Nuveen 多只债券 ETF 年度业绩及投资组合披露

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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: July 31

Date of reporting period: July 31, 2026

		Annual Shareholder Report  July 31, 2026

Nuveen AA‑BBB CLO ETF

NCLO/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen AA‑BBB CLO ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (December 10, 2024 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P730_AR_0726 5824316

		Annual Shareholder Report  July 31, 2026

Nuveen Core Plus Bond ETF

NCPB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Core Plus Bond ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (March 5, 2024 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P763_AR_0726 5824324

		Annual Shareholder Report  July 31, 2026

Nuveen Enhanced Yield U.S. Aggregate Bond ETF

NUAG/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Enhanced Yield U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/ prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (September 14, 2016 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

Portfolio manager update(s): Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.

Management fees: Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.15% from 0.18%.

Sub‑Adviser merger: At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P102_AR_0726 5824327

		Annual Shareholder Report  July 31, 2026

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

NUSA/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG 1‑5 Year U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (March 31, 2017 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

Portfolio manager update(s): Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.

Management fees: Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.14% from 0.15%.

Sub‑Adviser merger: At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P110_AR_0726 5824337

		Annual Shareholder Report  July 31, 2026

Nuveen ESG High Yield Corporate Bond ETF

NUHY/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG High Yield Corporate Bond ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (September 25, 2019 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

Portfolio manager update(s): Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.

Sub‑Adviser merger: At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P854_AR_0726 5824345

		Annual Shareholder Report  July 31, 2026

Nuveen ESG U.S. Aggregate Bond ETF

NUBD/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen ESG U.S. Aggregate Bond ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (September 29, 2017 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

Portfolio manager update(s): Effective January 23, 2026, Joseph Spinelli was added as a portfolio manager of the Fund and Vivian Liu was removed as a portfolio manager of the Fund.

Management fees: Effective May 1, 2026, the Fund’s contractual management fee was reduced to 0.12% from 0.15%.

Sub‑Adviser merger: At the close of business on July 31, 2026, Teachers Advisors, LLC merged into Nuveen Asset Management, LLC (“Nuveen Asset Management”). In connection with this merger, effective August 1, 2026 Nuveen Asset Management became the sub‑adviser to the Funds. Nuveen Fund Advisors and Nuveen Asset Management are each wholly owned subsidiaries of Nuveen, LLC and, ultimately, Teachers Insurance and Annuity Association of America.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P870_AR_0726 5824356

		Annual Shareholder Report  July 31, 2026

Nuveen High Yield Corporate Bond ETF

NHYB/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen High Yield Corporate Bond ETF for the period of September 23, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

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

How did the Fund perform over the period since inception?

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

Fund Performance (September 23, 2025 through July 31, 2026) Initial Investment of $10,000

Cumulative Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

Portfolio manager update(s): Effective January 23, 2026, Rui (Vivian) Liu, CFA was removed as a portfolio manager of the Fund.

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P680_AR_0726 5824370

		Annual Shareholder Report  July 31, 2026

Nuveen Preferred and Income ETF

NPFI/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Preferred and Income ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (March 5, 2024 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

67092P771_AR_0726 5824529

		Annual Shareholder Report  July 31, 2026

Nuveen Securitized Income ETF

NSCI/NYSE Arca

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Securitized Income ETF for the period of September 23, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)

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

How did the Fund perform over the period since inception?

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

Fund Performance (September 23, 2025 through July 31, 2026) Initial Investment of $10,000

Cumulative Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P698_AR_0726 5824540

		Annual Shareholder Report  July 31, 2026

Nuveen Ultra Short Income ETF

NUSB/NASDAQ Stock Market LLC

Annual Shareholder Report

This annual shareholder report contains important information about the Nuveen Ultra Short Income ETF for the period of August 1, 2025 to July 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

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

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

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

How did the Fund perform over the period since inception?

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

Fund Performance (March 5, 2024 through July 31, 2026) Initial Investment of $10,000

Average Annual Total Returns

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.

Fund Statistics (as of July 31, 2026)

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

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by November 30, 2026 at https://www.nuveen.com/en‑us/exchange‑traded‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

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

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

67092P755_AR_0726 5824550

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.

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

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

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

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

Nushares ETF Trust

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant (“Affiliated Fund Service Provider”), for engagements directly related to the Registrant’s operations and financial reporting, during the Registrant’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the

time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant’s independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC’s independence.

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

Less than 50 percent of the hours expended on the independent registered public accounting firm’s engagement to audit the Registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant’s independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant’s independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

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

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

Report of Independent Registered

Public Accounting Firm

1

To the Board of Trustees of Nushares ETF Trust and Shareholders of Nuveen AA-BBB CLO ETF, Nuveen Core Plus Bond

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

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

Nuveen Preferred and Income ETF, Nuveen Securitized Income ETF and Nuveen Ultra Short Income ETF

Opinions on the Financial Statements

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

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

referred to as the "Funds") as of July 31, 2026, the related statements of operations and of changes in net assets

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

of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the

financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table

below as of July 31, 2026, the results of each of their operations, the changes in each of their net assets, and each of

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

generally accepted in the United States of America.

Nuveen AA-BBB CLO ETF (1)

Nuveen Core Plus Bond ETF (2)

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

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

Nuveen ESG High Yield Corporate Bond ETF (2)

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

Nuveen High Yield Corporate Bond ETF (3)

Nuveen Preferred and Income ETF (2)

Nuveen Securitized Income ETF (3)

Nuveen Ultra Short Income ETF (2) 

(1) Statement of operations for the year ended July 31, 2026, statement of changes in net assets and the financial

highlights for the year ended July 31, 2026 and the period December 10, 2024 (commencement of operations)

through July 31, 2025 

(2) Statement of operations for the year ended July 31, 2026, statement of changes in net assets and the financial

highlights for the years ended July 31, 2026 and 2025

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

September 23, 2025 (commencement of operations) through July 31, 2026

The financial statements of Nuveen Core Plus Bond ETF, Nuveen Enhanced Yield U.S. Aggregate Bond ETF, Nuveen

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

Bond ETF, Nuveen Preferred and Income ETF and Nuveen Ultra Short Income ETF as of and for the year ended July

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

other than the financial highlights) were audited by other auditors whose report dated September 27, 2024 expressed

an unqualified opinion on those financial statements and financial highlights.  

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion

on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

Report of Independent Registered Public Accounting Firm

(continued)

2

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of July 31, 2026 by correspondence with the custodian and brokers; when replies were not received from

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

opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

September 25, 2026

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

3

Portfolio of Investments July 31, 2026

NCLO

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.3%  

SECURITIZED - 99.3%

$

1,500,000

(a),(b)

AGL CLO 42 Ltd (TSFR3M + 1.800%)

5

.533

%

07/22/38

$

1,503,642

3,000,000

(a),(b)

AIMCO CLO (TSFR3M + 2.850%)

6

.600

10/17/37

3,004,731

4,000,000

(a),(b)

AIMCO CLO (TSFR3M + 1.800%)

5

.550

10/17/38

4,017,004

1,600,000

(a)

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

5

.629

07/20/37

1,600,080

1,250,000

(a)

AIMCO CLO 18 Ltd (TSFR3M + 2.850%), Reg S

7

.175

07/20/37

1,250,062

1,500,000

(a),(b),(c)

AIMCO CLO 18 Ltd (TSFR3M + 1.700%)

0

.000

07/20/39

1,501,125

550,000

(a),(b)

Allegro CLO XII Ltd (TSFR3M + 3.500%)

7

.234

07/21/37

547,833

2,500,000

(a),(b)

Anchorage Capital Clo 20 Ltd (TSFR3M + 1.950%)

5

.679

01/20/35

2,502,055

2,000,000

(a),(b)

Apidos CLO LI Ltd (TSFR3M + 1.750%)

5

.418

01/20/38

2,004,308

1,800,000

(a),(b)

Apidos CLO Ltd (TSFR3M + 1.800%)

5

.529

10/20/38

1,805,830

500,000

(a),(b)

ARES LX CLO LTD (TSFR3M + 2.850%)

6

.579

07/18/34

497,992

2,000,000

(a),(b)

Ares LXXII CLO Ltd (TSFR3M + 1.700%)

5

.453

07/15/36

2,001,128

3,000,000

(a),(b)

Ares LXXV CLO Ltd (TSFR3M + 1.850%)

6

.090

01/15/37

3,005,934

2,000,000

(a),(b)

ARES XLIV CLO Ltd (TSFR3M + 1.500%)

5

.253

04/15/34

2,001,774

2,000,000

(a),(b)

Ares XXXIV CLO Ltd (TSFR3M + 2.900%)

6

.650

07/17/38

1,998,578

2,100,000

(a),(b)

Ballyrock CLO 14 Ltd (TSFR3M + 3.000%)

6

.729

07/20/37

2,100,105

500,000

(a),(b)

Ballyrock CLO 21 Ltd (TSFR3M + 6.000%)

9

.668

10/20/37

486,698

500,000

(a),(b)

Ballyrock CLO 25 Ltd (TSFR3M + 1.500%)

5

.310

01/25/38

500,400

1,000,000

(a),(b)

Barings CLO Ltd 2019-I (TSFR3M + 1.850%)

5

.603

10/15/38

1,001,600

1,470,000

(a),(b)

Barings CLO Ltd 2024-V (TSFR3M + 3.000%)

6

.753

07/15/38

1,472,655

500,000

(a),(b)

Barings CLO Ltd 2026-I (TSFR3M + 6.050%)

9

.715

04/15/39

510,216

2,000,000

(a),(b)

Benefit Street Partners Clo 41 Ltd (TSFR3M + 2.750%)

6

.560

07/25/38

2,006,026

1,000,000

(a),(b)

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

5

.529

10/20/38

1,003,035

600,000

(a),(b)

Benefit Street Partners CLO IX Ltd (TSFR3M + 3.100%)

6

.829

10/20/37

601,540

1,300,000

(a),(b)

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

5

.560

01/25/38

1,303,227

2,000,000

(a),(b)

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

5

.610

01/25/38

2,003,174

1,400,000

(a),(b)

Birch Grove CLO 3 Ltd (TSFR3M + 1.800%)

5

.529

01/19/38

1,401,400

730,000

(a),(b)

Blueberry Park CLO Ltd (TSFR3M + 2.900%)

6

.629

10/20/37

726,989

900,000

(a),(b)

Boyce Park CLO Ltd (TSFR3M + 1.750%)

6

.367

04/21/35

903,261

2,000,000

(a),(b)

Boyce Park CLO Ltd (TSFR3M + 3.100%)

6

.834

04/21/35

1,904,640

1,000,000

(a),(b)

CARLYLE US CLO 2021-2 LTD (TSFR3M + 2.850%)

6

.579

04/20/38

990,000

2,500,000

(a),(b)

CARLYLE US CLO 2021-8 LTD (TSFR3M + 1.900%)

5

.653

10/15/38

2,511,767

1,800,000

(a),(b)

CARLYLE US CLO 2023-4 LTD (TSFR3M + 1.550%)

5

.360

10/25/38

1,803,481

625,000

(a),(b)

Carlyle US CLO 2026-1 Ltd (TSFR3M + 2.600%)

6

.276

04/25/39

625,094

2,000,000

(a),(b)

Carlyle US CLO 2026-2 Ltd (TSFR3M + 1.550%)

5

.213

04/20/39

2,004,600

950,000

(a),(b)

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

5

.652

07/23/37

951,388

1,500,000

(a),(b)

CIFC Funding 2021-VII Ltd (TSFR3M + 1.750%)

5

.502

01/23/35

1,501,683

1,000,000

(a),(b)

CIFC Funding 2022-II Ltd (TSFR3M + 2.550%)

6

.279

04/19/35

982,550

1,300,000

(a),(b)

CIFC Funding 2024-III Ltd (TSFR3M + 1.750%)

5

.560

07/21/39

1,301,300

2,000,000

(a),(b)

Croton Park CLO Ltd (TSFR3M + 1.950%)

5

.623

10/15/36

2,003,180

2,000,000

(a),(b)

Davis Park CLO Ltd (TSFR3M + 3.100%)

0

.000

07/20/38

1,940,000

1,000,000

(a),(b)

Diameter Capital CLO 4 Ltd (TSFR3M + 1.230%)

4

.983

01/15/39

1,000,000

2,000,000

(a),(b)

Diameter Capital CLO 9 Ltd (TSFR3M + 1.550%)

5

.279

04/20/38

2,004,000

1,800,000

(a),(b)

Elmwood CLO 24 Ltd (TSFR3M + 1.750%)

5

.500

01/17/38

1,805,418

1,000,000

(a),(b)

Elmwood CLO 25 Ltd (TSFR3M + 1.750%)

5

.500

04/17/37

1,002,046

1,000,000

(a),(b)

Elmwood CLO 25 Ltd (TSFR3M + 2.800%)

6

.550

04/17/37

1,005,722

1,000,000

(a),(b)

Elmwood CLO III Ltd (TSFR3M + 3.100%)

6

.775

07/18/37

1,002,037

2,000,000

(a),(b)

Elmwood CLO X Ltd (TSFR3M + 1.950%)

5

.679

07/20/38

2,012,594

1,500,000

(a),(b)

Elmwood CLO XII Ltd (TSFR3M + 2.000%)

5

.753

10/15/37

1,502,728

1,000,000

(a),(b)

Galaxy 36 CLO Ltd (TSFR3M + 1.600%)

5

.353

10/15/38

1,002,602

3,370,000

(a),(b)

Goldentree Loan Management US Clo 17 Ltd (TSFR3M +

1.800%)

5

.684

01/20/39

3,387,999

1,000,000

(a),(b)

GoldenTree Loan Management US CLO 27 Ltd (TSFR3M +

1.600%)

5

.329

01/20/39

1,003,900

250,000

(a),(b)

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

6

.710

10/25/37

247,296

1,500,000

(a),(b)

Golub Capital Partners CLO, LT (TSFR3M + 1.600%)

5

.329

01/20/39

1,502,211

2,000,000

(a),(b)

Higley Park Clo Ltd (TSFR3M + 1.650%)

5

.425

07/24/38

2,003,848

500,000

(a),(b)

Invesco CLO 2022-3 Ltd (TSFR3M + 3.200%)

7

.057

10/22/37

500,986

1,500,000

(a),(b)

Invesco US CLO 2023-3 Ltd (TSFR3M + 1.900%)

5

.572

07/15/38

1,503,549

500,000

(a),(b)

Invesco US CLO 2023-4 Ltd (TSFR3M + 2.850%)

6

.579

01/18/39

495,233

Portfolio of Investments July 31, 2026

(continued)

NCLO

4

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

1,250,000

(a),(b)

Invesco US CLO 2024-3 Ltd (TSFR3M + 1.900%)

5

.629

%

07/20/37

$

1,261,686

1,250,000

(a),(b)

Invesco US CLO 2024-3 Ltd (TSFR3M + 3.200%)

6

.929

07/20/37

1,250,233

1,000,000

(a),(b)

KKR CLO 45a Ltd (TSFR3M + 1.750%)

5

.503

07/15/38

1,002,500

2,310,000

(a),(b)

KKR CLO 51 Ltd (TSFR3M + 1.850%)

5

.734

10/20/37

2,315,248

600,000

(a),(b)

KKR CLO 67 Ltd (TSFR3M + 1.230%)

4

.998

07/15/39

599,880

2,250,000

(a),(b)

KKR CLO 67 Ltd (TSFR3M + 1.700%)

5

.468

07/15/39

2,250,113

1,250,000

(a),(b)

Madison Park Funding LI Ltd (TSFR3M + 2.900%)

6

.784

10/19/38

1,252,464

750,000

(a),(b)

Magnetite XIX Ltd (TSFR3M + 5.100%)

8

.850

04/17/34

741,774

1,500,000

(a),(b)

Magnetite Xli Ltd (TSFR3M + 1.780%)

5

.590

01/25/38

1,503,957

2,000,000

(a),(b)

Magnetite XXII Ltd (TSFR3M + 1.600%)

5

.353

07/15/36

1,999,064

1,000,000

(a),(b)

Magnetite XXIII Ltd (TSFR3M + 1.600%)

5

.410

01/25/35

1,002,052

2,000,000

(a),(b)

Magnetite XXVI Ltd (TSFR3M + 1.750%)

5

.560

01/25/38

2,007,018

1,500,000

(a),(b)

Magnetite XXVII Ltd (TSFR3M + 1.750%)

5

.479

10/20/38

1,508,988

1,000,000

(a),(b)

Magnetite XXXII Ltd (TSFR3M + 1.750%)

5

.503

10/15/37

995,328

3,250,000

(a),(b)

MidOcean Credit CLO XVI (TSFR3M + 2.000%)

6

.269

10/20/37

3,255,427

2,500,000

(a)

MidOcean Credit CLO XVII Ltd (TSFR3M + 1.950%), Reg S

5

.679

01/20/38

2,505,377

1,000,000

(a),(b)

Neuberger Berman CLO XVI-S Ltd (TSFR3M + 1.800%)

5

.553

04/15/39

1,004,141

500,000

(a),(b)

Neuberger Berman CLO XXII Ltd (TSFR3M + 3.150%)

6

.900

04/17/40

504,170

1,550,000

(a),(b)

Neuberger Berman Loan Advisers CLO 26 Ltd (TSFR3M +

2.000%)

5

.729

10/18/38

1,553,802

2,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

1.850%)

5

.579

07/20/39

2,011,704

3,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 34 Ltd (TSFR3M +

2.850%)

6

.579

07/20/39

3,007,515

500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 41 Ltd (TSFR3M +

2.800%)

6

.553

04/15/34

498,367

1,000,000

(a),(b)

Neuberger Berman Loan Advisers CLO 45 Ltd (TSFR3M +

1.550%)

5

.291

10/14/36

1,000,928

1,500,000

(a),(b)

Neuberger Berman Loan Advisers CLO 47 Ltd (TSFR3M +

2.800%)

7

.005

04/16/35

1,494,847

500,000

(a),(b)

Neuberger Berman Loan Advisers Clo 51 Ltd (TSFR3M +

2.800%)

6

.552

10/23/36

500,538

350,000

(a),(b)

Neuberger Berman Loan Advisers CLO 59 Ltd (TSFR3M +

2.600%)

6

.352

01/23/39

346,483

1,000,000

(a),(b)

Neuberger Berman Loan Advisers Lasalle Street Lending CLO I

Ltd (TSFR3M + 3.350%)

7

.018

10/25/36

1,001,440

750,000

(a),(b)

OCP CLO 2018-15 Ltd (TSFR3M + 2.750%)

6

.479

01/20/38

750,835

1,000,000

(a),(b)

OCP CLO 2023-30 LTD (TSFR3M + 1.800%)

5

.553

01/24/39

1,002,202

2,000,000

(a),(b)

Ocp Clo 2024-33 Ltd (TSFR3M + 1.720%)

5

.417

07/20/39

2,005,200

1,500,000

(a),(b)

OCP CLO 2024-38 Ltd (TSFR3M + 1.600%)

5

.334

01/21/38

1,502,654

3,500,000

(a),(b)

OCP CLO 2025-40 Ltd (TSFR3M + 1.700%)

5

.594

04/16/38

3,509,733

500,000

(a),(b)

OCP CLO 2025-44 Ltd (TSFR3M + 1.850%)

5

.625

10/24/38

501,692

500,000

(a),(b)

OCP CLO 2025-46 Ltd (TSFR3M + 1.480%)

5

.233

10/15/38

501,250

3,500,000

(a),(b)

OHA Credit Funding 10-R Ltd (TSFR3M + 1.800%)

5

.529

07/18/38

3,519,127

750,000

(a),(b)

OHA Credit Funding 2 LTD (TSFR3M + 3.700%)

7

.434

01/21/38

728,096

700,000

(a),(b)

OHA Credit Funding 21 Ltd (TSFR3M + 1.600%)

5

.329

10/20/38

703,098

750,000

(a),(b)

OHA Credit Funding 8 Ltd (TSFR3M + 1.750%)

5

.479

01/20/38

752,444

350,000

(a),(b)

Palmer Square CLO 2023-1 Ltd (TSFR3M + 2.650%)

6

.379

01/20/38

350,028

2,000,000

(a),(b)

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

7

.479

01/20/38

1,940,522

2,700,000

(a),(b)

Palmer Square CLO 2025-1 Ltd (TSFR3M + 1.700%)

5

.429

04/20/38

2,708,775

400,000

(a),(b)

Palmer Square Clo 2026-1 Ltd (TSFR3M + 1.650%)

5

.379

04/20/39

399,939

1,000,000

(a),(b)

Regatta VI Funding Ltd (TSFR3M + 2.750%)

6

.479

10/20/38

993,961

500,000

(a),(b)

Riverbank Park Clo Ltd (TSFR3M + 1.800%)

6

.092

01/25/38

500,843

1,000,000

(a),(b)

Sixth Street CLO XX Ltd (TSFR3M + 1.650%)

5

.400

07/17/38

1,003,944

1,550,000

(a),(b)

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

7

.284

04/20/34

1,525,403

1,000,000

(a),(b)

Texas Debt Capital CLO 2025-I Ltd (TSFR3M + 1.550%)

5

.325

04/24/38

1,002,509

TOTAL SECURITIZED

(Cost $151,407,877)

151,041,553

TOTAL LONG-TERM INVESTMENTS

(Cost $151,407,877)

151,041,553

5

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

SHORT-TERM INVESTMENTS - 0.1%  

MONEY MARKET FUNDS - 0.1%

174,292

State Street Institutional US Government Money Market Fund

3.619%(d)

$

174,292

TOTAL SHORT-TERM INVESTMENTS

(Cost $174,292)

174,292

TOTAL INVESTMENTS - 99.4%

(Cost $151,582,169)

$

151,215,845

OTHER ASSETS & LIABILITIES, NET - 0.6%

954,150

NET ASSETS - 100%

$

152,169,995

CLO

Collateralized Loan Obligation

Reg S

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

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

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

made outside the United States.

TSFR3M

CME Term Secured Overnight Financing Rate 3 Month

(a)

Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed

securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.

(b)

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

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

As of the end of the reporting period, the aggregate value of these securities is $145,686,034 or 96.3% of Total Investments.

(c)

When-issued or delayed delivery security.

(d)

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

6

Portfolio of Investments July 31, 2026

NCPB

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.9%  

CORPORATE DEBT - 34.8%

FINANCIALS - 14.4%

$

55,000

(a)

Acrisure LLC / Acrisure Finance Inc

4

.250

%

02/15/29

$

51,275

20,000

(a)

Acrisure LLC / Acrisure Finance Inc

6

.750

07/01/32

18,376

75,000

Agree LP

4

.800

10/01/32

73,139

39,000

(a)

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6

.750

04/15/28

39,176

40,000

(a)

Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer

6

.500

10/01/31

39,966

67,000

Aon North America Inc

5

.450

03/01/34

67,095

30,000

(a)

APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC /

APH3 Somerset Inves

7

.875

11/01/29

30,386

39,000

(a)

Ardonagh Finco Ltd

7

.750

02/15/31

39,598

200,000

(a)

Azule Energy Finance Plc

8

.625

01/22/33

204,516

225,000

(a)

Banco Nacional de Mexico SA

6

.697

08/07/36

221,625

586,000

Bank of America Corp

5

.162

01/24/31

588,913

280,000

Bank of America Corp

4

.695

04/23/32

274,748

129,000

Bank of America Corp

5

.744

02/12/36

129,081

75,000

(b)

Bank of America Corp

6

.125

N/A

75,414

50,000

(b)

Bank of America Corp

6

.625

N/A

51,040

100,000

Bank of Montreal

5

.298

06/02/37

97,793

50,000

(b)

Bank of New York Mellon Corp/The

6

.300

N/A

50,913

126,000

(a),(b)

BNP Paribas SA

7

.450

N/A

127,703

50,000

(a)

BPCE SA

5

.417

01/13/37

47,813

70,000

(b)

Citigroup Inc

7

.625

N/A

72,645

30,000

(b)

Citigroup Inc

6

.625

N/A

30,136

31,000

(a)

Compass Group Diversified Holdings LLC

5

.250

04/15/29

29,406

83,000

(a)

CRC Insurance Group LLC

7

.125

06/01/31

82,844

200,000

(a),(b)

Credit Agricole SA

7

.125

N/A

203,118

75,000

(a)

DNB Bank ASA

4

.832

03/30/32

73,985

40,000

(a)

Encore Capital Group Inc

6

.625

04/15/31

40,170

49,000

(a)

FirstCash Inc

6

.875

03/01/32

49,704

55,000

(a)

Five Corners Funding Trust II

2

.850

05/15/30

50,817

40,000

(a)

Genesee & Wyoming Inc

6

.250

04/15/32

40,229

98,000

Goldman Sachs Group Inc/The

5

.536

01/28/36

97,253

80,000

(b)

Goldman Sachs Group Inc/The

7

.500

N/A

82,922

100,000

Healthcare Realty Holdings LP

2

.000

03/15/31

86,994

50,000

Healthcare Realty Holdings LP

2

.050

03/15/31

43,353

50,000

Highwoods Realty LP

2

.600

02/01/31

44,422

200,000

(b)

HSBC Holdings PLC

8

.000

N/A

206,524

40,000

(a)

HUB International Ltd

7

.250

06/15/30

41,187

50,000

(b)

Huntington Bancshares Inc/OH

5

.625

N/A

49,777

37,000

Icahn Enterprises LP / Icahn Enterprises Finance Corp

5

.250

05/15/27

36,764

65,000

(a)

Jane Street Group / JSG Finance Inc

6

.125

11/01/32

64,675

20,000

(a)

Jane Street Group / JSG Finance Inc

6

.750

05/01/33

20,382

567,000

JPMorgan Chase & Co

4

.851

07/25/28

568,064

145,000

JPMorgan Chase & Co

5

.103

04/22/31

145,404

230,000

JPMorgan Chase & Co

5

.572

04/22/36

231,085

55,000

(b)

JPMorgan Chase & Co

6

.875

N/A

56,788

10,000

(a)

Kennedy-Wilson Inc

7

.000

06/01/31

10,183

100,000

MetLife Inc

6

.350

03/15/55

101,440

24,000

(a)

Molina Healthcare Inc

6

.250

01/15/33

23,733

142,000

Morgan Stanley

5

.664

04/17/36

142,481

150,000

Morgan Stanley

5

.605

07/17/37

149,098

112,000

Morgan Stanley Bank NA

4

.968

07/14/28

112,320

287,000

Morgan Stanley Private Bank NA

4

.465

11/19/31

279,339

40,000

MPT Operating Partnership LP / MPT Finance Corp

3

.500

03/15/31

27,303

20,000

(a)

MPT Operating Partnership LP / MPT Finance Corp

8

.500

02/15/32

20,326

200,000

(a)

Muthoot Finance Ltd

5

.750

08/04/30

194,679

50,000

Navient Corp

5

.500

03/15/29

47,889

45,000

(a)

Omnis Funding Trust

6

.722

05/15/55

45,050

64,000

OneMain Finance Corp

5

.375

11/15/29

62,546

40,000

OneMain Finance Corp

6

.125

05/15/30

39,760

7

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

FINANCIALS

(continued)

$

19,000

OneMain Finance Corp

6

.500

%

03/15/33

$

18,549

33,000

(a)

PennyMac Financial Services Inc

7

.875

12/15/29

33,882

20,000

(a)

PennyMac Financial Services Inc

6

.875

05/15/32

19,118

150,000

Piedmont Operating Partnership LP

9

.250

07/20/28

160,837

25,000

(b)

PNC Financial Services Group Inc/The

3

.400

N/A

24,904

30,000

(b)

PNC Financial Services Group Inc/The

6

.200

N/A

30,210

34,000

Prudential Financial Inc

5

.200

03/14/35

33,530

70,000

Prudential Financial Inc

5

.125

03/01/52

68,013

50,000

Prudential Financial Inc

6

.500

03/15/54

51,153

59,000

Reinsurance Group of America Inc

5

.750

09/15/34

59,491

20,000

(a)

Rocket Cos Inc

6

.125

08/01/30

20,162

38,000

(a)

Rocket Cos Inc

6

.375

08/01/33

38,226

52,000

(a)

Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc

4

.000

10/15/33

45,925

350,000

Royal Bank of Canada

6

.750

08/24/85

354,747

24,000

(a)

Ryan Specialty LLC

5

.875

08/01/32

23,670

200,000

Saudi Awwal Bank

, Reg S

5

.947

09/04/35

197,285

25,000

(a)

Starwood Property Trust Inc

6

.500

07/01/30

25,391

85,000

(b)

State Street Corp

6

.700

N/A

86,894

160,000

(b)

Truist Financial Corp

6

.669

N/A

160,030

100,000

UnitedHealth Group Inc

5

.350

02/15/33

101,067

108,000

UnitedHealth Group Inc

5

.500

07/15/44

101,909

54,000

UnitedHealth Group Inc

5

.050

04/15/53

46,284

25,000

(a)

UWM Holdings LLC

6

.625

02/01/30

23,191

50,000

Ventas Realty LP

5

.000

01/15/35

48,243

20,000

(a)

Walker & Dunlop Inc

6

.625

04/01/33

20,028

40,000

Wells Fargo & Co

4

.611

04/25/53

32,063

100,000

(b)

Wells Fargo & Co

7

.625

N/A

104,622

100,000

(b)

Wells Fargo & Co

6

.125

N/A

99,932

34,000

(a)

Wynnton Funding Trust

5

.251

08/15/35

32,868

TOTAL FINANCIALS

7,995,589

INDUSTRIAL - 18.0%

40,000

(a)

1011778 BC ULC / New Red Finance Inc

6

.125

06/15/29

40,417

49,000

(a)

ADT Security Corp/The

4

.875

07/15/32

45,843

60,000

(a)

AECOM

6

.000

08/01/33

59,658

30,000

(a)

Ahead DB Holdings LLC

6

.625

05/01/28

30,006

20,000

(a)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

5

.500

03/31/31

19,217

15,000

(a)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

6

.250

03/15/33

14,529

40,000

(a)

Albertsons Cos Inc / Safeway Inc / New Albertsons LP /

Albertsons LLC

5

.750

03/31/34

37,190

20,000

(a)

Albion Financing 1 SARL / Aggreko Holdings Inc

7

.000

05/21/30

20,374

75,000

Amcor Flexibles North America Inc

5

.125

03/12/36

72,336

180,000

Amgen Inc

5

.650

03/02/53

167,313

30,000

(a)

AMN Healthcare Inc

6

.500

01/15/31

30,001

74,000

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

4

.700

02/01/36

70,390

34,000

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

4

.900

02/01/46

29,732

48,000

(a)

Antero Midstream Partners LP / Antero Midstream Finance Corp

6

.625

02/01/32

48,854

20,000

(a)

Antero Midstream Partners LP / Antero Midstream Finance Corp

5

.750

10/15/33

19,644

50,000

(a)

Archrock Partners LP / Archrock Partners Finance Corp

6

.625

09/01/32

50,716

40,000

(a)

Asbury Automotive Group Inc

5

.000

02/15/32

38,112

55,000

AT&T Inc

5

.850

04/30/46

50,055

247,000

AT&T Inc

3

.500

09/15/53

149,206

148,000

AT&T Inc

3

.800

12/01/57

91,552

110,000

Augusta SpinCo Corp

4

.945

03/23/33

107,960

15,000

Augusta SpinCo Corp

5

.245

03/23/36

14,726

20,000

(a)

Avient Corp

6

.250

11/01/31

20,147

13,000

(a)

Bath & Body Works Inc

6

.625

10/01/30

13,210

200,000

(a)

Bidvest Group UK PLC/The

6

.200

09/17/32

200,960

109,000

Block Inc

6

.500

05/15/32

110,123

20,000

(a)

Block Inc

6

.000

08/15/33

19,834

69,000

Boeing Co/The

6

.528

05/01/34

73,896

Portfolio of Investments July 31, 2026

(continued)

NCPB

8

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

164,000

Boeing Co/The

5

.805

%

05/01/50

$

154,914

90,000

Broadcom Inc

4

.300

01/15/31

87,005

40,000

Broadcom Inc

4

.950

01/15/36

37,547

24,000

(a)

Buckeye Partners LP

6

.750

02/01/30

24,588

20,000

(a)

CACI International Inc

6

.375

06/15/33

20,155

40,000

(a)

Caesars Entertainment Inc

6

.500

02/15/32

38,223

19,000

(a)

Caesars Entertainment Inc

6

.000

10/15/32

16,664

11,000

(a)

CCO Holdings LLC / CCO Holdings Capital Corp

5

.125

05/01/27

10,977

35,000

(a)

CCO Holdings LLC / CCO Holdings Capital Corp

4

.500

08/15/30

31,934

30,000

(a)

CCO Holdings LLC / CCO Holdings Capital Corp

4

.250

02/01/31

26,554

190,000

Cemex SAB de CV

5

.750

06/05/36

185,554

107,000

Charter Communications Operating LLC / Charter

Communications Operating Capital

6

.550

06/01/34

105,798

195,000

Cheniere Energy Partners LP

4

.500

10/01/29

192,879

20,000

(a)

Chord Energy Corp

6

.000

10/01/30

20,067

39,000

(a)

Chord Energy Corp

6

.750

03/15/33

39,722

40,000

(a)

CHS/Community Health Systems Inc

5

.250

05/15/30

36,937

49,000

(a)

Churchill Downs Inc

5

.750

04/01/30

48,855

25,000

(a)

Clarios Global LP / Clarios US Finance Co

6

.750

02/15/30

25,635

43,000

(a)

CNX Resources Corp

7

.250

03/01/32

44,221

25,000

(a)

Commercial Metals Co

6

.000

12/15/35

24,568

75,000

Conagra Brands Inc

5

.400

08/01/31

74,936

20,000

(a)

Concentra Health Services Inc

6

.875

07/15/32

20,566

19,000

(a)

Cushman & Wakefield US Borrower LLC

6

.750

05/15/28

19,000

43,000

CVS Health Corp

5

.450

09/15/35

42,556

163,000

CVS Health Corp

5

.050

03/25/48

137,667

40,000

(a)

DaVita Inc

4

.625

06/01/30

38,557

55,000

(a)

DaVita Inc

6

.875

09/01/32

56,521

40,000

(a)

DaVita Inc

6

.750

07/15/33

41,007

30,000

(a)

Delek Logistics Partners LP / Delek Logistics Finance Corp

6

.875

06/01/34

30,144

25,000

(a)

Directv Financing LLC / Directv Financing Co-Obligor Inc

10

.000

02/15/31

26,123

20,000

(a)

Directv Financing LLC / Directv Financing Co-Obligor Inc

9

.250

06/01/32

20,466

30,000

Eaton Corp

4

.800

03/06/36

28,754

35,000

Enbridge Inc

8

.500

01/15/84

39,551

16,000

Encompass Health Corp

4

.500

02/01/28

15,830

116,000

Enterprise Products Operating LLC

4

.450

02/15/43

97,747

20,000

(a)

Esab Corp

6

.250

04/15/29

20,212

35,000

(a)

Everforth Inc

4

.625

05/15/28

33,410

20,000

(a)

Fair Isaac Corp

6

.000

05/15/33

19,357

48,000

(a)

Ferrellgas LP / Ferrellgas Finance Corp

5

.875

04/01/29

46,835

200,000

(a)

Ford Otomotiv Sanayi AS

7

.125

04/25/29

199,795

20,000

(a)

Gen Digital Inc

6

.250

04/01/33

19,688

154,000

General Motors Financial Co Inc

5

.350

01/07/30

155,346

20,000

(b)

General Motors Financial Co Inc

5

.750

N/A

19,842

20,000

(a)

Global Medical Response Inc

7

.375

10/01/32

20,352

20,000

(a)

Goat Holdco LLC

6

.750

02/01/32

20,321

30,000

Goodyear Tire & Rubber Co/The

5

.000

07/15/29

28,741

51,000

Goodyear Tire & Rubber Co/The

5

.250

04/30/31

45,799

54,000

(a)

Gray Media Inc

10

.500

07/15/29

56,946

40,000

(a)

Gray Media Inc

7

.250

08/15/33

39,562

180,000

(a)

Grupo Aeromexico SAB de CV

8

.250

11/15/29

181,166

61,000

Haleon US Capital LLC

3

.625

03/24/32

56,569

140,000

HCA Inc

5

.250

03/01/30

141,056

43,000

HCA Inc

6

.200

03/01/55

41,499

20,000

(a)

Herc Holdings Inc

6

.625

06/15/29

20,359

20,000

(a)

Herc Holdings Inc

7

.000

06/15/30

20,625

20,000

(a)

Herc Holdings Inc

7

.250

06/15/33

20,637

75,000

Hexcel Corp

4

.900

05/15/31

74,072

57,000

(a)

Hilcorp Energy I LP / Hilcorp Finance Co

6

.250

04/15/32

55,333

44,000

(a)

Hilcorp Energy I LP / Hilcorp Finance Co

8

.375

11/01/33

46,163

72,000

(a)

Hilton Domestic Operating Co Inc

5

.875

04/01/29

72,546

50,000

(a)

Honeywell Aerospace Inc

4

.950

03/16/36

48,199

9

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

55,000

(a)

Honeywell Aerospace Inc

5

.732

%

03/16/56

$

52,386

200,000

(a)

ICL Group Ltd

, Reg S

6

.036

06/16/36

197,142

19,000

(a)

Iliad Holding SAS

8

.500

04/15/31

19,986

20,000

(a)

Iliad Holding SAS

7

.000

04/15/32

20,173

60,000

(a)

Ingram Micro Inc

4

.750

05/15/29

58,384

75,000

(a)

International Flavors & Fragrances Inc

2

.300

11/01/30

67,098

60,000

(a)

IQVIA Inc

6

.250

06/01/32

60,772

40,000

(a)

Iron Mountain Inc

6

.250

01/15/33

40,154

48,000

(a)

Kinetik Holdings LP

6

.625

12/15/28

48,795

25,000

(a)

Kodiak Gas Services LLC

5

.875

04/01/31

24,719

20,000

(a)

Kodiak Gas Services LLC

6

.500

10/01/33

19,974

19,000

(a)

Kodiak Gas Services LLC

6

.750

10/01/35

19,144

39,000

Kohl's Corp

5

.125

05/01/31

34,953

68,000

L3Harris Technologies Inc

5

.400

07/31/33

68,354

40,000

Lamar Media Corp

4

.875

01/15/29

39,419

40,000

(a)

Level 3 Financing Inc

6

.875

06/30/33

40,478

60,000

(a)

Level 3 Financing Inc

7

.000

03/31/34

61,033

38,000

(a)

Level 3 Financing Inc

8

.500

01/15/36

39,535

20,000

(a)

Light & Wonder International Inc

6

.250

10/01/33

19,650

68,000

Marathon Petroleum Corp

4

.750

09/15/44

57,183

30,000

(a)

Marriott Ownership Resorts Inc

4

.500

06/15/29

28,920

155,000

(a)

Mars Inc

4

.800

03/01/30

154,472

53,000

(a)

Mars Inc

5

.200

03/01/35

52,270

112,000

(a)

Mars Inc

5

.700

05/01/55

105,692

19,000

(a)

Masterbrand Inc

7

.000

07/15/32

19,011

20,000

(a)

Matador Resources Co

6

.250

04/15/33

19,680

30,000

(a)

McGraw-Hill Education Inc

7

.375

09/01/31

30,379

50,000

Meta Platforms Inc

6

.200

05/15/46

46,914

119,000

Meta Platforms Inc

5

.625

11/15/55

99,527

30,000

MGM Resorts International

6

.125

09/15/29

30,185

200,000

(a)

Millicom International Cellular SA

7

.375

04/02/32

204,850

20,000

(a)

Millrose Properties Inc

6

.250

09/15/32

19,983

40,000

(a)

Mineral Resources Ltd

9

.250

10/01/28

41,142

20,000

(a)

Mineral Resources Ltd

7

.000

04/01/31

20,581

19,000

(a)

Miter Brands Acquisition Holdco Inc / MIWD Borrower LLC

6

.750

04/01/32

18,707

20,000

(a)

NCL Corp Ltd

5

.875

01/15/31

19,114

20,000

(a)

NCL Corp Ltd

6

.250

09/15/33

19,011

24,000

(a)

Neptune Bidco US Inc

9

.500

02/15/33

24,448

30,000

Newell Brands Inc

6

.375

09/15/27

30,091

20,000

(a)

Olin Corp

6

.625

04/01/33

19,572

120,000

ONEOK Inc

5

.700

11/01/54

106,146

50,000

(a)

Open Text Holdings Inc

4

.125

02/15/30

46,127

60,000

Oracle Corp

4

.950

02/04/31

57,310

96,000

Oracle Corp

6

.700

02/04/56

84,649

60,000

O'Reilly Automotive Inc

4

.200

04/01/30

58,462

30,000

(a)

Organon & Co / Organon Foreign Debt Co-Issuer BV

4

.125

04/30/28

29,523

55,000

(a)

Organon & Co / Organon Foreign Debt Co-Issuer BV

5

.125

04/30/31

54,437

29,000

(a)

PBF Holding Co LLC / PBF Finance Corp

7

.875

09/15/30

30,097

40,000

(a)

Phinia Inc

6

.625

10/15/32

40,398

45,000

(a)

Post Holdings Inc

6

.250

02/15/32

45,182

40,000

(a)

Post Holdings Inc

6

.375

03/01/33

39,392

35,000

(a)

Primo Water Holdings Inc / Triton Water Holdings Inc

4

.375

04/30/29

33,909

40,000

(a)

Qnity Electronics Inc

5

.750

08/15/32

39,716

20,000

(a)

Qnity Electronics Inc

6

.250

08/15/33

20,093

20,000

(a)

Quikrete Holdings Inc

6

.375

03/01/32

20,244

40,000

(a)

QXO Building Products Inc

6

.750

04/30/32

40,850

95,000

RTX Corp

6

.000

03/15/31

99,317

20,000

(a)

Science Applications International Corp

5

.875

11/01/33

19,576

40,000

Service Corp International/US

5

.750

10/15/32

39,673

45,000

(a)

Sirius XM Radio LLC

4

.125

07/01/30

42,061

30,000

(a)

Sirius XM Radio LLC

3

.875

09/01/31

27,073

200,000

(a)

Sisecam UK PLC

8

.375

01/23/33

201,531

Portfolio of Investments July 31, 2026

(continued)

NCPB

10

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIAL

(continued)

$

60,000

(a)

SIX FLAGS ENTERTAINMENT

6

.625

%

05/01/32

$

60,408

20,000

(a)

Solstice Advanced Materials Inc

5

.625

09/30/33

19,557

50,000

(a)

Sopaipilla Investor LLC

7

.534

11/30/48

51,824

38,000

(a)

Standard Building Solutions Inc

6

.250

08/01/33

37,585

20,000

(a)

Stonepeak Nile Parent LLC

7

.250

03/15/32

20,615

48,000

(a)

Sunoco LP

7

.000

05/01/29

49,045

40,000

(a)

Sunoco LP

4

.625

05/01/30

38,515

20,000

(a)

Sunoco LP

5

.625

03/15/31

19,740

19,000

(a)

Sunoco LP

5

.875

03/15/34

18,596

50,000

(a)

Sunrise FinCo I BV

4

.875

07/15/31

46,877

42,000

Tenet Healthcare Corp

6

.125

10/01/28

42,027

75,000

Tenet Healthcare Corp

4

.375

01/15/30

72,339

99,000

T-Mobile USA Inc

5

.125

05/15/32

98,393

126,000

T-Mobile USA Inc

5

.300

05/15/35

123,236

32,000

T-Mobile USA Inc

5

.875

11/15/55

29,022

61,000

TotalEnergies Capital SA

5

.488

04/05/54

56,175

25,000

Transcanada Trust

5

.500

09/15/79

24,724

38,000

(a)

TransDigm Inc

6

.875

12/15/30

38,953

40,000

(a)

TransDigm Inc

6

.000

01/15/33

39,996

6,000

(a)

Transocean International Ltd

8

.750

02/15/30

5,817

97,000

(a)

United Rentals North America Inc

5

.375

11/15/33

94,450

20,000

(a)

Uniti Services LLC

7

.500

10/15/33

20,438

35,000

(a)

Univision Communications Inc

4

.500

05/01/29

33,143

38,000

(a)

USA Compression Partners LP / USA Compression Finance Corp

7

.125

03/15/29

38,819

20,000

(a)

USA Compression Partners LP / USA Compression Finance Corp

6

.250

10/01/33

19,682

43,000

(a)

Venture Global Calcasieu Pass LLC

4

.125

08/15/31

39,832

33,000

(a)

Venture Global LNG Inc

9

.875

02/01/32

35,134

19,000

(a)

Venture Global Plaquemines LNG LLC

6

.500

01/15/34

19,605

85,000

Verizon Communications Inc

4

.780

02/15/35

80,305

50,000

Verizon Communications Inc

6

.200

05/14/56

48,933

50,000

Viatris Inc

4

.000

06/22/50

33,180

45,000

(a)

Viking Baked Goods Acquisition Corp

8

.625

11/01/31

45,166

25,000

(a)

VistaJet Malta Finance PLC / Vista Management Holding Inc

6

.375

02/01/30

23,590

40,000

Vodafone Group PLC

5

.125

06/04/81

29,829

30,000

Walmart Inc

2

.500

09/22/41

20,877

30,000

Walmart Inc

4

.500

04/15/53

24,801

20,000

(a)

Wand NewCo 3 Inc

7

.625

01/30/32

20,534

18,000

(a)

Wayfair LLC

7

.250

10/31/29

18,536

20,000

(a)

WESCO Distribution Inc

6

.375

03/15/33

20,336

20,000

(a)

WEX Inc

6

.500

03/15/33

19,872

38,000

Williams Cos Inc/The

5

.650

03/15/33

38,552

25,000

(a)

Windstream Services LLC / Windstream Escrow Finance Corp

8

.250

10/01/31

26,026

40,000

(a)

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp

6

.250

03/15/33

39,650

68,000

ZF North America Capital Inc

6

.750

04/23/30

67,481

TOTAL INDUSTRIAL

9,934,515

UTILITY - 2.4%

124,000

AEP Transmission Co LLC

5

.400

03/15/53

112,666

80,000

Amazon.com Inc

4

.875

03/13/36

76,564

35,000

Amazon.com Inc

5

.800

03/13/56

32,183

13,000

American Water Capital Corp

5

.700

09/01/55

12,295

68,000

Atmos Energy Corp

5

.000

12/15/54

58,465

25,000

(a)

California Buyer Ltd / Atlantica Sustainable Infrastructure PLC

6

.375

02/15/32

24,651

50,000

(a)

Chpe LLC

4

.875

06/30/31

49,272

65,000

(a)

Chpe LLC

5

.350

06/30/36

63,320

40,000

(a)

Clearway Energy Operating LLC

4

.750

03/15/28

39,477

35,000

CMS Energy Corp

6

.500

06/01/55

35,411

25,000

Commonwealth Edison Co

5

.950

06/01/55

24,227

20,000

(a)

ContourGlobal Power Holdings SA

6

.750

02/28/30

20,312

55,000

Dominion Energy Inc

3

.300

04/15/41

40,584

35,000

Dominion Energy Inc

7

.000

06/01/54

36,517

50,000

Dominion Energy Inc

6

.625

05/15/55

50,375

43,000

DTE Electric Co

5

.400

04/01/53

39,336

11

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITY

(continued)

$

60,000

Duke Energy Carolinas LLC

4

.250

%

12/15/41

$

50,405

52,000

Duke Energy Carolinas LLC

5

.400

01/15/54

47,092

50,000

Exelon Corp

6

.500

03/15/55

50,746

108,000

Florida Power & Light Co

4

.800

05/15/33

106,057

7,000

NRG Energy Inc

5

.750

01/15/28

7,003

40,000

(a)

NRG Energy Inc

6

.000

02/01/33

39,880

20,000

(a)

NRG Energy Inc

6

.250

11/01/34

19,947

30,000

(a)

Pattern Energy Operations LP / Pattern Energy Operations Inc

4

.500

08/15/28

29,296

48,000

PECO Energy Co

2

.800

06/15/50

28,439

49,000

Public Service Co of Colorado

4

.050

09/15/49

36,336

40,000

(a)

Talen Energy Supply LLC

6

.250

02/01/34

39,233

40,000

(a)

Talen Energy Supply LLC

6

.500

02/01/36

39,501

40,000

(a)

TerraForm Power Operating LLC

4

.750

01/15/30

38,257

46,000

Wisconsin Public Service Corp

4

.250

01/15/31

44,864

30,000

(a)

XPLR Infrastructure Operating Partners LP

8

.375

01/15/31

31,885

TOTAL UTILITY

1,324,596

TOTAL CORPORATE DEBT

(Cost $19,527,866)

19,254,700

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

GOVERNMENT RELATED - 3.7%

FINANCIALS - 0.4%

200,000

(a)

Banco do Brasil SA/Cayman

5

.625

10/23/31

196,340

TOTAL FINANCIALS

196,340

GOVERNMENT AGENCY - 0.7%

200,000

(a)

Corp Nacional del Cobre de Chile

6

.150

10/24/36

202,267

225,000

(a)

Petronas Capital Ltd

2

.480

01/28/32

198,050

TOTAL GOVERNMENT AGENCY

400,317

SOVEREIGN DEBT - 2.6%

204,000

Colombia Government International Bond

5

.000

06/15/45

154,836

250,000

(a)

Eagle Funding Luxco Sarl

5

.500

08/17/30

249,563

200,000

(a)

Egypt Government International Bond

8

.500

01/31/47

187,527

250,000

(a)

Hungary Government International Bond

2

.125

09/22/31

214,461

200,000

(a)

Ivory Coast Government International Bond

6

.125

06/15/33

193,773

150,000

Republic of Poland Government International Bond

5

.375

02/12/35

149,612

110,000

Republic of South Africa Government International Bond

6

.250

03/08/41

102,897

200,000

(a)

Saudi Government International Bond

5

.000

01/16/34

196,387

TOTAL SOVEREIGN DEBT

1,449,056

TOTAL GOVERNMENT RELATED

(Cost $2,035,581)

2,045,713

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED - 40.6%

250,000

(a),(c)

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

5

.676

06/15/35

250,656

80,066

(a),(c)

BAMLL Trust 2025-ASHF (TSFR1M + 2.350%)

6

.027

02/15/42

80,299

100,000

Barclays Commercial Mortgage Trust 2019-C4

3

.469

08/15/52

82,230

250,000

(a),(c)

BBCMS Trust 2015-SRCH

4

.957

08/10/35

246,927

150,000

(a),(c)

BBCMS Trust 2018-CBM (TSFR1M + 1.297%)

4

.974

07/15/37

147,187

150,000

(c)

Benchmark 2018-B1 Mortgage Trust

3

.878

01/15/51

144,965

200,000

(c)

Benchmark 2018-B2 Mortgage Trust

4

.290

02/15/51

122,106

100,000

(c)

Benchmark 2018-B3 Mortgage Trust

4

.553

04/10/51

86,389

250,000

Benchmark 2019-B14 Mortgage Trust

3

.493

12/15/62

204,072

150,000

(a),(c)

BLP Commercial Mortgage Trust (TSFR1M + 2.050%)

5

.726

12/15/42

150,661

100,000

(a),(c)

BX Commercial Mortgage Trust 2024-BRBK (TSFR1M + 4.874%)

8

.579

10/15/41

100,011

100,000

(a),(c)

BX Commercial Mortgage Trust 2026-AHP (TSFR1M + 1.900%)

5

.576

06/15/43

100,260

175,000

(a)

Canon Music Issuer Trust

5

.521

05/01/76

174,217

100,000

(c)

Cantor Commercial Real Estate Lending 2019-CF1

4

.352

05/15/52

82,625

97,018

(a)

Castlelake Aircraft Structured Trust 2026-2

5

.333

04/15/51

95,926

250,000

(a),(c)

CIFC Funding 2021-II (TSFR3M + 1.550%)

5

.222

01/15/39

250,548

100,000

(c)

Citigroup Commercial Mortgage Trust 2015-GC29

3

.974

04/10/48

89,550

Portfolio of Investments July 31, 2026

(continued)

NCPB

12

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

100,000

(c)

Citigroup Commercial Mortgage Trust 2016-P3

4

.271

%

04/15/49

$

96,750

100,000

(c)

Citigroup Commercial Mortgage Trust 2017-C4

4

.096

10/12/50

97,475

220,000

(a),(c)

COLT 2025-12 Mortgage Loan Trust

5

.681

01/26/71

216,953

40,043

(c)

COMM 2014-CCRE15 Mortgage Trust

3

.814

02/10/47

39,868

150,000

(c)

COMM 2018-COR3 Mortgage Trust

4

.515

05/10/51

130,425

50,000

(a),(c)

Connecticut Avenue Securities Trust 2022-R03 (SOFR30A +

9.850%)

14

.823

03/25/42

52,646

305,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R04 (SOFR30A +

3.550%)

7

.166

05/25/43

317,997

25,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R05 (SOFR30A +

3.100%)

6

.716

06/25/43

25,838

185,000

(a),(c)

Connecticut Avenue Securities Trust 2023-R05 (SOFR30A +

4.750%)

8

.366

06/25/43

196,041

100,000

(a)

Consolidated Communications LLC/Fidium Fiber Finance Holdco

LLC

5

.522

12/20/55

100,050

100,000

(a)

Crescendo Royalty Funding LP

3

.567

12/20/51

99,450

150,000

CSAIL 2019-C17 Commercial Mortgage Trust

3

.278

09/15/52

136,600

150,000

(a)

DataBank Issuer

5

.811

02/25/56

148,669

99,500

(a)

DB Master Finance LLC

4

.891

08/20/55

98,053

150,000

(a),(c)

DBSG 2024-ALTA Mortgage Trust

6

.595

06/10/37

150,574

150,000

(a)

Domino's Pizza Master Issuer LLC

4

.930

07/25/55

147,968

98,952

(a)

EQT Trust 2024-EXTR

5

.331

07/05/41

99,426

215,958

Fannie Mae Pool FN MA4512

2

.500

01/01/52

177,652

179,204

Fannie Mae Pool FN MA4548

2

.500

02/01/52

147,414

53,009

Fannie Mae Pool FN MA4578

2

.500

04/01/52

43,556

316,621

Fannie Mae Pool FN FS1533

3

.000

04/01/52

273,724

72,352

Fannie Mae Pool FN FS7299

3

.000

05/01/52

62,576

496,599

Fannie Mae Pool FN MA4600

3

.500

05/01/52

440,858

598,702

Fannie Mae Pool FN MA4684

4

.500

06/01/52

566,636

588,335

Fannie Mae Pool FN MA4700

4

.000

08/01/52

539,181

132,669

Fannie Mae Pool FN MA4737

5

.000

08/01/52

129,056

396,660

Fannie Mae Pool FN MA4733

4

.500

09/01/52

375,038

364,197

Fannie Mae Pool FN MA4783

4

.000

10/01/52

333,352

87,139

Fannie Mae Pool FN MA4784

4

.500

10/01/52

82,333

235,004

Fannie Mae Pool FN MA4785

5

.000

10/01/52

228,869

51,580

Fannie Mae Pool FN MA4804

4

.000

11/01/52

47,173

440,459

Fannie Mae Pool FN MA4805

4

.500

11/01/52

416,037

53,398

Fannie Mae Pool FN MA5009

5

.000

05/01/53

51,981

357,115

Fannie Mae Pool FN MA5039

5

.500

06/01/53

355,508

41,000

Fannie Mae Pool FN MA5089

4

.000

07/01/53

37,473

36,397

Fannie Mae Pool FN MA5106

5

.000

08/01/53

35,335

171,362

Fannie Mae Pool FN MA5107

5

.500

08/01/53

170,300

610,282

Fannie Mae Pool FN MA5165

5

.500

10/01/53

605,958

60,807

Fannie Mae Pool FN MA5247

6

.000

01/01/54

61,631

1,040,826

Fannie Mae Pool FN FA0197

4

.000

02/01/54

953,951

195,985

Fannie Mae Pool FN MA5295

6

.000

03/01/54

198,303

491,414

Fannie Mae Pool FN MA5331

5

.500

04/01/54

488,106

439,028

Fannie Mae Pool FN MA5353

5

.500

05/01/54

435,467

329,039

Fannie Mae Pool FN MA5497

5

.500

10/01/54

325,905

58,006

Fannie Mae REMICS

3

.500

04/25/52

43,743

65,385

(a),(c)

Flagstar Mortgage Trust 2021-5INV

2

.500

07/25/51

52,324

272,081

(a),(c)

FNA 9 LLC

5

.509

04/16/46

271,537

382,702

Freddie Mac Pool FR RA6766

2

.500

02/01/52

319,199

11,599

Freddie Mac Pool FR SD8220

3

.000

06/01/52

9,930

638,358

Freddie Mac Pool FR SD8231

4

.500

07/01/52

604,303

798,458

Freddie Mac Pool FR SD8256

4

.000

10/01/52

732,653

361,125

Freddie Mac Pool FR SD8329

5

.000

06/01/53

350,551

23,354

Freddie Mac Pool FR SD4999

5

.000

08/01/53

22,677

28,091

Freddie Mac REMICS

2

.000

09/25/50

18,823

185,000

(a),(c)

Freddie Mac STACR REMIC Trust 2022-DNA3 (SOFR30A +

5.650%)

8

.647

04/25/42

190,909

44,365

Ginnie Mae II Pool G2 MA7419

3

.000

06/20/51

38,542

13

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SECURITIZED

(continued)

$

106,210

Ginnie Mae II Pool G2 MA7768

3

.000

%

12/20/51

$

92,268

186,510

Ginnie Mae II Pool G2 MA7989

3

.500

04/20/52

165,893

233,125

Ginnie Mae II Pool G2 MA8149

3

.500

07/20/52

208,700

356,055

Ginnie Mae II Pool G2 MA8267

4

.000

09/20/52

326,937

168,272

Ginnie Mae II Pool G2 MA8489

4

.500

12/20/52

159,004

35,826

Ginnie Mae II Pool G2 MA8724

4

.500

03/20/53

33,969

27,442

Government National Mortgage Association

3

.500

09/20/49

21,209

250,000

(c)

GS Mortgage Securities Trust 2017-GS5

3

.826

03/10/50

239,545

100,000

GS Mortgage Securities Trust 2017-GS7

4

.236

08/10/50

91,534

100,000

(c)

GS Mortgage Securities Trust 2020-GC45

3

.173

02/13/53

92,511

54,045

(a),(c)

GS Mortgage-Backed Securities Corp Trust 2020-PJ6

2

.500

05/25/51

43,317

90,856

(a),(c)

GS Mortgage-Backed Securities Trust 2022-LTV2

4

.358

12/25/52

80,627

150,000

(a),(c)

Houston Galleria Mall Trust 2025-HGLR

5

.462

02/05/45

150,492

185,000

(a),(c)

HTL Commercial Mortgage Trust 2024-T53

6

.555

05/10/39

185,918

67,083

(a)

Imperial Fund Mortgage Trust 2022-NQM2

4

.638

03/25/67

63,662

250,000

(a),(c)

IP 2025-IP Mortgage Trust

5

.425

06/10/42

249,963

177,626

(a),(c)

J.P. Morgan Mortgage Trust 2021-INV8

3

.270

05/25/52

146,857

92,155

(a),(c)

J.P. Morgan Mortgage Trust 2022-6

3

.000

11/25/52

76,728

139,650

(a)

Jersey Mike's Funding LLC

4

.952

02/15/56

136,878

68,475

(a),(c)

JP Morgan Mortgage Trust

3

.000

05/25/54

57,141

67,893

(a),(c)

JP Morgan Mortgage Trust 2017-5

4

.759

10/26/48

68,556

67,888

(a),(c)

JP Morgan Mortgage Trust 2021-11

2

.500

01/25/52

54,327

67,531

(a),(c)

JP Morgan Mortgage Trust 2021-7

2

.500

11/25/51

54,039

176,050

(a),(c)

JP Morgan Mortgage Trust 2021-INV4

3

.203

01/25/52

141,529

176,248

(a),(c)

JP Morgan Mortgage Trust 2021-INV6

3

.345

04/25/52

143,130

41,610

(a),(c)

JP Morgan Mortgage Trust 2022-LTV1

3

.250

07/25/52

36,532

150,000

JPMDB Commercial Mortgage Securities Trust 2017-C5

3

.694

03/15/50

148,822

210,000

(c)

JPMDB Commercial Mortgage Securities Trust 2017-C5

3

.858

03/15/50

195,103

100,000

JPMDB Commercial Mortgage Securities Trust 2017-C7

3

.985

10/15/50

95,268

200,000

(a)

Kinetic ABS Issuer LLC

5

.219

02/25/56

196,380

150,000

(a)

Lightpath Fiber Issuer LLC

5

.597

03/25/56

148,912

100,000

(a)

Lmdv Issuer Co LLC

5

.310

12/15/55

99,423

135,360

(a),(c)

MCR 2024-HF1 Mortgage Trust (TSFR1M + 3.391%)

7

.067

12/15/41

136,434

100,000

(a)

MetroNet Infrastructure Issuer LLC

5

.163

12/20/55

98,575

77,207

(a),(c)

Morgan Stanley Residential Mortgage Loan Trust 2023-1

4

.000

02/25/53

68,523

100,000

(a)

NMEF Funding 2026-A LLC

5

.220

02/15/34

98,719

121,000

(a),(c)

NRTH PARK Mortgage Trust (TSFR1M + 1.393%)

5

.543

10/15/40

121,454

34,000

(a),(c)

OBX 2026-J2 Trust

5

.500

07/25/56

33,226

248,958

(a)

OHS Issuer LLC

5

.980

02/25/61

242,880

175,000

(a)

One Bryant Park Trust 2019-OBP

2

.516

09/15/54

161,275

200,000

(a),(c)

PFDR Trust 2026-DLVR (TSFR1M + 1.700%)

5

.321

06/15/43

200,483

99,750

(a)

Planet Fitness Master Issuer LLC

5