | Merck & Co Inc | 27702098 |
| 2931 | Regeneron Pharmaceuticals Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754966 |
| 98199 (b) | Solventum Corp | 6492918 |
| 1333 | STERIS PLC | 299578 |
| 23778 | West Pharmaceutical Services Inc | 5024054 |
|  | TOTAL HEALTH CARE | 257563329 |
|  | **INDUSTRIALS - 13.7%** |  |
| 174899 | 3M Co | 24295220 |
| 76790 | Automatic Data Processing Inc | 23083074 |
| 39951 | Broadridge Financial Solutions Inc | 9684122 |
| 47329 | Caterpillar Inc | 14637440 |
| 25311 | CNH Industrial NV | 292848 |
| 59835 | Deere & Co | 27737113 |
| 42749 | Expeditors International of Washington Inc | 4698543 |
| 106171 | Ferguson Enterprises Inc | 18012972 |
| 233947 | Fortive Corp | 16303766 |
| 116452 | Ingersoll Rand Inc | 8783974 |
| 83024 | Jacobs Solutions Inc | 10278371 |
| 127433 | Johnson Controls International plc | 10691629 |
| 25177 | Owens Corning | 3660988 |
| 39151 | Parker-Hannifin Corp | 23688704 |
| 97200 | Union Pacific Corp | 20962152 |
| 3182 | United Rentals Inc | 2009274 |
|  | TOTAL INDUSTRIALS | 218820190 |
|  | **INFORMATION TECHNOLOGY - 9.4%** |  |
| 68957 | Applied Materials Inc | 10392510 |
| 28986 (b) | F5 Inc | 7673754 |
| 68009 (b) | First Solar Inc | 8556892 |
| 65282 | HP Inc | 1669261 |
| 1066855 | Intel Corp | 21443786 |
| 143166 | International Business Machines Corp | 34620402 |
| 220325 | Juniper Networks Inc | 8002204 |
| 23291 | NXP Semiconductors NV | 4292764 |
| 83409 | Salesforce Inc | 22412832 |
| 161873 | Texas Instruments Inc | 25907774 |
| 99147 (b) | Western Digital Corp | 4348587 |
|  | TOTAL INFORMATION TECHNOLOGY | 149320766 |
|  | **MATERIALS - 3.1%** |  |
| 26748 | Ball Corp | 1389291 |
| 85759 | Ecolab Inc | 21562385 |
| 102581 | Newmont Corp | 5403967 |
| 97715 | PPG Industries Inc | 10637255 |
| 69401 | Steel Dynamics Inc | 9002004 |
| 5165 | Vulcan Materials Co | 1354935 |
|  | TOTAL MATERIALS | 49349837 |

---

---

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

---

------

Portfolio of Investments April 30, 2025(continued)

NULV

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | **VALUE** |
|  | **REAL ESTATE - 3.8%** |  |  |
| 95810 | American Tower Corp |  | $21596532 |
| 6653 (b) | CBRE Group Inc, Class A |  | 812863 |
| 11544 | Equinix Inc |  | 9936498 |
| 4301 | Iron Mountain Inc |  | 385671 |
| 182929 | Welltower Inc |  | 27913136 |
|  | TOTAL REAL ESTATE |  | 60644700 |
|  | **UTILITIES - 5.6%** |  |  |
| 5531 | American Water Works Co Inc |  | 813112 |
| 47270 | Atmos Energy Corp |  | 7592980 |
| 225421 | Consolidated Edison Inc |  | 25416218 |
| 150181 | Eversource Energy |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8932766 |
| 565424 | Exelon Corp |  | 26518386 |
| 271946 | Sempra |  | 20197429 |
|  | TOTAL UTILITIES |  | 89470891 |
|  | **TOTAL COMMON STOCKS<br>(Cost $1,573,657,405)** |  | **1593426035** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $1,573,657,405)** |  | **1593426035** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%** |  |  |
| 365248 (c) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360% (d) | $365248 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $365,248)** |  | **365248** |
|  | **TOTAL INVESTMENTS - 99.7%<br>(Cost $1,574,022,653)** |  | **1593791283** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.3%** |  | **4488599** |
|  | **NET ASSETS - 100%** |  | $**1598279882** |

---

S&P Standard & Poor's

(a) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $359,941.

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

(c) The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

22 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NUMG

(Unaudited)

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **LONG-TERM INVESTMENTS - 99.9%** |  |
|  | **COMMON STOCKS - 99.9%** |  |
|  | **COMMUNICATION SERVICES - 10.0%** |  |
| 108511 (a) | Liberty Media Corp-Liberty Formula One, Class C | $9621670 |
| 75348 (a) | Live Nation Entertainment Inc | 9979843 |
| 40414 (a) | Take-Two Interactive Software Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429394 |
| 1092249 (a) | Warner Bros Discovery Inc | 9469799 |
|  | TOTAL COMMUNICATION SERVICES | 38500706 |
|  | **CONSUMER DISCRETIONARY - 8.7%** |  |
| 36533 (a) | Burlington Stores Inc | 8221386 |
| 47918 (a) | Carvana Co | 11708763 |
| 72711 (a) | Deckers Outdoor Corp | 8058560 |
| 47727 | Hyatt Hotels Corp | 5377879 |
|  | TOTAL CONSUMER DISCRETIONARY | 33366588 |
|  | **ENERGY - 3.5%** |  |
| 77573 | Targa Resources Corp | 13257226 |
|  | TOTAL ENERGY | 13257226 |
|  | **FINANCIALS - 7.9%** |  |
| 148555 | Equitable Holdings Inc | 7346045 |
| 14540 | FactSet Research Systems Inc | 6284479 |
| 50196 | Interactive Brokers Group Inc, Class A | 8626183 |
| 229349 (a) | Toast Inc, Class A | 8160237 |
|  | TOTAL FINANCIALS | 30416944 |
|  | **HEALTH CARE - 16.7%** |  |
| 95256 | Bio-Techne Corp | 4796139 |
| 155522 (a) | Exact Sciences Corp | 7098024 |
| 109400 (a) | Incyte Corp | 6855004 |
| 36828 (a) | Insulet Corp | 9291336 |
| 7673 (a) | Mettler-Toledo International Inc | 8214484 |
| 61772 (a) | Veeva Systems Inc, Class A | 14435499 |
| 23943 (a) | Waters Corp | 8325699 |
| 25086 | West Pharmaceutical Services Inc | 5300421 |
|  | TOTAL HEALTH CARE | 64316606 |
|  | **INDUSTRIALS - 22.0%** |  |
| 25709 (a) | Axon Enterprise Inc | 15767330 |
| 104485 (a) | Dayforce Inc | 6046547 |
| 97745 | Ingersoll Rand Inc | 7372905 |
| 16529 | Lennox International Inc | 9037231 |
| 55682 | Quanta Services Inc | 16297564 |
| 72924 | TransUnion | 6049775 |
| 85293 | Veralto Corp | 8179599 |
| 15607 | WW Grainger Inc | 15986406 |
|  | TOTAL INDUSTRIALS | 84737357 |
|  | **INFORMATION TECHNOLOGY - 27.1%** |  |
| 23663 (a) | ANSYS Inc | 7616646 |
| 112525 (a) | Docusign Inc | 9198919 |
| 161460 (a) | Dynatrace Inc | 7583776 |
| 29313 (a) | Gartner Inc | 12343118 |
| 64984 (a) | GoDaddy Inc, Class A | 12238437 |
| 18986 (a) | HubSpot Inc | 11609939 |
| 44176 (a) | Manhattan Associates Inc | 7836381 |
| 30254 (a) | MongoDB Inc | 5208831 |
| 138651 (a) | Nutanix Inc, Class A | 9525324 |
| 61789 (a) | PTC Inc | 9575441 |
| 49899 (a) | Zscaler Inc | 11285657 |
|  | TOTAL INFORMATION TECHNOLOGY | 104022469 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **23** |

---

------

Portfolio of Investments April 30, 2025(continued)

NUMG

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | **REAL ESTATE - 4.0%** |  |
| 64455 (a) | CBRE Group Inc, Class A | $7875112 |
| 83226 | Iron Mountain Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7462875 |
| 514 | SBA Communications Corp | 125108 |
|  | TOTAL REAL ESTATE | 15463095 |
|  | **TOTAL COMMON STOCKS<br>(Cost $406,844,657)** | **384080991** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $406,844,657)** | **384080991** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.1%** | **390867** |
|  | **NET ASSETS - 100%** | $**384471858** |

---

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

24 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NUMV

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 99.8%** |  |
|  |  | **COMMON STOCKS - 99.8%** |  |
|  |  | **COMMUNICATION SERVICES - 2.9%** |  |
| 28260 |  | Fox Corp, Class B | $1306742 |
| 133204 |  | Interpublic Group of Cos Inc/The | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346084 |
| 24711 | (a) | Take-Two Interactive Software Inc | 5765571 |
|  |  | TOTAL COMMUNICATION SERVICES | 10418397 |
|  |  | **CONSUMER DISCRETIONARY - 7.4%** |  |
| 33653 | (a) | CarMax Inc | 2176339 |
| 49521 |  | Genuine Parts Co | 5821194 |
| 72841 |  | LKQ Corp | 2783255 |
| 6929 |  | Pool Corp | 2031167 |
| 54217 |  | PulteGroup Inc | 5561580 |
| 182622 | (a),(b) | Rivian Automotive Inc, Class A | 2494616 |
| 17123 |  | Tractor Supply Co | 866766 |
| 8654 | (a) | Ulta Beauty Inc | 3423869 |
| 5319 |  | Williams-Sonoma Inc | 821626 |
|  |  | TOTAL CONSUMER DISCRETIONARY | 25980412 |
|  |  | **CONSUMER STAPLES - 8.5%** |  |
| 139476 |  | Archer-Daniels-Midland Co | 6659979 |
| 78296 |  | Bunge Global SA | 6163461 |
| 38439 |  | Church & Dwight Co Inc | 3818530 |
| 4946 |  | Clorox Co/The | 703816 |
| 39908 |  | General Mills Inc | 2264380 |
| 78526 |  | Kellanova | 6499597 |
| 47951 |  | McCormick & Co Inc/MD | 3675924 |
|  |  | TOTAL CONSUMER STAPLES | 29785687 |
|  |  | **ENERGY - 1.8%** |  |
| 175495 |  | Baker Hughes Co | 6212523 |
|  |  | TOTAL ENERGY | 6212523 |
|  |  | **FINANCIALS - 17.5%** |  |
| 253019 |  | Annaly Capital Management Inc | 4959172 |
| 7029 |  | Assurant Inc | 1354770 |
| 30824 |  | Cboe Global Markets Inc | 6836763 |
| 29224 |  | Citizens Financial Group Inc | 1078073 |
| 27706 |  | Discover Financial Services | 5061055 |
| 81861 |  | Equitable Holdings Inc | 4048027 |
| 7991 |  | Everest Group Ltd | 2867411 |
| 63927 |  | Hartford Insurance Group Inc/The | 7841925 |
| 376207 |  | Huntington Bancshares Inc/OH | 5466288 |
| 7824 |  | LPL Financial Holdings Inc | 2502037 |
| 402 | (a) | Markel Group Inc | 731077 |
| 35962 |  | Nasdaq Inc | 2740664 |
| 18261 |  | Raymond James Financial Inc | 2502487 |
| 32071 |  | State Street Corp | 2825455 |
| 24238 |  | Synchrony Financial | 1259164 |
| 30096 |  | T Rowe Price Group Inc | 2665001 |
| 22295 |  | Willis Towers Watson PLC | 6862401 |
|  |  | TOTAL FINANCIALS | 61601770 |
|  |  | **HEALTH CARE - 10.2%** |  |
| 79311 | (a) | Avantor Inc | 1030250 |
| 22526 | (a) | Biogen Inc | 2727448 |
| 55847 |  | Cardinal Health Inc | 7890623 |
| 7281 | (a) | Centene Corp | 435768 |
| 4081 | (a) | DaVita Inc | 577666 |
| 24905 | (a) | Hologic Inc | 1449471 |
| 13238 |  | Labcorp Holdings Inc | 3190490 |
| 1850 | (a) | Mettler-Toledo International Inc | 1980554 |
| 9917 |  | Quest Diagnostics Inc | 1767408 |
| 74955 | (a) | Solventum Corp | 4956025 |
| 27579 |  | STERIS PLC | 6198104 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **25** |

---

------

Portfolio of Investments April 30, 2025(continued)

NUMV

---

| | | |
|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | **VALUE** |
|  | HEALTH CARE (continued) |  |
| 17027 | West Pharmaceutical Services Inc | $3597635 |
|  | TOTAL HEALTH CARE | 35801442 |
|  | **INDUSTRIALS - 17.5%** |  |
| 20493 | Allegion plc | 2852626 |
| 25670 | Broadridge Financial Solutions Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6222408 |
| 5950 | CH Robinson Worldwide Inc | 530859 |
| 423414 | CNH Industrial NV | 4898900 |
| 9916 (a) | Dayforce Inc | 573839 |
| 9599 | Dover Corp | 1638069 |
| 10008 | EMCOR Group Inc | 4010206 |
| 29458 | Expeditors International of Washington Inc | 3237729 |
| 39231 | Ferguson Enterprises Inc | 6655931 |
| 17299 | Fortive Corp | 1205567 |
| 15029 | Jacobs Solutions Inc | 1860590 |
| 12980 | JB Hunt Transport Services Inc | 1694928 |
| 31851 | Owens Corning | 4631454 |
| 18439 | Pentair PLC | 1672971 |
| 42848 | TransUnion | 3554670 |
| 11481 | United Rentals Inc | 7249677 |
| 28282 | Veralto Corp | 2712244 |
| 54410 | Xylem Inc/NY | 6560214 |
|  | TOTAL INDUSTRIALS | 61762882 |
|  | **INFORMATION TECHNOLOGY - 7.4%** |  |
| 13219 (a) | Akamai Technologies Inc | 1065187 |
| 12356 (a) | F5 Inc | 3271127 |
| 36888 (a) | First Solar Inc | 4641248 |
| 305334 | Hewlett Packard Enterprise Co | 4952518 |
| 3041 | HP Inc | 77758 |
| 10701 (a) | Keysight Technologies Inc | 1555925 |
| 1833 | NetApp Inc | 164512 |
| 81769 (a) | Trimble Inc | 5081126 |
| 22373 (a) | Twilio Inc, Class A | 2163693 |
| 73401 (a) | Western Digital Corp | 3219368 |
|  | TOTAL INFORMATION TECHNOLOGY | 26192462 |
|  | **MATERIALS - 8.1%** |  |
| 321 | Avery Dennison Corp | 54926 |
| 93043 | Ball Corp | 4832654 |
| 28439 | Crown Holdings Inc | 2739529 |
| 74302 | International Flavors & Fragrances Inc | 5829735 |
| 80070 | International Paper Co | 3657598 |
| 57319 | PPG Industries Inc | 6239746 |
| 40855 | Steel Dynamics Inc | 5299302 |
|  | TOTAL MATERIALS | 28653490 |
|  | **REAL ESTATE - 10.5%** |  |
| 42289 | Alexandria Real Estate Equities Inc | 3072719 |
| 3939 | AvalonBay Communities Inc | 827111 |
| 77913 | BXP Inc | 4965395 |
| 42246 (a) | CBRE Group Inc, Class A | 5161616 |
| 271188 | Healthpeak Properties Inc | 4837994 |
| 331029 | Host Hotels & Resorts Inc | 4674129 |
| 64874 | Iron Mountain Inc | 5817252 |
| 3857 | Kimco Realty Corp | 77063 |
| 765 | Regency Centers Corp | 55218 |
| 22833 | Ventas Inc | 1600137 |
| 91892 | WP Carey Inc | 5737736 |
|  | TOTAL REAL ESTATE | 36826370 |
|  | **UTILITIES - 8.0%** |  |
| 43846 | Atmos Energy Corp | 7042983 |
| 75719 | Consolidated Edison Inc | 8537317 |
| 153369 | Essential Utilities Inc | 6308067 |

---

26 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** | **DESCRIPTION** | | **VALUE** |
|  | UTILITIES (continued) |  |  |
| 104973 | Eversource Energy |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243794 |
|  | TOTAL UTILITIES |  | 28132161 |
|  | **TOTAL COMMON STOCKS<br>(Cost $357,795,845)** |  | **351367596** |
|  | **TOTAL LONG-TERM INVESTMENTS<br>(Cost $357,795,845)** |  | **351367596** |
| **SHARES** | **DESCRIPTION** | **RATE** | **VALUE** |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%** |  |  |
| 195215 (c) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360% (d) | $195215 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $195,215)** |  | **195215** |
|  | **TOTAL INVESTMENTS - 99.9%<br>(Cost $357,991,060)** |  | **351562811** |
|  | **OTHER ASSETS & LIABILITIES, NET - 0.1%** |  | **437925** |
|  | **NET ASSETS - 100%** |  | $**352000736** |

---

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

(b) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $191,595.

(c) The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

---

| | |
|:---|:---|
| See Notes to Financial Statements | **27** |

---

------

Portfolio of Investments April 30, 2025

NUSC

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **LONG-TERM INVESTMENTS - 99.3%** |  |
|  |  | **COMMON STOCK RIGHTS - 0.0%** |  |
|  |  | **HEALTH CARE - 0.0%** |  |
| 26689 | (a) | Bristol-Myers Squibb Co | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18682 |
| 23934 | (a) | CinCor Pharma Inc | 73238 |
| 44361 | (a) | Zimmer Biomet Holdings Inc | 3993 |
|  |  | TOTAL HEALTH CARE | 95913 |
|  |  | **TOTAL COMMON STOCK RIGHTS**<br> **(Cost $0)** | **95913** |
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **COMMON STOCKS - 99.3%** |  |
|  |  | **COMMUNICATION SERVICES - 3.4%** |  |
| 110117 | (b) | Advantage Solutions Inc | 147557 |
| 8497 | (b),(c) | Atlanta Braves Holdings Inc, Class A | 369195 |
| 49674 | (b) | Atlanta Braves Holdings Inc, Class C | 1980006 |
| 70747 | (b) | Cars.com Inc | 823495 |
| 101236 |  | Cinemark Holdings Inc | 3027969 |
| 264877 | (b) | Clear Channel Outdoor Holdings Inc | 260692 |
| 98375 | (b) | Frontier Communications Parent Inc | 3566094 |
| 401104 | (b) | fuboTV Inc | 1203312 |
| 71400 | (b),(c) | Gogo Inc | 540498 |
| 30146 | (b) | Grindr Inc | 662308 |
| 8294 | (b),(c) | Ibotta Inc, Class A | 404747 |
| 43640 | (b) | IMAX Corp | 1061761 |
| 58609 |  | Iridium Communications Inc | 1414235 |
| 24551 | (b) | Lions Gate Entertainment Corp, Class B | 195917 |
| 1124626 | (b) | Lumen Technologies Inc | 3981176 |
| 151780 | (b) | Magnite Inc | 1804664 |
| 26777 |  | Marcus Corp/The | 436733 |
| 43516 | (b) | MediaAlpha Inc, Class A | 365534 |
| 89883 |  | New York Times Co/The, Class A | 4679309 |
| 49991 |  | Paramount Global | 586894 |
| 28133 |  | Scholastic Corp | 507238 |
| 153794 |  | Sirius XM Holdings Inc | 3294268 |
| 107967 | (b) | Stagwell Inc | 602456 |
| 11182 |  | TEGNA Inc | 181484 |
| 170486 | (b) | Vimeo Inc | 859249 |
| 22104 | (b) | Yelp Inc | 775408 |
| 50085 | (b) | Ziff Davis Inc | 1479010 |
| 110304 | (b) | ZoomInfo Technologies Inc | 944202 |
|  |  | TOTAL COMMUNICATION SERVICES | 36155411 |
|  |  | **CONSUMER DISCRETIONARY - 16.4%** |  |
| 37720 | (b) | Abercrombie & Fitch Co, Class A | 2618522 |
| 359588 |  | ADT Inc | 2883896 |
| 44695 |  | Advance Auto Parts Inc | 1462420 |
| 211073 |  | Aramark | 7056170 |
| 63181 |  | Arko Corp | 254304 |
| 61050 | (b) | Bright Horizons Family Solutions Inc | 7656891 |
| 50290 | (b) | Brinker International Inc | 6753947 |
| 29451 |  | Camping World Holdings Inc, Class A | 355179 |
| 6509 |  | Carter's Inc | 215122 |
| 10890 |  | Choice Hotels International Inc | 1373338 |
| 154924 | (b) | Coursera Inc | 1304460 |
| 63426 | (b) | Crocs Inc | 6115535 |
| 37648 | (b),(c) | Dave & Buster's Entertainment Inc | 722465 |
| 9443 | (b) | Etsy Inc | 410582 |
| 15556 | (b) | Five Below Inc | 1180545 |
| 23092 | (b) | Foot Locker Inc | 283339 |
| 88013 | (b) | Frontdoor Inc | 3618214 |
| 444249 | (b) | GameStop Corp, Class A | 12376777 |

---

28 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **CONSUMER DISCRETIONARY** (continued) |  |
| 44880 |  | Gap Inc/The | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982872 |
| 108255 | (b) | Global Business Travel Group I | 726391 |
| 6662 |  | Group 1 Automotive Inc | 2688983 |
| 159455 |  | H&R Block Inc | 9626298 |
| 330744 | (b) | Hanesbrands Inc | 1518115 |
| 99715 |  | Harley-Davidson Inc | 2235610 |
| 132796 |  | Hasbro Inc | 8220072 |
| 26305 | (b) | Helen of Troy Ltd | 732857 |
| 80203 | (b) | Hilton Grand Vacations Inc | 2697227 |
| 13492 |  | KB Home | 728973 |
| 18926 |  | Kontoor Brands Inc | 1138399 |
| 29296 |  | LCI Industries | 2258136 |
| 59178 |  | Leggett & Platt Inc | 569292 |
| 106985 |  | Levi Strauss & Co, Class A | 1712830 |
| 23343 |  | Lithia Motors Inc | 6833897 |
| 1400578 | (b),(c) | Lucid Group Inc | 3515451 |
| 50874 |  | Macy's Inc | 580981 |
| 22200 | (b) | MarineMax Inc | 476412 |
| 8751 |  | Marriott Vacations Worldwide Corp | 479642 |
| 3057 |  | Meritage Homes Corp | 208304 |
| 58245 | (b) | Modine Manufacturing Co | 4755122 |
| 22387 |  | Murphy USA Inc | 11161487 |
| 90604 | (b) | National Vision Holdings Inc | 1118959 |
| 483711 |  | Newell Brands Inc | 2312139 |
| 115019 | (b) | Petco Health & Wellness Co Inc | 339306 |
| 50657 | (b) | Planet Fitness Inc | 4791646 |
| 93178 | (b) | Playa Hotels & Resorts NV | 1250449 |
| 19877 |  | PVH Corp | 1371115 |
| 38614 | (b),(c) | Savers Value Village Inc | 370308 |
| 138680 | (b) | Sonos Inc | 1277243 |
| 24929 |  | Standard Motor Products Inc | 675576 |
| 50577 | (b) | Stride Inc | 7194578 |
| 80463 |  | Tapestry Inc | 5684711 |
| 38859 | (b) | Taylor Morrison Home Corp | 2228564 |
| 13252 | (b) | TopBuild Corp | 3919412 |
| 158630 | (b) | Topgolf Callaway Brands Corp | 1048544 |
| 5139 | (b) | Tri Pointe Homes Inc | 158024 |
| 31623 | (b),(c) | United Parks & Resorts Inc | 1380344 |
| 29290 |  | Vail Resorts Inc | 4077168 |
| 97071 | (b) | Valvoline Inc | 3325652 |
| 257309 |  | VF Corp | 3056831 |
| 10862 | (b) | Victoria's Secret & Co | 204206 |
| 101166 | (b) | Warby Parker Inc, Class A | 1670251 |
| 17400 |  | Whirlpool Corp | 1327272 |
| 32667 |  | Winnebago Industries Inc | 1039464 |
| 12359 |  | Wyndham Hotels & Resorts Inc | 1054223 |
| 25447 | (b) | XPEL Inc | 728802 |
| 56394 | (b) | YETI Holdings Inc | 1610049 |
|  |  | TOTAL CONSUMER DISCRETIONARY | 173703893 |
|  |  | **CONSUMER STAPLES - 3.0%** |  |
| 37238 |  | Andersons Inc/The | 1404245 |
| 21223 |  | Casey's General Stores Inc | 9817548 |
| 53821 | (b) | Freshpet Inc | 3957996 |
| 41927 | (b) | Grocery Outlet Holding Corp | 703954 |
| 3267 | (b) | Performance Food Group Co | 263516 |
| 25875 | (b) | Sprouts Farmers Market Inc | 4424625 |
| 69748 | (b) | United Natural Foods Inc | 1862969 |
| 122047 | (b) | US Foods Holding Corp | 8013606 |
| 38766 | (b) | Vital Farms Inc | 1327348 |
| 1689 |  | WD-40 Co | 385700 |
|  |  | TOTAL CONSUMER STAPLES | 32161507 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **29** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NUSC

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **ENERGY - 2.9%** |  |
| 184152 | Archrock Inc | $4333096 |
| 67645 | Cactus Inc, Class A | 2566451 |
| 221646 | ChampionX Corp | 5348318 |
| 203542 (b) | Clean Energy Fuels Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295136 |
| 41106 | Core Laboratories Inc | 467375 |
| 72731 | Delek US Holdings Inc | 946958 |
| 19539 | Excelerate Energy Inc, Class A | 499808 |
| 118756 (b) | Expro Group Holdings NV | 982112 |
| 68567 (b) | Green Plains Inc | 245470 |
| 39707 (b) | Innovex International Inc | 599576 |
| 91030 | NOV Inc | 1056858 |
| 370104 | TechnipFMC PLC | 10425830 |
| 64886 | Weatherford International PLC | 2686280 |
|  | TOTAL ENERGY | 30453268 |
|  | **FINANCIALS - 18.7%** |  |
| 27045 | Affiliated Managers Group Inc | 4479463 |
| 935074 | AGNC Investment Corp | 8256703 |
| 20306 | Amalgamated Financial Corp | 571817 |
| 53503 (b) | Ambac Financial Group Inc | 426954 |
| 154693 | Apollo Commercial Real Estate Finance Inc | 1449473 |
| 201636 (b) | AvidXchange Holdings Inc | 1639301 |
| 78517 (b) | Baldwin Insurance Group Inc/The | 3267878 |
| 47328 | Banc of California Inc | 637981 |
| 53026 (b) | Bancorp Inc/The | 2561686 |
| 86097 | Bank OZK | 3667732 |
| 2057 | Banner Corp | 125765 |
| 33289 | Berkshire Hills Bancorp Inc | 826566 |
| 190785 | Blackstone Mortgage Trust Inc, Class A | 3634454 |
| 8533 | Bread Financial Holdings Inc | 404891 |
| 9971 | Cadence Bank | 291752 |
| 15142 | Cass Information Systems Inc | 616885 |
| 8275 | Central Pacific Financial Corp | 212585 |
| 111116 | Commerce Bancshares Inc/MO | 6749177 |
| 19519 | Crawford & Co, Class A | 217051 |
| 31534 (b) | Donnelley Financial Solutions Inc | 1519939 |
| 124078 | East West Bancorp Inc | 10614873 |
| 4456 (b) | Encore Capital Group Inc | 153286 |
| 926 (b) | Enstar Group Ltd | 309664 |
| 42733 | Enterprise Financial Services Corp | 2222971 |
| 12838 | Essent Group Ltd | 730867 |
| 119676 | First American Financial Corp | 7277498 |
| 190258 | First BanCorp/Puerto Rico | 3736667 |
| 25042 | First Financial Bancorp | 579722 |
| 311960 | First Horizon Corp | 5640237 |
| 130463 (b) | Flywire Corp | 1227657 |
| 20658 | Glacier Bancorp Inc | 842020 |
| 54927 (b) | Green Dot Corp, Class A | 459739 |
| 128610 | HA Sustainable Infrastructure Capital Inc | 3212678 |
| 31885 | Hanmi Financial Corp | 729210 |
| 1093 | Hanover Insurance Group Inc/The | 181547 |
| 24257 | Independent Bank Corp/MI | 738868 |
| 217678 | Invesco Ltd | 3032255 |
| 85794 | Jackson Financial Inc, Class A | 6684211 |
| 67921 | KKR Real Estate Finance Trust Inc | 628269 |
| 8218 | Lazard Inc | 319680 |
| 44883 | Lincoln National Corp | 1430421 |
| 3410 | Mercantile Bank Corp | 144277 |
| 54346 | MGIC Investment Corp | 1353759 |
| 24892 | Morningstar Inc | 7087250 |
| 6168 | Nelnet Inc, Class A | 654363 |
| 4512 (b) | NMI Holdings Inc | 163199 |
| 78962 | Old National Bancorp/IN | 1625828 |

---

30 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | **FINANCIALS** (continued) |  |
| 115788 | (b) | Open Lending Corp | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143577 |
| 30614 | (b) | Palomar Holdings Inc | 4439642 |
| 28199 |  | Pathward Financial Inc | 2238155 |
| 32615 |  | PennyMac Financial Services Inc | 3178006 |
| 35443 |  | Pinnacle Financial Partners Inc | 3552806 |
| 26137 |  | PJT Partners Inc, Class A | 3703874 |
| 31838 | (b) | PRA Group Inc | 582635 |
| 20476 |  | Primerica Inc | 5366145 |
| 37776 |  | PROG Holdings Inc | 995775 |
| 19505 |  | Reinsurance Group of America Inc | 3653482 |
| 4832 |  | Renasant Corp | 154962 |
| 85794 | (b) | Repay Holdings Corp | 343176 |
| 113381 |  | Ryan Specialty Holdings Inc | 7427589 |
| 43667 |  | S&T Bancorp Inc | 1591226 |
| 1593 |  | Selective Insurance Group Inc | 138957 |
| 52046 |  | SouthState Corp | 4516552 |
| 303711 |  | Starwood Property Trust Inc | 5828214 |
| 32360 |  | Stewart Information Services Corp | 2118933 |
| 44340 |  | Synovus Financial Corp | 1920809 |
| 3665 |  | UMB Financial Corp | 346599 |
| 25657 |  | Unum Group | 1992523 |
| 451702 |  | Valley National Bancorp | 3884637 |
| 49204 |  | Victory Capital Holdings Inc, Class A | 2818897 |
| 61768 |  | Voya Financial Inc | 3656666 |
| 39210 |  | Walker & Dunlop Inc | 3001133 |
| 126567 |  | Webster Financial Corp | 5986619 |
| 86113 |  | Western Alliance Bancorp | 6002937 |
| 39972 | (b) | WEX Inc | 5211150 |
| 2980 |  | White Mountains Insurance Group Ltd | 5267001 |
| 134467 |  | WisdomTree Inc | 1169863 |
| 62167 |  | Zions Bancorp NA | 2795650 |
|  |  | TOTAL FINANCIALS | 197367259 |
|  |  | **HEALTH CARE - 9.7%** |  |
| 121998 | (b) | 89bio Inc | 978424 |
| 4840 | (b) | Acadia Healthcare Co Inc | 113256 |
| 73373 | (b) | AdaptHealth Corp | 624404 |
| 112072 | (b) | Alignment Healthcare Inc | 1985916 |
| 166485 | (b) | Alkermes PLC | 4789773 |
| 17466 | (b) | AMN Healthcare Services Inc | 356830 |
| 103714 | (b) | Avadel Pharmaceuticals PLC | 922017 |
| 84383 | (b) | Avidity Biosciences Inc | 2755105 |
| 45916 | (b) | Azenta Inc | 1209427 |
| 62523 | (b) | Biohaven Ltd | 1383009 |
| 41319 | (b) | Bioventus Inc, Class A | 302042 |
| 70129 | (b) | BrightSpring Health Services Inc | 1229361 |
| 70485 | (b) | Brookdale Senior Living Inc | 462382 |
| 26643 |  | Bruker Corp | 1067319 |
| 60289 | (b) | CareDx Inc | 1017678 |
| 31912 | (b) | Castle Biosciences Inc | 639836 |
| 6583 |  | Chemed Corp | 3828080 |
| 1328 | (b) | CorVel Corp | 144433 |
| 48815 | (b) | Crinetics Pharmaceuticals Inc | 1629933 |
| 33423 | (b) | Cross Country Healthcare Inc | 452882 |
| 48219 | (b) | Cytokinetics Inc | 2065702 |
| 211608 | (b) | Elanco Animal Health Inc | 2006044 |
| 11463 |  | Embecta Corp | 139734 |
| 25115 | (b),(c) | Enliven Therapeutics Inc | 475678 |
| 30039 | (b) | Enovis Corp | 1039049 |
| 27213 |  | Ensign Group Inc/The | 3510205 |
| 5376 | (b),(c) | Establishment Labs Holdings Inc | 163162 |
| 67372 | (b) | EyePoint Pharmaceuticals Inc | 459477 |
| 98072 | (b) | Fortrea Holdings Inc | 610989 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **31** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NUSC

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **HEALTH CARE** (continued) |  |
| 491928 | (b) | Geron Corp | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693618 |
| 16885 | (b) | Glaukos Corp | 1591411 |
| 6485 | (b) | Guardant Health Inc | 306287 |
| 23326 | (b) | Haemonetics Corp | 1470005 |
| 36621 | (b) | HealthEquity Inc | 3139152 |
| 182891 | (b) | Hims & Hers Health Inc | 6053692 |
| 15063 | (b) | ICU Medical Inc | 2057455 |
| 75220 | (b) | Immunome Inc | 661184 |
| 1714 | (b) | Integer Holdings Corp | 216495 |
| 34569 | (b) | Integra LifeSciences Holdings Corp | 566586 |
| 8553 | (b) | iRhythm Technologies Inc | 914230 |
| 9103 | (b) | Jazz Pharmaceuticals PLC | 1064687 |
| 26698 | (b) | Kymera Therapeutics Inc | 914940 |
| 106610 | (b) | LifeStance Health Group Inc | 700428 |
| 6241 |  | Mesa Laboratories Inc | 719275 |
| 63279 | (b),(c) | Mind Medicine MindMed Inc | 404353 |
| 25397 | (b) | MoonLake Immunotherapeutics | 1068706 |
| 94429 | (b) | Myriad Genetics Inc | 699719 |
| 10609 | (b) | NeoGenomics Inc | 67845 |
| 120090 | (b) | Novocure Ltd | 2178433 |
| 54271 | (b) | Omnicell Inc | 1696511 |
| 392576 | (b),(c) | OPKO Health Inc | 541755 |
| 58536 | (b) | Owens & Minor Inc | 413264 |
| 16819 | (b) | Pediatrix Medical Group Inc | 216629 |
| 17942 | (b) | Pennant Group Inc/The | 459674 |
| 5549 | (b) | Penumbra Inc | 1624969 |
| 23009 |  | Phibro Animal Health Corp, Class A | 428197 |
| 55733 | (b) | Pliant Therapeutics Inc | 88615 |
| 59688 | (b) | PROCEPT BioRobotics Corp | 3221958 |
| 84617 | (b) | Progyny Inc | 1932652 |
| 40088 | (b) | Prothena Corp PLC | 368810 |
| 78239 | (b) | QuidelOrtho Corp | 2174262 |
| 23490 | (b) | RadNet Inc | 1230406 |
| 292380 | (b),(c) | Recursion Pharmaceuticals Inc, Class A | 1634404 |
| 19057 | (b) | Repligen Corp | 2629675 |
| 39416 | (b) | RxSight Inc | 580204 |
| 49066 | (b) | Sarepta Therapeutics Inc | 3061718 |
| 108919 | (b) | Savara Inc | 348541 |
| 76335 | (b) | Scholar Rock Holding Corp | 2512185 |
| 42881 | (b) | SI-BONE Inc | 585326 |
| 109773 | (b) | Sotera Health Co | 1262390 |
| 40259 | (b) | Spyre Therapeutics Inc | 613145 |
| 14294 | (b) | STAAR Surgical Co | 261008 |
| 25358 | (b) | Syndax Pharmaceuticals Inc | 358816 |
| 96287 | (b) | Teladoc Health Inc | 692304 |
| 15060 | (b) | Tourmaline Bio Inc | 259183 |
| 8918 | (b) | UFP Technologies Inc | 1859760 |
| 49449 | (b) | Varex Imaging Corp | 411416 |
| 86448 | (b) | Vaxcyte Inc | 3098296 |
| 51760 | (b) | Vera Therapeutics Inc | 1209631 |
| 73057 | (b) | Verve Therapeutics Inc | 414233 |
| 116551 | (b) | Viking Therapeutics Inc | 3364827 |
| 63675 | (b) | Viridian Therapeutics Inc | 862796 |
| 47546 | (b) | Zymeworks Inc | 618573 |
|  |  | TOTAL HEALTH CARE | 102886781 |
|  |  | **INDUSTRIALS - 17.0%** |  |
| 53498 |  | AAON Inc | 4882762 |
| 28276 | (b) | AAR Corp | 1511635 |
| 6008 |  | Acuity Inc | 1463609 |
| 36658 |  | Advanced Drainage Systems Inc | 4160316 |
| 123201 |  | Air Lease Corp | 5760879 |
| 11672 |  | Allison Transmission Holdings Inc | 1076625 |

---

32 *See Notes to Financial Statements*

------

---

| | | | |
|:---|:---|:---|:---|
| **SHARES** |  | **DESCRIPTION** | **VALUE** |
|  |  | **INDUSTRIALS** (continued) |  |
| 1519 |  | Arcosa Inc | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121626 |
| 174858 | (b) | Array Technologies Inc | 835821 |
| 40501 |  | Atkore Inc | 2586799 |
| 51315 |  | Brady Corp | 3606931 |
| 376539 | (b) | Clarivate PLC | 1622883 |
| 24313 |  | Comfort Systems USA Inc | 9665633 |
| 175072 | (b) | Core & Main Inc, Class A | 9222793 |
| 56563 |  | Crane Co | 9105512 |
| 33981 |  | CSG Systems International Inc | 2043278 |
| 123762 | (b) | DNOW Inc | 1964103 |
| 11037 |  | Douglas Dynamics Inc | 264667 |
| 66603 | (b) | Energy Recovery Inc | 1029016 |
| 63112 |  | Enerpac Tool Group Corp | 2547831 |
| 187274 | (b) | ExlService Holdings Inc | 9079044 |
| 68941 | (b) | First Advantage Corp | 972068 |
| 34168 | (b) | FTI Consulting Inc | 5681455 |
| 28369 | (b) | Generac Holdings Inc | 3244846 |
| 66169 | (b) | Great Lakes Dredge & Dock Corp | 601476 |
| 36831 |  | Greenbrier Cos Inc/The | 1562371 |
| 28626 |  | Herc Holdings Inc | 3132829 |
| 52737 |  | Hexcel Corp | 2556162 |
| 12366 |  | Hillenbrand Inc | 250164 |
| 55726 |  | HNI Corp | 2357210 |
| 20653 | (b) | Huron Consulting Group Inc | 2783818 |
| 67082 |  | Interface Inc | 1261142 |
| 22104 |  | JBT Marel Corp | 2326667 |
| 145256 |  | KBR Inc | 7670969 |
| 96761 | (b) | Kratos Defense & Security Solutions Inc | 3269070 |
| 92197 |  | Leonardo DRS Inc | 3407601 |
| 6496 |  | Lindsay Corp | 838374 |
| 33662 |  | Matthews International Corp, Class A | 688388 |
| 11504 |  | McGrath RentCorp | 1227132 |
| 59088 | (b) | Mercury Systems Inc | 2954400 |
| 28990 |  | Moog Inc, Class A | 4848578 |
| 98081 | (b) | MRC Global Inc | 1142644 |
| 18544 |  | MSA Safety Inc | 2919197 |
| 17649 | (b) | MYR Group Inc | 2158826 |
| 60771 |  | nVent Electric PLC | 3336936 |
| 191722 |  | Pitney Bowes Inc | 1664147 |
| 43779 |  | Primoris Services Corp | 2625427 |
| 24153 | (b) | Pursuit Attractions and Hospitality Inc | 707441 |
| 10356 | (b) | Resideo Technologies Inc | 173774 |
| 20121 |  | Robert Half Inc | 891360 |
| 8996 |  | Rush Enterprises Inc | 520329 |
| 26994 |  | Rush Enterprises Inc, Class A | 1376424 |
| 45164 |  | Ryder System Inc | 6217728 |
| 7732 | (b) | Saia Inc | 1886608 |
| 200033 | (b) | Shoals Technologies Group Inc, Class A | 722119 |
| 27841 | (b) | SiteOne Landscape Supply Inc | 3196425 |
| 25820 | (b) | SPX Technologies Inc | 3463753 |
| 263225 | (b),(c) | Sunrun Inc | 1813620 |
| 27655 |  | TriNet Group Inc | 2166216 |
| 19940 |  | Trinity Industries Inc | 500494 |
| 68037 | (b) | Triumph Group Inc | 1728140 |
| 148575 | (b) | Upwork Inc | 1953761 |
| 17001 | (b) | V2X Inc | 845970 |
| 20432 |  | Valmont Industries Inc | 5991071 |
| 49702 |  | Wabash National Corp | 343441 |
| 12152 |  | WESCO International Inc | 1980290 |
| 104198 |  | WillScot Holdings Corp | 2617454 |
| 26422 | (b) | XPO Inc | 2803903 |
|  |  | TOTAL INDUSTRIALS | 179933981 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **33** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NUSC

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | **INFORMATION TECHNOLOGY - 12.8%** |  |
| 92315 | (b) | ACI Worldwide Inc | $4925928 |
| 128131 |  | Adeia Inc | 1577293 |
| 82183 | (b) | Asana Inc | 1326434 |
| 34184 |  | Badger Meter Inc | 7548511 |
| 27223 |  | Belden Inc | 2806964 |
| 30023 |  | Benchmark Electronics Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976648 |
| 39642 | (b) | Blackbaud Inc | 2399927 |
| 19860 | (b) | Box Inc, Class A | 620029 |
| 69600 | (b) | Calix Inc | 2847336 |
| 29907 | (b) | Ciena Corp | 2008554 |
| 58108 | (b) | Cirrus Logic Inc | 5580692 |
| 254413 | (b) | CommScope Holding Co Inc | 951505 |
| 50945 | (b) | Commvault Systems Inc | 8514438 |
| 75228 | (b) | Confluent Inc, Class A | 1791179 |
| 4940 |  | CTS Corp | 188115 |
| 18479 | (b),(c) | Digimarc Corp | 241890 |
| 70270 |  | Dolby Laboratories Inc, Class A | 5396033 |
| 109884 | (b) | DoubleVerify Holdings Inc | 1457062 |
| 12107 | (b) | Dropbox Inc, Class A | 345655 |
| 202659 | (b) | DXC Technology Co | 3145268 |
| 172027 | (b) | E2open Parent Holdings Inc | 338893 |
| 16517 | (b) | Elastic NV | 1423765 |
| 36615 | (b) | Enphase Energy Inc | 1632663 |
| 182250 | (b) | Flex Ltd | 6258465 |
| 34524 | (b) | Gitlab Inc, Class A | 1611235 |
| 21009 | (b) | Guidewire Software Inc | 4302013 |
| 134284 | (b) | Harmonic Inc | 1205870 |
| 23229 | (b) | Insight Enterprises Inc | 3212106 |
| 47400 | (b) | Intapp Inc | 2571924 |
| 29479 |  | InterDigital Inc | 5925279 |
| 45736 | (b) | Itron Inc | 5089959 |
| 17328 | (b) | Kimball Electronics Inc | 248484 |
| 36526 |  | Kulicke & Soffa Industries Inc | 1177233 |
| 133709 | (b) | Lattice Semiconductor Corp | 6542381 |
| 6956 | (b) | LiveRamp Holdings Inc | 181969 |
| 6236 | (b) | Lumentum Holdings Inc | 368173 |
| 31701 | (b) | Meridianlink Inc | 536064 |
| 235721 | (b) | Mirion Technologies Inc | 3719677 |
| 35941 | (b) | N-able Inc/US | 253743 |
| 159557 | (b) | NCR Voyix Corp | 1367403 |
| 31347 | (b) | NETGEAR Inc | 756090 |
| 28401 | (b) | Novanta Inc | 3375743 |
| 30014 | (b) | Onto Innovation Inc | 3660808 |
| 42286 | (b) | PAR Technology Corp | 2469502 |
| 36256 | (b) | PDF Solutions Inc | 665298 |
| 43926 | (b) | Penguin Solutions Inc | 749817 |
| 121225 | (b) | Procore Technologies Inc | 7769310 |
| 36545 |  | Progress Software Corp | 2191238 |
| 17054 | (b) | Q2 Holdings Inc | 1351530 |
| 115623 | (b) | Ribbon Communications Inc | 371150 |
| 34105 | (b) | Silicon Laboratories Inc | 3470525 |
| 68843 | (b),(c) | SolarEdge Technologies Inc | 842294 |
| 27390 | (b) | SPS Commerce Inc | 3930739 |
| 7673 | (b) | Teradata Corp | 164970 |
| 13935 | (b) | UiPath Inc, Class A | 166384 |
| 146955 | (b),(c) | Wolfspeed Inc | 521690 |
| 135964 |  | Xerox Holdings Corp | 599601 |
|  |  | TOTAL INFORMATION TECHNOLOGY | 135673449 |
|  |  | **MATERIALS - 5.6%** |  |
| 808759 |  | Amcor PLC | 7440585 |
| 4414 |  | AptarGroup Inc | 661879 |
| 138303 | (b) | ATI Inc | 7520917 |

---

34 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **MATERIALS (continued)** |  |
| 106233 | Avient Corp | $3538621 |
| 233235 (b) | Axalta Coating Systems Ltd | 7580138 |
| 13457 (b) | Clearwater Paper Corp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361455 |
| 129189 | Commercial Metals Co | 5754078 |
| 42801 | Compass Minerals International Inc | 575245 |
| 139367 | FMC Corp | 5842265 |
| 48735 | Graphic Packaging Holding Co | 1233483 |
| 57367 | HB Fuller Co | 3100113 |
| 3495 (b) | Knife River Corp | 326363 |
| 23319 | Koppers Holdings Inc | 584374 |
| 55991 | Louisiana-Pacific Corp | 4832583 |
| 33019 (b) | Magnera Corp | 484386 |
| 4214 | Minerals Technologies Inc | 217400 |
| 49579 (b) | Ranpak Holdings Corp | 203770 |
| 18082 | Royal Gold Inc | 3303762 |
| 31107 | Ryerson Holding Corp | 727282 |
| 41885 | Sensient Technologies Corp | 3935096 |
| 25875 | Stepan Co | 1308240 |
|  | TOTAL MATERIALS | 59532035 |
|  | **REAL ESTATE - 6.2%** |  |
| 63384 | Armada Hoffler Properties Inc | 429110 |
| 198629 | Brandywine Realty Trust | 786571 |
| 184630 | CareTrust REIT Inc | 5404120 |
| 14705 | CBL & Associates Properties Inc | 345126 |
| 33056 | Community Healthcare Trust Inc | 564597 |
| 230558 (b) | Compass Inc, Class A | 1779908 |
| 83199 | CubeSmart | 3383703 |
| 238788 | DiamondRock Hospitality Co | 1752704 |
| 29879 | EastGroup Properties Inc | 4882826 |
| 162022 | Empire State Realty Trust Inc, Class A | 1153597 |
| 107572 | Essential Properties Realty Trust Inc | 3460591 |
| 88333 (c) | eXp World Holdings Inc | 809130 |
| 154672 | Hudson Pacific Properties Inc | 317078 |
| 15513 (b) | Jones Lang LaSalle Inc | 3527811 |
| 55591 | Kennedy-Wilson Holdings Inc | 355783 |
| 44932 | Kilroy Realty Corp | 1415807 |
| 91130 | NETSTREIT Corp | 1482685 |
| 16979 | Outfront Media Inc | 256892 |
| 240732 | Park Hotels & Resorts Inc | 2392876 |
| 137702 | Pebblebrook Hotel Trust | 1246203 |
| 15774 | Piedmont Office Realty Trust Inc, Class A | 93224 |
| 258594 | Rexford Industrial Realty Inc | 8559461 |
| 66197 | Ryman Hospitality Properties Inc | 5822026 |
| 69353 | Sabra Health Care REIT Inc | 1237951 |
| 54162 | SITE Centers Corp | 641275 |
| 13000 | SL Green Realty Corp | 683930 |
| 47736 | St Joe Co/The | 2020188 |
| 223290 | Sunstone Hotel Investors Inc | 1862239 |
| 115907 | Terreno Realty Corp | 6529041 |
| 287632 | Uniti Group Inc | 1415150 |
| 117105 | Xenia Hotels & Resorts Inc | 1250682 |
|  | TOTAL REAL ESTATE | 65862285 |
|  | **UTILITIES - 3.6%** |  |
| 26484 | Chesapeake Utilities Corp | 3487148 |
| 224910 | MDU Resources Group Inc | 3854957 |
| 116111 | New Jersey Resources Corp | 5682472 |
| 66058 | ONE Gas Inc | 5186214 |
| 54505 | Ormat Technologies Inc | 3957063 |
| 40742 | Southwest Gas Holdings Inc | 2941980 |
| 66782 | Spire Inc | 5111494 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **35** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NUSC

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE |
|  | **UTILITIES** (continued) |  |  |
| 250107 | UGI Corp |  | $8201009 |
|  | TOTAL UTILITIES |  | 38422337 |
|  | TOTAL COMMON STOCKS<br>(Cost $1,146,098,487) |  | 1052152206 |
|  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $1,146,098,487) |  | 1052248119 |
| SHARES | DESCRIPTION | RATE | VALUE |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.9%** |  |  |
| 9308655 (d) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360%(e) | $9308655 |
|  | TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING<br>(Cost $9,308,655) |  | 9308655 |
|  | TOTAL INVESTMENTS - 100.2%<br>(Cost $1,155,407,142) |  | 1061556774 |
|  | OTHER ASSETS & LIABILITIES, NET - (0.2)% |  | (2638620) |
|  | NET ASSETS - 100% |  | $1058918154 |

---

REIT Real Estate Investment Trust

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

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

(c) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $8,690,798.

(d) The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

36 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NDVG

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **LONG-TERM INVESTMENTS - 98.8%** |  |
|  | **COMMON STOCKS - 98.8%** |  |
|  | **COMMUNICATION SERVICES - 1.6%** |  |
| 5569 | Comcast Corp, Class A | $190460 |
|  | TOTAL COMMUNICATION SERVICES | 190460 |
|  | **CONSUMER DISCRETIONARY - 7.9%** |  |
| 966 | Lowe's Cos Inc | 215959 |
| 994 | McDonald's Corp | 317732 |
| 1378 | Starbucks Corp | 110309 |
| 2115 | TJX Cos Inc/The | 272158 |
|  | TOTAL CONSUMER DISCRETIONARY | 916158 |
|  | **CONSUMER STAPLES - 8.3%** |  |
| 2525 | Mondelez International Inc, Class A | 172028 |
| 1000 | PepsiCo Inc | 135580 |
| 1897 | Philip Morris International Inc | 325070 |
| 3531 | Walmart Inc | 343390 |
|  | TOTAL CONSUMER STAPLES | 976068 |
|  | **ENERGY - 3.7%** |  |
| 1487 | Chevron Corp | 202321 |
| 2198 | Exxon Mobil Corp | 232175 |
|  | TOTAL ENERGY | 434496 |
|  | **FINANCIALS - 15.4%** |  |
| 1232 | American Express Co | 328217 |
| 997 | Ares Management Corp, Class A | 152073 |
| 1812 | JPMorgan Chase & Co | 443251 |
| 1182 | Marsh & McLennan Cos Inc | 266506 |
| 670 | Mastercard Inc | 367200 |
| 487 | S&P Global Inc | 243524 |
|  | TOTAL FINANCIALS | 1800771 |
|  | **HEALTH CARE - 11.7%** |  |
| 2264 | Abbott Laboratories | 296018 |
| 1509 | AbbVie Inc | 294406 |
| 442 | Elevance Health Inc | 185896 |
| 1688 | Novo Nordisk A/S, Sponsored ADR | 112167 |
| 654 | UnitedHealth Group Inc | 269082 |
| 1379 | Zoetis Inc | 215676 |
|  | TOTAL HEALTH CARE | 1373245 |
|  | **INDUSTRIALS - 8.4%** |  |
| 796 | Eaton Corp PLC | 234319 |
| 933 | Honeywell International Inc | 196396 |
| 318 | Northrop Grumman Corp | 154707 |
| 624 | Trane Technologies PLC | 239185 |
| 701 | Union Pacific Corp | 151178 |
|  | TOTAL INDUSTRIALS | 975785 |
|  | **INFORMATION TECHNOLOGY - 29.4%** |  |
| 938 | Accenture PLC, Class A | 280603 |
| 3420 | Amphenol Corp, Class A | 263169 |
| 3848 | Apple Inc | 817700 |
| 2810 | Broadcom Inc | 540841 |
| 2148 | Microsoft Corp | 849018 |
| 790 | Motorola Solutions Inc | 347908 |
| 1518 | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 253035 |
| 553 | Texas Instruments Inc | 88508 |
|  | TOTAL INFORMATION TECHNOLOGY | 3440782 |
|  | **MATERIALS - 3.8%** |  |
| 559 (a) | Linde PLC | 253356 |
| 4615 | Smurfit WestRock PLC | 193922 |
|  | TOTAL MATERIALS | 447278 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **37** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NDVG

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **REAL ESTATE - 4.3%** |  |
| 1219 | American Tower Corp | $274775 |
| 2215 | Prologis Inc | 226373 |
|  | TOTAL REAL ESTATE | 501148 |
|  | **UTILITIES - 4.3%** |  |
| 3783 | NextEra Energy Inc | 253007 |
| 2277 | WEC Energy Group Inc | 249377 |
|  | TOTAL UTILITIES | 502384 |
|  | TOTAL COMMON STOCKS<br>(Cost $11,714,881) | 11558575 |
|  | TOTAL LONG-TERM INVESTMENTS<br>(Cost $11,714,881) | 11558575 |
|  | OTHER ASSETS & LIABILITIES, NET - 1.2% | 140470 |
|  | NET ASSETS - 100% | $11699045 |

---

ADR American Depositary Receipt

S&P Standard & Poor's

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

38 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NUGO

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **LONG-TERM INVESTMENTS - 97.0%** |  |
|  | **COMMON STOCKS - 97.0%** |  |
|  | **COMMUNICATION SERVICES - 13.3%** |  |
| 675858 | Alphabet Inc, Class A | $107326250 |
| 264873 | Meta Platforms Inc | 145415277 |
| 76826 (a) | Netflix Inc | 86945521 |
|  | TOTAL COMMUNICATION SERVICES | 339687048 |
|  | **CONSUMER DISCRETIONARY - 14.1%** |  |
| 1116365 (a) | Amazon.com Inc | 205880033 |
| 7421 (a) | AutoZone Inc | 27922255 |
| 8426 | Booking Holdings Inc | 42966533 |
| 464962 (a) | Chipotle Mexican Grill Inc | 23489880 |
| 65024 | NIKE Inc, Class B | 3667354 |
| 23362 (a) | O'Reilly Automotive Inc | 33061903 |
| 44260 | Starbucks Corp | 3543013 |
| 66602 (a) | Tesla Inc | 18792420 |
|  | TOTAL CONSUMER DISCRETIONARY | 359323391 |
|  | **CONSUMER STAPLES - 3.0%** |  |
| 76290 | Costco Wholesale Corp | 75870405 |
|  | TOTAL CONSUMER STAPLES | 75870405 |
|  | **FINANCIALS - 6.3%** |  |
| 207597 (a) | Fiserv Inc | 38316178 |
| 37355 | KKR & Co Inc | 4268556 |
| 218300 | Mastercard Inc | 119641498 |
|  | TOTAL FINANCIALS | 162226232 |
|  | **HEALTH CARE - 9.0%** |  |
| 201200 | Alcon AG | 19639132 |
| 236689 (a) | Dexcom Inc | 16894861 |
| 118262 | Eli Lilly & Co | 106311625 |
| 92015 (a) | Intuitive Surgical Inc | 47461337 |
| 285858 | Novo Nordisk A/S, Sponsored ADR | 18995264 |
| 47162 | UnitedHealth Group Inc | 19404333 |
|  | TOTAL HEALTH CARE | 228706552 |
|  | **INDUSTRIALS - 4.6%** |  |
| 325766 | Carrier Global Corp | 20373406 |
| 69589 | Eaton Corp PLC | 20484914 |
| 61497 | Emerson Electric Co | 6463950 |
| 81095 | General Electric Co | 16343886 |
| 65104 | HEICO Corp | 16325479 |
| 139649 | Howmet Aerospace Inc | 19352558 |
| 230282 (a) | Uber Technologies Inc | 18655145 |
|  | TOTAL INDUSTRIALS | 117999338 |
|  | **INFORMATION TECHNOLOGY - 44.9%** |  |
| 1061870 | Apple Inc | 225647375 |
| 81213 | Applied Materials Inc | 12239611 |
| 496189 (a) | Arista Networks Inc | 40821469 |
| 750843 | Broadcom Inc | 144514752 |
| 52905 (a) | Crowdstrike Holdings Inc, Class A | 22689368 |
| 450641 | Marvell Technology Inc | 26303915 |
| 734253 | Microsoft Corp | 290220841 |
| 2282963 | NVIDIA Corp | 248660330 |
| 141006 (a) | Palo Alto Networks Inc | 26358252 |
| 74425 (a) | PTC Inc | 11533642 |
| 60821 (a) | ServiceNow Inc | 58084663 |
| 232791 (a) | Shopify Inc, Class A | 22115145 |
| 120391 (a) | Trade Desk Inc/The, Class A | 6456569 |
| 44918 (a) | Zscaler Inc | 10159104 |
|  | TOTAL INFORMATION TECHNOLOGY | 1145805036 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **39** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NUGO

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | **MATERIALS - 1.8%** |  |
| 485491 | Corteva Inc | $30095587 |
| 32734 (a) | Linde PLC | 14836031 |
|  | TOTAL MATERIALS | 44931618 |
|  | TOTAL COMMON STOCKS<br>(Cost $1,771,170,825) | 2474549620 |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $1,771,170,825)** | 2474549620 |
|  | OTHER ASSETS & LIABILITIES, NET - 3.0% | 76630292 |
|  | NET ASSETS - 100% | $2551179912 |

---

ADR American Depositary Receipt

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

40 *See Notes to Financial Statements*

------

Portfolio of Investments April 30, 2025

NSCS

(Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES |  | DESCRIPTION | VALUE |
|  |  | **LONG-TERM INVESTMENTS - 97.9%** |  |
|  |  | **COMMON STOCKS - 97.9%** |  |
|  |  | **COMMUNICATION SERVICES - 2.1%** |  |
| 7116 | (a) | Magnite Inc | $84609 |
| 2363 | (a) | Ziff Davis Inc | 69780 |
|  |  | TOTAL COMMUNICATION SERVICES | 154389 |
|  |  | **CONSUMER DISCRETIONARY - 8.2%** |  |
| 1002 | (a) | Boot Barn Holdings Inc | 104549 |
| 1674 |  | Boyd Gaming Corp | 115740 |
| 1381 |  | Patrick Industries Inc | 106309 |
| 1258 |  | Signet Jewelers Ltd | 74599 |
| 2968 | (a) | Tri Pointe Homes Inc | 91266 |
| 356 |  | Wingstop Inc | 93945 |
|  |  | TOTAL CONSUMER DISCRETIONARY | 586408 |
|  |  | **CONSUMER STAPLES - 3.9%** |  |
| 1100 | (a) | BellRing Brands Inc | 84854 |
| 2984 | (a) | Guardian Pharmacy Services Inc, Class A | 74719 |
| 3747 |  | Primo Brands Corp | 122415 |
|  |  | TOTAL CONSUMER STAPLES | 281988 |
|  |  | **ENERGY - 3.2%** |  |
| 2831 |  | Matador Resources Co | 111938 |
| 4863 |  | Northern Oil & Gas Inc | 118171 |
|  |  | TOTAL ENERGY | 230109 |
|  |  | **FINANCIALS - 18.4%** |  |
| 924 |  | Ameris Bancorp | 54147 |
| 2235 |  | Banner Corp | 136648 |
| 464 |  | Evercore Inc | 95254 |
| 2719 |  | First Interstate BancSystem Inc, Class A | 71224 |
| 1340 |  | FirstCash Holdings Inc | 179506 |
| 3971 |  | Home BancShares Inc/AR | 110195 |
| 6922 |  | Ladder Capital Corp | 72266 |
| 556 |  | Piper Sandler Cos | 134063 |
| 1171 |  | Preferred Bank/Los Angeles CA | 93516 |
| 265 |  | Primerica Inc | 69449 |
| 912 |  | SouthState Corp | 79144 |
| 3083 |  | Veritex Holdings Inc | 71772 |
| 1424 |  | Wintrust Financial Corp | 158306 |
|  |  | TOTAL FINANCIALS | 1325490 |
|  |  | **HEALTH CARE - 17.4%** |  |
| 2425 | (a) | Acadia Healthcare Co Inc | 56745 |
| 7153 | (a) | Alphatec Holdings Inc | 78540 |
| 1047 | (a) | ANI Pharmaceuticals Inc | 74149 |
| 557 | (a) | Axsome Therapeutics Inc | 62545 |
| 975 | (a) | Biohaven Ltd | 21567 |
| 292 | (a) | Blueprint Medicines Corp | 26134 |
| 2290 | (a) | Castle Biosciences Inc | 45915 |
| 1097 | (a) | Crinetics Pharmaceuticals Inc | 36629 |
| 1062 |  | Encompass Health Corp | 124243 |
| 1364 | (a),(b) | Establishment Labs Holdings Inc | 41397 |
| 636 | (a) | Glaukos Corp | 59943 |
| 1106 | (a) | Halozyme Therapeutics Inc | 67930 |
| 1606 | (a) | HealthEquity Inc | 137666 |
| 797 | (a) | Insmed Inc | 57384 |
| 320 | (a) | Krystal Biotech Inc | 54362 |
| 1448 | (a) | Merit Medical Systems Inc | 136764 |
| 1430 | (a) | RadNet Inc | 74903 |
| 5315 | (a) | SI-BONE Inc | 72550 |
| 583 | (a) | Ultragenyx Pharmaceutical Inc | 22725 |
|  |  | TOTAL HEALTH CARE | 1252091 |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **41** |

---

------

Portfolio of Investments April 30, 2025 (continued)

NSCS

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION |  | VALUE |
|  | **INDUSTRIALS - 21.1%** |  |  |
| 668 (a) | AeroVironment Inc |  | $101215 |
| 503 | Applied Industrial Technologies Inc |  | 122370 |
| 1101 | ArcBest Corp |  | 64431 |
| 1212 | Arcosa Inc |  | 97045 |
| 3307 | Atmus Filtration Technologies Inc |  | 114654 |
| 1114 (a) | Casella Waste Systems Inc, Class A |  | 130839 |
| 664 | Enpro Inc |  | 99202 |
| 891 | ESCO Technologies Inc |  | 139397 |
| 1017 (a) | Kirby Corp |  | 98008 |
| 4002 (a) | Kratos Defense & Security Solutions Inc |  | 135207 |
| 1042 | Maximus Inc |  | 69772 |
| 847 (a) | SPX Technologies Inc |  | 113625 |
| 561 | Watts Water Technologies Inc, Class A |  | 116548 |
| 2092 (a) | WNS Holdings Ltd |  | 126608 |
|  | TOTAL INDUSTRIALS |  | 1528921 |
|  | **INFORMATION TECHNOLOGY - 12.7%** |  |  |
| 616 (a) | Commvault Systems Inc |  | 102952 |
| 5480 (a) | Grid Dynamics Holdings Inc |  | 77597 |
| 3556 (a) | Ichor Holdings Ltd |  | 70338 |
| 1171 (a) | Itron Inc |  | 130320 |
| 1301 (a) | Lumentum Holdings Inc |  | 76811 |
| 1494 (a) | PAR Technology Corp |  | 87250 |
| 1368 (a) | Q2 Holdings Inc |  | 108414 |
| 2589 (a) | Semtech Corp |  | 80906 |
| 4297 (a) | SentinelOne Inc, Class A |  | 79495 |
| 1309 (a) | Workiva Inc |  | 98528 |
|  | TOTAL INFORMATION TECHNOLOGY |  | 912611 |
|  | **MATERIALS - 3.5%** |  |  |
| 2401 | Avient Corp |  | 79977 |
| 2157 | Commercial Metals Co |  | 96073 |
| 864 (a) | Knife River Corp |  | 80680 |
|  | TOTAL MATERIALS |  | 256730 |
|  | **REAL ESTATE - 4.1%** |  |  |
| 3164 | CareTrust REIT Inc |  | 92610 |
| 630 | EastGroup Properties Inc |  | 102955 |
| 2984 | STAG Industrial Inc |  | 98561 |
|  | TOTAL REAL ESTATE |  | 294126 |
|  | **UTILITIES - 3.3%** |  |  |
| 1843 | Black Hills Corp |  | 112239 |
| 1620 | Spire Inc |  | 123995 |
|  | TOTAL UTILITIES |  | 236234 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $6,527,137)** |  | 7059097 |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $6,527,137)** |  | 7059097 |
| SHARES | DESCRIPTION | RATE | VALUE |
|  | **INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%** |  |  |
| 31841 (c) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.360% (d) | $31841 |
|  | **TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING**<br> **(Cost $31,841)** |  | 31841 |
|  | **TOTAL INVESTMENTS - 98.3%**<br> **(Cost $6,558,978)** |  | 7090938 |
|  | OTHER ASSETS & LIABILITIES, NET - 1.7% |  | 123333 |
|  | NET ASSETS - 100% |  | $7214271 |

---

REIT Real Estate Investment Trust

42 *See Notes to Financial Statements*

------

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

(b) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $31,048.

(c) The Fund may loan securities representing up to one third of the value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a value, at the inception of each loan, equal to not less than 100% of the value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

---

| | |
|:---|:---|
| See Notes to Financial Statements | **43** |

---

------

Portfolio of Investments April 30, 2025

NWLG

(Unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | LONG-TERM INVESTMENTS - 99.5% |  |
|  | COMMON STOCKS - 99.5% |  |
|  | COMMUNICATION SERVICES - 9.6% |  |
| 794 | Alphabet Inc, Class A | $126087 |
| 496 | Alphabet Inc, Class C | 79801 |
| 486 | Meta Platforms Inc | 266814 |
| 144 (a) | Netflix Inc | 162968 |
| 356 (a) | Spotify Technology SA | 218577 |
|  | TOTAL COMMUNICATION SERVICES | 854247 |
|  | **CONSUMER DISCRETIONARY - 14.6%** |  |
| 3273 (a) | Amazon.com Inc | 603607 |
| 30 | Booking Holdings Inc | 152978 |
| 960 (a) | Cava Group Inc | 88733 |
| 2412 (a) | Chipotle Mexican Grill Inc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121854 |
| 585 (a) | DoorDash Inc, Class A | 112841 |
| 405 | Hilton Worldwide Holdings Inc | 91319 |
| 460 (a) | Tesla Inc | 129794 |
|  | TOTAL CONSUMER DISCRETIONARY | 1301126 |
|  | **FINANCIALS - 10.6%** |  |
| 289 | Arthur J Gallagher & Co | 92679 |
| 473 (a) | Fiserv Inc | 87302 |
| 527 | LPL Financial Holdings Inc | 168529 |
| 522 | Mastercard Inc | 286087 |
| 915 | Visa Inc, Class A | 316133 |
|  | TOTAL FINANCIALS | 950730 |
|  | **HEALTH CARE - 10.3%** |  |
| 367 (a) | Alnylam Pharmaceuticals Inc | 96609 |
| 430 | Danaher Corp | 85712 |
| 391 | Eli Lilly & Co | 351489 |
| 461 (a) | Intuitive Surgical Inc | 237784 |
| 394 | Stryker Corp | 147325 |
|  | TOTAL HEALTH CARE | 918919 |
|  | **INDUSTRIALS - 9.8%** |  |
| 410 | Automatic Data Processing Inc | 123246 |
| 192 (a) | Axon Enterprise Inc | 117754 |
| 670 | Cintas Corp | 141826 |
| 702 | General Electric Co | 141481 |
| 1009 | Howmet Aerospace Inc | 139827 |
| 287 | Trane Technologies PLC | 110010 |
| 1180 | Vertiv Holdings Co, Class A | 100748 |
|  | TOTAL INDUSTRIALS | 874892 |
|  | **INFORMATION TECHNOLOGY - 43.2%** |  |
| 2904 | Apple Inc | 617100 |
| 1512 | Broadcom Inc | 291015 |
| 101 (a) | Fair Isaac Corp | 200958 |
| 235 | Intuit Inc | 147455 |
| 2994 | Lam Research Corp | 214580 |
| 2202 | Microsoft Corp | 870362 |
| 5904 | NVIDIA Corp | 643064 |
| 530 | Oracle Corp | 74581 |
| 7010 (a) | SailPoint Inc | 120292 |
| 244 (a) | ServiceNow Inc | 233022 |
| 1461 (a) | Shopify Inc, Class A | 138795 |
| 585 (a) | Snowflake Inc, Class A | 93302 |
| 501 | Texas Instruments Inc | 80185 |
| 555 (a) | Workday Inc, Class A | 135975 |
|  | TOTAL INFORMATION TECHNOLOGY | 3860686 |

---

44 *See Notes to Financial Statements*

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHARES | DESCRIPTION | VALUE |
|  | MATERIALS - 1.4% |  |
| 507 | Ecolab Inc | $127475 |
|  | TOTAL MATERIALS | 127475 |
|  | **TOTAL COMMON STOCKS**<br> **(Cost $7,228,236)** | **8888075** |
|  | **TOTAL LONG-TERM INVESTMENTS**<br> **(Cost $7,228,236)** | **8888075** |
|  | OTHER ASSETS & LIABILITIES, NET - 0.5% | **46231** |
|  | NET ASSETS - 100% | $**8934306** |

---

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

---

| | |
|:---|:---|
| See Notes to Financial Statements | **45** |

---

------

## Statement of Assets and Liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| April 30, 2025 (Unaudited) | NUDV | NUEM | NUDM | NULC | NULG |
|  **ASSETS** |  |  |  |  |  |
|  Long-term investments, at value<sup>†</sup><sup>‡</sup> | $26861605 | $301400690 | $522923103 | $41778667 | $1362302045 |
| Investments purchased with collateral from securities lending, at value (cost approximates value) |  | 3438472 |  |  |  |
|  Cash | 51603 | 691987 | 905603 | 69297 | 52588670 |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 38455 | 432710 | 2201959 | 31030 | 99828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 70658 | 67305 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims |  | 22509 | 1165522 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 1556 |  | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  |  | 414971 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  |  |  | 43560 |
|  Other | 149 | 3413 | 10866 | 417 | 18968 |
|  **Total assets** | 26951812 | 306061995 | 527689329 | 41879415 | 1415053071 |
|  **LIABILITIES** |  |  |  |  |  |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 4542 | 84021 | 121700 | 6281 | 275331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital gains tax |  | 1244045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending |  | 3438472 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement |  | 423669 | 257502 |  |  |
|  Accrued expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 109 | 2272 | 3546 | 291 | 12308 |
|  Other | 141 | 3439 | 5235 | 394 | 18186 |
|  **Total liabilities** | 4792 | 5195918 | 387983 | 6966 | 305825 |
|  **Net assets** | $26947020 | $300866077 | $527301346 | $41872449 | $1414747246 |
|  Shares outstanding | 1000000 | 10200000 | 15900000 | 950000 | 17500000 |
|  Net asset value ("NAV") per share | $26.95 | $29.50 | $33.16 | $44.08 | $80.84 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | 27237445 | 300730905 | 453509238 | 34059528 | 1294589721 |
|  Total distributable earnings (loss) | (290425) | 135172 | 73792108 | 7812921 | 120157525 |
|  **Net assets** | $26947020 | $300866077 | $527301346 | $41872449 | $1414747246 |
|  Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
|  <sup>†</sup> Long-term investments, cost | $27068990 | $265191951 | $439016883 | $36010829 | $1200728940 |
|  ‡ Includes securities loaned of | $— | $3319675 | $— | $— | $— |

---

46 *See Notes to Financial Statements*

------

Statement of Assets and Liabilities (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| April 30, 2025 (Unaudited) | NULV | NUMG | NUMV | NUSC | NDVG |
|  **ASSETS** |  |  |  |  |  |
|  Long-term investments, at value<sup>†</sup><sup>‡</sup> | $1593426035 | $384080991 | $351367596 | $1052248119 | $11558575 |
|  Investments purchased with collateral from securities lending,<br> at value (cost approximates value) | 365248 |  | 195215 | 9308655 |  |
|  Cash | 2655470 | 383570 | 626468 | 6720988 | 136217 |
|  Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2492390 | 102422 | 85140 | 202527 | 10392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims | 46783 |  | 8992 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 144 |  | 158 | 7226 |  |
|  Other | 27075 | 6501 | 5249 | 21089 | 137 |
|  **Total assets** | 1599013145 | 384573484 | 352288818 | 1068508604 | 11705321 |
|  **LIABILITIES** |  |  |  |  |  |
|  Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 323303 | 90292 | 84998 | 253707 | 6054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending | 365248 |  | 195215 | 9308655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | 5646 | 1638 |  |  |  |
|  Accrued expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 12947 | 3445 | 2826 | 9783 | 91 |
|  Other | 26119 | 6251 | 5043 | 18305 | 131 |
|  **Total liabilities** | 733263 | 101626 | 288082 | 9590450 | 6276 |
|  **Net assets** | $1598279882 | $384471858 | $352000736 | $1058918154 | $11699045 |
|  Shares outstanding | 40750000 | 8900000 | 10500000 | 28300000 | 370000 |
|  Net asset value ("NAV") per share | $39.22 | $43.20 | $33.52 | $37.42 | $31.62 |
|  **NET ASSETS CONSIST OF:** |  |  |  |  |  |
|  Paid-in capital | 1672499449 | 456248562 | 388401398 | 1321853466 | 10852556 |
|  Total distributable earnings (loss) | (74219567) | (71776704) | (36400662) | (262935312) | 846489 |
|  **Net assets** | $1598279882 | $384471858 | $352000736 | $1058918154 | $11699045 |
|  Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value per share | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 |
|  <sup>†</sup> Long-term investments, cost | $1573657405 | $406844657 | $357795845 | $1146098487 | $11714881 |
|  ‡ Includes securities loaned of | $359941 | $— | $191595 | $8690798 | $— |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **47** |

---

------

Statement of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
| April 30, 2025 (Unaudited) | NUGO | NSCS | NWLG |
|  **ASSETS** |  |  |  |
|  Long-term investments, at value<sup>†</sup><sup>‡</sup> | $2474549620 | $7059097 | $8888075 |
|  Investments purchased with collateral from securities lending, at value (cost approximates value) |  | 31841 |  |
|  Cash | 60090712 | 194019 | 49674 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 192778 | 1846 | 1078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 17376040 | 18277 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclaims | 83536 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 10 |  |
|  Other | 40982 | 95 | 96 |
|  **Total assets** | 2552333668 | 7305185 | 8938923 |
|  **LIABILITIES** |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1091536 | 4888 | 4452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral from securities lending |  | 31841 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased - regular settlement |  | 54033 |  |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees fees | 22687 | 62 | 76 |
|  Other | 39533 | 90 | 89 |
|  **Total liabilities** | 1153756 | 90914 | 4617 |
|  **Net assets** | $2551179912 | $7214271 | $8934306 |
|  Shares outstanding | 82530000 | 290000 | 290000 |
|  Net asset value ("NAV") per share | $30.91 | $24.88 | $30.81 |
|  **NET ASSETS CONSIST OF:** |  |  |  |
|  Paid-in capital | 2448137255 | 7534949 | 7593537 |
|  Total distributable earnings (loss) | 103042657 | (320678) | 1340769 |
|  **Net assets** | $2551179912 | $7214271 | $8934306 |
|  Authorized shares | Unlimited | Unlimited | Unlimited |
|  **Par value per share** | $0.01 | $0.01 | $0.01 |
|  <sup>†</sup> Long-term investments, cost | $1771170825 | $6527137 | $7228236 |
|  ‡ Includes securities loaned of | $— | $31048 | $— |

---

48 *See Notes to Financial Statements*

------

## Statement of Operations

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six Months Ended April 30, 2025 (Unaudited) | NUDV | NUEM | NUDM | NULC | NULG |
|  **INVESTMENT INCOME** |  |  |  |  |  |
|  Dividends | $240459 | $3479094 | $7887637 | $244110 | $2910597 |
|  Interest |  |  | 16947 | 26 |  |
|  Securities lending income, net |  | 1796 |  | 30 |  |
|  Tax withheld on income | (326) | (380806) | (967643) | (118) |  |
|  **Total investment income** | 240133 | 3100084 | 6936941 | 244048 | 2910597 |
|  **EXPENSES** |  |  |  |  |  |
|  Management fees | 21502 | 512301 | 716383 | 36863 | 1849059 |
|  Professional fees | 85 | 1685 | 2688 | 207 | 8721 |
|  Trustees fees | 213 | 4188 | 6470 | 539 | 22681 |
|  Total expenses | 21800 | 518174 | 725541 | 37609 | 1880461 |
|  **Net investment income (loss)** | 218333 | 2581910 | 6211400 | 206439 | 1030136 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
|  Realized gain (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments\* | (116544) | 2067325 | 1715061 | 1368224 | 55191909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions |  | 165896 | 1584116 | 661283 | 15132776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (1251766) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (369084) | (419517) |  |  |
|  Net realized gain (loss) | (116544) | 1864137 | 2879660 | 2029507 | 69072919 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments\*\* | (907490) | (7235310) | 27103393 | (2452103) | (92414895) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  |  |  | (447506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | 9337 | 184951 |  |  |
|  Net change in unrealized appreciation (depreciation) | (907490) | (7225973) | 27288344 | (2452103) | (92862401) |
|  Net realized and unrealized gain (loss) | (1024034) | (5361836) | 30168004 | (422596) | (23789482) |
|  **Net increase (decrease) in net assets from operations** | $(805701) | $(2779926) | $36379404 | $(216157) | $(22759346) |
|  \* Net of foreign capital gains tax | $— | $(658483) | $— | $— | $— |
|  \*\* Net of change in foreign capital gains tax | $— | $1067654 | $— | $— | $— |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **49** |

---

------

Statement of Operations (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six Months Ended April 30, 2025 (Unaudited) | NULV | NUMG | NUMV | NUSC | NDVG |
|  **INVESTMENT INCOME** |  |  |  |  |  |
|  Dividends | $18074692 | $676208 | $3579226 | $7062750 | $109667 |
|  Interest |  |  |  | 229 |  |
|  Securities lending income, net | 750 |  | 760 | 61837 |  |
|  Tax withheld on income | (35283) |  | (13634) | (13744) |  |
|  **Total investment income** | 18040159 | 676208 | 3566352 | 7111072 | 109667 |
|  **EXPENSES** |  |  |  |  |  |
|  Management fees | 2073835 | 623969 | 540340 | 1800554 | 39173 |
|  Professional fees | 9532 | 2297 | 2090 | 6965 | 66 |
|  Trustees fees | 23581 | 6393 | 5173 | 17993 | 168 |
|  Total expenses | 2106948 | 632659 | 547603 | 1825512 | 39407 |
|  **Net investment income (loss)** | 15933211 | 43549 | 3018749 | 5285560 | 70260 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
|  Realized gain (loss): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (22525597) | (772355) | (2774817) | (23095058) | 53032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 125053469 | 52807749 | 33321453 | 93834343 | 1280802 |
|  Net realized gain (loss) | 102527872 | 52035394 | 30546636 | 70739285 | 1333834 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (141376659) | (61866289) | (48782358) | (195847865) | (1537681) |
|  Net change in unrealized appreciation (depreciation) | (141376659) | (61866289) | (48782358) | (195847865) | (1537681) |
|  Net realized and unrealized gain (loss) | (38848787) | (9830895) | (18235722) | (125108580) | (203847) |
|  **Net increase (decrease) in net assets from operations** | $(22915576) | $(9787346) | $(15216973) | $(119823020) | $(133587) |

---

50 *See Notes to Financial Statements*

------

Statement of Operations (continued)

---

| | | | |
|:---|:---|:---|:---|
| Six Months Ended April 30, 2025 (Unaudited) | NUGO | NSCS | NWLG |
|  **INVESTMENT INCOME** |  |  |  |
|  Affiliated income | $— | $— | $441 |
|  Dividends | 5725807 | 50432 | 23339 |
|  Interest |  | 6 |  |
|  Securities lending income, net |  | 169 |  |
|  Tax withheld on income |  | (1069) |  |
|  **Total investment income** | 5725807 | 49538 | 23780 |
|  **EXPENSES** |  |  |  |
|  Management fees | 7382715 | 33141 | 30008 |
|  Professional fees | 15768 | 45 | 55 |
|  Trustees fees | 41685 | 114 | 140 |
|  Total expenses | 7440168 | 33300 | 30203 |
|  **Net investment income (loss)** | (1714361) | 16238 | (6423) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
|  Realized gain (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 23341573 | (130989) | 59708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 89028750 |  | 529985 |
|  Net realized gain (loss) | 112370323 | (130989) | 589693 |
|  Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (228823906) | (702675) | (900834) |
|  Net change in unrealized appreciation (depreciation) | (228823906) | (702675) | (900834) |
|  Net realized and unrealized gain (loss) | (116453583) | (833664) | (311141) |
|  **Net increase (decrease) in net assets from operations** | $(118167944) | $(817426) | $(317564) |

---

---

| | |
|:---|:---|
| See Notes to Financial Statements | **51** |

---

------

## Statement of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | NUDV | NUDV | NUEM | NUEM |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $218333 | $267585 | $2581910 | $5409829 |
|  Net realized gain (loss) | (116544) | 1022155 | 1864137 | (4036287) |
|  Net change in unrealized appreciation (depreciation) | (907490) | 1786753 | (7225973) | 51264572 |
|  Net increase (decrease) in net assets from operations | (805701) | 3076493 | (2779926) | 52638114 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends | (673310) | (272150) | (5496020) | (5500560) |
|  Total distributions | (673310) | (272150) | (5496020) | (5500560) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 16724103 | 2985679 | 26517802 | 28573072 |
|  Redemptions |  | (5303640) | (8000314) |  |
|  Net increase (decrease) from Fund share transactions | 16724103 | (2317961) | 18517488 | 28573072 |
|  Net increase (decrease) in net assets | 15245092 | 486382 | 10241542 | 75710626 |
|  Net assets at the beginning of period | 11701928 | 11215546 | 290624535 | 214913909 |
|  **Net assets at the end of period** | $26947020 | $11701928 | $300866077 | $290624535 |

---

52 *See Notes to Financial Statements*

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NUDM** | **NUDM** | **NULC** | **NULC** |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $6211400 | $10693089 | $206439 | $354747 |
|  Net realized gain (loss) | 2879660 | 15073500 | 2029507 | 660894 |
|  Net change in unrealized appreciation (depreciation) | 27288344 | 65074951 | (2452103) | 6989499 |
|  Net increase (decrease) in net assets from operations | 36379404 | 90841540 | (216157) | 8005140 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends | (14705880) | (12192840) | (677040) | (334750) |
|  Total distributions | (14705880) | (12192840) | (677040) | (334750) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 47282623 | 44047979 | 10648089 | 4170767 |
|  Redemptions | (6385163) | (11489566) | (2227249) |  |
|  Net increase (decrease) from Fund share transactions | 40897460 | 32558413 | 8420840 | 4170767 |
|  Net increase (decrease) in net assets | 62570984 | 111207113 | 7527643 | 11841157 |
|  Net assets at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464730362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353523249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34344806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22503649 |
|  **Net assets at the end of period** | $**527301346** | $**464730362** | $**41872449** | $**34344806** |

---

*See Notes to Financial Statements* 

#### 53

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NULG** | **NULG** | **NULV** | **NULV** |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $1030136 | $3589542 | $15933211 | $33335886 |
|  Net realized gain (loss) | 69072919 | 195915115 | 102527872 | 71031344 |
|  Net change in unrealized appreciation (depreciation) | (92862401) | 232916309 | (141376659) | 277350070 |
|  Net increase (decrease) in net assets from operations | (22759346) | 432420966 | (22915576) | 381717300 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends | (2412225) | (5151450) | (33944625) | (37705745) |
|  Total distributions | (2412225) | (5151450) | (33944625) | (37705745) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 52533233 | 802955683 | 417797266 | 657608987 |
|  Redemptions | (111623354) | (768715035) | (457152688) | (690761184) |
|  Net increase (decrease) from Fund share transactions | (59090121) | 34240648 | (39355422) | (33152197) |
|  Net increase (decrease) in net assets | (84261692) | 461510164 | (96215623) | 310859358 |
|  Net assets at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499008938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037498774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694495505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383636147 |
|  **Net assets at the end of period** | $**1414747246** | $**1499008938** | $**1598279882** | $**1694495505** |

---

*See Notes to Financial Statements* 

#### 54

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NUMG** | **NUMG** | **NUMV** | **NUMV** |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $43549 | $377581 | $3018749 | $6482431 |
|  Net realized gain (loss) | 52035394 | 29034912 | 30546636 | 24094313 |
|  Net change in unrealized appreciation (depreciation) | (61866289) | 68340429 | (48782358) | 73454661 |
|  Net increase (decrease) in net assets from operations | (9787346) | 97752922 | (15216973) | 104031405 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends | (243440) | (696525) | (6410700) | (7463725) |
|  Total distributions | (243440) | (696525) | (6410700) | (7463725) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 188195303 | 225747538 | 112483245 | 140045348 |
|  Redemptions | (194300878) | (246257929) | (103935369) | (168349723) |
|  Net increase (decrease) from Fund share transactions | (6105575) | (20510391) | 8547876 | (28304375) |
|  Net increase (decrease) in net assets | (16136361) | 76546006 | (13079797) | 68263305 |
|  Net assets at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400608219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324062213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365080533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296817228 |
|  **Net assets at the end of period** | $**384471858** | $**400608219** | $**352000736** | $**365080533** |

---

*See Notes to Financial Statements* 

#### 55

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NUSC** | **NUSC** | **NDVG** | **NDVG** |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited<br>Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $5285560 | $11233576 | $70260 | $137169 |
|  Net realized gain (loss) | 70739285 | 34434848 | 1333834 | 1511153 |
|  Net change in unrealized appreciation (depreciation) | (195847865) | 239944443 | (1537681) | 1314288 |
|  Net increase (decrease) in net assets from operations | (119823020) | 285612867 | (133587) | 2962610 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends | (13976730) | (11720700) | (70328) | (138827) |
|  Total distributions | (13976730) | (11720700) | (70328) | (138827) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 275438426 | 495291080 | 6826395 | 8141413 |
|  Redemptions | (291854858) | (449650302) | (6265144) | (7837567) |
|  Net increase (decrease) from Fund share transactions | (16416432) | 45640778 | 561251 | 303846 |
|  Net increase (decrease) in net assets | (150216182) | 319532945 | 357336 | 3127629 |
|  Net assets at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209134336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889601391 | 11341709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214080 |
|  **Net assets at the end of period** | $**1058918154** | $**1209134336** | $**11699045** | $**11341709** |

---

*See Notes to Financial Statements* 

#### 56

------

Statement of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NUGO** | **NUGO** | **NSCS** | **NSCS** |
|  | **Unaudited**<br> **Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended**<br> **10/31/24** | **Unaudited<br>Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
|  **OPERATIONS** |  |  |  |  |
|  Net investment income (loss) | $(1714361) | $(712597) | $16238 | $19117 |
|  Net realized gain (loss) | 112370323 | 337446430 | (130989) | 405830 |
|  Net change in unrealized appreciation (depreciation) | (228823906) | 760424659 | (702675) | 1373117 |
|  Net increase (decrease) in net assets from operations | (118167944) | 1097158492 | (817426) | 1798064 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
|  Dividends |  | (5148114) | (22491) | (7904) |
|  Total distributions |  | (5148114) | (22491) | (7904) |
|  **FUND SHARE TRANSACTIONS** |  |  |  |  |
|  Subscriptions | 120517015 | 71062856 | 593743 | 534060 |
|  Redemptions | (201995952) | (889242154) |  | (256889) |
|  Net increase (decrease) from Fund share transactions | (81478937) | (818179298) | 593743 | 277171 |
|  Net increase (decrease) in net assets | (199646881) | 273831080 | (246174) | 2067331 |
|  Net assets at the beginning of period | 2750826793 | 2476995713 | 7460445 | 5393114 |
|  **Net assets at the end of period** | $**2551179912** | $**2750826793** | $**7214271** | $**7460445** |

---

*See Notes to Financial Statements* 

#### 57

------

Statement of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | **NWLG** | **NWLG** |
|  | **Unaudited<br>Six Months**<br> **Ended**<br> **4/30/25** | **Year Ended<br>10/31/24** |
|  **OPERATIONS** |  |  |
|  Net investment income (loss) | $(6423) | $(10694) |
|  Net realized gain (loss) | 589693 | 575418 |
|  Net change in unrealized appreciation (depreciation) | (900834) | 2009562 |
|  Net increase (decrease) in net assets from operations | (317564) | 2574286 |
|  **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
|  Dividends | (252) | (1000) |
|  Total distributions | (252) | (1000) |
|  **FUND SHARE TRANSACTIONS** |  |  |
|  Subscriptions | 1386684 | 1522085 |
|  Redemptions | (1376477) | (297956) |
|  Net increase (decrease) from Fund share transactions | 10207 | 1224129 |
|  Net increase (decrease) in net assets | (307609) | 3797415 |
|  Net assets at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9241915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444500 |
|  **Net assets at the end of period** | $**8934306** | $**9241915** |

---

*See Notes to Financial Statements* 

#### 58

------

## Financial Highlights
The following data is for a share outstanding for each fiscal year end unless otherwise noted:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | | Less Distributions | Less Distributions | Less Distributions | Less Distributions | | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment**<br> **Income**<br> (Loss)<sup>(a)</sup> | **Net Realized**<br> **/Unrealized**<br> **Gain (Loss)** | Total | **From**<br> **Net<br>Investment**<br> **Income** | **From<br>Net Realized**<br> **Gains** | **Return**<br> **of**<br> **Capital** | Total | **Net Asset**<br> **Value,<br>End of**<br> **Period** | Market<br>Price,<br>End of<br>Period |
|  **NUDV** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | $29.25 | $0.35 | $(1.39) | $(1.04) | $(0.24) | $(1.02) | $– | $(1.26) | $26.95 | $26.98 |
|  10/31/24 | 22.43 | 0.71 | 6.87 | 7.58 | (0.76) |  |  | (0.76) | 29.25 | 29.27 |
|  10/31/23 | 23.52 | 0.65 | (0.99) | (0.34) | (0.61) | (0.14) |  | (0.75) | 22.43 | 22.41 |
|  10/31/22 | 25.69 | 0.62 | (2.21) | (1.59) | (0.58) |  |  | (0.58) | 23.52 | 23.52 |
|  10/31/21<sup>(f)</sup> | 25.00 | 0.05 | 0.64 | 0.69 |  |  |  |  | 25.69 | 25.71 |
|  **NUEM** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 30.27 | 0.26 | (0.46) | (0.20) | (0.57) |  |  | (0.57) | 29.50 | 29.35 |
|  10/31/24 | 24.99 | 0.59 | 5.33 | 5.92 | (0.64) |  |  | (0.64) | 30.27 | 30.44 |
|  10/31/23 | 22.77 | 0.60 | 2.10 | 2.70 | (0.48) |  |  | (0.48) | 24.99 | 24.95 |
|  10/31/22 | 34.14 | 0.69 | (11.27) | (10.58) | (0.38) | (0.41) |  | (0.79) | 22.77 | 22.71 |
|  10/31/21 | 29.18 | 0.52 | 4.86 | 5.38 | (0.42) |  |  | (0.42) | 34.14 | 34.15 |
|  10/31/20 | 25.57 | 0.40 | 3.75 | 4.15 | (0.54) |  |  | (0.54) | 29.18 | 29.37 |
|  **NUDM** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 31.83 | 0.41 | 1.92 | 2.33 | (1.00) |  |  | (1.00) | 33.16 | 33.01 |
|  10/31/24 | 25.99 | 0.78 | 5.98 | 6.76 | (0.92) |  |  | (0.92) | 31.83 | 31.85 |
|  10/31/23 | 23.49 | 0.81 | 2.20 | 3.01 | (0.51) |  |  | (0.51) | 25.99 | 26.15 |
|  10/31/22 | 32.30 | 0.78 | (8.26) | (7.48) | (0.88) | (0.45) |  | (1.33) | 23.49 | 23.51 |
|  10/31/21 | 24.33 | 0.98 | 7.42 | 8.40 | (0.43) |  |  | (0.43) | 32.30 | 32.53 |
|  10/31/20 | 26.74 | 0.54 | (2.03) | (1.49) | (0.92) |  |  | (0.92) | 24.33 | 24.50 |
|  **NULC** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 45.79 | 0.25 | (1.12) | (0.87) | (0.47) | (0.37) |  | (0.84) | 44.08 | 44.12 |
|  10/31/24 | 34.62 | 0.51 | 11.18 | 11.69 | (0.52) |  |  | (0.52) | 45.79 | 45.89 |
|  10/31/23 | 32.79 | 0.51 | 2.08 | 2.59 | (0.44) | (0.32) |  | (0.76) | 34.62 | 34.62 |
|  10/31/22 | 43.34 | 0.51 | (8.52) | (8.01) | (0.43) | (2.11) |  | (2.54) | 32.79 | 32.82 |
|  10/31/21 | 31.05 | 0.46 | 13.25 | 13.71 | (0.48) | (0.94) |  | (1.42) | 43.34 | 43.39 |
|  10/31/20 | 28.01 | 0.53 | 2.74 | 3.27 | (0.21) | (0.02) |  | (0.23) | 31.05 | 30.95 |
|  **NULG** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 82.59 | 0.06 | (1.67) | (1.61) | (0.14) |  |  | (0.14) | 80.84 | 80.64 |
|  10/31/24 | 58.62 | 0.20 | 24.07 | 24.27 | (0.30) |  |  | (0.30) | 82.59 | 82.53 |
|  10/31/23 | 49.30 | 0.24 | 9.28 | 9.52 | (0.20) |  |  | (0.20) | 58.62 | 58.58 |
|  10/31/22 | 71.98 | 0.25 | (19.45) | (19.20) | (0.14) | (3.34) |  | (3.48) | 49.30 | 49.30 |
|  10/31/21 | 49.60 | 0.07 | 23.82 | 23.89 | (0.11) | (1.40) |  | (1.51) | 71.98 | 72.01 |
|  10/31/20 | 38.97 | 0.18 | 10.91 | 11.09 | (0.20) | (0.26) | – | (0.46) | 49.60 | 49.54 |

---

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

<sup>(b)</sup> Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund's commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized. 

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

<sup>(d)</sup> Unaudited

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

<sup>(f)</sup> For the period September 27, 2021 (commencement of operations) through October 31, 2021.

#### 59

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| **Total Return** | **Total Return** | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | **Based**<br> **on**<br> **Market**<br> **Price<sup>(b)</sup>** | **Net Assets,**<br> **End of Period**<br> (000) | **Expenses** | **Net Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate<sup>(c)</sup>** |
| (3.62)% | (3.55)% | $26947 | 0.25 %<sup>(e)</sup> | 2.54 %<sup>(e)</sup> | 35% |
| 34.14 | 34.35 | 11702 | 0.26 | 2.68 | 68 |
| (1.59) | (1.69) | 11216 | 0.26 | 2.74 | 57 |
| (6.22) | (6.31) | 8232 | 0.26 | 2.52 | 76 |
| 2.74 | 2.85 | 5137 | 0.25 <sup>(e)</sup> | 2.04 <sup>(e)</sup> | 0 |
| (0.70) | (1.70) | 300866 | 0.35 <sup>(e)</sup> | 1.76 <sup>(e)</sup> | 35 |
| 24.12 | 24.98 | 290625 | 0.36 | 2.13 | 58 |
| 11.80 | 12.00 | 214914 | 0.36 | 2.28 | 71 |
| (31.62) | (31.88) | 177614 | 0.36 | 2.45 | 63 |
| 18.45 | 17.77 | 122896 | 0.44 | 1.49 | 61 |
| 16.41 | 16.47 | 46695 | 0.45 | 1.56 | 81 |
| 7.57 | 7.07 | 527301 | 0.30 <sup>(e)</sup> | 2.60 <sup>(e)</sup> | 31 |
| 26.37 | 25.71 | 464730 | 0.31 | 2.55 | 58 |
| 12.84 | 13.40 | 353523 | 0.31 | 2.94 | 66 |
| (24.17) | (24.57) | 267756 | 0.31 | 2.93 | 62 |
| 34.83 | 34.73 | 161503 | 0.39 | 3.16 | 64 |
| (5.91) | (5.67) | 53520 | 0.40 | 2.17 | 66 |
| (1.95) | (2.07) | 41872 | 0.20 <sup>(e)</sup> | 1.12 <sup>(e)</sup> | 31 |
| 34.04 | 34.32 | 34345 | 0.21 | 1.20 | 50 |
| 8.06 | 7.96 | 22504 | 0.21 | 1.48 | 71 |
| (19.57) | (19.59) | 24589 | 0.21 | 1.39 | 57 |
| 45.28 | 45.91 | 30335 | 0.20 | 1.20 | 49 |
| 11.71 | 11.43 | 17079 | 0.20 | 1.81 | 61 |
| (1.96) | (2.14) | 1414747 | 0.25 <sup>(e)</sup> | 0.14 <sup>(e)</sup> | 27 |
| 41.51 | 41.50 | 1499009 | 0.26 | 0.27 | 60 |
| 19.36 | 19.29 | 1037499 | 0.26 | 0.42 | 78 |
| (27.90) | (27.94) | 793754 | 0.26 | 0.44 | 80 |
| 49.04 | 49.29 | 942876 | 0.34 | 0.11 | 66 |
| 28.66 | 28.42 | 344703 | 0.35 | 0.39 | 86 |

---

*See Notes to Financial Statements* 

#### 60

------

Financial Highlights (continued)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | | **Less Distributions** | **Less Distributions** | **Less Distributions** | **Less Distributions** | | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment**<br> **Income**<br> (Loss)<sup>(a)</sup> | **Net Realized**<br> **/Unrealized**<br> **Gain (Loss)** | **Total** | **From**<br> **Net<br>Investment**<br> **Income** | **From<br>Net Realized**<br> **Gains** | **Return**<br> **of**<br> **Capital** | **Total** | **Net Asset**<br> **Value,<br>End of**<br> **Period** | **Market<br>Price,<br>End of<br>Period** |
|  **NULV** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | $40.73 | $0.39 | $(1.08) | $(0.69) | $(0.82) | $– | $– | $(0.82) | $39.22 | $39.21 |
|  10/31/24 | 32.63 | 0.80 | 8.22 | 9.02 | (0.92) |  |  | (0.92) | 40.73 | 40.74 |
|  10/31/23 | 34.26 | 0.87 | (1.77) | (0.90) | (0.73) |  |  | (0.73) | 32.63 | 32.59 |
|  10/31/22 | 39.42 | 0.77 | (4.17) | (3.40) | (0.63) | (1.13) |  | (1.76) | 34.26 | 34.30 |
|  10/31/21 | 28.62 | 0.77 | 10.50 | 11.27 | (0.47) |  |  | (0.47) | 39.42 | 39.44 |
|  10/31/20 | 31.52 | 0.77 | (3.19) | (2.42) | (0.48) |  |  | (0.48) | 28.62 | 28.65 |
|  **NUMG** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 44.76 | –<sup>(f)</sup> | (1.53) | (1.53) | (0.03) |  |  | (0.03) | 43.20 | 43.12 |
|  10/31/24 | 34.47 | 0.04 | 10.33 | 10.37 | (0.08) |  |  | (0.08) | 44.76 | 44.84 |
|  10/31/23 | 34.39 | 0.08 | 0.06 | 0.14 | (0.06) |  |  | (0.06) | 34.47 | 34.45 |
|  10/31/22 | 57.68 | 0.05 | (17.07) | (17.02) | (0.01) | (6.26) |  | (6.27) | 34.39 | 34.42 |
|  10/31/21 | 42.94 | (0.03) | 16.66 | 16.63 | (0.02) | (1.87) |  | (1.89) | 57.68 | 57.71 |
|  10/31/20 | 33.26 | 0.03 | 9.75 | 9.78 | (0.10) |  |  | (0.10) | 42.94 | 42.83 |
|  **NUMV** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 35.79 | 0.29 | (1.93) | (1.64) | (0.63) |  |  | (0.63) | 33.52 | 33.47 |
|  10/31/24 | 26.86 | 0.63 | 8.99 | 9.62 | (0.69) |  |  | (0.69) | 35.79 | 35.82 |
|  10/31/23 | 31.07 | 0.68 | (3.17) | (2.49) | (0.64) | (1.08) |  | (1.72) | 26.86 | 26.84 |
|  10/31/22 | 38.44 | 0.68 | (5.61) | (4.93) | (0.48) | (1.96) |  | (2.44) | 31.07 | 31.10 |
|  10/31/21 | 25.64 | 0.54 | 12.68 | 13.22 | (0.42) |  |  | (0.42) | 38.44 | 38.50 |
|  10/31/20 | 29.50 | 0.57 | (3.71) | (3.14) | (0.72) |  |  | (0.72) | 25.64 | 25.67 |
|  **NUSC** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 42.20 | 0.18 | (4.48) | (4.30) | (0.48) |  |  | (0.48) | 37.42 | 37.38 |
|  10/31/24 | 32.41 | 0.40 | 9.82 | 10.22 | (0.43) |  |  | (0.43) | 42.20 | 42.22 |
|  10/31/23 | 35.54 | 0.43 | (3.16) | (2.73) | (0.40) |  |  | (0.40) | 32.41 | 32.40 |
|  10/31/22 | 45.25 | 0.37 | (7.12) | (6.75) | (0.32) | (2.64) |  | (2.96) | 35.54 | 35.58 |
|  10/31/21 | 30.68 | 0.36 | 14.41 | 14.77 | (0.20) |  |  | (0.20) | 45.25 | 45.27 |
|  10/31/20 | 29.65 | 0.28 | 1.03 | 1.31 | (0.28) | – | – | (0.28) | 30.68 | 30.74 |

---

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

<sup>(b)</sup> Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund's commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized. 

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

<sup>(d)</sup> Unaudited

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

<sup>(f)</sup> Value rounded to zero.

#### 61

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| **Total Return** | **Total Return** | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | **Based**<br> **on**<br> **Market**<br> **Price<sup>(b)</sup>** | **Net Assets,**<br> **End of Period**<br> (000) | **Expenses** | **Net Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate<sup>(c)</sup>** |
| (1.69)% | (1.73)% | $1598280 | 0.25 %<sup>(e)</sup> | 1.92 %<sup>(e)</sup> | 30% |
| 28.04 | 28.23 | 1694496 | 0.26 | 2.10 | 47 |
| (2.73) | (2.98) | 1383636 | 0.26 | 2.52 | 61 |
| (9.09) | (9.03) | 1531314 | 0.26 | 2.15 | 68 |
| 39.68 | 39.63 | 1176613 | 0.34 | 2.13 | 59 |
| (7.87) | (7.78) | 535228 | 0.35 | 2.63 | 38 |
| (3.43) | (3.78) | 384472 | 0.30 <sup>(e)</sup> | 0.02 <sup>(e)</sup> | 49 |
| 30.07 | 30.39 | 400608 | 0.31 | 0.10 | 78 |
| 0.43 | 0.27 | 324062 | 0.31 | 0.21 | 100 |
| (32.50) | (32.48) | 312943 | 0.31 | 0.13 | 84 |
| 39.51 | 39.92 | 400877 | 0.39 | (0.06) | 83 |
| 29.43 | 28.90 | 193216 | 0.40 | 0.08 | 94 |
| (4.64) | (4.87) | 352001 | 0.30 <sup>(e)</sup> | 1.68 <sup>(e)</sup> | 35 |
| 36.20 | 36.41 | 365081 | 0.31 | 1.90 | 51 |
| (8.58) | (8.76) | 296817 | 0.31 | 2.30 | 77 |
| (13.71) | (13.76) | 310664 | 0.31 | 2.02 | 77 |
| 51.97 | 52.06 | 276751 | 0.39 | 1.57 | 67 |
| (10.98) | (11.11) | 119241 | 0.40 | 2.25 | 72 |
| (10.32) | (10.45) | 1058918 | 0.30 <sup>(e)</sup> | 0.88 <sup>(e)</sup> | 26 |
| 31.69 | 31.77 | 1209134 | 0.31 | 1.01 | 45 |
| (7.77) | (7.89) | 889601 | 0.31 | 1.19 | 62 |
| (15.68) | (15.63) | 909828 | 0.31 | 0.99 | 71 |
| 48.28 | 48.03 | 1106366 | 0.39 | 0.85 | 60 |
| 4.40 | 4.44 | 369634 | 0.40 | 0.98 | 54 |

---

*See Notes to Financial Statements* 

#### 62

------

Financial Highlights (continued)

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Operations | Investment Operations | | Less Distributions | Less Distributions | Less Distributions | Less Distributions | | |
|  | **Net Asset**<br> **Value,<br>Beginning**<br> **of Period** | **Net<br>Investment**<br> **Income**<br> (Loss)<sup>(a)</sup> | **Net Realized**<br> **/Unrealized**<br> **Gain (Loss)** | Total | **From**<br> **Net<br>Investment**<br> **Income** | **From<br>Net Realized**<br> **Gains** | **Return**<br> **of**<br> **Capital** | Total | **Net Asset**<br> **Value,<br>End of**<br> **Period** | Market<br>Price,<br>End of<br>Period |
|  **NDVG** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | $32.40 | $0.19 | $(0.78) | $(0.59) | $(0.19) | $– | $– | $(0.19) | $31.62 | $31.65 |
|  10/31/24 | 24.89 | 0.35 | 7.53 | 7.88 | (0.37) |  |  | (0.37) | 32.40 | 32.45 |
|  10/31/23 | 24.26 | 0.37 | 0.62 | 0.99 | (0.36) |  |  | (0.36) | 24.89 | 24.90 |
|  10/31/22 | 26.13 | 0.34 | (1.87) | (1.53) | (0.33) | (0.01) |  | (0.34) | 24.26 | 24.27 |
|  10/31/21<sup>(f)</sup> | 25.00 | 0.09 | 1.10 | 1.19 | (0.06) |  |  | (0.06) | 26.13 | 26.14 |
|  **NUGO** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 32.52 | (0.02) | (1.59) | (1.61) |  |  |  |  | 30.91 | 31.04 |
|  10/31/24 | 22.10 | (0.01) | 10.48 | 10.47 | (0.05) |  |  | (0.05) | 32.52 | 32.51 |
|  10/31/23 | 17.97 | 0.05 | 4.13 | 4.18 | (0.05) |  |  | (0.05) | 22.10 | 22.08 |
|  10/31/22 | 26.04 | 0.02 | (8.09) | (8.07) |  |  |  |  | 17.97 | 17.93 |
|  10/31/21<sup>(g)</sup> | 25.00 | 0.01 | 1.03 | 1.04 |  |  |  |  | 26.04 | 26.05 |
|  **NSCS** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 27.63 | 0.06 | (2.73) | (2.67) | (0.08) |  |  | (0.08) | 24.88 | 24.90 |
|  10/31/24 | 20.74 | 0.07 | 6.85 | 6.92 | (0.03) |  |  | (0.03) | 27.63 | 27.68 |
|  10/31/23 | 21.57 | 0.04 | (0.79) | (0.75) | (0.07) |  | (0.01) | (0.08) | 20.74 | 20.74 |
|  10/31/22 | 26.21 | 0.06 | (4.67) | (4.61) | (0.03) |  |  | (0.03) | 21.57 | 21.57 |
|  10/31/21<sup>(f)</sup> | 25.00 | 0.01 | 1.20 | 1.21 |  |  |  |  | 26.21 | 26.22 |
|  **NWLG** |  |  |  |  |  |  |  |  |  |  |
|  4/30/25<sup>(d)</sup> | 31.87 | (0.02) | (1.04) | (1.06) | –<sup>(h)</sup> |  |  |  | 30.81 | 30.82 |
|  10/31/24 | 21.78 | (0.04) | 10.13 | 10.09 | –<sup>(h)</sup> |  |  |  | 31.87 | 31.84 |
|  10/31/23 | 18.00 |  | 3.78 | 3.78 |  |  |  |  | 21.78 | 21.78 |
|  10/31/22 | 26.39 | (0.02) | (8.37) | (8.39) |  |  |  |  | 18.00 | 18.00 |
|  10/31/21<sup>(f)</sup> | 25.00 | (0.02) | 1.41 | 1.39 | – | – | – | – | 26.39 | 26.37 |

---

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

<sup>(b)</sup> Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund's commencement of operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market price to calculate market price returns. Total returns are not annualized. 

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

<sup>(d)</sup> Unaudited

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

<sup>(f)</sup> For the period August 4, 2021 (commencement of operations) through October 31, 2021.

<sup>(g)</sup> For the period September 27, 2021 (commencement of operations) through October 31, 2021.

<sup>(h)</sup> Value rounded to zero.

#### 63

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| **Total Return** | **Total Return** | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Based**<br> **on**<br> **Net Asset**<br> **Value<sup>(b)</sup>** | **Based**<br> **on**<br> **Market**<br> **Price<sup>(b)</sup>** | **Net Assets,**<br> **End of Period**<br> (000) | **Expenses** | **Net Investment**<br> **Income (Loss)** | **Portfolio**<br> **Turnover**<br> **Rate<sup>(c)</sup>** |
| (1.84)% | (1.88)% | $11699 | 0.64 %<sup>(e)</sup> | 1.15 %<sup>(e)</sup> | 5% |
| 31.80 | 31.95 | 11342 | 0.65 | 1.19 | 10 |
| 4.08 | 4.08 | 8214 | 0.65 | 1.45 | 18 |
| (5.89) | (5.91) | 7763 | 0.64 | 1.34 | 12 |
| 4.76 | 4.82 | 6009 | 0.64 <sup>(e)</sup> | 1.52 <sup>(e)</sup> | 7 |
| (4.94) | (4.52) | 2551180 | 0.55 <sup>(e)</sup> | (0.13) <sup>(e)</sup> | 19 |
| 47.47 | 47.51 | 2750827 | 0.56 | (0.03) | 22 |
| 23.30 | 23.46 | 2476996 | 0.56 | 0.24 | 31 |
| (31.01) | (31.16) | 2332827 | 0.55 | 0.09 | 39 |
| 4.18 | 4.18 | 1687423 | 0.55 <sup>(e)</sup> | 0.39 <sup>(e)</sup> | 2 |
| (9.71) | (9.78) | 7214 | 0.85 <sup>(e)</sup> | 0.42 <sup>(e)</sup> | 28 |
| 33.38 | 33.63 | 7460 | 0.86 | 0.28 | 49 |
| (3.49) | (3.51) | 5393 | 0.86 | 0.19 | 44 |
| (17.61) | (17.62) | 5608 | 0.85 | 0.27 | 64 |
| 4.84 | 4.87 | 6290 | 0.85 <sup>(e)</sup> | 0.23 <sup>(e)</sup> | 11 |
| (3.33) | (3.20) | 8934 | 0.64 <sup>(e)</sup> | (0.14) <sup>(e)</sup> | 60 |
| 46.37 | 46.19 | 9242 | 0.65 | (0.14) | 57 |
| 20.95 | 21.00 | 5445 | 0.65 | 0.01 | 71 |
| (31.77) | (31.74) | 4501 | 0.64 | (0.08) | 58 |
| 5.56 | 5.50 | 6069 | 0.64 <sup>(e)</sup> | (0.24) <sup>(e)</sup> | 15 |

---

*See Notes to Financial Statements.* 

#### 64

------

## Notes to Financial Statements
(Unaudited)

1. General Information

**Trust and Fund Information:** Nushares ETF Trust (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is comprised of Nuveen ESG Dividend ETF (NUDV), Nuveen ESG Emerging Markets Equity ETF (NUEM), Nuveen ESG International Developed Markets Equity ETF (NUDM), Nuveen ESG Large-Cap ETF (NULC), Nuveen ESG Large- Cap Growth ETF (NULG), Nuveen ESG Large-Cap Value ETF (NULV), Nuveen ESG Mid-Cap Growth ETF (NUMG), Nuveen ESG Mid-Cap Value ETF (NUMV), Nuveen ESG Small-Cap ETF (NUSC), Nuveen Dividend Growth ETF (NDVG), Nuveen Growth Opportunities ETF (NUGO), Nuveen Small Cap Select ETF (NSCS) and Nuveen Winslow Large-Cap Growth ESG ETF (NWLG) (each a "Fund" and collectively, the "Funds"). The Trust was organized as a Massachusetts business trust on February 20, 2015. Shares of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV AND NUSC are listed and traded on the Cboe BZX Exchange, Inc., while shares of NDVG, NUGO, NSCS and NWLG are listed and traded on the NYSE Arca. The Cboe BZX Exchange, Inc. and NYSE Arca are each an "Exchange".

**Current Fiscal Period:** The end of the reporting period for the Funds is April 30, 2025, and the period covered by these Notes to Financial Statements is the six months ended April 30, 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 an affiliate of the Adviser, and Winslow Capital Management, LLC ("Winslow Capital"), (each a "Sub-Adviser" and collectively, the "Sub-Advisers"). NAM is responsible for managing the investment portfolio of NDVG, NUGO and NSCS. TAL is responsible for managing the investment portfolio of NUDV, NUEM, NUDM, NULC, NULG, NULV, NUMG, NUMV AND NUSC. Winslow Capital is responsible for managing the investment portfolio of NWLG.

**NSCS Fund Liquidation:** On April 29, 2025, the Board of Trustees approved the liquidation of NSCS, on or about July 1, 2025

2. Significant Accounting Policies

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

**Compensation:** The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

**Distributions to Shareholders:** Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

**Foreign Currency Transactions and Translation:** The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized appreciation (depreciation)" on the Statement of Operations, when applicable.

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

**65**

------

**Notes to Financial Statements** (continued)

---

| | | |
|:---|:---|:---|
| NUEM | Value | % of<br>Net Assets |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | $89254823 | 29.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 57756788 | 19.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 55816622 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 25876007 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 13273112 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 11705471 | 3.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 10051144 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 6103937 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 4892966 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 3763435 | 1.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 22906385 | 7.6 |
|  Total non-U.S. Securities | $301400690 | 100.2% |
| NUDM | Value | % of<br>Net Assets |
|  Country: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | $117891197 | 22.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 76859744 | 14.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 53744303 | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 45879834 | 8.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 36183151 | 6.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 32241098 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 19700724 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 19438744 | 3.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 18531594 | 3.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 15987594 | 3.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 58407474 | 11.1 |
|  Total non-U.S. Securities | $494865457 | 93.9% |

---

**Foreign Taxes:** The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

**Indemnifications:** Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

**Investments and Investment Income:** Securities transactions are accounted for as of the end of trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date. Foreign dividend income is recorded on the ex-dividend date or as soon as possible after the Funds determine the existence of a dividend declaration. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

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

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

66.0 ------

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

3. Investment Valuation and Fair Value Measurements

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

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

---

| |
|:---|
| Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.). |
| Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments). |

---

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

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

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

Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and are generally classified as Level 1.

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUDV | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26861605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26861605 |
|  Total | $26861605 | $– | $– | $26861605 |

---

**67**

------

**Notes to Financial Statements** (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| NUEM | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $298796024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604661 | $5 | $301400690 |
|  Investments Purchased with Collateral from Securities Lending | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438472 |
|  Total | $302234496 | $2604661 | $5 | $304839162 |
| NUDM | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $522923103 | $– | $– \* | $522923103 |
|  Total | $522923103 | $– | $– | $522923103 |
| NULC | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $41778667 | $– | $– | $41778667 |
|  Total | $41778667 | $– | $– | $41778667 |
| NULG | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1362302045 | $– | $– | $1362302045 |
|  Investments in Derivatives: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts\*\* | (447506) |  |  | (447506) |
|  Total | $1361854539 | $– | $– | $1361854539 |
| NULV | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1593426035 | $– | $– | $1593426035 |
|  Investments Purchased with Collateral from Securities Lending | 365248 |  |  | 365248 |
|  Total | $1593791283 | $– | $– | $1593791283 |
| NUMG | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $384080991 | $– | $– | $384080991 |
|  Total | $384080991 | $– | $– | $384080991 |
| NUMV | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $351367596 | $– | $– | $351367596 |
|  Investments Purchased with Collateral from Securities Lending | 195215 |  |  | 195215 |
|  Total | $351562811 | $– | $– | $351562811 |
| NUSC | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stock Rights | $– | $– | $95913 | $95913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | 1052152206 |  |  | 1052152206 |
|  Investments Purchased with Collateral from Securities Lending | 9308655 |  |  | 9308655 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061460861 | $– | $95913 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061556774 |

---

68.0 ------

---

| | | | | |
|:---|:---|:---|:---|:---|
| NDVG | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $11558575 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $11558575 |
|  Total | $11558575 | $– | $– | $11558575 |
| NUGO | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $2474549620 | $– | $– | $2474549620 |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474549620 | $– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2474549620 |
| NSCS | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $7059097 | $– | $– | $7059097 |
|  Investments Purchased with Collateral from Securities Lending | 31841 |  |  | 31841 |
|  Total | $7090938 | $– | $– | $7090938 |
| NWLG | Level 1 | Level 2 | Level 3 | Total |
|  Long-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $8888075 | $– | $– | $8888075 |
|  Total | $8888075 | $– | $– | $8888075 |

---

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

\*\* Represents net unrealized appreciation (depreciation).

4. Portfolio Securities

**Securities Lending:** Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. State Street Bank and Trust Company serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.

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

---

| | | | |
|:---|:---|:---|:---|
| | Aggregate Value of <br>Securities on Loan | | |
| <br>Fund | **Equity**<br> **Securities** |<br>**Cash Collateral**<br> **Received\*** |<br>**Total Collateral**<br> **Received** |
|  **NUEM** | $3319675 | $3438472 | $3438472 |
|  **NULV** | 359941 | 365248 | 365248 |
|  **NUMV** | 191595 | 195215 | 195215 |
|  **NUSC** | 8690798 | 9308655 | 9308655 |
|  **NSCS** | 31048 | 31841 | 31841 |
| \*May include cash and investment of cash collateral. | \*May include cash and investment of cash collateral. |  |  |

---

**69**

------

**Notes to Financial Statements** (continued)

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

---

| | | |
|:---|:---|:---|
|  | Purchases | Sales |
| Fund | **Non-U.S.**<br> **Government**<br> **Purchases** | **Non-U.S.**<br> **Government**<br> **Sales** |
|  **NUDV** | $6252277 | $6715128 |
|  **NUEM** | 114859858 | 103679265 |
|  **NUDM** | 148604873 | 156703188 |
|  **NULC** | 11446364 | 11930624 |
|  **NULG** | 390261626 | 463689466 |
|  **NULV** | 505702700 | 516622603 |
|  **NUMG** | 203700744 | 206996421 |
|  **NUMV** | 127345603 | 126907259 |
|  **NUSC** | 318976035 | 305698578 |
|  **NDVG** | 566141 | 580070 |
|  **NUGO** | 496601633 | 530292176 |
|  **NSCS** | 2346748 | 2194827 |
|  **NWLG** | 5649413 | 5648564 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | **In-Kind**<br> **Purchases** | **In-Kind**<br> **Sales** |
|  **NUDV** | $16678545 | $— |
|  **NUEM** | 2941618 | 883078 |
|  **NUDM** | 45001119 | 6121774 |
|  **NULC** | 10622753 | 2221891 |
|  **NULG** | 34381517 | 72808418 |
|  **NULV** | 410968240 | 452690815 |
|  **NUMG** | 187940142 | 190890445 |
|  **NUMV** | 112213002 | 102270713 |
|  **NUSC** | 273652718 | 286588159 |
|  **NDVG** | 6815947 | 6259825 |
|  **NUGO** | 118573583 | 200871230 |
|  **NSCS** | 592774 |  |
|  **NWLG** | 1365128 | 1355262 |

---

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

70.0 ------

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Futures Contracts: During the current fiscal period NULG used equity index futures to equitize cash in the portfolio.

A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Upon execution of a futures contract, the Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Securities deposited for initial margin, if any, are identified in the Portfolio of Investments and cash deposited for initial margin, if any, is reflected on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the market value of the contract are recognized as an unrealized gain or loss by "marking- to-market" on a daily basis. The Fund and the clearing broker are obligated to settle monies on a daily basis representing the changes in the value of the contracts. These daily cash settlements are known as "variation margin" and is recognized on the Statement of Assets and Liabilities as a receivable or payable for variation margin on futures contracts. When the contract is closed or expired, the Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into. The net realized gain or loss and the change in unrealized appreciation (depreciation) on futures contracts held during the period is included on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

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

---

| | |
|:---|:---|
| Fund | **Average Notional<br>Amount of Futures**<br> **Contracts<br>Outstanding\*** |
|  **NULG** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19470142 |

---

\* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Derivatives |  | Liability Derivatives | |
| Derivative Instrument | Risk Exposure | Location | Value | Location | Value |
|  **NULG** |  |  |  |  |  |
|  Futures Contracts | Equity |  | $– | Unrealized depreciation on futures contracts\* | $(447506) |

---

\* The fair value presented includes cumulative gain (loss) on open futures contracts; however, the value reflected in the accompanying Statements of Assets and Liabilities is only the receivable or payable for variation margin on open futures contracts.

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

---

| | | | |
|:---|:---|:---|:---|
| Derivative Instrument | Risk Exposure | **Net Realized Gain**<br> (Loss) | **Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **NULG** |  |  |  |
|  Futures contracts | Equity | $(1251766) | $(447506) |

---

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.

**71**

------

Notes to Financial Statements (continued)

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

6. Fund Shares

Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof ("Creation Units"). Only certain institutional investors (referred to as "Authorized Participants") who have entered into agreements with Nuveen Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market prices and are only available to individual investors through their brokers.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | NUDV | NUDV | NUDV | NUDV | NUEM | NUEM | NUEM | NUEM |
|  | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Subscriptions | 600000 | $16724103 | 100000 | $2985679 | 900000 | $26517802 | 1000000 | $28573072 |
|  Redemptions |  |  | (200000) | (5303640) | (300000) | (8000314) |  |  |
|  Net increase (decrease) | 600000 | $16724103 | (100000) | $(2317961) | 600000 | $18517488 | 1000000 | $28573072 |
|  | NUDM | NUDM | NUDM | NUDM | NULC | NULC | NULC | NULC |
|  | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Subscriptions | 1500000 | $47282623 | 1400000 | $44047979 | 250000 | $10648089 | 100000 | $4170767 |
|  Redemptions | (200000) | (6385163) | (400000) | (11489566) | (50000) | (2227249) |  |  |
|  Net increase (decrease) | 1300000 | $40897460 | 1000000 | $32558413 | 200000 | $8420840 | 100000 | $4170767 |
|  | NULG | NULG | NULG | NULG | NULV | NULV | NULV | NULV |
|  | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Subscriptions | 650000 | $52533233 | 11300000 | $802955683 | 10000000 | $417797266 | 17750000 | $657608987 |
|  Redemptions | (1300000) | (111623354) | (10850000) | (768715035) | (10850000) | (457152688) | (18550000) | (690761184) |
|  Net increase (decrease) | (650000) | $(59090121) | 450000 | $34240648 | (850000) | $(39355422) | (800000) | $(33152197) |
|  | NUMG | NUMG | NUMG | NUMG | NUMV | NUMV | NUMV | NUMV |
|  | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Subscriptions | 3900000 | $188195303 | 5450000 | $225747538 | 3100000 | $112483245 | 4350000 | $140045348 |
|  Redemptions | (3950000) | (194300878) | (5900000) | (246257929) | (2800000) | (103935369) | (5200000) | (168349723) |
|  Net increase (decrease) | (50000) | $(6105575) | (450000) | $(20510391) | 300000 | $8547876 | (850000) | $(28304375) |
|  | NUSC | NUSC | NUSC | NUSC | NDVG | NDVG | NDVG | NDVG |
|  | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 | Six Months Ended<br>4/30/25 | Six Months Ended<br>4/30/25 | Year Ended<br>10/31/24 | Year Ended<br>10/31/24 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Subscriptions | 6250000 | $275438426 | 12700000 | $495291080 | 210000 | $6826395 | 290000 | $8141413 |
|  Redemptions | (6600000) | (291854858) | (11500000) | (449650302) | (190000) | (6265144) | (270000) | (7837567) |
|  Net increase (decrease) | (350000) | $(16416432) | 1200000 | $45640778 | 20000 | $561251 | 20000 | $303846 |

---

72.0 ------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NUGO** | **NUGO** | **NUGO** | **NUGO** | **NSCS** | **NSCS** | **NSCS** | **NSCS** |
|  | **Six Months Ended**<br>**4/30/25** | **Six Months Ended**<br>**4/30/25** | **Year Ended**<br>**10/31/24** | **Year Ended**<br>**10/31/24** | **Six Months Ended**<br>**4/30/25** | **Six Months Ended**<br>**4/30/25** | **Year Ended**<br>**10/31/24** | **Year Ended**<br>**10/31/24** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  Subscriptions | 3830000 | $120517015 | 2320000 | $71062856 | 20000 | $593743 | 20000 | $534060 |
|  Redemptions | (5880000) | (201995952) | (29840000) | (889242154) |  |  | (10000) | (256889) |
|  Net increase (decrease) | (2050000) | $(81478937) | (27520000) | $(818179298) | 20000 | $593743 | 10000 | $277171 |
|  |  |  |  |  | **NWLG** | **NWLG** | **NWLG** | **NWLG** |
|  |  |  |  |  | **Six Months Ended**<br>**4/30/25** | **Six Months Ended**<br>**4/30/25** | **Year Ended**<br>**10/31/24** | **Year Ended**<br>**10/31/24** |
|  |  |  |  |  | **Shares** | **Amount** | **Shares** | **Amount** |
|  Subscriptions |  |  |  |  | 40000 | $1386684 | 50000 | $1522085 |
|  Redemptions |  |  |  |  | (40000) | (1376477) | (10000) | (297956) |
|  Net increase (decrease) |  |  |  |  | – | $10207 | 40000 | $1224129 |

---

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Unrealized<br>Appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Unrealized<br>(Depreciation) | **Net**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) |
|  **NUDV** | $27108106 | $1046013 | $(1292514) | $(246501) |
|  **NUEM** | 273058794 | 49995336 | (18214968) | 31780368 |
|  **NUDM** | 444976128 | 101961271 | (24014296) | 77946975 |
|  **NULC** | 36120455 | 7450935 | (1792723) | 5658212 |
|  **NULG** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207462397 | 228984482 | (74592340) | 154392142 |
|  **NULV** | 1585553182 | 125065462 | (116827361) | 8238101 |
|  **NUMG** | 408919771 | 16173156 | (41011936) | (24838780) |
|  **NUMV** | 360052090 | 17100552 | (25589831) | (8489279) |
|  **NUSC** | 1183622409 | 72262574 | (194328209) | (122065635) |
|  **NDVG** | 11722485 | 648371 | (812281) | (163910) |
|  **NUGO** | 1773289907 | 761413972 | (60154259) | 701259713 |
|  **NSCS** | 6569946 | 1176358 | (655366) | 520992 |
|  **NWLG** | 7286680 | 1895964 | (294569) | 1601395 |

---

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

**73**

------

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund | **Undistributed**<br> **Ordinary<br>Income** | Undistributed<br>Long-Term<br>Capital Gains | Unrealized<br>Appreciation<br>(Depreciation) | Capital Loss<br>Carryforwards | **Late-Year Loss**<br> **Deferrals** | **Other**<br> **Book-to-Tax<br>Differences** | Total |
|  **NUDV** | $526699 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $661887 | $– | $– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1188586 |
|  **NUEM** | 4820362 |  | 40082657 | (35416103) |  |  | 9486916 |
|  **NUDM** | 13357337 |  | 50805925 | (12044678) |  |  | 52118584 |
|  **NULC** | 595731 |  | 8110387 |  |  |  | 8706118 |
|  **NULG** | 1725326 |  | 246807037 | (103203267) |  |  | 145329096 |
|  **NULV** | 27577082 |  | 149705507 | (194641955) |  |  | (17359366) |
|  **NUMG** | 165990 |  | 37027509 | (98939417) |  |  | (61745918) |
|  **NUMV** | 4681758 |  | 40332929 | (59787676) |  |  | (14772989) |
|  **NUSC** | 10317401 |  | 73280860 | (212733823) |  |  | (129135562) |
|  **NDVG** | 6993 |  | 1373771 | (330360) |  |  | 1050404 |
|  **NUGO** |  |  | 930083619 | (706118088) | (2754930) |  | 221210601 |
|  **NSCS** | 11795 |  | 1223815 | (716371) |  |  | 519239 |
|  **NWLG** | – | – | 2502229 | (832339) | (11305) | – | 1658585 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
|  **NUDV** | $– | $– | $– |
|  **NUEM<sup>1</sup>** | 20419229 | 14996874 | 35416103 |
|  **NUDM** | 8887623 | 3157055 | 12044678 |
|  **NULC** |  |  |  |
|  **NULG** | 57608196 | 45595071 | 103203267 |
|  **NULV** | 103890778 | 90751177 | 194641955 |
|  **NUMG** | 65050770 | 33888647 | 98939417 |
|  **NUMV** | 33682969 | 26104707 | 59787676 |
|  **NUSC** | 85360028 | 127373795 | 212733823 |
|  **NDVG** | 75108 | 255252 | 330360 |
|  **NUGO** | 552540672 | 153577416 | 706118088 |
|  **NSCS** | 657025 | 59346 | 716371 |
|  **NWLG** | 711675 | 120664 | 832339 |

---

<sup>1</sup> A portion of NUEM's capital loss carryforwards is subject to limitation under the Internal Revenue Code and related regulations.

74.0 ------

8. Management Fees and Other Transactions with Affiliates

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

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

---

| | |
|:---|:---|
| Fund | Management Fee |
|  **NUDV** | 0.25% |
|  **NUEM** | 0.35 |
|  **NUDM** | 0.30 |
|  **NULC** | 0.20 |
|  **NULG** | 0.25 |
|  **NULV** | 0.25 |
|  **NUMG** | 0.30 |
|  **NUMV** | 0.30 |
|  **NUSC** | 0.30 |
|  **NDVG** | 0.64 |
|  **NUGO** | 0.55 |
|  **NSCS** | 0.85 |
|  **NWLG** | 0.64 |

---

Other Transactions with Affiliates: The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the reporting period is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:

---

| | |
|:---|:---|
| Fund | Amount |
|  **NWLG** | $441 |

---

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser ("Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

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

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

**75**

------

Notes to Financial Statements (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Underlying Fund | TIAA | **Nuveen Equity**<br> **Funds** | **Nuveen<br>Lifecycle**<br> **Funds** | Nuveen<br>Lifestyle<br>Funds | **Nuveen<br>Managed<br>Allocation**<br> **Fund** | Total |
|  **NUDV** | –% | –% | –% | –% | –% | –% |
|  **NUEM** |  |  |  |  |  |  |
|  **NUDM** |  |  |  |  |  |  |
|  **NULC** |  | 21 |  |  |  | 21 |
|  **NULG** |  |  |  |  |  |  |
|  **NULV** |  |  |  |  |  |  |
|  **NUMG** |  |  |  |  |  |  |
|  **NUMV** |  |  |  |  |  |  |
|  **NUSC** |  |  |  |  |  |  |
|  **NDVG** | 59 |  |  |  |  | 59 |
|  **NUGO** |  |  | 93 | 4 | 2 | 99 |
|  **NSCS** | 76 |  |  |  |  | 76 |
|  **NWLG** | 76 | – | – | – | – | 76 |

---

9. Emerging Markets Risks

The Emerging Markets Equity Fund holds a large portion of its assets in emerging market securities. Emerging market securities are often subject to greater price volatility, less liquidity and higher rates of inflation and deflation than U.S. securities. In addition, emerging markets may be subject to greater political, economic and social uncertainty, and differing regulatory environments that may potentially impact the Fund's ability to buy or sell certain securities or repatriate proceeds to U.S. dollars.

10. Subsequent Events

NSCS Fund Liquidation: As previously noted in these Notes to Financial Statements, NSCS is scheduled to liquidate on or about July 1, 2025.

NUDM Management Fee: Effective May 1, 2025, the annual management fee for NUDM has been reduced from 0.30% to 0.27%.

76.0 ------

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

Not applicable.

------

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

Not applicable.

------

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

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

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

------

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

#### Nuveen ESG Dividend ETF

#### Nuveen ESG Emerging Markets Equity ETF

#### Nuveen ESG International Developed Markets Equity ETF

#### Nuveen ESG Large-Cap ETF

#### Nuveen ESG Large-Cap Growth ETF

#### Nuveen ESG Large-Cap Value ETF

#### Nuveen ESG Mid-Cap Growth ETF

#### Nuveen ESG Mid-Cap Value ETF

#### Nuveen ESG Small-Cap ETF

#### Nuveen Dividend Growth ETF

#### Nuveen Growth Opportunities ETF

#### Nuveen Small Cap Select ETF

#### Nuveen Winslow Large-Cap Growth ESG ETF

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nushares ETF Trust (the "Trust") approved, for each applicable series of the Trust, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"), pursuant to which NFAL serves as investment adviser to such funds. Similarly, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with (a) in the case of Nuveen ESG Dividend ETF (the "ESG Dividend Fund"), Nuveen ESG Emerging Markets Equity ETF (the "ESG Emerging Markets Equity Fund"), Nuveen ESG International Developed Markets Equity ETF (the "ESG International Developed Markets Equity Fund"), Nuveen ESG Large-Cap ETF (the "ESG Large-Cap Fund"), Nuveen ESG Large-Cap Growth ETF (the "ESG Large-Cap Growth Fund"), Nuveen ESG Large-Cap Value ETF (the "ESG Large-Cap Value Fund"), Nuveen ESG Mid-Cap Growth ETF (the "ESG Mid-Cap Growth Fund"), Nuveen ESG Mid-Cap Value ETF (the "ESG Mid-Cap Value Fund") and Nuveen ESG Small-Cap ETF (the "ESG Small-Cap Fund"), Teachers Advisors, LLC ("TAL"), pursuant to which TAL serves as the sub-adviser to such Fund; (b) in the case of Nuveen Dividend Growth ETF (the "Dividend Growth Fund"), Nuveen Growth Opportunities ETF (the "Growth Opportunities Fund") and Nuveen Small Cap Select ETF (the "Small Cap Select Fund"), Nuveen Asset Management, LLC ("NAM"), pursuant to which NAM serves as the sub-adviser to such Fund; and (c) in the case of Nuveen Winslow Large-Cap Growth ESG ETF (the "Winslow Large-Cap Growth ESG Fund"), Winslow Capital Management, LLC ("Winslow," and Winslow, TAL and NAM are each a "Sub-Adviser"), pursuant to which Winslow serves as the sub-adviser to such Fund. TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. Winslow and NAM are also affiliates of TAL and NFAL. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the "Funds").

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

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

#### 1

------

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

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

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of each Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

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

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

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

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

A. Nature, Extent and Quality of Services

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

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

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competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

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

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

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

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

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

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

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

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

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

With respect to the Funds, the Board considered that certain of the Funds (the "Index ETFs") are designed to track the performance of a specified index (the "Underlying Index") and others are actively managed. In this regard, the Board considered that the ESG Dividend Fund, ESG Emerging Markets Equity Fund, ESG International Developed Markets Equity Fund, ESG Large-Cap Fund, ESG Large-Cap Growth Fund, ESG Large-Cap Value Fund, ESG Mid-Cap Growth Fund, ESG Mid-Cap Value Fund and ESG Small-Cap Fund were Index ETFs, and the other Funds, including the Dividend Growth Fund, Growth Opportunities Fund, Small Cap Select Fund and Winslow Large-Cap Growth ESG Fund, were actively managed ("Active ETFs").

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

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

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

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

#### Index ETFs
• For each Index ETF (i.e., ESG Dividend Fund, ESG Emerging Markets Equity Fund, ESG International Developed Markets Equity Fund, ESG Large-Cap Fund, ESG Large-Cap Growth Fund, ESG Large-Cap Value Fund, ESG Mid-Cap Growth Fund, ESG Mid-Cap Value Fund and ESG Small-Cap Fund), the Board considered, among other things, the performance of each Index Fund for the one-, three- and five-year periods ended December 31, 2024 (or for such shorter periods for Funds that did not exist during the period) on an absolute basis and relative return basis compared to its Underlying Index as well as its tracking error compared to its respective Underlying Index as of December 31, 2024 and as of each month end for the 2024 calendar year. Given each Index ETF's investment objective, however, the Board placed more emphasis on its review of the tracking error and correlation data and after review of such data and other metrics, the Board considered that each Index ETF had performed in line with expectations in 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

#### Active ETFs

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• For Dividend Growth Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Growth Opportunities Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and although the Fund's performance was below the performance of its benchmark for the three-year period ended December 31, 2024, the Fund ranked in the second quartile of its Performance Peer Group for such period. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Small Cap Select Fund, the Board considered that the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and third quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Winslow Large-Cap Growth ESG Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one- and three-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for such periods. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

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

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

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

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

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

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

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

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

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

• For the ESG Emerging Markets Equity Fund, although the Fund's contractual management fee rate ranked in the fourth quartile of its Expense Group, the Fund's actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio also were each below the Expense Universe median.

• For the ESG International Developed Markets Equity Fund, although the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the fourth quartile of its Expense Group, each ranked in the third quartile of its Expense Universe. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the medians of the Expense Group and Expense Universe, respectively. In its review, the Board considered management's proposed reduction in the contractual management fee.

• For the ESG Large-Cap Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, although the Fund's net total expense ratio ranked in the fourth quartile of its Expense Universe, the Fund's contractual management fee rate and actual management fee rate each ranked in the third quartile of its Expense Universe. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. In addition, although the Fund's actual management fee rate and net total expense ratio were above the Expense Universe median, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

• For the ESG Large-Cap Growth Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund's actual management fee rate and net expense ratio were each above the median of the Expense Universe, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

• For the ESG Large-Cap Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund's actual management fee rate and net expense ratio were each above the Expense Universe median, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

• For the ESG Mid-Cap Growth Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were above the Expense Group median. Further, although the Fund's actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For the ESG Mid-Cap Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median. Further, although the Fund's actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

• For the ESG Small-Cap Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group. In addition, although the Fund's actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Universe, the Fund's contractual management fee rate ranked in the third quartile of its Expense Universe. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, the differences in the investment strategy of the Fund compared to certain peers which contributed to the rationale for a higher relative net expense ratio.

• For the Dividend Growth Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group and Expense Universe, respectively. In addition, although the Fund's actual management fee rate and net total expense ratio were each above the Expense Group median, the Fund's contractual management fee rate was slightly above (within 5 basis points) the Expense Group median. Similarly, although the Fund's actual management fee rate and net total expense ratio were each above the Expense Universe median, the Fund's contractual management fee rate was slightly above (approximately 5 basis points) the Expense Universe median.

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

• For the Small Cap Select Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group and Expense Universe, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, that the Fund's net expense ratio generally remained flat from the prior year, and the Fund's fee was consistent with a Nuveen open-end fund (Class R6) applying essentially the same investment strategy.

• For the Winslow Large-Cap Growth ESG Fund, although the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the fourth quartile of its Expense Group, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Universe. In addition, the Fund's contractual management fee, actual management fee rate and net total expense ratio were each above the Expense Group median and Expense Universe median, respectively. In its review, the Board considered, among other things, that the Fund's net expense ratio had remained consistent with the prior year.

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

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

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

The Board further considered that a Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

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

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

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

#### 7

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

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

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

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

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

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

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

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

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

E. Indirect Benefits

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

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

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

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

#### 8

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F. Other Considerations

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

#### 9

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

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

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

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

(a) Not applicable.

(b) Not applicable.

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

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

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| | |
|:---|:---|
| [(a)(3)](d860949dex99cert.htm) | [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.](d860949dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d860949dex99906cert.htm) [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.](d860949dex99906cert.htm) 

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

<u>Nushares ETF Trust</u> 

---

| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |

---

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

---

| | | |
|:---|:---|:---|
| Date: July 7, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: July 7, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Ex-99.Cert

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

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

I, Briton Ryan, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 7, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

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

I, Marc Cardella, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: July 7, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

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

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

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

In connection with the semi-annual report of Nushares ETF Trust (the "Registrant") on Form N-CSR for the period ended April 30, 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: July 7, 2025 | By: | <u>/s/ Briton Ryan</u> |
|  |  | Briton Ryan |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |
| Date: July 7, 2025 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---