Nuveen Short-Term REIT ETF NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811-23161

Nushares ETF Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Diana R. Gonzalez

Vice President and Secretary

8500 Andrew Carnegie Boulevard

Charlotte, North Carolina 28262

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917‑7700

Date of fiscal year end: October 31

Date of reporting period: October 31, 2024

Item 1. Reports to Stockholders.


		Annual Shareholder Report October 31, 2024

Nuveen ESG Dividend ETF

NUDV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Dividend ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Dividend ETF	$30	0.26%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Dividend ETF (NUDV)’s total return at net asset value (NAV) was 34.14% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA High Dividend Index, returned 34.59%.

• During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the MSCI USA Index, which returned 38.40%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An overweight to and stock selection in the financials sector, led by overweights to Goldman Sachs Group, Inc. and Morgan Stanley.

» An underweight to and stock selection in the energy sector, led by a lack of exposure to Exxon Mobil Corporation and Chevron Corporation.

» Stock selection in the real estate sector, led by overweights to Iron Mountain, Inc. and Welltower Inc.

• Top detractors from the custom index’s relative performance

» An underweight to and stock selection in the information technology sector, including a lack of exposure to NVIDIA Corporation and Broadcom Inc.

» Stock selection in the consumer staples sector, including overweights to Archer-Daniels-Midland Companies and PepsiCo, Inc.

» An underweight to and stock selection in the communications services sector, including a lack of exposure to Meta Platforms and Netflix, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

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

Fund Performance (September 27, 2021 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (9/27/21)

NAV	34.14%	8.09%

MSCI USA Index	38.40%	9.37%

Nuveen ESG USA High Dividend Yield Index	34.59%	8.37%

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


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	11,701,928

Total number of portfolio holdings		121

Portfolio turnover (%)		68%

Total management fees paid for the year	$	24,934

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Portfolio manager update: Effective June 18, 2024, Lei Lao retired and is no longer a portfolio manager of the Fund. Additionally, effective June 18, 2024, Nazar Romanyak, CFA and Darren Tran, CFA were added as portfolio managers of the Fund.

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

Changes in independent registered public accounting firm

On October 24, 2024, the Fund’s Board of Trustees appointed PricewaterhouseCoopers LLP as the independent registered public accounting firm for the Fund and dismissed KPMG LLP (“KPMG”) as the independent registered public accounting firm for the Fund subject to the completion of the October 31, 2024 fiscal year audit. KPMG was informed of their dismissal on October 24, 2024. During the Fund’s fiscal years ended October 31, 2024 and October 31, 2023, and for the subsequent interim period through December 26, 2024, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures.

Availability of additional information about the Fund

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

•

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

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


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		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Emerging Markets Equity ETF

NUEM/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Emerging Markets Equity ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Emerging Markets Equity ETF	$40	0.36%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Emerging Markets Equity ETF (NUEM)’s total return at net asset value (NAV) was 24.12% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG Emerging Markets Equity Index, returned 26.15%.

• The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses, along with fair value pricing of the Fund’s international securities.

• A non‑U.S. Equity Fund’s return may sometimes diverge from the return of its benchmark index more than would be expected. This may be the result of a fair-value pricing adjustment. Many foreign exchanges close before the Fund’s daily net asset value (NAV) is calculated (generally 4 p.m. ET). In the intervening hours, the value of foreign securities can change, and these changes are not reflected immediately in the Fund’s benchmark index. They may, however, be reflected in the calculation of the Fund’s NAV for that day.

• During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the MSCI Emerging Markets Index (Net), which returned 25.32%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» Security selection in the information technology sector, led by an overweight to Taiwan Semiconductor Manufacturing Co., Ltd. and a lack of exposure to Samsung Electronics Co., Ltd.

» Security selection in the consumer discretionary sector, led by overweights to Meituan and Trent Limited.

» An overweight to Yuhan Corporation.

• Top detractors from the custom index’s relative performance

» Security selection in the communication services sector, including a lack of exposure to Tencent Holdings Ltd. And an overweight to Netease Inc.

» Security selection in the consumer staples sector, including overweights to Wal‑Mart de Mexico SAB de CV and Nongfu Spring Co., Ltd.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 6, 2017 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year		5‑Year		Since Inception (6/6/17)

NAV		24.12%		5.52%		4.42%

MSCI Emerging Markets Index (Net)		25.32%		3.93%		3.86%

Nuveen ESG Emerging Markets Equity Index		26.15%		6.54%		5.34%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	290,624,535

Total number of portfolio holdings		210

Portfolio turnover (%)		58%

Total management fees paid for the year	$	890,640

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


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		4


		Annual Shareholder Report October 31, 2024

Nuveen ESG International Developed Markets Equity ETF

NUDM/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG International Developed Markets Equity ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG International Developed Markets Equity ETF	$35	0.31%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG International Developed Markets Equity ETF (NUDM)’s total return at net asset value (NAV) was 26.37% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG International Developed Markets Equity Index, returned 26.77%.

• During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the MSCI EAFE Index (Net), which returned 22.97%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» Security selection in the financials sector, led by overweights to NatWest Group Plc and Intesa Sanpaolo S.p.A.

» Security selection in the consumer staples sector, led by an overweight to Nestle S.A. and a lack of exposure to Diageo plc.

» An underweight allocation to the energy sector.

• Top detractors from the custom index’s relative performance

» Security selection in the consumer discretionary sector, including overweights to Oriental Land Co., Ltd. and Panasonic HOldins Corporation.

» Security selection in the materials sector, including overweights to Umicore SA and Pilbara Minerals Limited.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 6, 2017 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year		5‑Year		Since Inception (6/6/17)

NAV		26.37%		6.53%		5.80%

MSCI EAFE^® Index (Net)		22.97%		6.24%		5.47%

Nuveen ESG International Developed Markets Equity Index		26.77%		6.81%		6.08%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	464,730,362

Total number of portfolio holdings		151

Portfolio turnover (%)		58%

Total management fees paid for the year	$	1,259,958

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


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		4


		Annual Shareholder Report October 31, 2024

Nuveen ESG Large‑Cap ETF

NULC/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large‑Cap ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large‑Cap ETF	$25	0.21%

* Annualized for a period less than one year.

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

Performance Highlights

• The Nuveen ESG Large‑Cap ETF (NULC)’s total return at net asset value (NAV) was 34.04% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Large‑Cap Index, returned 34.36%.

• During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Index, which returned 38.4%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An overweight to NVIDIA Corporation.

» An underweight to and stock selection within the energy sector, led by a lack of exposure to Exxon Mobil Corporation and Chevron Corporation.

» An overweight to Fiserv, Inc.

• Top detractors from the custom index’s relative performance

» An overweight to Intel Corporation.

» Stock selection in the communication services sector, led by a lack of exposure to Meta Platforms Inc.

» Stock selection in the consumer staples sector, led by overweights to Archer Daniels Midland Corporation and Procter & Gamble Company.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (June 3, 2019 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (6/3/19)

NAV	34.04%	13.58%	14.91%

MSCI USA Index	38.40%	15.27%	16.33%

Nuveen ESG USA Large‑Cap Index	34.36%	13.83%	15.16%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	34,344,806

Total number of portfolio holdings		123

Portfolio turnover (%)		50%

Total management fees paid for the year	$	59,110

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm

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.


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		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Large‑Cap Growth ETF

NULG/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large‑Cap Growth ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large‑Cap Growth ETF	$31	0.26%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Large‑Cap Growth ETF (NULG)’s total return at net asset value (NAV) was 41.51% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Large‑Cap Growth Index, returned 41.86%.

• During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the MSCI USA Growth Index, which returned 44.69%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» Stock selection within information technology, led by a lack of exposure to Apple Inc., and an overweight to NVIDIA Corporation.

» An underweight to the energy sector.

» An overweight position in Axon Enterprise Inc.

• Top detractors from the custom index’s relative performance

» Stock selection within communication services, including a lack of exposure to Meta Platforms and an overweight to Warner Bros. Discovery, Inc.

» An overweight to and stock selection within healthcare, including overweights to IDEXX Laboratories, Inc. and West Pharmaceutical Services, Inc.

» An overweight to and stock selection within consumer discretionary, including overweights to lululemon athletica inc. and Tesla, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	41.51%	18.49%	18.34%

MSCI USA Index	38.40%	15.27%	14.36%

MSCI USA Growth Index	44.69%	19.40%	18.65%

Nuveen ESG USA Large‑Cap Growth Index	41.86%	18.87%	18.74%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	1,499,008,938

Total number of portfolio holdings		59

Portfolio turnover (%)		60%

Total management fees paid for the year	$	3,374,590

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm

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_AR_1024 4015305‑INV‑Y‑12/25


		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Large-Cap Value ETF

NULV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Large-Cap Value ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Large-Cap Value ETF	$30	0.26%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Large-Cap Value ETF (NULV)’s total return at net asset value (NAV) was 28.04% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Large-Cap Value Index, returned 28.49%.

• During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the MSCI USA Value Index, which returned 31.80%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An underweight to and stock selection within energy, led by a lack of exposure to Chevron Corporation and Exxon Mobil Corporation.

» An overweight to and stock selection within financials, led by overweights to Fiserv, Inc. and Bank of New York Mellon Corp.

» An overweight to Welltower Inc.

• Top detractors from the custom index’s relative performance

» Stock selection within information technology, led by a lack of exposure to Broadcom Inc. and an overweight to Intel Corporation.

» An overweight to and stock selection within consumer staples, led by an overweight to Archer-Daniels Midland Companies.

» Stock selection in utilities, led by an overweight to Exelon Corporation and a lack of exposure to Constellation Energy Corporation.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	28.04%	7.82%	8.65%

MSCI USA Index	38.40%	15.27%	14.36%

MSCI USA Value Index	31.80%	10.16%	9.46%

Nuveen ESG USA Large-Cap Value Index	28.49%	8.16%	9.01%

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


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	1,694,495,505

Total number of portfolio holdings		105

Portfolio turnover (%)		47%

Total management fees paid for the year	$	3,962,191

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

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

Changes in independent registered public accounting firm

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.


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		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Mid‑Cap Growth ETF

NUMG/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Mid‑Cap Growth ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Mid‑Cap Growth ETF	$36	0.31%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Mid‑Cap Growth ETF (NUMG)’s total return at net asset value (NAV) was 30.07% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Mid‑Cap Growth Index, returned 30.46%.

• The difference between the Fund’s total return at NAV and that of the custom index is attributable to management fees and other expenses incurred by the Fund that are not incurred by the custom index, along with the representative sampling process, which utilizes a subset of index securities in an effort to provide exposure similar to that of the custom index.

• During the reporting period, the Fund’s custom index significantly underperformed the Fund’s base index, the MSCI USA Mid‑Growth Index, which returned 38.71%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An overweight to Axon Enterprise Inc.

» A lack of exposure to BioMarin Pharmaceuticals Inc.

» An overweight to DaVita Inc.

• Top detractors from the custom index’s relative performance

» Stock selection in the information technology sector, including a lack of exposure to Palantir Technologies Inc. and AppLovin Corp.

» Stock selection in the financials sector, including a lack of exposure to Coinbase Global, Inc. and an overweight to MarketAxess Holdings Inc.

» A lack of exposure to Vertiv Holdings Co.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			Since Inception (12/13/16)

NAV		30.07	%		9.75	%	10.73%

MSCI USA Index		38.40	%		15.27	%	14.36%

MSCI USA Mid‑Cap Growth Index		38.71	%		13.04	%	12.74%

Nuveen ESG USA Mid‑Cap Growth Index		30.46	%		10.12	%	11.13%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	400,608,219

Total number of portfolio holdings		45

Portfolio turnover (%)		78%

Total management fees paid for the year	$	1,157,986

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm

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_AR_1024 4015303‑INV‑Y‑12/25


		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Mid-Cap Value ETF

NUMV/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Mid-Cap Value ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Mid-Cap Value ETF	$37	0.31%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Mid-Cap Value ETF (NUMV)’s total return at net asset value (NAV) was 36.20% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Mid-Cap Value Index, returned 36.71%.

• During the reporting period, the Fund’s custom index outperformed the Fund’s base index, the MSCI USA Mid-Value Index, which returned 35.09%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An underweight to and stock selection within energy, led by a lack of exposure to Coterra Energy Inc. and APA Corporation.

» Stock selection within real estate, led by overweights to Iron Mountain, Inc. and BXP Inc.

» Stock selection in financials, led by overweights to Robinhood Markets, Inc and Regions Financial Corporation.

• Top detractors from the custom index’s relative performance

» Stock selection in the consumer discretionary sector, including overweights to LKQ Corporation and Vail Resorts, Inc.

» An underweight to and stock selection in utilities, including a lack of exposure to Vistra Corp. and Constellation Energy Corporation.

» Stock selection in health care, including overweights to Steris plc and Jazz Pharmaceuticals.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (12/13/16)

NAV	36.20%	7.77%	7.71%

MSCI USA Index	38.40%	15.27%	14.36%

MSCI USA Mid-Cap Value Index	35.09%	8.67%	8.22%

Nuveen ESG USA Mid-Cap Value Index	36.71%	8.13%	8.10%

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


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	365,080,533

Total number of portfolio holdings		92

Portfolio turnover (%)		51%

Total management fees paid for the year	$	1,023,282

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm

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_AR_1024 4015302-INV-Y-12/25


		3


		Annual Shareholder Report October 31, 2024

Nuveen ESG Small‑Cap ETF

NUSC/Cboe BZX Exchange, Inc.

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG Small‑Cap ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen ESG Small‑Cap ETF	$36	0.31%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen ESG Small‑Cap ETF (NUSC)’s total return at net asset value (NAV) was 31.69% for the 12 months ended October 31, 2024. The Fund’s custom index, the Nuveen ESG USA Small‑Cap Index, returned 32.13%.

• During the reporting period, the Fund’s custom index underperformed the Fund’s base index, the MSCI USA Small‑Cap Index, which returned 33.89%.

• Performance drivers between the Fund’s custom index and base index during the reporting period:

• Top contributors to the custom index’s relative performance

» An underweight to and stock selection within energy, led by a lack of exposure to Range Resources Corporation and Murphy Oil Corporation.

» Stock selection in financials, led by overweights to Jackson Financial Incorporation and East West Bancorp, Inc.

» Stock selection in consumer staples, led by overweight positions in Freshpet Inc and US Foods Holding Corp.

• Top detractors from the custom index’s relative performance

» Stock selection in the industrials sector, led by overweights to Core & Main, Inc. and Plug Power Inc.

» Stock selection in consumer discretionary, led by a lack of exposure to Carvana Co. and an overweight to Mattel, Inc.

» Stock selection in information technology, led by a lack of exposure to MicroStrategy Incorporated and an overweight to Rambus inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (December 13, 2016 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			Since Inception (12/13/16)

NAV		31.69	%		9.66	%		9.01	%

MSCI USA Index		38.40	%		15.27	%		14.36	%

MSCI USA Small‑Cap Index		33.89	%		10.41	%		9.48	%

Nuveen ESG USA Small‑Cap Index		32.13	%		9.98	%		9.38	%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	1,209,134,336

Total number of portfolio holdings		511

Portfolio turnover (%)		45%

Total management fees paid for the year	$	3,343,361

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P607_AR_1024 4015301‑INV‑Y‑12/25


		4


		Annual Shareholder Report October 31, 2024

Nuveen Dividend Growth ETF

NDVG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Dividend Growth ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Dividend Growth ETF	$75	0.65%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Dividend Growth ETF returned 31.80% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund significantly underperformed the S&P 500 Index, which returned 38.02%.

• Top contributors to relative performance

» An overweight to Broadcom Inc.

» An overweight to American Express Company.

• Top detractors from relative performance

» Security selection in the information technology sector, including a lack of exposure to NVIDIA Corporation.

» Security selection and an underweight to the communication services sector, including a lack of exposure to Meta Platforms Inc. and an overweight to Comcast Corporation.

» An overweight to Elevance Health Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (August 4, 2021 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (8/4/21)

NAV	31.80%	9.76%

S&P 500^® Index	38.02%	10.01%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	11,341,709

Total number of portfolio holdings		42

Portfolio turnover (%)		10%

Total management fees paid for the year	$	73,500

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P821_AR_1024 4015300‑INV‑Y‑12/25


		4


		Annual Shareholder Report October 31, 2024

Nuveen Growth Opportunities ETF

NUGO/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Growth Opportunities ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Growth Opportunities ETF	$69	0.56%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Growth Opportunities ETF returned 47.47% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Russell 1000 Growth Index, which returned 43.77%.

• Top contributors to relative performance

» Security selection and an overweight in the information technology sector, led by overweights to NVIDIA Corporation and Broadcom Inc.

» Security selection in the communication services sector, led by an overweight to Meta Platforms Inc.

» Security selection in the consumer staples sector, led by an overweight to Costco Wholesale Corporation.

• Top detractors from relative performance

» An overweight to DexCom Inc.

» Security selection in the energy sector, including an out‑of‑benchmark position in EOG Resources, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (September 27, 2021 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			Since Inception (9/27/21)

NAV		47.47	%		9.03	%

Russell 1000^® Index		38.07	%		9.14	%

Russell 1000^® Growth Index		43.77	%		10.19	%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	2,750,826,793

Total number of portfolio holdings		41

Portfolio turnover (%)		22%

Total management fees paid for the year	$	15,676,478

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

Changes in independent registered public accounting firm

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_AR_1024 4015299‑INV‑Y‑12/25


		3


		Annual Shareholder Report October 31, 2024

Nuveen Small Cap Select ETF

NSCS/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Small Cap Select ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Small Cap Select ETF	$100	0.86%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small Cap Select ETF returned 33.38% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund underperformed the Russell 2000 Index, which returned 34.07%.

• Top contributors to relative performance

» Security selection in the information technology sector, led by overweights to Q2 Holdings, Inc., Semtech Corporation and Commvault Systems, Inc.

» Security selection in the financials sector, led by an out‑of‑benchmark position in Evercore Inc. and an overweight to Piper Sandler Companies.

» Security selection in the industrials sector, led by overweights to Atmus Filtration Technologies, Inc. and SPX Technologies, Inc.

• Top detractors from relative performance

» Security selection in the consumer discretionary sector, including overweights to Dana Incorporated, Arhaus, Inc. and Topgolf Callaway Brands Corp.

» An overweight to Array Technologies Inc. in the industrials sector.

» Security selection in the health care sector, including overweights to AtriCure, Inc., Option Care Health Inc. and SI‑BONE, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (August 4, 2021 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			Since Inception (8/4/21)

NAV		33.38	%	3.33%

Russell 3000^® Index		37.86	%	8.62%

Russell 2000^® Index		34.07	%	1.43%


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	7,460,445

Total number of portfolio holdings		87

Portfolio turnover (%)		49%

Total management fees paid for the year	$	57,305

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

Changes in independent registered public accounting firm


		3		continued>>

Availability of additional information about the Fund

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

•

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

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


67092P839_AR_1024 4015298‑INV‑Y‑12/25


		4


		Annual Shareholder Report October 31, 2024

Nuveen Winslow Large-Cap Growth ESG ETF

NWLG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Winslow Large-Cap Growth ESG ETF for the period of November 1, 2023 to October 31, 2024. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Nuveen Winslow Large-Cap Growth ESG ETF	$80	0.65%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Winslow Large-Cap Growth ESG ETF returned 46.37% for Common Shares at net asset value (NAV) for the 12 months ended October 31, 2024. The Fund outperformed the Russell 1000 Growth Index, which returned 43.77%.

• Top contributors to relative performance

» Security selection in the consumer discretionary sector, led by an overweight to MercadoLibre, Inc. and a lack of exposure to Tesla, Inc.

» Security selection in the health care sector, led by an overweight to Intuitive Surgical, Inc.

» Security selection in the industrials sector, led by an overweight to Trane Technologies plc.

• Top detractors from relative performance

» Underweight and stock selection in the communication services sector, including a lack of exposure to Meta Platforms Inc and an underweight to Netflix, Inc.

» Stock selection in the information technology sector, including an out-of-benchmark position in ASML Holding NV and an overweight to Workday, Inc.


		1		continued>>

How did the Fund perform over the period since inception?

Fund Performance (August 4, 2021 through October 31, 2024) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	Since Inception (8/04/21)

NAV	46.37%	7.78%

Russell 1000^® Index	38.07%	9.06%

Russell 1000^® Growth Index	43.77%	10.03%

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


		2		continued>>

Fund Statistics (as of October 31, 2024)



Fund net assets	$	9,241,915

Total number of portfolio holdings		41

Portfolio turnover (%)		57%

Total management fees paid for the year	$	49,004

What did the Fund invest in? (as of October 31, 2024)

How has the Fund changed?

•

Portfolio Manager Updates: Effective June 18, 2024, Calvin Bohman was added as a portfolio manager of the Fund. Effective September 30, 2024, Stephan Petersen retired from Winslow Capital Management and is no longer a portfolio manager of the Fund.

Changes in independent registered public accounting firm

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_AR_1024 4015284-INV-Y-12/25


		3

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

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

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

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses and co-led these activities for J.P. Morgan’s global retail and institutional

investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

Item 4.

Principal Accountant Fees and Services.

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

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


Fiscal Year Ended October 31, 2024	Audit Fees Billed to Funds¹		Audit-Related Fees Billed to Funds²		Tax Fees Billed to Funds³		All Other Fees Billed to Funds⁴
Nuveen ESG International Developed Markets Equity ETF		$22,800		$0		$0		$0

Nuveen ESG Dividend ETF		$17,100		$0		$0		$0

Nuveen ESG Emerging Markets Equity ETF		$22,800		$0		$0		$0

Nuveen ESG Large-Cap ETF		$17,100		$0		$0		$0

Nuveen ESG Large-Cap Growth ETF		$17,100		$0		$0		$0

Nuveen ESG Large-Cap Value ETF		$17,100		$0		$0		$0

Nuveen ESG Mid-Cap Growth ETF		$17,100		$0		$0		$0

Nuveen ESG Mid-Cap Value ETF		$17,100		$0		$0		$0

Nuveen ESG Small-Cap ETF		$17,100		$0		$0		$0

Nuveen Dividend Growth ETF		$17,100		$0		$0		$0

Nuveen Small Cap Select ETF		$17,100		$0		$0		$0

Nuveen Growth Opportunities ETF		$20,000		$0		$0		$0

Nuveen Winslow Large-Cap Growth ESG ETF		$17,100		$0		$0		$0


Total		$236,600		$0		$0		$0

“Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

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

“Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

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


	Percentage Approved Pursuant to Pre-approval Exception
Fiscal Year Ended October 31, 2024	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Nuveen ESG International Developed Markets Equity ETF		0%		0%		0%		0%

Nuveen ESG Dividend ETF		0%		0%		0%		0%

Nuveen ESG Emerging Markets Equity ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap Growth ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap Value ETF		0%		0%		0%		0%

Nuveen ESG Mid-Cap Growth ETF		0%		0%		0%		0%

Nuveen ESG Mid-Cap Value ETF		0%		0%		0%		0%

Nuveen ESG Small-Cap ETF		0%		0%		0%		0%

Nuveen Dividend Growth ETF		0%		0%		0%		0%

Nuveen Small Cap Select ETF		0%		0%		0%		0%

Nuveen Growth Opportunities ETF		0%		0%		0%		0%

Nuveen Winslow Large-Cap Growth ESG ETF		0%		0%		0%		0%

Fiscal Year Ended October 31, 2023	Audit Fees Billed to Funds¹		Audit-Related Fees Billed to Funds²		Tax Fees Billed to Funds³		All Other Fees Billed to Funds⁴
Nuveen ESG International Developed Markets Equity ETF		$24,000		$0		$0		$0

Nuveen ESG Dividend ETF		$18,000		$0		$0		$0

Nuveen ESG Emerging Markets Equity ETF		$24,000		$0		$0		$0

Nuveen ESG Large-Cap ETF		$18,000		$0		$0		$0

Nuveen ESG Large-Cap Growth ETF		$18,000		$0		$0		$0

Nuveen ESG Large-Cap Value ETF		$18,000		$0		$0		$0

Nuveen ESG Mid-Cap Growth ETF		$18,000		$0		$0		$0

Nuveen ESG Mid-Cap Value ETF		$18,000		$0		$0		$0

Nuveen ESG Small-Cap ETF		$18,000		$0		$0		$0

Nuveen Dividend Growth ETF		$18,000		$0		$0		$0

Nuveen Small Cap Select ETF		$18,000		$0		$0		$0

Nuveen Growth Opportunities ETF		$21,000		$0		$0		$0

Nuveen Winslow Large-Cap Growth ESG ETF		$18,000		$0		$0		$0



Fiscal Year Ended October 31, 2023	Audit Fees Billed to Funds¹		Audit-Related Fees Billed to Funds²		Tax Fees Billed to Funds³		All Other Fees Billed to Funds⁴
Total		$249,000		$0		$0		$0


	Percentage Approved Pursuant to Pre-approval Exception
Fiscal Year Ended October 31, 2023	Audit Fees Billed to Funds		Audit-Related Fees Billed to Funds		Tax Fees Billed to Funds		All Other Fees Billed to Funds
Nuveen ESG International Developed Markets Equity ETF		0%		0%		0%		0%

Nuveen ESG Dividend ETF		0%		0%		0%		0%

Nuveen ESG Emerging Markets Equity ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap Growth ETF		0%		0%		0%		0%

Nuveen ESG Large-Cap Value ETF		0%		0%		0%		0%

Nuveen ESG Mid-Cap Growth ETF		0%		0%		0%		0%

Nuveen ESG Mid-Cap Value ETF		0%		0%		0%		0%

Nuveen ESG Small-Cap ETF		0%		0%		0%		0%

Nuveen Dividend Growth ETF		0%		0%		0%		0%

Nuveen Small Cap Select ETF		0%		0%		0%		0%

Nuveen Growth Opportunities ETF		0%		0%		0%		0%

Nuveen Winslow Large-Cap Growth ESG ETF		0%		0%		0%		0%


Fiscal Year Ended October 31, 2024	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nushares ETF Trust		$0		$0		$0

	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0%		0%		0%


Fiscal Year Ended October 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nushares ETF Trust		$0		$0		$0

	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0%		0%		0%


Fiscal Year Ended October 31, 2024	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen ESG International Developed Markets Equity ETF		$0		$0		$0		$0

Nuveen ESG Dividend ETF		$0		$0		$0		$0

Nuveen ESG Emerging Markets Equity ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap Growth ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap Value ETF		$0		$0		$0		$0

Nuveen ESG Mid-Cap Growth ETF		$0		$0		$0		$0

Nuveen ESG Mid-Cap Value ETF		$0		$0		$0		$0

Nuveen ESG Small-Cap ETF		$0		$0		$0		$0

Nuveen Dividend Growth ETF		$0		$0		$0		$0

Nuveen Small Cap Select ETF		$0		$0		$0		$0

Nuveen Growth Opportunities ETF		$0		$0		$0		$0

Nuveen Winslow Large-Cap Growth ESG ETF		$0		$0		$0		$0


Total		$0		$0		$0		$0

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

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.


Fiscal Year Ended October 31, 2023	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Nuveen ESG International Developed Markets Equity ETF		$0		$0		$0		$0

Nuveen ESG Dividend ETF		$0		$0		$0		$0

Nuveen ESG Emerging Markets Equity ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap Growth ETF		$0		$0		$0		$0

Nuveen ESG Large-Cap Value ETF		$0		$0		$0		$0

Nuveen ESG Mid-Cap Growth ETF		$0		$0		$0		$0

Nuveen ESG Mid-Cap Value ETF		$0		$0		$0		$0

Nuveen ESG Small-Cap ETF		$0		$0		$0		$0

Nuveen Dividend Growth ETF		$0		$0		$0		$0

Nuveen Small Cap Select ETF		$0		$0		$0		$0

Nuveen Growth Opportunities ETF		$0		$0		$0		$0

Nuveen Winslow Large-Cap Growth ESG ETF		$0		$0		$0		$0


Total		$0		$0		$0		$0

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

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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

Item 5.

Audit Committee of Listed Registrants.

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

Item 6.

Investments.

(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.

Item

Financial

Statements

and

Financial

Highlights

for

Open-End

Management

Investment

Companies

Report

Independent

Registered

Public

Accounting

Firm

the

Shareholders

and

Board

Trustees

Nushares

ETF

Trust:

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities

the

Funds

listed

Appendix

(the

Funds),

including

the

portfolios

investments,

October

31,

2024,

the

statements

operations

and

changes

net

assets

for

the

Funds

and

periods

listed

Appendix

and

the

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

the

Funds

and

periods

listed

Appendix

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

all

material

respects,

the

financial

position

the

Funds

October

31,

2024,

the

results

their

operations

and

the

changes

their

net

assets

for

periods

listed

Appendix

and

the

financial

highlights

for

the

Funds

and

periods

listed

Appendix

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

the

Funds'

management.

Our

responsibility

express

opinion

these

financial

statements

and

financial

highlights

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

material

misstatement,

whether

due

error

fraud.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements

and

financial

highlights,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

securities

owned

October

31,

2024,

correspondence

with

custodians

and

brokers;

when

replies

were

not

received

from

brokers,

performed

other

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements

and

financial

highlights.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

/s/

KPMG

LLP

have

served

the

auditor

one

Nuveen

investment

companies

since

2014.

Chicago,

Illinois

December

26,

2024

Appendix

Nushares

ETF

Trust

For

the

year

ended

October

31,

2024

(statement

operations);

for

each

the

years

the

two-year

period

ended

October

31,

2024

(Statement

changes

net

assets);

for

each

the

years

the

three-year

period

ended

October

31,

2024,

and

the

period

September

27,

2021

(commencement

operations)

through

October

31,

2021

(financial

highlights):

Nuveen

ESG

Dividend

ETF

Nuveen

Growth

Opportunities

ETF

For

the

year

ended

October

31,

2024

(statement

operations);

for

each

the

years

the

two-

year

period

ended

October

31,

2024

(statement

changes

net

assets);

for

each

the

years

the

five-year

period

ended

October

31,

2024

(financial

highlights):

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

For

the

year

ended

October

31,

2024

(statement

operations);

for

each

the

years

the

two-year

period

ended

October

31,

2024

(statement

changes

net

assets);

for

each

the

years

the

three-year

period

ended

October

31,

2024,

and

the

period

August

2021

(commencement

operations)

through

October

31,

2021

(financial

highlights):

Nuveen

Dividend

Growth

ETF

Nuveen

Small

Cap

Select

ETF

Nuveen

Winslow

Large-Cap

Growth

ESG

ETF

Portfolio

Investments

October

31,

2024

NUDV

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.8%

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

3.7%

4,422

Comcast

Corp,

Class

193,109

333

Fox

Corp,

Class

12,974

872

Interpublic

Group

Cos

Inc/The

25,637

1,374

Paramount

Global

15,031

4,424

Verizon

Communications

Inc

186,383

TOTAL

COMMUNICATION

SERVICES

433,134

CONSUMER

DISCRETIONARY

6.5%

490

Bath

Body

Works

Inc

13,906

479

Best

Buy

Inc

43,316

134

Dick's

Sporting

Goods

Inc

26,230

466

Ferguson

Enterprises

Inc

91,681

613

Home

Depot

Inc/The

241,369

616

LKQ

Corp

22,663

718

Lowe's

Cos

Inc

187,994

Pool

Corp

32,547

249

Tractor

Supply

66,112

297

Williams-Sonoma

Inc

39,837

TOTAL

CONSUMER

DISCRETIONARY

765,655

CONSUMER

STAPLES

11.5%

1,143

Archer-Daniels-Midland

63,105

327

Bunge

Global

27,474

449

Campbell

Soup

20,946

287

Clorox

Co/The

45,504

2,982

Coca-Cola

Co/The

194,754

1,551

Colgate-Palmolive

145,344

1,103

Conagra

Brands

Inc

31,921

696

Hormel

Foods

Corp

21,263

632

Kellanova

50,971

2,504

Keurig

Pepper

Inc

82,507

778

Kimberly-Clark

Corp

104,392

1,473

Kraft

Heinz

Co/The

49,286

1,584

Kroger

Co/The

88,340

333

Lamb

Weston

Holdings

Inc

25,871

583

McCormick

Inc/MD

45,614

1,119

PepsiCo

Inc

185,843

1,069

Target

Corp

160,393

TOTAL

CONSUMER

STAPLES

1,343,528

ENERGY

2.0%

2,318

Baker

Hughes

88,269

375

Sinclair

Corp

14,479

1,349

ONEOK

Inc

130,691

TOTAL

ENERGY

233,439

FINANCIALS

23.7%

1,247

Aflac

Inc

130,673

635

Ally

Financial

Inc

22,257

120

Assurant

Inc

23,004

5,276

Bank

America

Corp

220,642

1,704

Bank

New

York

Mellon

Corp/The

128,413

882

Capital

One

Financial

Corp

143,581

2,745

Citigroup

Inc

176,147

582

Discover

Financial

Services

86,386

751

Equitable

Holdings

Inc

34,050

1,286

Fidelity

National

Information

Services

Inc

115,393

1,581

Fifth

Third

Bancorp

69,058

358

Goldman

Sachs

Group

Inc/The

185,369

685

Hartford

Financial

Services

Group

Inc/The

75,651

1,729

Huntington

Bancshares

Inc/OH

26,955

745

Marsh

McLennan

Cos

Inc

162,589

1,397

MetLife

Inc

109,553

DESCRIPTION

VALUE

FINANCIALS

(continued)

1,684

Morgan

Stanley

195,765

472

Northern

Trust

Corp

47,446

904

PNC

Financial

Services

Group

Inc/The

170,196

542

Principal

Financial

Group

Inc

44,661

830

Prudential

Financial

Inc

101,658

2,114

Regions

Financial

Corp

50,461

690

State

Street

Corp

64,032

912

Synchrony

Financial

50,288

529

Travelers

Cos

Inc/The

130,102

898

Truist

Financial

Corp

38,659

3,590

Bancorp

173,433

TOTAL

FINANCIALS

2,776,422

HEALTH

CARE

12.0%

554

Amgen

Inc

177,369

3,353

Bristol-Myers

Squibb

186,997

562

Cardinal

Health

Inc

60,988

477

Cigna

Group/The

150,164

2,177

Gilead

Sciences

Inc

193,361

1,438

Johnson

229,879

1,808

Merck

Inc

184,995

6,198

Pfizer

Inc

175,403

256

Quest

Diagnostics

Inc

39,636

TOTAL

HEALTH

CARE

1,398,792

INDUSTRIALS

15.6%

1,231

158,146

201

Allegion

plc

28,066

628

Automatic

Data

Processing

Inc

181,643

273

Broadridge

Financial

Solutions

Inc

57,565

523

Caterpillar

Inc

196,753

271

Robinson

Worldwide

Inc

27,924

2,037

CNH

Industrial

22,875

316

Cummins

Inc

103,958

439

Deere

177,659

538

FedEx

Corp

147,331

175

IDEX

Corp

37,562

648

Illinois

Tool

Works

Inc

169,212

1,562

Johnson

Controls

International

plc

118,009

200

Owens

Corning

35,358

749

Paychex

Inc

104,358

263

Rockwell

Automation

Inc

70,145

240

Toro

Co/The

19,315

1,262

United

Parcel

Service

Inc,

Class

169,184

TOTAL

INDUSTRIALS

1,825,063

INFORMATION

TECHNOLOGY

9.9%

3,742

Cisco

Systems

Inc

204,949

3,001

Hewlett

Packard

Enterprise

58,489

2,261

Inc

80,311

7,714

Intel

Corp

166,005

933

International

Business

Machines

Corp

192,870

750

Juniper

Networks

Inc

29,175

477

NetApp

Inc

55,003

591

NXP

Semiconductors

138,590

462

Seagate

Technology

Holdings

PLC

46,371

905

Texas

Instruments

Inc

183,860

TOTAL

INFORMATION

TECHNOLOGY

1,155,623

MATERIALS

2.8%

185

Avery

Dennison

Corp

38,301

590

International

Flavors

Fragrances

Inc

58,664

2,672

Newmont

Corp

121,416

542

PPG

Industries

Inc

67,484

Portfolio

Investments

October

31,

2024

(continued)

NUDV

DESCRIPTION

VALUE

MATERIALS

(continued)

345

Steel

Dynamics

Inc

45,022

TOTAL

MATERIALS

330,887

REAL

ESTATE

9.0%

749

American

Tower

Corp

159,941

328

AvalonBay

Communities

Inc

72,688

344

BXP

Inc

27,713

1,005

Crown

Castle

Inc

108,027

192

Equinix

Inc

174,351

1,625

Healthpeak

Properties

Inc

36,481

678

Iron

Mountain

Inc

83,889

366

Public

Storage

120,436

406

Regency

Centers

Corp

29,005

248

SBA

Communications

Corp

56,909

1,351

Welltower

Inc

182,223

TOTAL

REAL

ESTATE

1,051,663

UTILITIES

3.1%

450

American

Water

Works

Inc

62,150

349

Atmos

Energy

Corp

48,434

799

Consolidated

Edison

Inc

81,242

600

Essential

Utilities

Inc

23,160

817

Eversource

Energy

53,800

2,310

Exelon

Corp

90,783

TOTAL

UTILITIES

359,569

TOTAL

COMMON

STOCKS

(Cost

$10,973,670)

11,673,775

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$10,973,670)

11,673,775

OTHER

ASSETS

LIABILITIES,

NET

0.2%

28,153

NET

ASSETS

100%

11,701,928

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUEM

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

100.6%

COMMON

STOCKS

100.6%

COMMUNICATION

SERVICES

10.7%

114,943

America

Movil

SAB

90,699

24,100

Autohome

Inc,

ADR

677,210

267,964

Bharti

Airtel

Ltd

5,138,994

1,305

Projekt

52,337

153,600

(a)

China

Ruyi

Holdings

Ltd

37,736

17,098

Chunghwa

Telecom

Ltd

65,105

101,453

Emirates

Telecommunications

Group

PJSC

489,449

4,007

Hellenic

Telecommunications

Organization

65,992

25,768

Info

Edge

India

Ltd

2,280,259

29,000

Jiangsu

Phoenix

Publishing

Media

Corp

Ltd,

Class

41,011

112,409

Kakao

Corp

3,009,792

95,530

Kanzhun

Ltd

1,389,962

113,987

Kingsoft

Corp

Ltd

394,403

10,404

(a),(b)

Krafton

Inc

2,495,452

704,874

(a),(b)

Kuaishou

Technology

4,161,571

709,463

Mobile

Telecommunications

KSCP

1,054,826

188,071

NetEase

Inc

2,994,854

289,555

Ooredoo

QPSC

909,780

246,262

Saudi

Telecom

2,763,784

19,357

Telecom

Ltd

795,320

43,155

Telefonica

Brasil

392,430

145,900

Tencent

Music

Entertainment

Group,

ADR

1,623,867

TOTAL

COMMUNICATION

SERVICES

30,924,833

CONSUMER

DISCRETIONARY

15.0%

86,604

(a),(b)

Allegro.eu

758,827

40,421

ANTA

Sports

Products

Ltd

431,277

121,029

BYD

Ltd

4,380,732

38,020

BYD

Ltd,

Class

1,563,877

5,083

China

Tourism

Group

Duty

Free

Corp

Ltd,

Class

48,371

441,474

Chow

Tai

Fook

Jewellery

Group

Ltd

417,942

19,998

Coway

Ltd

912,952

8,954

Eicher

Motors

Ltd

521,211

60,014

(a)

Falabella

215,417

460

(a),(c)

Group

176,499

Great

Wall

Motor

Ltd

280,604

123,892

Haier

Smart

Home

Ltd

450,189

18,232

Hero

MotoCorp

Ltd

1,081,859

5,066

Indian

Hotels

Ltd/The

40,770

222,164

JD.com

Inc,

Class

4,443,623

1,387

JUMBO

36,892

38,520

Electronics

Inc

2,498,217

50,918

(a)

Auto

Inc,

Class

703,410

LPP

206,344

105,921

Mahindra

Ltd

3,437,075

335,600

(a),(b)

Meituan,

Class

7,878,036

74,100

Midea

Group

Ltd,

Class

742,471

13,164

Naspers

Ltd

3,085,625

169,992

(b)

Pop

Mart

International

Group

Ltd

1,541,526

360,604

PTT

Oil

Retail

Business

PCL

164,567

16,551

Titan

Ltd

643,065

43,304

Trent

Ltd

3,671,065

68,779

Vipshop

Holdings

Ltd,

ADR

993,169

832,684

(a)

Zomato

Ltd

2,393,987

TOTAL

CONSUMER

DISCRETIONARY

43,543,105

CONSUMER

STAPLES

4.4%

420,378

(a)

Alibaba

Health

Information

Technology

Ltd

212,503

632

Amorepacific

Corp

53,400

2,973

CheilJedang

Corp

591,369

176,130

Fomento

Economico

Mexicano

SAB

1,707,413

108,186

Hindustan

Unilever

Ltd

3,252,865

Portfolio

Investments

October

31,

2024

(continued)

NUEM

DESCRIPTION

VALUE

CONSUMER

STAPLES

(continued)

241

H&H

Ltd

57,892

293,540

(b)

Nongfu

Spring

Ltd

1,091,185

99,772

Raia

Drogasil

419,512

59,374

Tata

Consumer

Products

Ltd

707,909

381,528

Varun

Beverages

Ltd

2,712,192

756,661

Wal-Mart

Mexico

SAB

2,077,834

TOTAL

CONSUMER

STAPLES

12,884,074

ENERGY

1.9%

142,380

Empresas

Copec

898,918

103,610

Offshore

Oil

Engineering

Ltd,

Class

78,785

217,998

Qatar

Fuel

QSC

917,855

16,473

S-Oil

Corp

683,988

449,510

Thai

Oil

PCL

546,152

349,486

Turkiye

Petrol

Rafinerileri

1,473,762

262,172

Ultrapar

Participacoes

946,106

TOTAL

ENERGY

5,545,566

FINANCIALS

22.9%

29,642

Abu

Dhabi

Commercial

Bank

PJSC

72,148

74,091

Abu

Dhabi

Islamic

Bank

PJSC

254,165

7,017,033

Agricultural

Bank

China

Ltd

3,447,863

1,258,464

Agricultural

Bank

China

Ltd,

Class

835,109

117,021

Rajhi

Bank

2,741,925

32,574

Axis

Bank

Ltd

449,196

1,118,674

Brasil

Bolsa

Balcao

2,052,311

171,900

Banco

Bradesco

378,321

422,645

Banco

Bradesco

1,049,174

624,111

Banco

Brasil

2,838,755

5,168,167

Bank

Central

Asia

Tbk

3,375,197

229,010

Cathay

Financial

Holding

Ltd

492,472

8,017,656

China

Construction

Bank

Corp

6,218,675

205,998

China

Construction

Bank

Corp,

Class

229,180

958,484

China

Merchants

Bank

Ltd

4,684,914

45,038

China

Merchants

Bank

Ltd,

Class

236,063

260,028

CITIC

Securities

Ltd

720,776

266,300

CITIC

Securities

Ltd,

Class

1,050,577

165,172

Commercial

International

Bank

Egypt

(CIB)

269,944

3,799

Credicorp

Ltd

699,510

977,652

CTBC

Financial

Holding

Ltd

1,095,434

205,053

Eurobank

Ergasias

Services

and

Holdings

420,742

803,653

FirstRand

Ltd

3,504,618

1,149,272

Fubon

Financial

Holding

Ltd

3,256,989

17,952

Hana

Financial

Group

Inc

779,221

279,371

HDFC

Bank

Ltd

5,766,748

12,093

(b)

HDFC

Life

Insurance

Ltd

103,569

114,529

Huatai

Securities

Ltd,

Class

283,276

25,376

(b)

ICICI

Prudential

Life

Insurance

Ltd

223,623

7,455,325

Industrial

Commercial

Bank

China

Ltd

4,468,745

745,480

Industrial

Commercial

Bank

China

Ltd,

Class

631,705

22,104

Industrial

Bank

Ltd,

Class

56,688

3,085

KakaoBank

Corp

48,399

49,559

Financial

Group

Inc

3,242,882

126,016

Kotak

Mahindra

Bank

Ltd

2,594,316

544,285

Malayan

Banking

Bhd

1,305,091

36,574

Piraeus

Financial

Holdings

136,511

86,216

Powszechna

Kasa

Oszczednosci

Bank

Polski

1,200,253

1,547,636

Public

Bank

Bhd

1,562,126

28,934

Samsung

Life

Insurance

Ltd

2,128,117

43,865

Sanlam

Ltd

217,663

27,973

Shinhan

Financial

Group

Ltd

1,039,866

25,895

Standard

Bank

Group

Ltd

353,801

96,028

Yapi

Kredi

Bankasi

68,555

TOTAL

FINANCIALS

66,585,213

DESCRIPTION

VALUE

HEALTH

CARE

3.5%

399,900

Bangkok

Dusit

Medical

Services

PCL

328,855

33,852

(a)

BeiGene

Ltd

530,352

28,500

Beijing

Tong

Ren

Tang

Ltd,

Class

158,337

53,300

Chongqing

Zhifei

Biological

Products

Ltd,

Class

212,217

11,721

Cipla

Ltd/India

216,302

15,151

Sulaiman

Habib

Medical

Services

Group

1,154,569

338,888

(b)

Hansoh

Pharmaceutical

Group

Ltd

790,727

771,259

IHH

Healthcare

Bhd

1,276,919

32,336

(a),(b)

Innovent

Biologics

Inc

140,584

139,600

Jiangsu

Hengrui

Pharmaceuticals

Ltd,

Class

912,668

7,700

(b)

Rede

D'Or

Sao

Luiz

39,054

16,201

Richter

Gedeon

Nyrt

466,962

4,600

Shenzhen

Mindray

Bio-Medical

Electronics

Ltd,

Class

172,052

717,473

Sino

Biopharmaceutical

Ltd

325,772

7,809

Torrent

Pharmaceuticals

Ltd

297,427

30,678

(b)

WuXi

AppTec

Ltd

204,010

253,925

(a),(b)

Wuxi

Biologics

Cayman

Inc

533,692

20,445

Yuhan

Corp

2,054,871

9,240

Zhangzhou

Pientzehuang

Pharmaceutical

Ltd,

Class

303,793

TOTAL

HEALTH

CARE

10,119,163

INDUSTRIALS

7.6%

2,414

ABB

India

Ltd

213,289

1,541,148

Airports

Thailand

PCL

2,797,313

41,980

Ayala

Corp

498,472

393,038

Bharat

Electronics

Ltd

1,331,687

62,761

Contemporary

Amperex

Technology

Ltd,

Class

2,165,864

16,801

Doosan

Bobcat

Inc

456,549

43,000

(a)

Embraer

360,119

286,072

(a)

GMR

Airports

Infrastructure

Ltd

269,857

21,487

Grupo

Aeroportuario

del

Sureste

SAB

CV,

Class

573,927

6,020

Havells

India

Ltd

117,298

3,903

Hyundai

Electric

Ltd

926,255

14,480

Hyundai

Engineering

Construction

Ltd

292,748

717,473

(a),(b)

Logistics

Inc

1,458,128

46,000

Kuang-Chi

Technologies

Ltd,

Class

274,276

17,359

Metlen

Energy

Metals

604,194

228,363

Rumo

785,044

8,610

(a)

Samsung

E&A

Ltd

111,431

105,872

Holding

Ltd,

Class

663,348

10,648

Shanghai

M&G

Stationery

Inc,

Class

43,322

30,104

Siemens

Ltd

2,497,608

33,218

(a)

Square

Ltd

2,041,222

80,056

Investments

Corp

1,296,381

5,006

Sungrow

Power

Supply

Ltd,

Class

63,644

942,112

(a)

Suzlon

Energy

Ltd

750,115

28,812

(a)

Turk

Hava

Yollari

228,965

702,292

Weichai

Power

Ltd

1,064,134

146,800

Weichai

Power

Ltd,

Class

274,947

TOTAL

INDUSTRIALS

22,160,137

INFORMATION

TECHNOLOGY

21.3%

1,047,898

Acer

Inc

1,322,955

847,000

ASE

Technology

Holding

Ltd

4,150,406

74,000

Asia

Vital

Components

Ltd

1,473,533

350,543

Delta

Electronics

Inc

4,420,080

104,886

HCL

Technologies

Ltd

2,202,904

166,188

Infosys

Ltd

3,473,027

2,919,121

Lenovo

Group

Ltd

3,867,430

108,626

Display

Ltd

837,522

763,966

Lite-On

Technology

Corp

2,444,023

257,684

Sunny

Optical

Technology

Group

Ltd

1,678,804

1,008,124

Taiwan

Semiconductor

Manufacturing

Ltd

32,408,481

Portfolio

Investments

October

31,

2024

(continued)

NUEM

DESCRIPTION

VALUE

INFORMATION

TECHNOLOGY

(continued)

2,425,000

United

Microelectronics

Corp

3,644,312

TOTAL

INFORMATION

TECHNOLOGY

61,923,477

MATERIALS

8.4%

1,887,238

(a)

Amman

Mineral

Internasional

1,103,244

10,174

Anglo

American

Platinum

Ltd

396,487

2,904

Anglogold

Ashanti

Plc

80,465

19,011

APL

Apollo

Tubes

Ltd

343,758

73,054

Asian

Paints

Ltd

2,550,488

1,287,735

Cemex

SAB

677,417

56,488

Chandra

Asri

Pacific

Tbk

31,492

502,558

Gerdau

1,588,739

72,030

Gold

Fields

Ltd

1,182,180

4,898

Hanwha

Solutions

Corp

76,132

13,998

KGHM

Polska

Miedz

521,930

15,750

Klabin

56,756

2,998

Korea

Zinc

Ltd

2,168,119

17,033

Kumba

Iron

Ore

Ltd

319,850

2,768

Chem

Ltd

421,217

9,185

Chem

Ltd

2,086,592

5,320

Industries

Ltd

283,980

54,261

Pidilite

Industries

Ltd

2,030,022

226,223

Press

Metal

Aluminium

Holdings

Bhd

245,389

42,725

SABIC

Agri-Nutrients

1,294,594

296,752

(a)

Saudi

Arabian

Mining

4,456,376

73,591

Saudi

Basic

Industries

Corp

1,424,519

251,300

Shandong

Nanshan

Aluminum

Ltd,

Class

143,845

15,796

Supreme

Industries

Ltd

806,789

48,100

Western

Mining

Ltd,

Class

119,375

26,300

Xiamen

Tungsten

Ltd,

Class

71,729

TOTAL

MATERIALS

24,481,484

REAL

ESTATE

1.5%

1,131,523

Aldar

Properties

PJSC

2,347,456

32,626

China

Resources

Land

Ltd

108,482

10,500

Holdings

Inc,

ADR

230,265

108,107

(b)

Macrotech

Developers

Ltd

1,550,837

TOTAL

REAL

ESTATE

4,237,040

UTILITIES

3.4%

271,536

China

Resources

Gas

Group

Ltd

1,049,555

531,200

China

Yangtze

Power

Ltd,

Class

2,055,388

201,190

Cia

Paranaense

Energia

Copel

340,950

52,900

Engie

Brasil

Energia

378,970

286,752

ENN

Energy

Holdings

Ltd

2,017,562

91,841

Interconexion

Electrica

ESP

365,866

27,520

Manila

Electric

232,056

710,905

Power

Grid

Corp

India

Ltd

2,712,195

242,052

Tenaga

Nasional

Bhd

776,070

TOTAL

UTILITIES

9,928,612

TOTAL

COMMON

STOCKS

(Cost

$247,821,001)

292,332,704

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$247,821,001)

292,332,704

OTHER

ASSETS

LIABILITIES,

NET

(0.6)%

(

1,708,169

)

NET

ASSETS

100%

290,624,535

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

(b)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933,

amended.

These

securities

are

deemed

liquid

and

may

resold

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

the

end

the

reporting

period,

the

aggregate

value

these

securities

$22,970,821

7.9%

Total

Investments.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

Level

ADR

American

Depositary

Receipt

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUDM

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.4%

COMMON

STOCKS

99.4%

COMMUNICATION

SERVICES

5.0%

1,044,780

HKT

Trust

HKT

Ltd

1,298,181

49,517

KDDI

Corp

1,553,207

18,368

Publicis

Groupe

1,948,650

401,900

Singapore

Telecommunications

Ltd

950,901

3,007,120

SoftBank

Corp

3,806,156

125,605

SoftBank

Group

Corp

7,831,914

404,778

Spark

New

Zealand

Ltd

701,029

2,920

Swisscom

1,776,246

164,077

Telenor

ASA

2,009,610

135,572

WPP

PLC

1,418,432

TOTAL

COMMUNICATION

SERVICES

23,294,326

CONSUMER

DISCRETIONARY

11.6%

91,128

Amadeus

Group

6,588,925

6,734

Avolta

266,027

59,666

Bayerische

Motoren

Werke

4,684,614

16,263

Bayerische

Motoren

Werke

1,192,654

2,500

Bridgestone

Corp

90,054

70,794

Cie

Generale

des

Etablissements

Michelin

SCA

2,386,418

49,299

Compass

Group

PLC

1,594,032

5,774

D'ieteren

Group

1,244,302

2,985

Fast

Retailing

Ltd

970,407

24,826

Hennes

Mauritz

367,168

974

Hermes

International

SCA

2,193,089

666,882

Honda

Motor

Ltd

6,818,767

70,068

Industria

Diseno

Textil

3,978,413

10,778

Kering

2,677,797

96,965

Oriental

Land

Ltd/Japan

2,358,479

644,964

Panasonic

Holdings

Corp

5,241,854

55,100

Sekisui

Chemical

Ltd

784,947

30,500

Sekisui

House

Ltd

744,054

7,487

Sodexo

648,633

496,985

Sony

Group

Corp

8,885,860

195,820

(a)

Volvo

Car

AB,

Class

419,547

TOTAL

CONSUMER

DISCRETIONARY

54,136,041

CONSUMER

STAPLES

10.7%

126,497

Ajinomoto

Inc

4,902,927

59,500

Associated

British

Foods

PLC

1,698,973

967

Barry

Callebaut

1,690,880

116,605

Carrefour

1,840,012

Chocoladefabriken

Lindt

Spruengli

2,438,302

6,155

(a)

Coca-Cola

Europacific

Partners

PLC

467,780

2,417

Coca-Cola

HBC

84,211

105,663

Danone

7,536,623

18,954

Kerry

Group

PLC,

Class

1,882,827

107,860

Mowi

ASA

1,848,612

154,641

Orkla

ASA

1,425,786

122,059

Reckitt

Benckiser

Group

PLC

7,350,343

1,258,240

Tesco

PLC

5,535,596

157,966

Unilever

PLC

9,606,068

533,524

Wilmar

International

Ltd

1,290,556

TOTAL

CONSUMER

STAPLES

49,599,496

ENERGY

0.7%

66,106

Ampol

Ltd

1,208,052

117,062

Neste

Oyj

1,865,651

TOTAL

ENERGY

3,073,703

FINANCIALS

21.7%

168,271

Group

PLC

6,862,200

511,111

AIA

Group

Ltd

4,039,896

11,710

AIB

Group

PLC

62,217

DESCRIPTION

VALUE

FINANCIALS

(continued)

20,894

Allianz

6,564,605

364,078

ANZ

Group

Holdings

Ltd

7,428,363

168,968

AXA

6,332,333

329,080

Bank

Hapoalim

3,436,035

8,134

Banque

Cantonale

Vaudoise

809,920

563,562

Barclays

PLC

1,720,783

1,004,725

BOC

Hong

Kong

Holdings

Ltd

3,282,570

28,735

Commonwealth

Bank

Australia

2,686,754

10,000

Concordia

Financial

Group

Ltd

50,307

159,357

DNB

Bank

ASA

3,282,375

12,609

Eurazeo

957,540

209,317

Generali

5,806,092

11,809

Gjensidige

Forsikring

ASA

212,512

1,574,929

Intesa

Sanpaolo

SpA

6,731,547

52,913

KBC

Group

3,830,421

4,830,119

Lloyds

Banking

Group

PLC

3,316,042

345,663

Mizuho

Financial

Group

Inc

7,288,820

35,783

Group

1,755,527

39,223

Phoenix

Group

Holdings

PLC

247,697

122,074

(b)

Poste

Italiane

SpA

1,714,928

52,500

Sompo

Holdings

Inc

1,145,643

234,278

Standard

Chartered

PLC

2,711,989

403,676

Svenska

Handelsbanken

4,180,102

193,130

Tokio

Marine

Holdings

Inc

7,059,562

242,843

UBS

Group

7,453,514

TOTAL

FINANCIALS

100,970,294

HEALTH

CARE

12.9%

303,323

Astellas

Pharma

Inc

3,575,358

142,686

Chugai

Pharmaceutical

Ltd

6,875,531

21,619

CSL

Ltd

4,063,333

184,078

Daiichi

Sankyo

Ltd

6,019,317

19,604

EssilorLuxottica

4,584,362

2,721

(a)

Genmab

A/S

607,774

46,608

(a)

Hoya

Corp

6,341,381

3,729

Lonza

Group

2,296,826

30,603

Merck

KGaA

5,050,055

3,701

(a),(c)

NMC

Health

PLC

–

54,490

Novartis

5,910,908

130,824

Novo

Nordisk

A/S,

Class

14,531,662

TOTAL

HEALTH

CARE

59,856,507

INDUSTRIALS

18.4%

102,456

ABB

Ltd

5,675,543

50,405

ACS

Actividades

Construccion

Servicios

2,407,769

36,394

AerCap

Holdings

3,404,659

9,531

Aeroports

Paris

1,125,786

93,751

Alstom

2,041,716

52,584

Bouygues

1,680,089

383,195

Brambles

Ltd

4,608,219

34,672

Bunzl

PLC

1,520,929

145,848

Computershare

Ltd

2,520,089

107,630

Dai

Nippon

Printing

Ltd

1,886,572

2,350

Daikin

Industries

Ltd

287,724

27,405

DCC

PLC

1,727,831

20,381

Eiffage

1,890,936

70,323

Getlink

1,189,851

423,712

(a)

Grab

Holdings

Ltd

1,728,745

403,551

Keppel

Ltd

1,952,322

4,911

Komatsu

Ltd

129,316

369,835

Mitsubishi

Electric

Corp

5,796,692

420,002

MTR

Corp

Ltd

1,528,871

14,894

MTU

Aero

Engines

4,862,205

73,479

Nibe

Industrier

353,247

Portfolio

Investments

October

31,

2024

(continued)

NUDM

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

180,315

RELX

PLC

8,252,827

62,178

Rexel

1,699,734

186,694

Sandvik

3,646,623

37,543

Schneider

Electric

9,667,900

88,000

Holdings

Ltd

883,900

18,585

SGS

1,966,610

30,305

Siemens

5,869,453

95,796

Smiths

Group

PLC

1,883,110

357,930

Transurban

Group

2,979,780

24,500

West

Japan

Railway

436,199

TOTAL

INDUSTRIALS

85,605,247

INFORMATION

TECHNOLOGY

7.4%

17,453

ASML

Holding

11,770,368

383,698

Fujitsu

Ltd

7,463,628

57,438

Infineon

Technologies

1,809,923

38,584

Logitech

International

3,157,400

78,770

Nokia

Oyj

369,859

148,900

Ricoh

Ltd

1,634,894

31,793

SAP

7,414,029

8,354

Temenos

577,254

TOTAL

INFORMATION

TECHNOLOGY

34,197,355

MATERIALS

6.0%

106,766

Antofagasta

PLC

2,377,397

75,711

Boliden

2,340,662

4,561

Clariant

63,243

36,301

Croda

International

PLC

1,729,130

816

DSM-Firmenich

96,650

18,134

Endeavour

Mining

PLC

404,496

24,951

Evonik

Industries

547,990

195,925

Fortescue

Ltd

2,460,099

1,472

Givaudan

6,974,424

45,140

(a)

James

Hardie

Industries

PLC

1,444,627

48,911

Mineral

Resources

Ltd

1,262,244

797,997

Pilbara

Minerals

Ltd

1,489,659

16,249

Sika

4,519,353

42,171

Sumitomo

Metal

Mining

Ltd

1,187,958

8,059

Symrise

967,664

TOTAL

MATERIALS

27,865,596

REAL

ESTATE

2.1%

187,800

CapitaLand

Ascendas

REIT

381,875

147,210

Goodman

Group

3,532,916

528,334

Mitsui

Fudosan

Ltd

4,599,185

56,587

Sino

Land

Ltd

56,628

115,239

Swire

Pacific

Ltd

968,675

TOTAL

REAL

ESTATE

9,539,279

UTILITIES

2.9%

301,618

Iberdrola

4,468,063

591,678

National

Grid

PLC

7,425,832

2,894

Orsted

168,797

18,850

Verbund

1,538,926

TOTAL

UTILITIES

13,601,618

TOTAL

COMMON

STOCKS

(Cost

$404,936,635)

461,739,462

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$404,936,635)

461,739,462

OTHER

ASSETS

LIABILITIES,

NET

0.6%

2,990,900

NET

ASSETS

100%

464,730,362

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

(b)

Security

exempt

from

registration

under

Rule

144A

the

Securities

Act

1933,

amended.

These

securities

are

deemed

liquid

and

may

resold

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

the

end

the

reporting

period,

the

aggregate

value

these

securities

$1,714,928

0.4%

Total

Investments.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

Level

REIT

Real

Estate

Investment

Trust

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NULC

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.8%

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

8.8%

6,250

Alphabet

Inc,

Class

1,069,437

3,798

Alphabet

Inc,

Class

655,877

13,838

AT&T

Inc

311,908

6,194

Comcast

Corp,

Class

270,492

776

Electronic

Arts

Inc

117,060

1,885

Verizon

Communications

Inc

79,415

5,213

Walt

Disney

Co/The

501,491

TOTAL

COMMUNICATION

SERVICES

3,005,680

CONSUMER

DISCRETIONARY

9.4%

(a)

AutoZone

Inc

12,036

Booking

Holdings

Inc

144,964

5,786

(a)

Chipotle

Mexican

Grill

Inc

322,685

642

(a)

Deckers

Outdoor

Corp

103,291

2,630

eBay

Inc

151,251

1,388

Ferguson

Enterprises

Inc

273,075

183

Home

Depot

Inc/The

72,056

1,056

Lowe's

Cos

Inc

276,493

1,459

McDonald's

Corp

426,189

241

(a)

MercadoLibre

Inc

490,960

2,071

(a)

Tesla

Inc

517,439

3,852

TJX

Cos

Inc/The

435,392

TOTAL

CONSUMER

DISCRETIONARY

3,225,831

CONSUMER

STAPLES

6.0%

3,417

Archer-Daniels-Midland

188,652

Bunge

Global

3,697

8,870

Coca-Cola

Co/The

579,300

2,684

Kroger

Co/The

149,687

1,654

PepsiCo

Inc

274,696

3,076

Procter

Gamble

Co/The

508,094

2,379

Target

Corp

356,945

TOTAL

CONSUMER

STAPLES

2,061,071

ENERGY

2.9%

6,891

Baker

Hughes

262,409

1,574

Cheniere

Energy

Inc

301,232

1,139

Sinclair

Corp

43,977

4,024

ONEOK

Inc

389,845

TOTAL

ENERGY

997,463

FINANCIALS

16.6%

438

(a)

Arch

Capital

Group

Ltd

43,169

728

Cboe

Global

Markets

Inc

155,479

4,939

Citigroup

Inc

316,936

2,904

(a)

Fiserv

Inc

574,702

138

Goldman

Sachs

Group

Inc/The

71,455

144

LPL

Financial

Holdings

Inc

40,634

228

MarketAxess

Holdings

Inc

65,988

2,215

Marsh

McLennan

Cos

Inc

483,402

1,464

Mastercard

Inc

731,400

227

Moody's

Corp

103,067

4,204

Morgan

Stanley

488,715

2,238

PNC

Financial

Services

Group

Inc/The

421,348

2,164

Progressive

Corp/The

525,484

3,676

(a)

Robinhood

Markets

Inc,

Class

86,349

1,065

S&P

Global

Inc

511,583

680

Travelers

Cos

Inc/The

167,239

2,894

Truist

Financial

Corp

124,587

463

Bancorp

22,368

2,572

Visa

Inc,

Class

745,494

Willis

Towers

Watson

PLC

16,620

TOTAL

FINANCIALS

5,696,019

DESCRIPTION

VALUE

HEALTH

CARE

12.1%

513

Agilent

Technologies

Inc

66,849

1,193

Amgen

Inc

381,951

378

Cardinal

Health

Inc

41,020

Cigna

Group/The

27,074

153

(a)

Cooper

Cos

Inc/The

16,016

2,008

Danaher

Corp

493,285

128

(a)

Dexcom

Inc

9,021

3,979

(a)

Edwards

Lifesciences

Corp

266,633

999

Eli

Lilly

828,910

2,751

Gilead

Sciences

Inc

244,344

1,255

HCA

Healthcare

Inc

450,219

1,617

(a)

Hologic

Inc

130,767

(a)

IDEXX

Laboratories

Inc

17,091

855

McKesson

Corp

428,004

1,014

(a)

Solventum

Corp

73,596

1,061

(a)

Veeva

Systems

Inc,

Class

221,569

237

(a)

Vertex

Pharmaceuticals

Inc

112,807

501

West

Pharmaceutical

Services

Inc

154,273

1,145

Zoetis

Inc

204,703

TOTAL

HEALTH

CARE

4,168,132

INDUSTRIALS

8.2%

1,592

204,524

1,143

Automatic

Data

Processing

Inc

330,601

496

(a)

Axon

Enterprise

Inc

210,056

5,588

Carrier

Global

Corp

406,359

Dover

Corp

3,787

1,694

Eaton

Corp

PLC

561,697

127

EMCOR

Group

Inc

56,651

281

FedEx

Corp

76,952

2,015

Fortive

Corp

143,932

Fortune

Brands

Innovations

Inc

7,416

865

Jacobs

Solutions

Inc

121,602

1,339

TransUnion

135,641

Union

Pacific

Corp

13,228

2,906

United

Parcel

Service

Inc,

Class

389,578

203

United

Rentals

Inc

164,998

TOTAL

INDUSTRIALS

2,827,022

INFORMATION

TECHNOLOGY

28.9%

323

(a)

Adobe

Inc

154,420

1,912

(a)

Advanced

Micro

Devices

Inc

275,462

275

(a)

Akamai

Technologies

Inc

27,797

1,932

Applied

Materials

Inc

350,813

749

(a)

Atlassian

Corp

PLC,

Class

141,216

700

(a)

Cadence

Design

Systems

Inc

193,284

704

(a)

First

Solar

Inc

136,914

(a)

Gartner

Inc

24,120

8,934

Hewlett

Packard

Enterprise

174,124

6,727

Inc

238,943

15,716

Intel

Corp

338,208

2,777

International

Business

Machines

Corp

574,061

2,255

Juniper

Networks

Inc

87,720

1,200

(a)

Keysight

Technologies

Inc

178,812

3,713

Marvell

Technology

Inc

297,448

5,857

Microsoft

Corp

2,379,992

1,415

NetApp

Inc

163,164

20,261

NVIDIA

Corp

2,689,850

153

NXP

Semiconductors

35,879

164

(a)

Palo

Alto

Networks

Inc

59,094

1,704

Salesforce

Inc

496,494

1,378

Seagate

Technology

Holdings

PLC

138,310

591

(a)

Synopsys

Inc

303,544

1,114

Texas

Instruments

Inc

226,320

Portfolio

Investments

October

31,

2024

(continued)

NULC

DESCRIPTION

VALUE

INFORMATION

TECHNOLOGY

(continued)

1,691

(a)

Trimble

Inc

102,306

2,259

(a)

Western

Digital

Corp

147,535

TOTAL

INFORMATION

TECHNOLOGY

9,935,830

MATERIALS

2.8%

1,955

Ball

Corp

115,834

1,772

Ecolab

Inc

435,434

1,790

LyondellBasell

Industries

NV,

Class

155,461

2,248

Mosaic

Co/The

60,156

1,552

Newmont

Corp

70,523

1,026

Steel

Dynamics

Inc

133,893

TOTAL

MATERIALS

971,301

REAL

ESTATE

2.1%

1,788

American

Tower

Corp

381,810

162

Equinix

Inc

147,109

1,388

Iron

Mountain

Inc

171,737

193

Welltower

Inc

26,032

TOTAL

REAL

ESTATE

726,688

UTILITIES

2.0%

1,136

American

Water

Works

Inc

156,893

2,387

Consolidated

Edison

Inc

242,710

6,894

Exelon

Corp

270,934

TOTAL

UTILITIES

670,537

TOTAL

COMMON

STOCKS

(Cost

$26,065,633)

34,285,574

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$26,065,633)

34,285,574

OTHER

ASSETS

LIABILITIES,

NET

0.2%

59,232

NET

ASSETS

100%

34,344,806

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

S&P

Standard

Poor's

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NULG

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.8%

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

9.8%

400,762

Alphabet

Inc,

Class

68,574,386

394,307

Alphabet

Inc,

Class

68,092,876

1,345,185

(a)

Warner

Bros

Discovery

Inc

10,936,354

TOTAL

COMMUNICATION

SERVICES

147,603,616

CONSUMER

DISCRETIONARY

15.1%

136,183

(a)

Airbnb

Inc

18,356,107

17,582

(a)

Aptiv

PLC

999,185

3,212

(a)

AutoZone

Inc

9,664,908

6,597

Booking

Holdings

Inc

30,849,221

358,467

(a)

Chipotle

Mexican

Grill

Inc

19,991,705

88,095

(a)

Deckers

Outdoor

Corp

14,173,604

135,287

(a)

DoorDash

Inc,

Class

21,199,473

19,595

(a)

Expedia

Group

Inc

3,062,894

11,796

(a)

MercadoLibre

Inc

24,030,575

18,948

(a)

O'Reilly

Automotive

Inc

21,849,697

209,055

(a)

Tesla

Inc

52,232,392

71,737

Williams-Sonoma

Inc

9,622,084

TOTAL

CONSUMER

DISCRETIONARY

226,031,845

CONSUMER

STAPLES

3.3%

49,453

Church

Dwight

Inc

4,940,849

46,586

Costco

Wholesale

Corp

40,724,550

41,712

Lamb

Weston

Holdings

Inc

3,240,605

TOTAL

CONSUMER

STAPLES

48,906,004

FINANCIALS

7.7%

14,287

FactSet

Research

Systems

Inc

6,487,155

85,634

Mastercard

Inc

42,781,890

48,291

Moody's

Corp

21,926,046

154,330

Visa

Inc,

Class

44,732,550

TOTAL

FINANCIALS

115,927,641

HEALTH

CARE

10.2%

60,789

Agilent

Technologies

Inc

7,921,414

229,925

(a)

Edwards

Lifesciences

Corp

15,407,274

66,022

Eli

Lilly

54,781,094

35,203

(a)

IDEXX

Laboratories

Inc

14,324,805

37,356

(a)

Insulet

Corp

8,649,035

20,169

McKesson

Corp

10,096,400

5,647

(a)

Mettler-Toledo

International

Inc

7,294,512

42,090

West

Pharmaceutical

Services

Inc

12,960,774

116,632

Zoetis

Inc

20,851,469

TOTAL

HEALTH

CARE

152,286,777

INDUSTRIALS

9.8%

41,429

(a)

Axon

Enterprise

Inc

17,545,181

23,900

Broadridge

Financial

Solutions

Inc

5,039,554

115,970

Cintas

Corp

23,867,786

371,217

(a)

Copart

Inc

19,106,539

34,508

Graco

Inc

2,810,677

8,572

IDEX

Corp

1,839,894

91,077

Old

Dominion

Freight

Line

Inc

18,335,622

73,280

Quanta

Services

Inc

22,103,446

139,028

Veralto

Corp

14,207,271

20,624

Grainger

Inc

22,876,760

TOTAL

INDUSTRIALS

147,732,730

INFORMATION

TECHNOLOGY

43.0%

57,629

(a)

Adobe

Inc

27,551,272

91,531

(a)

Advanced

Micro

Devices

Inc

13,186,871

136,932

Applied

Materials

Inc

24,864,113

77,835

(a)

Autodesk

Inc

22,089,573

42,434

(a)

Gartner

Inc

21,323,085

35,302

(a)

Keysight

Technologies

Inc

5,260,351

Portfolio

Investments

October

31,

2024

(continued)

NULG

DESCRIPTION

VALUE

INFORMATION

TECHNOLOGY

(continued)

186,652

Lam

Research

Corp

13,877,576

248,295

Marvell

Technology

Inc

19,890,913

452,044

Microsoft

Corp

183,688,079

1,570,270

NVIDIA

Corp

208,469,045

8,961

(a)

Palo

Alto

Networks

Inc

3,228,917

69,090

(a)

PTC

Inc

12,804,450

110,836

Salesforce

Inc

32,294,285

115,280

Seagate

Technology

Holdings

PLC

11,570,654

7,103

(a)

ServiceNow

Inc

6,627,028

37,490

(a)

Synopsys

Inc

19,255,239

79,874

(a)

Workday

Inc,

Class

18,678,535

TOTAL

INFORMATION

TECHNOLOGY

644,659,986

MATERIALS

0.9%

53,308

Ecolab

Inc

13,099,375

TOTAL

MATERIALS

13,099,375

TOTAL

COMMON

STOCKS

(Cost

$1,242,259,974)

1,496,247,974

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,242,259,974)

1,496,247,974

OTHER

ASSETS

LIABILITIES,

NET

0.2%

2,760,964

NET

ASSETS

100%

1,499,008,938

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NULV

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.8%

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

4.3%

135,625

Interpublic

Group

Cos

Inc/The

3,987,375

801,675

Verizon

Communications

Inc

33,774,568

358,268

Walt

Disney

Co/The

34,465,381

TOTAL

COMMUNICATION

SERVICES

72,227,324

CONSUMER

DISCRETIONARY

5.7%

108,856

Ferguson

Enterprises

Inc

21,416,329

32,747

Home

Depot

Inc/The

12,894,131

121,041

Lowe's

Cos

Inc

31,692,165

56,916

PulteGroup

Inc

7,372,330

238,455

Starbucks

Corp

23,297,054

TOTAL

CONSUMER

DISCRETIONARY

96,672,009

CONSUMER

STAPLES

9.7%

349,231

Archer-Daniels-Midland

19,281,043

100,040

Bunge

Global

8,405,361

112,196

Church

Dwight

Inc

11,209,502

585,802

Coca-Cola

Co/The

38,258,729

361,084

Keurig

Pepper

Inc

11,897,718

94,040

Kimberly-Clark

Corp

12,618,287

425,654

Kroger

Co/The

23,738,723

202,151

PepsiCo

Inc

33,573,238

37,367

Sysco

Corp

2,800,657

18,772

Target

Corp

2,816,551

TOTAL

CONSUMER

STAPLES

164,599,809

ENERGY

3.4%

672,876

Baker

Hughes

25,623,118

114,007

Sinclair

Corp

4,401,811

279,182

ONEOK

Inc

27,047,152

TOTAL

ENERGY

57,072,081

FINANCIALS

21.6%

74,477

American

Express

20,114,748

466,652

Bank

America

Corp

19,515,387

367,381

Bank

New

York

Mellon

Corp/The

27,685,832

74,386

Cboe

Global

Markets

Inc

15,886,618

462,336

Citigroup

Inc

29,668,101

161,126

Fidelity

National

Information

Services

Inc

14,457,836

163,911

(a)

Fiserv

Inc

32,437,987

50,034

Goldman

Sachs

Group

Inc/The

25,907,105

61,086

Hartford

Financial

Services

Group

Inc/The

6,746,338

114,541

Marsh

McLennan

Cos

Inc

24,997,428

94,016

MetLife

Inc

7,372,735

202,084

Morgan

Stanley

23,492,265

146,781

PNC

Financial

Services

Group

Inc/The

27,634,459

100,756

Progressive

Corp/The

24,466,579

11,006

Prudential

Financial

Inc

1,348,015

627,264

Regions

Financial

Corp

14,972,792

187,969

(a)

Robinhood

Markets

Inc,

Class

4,415,392

9,785

S&P

Global

Inc

4,700,322

104,352

Travelers

Cos

Inc/The

25,664,331

62,267

Truist

Financial

Corp

2,680,594

37,653

Willis

Towers

Watson

PLC

11,378,360

TOTAL

FINANCIALS

365,543,224

HEALTH

CARE

15.0%

102,602

Agilent

Technologies

Inc

13,370,067

100,625

Amgen

Inc

32,216,100

27,138

Bristol-Myers

Squibb

1,513,486

172,111

Cardinal

Health

Inc

18,677,486

99,110

Cencora

Inc

22,605,009

80,103

Cigna

Group/The

25,217,225

122,942

Danaher

Corp

30,201,932

Portfolio

Investments

October

31,

2024

(continued)

NULV

DESCRIPTION

VALUE

HEALTH

CARE

(continued)

123,301

Gilead

Sciences

Inc

10,951,595

68,765

HCA

Healthcare

Inc

24,668,756

82,754

(a)

Hologic

Inc

6,692,316

187,701

Johnson

30,005,882

268,217

Merck

Inc

27,443,963

785

(a)

Regeneron

Pharmaceuticals

Inc

657,987

103,932

(a)

Solventum

Corp

7,543,385

1,191

STERIS

PLC

264,223

14,726

Zimmer

Biomet

Holdings

Inc

1,574,504

TOTAL

HEALTH

CARE

253,603,916

INDUSTRIALS

12.4%

196,435

25,236,004

78,420

Automatic

Data

Processing

Inc

22,682,201

54,102

Broadridge

Financial

Solutions

Inc

11,407,948

46,692

Caterpillar

Inc

17,565,530

29,252

CNH

Industrial

328,500

70,466

Deere

28,516,886

6,524

Eaton

Corp

PLC

2,163,228

66,766

FedEx

Corp

18,283,869

248,051

Fortive

Corp

17,718,283

118,376

Ingersoll

Rand

Inc

11,364,096

88,330

Jacobs

Solutions

Inc

12,417,431

130,716

Johnson

Controls

International

plc

9,875,594

31,349

Owens

Corning

5,542,190

121,842

United

Parcel

Service

Inc,

Class

16,334,138

14,374

United

Rentals

Inc

11,683,187

TOTAL

INDUSTRIALS

211,119,085

INFORMATION

TECHNOLOGY

15.0%

1,301

Accenture

PLC,

Class

448,611

127,226

Analog

Devices

Inc

28,385,393

20,246

(a)

Aspentech

Corp

4,752,344

444,776

Cisco

Systems

Inc

24,360,381

71,713

(a)

First

Solar

Inc

13,946,744

279,996

Inc

9,945,458

1,282,241

Intel

Corp

27,593,826

169,947

International

Business

Machines

Corp

35,131,444

99,216

NXP

Semiconductors

23,266,152

264,884

Oracle

Corp

44,458,131

67,279

(a)

Qorvo

Inc

4,794,301

166,056

Texas

Instruments

Inc

33,735,937

52,249

(a)

Western

Digital

Corp

3,412,382

TOTAL

INFORMATION

TECHNOLOGY

254,231,104

MATERIALS

4.3%

27,511

Ball

Corp

1,630,027

90,731

Ecolab

Inc

22,295,329

183,618

LyondellBasell

Industries

NV,

Class

15,947,223

227,809

Mosaic

Co/The

6,096,169

182,913

Newmont

Corp

8,311,567

77,779

PPG

Industries

Inc

9,684,263

68,605

Steel

Dynamics

Inc

8,952,952

TOTAL

MATERIALS

72,917,530

REAL

ESTATE

3.8%

108,072

American

Tower

Corp

23,077,695

7,992

Equinix

Inc

7,257,375

14,850

Iron

Mountain

Inc

1,837,391

9,888

Public

Storage

3,253,745

219,176

Welltower

Inc

29,562,459

TOTAL

REAL

ESTATE

64,988,665

DESCRIPTION

VALUE

UTILITIES

4.6%

5,334

American

Water

Works

Inc

736,679

48,673

Atmos

Energy

Corp

6,754,839

184,010

CenterPoint

Energy

Inc

5,433,815

230,110

Consolidated

Edison

Inc

23,397,585

8,912

Essential

Utilities

Inc

344,003

247,776

Eversource

Energy

16,316,050

618,588

Exelon

Corp

24,310,508

TOTAL

UTILITIES

77,293,479

TOTAL

COMMON

STOCKS

(Cost

$1,529,122,937)

1,690,268,226

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,529,122,937)

1,690,268,226

OTHER

ASSETS

LIABILITIES,

NET

0.2%

4,227,279

NET

ASSETS

100%

1,694,495,505

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

S&P

Standard

Poor's

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUMG

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.9%

COMMON

STOCKS

99.9%

COMMUNICATION

SERVICES

6.6%

100,133

(a)

Liberty

Media

Corp-Liberty

Formula

One,

Class

7,994,619

82,086

(a)

Live

Nation

Entertainment

Inc

9,615,554

1,089,296

(a)

Warner

Bros

Discovery

Inc

8,855,976

TOTAL

COMMUNICATION

SERVICES

26,466,149

CONSUMER

DISCRETIONARY

9.2%

87,651

(a)

Aptiv

PLC

4,981,207

31,096

(a)

Burlington

Stores

Inc

7,704,656

61,325

(a)

Deckers

Outdoor

Corp

9,866,579

16,502

Pool

Corp

5,967,783

298

Tractor

Supply

79,122

60,924

Williams-Sonoma

Inc

8,171,736

TOTAL

CONSUMER

DISCRETIONARY

36,771,083

FINANCIALS

6.9%

161,853

Equitable

Holdings

Inc

7,338,415

7,016

FactSet

Research

Systems

Inc

3,185,685

36,998

LPL

Financial

Holdings

Inc

10,440,096

294,172

(a)

Robinhood

Markets

Inc,

Class

6,910,100

TOTAL

FINANCIALS

27,874,296

HEALTH

CARE

13.0%

43,029

(a)

DaVita

Inc

6,015,884

85,608

(a)

Incyte

Corp

6,345,265

7,700

(a)

Mettler-Toledo

International

Inc

9,946,475

56,023

(a)

Veeva

Systems

Inc,

Class

11,699,283

26,308

(a)

Waters

Corp

8,500,378

30,831

West

Pharmaceutical

Services

Inc

9,493,790

TOTAL

HEALTH

CARE

52,001,075

INDUSTRIALS

22.3%

27,441

(a)

Axon

Enterprise

Inc

11,621,264

31,191

Broadridge

Financial

Solutions

Inc

6,576,934

147,248

(a)

CoStar

Group

Inc

10,718,182

22,583

EMCOR

Group

Inc

10,073,599

16,682

Hubbell

Inc

7,123,714

93,902

Ingersoll

Rand

Inc

9,014,592

14,875

Lennox

International

Inc

8,963,229

94,048

Veralto

Corp

9,610,765

13,986

Grainger

Inc

15,513,691

TOTAL

INDUSTRIALS

89,215,970

INFORMATION

TECHNOLOGY

36.2%

26,223

(a)

ANSYS

Inc

8,402,111

119,313

(a)

Dayforce

Inc

8,465,257

125,626

(a)

DocuSign

Inc

8,715,932

68,555

(a)

Enphase

Energy

Inc

5,692,807

7,780

(a)

Fair

Isaac

Corp

15,506,396

25,734

(a)

Gartner

Inc

12,931,335

58,065

(a)

GoDaddy

Inc,

Class

9,685,242

19,680

(a)

HubSpot

Inc

10,918,267

46,867

(a)

Keysight

Technologies

Inc

6,983,652

31,105

(a)

Manhattan

Associates

Inc

8,191,813

51,539

(a)

PTC

Inc

9,551,723

140,607

(a)

Pure

Storage

Inc,

Class

7,037,380

86,823

Seagate

Technology

Holdings

PLC

8,714,425

137,762

(a)

Trade

Desk

Inc/The,

Class

16,560,370

42,715

(a)

Zscaler

Inc

7,722,445

TOTAL

INFORMATION

TECHNOLOGY

145,079,155

MATERIALS

3.2%

46,458

Vulcan

Materials

12,726,240

TOTAL

MATERIALS

12,726,240

DESCRIPTION

VALUE

REAL

ESTATE

2.5%

43,686

SBA

Communications

Corp

10,024,626

TOTAL

REAL

ESTATE

10,024,626

TOTAL

COMMON

STOCKS

(Cost

$361,055,971)

400,158,594

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$361,055,971)

400,158,594

OTHER

ASSETS

LIABILITIES,

NET

0.1%

449,625

NET

ASSETS

100%

400,608,219

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUMV

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.9%

COMMON

STOCKS

99.9%

COMMUNICATION

SERVICES

2.1%

89,382

Fox

Corp,

Class

3,482,323

144,173

Interpublic

Group

Cos

Inc/The

4,238,686

10,550

Paramount

Global

115,417

TOTAL

COMMUNICATION

SERVICES

7,836,426

CONSUMER

DISCRETIONARY

9.0%

42,320

(a)

Aptiv

PLC

2,405,046

42,378

Bath

Body

Works

Inc

1,202,688

32,579

(a)

CarMax

Inc

2,358,068

37,696

Ferguson

Enterprises

Inc

7,416,311

31,009

Genuine

Parts

3,556,732

105,246

LKQ

Corp

3,872,000

6,587

Pool

Corp

2,382,123

52,484

PulteGroup

Inc

6,798,252

7,545

(a)

Ulta

Beauty

Inc

2,783,954

TOTAL

CONSUMER

DISCRETIONARY

32,775,174

CONSUMER

STAPLES

5.7%

54,471

Bunge

Global

4,576,653

28,891

Church

Dwight

Inc

2,886,500

3,661

Clorox

Co/The

580,452

58,637

Conagra

Brands

Inc

1,696,955

60,210

Hormel

Foods

Corp

1,839,415

75,775

Kellanova

6,111,254

40,715

McCormick

Inc/MD

3,185,542

TOTAL

CONSUMER

STAPLES

20,876,771

ENERGY

4.8%

209,900

Baker

Hughes

7,992,992

98,076

ONEOK

Inc

9,501,603

TOTAL

ENERGY

17,494,595

FINANCIALS

17.2%

105,087

Ally

Financial

Inc

3,683,299

3,664

(a)

Arch

Capital

Group

Ltd

361,124

27,566

Assurant

Inc

5,284,402

30,023

Cboe

Global

Markets

Inc

6,412,012

5,745

Citizens

Financial

Group

Inc

241,980

7,945

Discover

Financial

Services

1,179,276

20,430

Equitable

Holdings

Inc

926,296

63,722

Fifth

Third

Bancorp

2,783,377

63,805

Hartford

Financial

Services

Group

Inc/The

7,046,624

411,573

Huntington

Bancshares

Inc/OH

6,416,423

10,205

MarketAxess

Holdings

Inc

2,953,531

28,207

Nasdaq

Inc

2,085,062

27,925

Northern

Trust

Corp

2,807,021

76,345

Principal

Financial

Group

Inc

6,290,828

211,352

(a)

Robinhood

Markets

Inc,

Class

4,964,659

30,474

State

Street

Corp

2,827,987

16,002

Synchrony

Financial

882,350

19,293

Willis

Towers

Watson

PLC

5,830,152

TOTAL

FINANCIALS

62,976,403

HEALTH

CARE

8.9%

228,413

(a)

Avantor

Inc

5,109,599

59,494

Cardinal

Health

Inc

6,456,289

56,086

(a)

Hologic

Inc

4,535,675

12,720

Labcorp

Holdings

Inc

2,903,594

9,994

Quest

Diagnostics

Inc

1,547,371

83,247

(a)

Solventum

Corp

6,042,067

26,559

STERIS

PLC

5,892,114

TOTAL

HEALTH

CARE

32,486,709

DESCRIPTION

VALUE

INDUSTRIALS

14.0%

40,591

Allegion

plc

5,667,721

27,348

Broadridge

Financial

Solutions

Inc

5,766,599

5,646

Robinson

Worldwide

Inc

581,764

196,490

CNH

Industrial

2,206,583

9,354

Dover

Corp

1,770,993

41,225

Expeditors

International

Washington

Inc

4,905,775

5,799

IDEX

Corp

1,244,697

34,773

Ingersoll

Rand

Inc

3,338,208

2,124

Jacobs

Solutions

Inc

298,592

12,378

Hunt

Transport

Services

Inc

2,235,714

31,854

Owens

Corning

5,631,469

43,069

Pentair

PLC

4,268,999

1,038

Toro

Co/The

83,538

11,537

United

Rentals

Inc

9,377,274

31,191

Xylem

Inc/NY

3,798,440

TOTAL

INDUSTRIALS

51,176,366

INFORMATION

TECHNOLOGY

11.0%

33,016

(a)

Akamai

Technologies

Inc

3,337,257

14,980

(a)

Aspentech

Corp

3,516,255

28,350

(a)

First

Solar

Inc

5,513,508

220,940

Gen

Digital

Inc

6,431,564

294,357

Hewlett

Packard

Enterprise

5,737,018

28,337

(a)

Keysight

Technologies

Inc

4,222,496

46,976

NetApp

Inc

5,416,803

87,049

(a)

Trimble

Inc

5,266,465

8,562

(a)

Western

Digital

Corp

559,184

TOTAL

INFORMATION

TECHNOLOGY

40,000,550

MATERIALS

7.7%

257

Avery

Dennison

Corp

53,207

89,006

Ball

Corp

5,273,605

27,315

Crown

Holdings

Inc

2,555,318

65,884

International

Flavors

Fragrances

Inc

6,550,846

66,793

LyondellBasell

Industries

NV,

Class

5,800,972

36,759

PPG

Industries

Inc

4,576,863

25,017

Steel

Dynamics

Inc

3,264,719

TOTAL

MATERIALS

28,075,530

REAL

ESTATE

11.1%

38,000

Alexandria

Real

Estate

Equities

Inc

4,238,900

243

AvalonBay

Communities

Inc

53,851

74,597

BXP

Inc

6,009,534

40,749

(a)

CBRE

Group

Inc,

Class

5,336,897

260,232

Healthpeak

Properties

Inc

5,842,208

325,170

Host

Hotels

Resorts

Inc

5,605,931

64,069

Iron

Mountain

Inc

7,927,257

3,376

Kimco

Realty

Corp

80,079

1,353

Regency

Centers

Corp

96,658

93,566

Carey

Inc

5,213,498

TOTAL

REAL

ESTATE

40,404,813

UTILITIES

8.4%

47,090

American

Water

Works

Inc

6,503,600

46,506

Atmos

Energy

Corp

6,454,103

133,247

Essential

Utilities

Inc

5,143,334

95,462

Eversource

Energy

6,286,173

Portfolio

Investments

October

31,

2024

(continued)

NUMV

DESCRIPTION

VALUE

UTILITIES

(continued)

174,014

NiSource

Inc

6,118,332

TOTAL

UTILITIES

30,505,542

TOTAL

COMMON

STOCKS

(Cost

$322,254,770)

364,608,879

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$322,254,770)

364,608,879

OTHER

ASSETS

LIABILITIES,

NET

0.1%

471,654

NET

ASSETS

100%

365,080,533

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUSC

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.8%

COMMON

STOCK

RIGHTS

0.0%

HEALTH

CARE

0.0%

26,689

(a)

Bristol-Myers

Squibb

18,682

23,934

(a)

CinCor

Pharma

Inc

73,238

TOTAL

HEALTH

CARE

91,920

TOTAL

COMMON

STOCK

RIGHTS

(Cost

$0)

91,920

DESCRIPTION

VALUE

COMMON

STOCKS

99.8%

COMMUNICATION

SERVICES

3.1%

137,284

(b)

Advantage

Solutions

Inc

420,089

9,650

(b)

Anterix

Inc

313,432

8,088

(b),(c)

Atlanta

Braves

Holdings

Inc,

Class

340,181

55,707

(b)

Atlanta

Braves

Holdings

Inc,

Class

2,200,984

76,847

(b)

Cars.com

Inc

1,228,784

86,138

(b)

Cinemark

Holdings

Inc

2,562,605

291,796

(b)

Clear

Channel

Outdoor

Holdings

Inc

428,940

81,293

(b)

Eventbrite

Inc,

Class

260,138

82,664

(b)

Frontier

Communications

Parent

Inc

2,953,585

71,198

(b)

Gogo

Inc

466,347

88,613

Gray

Television

Inc

505,980

8,097

(b)

IMAX

Corp

196,757

51,578

Iridium

Communications

Inc

1,512,783

52,838

John

Wiley

Sons

Inc,

Class

2,604,913

36,540

(b)

Liberty

Latin

America

Ltd,

Class

357,727

26,475

(b)

Lions

Gate

Entertainment

Corp,

Class

186,649

302,790

(b)

Lumen

Technologies

Inc

1,934,828

154,438

(b)

Magnite

Inc

1,927,386

28,351

Marcus

Corp/The

534,983

39,797

(b)

MediaAlpha

Inc,

Class

681,723

90,711

New

York

Times

Co/The,

Class

5,065,302

63,953

(b)

QuinStreet

Inc

1,343,013

30,580

Scholastic

Corp

759,301

109,821

(b)

Stagwell

Inc

681,988

47,356

(b)

Taboola.com

Ltd

157,222

171,657

TEGNA

Inc

2,820,324

118,864

(b)

TripAdvisor

Inc

1,906,579

94,480

(b)

Vimeo

Inc

450,670

56,018

(b)

Ziff

Davis

Inc

2,591,953

40,056

(b)

ZipRecruiter

Inc,

Class

371,319

TOTAL

COMMUNICATION

SERVICES

37,766,485

CONSUMER

DISCRETIONARY

16.2%

367,045

ADT

Inc

2,642,724

47,255

Advance

Auto

Parts

Inc

1,686,531

18,569

American

Eagle

Outfitters

Inc

363,767

6,922

(b)

America's

Car-Mart

Inc/TX

270,235

186,672

Aramark

7,061,802

77,894

Arko

Corp

517,995

2,819

(b)

Asbury

Automotive

Group

Inc

642,281

35,332

(b)

Beazer

Homes

USA

Inc

1,086,812

55,777

(b)

Bright

Horizons

Family

Solutions

Inc

7,444,556

33,366

(b)

Brinker

International

Inc

3,427,022

30,280

Camping

World

Holdings

Inc,

Class

607,417

10,869

Columbia

Sportswear

874,628

160,311

(b)

Coursera

Inc

1,114,161

67,373

(b)

Crocs

Inc

7,264,157

41,145

(b)

Dave

Buster's

Entertainment

Inc

1,519,485

8,113

(b)

Etsy

Inc

417,333

36,397

(b)

European

Wax

Center

Inc

261,694

6,518

(b)

Five

Below

Inc

617,841

Portfolio

Investments

October

31,

2024

(continued)

NUSC

DESCRIPTION

VALUE

CONSUMER

DISCRETIONARY

(continued)

17,413

Foot

Locker

Inc

403,807

94,657

(b)

Frontdoor

Inc

4,703,506

165,983

(b)

GameStop

Corp,

Class

3,681,503

93,992

Gap

Inc/The

1,952,214

13,234

Group

Automotive

Inc

4,821,411

167,154

H&R

Block

Inc

9,984,108

36,444

(b)

Hanesbrands

Inc

253,286

127,328

Harley-Davidson

Inc

4,068,130

63,292

Hasbro

Inc

4,153,854

27,403

(b)

Helen

Troy

Ltd

1,744,201

5,023

(b)

Hilton

Grand

Vacations

Inc

185,248

13,653

Home

1,071,761

20,022

Kontoor

Brands

Inc

1,714,484

19,540

LCI

Industries

2,174,411

213,586

(b)

Leslie's

Inc

574,546

115,388

Levi

Strauss

Co,

Class

1,971,981

25,542

Lithia

Motors

Inc

8,489,395

409,300

(b),(c)

Lucid

Group

Inc

904,553

366,753

(b),(c)

Luminar

Technologies

Inc

284,380

127,368

Macy's

Inc

1,953,825

25,012

(b)

Malibu

Boats

Inc,

Class

1,122,539

24,461

(b)

MarineMax

Inc

712,549

8,435

Marriott

Vacations

Worldwide

Corp

649,748

369,155

(b)

Mattel

Inc

7,523,379

1,332

Meritage

Homes

Corp

241,358

57,587

(b)

Modine

Manufacturing

6,782,021

35,528

Monro

Inc

973,822

17,959

Movado

Group

Inc

331,703

22,182

Murphy

USA

Inc

10,834,798

95,205

(b)

National

Vision

Holdings

Inc

990,132

456,039

Newell

Brands

Inc

4,013,143

54,850

Nordstrom

Inc

1,240,159

113,458

(b)

Petco

Health

Wellness

Inc,

Class

484,466

51,032

(b)

Planet

Fitness

Inc

4,007,033

113,871

(b)

Playa

Hotels

Resorts

967,904

33,398

PVH

Corp

3,288,367

21,382

(b)

Sally

Beauty

Holdings

Inc

277,966

154,160

Service

Corp

International/US

12,587,164

9,330

Signet

Jewelers

Ltd

855,374

150,508

(b)

Sonos

Inc

1,885,865

25,015

Standard

Motor

Products

Inc

805,233

50,402

(b)

Stride

Inc

4,701,499

78,605

Tapestry

Inc

3,729,807

27,908

(b)

Taylor

Morrison

Home

Corp

1,911,698

38,562

Thor

Industries

Inc

4,013,533

13,070

(b)

TopBuild

Corp

4,618,677

180,184

(b)

Topgolf

Callaway

Brands

Corp

1,749,587

9,022

(b)

Tri

Pointe

Homes

Inc

364,759

45,873

(b)

United

Parks

Resorts

Inc

2,414,296

26,349

Vail

Resorts

Inc

4,365,766

143,078

(b)

Valvoline

Inc

5,763,182

26,906

Corp

557,223

103,182

(b)

Warby

Parker

Inc,

Class

1,746,871

18,250

Whirlpool

Corp

1,889,057

35,402

Winnebago

Industries

Inc

1,983,928

30,314

(b)

Xponential

Fitness

Inc,

Class

371,347

62,802

(b)

YETI

Holdings

Inc

2,211,258

TOTAL

CONSUMER

DISCRETIONARY

195,878,256

CONSUMER

STAPLES

3.8%

39,646

Andersons

Inc/The

1,799,928

23,769

Casey's

General

Stores

Inc

9,365,461

196,094

(b)

Darling

Ingredients

Inc

7,669,236

DESCRIPTION

VALUE

CONSUMER

STAPLES

(continued)

56,680

(b)

Freshpet

Inc

7,512,367

108,952

(b)

Hain

Celestial

Group

Inc/The

951,151

4,437

(b)

Performance

Food

Group

360,506

34,359

Spectrum

Brands

Holdings

Inc

3,079,254

19,517

(b)

Sprouts

Farmers

Market

Inc

2,506,568

140,296

(b)

Foods

Holding

Corp

8,649,249

37,014

(b)

Vital

Farms

Inc

1,283,646

9,923

WD-40

2,600,521

TOTAL

CONSUMER

STAPLES

45,777,887

ENERGY

2.7%

181,820

Archrock

Inc

3,640,036

66,584

Cactus

Inc,

Class

3,947,765

233,441

ChampionX

Corp

6,587,705

21,750

Excelerate

Energy

Inc,

Class

519,390

107,962

(b)

Expro

Group

Holdings

1,376,516

12,162

(b)

Innovex

International

Inc

172,579

211,294

NOV

Inc

3,277,170

319,527

TechnipFMC

PLC

8,528,176

62,325

Weatherford

International

PLC

4,923,675

TOTAL

ENERGY

32,973,012

FINANCIALS

17.4%

38,793

Affiliated

Managers

Group

Inc

7,521,963

718,083

AGNC

Investment

Corp

6,685,353

20,434

Amalgamated

Financial

Corp

677,694

55,244

(b)

Ambac

Financial

Group

Inc

624,810

156,834

Apollo

Commercial

Real

Estate

Finance

Inc

1,394,254

4,845

Artisan

Partners

Asset

Management

Inc,

Class

213,664

4,274

Atlantic

Union

Bankshares

Corp

161,557

63,901

(b)

AvidXchange

Holdings

Inc

526,544

81,115

(b)

Baldwin

Insurance

Group

Inc/The

3,752,380

12,533

Banc

California

Inc

192,507

60,281

(b)

Bancorp

Inc/The

3,029,723

84,908

Bank

OZK

3,714,725

5,406

Banner

Corp

346,200

17,233

Bar

Harbor

Bankshares

554,041

33,642

Berkshire

Hills

Bancorp

Inc

916,072

176,466

Blackstone

Mortgage

Trust

Inc,

Class

3,213,446

52,098

Bread

Financial

Holdings

Inc

2,597,085

9,928

Cadence

Bank

331,893

71,086

(b)

Cantaloupe

Inc

629,822

112,394

Commerce

Bancshares

Inc/MO

7,024,625

21,251

Crawford

Co,

Class

236,736

34,072

(b)

Donnelley

Financial

Solutions

Inc

1,987,760

123,595

East

West

Bancorp

Inc

12,049,277

45,901

Enterprise

Financial

Services

Corp

2,419,901

12,534

Essent

Group

Ltd

752,165

77,679

EVERTEC

Inc

2,544,764

126,905

First

American

Financial

Corp

8,140,956

203,928

First

BanCorp/Puerto

Rico

3,931,732

24,753

First

Financial

Bancorp

633,182

410,779

First

Horizon

Corp

7,118,800

9,035

First

Interstate

BancSystem

Inc,

Class

278,278

22,395

Glacier

Bancorp

Inc

1,167,899

70,631

Sustainable

Infrastructure

Capital

Inc

2,471,379

31,106

(b)

Hamilton

Insurance

Group

Ltd,

Class

541,867

49,741

Hancock

Whitney

Corp

2,590,511

21,908

Hanmi

Financial

Corp

501,036

3,962

Hanover

Insurance

Group

Inc/The

587,683

26,343

Independent

Bank

Corp

1,656,975

24,761

Independent

Bank

Corp/MI

811,666

218,921

Invesco

Ltd

3,796,090

59,421

Invesco

Mortgage

Capital

Inc

479,527

Portfolio

Investments

October

31,

2024

(continued)

NUSC

DESCRIPTION

VALUE

FINANCIALS

(continued)

93,927

Jackson

Financial

Inc,

Class

9,388,004

67,956

KKR

Real

Estate

Finance

Trust

Inc

787,610

38,617

Lincoln

National

Corp

1,341,941

29,166

MGIC

Investment

Corp

730,317

5,045

NBT

Bancorp

Inc

224,402

2,203

Nelnet

Inc,

Class

248,278

7,866

(b)

NMI

Holdings

Inc

304,257

74,651

Old

National

Bancorp/IN

1,437,778

7,071

Old

Republic

International

Corp

246,990

123,616

(b)

Open

Lending

Corp

692,250

30,535

(b)

Palomar

Holdings

Inc

2,741,127

30,939

Pathward

Financial

Inc

2,189,244

45,129

PennyMac

Financial

Services

Inc

4,498,459

39,719

Peoples

Bancorp

Inc/OH

1,222,551

7,765

Pinnacle

Financial

Partners

Inc

818,819

27,940

PJT

Partners

Inc,

Class

3,882,542

14,745

(b)

PRA

Group

Inc

297,259

23,214

Primerica

Inc

6,425,867

62,282

(b)

ProAssurance

Corp

927,379

40,334

PROG

Holdings

Inc

1,761,386

34,385

Reinsurance

Group

America

Inc

7,257,986

6,175

Renasant

Corp

210,629

99,283

(b)

Repay

Holdings

Corp

789,796

36,625

Ryan

Specialty

Holdings

Inc

2,412,489

43,245

S&T

Bancorp

Inc

1,642,445

2,688

Selective

Insurance

Group

Inc

244,124

47,289

SouthState

Corp

4,612,096

206,924

Starwood

Property

Trust

Inc

4,084,680

33,786

Stewart

Information

Services

Corp

2,324,477

84,714

Synovus

Financial

Corp

4,224,687

2,106

UMB

Financial

Corp

231,091

26,346

Unum

Group

1,690,886

433,373

Valley

National

Bancorp

4,104,042

51,533

Victory

Capital

Holdings

Inc,

Class

3,088,373

18,787

Voya

Financial

Inc

1,508,596

41,321

Walker

Dunlop

Inc

4,519,278

90,243

Webster

Financial

Corp

4,674,587

87,094

Western

Alliance

Bancorp

7,247,092

33,020

(b)

WEX

Inc

5,699,252

3,166

White

Mountains

Insurance

Group

Ltd

5,689,745

148,810

WisdomTree

Inc

1,540,183

65,907

Zions

Bancorp

3,431,118

TOTAL

FINANCIALS

210,200,654

HEALTH

CARE

11.9%

87,026

(b)

89bio

Inc

677,062

7,120

(b)

Acadia

Healthcare

Inc

303,953

55,863

(b)

Alector

Inc

274,846

197,043

(b)

Alkermes

PLC

5,064,005

46,456

(b)

AMN

Healthcare

Services

Inc

1,762,541

23,591

(b)

Apogee

Therapeutics

Inc

1,227,676

29,567

(b)

Arcturus

Therapeutics

Holdings

Inc

524,223

38,262

(b)

Arcus

Biosciences

Inc

585,409

129,921

(b)

Arcutis

Biotherapeutics

Inc

1,079,643

56,992

(b)

Arvinas

Inc

1,506,299

77,679

(b)

Avid

Bioservices

Inc

773,683

74,367

(b)

Avidity

Biosciences

Inc

3,142,749

31,592

(b)

Azenta

Inc

1,298,115

73,313

(b)

Biohaven

Ltd

3,648,055

217,957

(b)

Brookdale

Senior

Living

Inc

1,366,590

23,582

Bruker

Corp

1,334,977

56,206

(b)

Cassava

Sciences

Inc

1,450,396

32,092

(b)

Castle

Biosciences

Inc

1,112,630

DESCRIPTION

VALUE

HEALTH

CARE

(continued)

75,995

(b)

Cogent

Biosciences

Inc

873,183

2,724

CONMED

Corp

185,886

10,049

(b)

CorVel

Corp

2,992,793

47,675

(b)

Crinetics

Pharmaceuticals

Inc

2,667,893

22,339

(b),(c)

CRISPR

Therapeutics

1,036,306

40,407

(b)

Cross

Country

Healthcare

Inc

461,044

60,069

(b)

CryoPort

Inc

400,060

45,856

(b)

Cullinan

Therapeutics

Inc

713,061

54,112

(b)

Cytokinetics

Inc

2,759,712

52,746

(b)

Denali

Therapeutics

Inc

1,369,286

21,776

(b)

Disc

Medicine

Inc

976,000

50,014

(b)

Dyne

Therapeutics

Inc

1,443,404

45,773

(b)

Edgewise

Therapeutics

Inc

1,536,600

210,471

(b)

Elanco

Animal

Health

Inc

2,660,353

60,096

Embecta

Corp

846,152

23,006

(b),(c)

Enliven

Therapeutics

Inc

640,717

27,144

Ensign

Group

Inc/The

4,207,049

21,197

(b)

Entrada

Therapeutics

Inc

363,317

50,589

(b)

Envista

Holdings

Corp

1,060,851

4,620

(b),(c)

Establishment

Labs

Holdings

Inc

199,076

62,339

(b)

EyePoint

Pharmaceuticals

Inc

733,107

103,910

(b)

Fortrea

Holdings

Inc

1,747,766

12,823

(b)

Fulgent

Genetics

Inc

275,053

478,339

(b)

Geron

Corp

1,965,973

16,365

(b)

Glaukos

Corp

2,164,271

57,402

(b)

Guardant

Health

Inc

1,255,956

42,216

(b)

Haemonetics

Corp

3,004,091

23,354

(b)

HealthEquity

Inc

1,990,928

179,045

(b)

Hims

Hers

Health

Inc

3,371,417

101,456

(b),(c)

Humacyte

Inc

512,353

23,784

(b)

ICU

Medical

Inc

4,060,642

61,111

(b)

Ideaya

Biosciences

Inc

1,720,275

47,733

(b)

Immunome

Inc

547,497

63,858

(b)

Inari

Medical

Inc

3,090,727

16,090

(b)

Integer

Holdings

Corp

1,999,182

32,935

(b)

Integra

LifeSciences

Holdings

Corp

617,861

15,726

(b)

Jazz

Pharmaceuticals

PLC

1,730,332

52,416

(b)

Kura

Oncology

Inc

876,395

25,213

(b)

Kymera

Therapeutics

Inc

1,164,084

40,985

(b)

Longboard

Pharmaceuticals

Inc

2,447,624

169,678

(b)

Lyell

Immunopharma

Inc

162,942

102,736

(b)

MaxCyte

Inc

367,795

37,661

(b)

Merus

1,880,414

73,854

(b)

Mind

Medicine

MindMed

Inc

465,280

25,756

(b)

MoonLake

Immunotherapeutics

1,195,593

52,529

(b)

Myriad

Genetics

Inc

1,153,537

101,661

(b)

NeoGenomics

Inc

1,381,573

62,480

(b)

Novocure

Ltd

948,446

20,701

(b)

Nurix

Therapeutics

Inc

508,831

105,846

(b)

Nuvation

Bio

Inc

233,920

56,199

(b)

Omnicell

Inc

2,733,519

19,200

(b)

Orthofix

Medical

Inc

310,848

88,834

(b)

Owens

Minor

Inc

1,129,080

45,876

(b),(c)

Paragon

Inc

243,143

49,288

Patterson

Cos

Inc

1,035,541

19,189

(b)

Pennant

Group

Inc/The

613,472

5,395

(b)

Penumbra

Inc

1,234,754

15,603

Perrigo

PLC

399,905

45,838

(b),(c)

Phathom

Pharmaceuticals

Inc

786,122

24,746

Phibro

Animal

Health

Corp,

Class

572,127

40,080

(b)

Pliant

Therapeutics

Inc

563,926

30,808

(b)

PROCEPT

BioRobotics

Corp

2,772,720

Portfolio

Investments

October

31,

2024

(continued)

NUSC

DESCRIPTION

VALUE

HEALTH

CARE

(continued)

42,646

(b)

Prothena

Corp

PLC

724,982

69,514

(b)

QuidelOrtho

Corp

2,645,008

206,524

(b)

RCM

Inc

2,945,032

25,100

(b)

RadNet

Inc

1,632,504

222,703

(b),(c)

Recursion

Pharmaceuticals

Inc,

Class

1,407,483

119,836

(b)

Revance

Therapeutics

Inc

707,032

40,516

(b)

RxSight

Inc

2,052,541

119,580

(b)

Savara

Inc

434,673

31,494

(b)

Scholar

Rock

Holding

Corp

895,689

145,620

(b)

Sotera

Health

2,281,865

30,941

(b)

Spyre

Therapeutics

Inc

1,006,511

17,376

(b)

STAAR

Surgical

503,730

36,391

(b)

Syndax

Pharmaceuticals

Inc

686,334

52,227

(b)

Tango

Therapeutics

Inc

283,854

33,103

(b)

Tarsus

Pharmaceuticals

Inc

1,472,752

22,833

(b)

Teladoc

Health

Inc

205,497

43,203

(b)

Theravance

Biopharma

Inc

355,993

40,576

(b)

Treace

Medical

Concepts

Inc

189,084

49,467

(b)

Varex

Imaging

Corp

649,502

28,622

(b)

Vaxcyte

Inc

3,043,950

43,506

(b)

Vera

Therapeutics

Inc

1,756,772

69,153

(b)

Verve

Therapeutics

Inc

396,247

43,966

(b)

Viking

Therapeutics

Inc

3,189,294

55,276

(b)

Viridian

Therapeutics

Inc

1,192,303

97,360

(b)

WaVe

Life

Sciences

Ltd

1,334,806

55,847

(b)

Zymeworks

Inc

765,104

TOTAL

HEALTH

CARE

143,253,159

INDUSTRIALS

18.0%

53,143

AAON

Inc

6,069,993

18,837

(b)

AAR

Corp

1,105,732

6,053

Acuity

Brands

Inc

1,820,077

46,584

Advanced

Drainage

Systems

Inc

6,982,010

3,864

AGCO

Corp

385,782

130,588

Air

Lease

Corp

5,791,578

14,964

Allient

Inc

258,728

3,783

Arcosa

Inc

354,240

185,668

(b)

Array

Technologies

Inc

1,212,412

33,264

(b)

ASGN

Inc

3,063,614

44,709

Atkore

Inc

3,834,244

79,193

(b)

AZEK

Inc/The

3,484,492

40,255

(b)

Beacon

Roofing

Supply

Inc

3,706,278

48,426

Boise

Cascade

6,442,111

53,804

Brady

Corp

3,827,617

36,359

(b)

CECO

Environmental

Corp

865,344

368,103

(b)

Clarivate

PLC

2,429,480

17,184

Comfort

Systems

USA

Inc

6,719,631

221,460

(b)

Core

Main

Inc,

Class

9,806,249

59,826

Crane

9,409,433

36,039

CSG

Systems

International

Inc

1,679,778

130,822

(b)

DNOW

Inc

1,547,624

11,293

Douglas

Dynamics

Inc

255,786

69,877

(b)

Energy

Recovery

Inc

1,248,003

67,425

Enerpac

Tool

Group

Corp

2,974,791

199,145

(b)

ExlService

Holdings

Inc

8,298,372

61,924

(b)

First

Advantage

Corp

1,122,063

35,071

(b)

FTI

Consulting

Inc

6,841,651

32,605

(b)

Generac

Holdings

Inc

5,397,758

30,298

Greenbrier

Cos

Inc/The

1,795,762

61,379

Hexcel

Corp

3,602,334

57,935

HNI

Corp

2,855,037

12,572

(b)

Huron

Consulting

Group

Inc

1,454,958

71,280

Interface

Inc

1,245,262

DESCRIPTION

VALUE

INDUSTRIALS

(continued)

25,015

John

Bean

Technologies

Corp

2,787,171

145,393

KBR

Inc

9,742,785

26,025

(b)

Kratos

Defense

Security

Solutions

Inc

591,288

96,806

(b)

Leonardo

DRS

Inc

2,910,956

13,328

Lindsay

Corp

1,595,362

3,211

McGrath

RentCorp

365,091

61,157

(b)

Mercury

Systems

Inc

1,978,429

34,890

Moog

Inc,

Class

6,580,254

104,105

(b)

MRC

Global

Inc

1,276,327

28,767

MSA

Safety

Inc

4,773,884

10,561

Mueller

Water

Products

Inc,

Class

228,012

12,864

(b)

MYR

Group

Inc

1,685,184

129,669

(b)

NEXTracker

Inc,

Class

5,163,420

196,888

Pitney

Bowes

Inc

1,419,562

953,210

(b),(c)

Plug

Power

Inc

1,868,292

11,761

Powell

Industries

Inc

2,998,820

41,819

Primoris

Services

Corp

2,618,706

170,725

(b)

Resideo

Technologies

Inc

3,358,161

84,547

Robert

Half

Inc

5,758,496

8,691

Rush

Enterprises

Inc

422,035

28,071

Rush

Enterprises

Inc,

Class

1,588,257

47,310

Ryder

System

Inc

6,920,507

12,779

(b)

Saia

Inc

6,243,947

6,619

Sensata

Technologies

Holding

PLC

227,296

34,426

(b)

SiteOne

Landscape

Supply

Inc

4,810,689

19,987

(b)

SPX

Technologies

Inc

2,867,935

201,361

(b)

Sunrun

Inc

2,909,666

23,181

(b)

Titan

Machinery

Inc

318,159

27,698

TriNet

Group

Inc

2,351,283

31,986

(b)

Triumph

Group

Inc

442,686

15,369

(b)

V2X

Inc

946,730

24,835

(b)

Viad

Corp

929,822

18,683

VSE

Corp

1,917,249

53,088

Wabash

National

Corp

925,855

12,124

WESCO

International

Inc

2,327,444

64,424

(b)

WillScot

Holdings

Corp

2,135,011

26,313

(b)

XPO

Inc

3,434,636

TOTAL

INDUSTRIALS

217,307,631

INFORMATION

TECHNOLOGY

12.5%

128,787

(b)

ACI

Worldwide

Inc

6,336,320

4,363

(b)

Altair

Engineering

Inc,

Class

453,708

36,217

Badger

Meter

Inc

7,245,211

22,697

Belden

Inc

2,584,507

14,913

Benchmark

Electronics

Inc

645,733

39,435

(b)

Blackbaud

Inc

2,977,737

15,181

(b)

Box

Inc,

Class

482,149

72,072

(b)

Calix

Inc

2,549,907

59,185

(b)

Cirrus

Logic

Inc

6,499,697

53,963

(b)

CommVault

Systems

Inc

8,428,481

44,977

(b)

Confluent

Inc,

Class

1,177,048

4,281

CTS

Corp

211,867

44,528

(b)

Digi

International

Inc

1,289,976

11,031

(b),(c)

Digimarc

Corp

341,740

72,435

Dolby

Laboratories

Inc,

Class

5,280,511

110,835

(b)

DoubleVerify

Holdings

Inc

1,889,737

14,394

(b)

Dropbox

Inc,

Class

372,085

222,786

(b)

DXC

Technology

4,424,530

188,518

(b)

E2open

Parent

Holdings

Inc

552,358

16,493

(b)

Elastic

1,323,233

52,478

(b)

Envestnet

Inc

3,294,569

159,962

(b)

Flex

Ltd

5,545,883

33,877

(b)

Gitlab

Inc,

Class

1,820,889

Portfolio

Investments

October

31,

2024

(continued)

NUSC

DESCRIPTION

VALUE

INFORMATION

TECHNOLOGY

(continued)

135,359

(b)

Harmonic

Inc

1,501,131

60,514

(b)

HashiCorp

Inc,

Class

2,049,004

114,442

(b),(c)

Infinera

Corp

769,050

7,719

(b)

Informatica

Inc,

Class

210,729

21,440

(b)

Insight

Enterprises

Inc

3,750,285

28,865

(b)

Intapp

Inc

1,448,157

30,947

InterDigital

Inc

4,655,667

53,803

(b)

Itron

Inc

6,013,023

12,208

(b)

Jamf

Holding

Corp

203,141

16,860

(b)

Kimball

Electronics

Inc

299,939

39,804

Kulicke

Soffa

Industries

Inc

1,785,607

76,629

(b)

Lattice

Semiconductor

Corp

3,882,025

4,554

Littelfuse

Inc

1,114,045

7,906

(b)

LiveRamp

Holdings

Inc

197,887

348,158

(b)

Matterport

Inc

1,587,600

27,166

(b)

Meridianlink

Inc

596,565

40,616

Methode

Electronics

Inc

354,171

235,831

(b)

Mirion

Technologies

Inc

3,490,299

37,669

(b)

N-able

Inc/US

460,692

168,684

(b)

NCR

Voyix

Corp

2,160,842

22,185

(b)

Novanta

Inc

3,776,774

158,359

(b)

Nutanix

Inc,

Class

9,834,094

25,281

(b)

Onto

Innovation

Inc

5,013,981

41,641

(b)

PAR

Technology

Corp

2,456,403

75,567

(b)

Paycor

HCM

Inc

1,140,306

37,549

(b)

PDF

Solutions

Inc

1,063,388

125,546

(b)

Procore

Technologies

Inc

8,242,095

36,785

Progress

Software

Corp

2,357,551

114,353

(b)

Ribbon

Communications

Inc

407,097

17,981

(b)

Rogers

Corp

1,803,135

18,009

(b)

Silicon

Laboratories

Inc

1,870,415

23,024

(b)

SPS

Commerce

Inc

3,798,960

49,008

(b)

Teradata

Corp

1,579,528

26,291

(b)

Veeco

Instruments

Inc

756,655

49,493

Vontier

Corp

1,835,200

43,434

(b)

Weave

Communications

Inc

608,945

145,796

(b),(c)

Wolfspeed

Inc

1,940,545

63,552

Xerox

Holdings

Corp

519,220

TOTAL

INFORMATION

TECHNOLOGY

151,262,027

MATERIALS

5.5%

2,722

AptarGroup

Inc

457,051

78,293

Avient

Corp

3,649,237

171,771

(b)

Axalta

Coating

Systems

Ltd

6,513,556

39,651

Balchem

Corp

6,634,802

113,099

Berry

Global

Group

Inc

7,967,824

42,696

Compass

Minerals

International

Inc

525,588

282,385

Element

Solutions

Inc

7,652,633

129,388

FMC

Corp

8,408,926

4,794

Fuller

350,825

35,251

(b)

Knife

River

Corp

3,430,627

25,870

Koppers

Holdings

Inc

879,839

57,648

Louisiana-Pacific

Corp

5,701,387

39,458

Minerals

Technologies

Inc

2,970,793

12,290

Olympic

Steel

Inc

440,965

32,451

Radius

Recycling

Inc

525,382

57,047

(b)

Ranpak

Holdings

Corp

346,846

34,002

Royal

Gold

Inc

4,966,332

44,073

Sensient

Technologies

Corp

3,326,630

3,605

Sonoco

Products

189,335

27,518

Stepan

1,990,652

TOTAL

MATERIALS

66,929,230

DESCRIPTION

VALUE

REAL

ESTATE

6.3%

15,221

Agree

Realty

Corp

1,130,159

49,914

(b)

Anywhere

Real

Estate

Inc

192,668

27,023

Armada

Hoffler

Properties

Inc

292,659

15,548

CBL

Associates

Properties

Inc

411,245

450,973

(b)

Compass

Inc,

Class

2,863,679

28,946

CubeSmart

1,384,777

115,332

(b)

Curbline

Properties

Corp

2,609,952

20,021

(b)

Cushman

Wakefield

PLC

271,284

30,257

Easterly

Government

Properties

Inc

410,285

28,490

EastGroup

Properties

Inc

4,879,767

170,709

Empire

State

Realty

Trust

Inc,

Class

1,809,515

124,267

(b)

Equity

Commonwealth

2,459,244

107,907

Essential

Properties

Realty

Trust

Inc

3,419,573

92,846

(c)

eXp

World

Holdings

Inc

1,236,709

2,584

Federal

Realty

Investment

Trust

286,411

155,065

Hudson

Pacific

Properties

Inc

669,881

17,997

(b)

Jones

Lang

LaSalle

Inc

4,876,467

44,558

Kennedy-Wilson

Holdings

Inc

476,325

131,094

Kilroy

Realty

Corp

5,272,601

146,843

Omega

Healthcare

Investors

Inc

6,236,422

115,811

Outfront

Media

Inc

2,056,803

146,715

Pebblebrook

Hotel

Trust

1,757,646

30,425

Piedmont

Office

Realty

Trust

Inc,

Class

302,424

97,464

PotlatchDeltic

Corp

4,051,578

167,766

Rexford

Industrial

Realty

Inc

7,195,484

70,142

Ryman

Hospitality

Properties

Inc

7,508,701

12,333

Sabra

Health

Care

REIT

Inc

239,260

57,668

SITE

Centers

Corp

919,801

19,922

Joe

Co/The

1,029,967

117,369

Terreno

Realty

Corp

7,036,272

290,645

Uniti

Group

Inc

1,473,570

124,835

Xenia

Hotels

Resorts

Inc

1,768,912

TOTAL

REAL

ESTATE

76,530,041

UTILITIES

2.4%

26,768

Chesapeake

Utilities

Corp

3,206,539

42,217

Clearway

Energy

Inc,

Class

1,124,661

100,684

Clearway

Energy

Inc,

Class

2,857,412

121,603

New

Jersey

Resources

Corp

5,580,362

69,347

ONE

Gas

Inc

4,942,361

32,580

SJW

Group

1,813,403

26,538

Southwest

Gas

Holdings

Inc

1,943,908

5,200

Spire

Inc

332,072

129,180

(b),(c)

Sunnova

Energy

International

Inc

784,122

258,763

UGI

Corp

6,187,023

TOTAL

UTILITIES

28,771,863

TOTAL

COMMON

STOCKS

(Cost

$1,104,744,668)

1,206,650,245

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,104,744,668)

1,206,742,165

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

0.8%

9,344,093

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

.860

(e)

9,344,093

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$9,344,093)

9,344,093

TOTAL

INVESTMENTS

100

(Cost

1,114,088,761

)

1,216,086,258

OTHER

ASSETS

LIABILITIES,

NET

(0.6)%

(

6,951,922

)

NET

ASSETS

100%

1,209,134,336

Portfolio

Investments

October

31,

2024

(continued)

NUSC

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

For

fair

value

measurement

disclosure

purposes,

investment

classified

Level

(b)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

portion

investment,

out

loan

for

securities

lending.

The

total

value

the

securities

out

loan

the

end

the

reporting

period

was

$8,526,480.

(d)

The

Fund

may

loan

securities

representing

one

third

the

value

its

total

assets

(which

includes

collateral

for

securities

loan)

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

the

Fund

shall

have

value,

the

inception

each

loan,

equal

not

less

than

100%

the

value

the

loaned

securities.

The

cash

collateral

received

the

Fund

invested

this

money

market

fund.

(e)

The

rate

shown

the

one-day

yield

the

end

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NDVG

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

98.9%

11220762

COMMON

STOCKS

98.9%

11220762

BANKS

3.4%

1,731

JPMorgan

Chase

384,143

TOTAL

BANKS

384,143

CAPITAL

GOODS

6.9%

759

Eaton

Corp

PLC

251,670

890

Honeywell

International

Inc

183,055

250

Northrop

Grumman

Corp

127,255

595

Trane

Technologies

PLC

220,245

TOTAL

CAPITAL

GOODS

782,225

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

4.1%

924

Lowe's

Cos

Inc

241,931

2,022

TJX

Cos

Inc/The

228,547

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

470,478

CONSUMER

SERVICES

3.6%

951

McDonald's

Corp

277,796

1,317

Starbucks

Corp

128,671

TOTAL

CONSUMER

SERVICES

406,467

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

2.4%

3,374

Walmart

Inc

276,499

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

276,499

ENERGY

4.0%

1,421

Chevron

Corp

211,473

2,103

Exxon

Mobil

Corp

245,589

TOTAL

ENERGY

457,062

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

4.3%

1,166

American

Tower

Corp

248,988

2,114

Prologis

Inc

238,755

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

487,743

FINANCIAL

SERVICES

8.4%

1,176

American

Express

317,614

1,684

Charles

Schwab

Corp/The

119,278

588

Mastercard

Inc

293,759

468

S&P

Global

Inc

224,808

TOTAL

FINANCIAL

SERVICES

955,459

FOOD,

BEVERAGE

TOBACCO

5.0%

2,413

Mondelez

International

Inc,

Class

165,242

957

PepsiCo

Inc

158,939

1,813

Philip

Morris

International

Inc

240,585

TOTAL

FOOD,

BEVERAGE

TOBACCO

564,766

HEALTH

CARE

EQUIPMENT

SERVICES

6.8%

2,166

Abbott

Laboratories

245,559

421

Elevance

Health

Inc

170,825

624

UnitedHealth

Group

Inc

352,248

TOTAL

HEALTH

CARE

EQUIPMENT

SERVICES

768,632

INSURANCE

2.2%

1,130

Marsh

McLennan

Cos

Inc

246,611

TOTAL

INSURANCE

246,611

MATERIALS

4.5%

741

Linde

PLC

338,007

777

Packaging

Corp

America

177,887

TOTAL

MATERIALS

515,894

MEDIA

ENTERTAINMENT

2.0%

5,319

Comcast

Corp,

Class

232,281

TOTAL

MEDIA

ENTERTAINMENT

232,281

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

5.7%

1,443

AbbVie

Inc

294,184

1,000

Novo

Nordisk

A/S,

Sponsored

ADR

111,950

1,318

Zoetis

Inc

235,632

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

641,766

Portfolio

Investments

October

31,

2024

(continued)

NDVG

DESCRIPTION

VALUE

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

7.8%

2,950

Broadcom

Inc

500,821

1,451

Taiwan

Semiconductor

Manufacturing

Ltd,

Sponsored

ADR

276,474

528

Texas

Instruments

Inc

107,268

TOTAL

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

884,563

SOFTWARE

SERVICES

10.1%

896

Accenture

PLC,

Class

308,959

2,052

Microsoft

Corp

833,830

TOTAL

SOFTWARE

SERVICES

1,142,789

TECHNOLOGY

HARDWARE

EQUIPMENT

11.9%

2,745

Amphenol

Corp,

Class

183,970

3,678

Apple

Inc

830,897

754

Motorola

Solutions

Inc

338,810

TOTAL

TECHNOLOGY

HARDWARE

EQUIPMENT

1,353,677

TRANSPORTATION

1.4%

670

Union

Pacific

Corp

155,487

TOTAL

TRANSPORTATION

155,487

UTILITIES

4.4%

3,612

NextEra

Energy

Inc

286,251

2,177

WEC

Energy

Group

Inc

207,969

TOTAL

UTILITIES

494,220

TOTAL

COMMON

STOCKS

(Cost

$9,839,387)

11,220,762

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$9,839,387)

11,220,762

OTHER

ASSETS

LIABILITIES,

NET

1.1%

120,947

NET

ASSETS

100%

11,341,709

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

S&P

Standard

Poor's

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NUGO

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

98.4%

2707001387

COMMON

STOCKS

98.4%

2707001387

CAPITAL

GOODS

2.9%

338,323

Carrier

Global

Corp

24,602,849

72,575

Eaton

Corp

PLC

24,064,418

64,176

Emerson

Electric

6,948,335

51,642

General

Electric

8,871,063

56,759

HEICO

Corp

13,903,117

TOTAL

CAPITAL

GOODS

78,389,782

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

9.0%

1,326,243

(a)

Amazon.com

Inc

247,211,695

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

247,211,695

CONSUMER

SERVICES

4.1%

8,631

Booking

Holdings

Inc

40,360,714

576,191

(a)

Chipotle

Mexican

Grill

Inc

32,134,172

498,185

(a)

DraftKings

Inc

17,595,894

227,580

Starbucks

Corp

22,234,566

TOTAL

CONSUMER

SERVICES

112,325,346

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

2.5%

79,093

Costco

Wholesale

Corp

69,141,519

TOTAL

CONSUMER

STAPLES

DISTRIBUTION

RETAIL

69,141,519

FINANCIAL

SERVICES

5.7%

233,969

(a)

Fiserv

Inc

46,302,465

223,630

Mastercard

Inc

111,723,312

TOTAL

FINANCIAL

SERVICES

158,025,777

HEALTH

CARE

EQUIPMENT

SERVICES

2.6%

245,605

(a)

Dexcom

Inc

17,310,240

87,193

(a)

Intuitive

Surgical

Inc

43,931,321

20,862

UnitedHealth

Group

Inc

11,776,599

TOTAL

HEALTH

CARE

EQUIPMENT

SERVICES

73,018,160

MATERIALS

2.5%

703,668

Corteva

Inc

42,867,455

54,849

Linde

PLC

25,019,371

TOTAL

MATERIALS

67,886,826

MEDIA

ENTERTAINMENT

10.9%

701,623

Alphabet

Inc,

Class

120,054,711

238,893

Sponsored

ADR

13,067,907

139,536

Eli

Lilly

115,778,601

341,623

Novo

Nordisk

A/S,

Sponsored

ADR

38,244,695

89,775

Zoetis

Inc

16,049,975

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

183,141,178

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

19.6%

788,965

Broadcom

Inc

133,942,588

255,592

Lam

Research

Corp

19,003,265

2,891,791

NVIDIA

Corp

383,914,173

TOTAL

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

536,860,026

SOFTWARE

SERVICES

18.9%

55,271

(a)

Crowdstrike

Holdings

Inc,

Class

16,408,302

18,484

Intuit

Inc

11,280,785

777,847

Microsoft

Corp

316,078,128

55,497

(a)

Palo

Alto

Networks

Inc

19,997,234

118,478

(a)

PTC

Inc

21,957,528

38,819

Salesforce

Inc

11,310,692

58,652

(a)

ServiceNow

Inc

54,721,730

85,677

(a)

Shopify

Inc,

Class

6,700,798

55,672

(a)

Synopsys

Inc

28,593,696

298,530

(a)

Trade

Desk

Inc/The,

Class

35,886,291

TOTAL

SOFTWARE

SERVICES

522,935,184

Portfolio

Investments

October

31,

2024

(continued)

NUGO

DESCRIPTION

VALUE

TECHNOLOGY

HARDWARE

EQUIPMENT

12.3%

1,316,077

Apple

Inc

297,314,955

105,842

(a)

Arista

Networks

Inc

40,901,583

TOTAL

TECHNOLOGY

HARDWARE

EQUIPMENT

338,216,538

TRANSPORTATION

0.7%

271,019

(a)

Uber

Technologies

Inc

19,526,919

TOTAL

TRANSPORTATION

19,526,919

TOTAL

COMMON

STOCKS

(Cost

$1,774,798,686)

2,707,001,387

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,774,798,686)

2,707,001,387

OTHER

ASSETS

LIABILITIES,

NET

1.6%

43,825,406

NET

ASSETS

100%

2,750,826,793

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NSCS

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.1%

7324587

COMMON

STOCKS

98.2%

7324587

AUTOMOBILES

COMPONENTS

1.6%

3,016

Atmus

Filtration

Technologies

Inc

117,443

TOTAL

AUTOMOBILES

COMPONENTS

117,443

BANKS

10.8%

2,037

Banner

Corp

130,449

3,567

First

Interstate

BancSystem

Inc,

Class

109,864

3,623

Home

BancShares

Inc/AR

98,872

1,067

Preferred

Bank/Los

Angeles

90,023

1,402

SouthState

Corp

136,737

2,274

Veritex

Holdings

Inc

61,398

1,517

Wintrust

Financial

Corp

175,806

TOTAL

BANKS

803,149

CAPITAL

GOODS

13.3%

509

(a)

AeroVironment

Inc

109,415

518

Applied

Industrial

Technologies

Inc

119,963

1,233

Arcosa

Inc

115,458

593

Enpro

Inc

86,347

934

ESCO

Technologies

Inc

117,254

2,349

(a)

Fluor

Corp

122,806

10,144

(a)

Hillman

Solutions

Corp

107,526

4,646

(a)

Kratos

Defense

Security

Solutions

Inc

105,557

773

(a)

SPX

Technologies

Inc

110,918

TOTAL

CAPITAL

GOODS

995,244

COMMERCIAL

PROFESSIONAL

SERVICES

3.0%

305

(a)

ASGN

Inc

28,090

1,195

Maximus

Inc

103,296

2,004

(a)

WNS

Holdings

Ltd

96,172

TOTAL

COMMERCIAL

PROFESSIONAL

SERVICES

227,558

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

1.3%

1,027

Signet

Jewelers

Ltd

94,155

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

94,155

CONSUMER

DURABLES

APPAREL

2.7%

2,310

Steven

Madden

Ltd

103,881

2,463

(a)

Tri

Pointe

Homes

Inc

99,579

TOTAL

CONSUMER

DURABLES

APPAREL

203,460

CONSUMER

SERVICES

4.3%

1,526

Boyd

Gaming

Corp

105,737

7,344

(a)

Everi

Holdings

Inc

97,895

981

(a)

Shake

Shack

Inc,

Class

119,358

TOTAL

CONSUMER

SERVICES

322,990

ENERGY

4.2%

1,758

Matador

Resources

91,610

1,333

Noble

Corp

PLC

42,617

3,674

Northern

Oil

Gas

Inc

133,183

1,627

(a)

Vital

Energy

Inc

44,368

TOTAL

ENERGY

311,778

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

3.4%

575

EastGroup

Properties

Inc

98,486

2,722

STAG

Industrial

Inc

101,476

8,329

Summit

Hotel

Properties

Inc

50,974

TOTAL

EQUITY

REAL

ESTATE

INVESTMENT

TRUSTS

(REITS)

250,936

FINANCIAL

SERVICES

6.7%

601

Evercore

Inc,

Class

158,766

1,184

FirstCash

Holdings

Inc

122,508

6,317

Ladder

Capital

Corp

72,077

507

Piper

Sandler

Cos

143,806

TOTAL

FINANCIAL

SERVICES

497,157

FOOD,

BEVERAGE

TOBACCO

1.8%

5,213

Primo

Water

Corp

136,737

TOTAL

FOOD,

BEVERAGE

TOBACCO

136,737

Portfolio

Investments

October

31,

2024

(continued)

NSCS

DESCRIPTION

VALUE

HEALTH

CARE

EQUIPMENT

SERVICES

11.4%

1,225

(a)

Acadia

Healthcare

Inc

52,295

3,002

(a)

Alphatec

Holdings

Inc

23,566

1,127

Encompass

Health

Corp

112,092

1,481

(a),(b)

Establishment

Labs

Holdings

Inc

63,816

661

(a)

Glaukos

Corp

87,417

2,720

(a)

Guardian

Pharmacy

Services

Inc,

Class

48,715

1,416

(a)

HealthEquity

Inc

120,714

1,208

(a)

Merit

Medical

Systems

Inc

119,181

1,924

(a)

Option

Care

Health

Inc

44,329

1,303

(a)

RadNet

Inc

84,747

3,937

(a)

SI-BONE

Inc

54,331

2,454

(a)

Tactile

Systems

Technology

Inc

35,608

TOTAL

HEALTH

CARE

EQUIPMENT

SERVICES

846,811

HOUSEHOLD

PERSONAL

PRODUCTS

1.1%

1,235

(a)

BellRing

Brands

Inc

81,300

TOTAL

HOUSEHOLD

PERSONAL

PRODUCTS

81,300

INSURANCE

0.9%

242

Primerica

Inc

66,988

TOTAL

INSURANCE

66,988

MATERIALS

5.5%

2,189

Avient

Corp

102,029

1,966

Commercial

Metals

105,771

2,578

(a)

Summit

Materials

Inc,

Class

122,223

6,913

Tronox

Holdings

PLC

83,786

TOTAL

MATERIALS

413,809

MEDIA

ENTERTAINMENT

2.5%

9,450

(a)

Magnite

Inc

117,936

1,467

(a)

Ziff

Davis

Inc

67,878

TOTAL

MEDIA

ENTERTAINMENT

185,814

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

5.1%

634

(a)

Biohaven

Ltd

31,548

266

(a)

Blueprint

Medicines

Corp

23,278

1,000

(a)

Crinetics

Pharmaceuticals

Inc

55,960

1,037

(a)

Halozyme

Therapeutics

Inc

52,441

1,201

(a)

Immunovant

Inc

35,141

727

(a)

Insmed

Inc

48,912

292

(a)

Krystal

Biotech

Inc

50,379

124

(a)

Madrigal

Pharmaceuticals

Inc

32,158

443

(a)

Vaxcyte

Inc

47,113

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

376,930

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

3.0%

2,549

(a)

Ichor

Holdings

Ltd

69,486

441

(a)

Onto

Innovation

Inc

87,463

649

(a)

Silicon

Laboratories

Inc

67,405

TOTAL

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

224,354

SOFTWARE

SERVICES

7.8%

406

(a)

CommVault

Systems

Inc

63,413

715

(a)

Envestnet

Inc

44,888

6,534

(a)

Grid

Dynamics

Holdings

Inc

104,021

1,975

(a)

JFrog

Ltd

57,630

1,292

(a)

Holdings

Inc

109,381

2,388

(a)

Rubrik

Inc,

Class

98,529

1,317

(a)

Workiva

Inc

105,044

TOTAL

SOFTWARE

SERVICES

582,906

TECHNOLOGY

HARDWARE

EQUIPMENT

3.7%

731

(a)

Itron

Inc

81,696

1,477

(a)

Lumentum

Holdings

Inc

94,336

631

(a)

PAR

Technology

Corp

37,223

2,852

(a)

TTM

Technologies

Inc

63,999

TOTAL

TECHNOLOGY

HARDWARE

EQUIPMENT

277,254

DESCRIPTION

VALUE

TRANSPORTATION

1.9%

807

ArcBest

Corp

84,073

520

(a)

Kirby

Corp

59,675

TOTAL

TRANSPORTATION

143,748

UTILITIES

2.2%

1,680

Black

Hills

Corp

99,439

1,012

Spire

Inc

64,627

TOTAL

UTILITIES

164,066

TOTAL

COMMON

STOCKS

(Cost

$6,102,169)

7,324,587

DESCRIPTION

VALUE

71,608

INVESTMENT

COMPANIES

0.9%

71,608

738

(b)

SPDR

S&P

Biotech

ETF

71,608

TOTAL

INVESTMENT

COMPANIES

(Cost

$59,391)

71,608

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$6,161,560)

7,396,195

DESCRIPTION

RATE

VALUE

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

0.6%

45,384

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio(c)

4.860

(d)

45,384

TOTAL

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

(Cost

$45,384)

45,384

TOTAL

INVESTMENTS

99.7%

(Cost

$6,206,944

)

7,441,579

OTHER

ASSETS

LIABILITIES,

NET

0.3%

18,866

NET

ASSETS

100%

7,460,445

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

(b)

Investment,

portion

investment,

out

loan

for

securities

lending.

The

total

value

the

securities

out

loan

the

end

the

reporting

period

was

$42,460.

(c)

The

Fund

may

loan

securities

representing

one

third

the

value

its

total

assets

(which

includes

collateral

for

securities

loan)

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

the

Fund

shall

have

value,

the

inception

each

loan,

equal

not

less

than

100%

the

value

the

loaned

securities.

The

cash

collateral

received

the

Fund

invested

this

money

market

fund.

(d)

The

rate

shown

the

one-day

yield

the

end

the

reporting

period.

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

Poor's

SPDR

Standard

Poor's

Depositary

Receipt

See

Notes

Financial

Statements

Portfolio

Investments

October

31,

2024

NWLG

DESCRIPTION

VALUE

LONG-TERM

INVESTMENTS

99.4%

9188503

COMMON

STOCKS

99.4%

9188503

CAPITAL

GOODS

4.6%

997

General

Electric

171,265

682

Trane

Technologies

PLC

252,449

TOTAL

CAPITAL

GOODS

423,714

COMMERCIAL

PROFESSIONAL

SERVICES

0.9%

474

Waste

Connections

Inc

83,779

TOTAL

COMMERCIAL

PROFESSIONAL

SERVICES

83,779

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

11.7%

4,153

(a)

Amazon.com

Inc

774,119

(a)

MercadoLibre

Inc

193,532

(a)

O'Reilly

Automotive

Inc

110,702

TOTAL

CONSUMER

DISCRETIONARY

DISTRIBUTION

RETAIL

1,078,353

CONSUMER

SERVICES

4.0%

Booking

Holdings

Inc

158,993

2,121

(a)

Chipotle

Mexican

Grill

Inc

118,288

411

Hilton

Worldwide

Holdings

Inc

96,523

TOTAL

CONSUMER

SERVICES

373,804

FINANCIAL

SERVICES

5.1%

1,530

KKR

Inc

211,507

519

Mastercard

Inc

259,287

TOTAL

FINANCIAL

SERVICES

470,794

HEALTH

CARE

EQUIPMENT

SERVICES

4.6%

1,099

(a)

Boston

Scientific

Corp

92,338

445

(a)

Intuitive

Surgical

Inc

224,209

305

Stryker

Corp

108,665

TOTAL

HEALTH

CARE

EQUIPMENT

SERVICES

425,212

MATERIALS

2.0%

383

Ecolab

Inc

94,115

329

Vulcan

Materials

90,123

TOTAL

MATERIALS

184,238

MEDIA

ENTERTAINMENT

10.6%

1,771

Alphabet

Inc,

Class

303,036

1,506

Alphabet

Inc,

Class

260,071

243

(a)

Netflix

Inc

183,715

613

(a)

Spotify

Technology

236,066

TOTAL

MEDIA

ENTERTAINMENT

982,888

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

2.9%

313

(a)

Alnylam

Pharmaceuticals

Inc

83,443

227

Eli

Lilly

188,351

TOTAL

PHARMACEUTICALS,

BIOTECHNOLOGY

LIFE

SCIENCES

271,794

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

18.1%

978

(a)

Advanced

Micro

Devices

Inc

140,901

177

ASML

Holding

119,041

1,894

Broadcom

Inc

321,544

1,660

Lam

Research

Corp

123,421

6,549

NVIDIA

Corp

869,445

520

Texas

Instruments

Inc

105,643

TOTAL

SEMICONDUCTORS

SEMICONDUCTOR

EQUIPMENT

1,679,995

SOFTWARE

SERVICES

24.8%

152

(a)

Adobe

Inc

72,668

(a)

Fair

Isaac

Corp

151,476

296

Intuit

Inc

180,649

2,818

Microsoft

Corp

1,145,094

1,070

Oracle

Corp

179,589

181

(a)

ServiceNow

Inc

168,871

1,305

(a)

Shopify

Inc,

Class

102,064

177

(a)

Synopsys

Inc

90,909

843

(a)

Workday

Inc,

Class

197,136

TOTAL

SOFTWARE

SERVICES

2,288,456

DESCRIPTION

VALUE

TECHNOLOGY

HARDWARE

EQUIPMENT

8.6%

1,580

Amphenol

Corp,

Class

105,892

2,550

Apple

Inc

576,071

280

(a)

Arista

Networks

Inc

108,203

TOTAL

TECHNOLOGY

HARDWARE

EQUIPMENT

790,166

TRANSPORTATION

1.5%

1,878

(a)

Uber

Technologies

Inc

135,310

TOTAL

TRANSPORTATION

135,310

TOTAL

COMMON

STOCKS

(Cost

$6,627,830)

9,188,503

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$6,627,830)

9,188,503

OTHER

ASSETS

LIABILITIES,

NET

0.6%

53,412

NET

ASSETS

100%

9,241,915

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

any

one

the

industry

sub-classifications

used

one

widely

recognized

market

indexes

ratings

group

indexes,

and/or

defined

Fund

management.

This

definition

may

not

apply

for

purposes

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

Non-income

producing;

issuer

has

not

declared

ex-dividend

date

within

the

past

twelve

months.

See

Notes

Financial

Statements

Statement

Assets

and

Liabilities

See

Notes

Financial

Statements

October

31,

2024

NUDV

NUEM

NUDM

NULC

NULG

ASSETS

Long-term

investments,

value

†

11,673,775‌

292,332,704‌

461,739,462‌

34,285,574‌

1,496,247,974‌

Cash

16,344‌

478,136‌

1,199,796‌

41,425‌

2,946,890‌

Cash

denominated

foreign

currencies

—‌

21,023‌

2,033‌

—‌

Receivables:

Dividends

14,176‌

172,498‌

1,064,051‌

24,087‌

156,905‌

Interest

—‌

5,834‌

5‌

—‌

Reclaims

69‌

21,483‌

845,719‌

118‌

—‌

Other

99‌

—‌

8,853‌

270‌

15,003‌

Total

assets

11,704,463‌

293,031,678‌

464,859,919‌

34,351,474‌

1,499,366,772‌

LIABILITIES

Payables:

Management

fees

2,313‌

88,049‌

119,629‌

5,921‌

321,835‌

Capital

gains

tax

—‌

2,311,699‌

—‌

Accrued

expenses:

Professional

fees

25‌

790‌

1,331‌

95‌

4,396‌

Trustees

fees

98‌

3,139‌

5,228‌

382‌

16,600‌

Other

99‌

3,466‌

3,369‌

270‌

15,003‌

Total

liabilities

2,535‌

2,407,143‌

129,557‌

6,668‌

357,834‌

Net

assets

11,701,928‌

290,624,535‌

464,730,362‌

34,344,806‌

1,499,008,938‌

outstanding

400,000‌

9,600,000‌

14,600,000‌

750,000‌

18,150,000‌

Net

asset

value

("NAV")

per

29.25‌

30.27‌

31.83‌

45.79‌

82.59‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

10,513,342‌

281,137,619‌

412,611,778‌

25,638,688‌

1,353,679,842‌

Total

distributable

earnings

(loss)

1,188,586‌

9,486,916‌

52,118,584‌

8,706,118‌

145,329,096‌

Net

assets

11,701,928‌

290,624,535‌

464,730,362‌

34,344,806‌

1,499,008,938‌

Authorized

Unlimited

Par

value

per

0.01‌

†

Long-term

investments,

cost

10,973,670‌

247,821,001‌

404,936,635‌

26,065,633‌

1,242,259,974‌

^ Cash

denominated

foreign

currencies,

cost

—‌

21,265‌

2,310‌

—‌

Statement

Assets

and

Liabilities

(continued)

See

Notes

Financial

Statements

October

31,

2024

NULV

NUMG

NUMV

NUSC

NDVG

ASSETS

Long-term

investments,

value

†‡

1,690,268,226‌

400,158,594‌

364,608,879‌

1,206,742,165‌

11,220,762‌

Investments

purchased

with

collateral

from

securities

lending,

value

(cost

approximates

value)

—‌

9,344,093‌

—‌

Cash

2,546,777‌

523,319‌

397,485‌

2,504,184‌

118,156‌

Receivables:

Dividends

1,974,556‌

34,727‌

146,980‌

170,599‌

9,236‌

Reclaims

98,956‌

—‌

23,940‌

—‌

Securities

lending

income

—‌

184‌

—‌

40,437‌

—‌

Other

23,001‌

5,628‌

6,736‌

19,662‌

85‌

Total

assets

1,694,911,516‌

400,722,452‌

365,184,020‌

1,218,821,140‌

11,348,239‌

LIABILITIES

Payables:

Management

fees

368,451‌

102,879‌

94,395‌

308,853‌

6,280‌

Collateral

from

securities

lending

—‌

9,344,093‌

—‌

Accrued

expenses:

Professional

fees

5,332‌

1,307‌

1,118‌

3,792‌

37‌

Trustees

fees

19,228‌

4,419‌

4,069‌

13,463‌

128‌

Other

23,000‌

5,628‌

3,905‌

16,603‌

85‌

Total

liabilities

416,011‌

114,233‌

103,487‌

9,686,804‌

6,530‌

Net

assets

1,694,495,505‌

400,608,219‌

365,080,533‌

1,209,134,336‌

11,341,709‌

outstanding

41,600,000‌

8,950,000‌

10,200,000‌

28,650,000‌

350,000‌

Net

asset

value

("NAV")

per

40.73‌

44.76‌

35.79‌

42.20‌

32.40‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

1,711,854,871‌

462,354,137‌

379,853,522‌

1,338,269,898‌

10,291,305‌

Total

distributable

earnings

(loss)

(17,359,366‌)

(61,745,918‌)

(14,772,989‌)

(129,135,562‌)

1,050,404‌

Net

assets

1,694,495,505‌

400,608,219‌

365,080,533‌

1,209,134,336‌

11,341,709‌

Authorized

Unlimited

Par

value

per

0.01‌

†

Long-term

investments,

cost

1,529,122,937‌

361,055,971‌

322,254,770‌

1,104,744,668‌

9,839,387‌

‡

Includes

securities

loaned

—‌

8,526,480‌

—‌

Statement

Assets

and

Liabilities

(continued)

See

Notes

Financial

Statements

October

31,

2024

NUGO

NSCS

NWLG

ASSETS

Long-term

investments,

value

†‡

2,707,001,387‌

7,396,195‌

9,188,503‌

Investments

purchased

with

collateral

from

securities

lending,

value

(cost

approximates

value)

—‌

45,384‌

—‌

Cash

300,408‌

92,542‌

56,918‌

Receivables:

Dividends

252,856‌

1,138‌

1,260‌

Investments

sold

44,546,099‌

34,643‌

—‌

Reclaims

83,536‌

—‌

Securities

lending

income

—‌

31‌

—‌

sold

—‌

141‌

—‌

Other

31,141‌

62‌

511‌

Total

assets

2,752,215,427‌

7,570,136‌

9,247,192‌

LIABILITIES

Payables:

Management

fees

1,318,176‌

5,418‌

5,093‌

Collateral

from

securities

lending

—‌

45,384‌

—‌

Investments

purchased

regular

settlement

—‌

58,723‌

—‌

Accrued

expenses:

Professional

fees

8,305‌

21‌

25‌

Trustees

fees

31,013‌

83‌

103‌

Other

31,140‌

62‌

56‌

Total

liabilities

1,388,634‌

109,691‌

5,277‌

Net

assets

2,750,826,793‌

7,460,445‌

9,241,915‌

outstanding

84,580,000‌

270,000‌

290,000‌

Net

asset

value

("NAV")

per

32.52‌

27.63‌

31.87‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

2,529,616,192‌

6,941,206‌

7,583,330‌

Total

distributable

earnings

(loss)

221,210,601‌

519,239‌

1,658,585‌

Net

assets

2,750,826,793‌

7,460,445‌

9,241,915‌

Authorized

Unlimited

Par

value

per

0.01‌

†

Long-term

investments,

cost

1,774,798,686‌

6,161,560‌

6,627,830‌

‡

Includes

securities

loaned

—‌

42,460‌

—‌

Statement

Operations

See

Notes

Financial

Statements

Year

Ended

October

31,

2024

NUDV

NUEM

NUDM

NULC

NULG

INVESTMENT

INCOME

Dividends

292,741‌

7,512,842‌

13,204,580‌

412,179‌

7,023,903‌

Interest

448‌

3,422‌

23,347‌

1,550‌

33,063‌

Securities

lending

income,

net

124‌

5,263‌

283‌

2,273‌

4,927‌

Tax

withheld

income

(267‌)

(1,203,853‌)

(1,241,192‌)

(77‌)

(22,079‌)

Total

investment

income

293,046‌

6,317,674‌

11,987,018‌

415,925‌

7,039,814‌

EXPENSES

Management

fees

24,934‌

890,640‌

1,259,958‌

59,110‌

3,374,590‌

Professional

fees

188‌

4,461‌

7,551‌

525‌

24,381‌

Trustees

fees

339‌

9,408‌

15,530‌

1,107‌

51,301‌

Other

—‌

3,336‌

10,890‌

436‌

—‌

Total

expenses

25,461‌

907,845‌

1,293,929‌

61,178‌

3,450,272‌

Net

investment

income

(loss)

267,585‌

5,409,829‌

10,693,089‌

354,747‌

3,589,542‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments*

521,144‌

(3,635,926‌)

12,733,795‌

660,894‌

(27,996,954‌)

In-kind

redemptions

501,011‌

—‌

2,583,164‌

—‌

223,912,069‌

Foreign

currency

transactions

—‌

(400,361‌)

(243,459‌)

—‌

Net

realized

gain

(loss)

1,022,155‌

(4,036,287‌)

15,073,500‌

660,894‌

195,915,115‌

Change

unrealized

appreciation

(depreciation)

on:

Investments**

1,786,753‌

51,272,893‌

65,112,608‌

6,989,499‌

232,916,309‌

Foreign

currency

translations

—‌

(8,321‌)

(37,657‌)

—‌

Net

change

unrealized

appreciation

(depreciation)

1,786,753‌

51,264,572‌

65,074,951‌

6,989,499‌

232,916,309‌

Net

realized

and

unrealized

gain

(loss)

2,808,908‌

47,228,285‌

80,148,451‌

7,650,393‌

428,831,424‌

Net

increase

(decrease)

net

assets

from

operations

3,076,493‌

52,638,114‌

90,841,540‌

8,005,140‌

432,420,966‌

Net

foreign

capital

gains

tax

—‌

(655,938‌)

—‌

Net

change

foreign

capital

gains

tax

—‌

(2,311,699‌)

—‌

Statement

Operations

(continued)

See

Notes

Financial

Statements

Year

Ended

October

31,

2024

NULV

NUMG

NUMV

NUSC

NDVG

INVESTMENT

INCOME

Dividends

37,347,408‌

1,532,462‌

7,486,664‌

14,311,479‌

208,417‌

Interest

38,352‌

11,722‌

10,605‌

40,004‌

3,381‌

Securities

lending

income,

net

1,118‌

12,958‌

5,899‌

304,142‌

—‌

Tax

withheld

income

(890‌)

—‌

21,463‌

(16,647‌)

(508‌)

Total

investment

income

37,385,988‌

1,557,142‌

7,524,631‌

14,638,978‌

211,290‌

EXPENSES

Management

fees

3,962,191‌

1,157,986‌

1,023,282‌

3,343,361‌

73,500‌

Professional

fees

29,226‌

7,308‌

6,308‌

20,579‌

208‌

Trustees

fees

58,685‌

14,267‌

12,610‌

41,462‌

413‌

Total

expenses

4,050,102‌

1,179,561‌

1,042,200‌

3,405,402‌

74,121‌

Net

investment

income

(loss)

33,335,886‌

377,581‌

6,482,431‌

11,233,576‌

137,169‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

(59,548,216‌)

(29,853,875‌)

(17,373,895‌)

(95,956,614‌)

(79,912‌)

In-kind

redemptions

130,579,560‌

58,888,787‌

41,468,208‌

130,391,462‌

1,591,065‌

Net

realized

gain

(loss)

71,031,344‌

29,034,912‌

24,094,313‌

34,434,848‌

1,511,153‌

Change

unrealized

appreciation

(depreciation)

on:

Investments

277,350,070‌

68,340,429‌

73,454,661‌

239,944,443‌

1,314,288‌

Net

change

unrealized

appreciation

(depreciation)

277,350,070‌

68,340,429‌

73,454,661‌

239,944,443‌

1,314,288‌

Net

realized

and

unrealized

gain

(loss)

348,381,414‌

97,375,341‌

97,548,974‌

274,379,291‌

2,825,441‌

Net

increase

(decrease)

net

assets

from

operations

381,717,300‌

97,752,922‌

104,031,405‌

285,612,867‌

2,962,610‌

Statement

Operations

(continued)

See

Notes

Financial

Statements

Year

Ended

October

31,

2024

NUGO

NSCS

NWLG

INVESTMENT

INCOME

Affiliated

income

—‌

1,290‌

Dividends

15,021,544‌

73,523‌

36,623‌

Interest

164,057‌

1,463‌

1,050‌

Securities

lending

income,

net

—‌

2,188‌

—‌

Tax

withheld

income

(65,498‌)

(387‌)

(227‌)

Total

investment

income

15,120,103‌

76,787‌

38,736‌

EXPENSES

Management

fees

15,676,478‌

57,305‌

49,004‌

Professional

fees

50,564‌

116‌

134‌

Trustees

fees

105,658‌

249‌

292‌

Total

expenses

15,832,700‌

57,670‌

49,430‌

Net

investment

income

(loss)

(712,597‌)

19,117‌

(10,694‌)

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss):

Investments

6,576,319‌

339,891‌

467,478‌

In-kind

redemptions

330,870,111‌

65,939‌

107,940‌

Net

realized

gain

(loss)

337,446,430‌

405,830‌

575,418‌

Change

unrealized

appreciation

(depreciation)

on:

Investments

760,424,659‌

1,373,117‌

2,009,562‌

Net

change

unrealized

appreciation

(depreciation)

760,424,659‌

1,373,117‌

2,009,562‌

Net

realized

and

unrealized

gain

(loss)

1,097,871,089‌

1,778,947‌

2,584,980‌

Net

increase

(decrease)

net

assets

from

operations

1,097,158,492‌

1,798,064‌

2,574,286‌

Statement

Changes

Net

Assets

See

Notes

Financial

Statements

NUDV

NUEM

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

267,585‌

278,129‌

5,409,829‌

5,034,923‌

Net

realized

gain

(loss)

1,022,155‌

286,044‌

(4,036,287‌)

(13,341,599‌)

Net

change

unrealized

appreciation

(depreciation)

1,786,753‌

(795,812‌)

51,264,572‌

29,435,732‌

Net

increase

(decrease)

net

assets

from

operations

3,076,493‌

(231,639‌)

52,638,114‌

21,129,056‌

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(272,150‌)

(326,285‌)

(5,500,560‌)

(3,969,620‌)

Total

distributions

(272,150‌)

(326,285‌)

(5,500,560‌)

(3,969,620‌)

FUND

TRANSACTIONS

Subscriptions

2,985,679‌

7,139,645‌

28,573,072‌

30,858,962‌

Redemptions

(5,303,640‌)

(3,598,170‌)

–‌

(10,718,220‌)

Net

increase

(decrease)

from

Fund

transactions

(2,317,961‌)

3,541,475‌

28,573,072‌

20,140,742‌

Net

increase

(decrease)

net

assets

486,382‌

2,983,551‌

75,710,626‌

37,300,178‌

Net

assets

the

beginning

period

11,215,546‌

8,231,995‌

214,913,909‌

177,613,731‌

Net

assets

the

end

period

11,701,928‌

11,215,546‌

290,624,535‌

214,913,909‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NUDM

NULC

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

10,693,089‌

9,980,684‌

354,747‌

354,786‌

Net

realized

gain

(loss)

15,073,500‌

(9,418,512‌)

660,894‌

1,353,183‌

Net

change

unrealized

appreciation

(depreciation)

65,074,951‌

30,173,610‌

6,989,499‌

245,183‌

Net

increase

(decrease)

net

assets

from

operations

90,841,540‌

30,735,782‌

8,005,140‌

1,953,152‌

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(12,192,840‌)

(5,913,680‌)

(334,750‌)

(648,635‌)

Total

distributions

(12,192,840‌)

(5,913,680‌)

(334,750‌)

(648,635‌)

FUND

TRANSACTIONS

Subscriptions

44,047,979‌

60,945,222‌

4,170,767‌

4,918,970‌

Redemptions

(11,489,566‌)

–‌

(8,309,095‌)

Net

increase

(decrease)

from

Fund

transactions

32,558,413‌

60,945,222‌

4,170,767‌

(3,390,125‌)

Net

increase

(decrease)

net

assets

111,207,113‌

85,767,324‌

11,841,157‌

(2,085,608‌)

Net

assets

the

beginning

period

353,523,249‌

267,755,925‌

22,503,649‌

24,589,257‌

Net

assets

the

end

period

464,730,362‌

353,523,249‌

34,344,806‌

22,503,649‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NULG

NULV

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

3,589,542‌

4,124,487‌

33,335,886‌

38,907,636‌

Net

realized

gain

(loss)

195,915,115‌

67,858,673‌

71,031,344‌

21,621,444‌

Net

change

unrealized

appreciation

(depreciation)

232,916,309‌

89,994,365‌

277,350,070‌

(95,040,172‌)

Net

increase

(decrease)

net

assets

from

operations

432,420,966‌

161,977,525‌

381,717,300‌

(34,511,092‌)

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(5,151,450‌)

(3,194,800‌)

(37,705,745‌)

(32,805,740‌)

Total

distributions

(5,151,450‌)

(3,194,800‌)

(37,705,745‌)

(32,805,740‌)

FUND

TRANSACTIONS

Subscriptions

802,955,683‌

597,868,760‌

657,608,987‌

723,029,485‌

Redemptions

(768,715,035‌)

(512,906,665‌)

(690,761,184‌)

(803,390,155‌)

Net

increase

(decrease)

from

Fund

transactions

34,240,648‌

84,962,095‌

(33,152,197‌)

(80,360,670‌)

Net

increase

(decrease)

net

assets

461,510,164‌

243,744,820‌

310,859,358‌

(147,677,502‌)

Net

assets

the

beginning

period

1,037,498,774‌

793,753,954‌

1,383,636,147‌

1,531,313,649‌

Net

assets

the

end

period

1,499,008,938‌

1,037,498,774‌

1,694,495,505‌

1,383,636,147‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NUMG

NUMV

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

377,581‌

731,134‌

6,482,431‌

7,554,459‌

Net

realized

gain

(loss)

29,034,912‌

(22,597,495‌)

24,094,313‌

(19,922,300‌)

Net

change

unrealized

appreciation

(depreciation)

68,340,429‌

22,679,298‌

73,454,661‌

(16,157,098‌)

Net

increase

(decrease)

net

assets

from

operations

97,752,922‌

812,937‌

104,031,405‌

(28,524,939‌)

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(696,525‌)

(626,285‌)

(7,463,725‌)

(18,324,390‌)

Total

distributions

(696,525‌)

(626,285‌)

(7,463,725‌)

(18,324,390‌)

FUND

TRANSACTIONS

Subscriptions

225,747,538‌

141,769,215‌

140,045,348‌

141,288,495‌

Redemptions

(246,257,929‌)

(130,837,060‌)

(168,349,723‌)

(108,286,065‌)

Net

increase

(decrease)

from

Fund

transactions

(20,510,391‌)

10,932,155‌

(28,304,375‌)

33,002,430‌

Net

increase

(decrease)

net

assets

76,546,006‌

11,118,807‌

68,263,305‌

(13,846,899‌)

Net

assets

the

beginning

period

324,062,213‌

312,943,406‌

296,817,228‌

310,664,127‌

Net

assets

the

end

period

400,608,219‌

324,062,213‌

365,080,533‌

296,817,228‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NUSC

NDVG

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

11,233,576‌

11,618,485‌

137,169‌

116,926‌

Net

realized

gain

(loss)

34,434,848‌

(4,949,463‌)

1,511,153‌

(162,734‌)

Net

change

unrealized

appreciation

(depreciation)

239,944,443‌

(80,326,221‌)

1,314,288‌

328,589‌

Net

increase

(decrease)

net

assets

from

operations

285,612,867‌

(73,657,199‌)

2,962,610‌

282,781‌

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(11,720,700‌)

(10,372,580‌)

(138,827‌)

(115,641‌)

Total

distributions

(11,720,700‌)

(10,372,580‌)

(138,827‌)

(115,641‌)

FUND

TRANSACTIONS

Subscriptions

495,291,080‌

523,390,850‌

8,141,413‌

1,021,307‌

Redemptions

(449,650,302‌)

(459,587,365‌)

(7,837,567‌)

(737,015‌)

Net

increase

(decrease)

from

Fund

transactions

45,640,778‌

63,803,485‌

303,846‌

284,292‌

Net

increase

(decrease)

net

assets

319,532,945‌

(20,226,294‌)

3,127,629‌

451,432‌

Net

assets

the

beginning

period

889,601,391‌

909,827,685‌

8,214,080‌

7,762,648‌

Net

assets

the

end

period

1,209,134,336‌

889,601,391‌

11,341,709‌

8,214,080‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NUGO

NSCS

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

(712,597‌)

5,915,201‌

19,117‌

10,935‌

Net

realized

gain

(loss)

337,446,430‌

(151,903,256‌)

405,830‌

(293,748‌)

Net

change

unrealized

appreciation

(depreciation)

760,424,659‌

666,187,348‌

1,373,117‌

87,311‌

Net

increase

(decrease)

net

assets

from

operations

1,097,158,492‌

520,199,293‌

1,798,064‌

(195,502‌)

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(5,148,114‌)

(5,361,255‌)

(7,904‌)

(16,390‌)

Return

capital

–‌

(3,136‌)

Total

distributions

(5,148,114‌)

(5,361,255‌)

(7,904‌)

(19,526‌)

FUND

TRANSACTIONS

Subscriptions

71,062,856‌

169,892,907‌

534,060‌

–‌

Redemptions

(889,242,154‌)

(540,562,557‌)

(256,889‌)

–‌

Net

increase

(decrease)

from

Fund

transactions

(818,179,298‌)

(370,669,650‌)

277,171‌

–‌

Net

increase

(decrease)

net

assets

273,831,080‌

144,168,388‌

2,067,331‌

(215,028‌)

Net

assets

the

beginning

period

2,476,995,713‌

2,332,827,325‌

5,393,114‌

5,608,142‌

Net

assets

the

end

period

2,750,826,793‌

2,476,995,713‌

7,460,445‌

5,393,114‌

Statement

Changes

Net

Assets

(continued)

See

Notes

Financial

Statements

NWLG

Year

Ended

10/31/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

(10,694‌)

384‌

Net

realized

gain

(loss)

575,418‌

(440,594‌)

Net

change

unrealized

appreciation

(depreciation)

2,009,562‌

1,387,412‌

Net

increase

(decrease)

net

assets

from

operations

2,574,286‌

947,202‌

DISTRIBUTIONS

SHAREHOLDERS

Dividends

(1,000‌)

–‌

Total

distributions

(1,000‌)

–‌

FUND

TRANSACTIONS

Subscriptions

1,522,085‌

188,861‌

Redemptions

(297,956‌)

(192,596‌)

Net

increase

(decrease)

from

Fund

transactions

1,224,129‌

(3,735‌)

Net

increase

(decrease)

net

assets

3,797,415‌

943,467‌

Net

assets

the

beginning

period

5,444,500‌

4,501,033‌

Net

assets

the

end

period

9,241,915‌

5,444,500‌

Financial

Highlights

The

following

data

for

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

Capital

Total

Net

Asset

Value,

End

Period

Market

Price,

End

Period

NUDV

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

10/31/21(d)

25.00

0.05

0.64

0.69

—

25.69

25.71

NUEM

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

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

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

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

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

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

(a)

Based

average

outstanding.

(b)

Percentage

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

September

27,

2021

(commencement

operations)

through

October

31,

2021.

(e)

Annualized.

See

Notes

Financial

Statements

Ratios

and

Supplemental

Data

Total

Return

Ratios

Average

Net

Assets

Based

Net

Asset

Value(b)

Based

Market

Price(b)

Net

Assets,

End

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

.14

.35

11,702

.26‌

.68‌

(

.59

)

(

.69

)

11,216

.26‌

.74‌

(

.22

)

(

.31

)

8,232

.26‌

.52‌

.74

.85

5,137

.25‌

(e)

.04‌

(e)

.12

.98

290,625

.36‌

.13‌

.80

.00

214,914

.36‌

.28‌

(

.62

)

(

.88

)

177,614

.36‌

.45‌

.45

.77

122,896

.44‌

.49‌

.41

.47

46,695

.45‌

.56‌

.37

.71

464,730

.31‌

.55‌

.84

.40

353,523

.31‌

.94‌

(

.17

)

(

.57

)

267,756

.31‌

.93‌

.83

.73

161,503

.39‌

.16‌

(

.91

)

(

.67

)

53,520

.40‌

.17‌

.04

.32

34,345

.21‌

.20‌

.06

.96

22,504

.21‌

.48‌

(

.57

)

(

.59

)

24,589

.21‌

.39‌

.28

.91

30,335

.20‌

.71

.43

17,079

.20‌

.81‌

.51

.50

1,499,009

.26‌

.27‌

.36

.29

1,037,499

.26‌

.42‌

(

.90

)

(

.94

)

793,754

.26‌

.44‌

.04

.29

942,876

.34‌

.11‌

.66

.42

344,703

.35‌

.39‌

Financial

Highlights

(continued)

The

following

data

for

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

Capital

Total

Net

Asset

Value,

End

Period

Market

Price,

End

Period

NULV

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

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

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

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

(a)

Based

average

outstanding.

(b)

Percentage

not

annualized.

(c)

Does

not

include

in-kind

transactions.

See

Notes

Financial

Statements

Ratios

and

Supplemental

Data

Total

Return

Ratios

Average

Net

Assets

Based

Net

Asset

Value(b)

Based

Market

Price(b)

Net

Assets,

End

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

.04

.23

1,694,496

.26‌

.10‌

(

.73

)

(

.98

)

1,383,636

.26‌

.52‌

(

.09

)

(

.03

)

1,531,314

.26‌

.15‌

.68

.63

1,176,613

.34‌

.13‌

(

.87

)

(

.78

)

535,228

.35‌

.63‌

.07

.39

400,608

.31‌

.10‌

.43

.27

324,062

.31‌

.21‌

100

(

.50

)

(

.48

)

312,943

.31‌

.13‌

.51

.92

400,877

.39‌

(

.06‌

)

.43

.90

193,216

.40‌

.08‌

.20

.41

365,081

.31‌

.90‌

(

.58

)

(

.76

)

296,817

.31‌

.30‌

(

.71

)

(

.76

)

310,664

.31‌

.02‌

.97

.06

276,751

.39‌

.57‌

(

.98

)

(

.11

)

119,241

.40‌

.25‌

.69

.77

1,209,134

.31‌

.01‌

(

.77

)

(

.89

)

889,601

.31‌

.19‌

(

.68

)

(

.63

)

909,828

.31‌

.99‌

.28

.03

1,106,366

.39‌

.85‌

.40

.44

369,634

.40‌

.98‌

Financial

Highlights

(continued)

The

following

data

for

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

Period

Net

Investment

Income

(Loss)(a)

Net

Realized

/Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Net

Realized

Gains

Return

Capital

Total

Net

Asset

Value,

End

Period

Market

Price,

End

Period

NDVG

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(d)

25.00

0.09

1.10

1.19

(

0.06

)

—

(

0.06

)

26.13

26.14

NUGO

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(f)

25.00

0.01

1.03

1.04

—

26.04

26.05

NSCS

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

10/31/22

26.21

0.06

(

4.67

)

(

4.61

)

(

0.03

)

—

(

0.03

)

21.57

10/31/21(d)

25.00

0.01

1.20

1.21

—

26.21

26.22

NWLG

10/31/24

21.78

(

0.04

)

10.13

10.09

—

(g)

—

31.87

31.84

10/31/23

18.00

—

3.78

—

21.78

10/31/22

26.39

(

0.02

)

(

8.37

)

(

8.39

)

—

18.00

10/31/21(d)

25.00

(

0.02

)

1.41

1.39

—

26.39

26.37

(a)

Based

average

outstanding.

(b)

Percentage

not

annualized.

(c)

Does

not

include

in-kind

transactions.

(d)

For

the

period

August

2021

(commencement

operations)

through

October

31,

2021.

(e)

Annualized.

(f)

For

the

period

September

27,

2021

(commencement

operations)

through

October

31,

2021.

(g)

Value

rounded

zero.

See

Notes

Financial

Statements.

Ratios

and

Supplemental

Data

Total

Return

Ratios

Average

Net

Assets

Based

Net

Asset

Value(b)

Based

Market

Price(b)

Net

Assets,

End

Period

(000)

Expenses

Net

Investment

Income

(Loss)

Portfolio

Turnover

Rate(c)

.80

.95

11,342

.65‌

.19‌

.08

8,214

.65‌

.45‌

(

.89

)

(

.91

)

7,763

.64‌

.34‌

.76

.82

6,009

.64‌

(e)

.52‌

(e)

.47

.51

2,750,827

.56‌

(

.03‌

)

.30

.46

2,476,996

.56‌

.24‌

(

.01

)

(

.16

)

2,332,827

.55‌

.09‌

.18

1,687,423

.55‌

(e)

.39‌

(e)

.38

.63

7,460

.86‌

.28‌

(

.49

)

(

.51

)

5,393

.86‌

.19‌

(

.61

)

(

.62

)

5,608

.85‌

.27‌

.84

.87

6,290

.85‌

(e)

.23‌

(e)

.37

.19

9,242

.65‌

(

.14‌

)

.95

.00

5,445

.65‌

.01‌

(

.77

)

(

.74

)

4,501

.64‌

(

.08‌

)

.56

.50

6,069

.64‌

(e)

(

.24‌

)

(e)

Notes

Financial

Statements

General

Information

Trust

and

Fund

Information:

Nushares

ETF

Trust

(the

“Trust”)

open-end

management

investment

company

registered

under

the

Investment

Company

Act

1940,

amended

(the

“1940

Act”).

The

Trust

comprised

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

“Fund”

and

collectively,

the

“Funds”).

The

Trust

was

organized

Massachusetts

business

trust

February

20,

2015.

NUDV,

NUEM,

NUDM,

NULC,

NULG,

NULV,

NUMG,

NUMV

AND

NUSC

are

listed

and

traded

the

Cboe

BZX

Exchange,

Inc.,

while

NDVG,

NUGO,

NSCS

and

NWLG

are

listed

and

traded

the

NYSE

Arca.

The

Cboe

BZX

Exchange,

Inc.

and

NYSE

Arca

are

each

“Exchange”.

Current

Fiscal

Period:

The

end

the

reporting

period

for

the

Funds

October

31,

2024,

and

the

period

covered

these

Notes

Financial

Statements

the

fiscal

year

ended

October

31,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

subsidiary

Nuveen,

LLC

(“Nuveen”).

Nuveen

the

investment

management

arm

Teachers

Insurance

and

Annuity

Association

America

(“TIAA”).

The

Adviser

has

overall

responsibility

for

management

the

Funds,

oversees

the

management

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

affiliate

the

Adviser,

and

Winslow

Capital

Management,

LLC

(“Winslow

Capital”),

(each

“Sub-Adviser”

and

collectively,

the

“Sub-Advisers”).

NAM

responsible

for

managing

the

investment

portfolio

NDVG,

NUGO

and

NSCS.

TAL

responsible

for

managing

the

investment

portfolio

NUDV,

NUEM,

NUDM,

NULC,

NULG,

NULV,

NUMG,

NUMV

AND

NUSC.

Winslow

Capital

responsible

for

managing

the

investment

portfolio

NWLG.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(“U.S.

GAAP”),

which

may

require

the

use

estimates

made

management

and

the

evaluation

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

investment

company

and

follows

accounting

guidance

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

the

report.

Total

return

computed

based

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

summary

the

significant

accounting

policies

consistently

followed

the

Funds.

Compensation:

The Trust

pays

compensation

directly

those

its officers,

all

whom

receive

remuneration

for

their

services

to the

Trust

from

the

Adviser

its

affiliates.

The

Funds'

Board

of Trustees

(the

"Board") has

adopted

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

elect

defer

receipt

all

portion

the

annual

compensation

they

are

entitled

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

though

equal

dollar

amounts

had

been

invested

select

Nuveen-advised

funds.

Distributions

Shareholders:

Distributions

shareholders

are

recorded

the

ex-dividend

date.

The

amount,

character

and

timing

distributions

are

determined

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:

The

books

and

records

the

Funds

are

maintained

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollars

the

end

each

day.

Purchases

and

sales

securities,

income

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

dates

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

interest

and

dividends

recorded

the

books

the

Funds

and

the

amounts

actually

received

are

recognized

component

“Net

realized

gain

(loss)

from

foreign

currency

transactions”

the

Statement

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

foreign

currency

exchange

rates

and

changes

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

component

“Change

unrealized

appreciation

(depreciation)

on foreign

currency

translations”

the

Statement

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

foreign

exchange

rates

associated

with

investments

derivatives

are

recognized

component

the

respective

derivative’s

“Change

unrealized

appreciation

(depreciation)”

the

Statement

Operations,

when

applicable.

the

end

the

reporting

period,

the

following

Funds'

investments

non-U.S.

securities

were

follows:

Notes

Financial

Statements

(continued)

Foreign

Taxes:

The

Funds

may

subject

foreign

taxes

income,

gains

investments

foreign

currency

repatriation,

portion

which

may

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

applicable,

based

upon

the

current

interpretation

tax

rules

and

regulations

that

exist

the

markets

which

the

Funds

invest.

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

the

performance

their

duties

the

Trust.

addition,

the

normal

course

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

unknown

this

would

involve

future

claims

that

may

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

losses

pursuant

these

contracts

and

expects

the

risk

loss

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

the

end

trade

date

for

financial

reporting

purposes.

Dividend

income

recorded

the

ex-dividend

date.

Foreign

dividend

income

recorded

the

ex-dividend

date

soon

possible

after

the

Funds

determine

the

existence

dividend

declaration.

Non-cash

dividends

received

the

form

stock,

any,

are

recognized

the

ex-dividend

date

and

recorded

fair

value.

Interest

income

recorded

accrual

basis.

Distributions

received

securities

that

represent

return

capital

gains

are

recorded

reduction

cost

investments

and/or

realized

gain.

The

Funds

estimate

the

components

distributions

received

that

may

considered

return

capital

distributions

capital

gain

distributions.

Securities

lending

income

comprised

fees

earned

from

borrowers

and

income

earned

cash

collateral

investments.

New

Accounting

Pronouncement:

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

public

entity

that

has

single

reportable

segment

provide

all

the

disclosures

required

the

amendments

ASU

2023-07

and

all

existing

segment

disclosures

Topic

280.

The

amendments

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

Early

adoption

permitted.

Management

has

assessed

the

new

guidance

and

determined

that

will

not

have

material

impact

the

financial

positions

results

operations

the

Funds.

Investment

Valuation

and

Fair

Value

Measurements

The

Funds’

investments

securities

are

recorded

their

estimated

fair

value

utilizing

valuation

methods

approved

the

Adviser,

subject

oversight

the Board.

Fair

value

defined

the

price

that

would

received

upon

selling

investment

transferring

liability

orderly

transaction

independent

buyer

the

principal

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

used

maximize

the

use

observable

market

data

and

minimize

the

use

unobservable

inputs

and

establish

classification

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

pricing

the

asset

liability.

NUEM

Value

Net

Assets

Country:

China

80,750,413

27.8

India

56,666,287

19.5

Taiwan

54,773,790

18.8

South

Korea

29,809,525

10.3

Saudi

Arabia

13,835,767

4.8

Brazil

11,626,242

4.0

South

Africa

9,060,224

3.1

Malaysia

5,165,595

1.8

Mexico

5,127,290

1.8

Indonesia

4,509,932

1.6

Other

21,007,639

7.1

Total

non-U.S.

Securities

$292,332,704

100.6%

NUDM

Value

Net

Assets

Country:

Japan

106,650,612

22.9

United

Kingdom

65,069,592

14.0

Switzerland

45,673,100

9.8

France

40,733,570

8.8

Germany

38,963,193

8.4

Australia

30,176,176

6.5

Spain

17,443,171

3.8

Denmark

15,308,233

3.3

Italy

14,336,778

3.1

Netherlands

13,525,895

2.9

Other

58,683,282

12.6

Total

non-U.S.

Securities

$446,563,602

96.1%

Observable

inputs

are

based

market

data

obtained

from

sources

independent

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

pricing

the

asset

liability.

Unobservable

inputs

are

based

the

best

information

available

the

circumstances.

The

following

summary

the

three-tiered

hierarchy

valuation

input

levels.

Level

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

determining

the

fair

value

investments).

description

the

valuation

techniques

applied

the

Funds’

major

classifications

assets

and

liabilities

measured

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

traded

national

market

exchange

are

valued

based

their

last

reported

sales

price

official

closing

price

such

market

exchange

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

foreign

exchange

are

valued

the

last

reported

sales

price

official

closing

price

the

principal

exchange

where

traded,

and

converted

U.S.

dollars

the

prevailing

rates

exchange

the

valuation

date.

the

extent

these

securities

are

actively

traded

and

valuation

adjustments

are

applied,

they

are

generally

classified

Level

When

valuation

adjustments

are

applied

the

most

recent

last

sales

price

official

closing

price,

these

securities

are

generally

classified

Level

Investments

investment

companies

are

valued

their

respective

NAVs

price on

the

valuation

date

and

are

generally

classified

Level

Prices

certain

American

Depositary

Receipts

(“ADR”)

held

the

Funds

that

trade

the

United

States

are

valued

based

the

last

traded

price,

official

closing

price,

evaluated

price

provided

the

pricing

services and

are

generally

classified

Level

Prices

fixed-income

securities

are

generally

provided

pricing

services

approved

the

Adviser,

which

subject

review

the

Adviser

and

oversight

the

Board. Pricing

services

establish

security’s

fair

value

using

methods

that

may

include

consideration

the

following:

yields

prices

investments

comparable

quality,

type

issue,

coupon,

maturity

and

rating,

market

quotes

indications

value

from

security

dealers,

evaluations

anticipated

cash

flows

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

security,

its

issuer

market

activity

provided

the

Adviser.

These

securities

are

generally

classified

Level

For

any

portfolio

security

derivative

for

which

market

quotations

are

not

readily

available

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

reflect

fair

value,

the

Adviser

will

determine

fair

value

good

faith

using

alternative

procedures

approved

the

Adviser,

subject

the

oversight

the

Board.

general

principle,

the

fair

value

security

the

amount

that

the

owner

might

reasonably

expect

receive

for

current

sale.

variety

factors

may

considered

determining

the

fair

value

such

securities,

which

may

include

consideration

the

following:

yields

prices

investments

comparable

quality,

type

issue,

coupon,

maturity

and

rating,

market

quotes

indications

value

from

security

dealers,

evaluations

anticipated

cash

flows

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

the

extent

the

inputs

are

observable

and

timely,

the

values

would

classified

as Level

otherwise

they

would

classified

Level

The

following

table

summarizes

the

market

value

the

Funds’

investments

the

end

the

reporting

period,

based

the

inputs

used

value

them:

NUDV

Level

Total

Long-Term

Investments:

Common

Stocks

11,673,775

–

11,673,775

Total

11,673,775

–

11,673,775

NUEM

Level

Total

Long-Term

Investments:

Common

Stocks

288,495,812

3,836,887

292,332,704

Total

288,495,812

3,836,887

292,332,704

NUDM

Level

Total

Long-Term

Investments:

Common

Stocks

461,739,462

–

–*

461,739,462

Total

461,739,462

–

461,739,462

Notes

Financial

Statements

(continued)

NULC

Level

Total

Long-Term

Investments:

Common

Stocks

34,285,574

–

34,285,574

Total

34,285,574

–

34,285,574

NULG

Level

Total

Long-Term

Investments:

Common

Stocks

1,496,247,974

–

1,496,247,974

Total

1,496,247,974

–

1,496,247,974

NULV

Level

Total

Long-Term

Investments:

Common

Stocks

1,690,268,226

–

1,690,268,226

Total

1,690,268,226

–

1,690,268,226

NUMG

Level

Total

Long-Term

Investments:

Common

Stocks

400,158,594

–

400,158,594

Total

400,158,594

–

400,158,594

NUMV

Level

Total

Long-Term

Investments:

Common

Stocks

364,608,879

–

364,608,879

Total

364,608,879

–

364,608,879

NUSC

Level

Total

Long-Term

Investments:

Common

Stock

Rights

–

91,920

Common

Stocks

1,206,650,245

–

1,206,650,245

Investments

Purchased

with

Collateral

from

Securities

Lending

9,344,093

–

9,344,093

Total

1,215,994,338

–

91,920

1,216,086,258

NDVG

Level

Total

Long-Term

Investments:

Common

Stocks

11,220,762

–

11,220,762

Total

11,220,762

–

11,220,762

NUGO

Level

Total

Long-Term

Investments:

Common

Stocks

2,707,001,387

–

2,707,001,387

Total

2,707,001,387

–

2,707,001,387

Portfolio

Securities

Lending:

Each

Fund

may

lend

securities

representing

one-third

the

value

its

total

assets

broker-dealers,

banks,

and

other

institutions

order

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

owning

the

securities,

including

the

economic

equivalent

dividends

interest

generated

the

security.

The

loans

are

continuous,

can

recalled

any

time,

and

have

set

maturity.

State

Street

Bank

and

Trust

Company

serves

the

securities

lending

agent

(the

“Agent”).

When

Fund

loans

its

portfolio

securities,

will

receive,

the

inception

each

loan,

cash

collateral

equal

amount

not

less

than

100%

the

market

value

the

loaned

securities.

The

actual

percentage

the

cash

collateral

will

vary

depending

upon

the

asset

type

the

loaned

securities.

Collateral

for

the

loaned

securities

invested

government

money

market

vehicle

maintained

the

Agent,

which

subject

the

requirements

Rule

2a-7

under

the

1940

Act.

The

value

the

loaned

securities

and

the

liability

return

the

cash

collateral

received

are

recognized

the

Statement

Assets

and

Liabilities.

the

market

value

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

the

Fund,

which

also

recognized

the

Statement

Assets

and

Liabilities.

Securities

out

loan

are

subject

termination

any

time

the

option

the

borrower

the

Fund.

Upon

termination,

the

borrower

required

return

the

Fund

securities

identical

the

securities

loaned.

During

the

term

the

loan,

the

Fund

bears

the

market

risk

with

respect

the

investment

collateral

and

the

risk

that

the

Agent

may

default

its

contractual

obligations

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

its

obligation

return

the

loaned

securities

the

Agent

contractually

obligated

indemnify

the

Fund

the

time

default

borrower

some

all

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

Fund

consists

earnings

invested

collateral

and

lending

fees,

net

any

rebates

the

borrower

and

compensation

the

Agent.

Such

income

recognized

the

Statement

Operations.

the

end

the

current

fiscal

period,

the

total

value

the

loaned

securities

and

the

total

value

collateral

received

were

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

(excluding in-kind

transactions)

during

the

current fiscal

period

were

follows:

NSCS

Level

Total

Long-Term

Investments:

Common

Stocks

7,324,587

–

7,324,587

Investment

Companies

71,608

–

71,608

Investments

Purchased

with

Collateral

from

Securities

Lending

45,384

–

45,384

Total

7,441,579

–

7,441,579

NWLG

Level

Total

Long-Term

Investments:

Common

Stocks

9,188,503

–

9,188,503

Total

9,188,503

–

9,188,503

Value

equals

zero

the

end

the

reporting

period.

Fund

Asset

Class

out

Loan

Long-Term

Investments,

Value

Total

Collateral

Received

NUSC

Common

Stocks

$8,526,480

$9,344,093

NSCS

Common

Stocks

$42,460

$45,384

Notes

Financial

Statements

(continued)

In-kind

transactions

during

the

current

fiscal

period

were

follows:

The

Funds

may

purchase

securities

when-issued

delayed-delivery

basis.

Securities

purchased

when-issued

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

not

accrued

until

settlement

date.

Any

securities

purchased

are

subject

market

fluctuation

during

this

period. If

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

the

end

the

reporting

period,

such

amounts

are

recognized

the

Statement

Assets

and

Liabilities.

Derivative

Investments

Each

Fund

authorized

invest

certain

derivative

instruments.

defined

U.S.

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variables.

Investments

derivatives

the

end

and/or

during

the

current

fiscal

period,

any,

are

included

within

the

Statement

Assets

and

Liabilities

and

the

Statement

Operations,

respectively.

Although

the

Funds

are

authorized

invest

derivative

instruments,

and

may

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk:

the

normal

course

business

each

Fund

may

invest

financial

instruments

and

enter

into

financial

transactions

where

risk

potential

loss

exists

due

changes

the

market

(market

risk)

failure

the

other

party

the

transaction

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

the

financial

assets

recorded

the

financial

statements.

Financial

assets,

Purchases

Sales

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

NUDV

7,360,775

7,345,617

NUEM

184,113,926

161,165,918

NUDM

261,814,481

263,220,574

NULC

16,182,346

15,960,022

NULG

878,046,234

862,561,083

NULV

808,614,776

802,828,097

NUMG

329,331,588

322,393,035

NUMV

187,166,031

187,617,000

NUSC

568,738,664

532,673,476

NDVG

1,169,212

1,206,467

NUGO

681,186,223

714,952,348

NSCS

3,556,382

3,545,998

NWLG

4,685,462

4,704,716

Fund

In-Kind

Purchases

In-Kind

Sales

NUDV

2,976,555

5,296,805

NUEM

3,522,341

—

NUDM

41,944,282

10,994,093

NULC

4,161,126

—

NULG

784,328,269

758,213,979

NULV

644,310,575

688,970,698

NUMG

225,496,045

245,668,005

NUMV

139,693,679

167,841,893

NUSC

493,553,250

450,380,455

NDVG

8,121,820

7,809,126

NUGO

68,304,176

881,921,926

NSCS

532,332

248,215

NWLG

1,502,516

293,743

which

potentially

expose

each

Fund

counterparty

credit

risk,

consist

principally

cash

due

from

counterparties

forward,

option

and

swap

transactions,

when

applicable.

The

extent

each

Fund’s

exposure

counterparty

credit

risk

respect

these

financial

assets

approximates

their

carrying

value

recorded

the

Statement

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

honor

their

obligations

and

having

the

Adviser

monitor

the

financial

stability

the

counterparties.

Additionally,

counterparties

may

required

pledge

collateral

daily

(based

the

daily

valuation

the

financial

asset)

behalf

each

Fund

with

value

approximately

equal

the

amount

any

unrealized

gain

above

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

unrealized

loss,

the

Funds

have

instructed

the

custodian

pledge

assets

the

Funds

collateral

with

value

approximately

equal

the

amount

the

unrealized

loss

above

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

and

when

the

valuations

fluctuate,

either

down,

least

the

pre-determined

threshold

amount.

Fund

Each Fund

issues

and

redeems its

continuous

basis

NAV

only

aggregations

specified

number

multiples

thereof

(“Creation

Units”).

Only

certain

institutional

investors

(referred

“Authorized

Participants”)

who

have

entered

into

agreements

with

Nuveen

Securities,

LLC,

the

Funds'

distributor,

may

purchase

and

redeem

Creation

Units.

Once

created,

the

Funds

trade

the

Exchange

market

prices

and

are

only

available

individual

investors

through

their

brokers.

Creation

Units

are

purchased

and

redeemed

in-kind

for

designated

portfolio

securities

included

in each

Fund’s

respective Index

and/or

specified

amount

cash.

Authorized

Participants

are

charged

fixed

transaction

fees

connection

with

purchasing

and

redeeming

Creation

Units.

Authorized

Participants

transacting

Creation

Units

for

cash

may

also

pay

additional

variable

charge

compensate

the

relevant Fund

for

certain

transaction

costs

(i.e.,

taxes

currency

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

incurs

purchasing

selling

portfolio

securities.

Such

variable

charges,

any,

are

included

“Proceeds

from

sold”

the

Statements

Changes

Net

Assets.

Transactions

Fund

during

the

current

and

prior

period

were

follows:

NUDV

NUEM

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

100,000

$2,985,679

300,000

$7,139,645

1,000,000

$28,573,072

1,200,000

$30,858,962

Redemptions

(200,000)

(5,303,640)

(150,000)

(3,598,170)

–

(400,000)

(10,718,220)

Net

increase

(decrease)

(100,000)

$(2,317,961)

150,000

$3,541,475

1,000,000

$28,573,072

800,000

$20,140,742

NUDM

NULC

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

1,400,000

$44,047,979

2,200,000

$60,945,222

100,000

$4,170,767

150,000

$4,918,970

Redemptions

(400,000)

(11,489,566)

–

(250,000)

(8,309,095)

Net

increase

(decrease)

1,000,000

$32,558,413

2,200,000

$60,945,222

100,000

$4,170,767

(100,000)

$(3,390,125)

NULG

NULV

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

11,300,000

$802,955,683

10,450,000

$597,868,760

17,750,000

$657,608,987

20,750,000

$723,029,485

Redemptions

(10,850,000)

(768,715,035)

(8,850,000)

(512,906,665)

(18,550,000)

(690,761,184)

(23,050,000)

(803,390,155)

Net

increase

(decrease)

450,000

$34,240,648

1,600,000

$84,962,095

(800,000)

$(33,152,197)

(2,300,000)

$(80,360,670)

NUMG

NUMV

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

5,450,000

$225,747,538

3,800,000

$141,769,215

4,350,000

$140,045,348

4,800,000

$141,288,495

Redemptions

(5,900,000)

(246,257,929)

(3,500,000)

(130,837,060)

(5,200,000)

(168,349,723)

(3,750,000)

(108,286,065)

Net

increase

(decrease)

(450,000)

$(20,510,391)

300,000

$10,932,155

(850,000)

$(28,304,375)

1,050,000

$33,002,430

NUSC

NDVG

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

12,700,000

$495,291,080

14,550,000

$523,390,850

290,000

$8,141,413

40,000

$1,021,307

Redemptions

(11,500,000)

(449,650,302)

(12,700,000)

(459,587,365)

(270,000)

(7,837,567)

(30,000)

(737,015)

Net

increase

(decrease)

1,200,000

$45,640,778

1,850,000

$63,803,485

20,000

$303,846

10,000

$284,292

Notes

Financial

Statements

(continued)

Income

Tax

Information

Each

Fund

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

distribute

substantially

all

its

net

investment

income

and

net

capital

gains

shareholders

and

otherwise

comply

with

the

requirements

Subchapter

the

Internal

Revenue

Code

applicable

regulated

investment

companies.

Therefore,

federal

income

tax

provision

required.

Each

Fund

files

income

tax

returns

U.S.

federal

and

applicable

state

and

local

jurisdictions.

Fund's

federal

income

tax

returns

are

generally

subject

examination

for

period

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

subject

examination

for

additional

period

time

depending

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

provision

for

income

tax

required

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

timing

differences

recognizing

gains

and

losses

investment

transactions. Temporary

differences

not

require

reclassification. As

year

end,

permanent

differences

that

resulted

reclassifications

among

the

components

net

assets

relate

primarily

foreign

currency

transactions,

investments

passive

foreign

investment

companies,

nondeductible

expenses,

redemptions

in-kind,

return

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

and

taxable

overdistribution. Temporary

and

permanent

differences

have

impact

Fund's

net

assets.

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

all

investments

for

federal

income

tax

purposes

were

follows:

For

purposes

this

disclosure,

tax

cost

generally

includes

the

cost

portfolio

investments

well

up-front

fees

premiums

exchanged

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

applicable.

year

end,

the

components

accumulated

earnings

tax

basis

were

follows:

NUGO

NSCS

Year

Ended

10/31/24

Year

Ended

10/31/23

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

2,320,000

$71,062,856

8,810,000

$169,892,907

20,000

$534,060

–

$–

Redemptions

(29,840,000)

(889,242,154)

(26,550,000)

(540,562,557)

(10,000)

(256,889)

–

Net

increase

(decrease)

(27,520,000)

$(818,179,298)

(17,740,000)

$(370,669,650)

10,000

$277,171

–

$–

NWLG

Year

Ended

10/31/24

Year

Ended

10/31/23

Amount

Subscriptions

50,000

$1,522,085

10,000

$188,861

Redemptions

(10,000)

(297,956)

(10,000)

(192,596)

Net

increase

(decrease)

40,000

$1,224,129

–

$(3,735)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUDV

11,011,888

1,085,922

(424,035)

661,887

NUEM

252,249,372

58,746,206

(18,662,874)

40,083,332

NUDM

410,895,880

70,673,275

(19,808,863)

50,864,412

NULC

26,175,187

8,960,491

(850,104)

8,110,387

NULG

1,249,440,937

280,744,174

(33,937,137)

246,807,037

NULV

1,540,562,719

212,826,478

(63,120,971)

149,705,507

NUMG

363,131,085

46,509,023

(9,481,514)

37,027,509

NUMV

324,275,950

50,434,333

(10,101,404)

40,332,929

NUSC

1,142,805,398

169,536,844

(96,255,984)

73,280,860

NDVG

9,846,991

1,527,431

(153,660)

1,373,771

NUGO

1,776,917,768

955,760,574

(25,676,955)

930,083,619

NSCS

6,217,764

1,566,317

(342,502)

1,223,815

NWLG

6,686,274

2,599,727

(97,498)

2,502,229

The

tax

character

distributions

paid

was

follows:

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUDV

526,699

—

661,887

—

1,188,586

NUEM

4,820,362

—

40,082,657

(35,416,103)

—

9,486,916

NUDM

13,357,337

—

50,805,925

(12,044,678)

—

52,118,584

NULC

595,731

—

8,110,387

—

8,706,118

NULG

1,725,326

—

246,807,037

(103,203,267)

—

145,329,096

NULV

27,577,082

—

149,705,507

(194,641,955)

—

(17,359,366)

NUMG

165,990

—

37,027,509

(98,939,417)

—

(61,745,918)

NUMV

4,681,758

—

40,332,929

(59,787,676)

—

(14,772,989)

NUSC

10,317,401

—

73,280,860

(212,733,823)

—

(129,135,562)

NDVG

6,993

—

1,373,771

(330,360)

—

1,050,404

NUGO

—

930,083,619

(706,118,088)

(2,754,930)

—

221,210,601

NSCS

11,795

—

1,223,815

(716,371)

—

519,239

NWLG

—

2,502,229

(832,339)

(11,305)

—

1,658,585

10/31/24

10/31/23

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

Capital

NUDV

272,150

—

326,285

—

NUEM

5,500,560

—

3,969,620

—

NUDM

12,192,840

—

5,913,680

—

NULC

334,750

—

376,232

272,403

—

NULG

5,151,450

—

3,194,800

—

NULV

37,705,745

—

32,805,740

—

NUMG

696,525

—

626,285

—

NUMV

7,463,725

—

7,063,580

11,260,810

—

NUSC

11,720,700

—

10,372,580

—

NDVG

138,827

—

115,641

—

NUGO

5,148,114

—

5,361,255

—

NSCS

7,904

—

16,390

—

3,136

NWLG

1,000

—

Fund

Short-Term

Long-Term

Total

NUDV

—

NUEM

20,419,229

14,996,874

35,416,103

NUDM

8,887,623

3,157,055

12,044,678

NULC

—

NULG

57,608,196

45,595,071

103,203,267

NULV

103,890,778

90,751,177

194,641,955

NUMG

65,050,770

33,888,647

98,939,417

NUMV

33,682,969

26,104,707

59,787,676

NUSC

85,360,028

127,373,795

212,733,823

NDVG

75,108

255,252

330,360

NUGO

552,540,672

153,577,416

706,118,088

NSCS

657,025

59,346

716,371

NWLG

711,675

120,664

832,339

portion

NUEM's

capital

loss

carryforwards

subject

limitation

under

the

Internal

Revenue

Code

and

regulations.

Notes

Financial

Statements

(continued)

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for its

investment

advisory services

the

Funds.

The

Sub-Adviser

compensated

for

its

services

the

Funds

from

the

management

fees

paid

the

Adviser.

The

Adviser

responsible

for

substantially

all

other

expenses

the

Funds,

except

any

future

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

acquiring

and

disposing

portfolio

securities,

fees

and

expenses

the

independent

trustees

(including

any

trustees’

counsel

fees),

certain

compensation

expenses

the

Funds’

chief

compliance

officer,

litigation

expenses

and

extraordinary

expenses.

The

annual management

fee,

payable

monthly,

for

each

Fund

based

percentage

average

daily

net

assets

according

the

following

rates:

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

amounts

that

approximate

the

cost

research

services

obtained

from

broker-dealers

and

research

providers

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

the

Funds

recognized

"Affiliated

income"

the

Statement

Operations

and

any

amounts

due

the Funds

the

end

the

reporting

period

recognized

"Reimbursement

from

Adviser"

the

Statement

Assets

and Liabilities. During

the

current

fiscal

period,

the

values

voluntary

compensation

were

follows:

Each

Fund

permitted

purchase

sell

securities

from

certain

other

funds

accounts

managed

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

procedures

adopted

the

Board

("cross-trade").

These

procedures

have

been

designed

ensure

that

any

cross-trade

securities

the

Fund

from

Affiliated

Entity

virtue

having

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

the

current

market

price

(as

provided

independent

pricing

service)

without

incurring

broker

commissions.

Fund

Utilized

NUDV

23,476

NUEM

—

NUDM

11,985,451

NULC

364,841

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

2,020,002

NSCS

330,050

NWLG

471,815

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

Fund

Amount

NWLG

1,290

During

the

current

fiscal

period,

the

Funds

did

notengage

cross-trades

pursuant

these

procedures.

the

end

the

reporting

period,

the

percentage

Fund

owned

affiliates

was

follows:

Fund

Purchases

Sales

Realized

Gain

(Loss)

NUDV

—

NUEM

—

NUDM

—

NULC

—

NULG

9,793,780

48,062,795

(9,985,298)

NULV

42,424,933

16,880,816

(3,783,504)

NUMG

9,074,141

22,233,194

(2,012,539)

NUMV

23,336,333

3,645,254

(1,236,172)

NUSC

7,649,362

765,473

87,300

NDVG

—

NUGO

381,606

54,650

(8,131)

NSCS

—

NWLG

—

Underlying

Fund

TIAA

Nuveen

Equity

Funds

Nuveen

Lifecycle

Funds

Nuveen

Lifestyle

Funds

Nuveen

Managed

Allocation

Fund

Total

NUDV

–

NUEM

–

NUDM

–

NULC

–

NULG

–

NULV

–

NUMG

–

NUMV

–

NUSC

–

NDVG

–

NUGO

–

NSCS

–

NWLG

–

Important

Tax

Information

naudited)

required

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

detailed

below,

must

provided

shareholders.

Shareholders

are

advised

consult

their

tax

advisor

with

respect

the

tax

implications

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

Form

1099-DIV,

which

will

sent

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

year

end,

each

Fund

designates

the

following

distribution

amounts,

maximum

amount

allowable,

being

from

net

long-term

capital

gains

pursuant

Section

852(b)(3)

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

maximum

amount

allowable,

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Fund

Net

Long-Term

Capital

Gains

NUDV

—

NUEM

—

NUDM

—

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

—

NSCS

—

NWLG

—

Fund

Percentage

NUDV

100

NUEM

NUDM

–

NULC

100

NULG

100

NULV

NUMG

100

NUMV

NUSC

NDVG

100

NUGO

100

NSCS

100

NWLG

100

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

maximum

amount

allowable,

ordinary

income

distributions

treated

qualified

dividend

income

for

individuals

pursuant

Section

1(h)(11)

the

Internal

Revenue

Code:

Foreign

Source

Income

and

Foreign

Tax

Credit

Pass

Through

Each

Fund

listed

below

has

made

election

under

Section

853

the

Internal

Revenue

Code

pass

through

foreign

taxes

paid:

Fund

Percentage

NUDV

100

NUEM

NUDM

NULC

100

NULG

100

NULV

100

NUMG

100

NUMV

NUSC

NDVG

100

NUGO

100

NSCS

100

NWLG

100

Fund

Foreign

Source

Income

Foreign

Source

Income

Per

Qualifying

Foreign

Taxes

Paid

Qualifying

Foreign

Taxes

Paid

Per

NUDV

—

NUEM

5,473,460

0.57015

1,204,847

0.12550

NUDM

11,116,714

0.76142

1,000,633

0.06854

NULC

—

NULG

—

NULV

—

NUMG

—

NUMV

—

NUSC

—

NDVG

—

NUGO

—

NSCS

—

NWLG

—

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Changes in Independent Registered Public Accounting Firm

(a) Previous independent registered public accounting firm: On October 24, 2024, the Funds’ Board of Trustees (the “Board”), upon recommendation from the Audit Committee, notified KPMG LLP (“KPMG”) that it would be dismissed as the independent registered public accounting firm for the Funds effective upon (i) completion of KPMG’s audit of the Funds’ financial statements to be included in the Funds’ Annual Report on Form N-CSR (the “2024 Annual Report”) for the fiscal year ended October 31, 2024 and (ii) the issuance of KPMG’s report on the same. KPMG’s dismissal as the Funds’ independent registered public accounting firm was effective on December 26, 2024, which is the date on which KPMG issued their report on their audit of the Funds’ financial statements to be included in the 2024 Annual Report. KPMG’s audit reports on the Funds’ financial statements as of and for the fiscal years ended October 31, 2024 and October 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023, and for the subsequent interim period through December 26, 2024, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their reports opinion to the subject matter of the disagreement. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, there were no reportable events (as defined in Regulation S-K Item 304(a)(1)(v)).

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

(b) New independent registered public accounting firm: On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP (“PwC”) as the new independent registered public accounting firm for the Funds for the fiscal year ended October 31, 2025 audit. During the Funds’ fiscal years ended October 31, 2024 and October 31, 2023 and for the subsequent interim period through December 26, 2024, the Funds have not consulted with PwC regarding any of the matters described in Regulation S-K Item 304 (“S-K 304”), S-K 304(a)(2)(i) or S-K 304(a)(2)(ii) disclosure.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items “Trustee Fees” and “Management Fees” as part of the financial statements filed under Item 7 of this Form N-CSR.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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

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

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.

(a)(1)

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

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

Change in the registrant’s independent public accountant. Filed herewith.

(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

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.

Nushares ETF Trust

Date: January 6, 2025

By: /s/ Briton Ryan

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: January 6, 2025		By: /s/ Briton Ryan Briton Ryan Chief Administrative Officer (principal executive officer)

Date: January 6, 2025		By: /s/ Marc Cardella Marc Cardella Vice President and Controller (principal financial officer)

Nuveen Short-Term REIT ETF (NURE) N-CSRCertified annual shareholder report (management investment company)