Nushares ETF Trust
03/06/2026 | Press release | Distributed by Public on 03/06/2026 13:41
Annual Report by Investment Company (Form N-CSR)
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: December 31
Date of reporting period: December 31, 2025
| Item 1. |
Reports to Stockholders.
|
|
|
Annual Shareholder Report
December 31, 2025
|
Nuveen International Aggregate Bond ETF
NXUS/NYSE Arca
Annual Shareholder Report
This annual shareholder report contains important information about the Nuveen International Aggregate Bond ETF for the period of September 23, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the period since inception? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Nuveen International Aggregate Bond ETF
|
$8 | 0.08% | ||
* Annualized for period less than one year.
How did the Fund perform since inception? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen International Aggregate Bond ETF's total return at net asset value (NAV) was 0.43% for the abbreviated annual reporting period from the Fund's launch on September 23, 2025, through December 31, 2025. The Fund's index, the Bloomberg Global Aggregate ex-USD Index (Hedged) Index, returned 0.65%.
•
The difference between the Fund's total return at NAV and that of the index was driven by a limited investable universe relative to the index and transaction costs incurred during the Fund's ramp-up period. Both factors are expected to normalize going forward.
|
| 1 | continued» |
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (September 23, 2025 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
|
Since Inception (9/23/25) |
||
|
NAV
|
0.43% | |
|
Bloomberg Global Aggregate Bond Index
|
0.08% | |
|
Bloomberg Global Aggregate ex-USD Index (Hedged)
|
0.65% | |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$2,535,933,488 | |||
|
Total number of portfolio holdings
|
2,792 | |||
|
Portfolio turnover (%)
|
2% | |||
|
Total management fees paid for the year
|
$ 164,476 | |||
What did the Fund invest in? (as of December 31, 2025)
(1) The Fund uses credit quality ratings for its portfolio securities provided by Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") and Fitch, Inc.("Fitch"). If all three provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch.
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectusesor upon request at (800) 257-8787.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67092P672_AR_1225
5093107
|
| 3 |
|
|
Annual Shareholder Report
December 31, 2025
|
Nuveen Short-Term REIT ETF
NURE/Cboe BZX Exchange, Inc.
Annual Shareholder Report
This annual shareholder report contains important information about the Nuveen Short-Term REIT ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Nuveen Short-Term REIT ETF
|
$35 | 0.36% | ||
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
•
The Nuveen Short-Term REIT ETF's total return at net asset value (NAV) was -7.53% for the 12 months ended December 31, 2025. The Fund's custom index, the Dow Jones U.S. Select Short-Term REIT Index, returned -7.25%.
•
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.
•
During the reporting period, the Fund's custom index significantly underperformed the Fund's base index, the Dow Jones U.S. Select REIT Index, which returned 3.67%.
•
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 specialized REITs.
•
A lack of exposure to office REITs.
•
Top detractors from the custom index's relative performance
•
An overweight allocation to residential REITs.
•
A lack of exposure to health care REITs.
•
An overweight allocation to hotel & resort REIT.
|
| 1 | continued» |
How did the Fund perform over the period since inception?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance (December 19, 2016 through December 31, 2025) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year |
Since Inception (12/19/16) |
||||
|
NAV
|
(7.53)% | 4.14% | 4.86% | |||
|
S&P 500® Index
|
17.88% | 14.42% | 14.96% | |||
|
Dow Jones U.S. Select REIT Index
|
3.67% | 6.65% | 4.66% | |||
|
Dow Jones U.S. Select Short-Term REIT Index
|
(7.25)% | 4.51% | 5.22% | |||
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/exchange-traded-funds/prospectusesor call (800) 257-8787.
Return of Capital: During the current reporting period, $0.31 per share of the Fund's distribution was re-characterized as a return of capital resulting from subsequent re-characterizations of cash flows received from the Fund's investments.
| 2 | continued» |
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$31,008,241 | |||
|
Total number of portfolio holdings
|
33 | |||
|
Portfolio turnover (%)
|
14% | |||
|
Total management fees paid for the year
|
$ 140,548 | |||
What did the Fund invest in? (as of December 31, 2025)
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectusesor upon request at (800) 257-8787.
Changes in independent registered public accounting firm
On October 24, 2024, the Fund's Board of Trustees engaged PricewaterhouseCoopers LLP ("PwC") as the independent registered public accounting firm for the Fund and dismissed KPMG LLP ("KPMG") as the independent registered public accounting firm for the Fund subject to the completion of the December 31, 2024 fiscal year end audit. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, there have been no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67092P706_AR_1225
5093108
|
| 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, John K. Nelson and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1(2019-2023).
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1(2022-2023).
| Item 4. |
Principal Accountant Fees and Services. |
Nushares ETF Trust
The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the Registrant's current independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended December 31, 2025, and the amount of fees that KPMG LLP ("KPMG"), the Registrant's former independent registered public accounting firm, billed to the Registrant during the Registrant's fiscal year ended December 31, 2024. The Audit Committee approved in advance all audit services and non-auditservices that PwC and KPMG provided to the Registrant, except for those non-auditservices that were subject to the pre-approvalexception under Rule 2-01of Regulation S-X(the "pre-approvalexception"). The pre-approvalexception for services provided directly to the Registrant waives the pre-approvalrequirement 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-auditservices 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-approvalresponsibilities to its Chair.
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT
| Fiscal Year Ended5 |
Audit Fees Billed to Registrant1 |
Audit-Related Fees Billed to Registrant2 |
Tax Fees Billed to Registrant3 |
All Other Fees Billed to Registrant4 |
||||
|
December 31, 2025 (PwC) |
$47,371 | $0 | $0 | $0 | ||||
|
Percentage approved pursuant to pre- approval exception |
0% | 0% | 0% | 0% | ||||
| December 31, 2024 (KPMG) | $20,000 | $0 | $0 | $0 | ||||
|
Percentage approved pursuant to pre- approval exception |
0% | 0% | 0% | 0% |
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings. |
| 2 |
"Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees". |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". |
| 5 |
The Registrant changed audit firm from KPMG to PwC on October 24, 2024. |
SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS
The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended December 31, 2025, and the amount of fees billed by KPMG to the Adviser and any Affiliated Fund Service Provider, for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's fiscal year ended December 31, 2024.
The tables also show the percentage of fees subject to the pre-approvalexception. The pre-approvalexception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approvalrequirement 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-approvedby the Audit Committee; (B) the Registrant did not recognize the services as non-auditservices at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.
| Fiscal Year Ended |
Audit-Related Fees Billed to Adviser
and Affiliated Fund |
Tax Fees Billed to Adviser
and Affiliated Fund |
All Other Fees Billed to Adviser
and Affiliated Fund |
|||
|
December 31, 2025 (PwC) |
$0 | $0 | $0 | |||
|
Percentage approved pursuant to pre-approvalexception |
0% | 0% | 0% | |||
|
December 31, 2024 (KPMG) |
$0 | $0 | $0 | |||
|
Percentage approved pursuant to pre-approvalexception |
0% | 0% | 0% |
NON-AUDITSERVICES
The following table shows the amount of fees that PwC billed during the Registrant's fiscal year ended December 31, 2025 for non-auditservices, and the amount of fees that KPMG billed during the Registrant's fiscal year ended December 31, 2024 for non-auditservices. The Audit Committee is required to pre-approve non-auditservices 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-approvalexception described above). The Audit Committee requested and received information from PwC and KPMG about any non-auditservices rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's and KPMG's independence.
| Fiscal Year Ended |
Total Non-AuditFees Billed to Registrant |
Total Non-AuditFees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant) |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||
|
December 31, 2025 (PwC) |
$0 | $0 | $11,542,000 | $11,542,000 | ||||
|
December 31, 2024 (KPMG) |
$0 | $0 | $0 | $0 |
"Non-AuditFees 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-ApprovalPolicies and Procedures. Generally, the Audit Committee must approve (i) all non-auditservices to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-auditservices to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.
Item 4(i) and Item 4(j) are not applicable to the Registrant.
| Item 5. |
Audit Committee of Listed Registrants. |
The registrant is an issuer as defined in Rule 10A-3under the Securities Exchange Act of 1934 (the "Exchange Act"). The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Terence J. Toth, Matthew Thornton III and Margaret L. Wolff.
| Item 6. |
Investments. |
| (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-EndManagement Investment Companies. |
Report of Independent Registered
Public Accounting Firm
1
To the Board of Trustees of Nushares ETF Trust and Shareholders of Nuveen International Aggregate Bond ETF and
Nuveen Short-Term REIT ETF
Opinions on the
Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of
each of the funds listed in the table below (two of the funds constituting Nushares ETF Trust, hereafter collectively
referred to as the "Funds") as of December 31, 2025, the related statements of operations and of changes in net
assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for
each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion,
the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the
table below as of December 31, 2025, the results of each of their operations, the changes in each of their net assets
and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting
principles generally accepted in the United States of America.
Nuveen International Aggregate Bond ETF (1)
Nuveen Short-Term REIT ETF (2)
(1) Statement of operations, statement of changes in net assets and the financial highlights for the period September
23, 2025 (commencement of operations) through December 31, 2025
(2) Statement of operations, statement of changes in net assets and the financial highlights for the year ended
December 31, 2025
The financial statements of Nuveen Short-Term REIT ETF as of and for the year ended December 31, 2024 and the
financial highlights for each of the periods ended on or prior to December 31, 2024 (not presented herein, other than
the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated
February 28, 2025 expressed an unqualified opinion on those financial statements and financial highlights.
Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion
on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud.
Report of Independent Registered Public Accounting Firm
(continued)
2
Our audits included performing procedures to assess the risks of material misstatement of the financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits
also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities
owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received
from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our
opinions.
/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 27, 2026
We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.
3
Portfolio of Investments December 31, 2025
NXUS
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.6%
CORPORATE BONDS - 0.2%
FINANCIALS - 0.2%
$
300,000
Argenta Spaarbank NV, Reg S
0.500
%
10/08/41
$
212,959
300,000
BPCE SFH SA
3.000
02/20/29
356,517
300,000
Caisse de Refinancement de l'Habitat SA
3.375
06/28/32
356,963
300,000
CCF SFH SACA
2.500
04/09/29
350,329
500,000
Commerzbank AG
0.250
01/12/32
503,897
500,000
Credit Mutuel Home Loan SFH SA
3.000
02/03/31
587,609
300,000
DNB Boligkreditt AS
2.625
09/27/29
352,148
200,000
HYPO NOE Landesbank fuer Niederoesterreich und Wien AG
0.125
06/23/31
201,462
300,000
Iccrea Banca SpA, Reg S
3.500
03/04/32
358,369
300,000
Jyske Realkredit A/S, Reg S
2.500
01/01/29
352,127
600,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
0.000
02/15/36
691,383
500,000
Programa Cedulas TDA Fondo de Titulizacion de Activos
4.250
04/10/31
624,444
200,000
Prudential Funding Asia PLC
5.875
05/11/29
279,804
300,000
Societe Generale SFH SA
3.375
07/31/30
359,674
TOTAL FINANCIALS
5,587,685
TOTAL CORPORATE BONDS
(Cost $5,573,494)
5,587,685
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CORPORATE DEBT - 19.9%
FINANCIALS - 12.1%
200,000
3i Group PLC
, Reg S
3.750
06/05/40
214,412
72,000
(a)
407 International Inc
, Reg S
2.590
05/25/32
49,482
200,000
Aareal Bank AG
, Reg S
0.250
11/23/27
223,913
100,000
Aareal Bank AG
, Reg S
2.375
09/14/29
116,002
550,000
Aareal Bank AG
, Reg S
3.000
08/05/31
644,997
400,000
Abanca Corp Bancaria SA
, Reg S
5.250
09/14/28
489,886
400,000
ABN AMRO Bank NV
2.375
04/07/28
469,878
300,000
ABN AMRO Bank NV
, Reg S
4.375
10/20/28
367,146
200,000
ABN AMRO Bank NV
, Reg S
2.500
10/02/29
234,019
200,000
ABN AMRO Bank NV
, Reg S
4.250
02/21/30
245,062
400,000
ABN AMRO Bank NV
, Reg S
3.875
01/15/32
480,657
500,000
ABN AMRO Bank NV
, Reg S
1.250
01/20/34
491,244
500,000
ABN AMRO Bank NV
, Reg S
4.500
11/21/34
622,908
200,000
Accent Capital PLC
, Reg S
2.625
07/18/49
157,002
200,000
Achmea Bank NV
, Reg S
2.750
09/15/32
231,266
400,000
Achmea BV
, Reg S
6.750
12/26/43
542,351
100,000
Admiral Group PLC
, Reg S
8.500
01/06/34
155,849
68,000
Aegon Ltd
6.125
12/15/31
97,599
500,000
Aeroports de Paris SA
, Reg S
2.750
06/05/28
589,626
300,000
Affinity Sutton Capital Markets PLC
5.981
09/17/38
414,553
155,000
African Development Bank
2.875
03/23/28
184,247
100,000
Ageas SA/NV
, Reg S
4.750
12/01/28
135,654
300,000
AIB Group PLC
, Reg S
5.750
02/16/29
373,395
200,000
AIB Group PLC
, Reg S
4.625
05/20/35
244,008
100,000
Aldermore Group PLC
, Reg S
6.000
10/01/35
134,315
300,000
Allianz SE
, Reg S
5.824
07/25/53
393,686
200,000
Allianz SE
, Reg S
4.851
07/26/54
248,170
600,000
Allianz SE
, Reg S
4.431
07/25/55
723,303
200,000
Altarea SCA
, Reg S
1.750
01/16/30
217,074
100,000
American Express Co
3.433
05/20/32
118,071
300,000
Amplius Living
, Reg S
3.250
05/15/43
283,151
300,000
Anchor Hanover Group
, Reg S
2.000
07/21/51
193,119
500,000
ANZ New Zealand Int'l Ltd/London
, Reg S
0.200
09/23/27
564,120
200,000
Argenta Spaarbank NV
, Reg S
5.375
11/29/27
240,653
200,000
Argenta Spaarbank NV
, Reg S
2.875
02/03/32
232,485
200,000
Arkea Home Loans SFH SA
, Reg S
3.072
02/07/34
230,482
200,000
Arkea Public Sector SCF SA
, Reg S
3.226
07/02/35
230,647
Portfolio of Investments December 31, 2025
(continued)
NXUS
4
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
300,000
Aroundtown SA
, Reg S
3.000
%
10/16/29
$
373,998
100,000
ASB Bank Ltd
, Reg S
0.250
05/21/31
101,453
80,000
Asian Infrastructure Investment Bank/The
, Reg S
3.000
02/14/28
95,090
74,000
Aspire Defence Finance PLC
4.674
03/31/40
95,008
74,000
Aspire Defence Finance PLC
4.674
03/31/40
95,008
300,000
ASR Nederland NV
, Reg S
7.000
12/07/43
415,503
300,000
Assura Financing PLC
, Reg S
1.625
06/30/33
311,783
200,000
Aster Treasury Plc
, Reg S
1.405
01/27/36
186,505
500,000
Athene Global Funding
, Reg S
0.625
01/12/28
561,226
100,000
Athene Global Funding
, Reg S
5.146
11/01/29
135,717
200,000
Athene Global Funding
, Reg S
5.858
09/19/35
270,415
200,000
Athora Holding Ltd
, Reg S
5.875
09/10/34
249,753
200,000
Atradius Credito y Caucion SA de Seguros y Reaseguros
, Reg S
5.000
04/17/34
247,671
200,000
Australia & New Zealand Banking Group Ltd
5.906
08/12/32
135,290
400,000
Australia & New Zealand Banking Group Ltd
, Reg S
3.706
07/31/35
472,542
150,000
Australia & New Zealand Banking Group Ltd
, Reg S
6.736
02/10/38
104,971
100,000
Australia & New Zealand Banking Group Ltd
6.124
07/25/39
67,220
500,000
Australia & New Zealand Banking Group Ltd
6.171
08/14/45
329,687
200,000
Aviva PLC
, Reg S
4.000
10/02/30
145,180
400,000
Aviva PLC
, Reg S
4.000
06/05/32
504,103
300,000
AXA Home Loan SFH SA
, Reg S
0.050
07/05/27
340,166
200,000
AXA SA
, Reg S
5.500
07/11/43
257,777
400,000
AXA SA
, Reg S
4.375
07/24/55
477,344
500,000
AXA SA
, Reg S
4.125
07/24/56
580,774
200,000
Ayvens SA
, Reg S
3.875
01/24/28
240,633
300,000
Ayvens SA
, Reg S
4.875
10/06/28
371,060
400,000
Banca Monte dei Paschi di Siena SpA
, Reg S
3.500
05/28/31
473,021
100,000
Banca Transilvania SA
, Reg S
7.250
12/07/28
125,488
300,000
Banco Bilbao Vizcaya Argentaria SA
, Reg S
3.125
07/17/27
356,571
900,000
Banco Bilbao Vizcaya Argentaria SA
, Reg S
3.625
06/07/30
1,086,313
400,000
Banco BPI SA
, Reg S
2.625
04/08/31
464,534
675,000
Banco BPM SpA
, Reg S
2.625
09/06/29
789,830
200,000
Banco BPM SpA
, Reg S
3.125
10/23/31
232,064
400,000
Banco de Credito Social Cooperativo SA
, Reg S
3.500
06/13/31
469,222
800,000
Banco de Sabadell SA
, Reg S
3.250
06/05/34
939,421
300,000
Banco di Desio e della Brianza SpA
, Reg S
3.250
01/24/31
350,680
500,000
Banco Santander SA
, Reg S
3.250
04/02/29
592,483
200,000
Banco Santander SA
, Reg S
2.375
07/14/29
233,010
1,000,000
Banco Santander SA
, Reg S
3.375
01/11/30
1,205,719
200,000
Banco Santander SA
, Reg S
5.375
01/17/31
277,935
700,000
Banco Santander SA
, Reg S
4.875
10/18/31
884,668
100,000
Banco Santander SA
, Reg S
2.875
07/14/33
115,605
200,000
Banco Santander SA
, Reg S
3.750
01/09/34
238,336
500,000
Banco Santander SA
, Reg S
3.500
02/17/35
577,354
200,000
Banco Santander Totta SA
, Reg S
3.250
02/15/31
238,870
265,000
Bank Julius Baer & Co AG
2.375
04/04/31
354,210
100,000
Bank of America Corp
, Reg S
4.134
06/12/28
121,369
200,000
Bank of America Corp
, Reg S
1.667
06/02/29
253,028
250,000
Bank of America Corp
, Reg S
3.261
01/28/31
294,902
200,000
Bank of America Corp
, Reg S
3.584
04/27/31
259,307
500,000
Bank of America Corp
, Reg S
2.984
10/30/31
578,310
800,000
Bank of America Corp
, Reg S
3.485
03/10/34
933,059
100,000
Bank of Cyprus Pcl
, Reg S
7.375
07/25/28
125,523
300,000
Bank of Ireland Group PLC
, Reg S
3.625
05/19/32
355,778
200,000
Bank of Ireland Group PLC
, Reg S
4.750
08/10/34
243,584
250,000
Bank of Montreal
, Reg S
0.125
01/26/27
287,187
100,000
Bank of Montreal
4.309
06/01/27
74,251
200,000
Bank of Montreal
3.190
03/01/28
146,330
400,000
Bank of Montreal
, Reg S
0.050
06/08/29
429,852
250,000
Bank of Montreal
3.731
06/03/31
183,277
900,000
Bank of Montreal
4.077
03/05/35
661,650
200,000
Bank of Nova Scotia/The
, Reg S
3.250
01/18/28
238,892
5
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Bank of Nova Scotia/The
3.807
%
11/15/28
$
147,670
300,000
Bank of Nova Scotia/The
4.680
02/01/29
227,866
300,000
Bank of Nova Scotia/The
, Reg S
3.500
04/17/29
359,465
400,000
Bank of Nova Scotia/The
, Reg S
2.516
06/18/29
467,939
650,000
Bank of Nova Scotia/The
3.734
06/27/31
476,422
400,000
Bank of Nova Scotia/The
5.679
08/02/33
306,361
300,000
Bank of Nova Scotia/The
4.442
11/15/35
223,082
300,000
Bank of Queensland Ltd
, Reg S
1.839
06/09/27
349,782
300,000
Bankinter SA
, Reg S
3.500
09/10/32
355,718
200,000
Bankinter SA
, Reg S
3.625
02/04/33
234,722
100,000
Banque Federative du Credit Mutuel SA
, Reg S
4.125
03/13/29
121,724
100,000
Banque Federative du Credit Mutuel SA
, Reg S
5.000
10/22/29
136,778
200,000
Banque Federative du Credit Mutuel SA
, Reg S
3.000
05/07/30
233,148
300,000
Banque Federative du Credit Mutuel SA
, Reg S
5.250
09/10/31
413,024
500,000
Banque Federative du Credit Mutuel SA
, Reg S
3.250
10/17/31
582,992
200,000
Banque Federative du Credit Mutuel SA
, Reg S
4.750
11/10/31
249,175
300,000
Banque Federative du Credit Mutuel SA
, Reg S
5.125
01/13/33
377,353
200,000
Banque Federative du Credit Mutuel SA
, Reg S
3.750
02/01/33
237,287
500,000
Banque Federative du Credit Mutuel SA
, Reg S
4.125
06/14/33
606,863
300,000
Banque Federative du Credit Mutuel SA
, Reg S
4.375
01/11/34
359,756
300,000
Banque Federative du Credit Mutuel SA
, Reg S
3.750
02/03/34
353,460
500,000
Banque Federative du Credit Mutuel SA
, Reg S
3.625
03/07/35
575,692
400,000
Barclays PLC
, Reg S
6.369
01/31/31
569,047
200,000
Barclays PLC
, Reg S
3.543
08/14/31
236,512
100,000
Barclays PLC
3.250
01/17/33
119,145
150,000
Barclays PLC
, Reg S
4.506
01/31/33
184,614
100,000
Barclays PLC
, Reg S
5.851
03/21/35
138,184
200,000
Barclays PLC
, Reg S
3.941
01/31/36
234,443
300,000
Barclays PLC
, Reg S
3.792
10/31/36
346,064
200,000
Barclays PLC
, Reg S
4.616
03/26/37
241,920
150,000
Basler Kantonalbank
0.300
06/22/27
189,183
600,000
Bausparkasse Schwaebisch Hall AG
3.000
10/09/35
691,658
200,000
BAWAG Group AG
, Reg S
6.750
02/24/34
255,170
400,000
BAWAG PSK Bank fuer Arbeit und Wirtschaft und
Oesterreichische Postsparkasse AG
, Reg S
3.125
01/12/29
477,389
500,000
BAWAG PSK Bank fuer Arbeit und Wirtschaft und
Oesterreichische Postsparkasse AG
, Reg S
3.125
02/27/31
593,259
300,000
Bayerische Landesbank
, Reg S
2.625
10/07/31
348,326
300,000
Bayerische Landesbank
, Reg S
2.750
05/28/32
349,495
500,000
Bayerische Landesbank
, Reg S
2.875
01/12/33
583,350
300,000
Belfius Bank SA
, Reg S
3.625
10/18/28
362,597
800,000
Belfius Bank SA
4.125
09/12/29
978,495
500,000
Berkshire Hathaway Finance Corp
2.375
06/19/39
477,540
300,000
Berkshire Hathaway Inc
2.150
03/15/28
348,441
700,000
Berkshire Hathaway Inc
0.500
01/15/41
495,506
300,000
Beyond Housing Ltd
, Reg S
2.125
05/17/51
201,384
300,000
Blackstone Property Partners Europe Holdings Sarl
, Reg S
4.875
04/29/32
392,608
200,000
Blend Funding PLC
, Reg S
5.260
06/11/32
274,288
400,000
BNP Paribas Fortis SA
, Reg S
0.875
03/22/28
453,681
300,000
BNP Paribas Home Loan SFH SA
, Reg S
3.000
01/31/30
355,084
100,000
BNP Paribas SA
, Reg S
3.583
01/15/31
118,731
100,000
BNP Paribas SA
, Reg S
1.250
07/13/31
111,237
200,000
BNP Paribas SA
, Reg S
4.750
11/13/32
248,932
200,000
BNP Paribas SA
, Reg S
4.125
05/24/33
244,216
1,100,000
BNP Paribas SA
, Reg S
3.494
09/17/33
1,275,026
400,000
BNP Paribas SA
, Reg S
4.095
02/13/34
479,900
200,000
BNP Paribas SA
, Reg S
4.199
07/16/35
238,805
200,000
BNP Paribas SA
, Reg S
6.318
11/15/35
280,871
800,000
BNP Paribas SA
, Reg S
3.979
05/06/36
941,629
300,000
BNP Paribas SA
, Reg S
2.000
09/13/36
293,002
200,000
BNP Paribas SA
, Reg S
3.945
02/18/37
235,310
250,000
BNZ International Funding Ltd/London
, Reg S
0.111
07/24/28
312,109
Portfolio of Investments December 31, 2025
(continued)
NXUS
6
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
BP Capital Markets PLC
, Reg S
5.773
%
05/25/38
$
277,970
200,000
BPCE Assurances SA
, Reg S
4.125
10/22/35
235,247
200,000
BPCE SA
, Reg S
3.500
01/25/28
238,992
200,000
BPCE SA
, Reg S
4.625
03/02/30
245,799
200,000
BPCE SA
, Reg S
4.875
10/22/30
271,908
100,000
BPCE SA
, Reg S
5.250
10/22/30
136,433
200,000
BPCE SA
, Reg S
4.000
11/29/32
241,699
300,000
BPCE SA
, Reg S
3.625
10/01/33
348,862
200,000
BPCE SA
, Reg S
4.000
01/20/34
237,611
200,000
BPCE SA
, Reg S
4.250
01/11/35
241,396
300,000
BPCE SA
, Reg S
3.875
01/25/36
353,292
500,000
BPCE SA
, Reg S
3.875
02/26/36
581,947
100,000
BPCE SFH SA
, Reg S
0.000
11/08/26
115,373
300,000
BPCE SFH SA
, Reg S
3.250
04/12/28
358,338
500,000
BPCE SFH SA
, Reg S
2.625
07/24/30
580,926
400,000
BPCE SFH SA
, Reg S
3.000
01/15/31
470,980
500,000
BPCE SFH SA
, Reg S
3.125
01/20/33
584,506
300,000
BPCE SFH SA
, Reg S
3.125
05/22/34
347,224
600,000
BPER Banca SPA
, Reg S
3.250
01/22/31
713,310
200,000
BPHA Finance PLC
, Reg S
4.816
04/11/44
237,121
200,000
Broadgate Financing PLC
, Reg S
4.821
07/05/33
265,058
300,000
BSK 1818 AG
, Reg S
2.625
10/22/32
343,912
100,000
Caisse de Refinancement de l'Habitat SA
, Reg S
0.000
10/08/29
106,142
300,000
Caisse de Refinancement de l'Habitat SA
, Reg S
2.625
06/20/30
349,324
300,000
Caisse de Refinancement de l'Habitat SA
, Reg S
2.750
02/20/32
346,159
400,000
Caisse de Refinancement de l'Habitat SA
, Reg S
3.125
06/03/36
450,680
700,000
CaixaBank SA
, Reg S
5.000
07/19/29
864,338
800,000
CaixaBank SA
, Reg S
5.375
11/14/30
1,017,080
225,000
Cambridgeshire Housing Capital Plc
, Reg S
4.250
09/15/45
248,846
100,000
Canadian Imperial Bank of Commerce
2.250
01/07/27
72,586
300,000
Canadian Imperial Bank of Commerce
, Reg S
1.910
07/14/28
392,283
750,000
Canadian Imperial Bank of Commerce
3.650
12/10/28
552,650
300,000
Canadian Imperial Bank of Commerce
3.800
12/10/30
221,139
300,000
Canadian Imperial Bank of Commerce
3.900
06/20/31
221,301
52,000
Canary Wharf Finance II PLC
, Reg S
5.952
01/22/35
73,190
300,000
Carmila SA
, Reg S
3.750
01/13/33
344,904
300,000
CCF SFH SACA
, Reg S
2.625
09/07/32
339,751
200,000
Cepsa Finance SA
, Reg S
0.750
02/12/28
224,684
400,000
Ceska sporitelna AS
, Reg S
3.743
09/09/32
470,063
150,000
Chesnara PLC
, Reg S
4.750
08/04/32
187,403
500,000
Chubb INA Holdings LLC
2.500
03/15/38
509,732
200,000
Church Commissioners for England
, Reg S
3.625
07/14/52
196,162
200,000
Cie de Financement Foncier SA
, Reg S
5.500
01/26/27
272,318
100,000
Cie de Financement Foncier SA
, Reg S
0.875
09/11/28
112,324
200,000
Cie de Financement Foncier SA
, Reg S
3.125
05/17/29
238,317
400,000
Cie de Financement Foncier SA
, Reg S
3.125
06/06/30
475,084
500,000
Cie de Financement Foncier SA
, Reg S
3.375
09/16/31
595,927
200,000
Cie de Financement Foncier SA
, Reg S
1.250
11/15/32
206,992
600,000
Cie de Financement Foncier SA
, Reg S
3.000
03/10/33
693,417
200,000
Citigroup Inc
, Reg S
3.750
05/14/32
238,414
500,000
Citigroup Inc
3.493
10/22/34
575,957
350,000
Citigroup Inc
4.550
06/03/35
259,060
100,000
Citigroup Inc
4.113
04/29/36
119,366
400,000
Citigroup Inc
4.296
07/23/36
473,769
400,000
Citizen Treasury PLC
, Reg S
4.625
12/03/42
461,967
200,000
Close Brothers Finance PLC
, Reg S
1.625
12/03/30
227,456
200,000
Coface SA
, Reg S
6.000
09/22/32
260,454
400,000
Colonial SFL Socimi SA
, Reg S
1.350
10/14/28
453,306
550,000
Commerzbank AG
0.000
03/11/30
578,539
500,000
Commerzbank AG
, Reg S
4.625
01/17/31
617,184
425,000
Commerzbank AG
, Reg S
2.250
09/01/32
479,270
300,000
Commerzbank AG
, Reg S
3.125
06/13/33
355,591
7
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
600,000
Commerzbank AG
1.250
%
01/09/34
$
614,771
400,000
Commonwealth Bank of Australia
4.266
06/04/34
483,927
600,000
Commonwealth Bank of Australia
, Reg S
3.788
08/26/37
700,557
200,000
Commonwealth Bank of Australia
6.704
03/15/38
140,200
600,000
Commonwealth Bank of Australia
6.152
11/27/39
405,179
200,000
Cooperatieve Rabobank UA
, Reg S
5.250
09/14/27
272,322
250,000
Cooperatieve Rabobank UA/Australia
5.051
02/26/29
167,666
100,000
Co-Operative Bank Holdings PLC/The
, Reg S
9.500
05/24/28
143,650
200,000
Corebridge Global Funding
, Reg S
5.125
12/09/29
273,645
400,000
Coventry Building Society
, Reg S
2.625
10/01/29
467,508
100,000
Credit Agricole Assurances SA
, Reg S
2.625
01/29/48
116,311
200,000
Credit Agricole Home Loan SFH SA
, Reg S
3.375
09/04/28
239,809
300,000
Credit Agricole Home Loan SFH SA
, Reg S
3.000
12/01/30
354,315
500,000
Credit Agricole Home Loan SFH SA
, Reg S
2.625
02/17/31
579,838
500,000
Credit Agricole Home Loan SFH SA
, Reg S
3.000
07/09/32
583,731
200,000
Credit Agricole Home Loan SFH SA
, Reg S
3.000
12/11/32
232,489
200,000
Credit Agricole Home Loan SFH SA
, Reg S
3.000
08/29/33
231,610
500,000
Credit Agricole Home Loan SFH SA
, Reg S
2.875
01/12/34
570,643
200,000
Credit Agricole Italia SpA
, Reg S
3.500
01/15/30
241,435
500,000
Credit Agricole Italia SpA
, Reg S
3.250
02/15/34
581,502
100,000
Credit Agricole Italia SpA
, Reg S
3.500
03/11/36
116,806
100,000
Credit Agricole Public Sector SCF SA
0.000
09/13/28
109,675
300,000
Credit Agricole SA
, Reg S
4.875
10/23/29
408,469
300,000
Credit Agricole SA
, Reg S
3.875
04/20/31
363,169
400,000
Credit Agricole SA
, Reg S
5.500
07/31/32
552,772
300,000
Credit Agricole SA
, Reg S
4.375
11/27/33
367,564
500,000
Credit Agricole SA
, Reg S
3.750
01/22/34
591,795
300,000
Credit Agricole SA
, Reg S
3.500
09/26/34
344,777
600,000
Credit Agricole SA
, Reg S
3.750
05/27/35
697,893
500,000
Credit Agricole SA
, Reg S
4.125
02/26/36
597,232
200,000
Credit Agricole SA
, Reg S
4.375
04/15/36
240,933
100,000
Credit Mutuel Arkea SA
, Reg S
1.125
05/23/29
110,651
400,000
Credit Mutuel Arkea SA
, Reg S
3.307
05/06/32
466,990
400,000
Credit Mutuel Arkea SA
, Reg S
3.625
10/03/33
469,925
300,000
Credit Mutuel Arkea SA
, Reg S
3.635
07/17/35
348,249
200,000
Credit Mutuel Home Loan SFH SA
, Reg S
1.000
04/30/28
227,089
500,000
Credit Mutuel Home Loan SFH SA
2.625
06/06/30
582,575
500,000
Credit Mutuel Home Loan SFH SA
, Reg S
3.000
07/29/32
582,446
500,000
Credito Emiliano SpA
, Reg S
5.625
05/30/29
622,860
300,000
Crelan Home Loan SCF
, Reg S
2.500
07/09/30
347,002
300,000
CTP NV
, Reg S
3.625
04/13/32
346,972
300,000
CTP NV
, Reg S
3.875
11/21/32
349,668
200,000
Dali Capital PLC
4.799
12/21/37
245,057
400,000
Danske Bank A/S
, Reg S
4.125
01/10/31
489,542
2,000,000
Danske Hypotek AB
, Reg S
3.250
12/19/29
221,478
2,000,000
Danske Hypotek AB
, Reg S
3.000
12/18/30
218,526
100,000
Danske Kiinnitysluottopankki Oyj
, Reg S
0.000
11/24/26
115,292
400,000
Danske Kiinnitysluottopankki Oyj
, Reg S
3.500
01/29/29
483,331
400,000
DBS Bank Ltd/London
, Reg S
2.429
01/03/29
467,376
1,300,000
Deutsche Bahn AG
, Reg S
1.500
12/08/32
1,384,555
100,000
Deutsche Bank AG
, Reg S
5.375
01/11/29
122,952
400,000
Deutsche Bank AG
, Reg S
3.000
06/16/29
469,392
400,000
Deutsche Bank AG
, Reg S
3.750
01/15/30
480,474
200,000
Deutsche Bank AG
, Reg S
6.125
12/12/30
282,001
600,000
Deutsche Bank AG
, Reg S
3.375
02/13/31
704,504
500,000
Deutsche Bank AG
, Reg S
4.500
07/12/35
613,868
300,000
Deutsche Kreditbank AG
, Reg S
0.500
03/19/27
345,376
50,000
Deutsche Pfandbriefbank AG
, Reg S
3.000
01/25/27
59,094
200,000
Deutsche Pfandbriefbank AG
, Reg S
2.875
01/24/28
236,309
500,000
Deutsche Pfandbriefbank AG
, Reg S
3.250
09/01/28
582,916
400,000
Digital Dutch Finco BV
, Reg S
3.875
07/15/34
460,892
200,000
Digital Intrepid Holding BV
, Reg S
0.625
07/15/31
199,367
Portfolio of Investments December 31, 2025
(continued)
NXUS
8
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Digital Stout Holding LLC
, Reg S
3.750
%
10/17/30
$
256,663
700,000
DLR Kredit A/S
1.000
04/01/27
108,678
500,000
DLR Kredit A/S
1.000
04/01/28
76,499
900,000
DLR Kredit A/S
1.000
04/01/30
132,602
100,000
DNB Bank ASA
, Reg S
4.000
03/14/29
120,818
500,000
DNB Bank ASA
, Reg S
3.750
07/02/35
593,286
300,000
DNB Boligkreditt AS
, Reg S
2.625
01/28/30
351,829
300,000
DNB Boligkreditt AS
2.375
06/10/30
347,591
200,000
DVI Deutsche Vermoegens- & Immobilienverwaltungs GmbH
,
Reg S
4.875
08/21/30
239,405
950,000
DZ HYP AG
, Reg S
0.000
04/20/29
1,027,740
1,000,000
DZ HYP AG
2.750
02/27/32
1,166,028
400,000
Eika Boligkreditt AS
, Reg S
2.750
05/26/32
464,494
500,000
Electricite de France SA
, Reg S
4.000
05/07/37
581,404
500,000
Electricite de France SA
, Reg S
4.750
06/17/44
582,717
400,000
ELM BV for Julius Baer Group Ltd
, Reg S
3.875
09/13/29
478,257
200,000
EMH Treasury PLC
4.500
01/29/44
228,980
500,000
EnBW International Finance BV
, Reg S
0.250
10/19/30
517,664
500,000
Enexis Holding NV
, Reg S
3.500
05/30/36
576,251
300,000
Equitable Bank
, Reg S
2.375
09/28/28
349,753
200,000
Equitable Financial Life Global Funding
, Reg S
6.375
06/02/28
280,426
100,000
Erste Group Bank AG
, Reg S
0.625
01/18/27
115,548
100,000
Erste Group Bank AG
, Reg S
3.250
01/10/29
119,775
300,000
Erste Group Bank AG
, Reg S
2.875
01/09/31
353,727
100,000
Erste Group Bank AG
, Reg S
3.000
04/20/32
117,713
200,000
Erste Group Bank AG
, Reg S
3.250
01/14/33
233,643
300,000
Erste Group Bank AG
, Reg S
3.125
12/12/33
353,111
300,000
Erste Group Bank AG
, Reg S
3.100
05/28/35
348,074
2,660,000
European Financial Stability Facility
, Reg S
3.000
07/10/30
3,173,872
3,180,000
European Financial Stability Facility
, Reg S
2.875
05/28/31
3,762,947
731,000
European Investment Bank
, Reg S
2.250
08/14/28
857,803
900,000
European Investment Bank
, Reg S
0.000
09/28/28
993,352
65,000
European Investment Bank
3.300
05/25/29
41,744
2,000,000
European Investment Bank
, Reg S
2.500
02/17/31
2,332,795
110,000
European Investment Bank
4.550
06/02/33
70,793
950,000
European Investment Bank
, Reg S
2.875
06/18/35
1,097,756
300,000
EXOR NV
, Reg S
3.750
02/14/33
353,809
200,000
Fairfax Financial Holdings Ltd
, Reg S
2.750
03/29/28
233,152
200,000
Federation des Caisses Desjardins du Quebec
3.804
09/24/29
147,883
200,000
Federation des Caisses Desjardins du Quebec
, Reg S
4.875
10/08/30
272,517
500,000
Federation des Caisses Desjardins du Quebec
, Reg S
4.264
01/24/35
370,469
300,000
First Capital Real Estate Investment Trust
4.461
02/15/34
215,477
200,000
Folio Residential Finance NO 1 PLC
, Reg S
1.246
10/31/27
253,399
200,000
Freshwater Finance PLC
, Reg S
4.607
10/17/36
239,939
300,000
Futures Treasury PLC
, Reg S
3.375
02/08/44
291,980
400,000
GA Global Funding Trust
, Reg S
4.133
09/16/35
460,221
100,000
GB Social Housing PLC
, Reg S
5.193
02/12/38
127,734
300,000
Gecina SA
, Reg S
2.000
06/30/32
322,658
200,000
Gecina SA
, Reg S
3.375
08/04/35
226,627
700,000
Generali
, Reg S
4.250
12/14/47
841,870
75,000
Goldman Sachs Group Inc/The
, Reg S
3.125
07/25/29
96,660
275,000
Goldman Sachs Group Inc/The
, Reg S
1.875
12/16/30
328,034
400,000
Goldman Sachs Group Inc/The
, Reg S
0.750
03/23/32
401,841
700,000
Goldman Sachs Group Inc/The
, Reg S
3.500
01/23/33
822,280
105,000
Goldman Sachs Group Inc/The
6.875
01/18/38
154,035
200,000
Gothaer Allgemeine Versicherung AG
, Reg S
5.000
06/20/45
241,616
200,000
Grainger PLC
, Reg S
3.000
07/03/30
247,685
200,000
Great-West Lifeco Inc
, Reg S
4.700
11/16/29
249,259
200,000
Greensquareaccord Ltd
, Reg S
5.250
11/30/47
239,181
400,000
Guinness Partnership Ltd/The
, Reg S
2.000
04/22/55
244,289
500,000
Hamburg Commercial Bank AG
, Reg S
0.100
11/02/28
546,063
300,000
Hamburger Sparkasse AG
, Reg S
4.375
02/12/29
369,160
9
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Hastoe Capital PLC
5.600
%
03/27/42
$
257,903
600,000
Heimstaden Bostad Treasury BV
, Reg S
1.625
10/13/31
619,491
300,000
Hiscox Ltd
, Reg S
6.000
09/22/27
412,276
300,000
Home Group Ltd
, Reg S
3.125
03/27/43
280,577
200,000
HOOPP Realty Finance Trust
3.922
11/27/32
145,485
200,000
Housing & Care 21
, Reg S
3.288
11/08/49
179,491
48,000
(b)
HSBC Bank Capital Funding Sterling 1 LP
, Reg S
5.844
N/A
67,679
1,000,000
HSBC Holdings PLC
, Reg S
3.755
05/20/29
1,197,864
300,000
HSBC Holdings PLC
3.000
05/29/30
384,671
400,000
HSBC Holdings PLC
6.800
09/14/31
585,226
1,000,000
HSBC UK Bank PLC
, Reg S
2.625
05/25/30
1,163,200
200,000
Hyde Housing Association Ltd
, Reg S
1.750
08/18/55
112,097
400,000
Hypo Vorarlberg Bank AG
, Reg S
2.750
05/13/32
461,631
500,000
ICADE
, Reg S
1.625
02/28/28
572,767
200,000
Iccrea Banca SpA
, Reg S
2.625
11/07/30
232,158
200,000
Iccrea Banca SpA
, Reg S
3.500
06/05/34
236,230
300,000
Immobiliare Grande Distribuzione SIIQ SpA
, Reg S
4.450
11/04/30
353,254
300,000
Incommunities Treasury PLC
, Reg S
3.250
03/21/49
259,752
500,000
ING Belgium SA
, Reg S
2.750
08/25/32
578,318
100,000
ING Groep NV
, Reg S
1.125
12/07/28
126,759
500,000
ING Groep NV
, Reg S
4.500
05/23/29
608,977
200,000
ING Groep NV
, Reg S
4.875
10/02/29
272,256
200,000
ING Groep NV
, Reg S
1.750
02/16/31
222,106
200,000
ING Groep NV
, Reg S
3.000
08/17/31
232,608
300,000
ING Groep NV
, Reg S
3.375
11/19/32
351,526
500,000
ING Groep NV
, Reg S
5.250
11/14/33
647,323
700,000
ING Groep NV
, Reg S
4.750
05/23/34
880,323
200,000
ING Groep NV
, Reg S
4.000
02/12/35
240,759
600,000
ING Groep NV
, Reg S
3.500
08/17/36
686,927
100,000
ING-DiBa AG
, Reg S
0.125
05/23/27
114,128
600,000
ING-DiBa AG
, Reg S
3.250
02/15/28
717,705
70,000
International Bank for Reconstruction & Development
0.000
04/24/28
78,064
22,000,000
International Bank for Reconstruction & Development
2.250
01/19/29
3,188,447
150,000
International Bank for Reconstruction & Development
2.900
02/14/34
174,828
42,000,000
International Bank for Reconstruction & Development
2.750
07/26/34
6,282,896
137,000
International Development Association
, Reg S
0.750
09/21/28
169,811
600,000
International Development Association
, Reg S
3.500
06/12/45
672,385
1,000,000
Intesa Sanpaolo SpA
, Reg S
1.250
01/15/30
1,108,433
600,000
Intesa Sanpaolo SpA
, Reg S
3.850
09/16/32
716,608
100,000
Investec PLC
, Reg S
1.875
07/16/28
129,156
250,000
Investec PLC
, Reg S
9.125
03/06/33
362,418
250,000
Jackson National Life Global Funding
, Reg S
0.125
07/14/28
309,369
200,000
Jigsaw Funding PLC
, Reg S
3.375
05/05/52
178,173
600,000
JPMorgan Chase & Co
, Reg S
4.457
11/13/31
743,245
300,000
JPMorgan Chase & Co
, Reg S
1.895
04/28/33
344,649
700,000
JPMorgan Chase & Co
, Reg S
3.761
03/21/34
831,407
400,000
JPMorgan Chase & Co
, Reg S
3.588
01/23/36
463,609
100,000
Just Group PLC
, Reg S
6.875
03/30/35
139,286
157,000
Juturna European Loan Conduit No 16 PLC
, Reg S
5.064
08/10/33
214,175
550,000
Jyske Bank A/S
, Reg S
0.250
02/17/28
630,346
4,200,000
Jyske Realkredit A/S
1.000
04/01/30
619,360
300,000
Jyske Realkredit A/S
, Reg S
2.750
10/01/32
346,936
200,000
Karbon Homes Ltd
, Reg S
3.375
11/15/47
185,312
400,000
KBC Group NV
, Reg S
4.375
04/19/30
489,695
400,000
KBC Group NV
, Reg S
4.750
04/17/35
491,904
200,000
Klepierre SA
, Reg S
0.875
02/17/31
208,940
300,000
Klepierre SA
, Reg S
3.750
09/30/37
348,365
400,000
Komercni Banka AS
, Reg S
2.750
10/15/30
466,251
700,000
Kreditanstalt fuer Wiederaufbau
, Reg S
4.375
01/31/28
952,133
2,000,000
Kreditanstalt fuer Wiederaufbau
, Reg S
0.750
01/15/29
2,237,075
1,200,000
Kreditanstalt fuer Wiederaufbau
, Reg S
0.000
09/17/30
1,251,068
3,000,000
Kreditanstalt fuer Wiederaufbau
, Reg S
2.500
10/15/31
3,481,628
Portfolio of Investments December 31, 2025
(continued)
NXUS
10
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
1,310,000
Kreditanstalt fuer Wiederaufbau
, Reg S
2.750
%
02/14/33
$
1,527,507
1,800,000
Kreditanstalt fuer Wiederaufbau
, Reg S
2.875
06/07/33
2,107,895
1,800,000
Kreditanstalt fuer Wiederaufbau
, Reg S
2.625
01/10/34
2,062,829
200,000
La Banque Postale Home Loan SFH SA
, Reg S
2.750
10/30/30
233,622
500,000
La Banque Postale Home Loan SFH SA
, Reg S
3.000
01/31/31
589,368
200,000
La Banque Postale Home Loan SFH SA
, Reg S
2.750
06/12/32
230,949
200,000
La Mondiale SAM
, Reg S
4.375
10/20/35
235,442
600,000
La Poste SA
, Reg S
4.000
06/12/35
723,014
300,000
Land Securities Capital Markets PLC
, Reg S
4.750
09/18/31
404,988
116,000
Landesbank Baden-Wuerttemberg
, Reg S
3.250
11/04/26
137,512
50,000
Landesbank Baden-Wuerttemberg
, Reg S
2.625
02/05/29
58,922
150,000
Landesbank Baden-Wuerttemberg
, Reg S
0.375
05/29/29
163,774
100,000
Landesbank Baden-Wuerttemberg
, Reg S
0.125
07/24/29
107,827
150,000
Landesbank Baden-Wuerttemberg
0.125
01/18/30
159,218
100,000
Landesbank Baden-Wuerttemberg
, Reg S
3.000
09/26/31
118,322
500,000
Landesbank Hessen-Thueringen Girozentrale
0.000
09/26/29
534,208
2,000,000
Landshypotek Bank AB
, Reg S
3.600
04/25/28
222,171
2,000,000
Landshypotek Bank AB
, Reg S
3.250
08/04/28
220,769
2,000,000
Landwirtschaftliche Rentenbank
, Reg S
2.625
07/08/32
2,316,539
1,050,000
Landwirtschaftliche Rentenbank
, Reg S
2.750
01/17/33
1,219,449
2,800,000
Lansforsakringar Hypotek AB
, Reg S
0.500
09/20/28
288,285
2,000,000
Lansforsakringar Hypotek AB
, Reg S
3.000
09/19/29
219,633
4,000,000
Lansforsakringar Hypotek AB
, Reg S
3.750
09/30/30
451,689
2,000,000
Lansforsakringar Hypotek AB
, Reg S
3.000
09/23/32
215,723
500,000
LEG Immobilien SE
, Reg S
3.875
01/20/35
573,823
80,000
Legal & General Finance PLC
5.875
12/11/31
114,205
200,000
Legal & General Group PLC
, Reg S
6.625
04/01/55
282,460
100,000
LHV Group AS
, Reg S
5.375
05/24/28
120,194
700,000
LHV Pank AS
, Reg S
2.625
06/11/29
819,311
200,000
LiveWest Treasury PLC
, Reg S
2.250
10/10/43
163,253
700,000
Lloyds Bank PLC
, Reg S
6.500
09/17/40
1,031,833
550,000
London & Quadrant Housing Trust
, Reg S
2.000
10/20/38
488,169
100,000
Luminor Bank AS/Estonia
, Reg S
4.042
09/10/28
119,129
500,000
Luminor Bank AS/Estonia
, Reg S
3.551
06/12/29
590,700
200,000
Luminor Bank AS/Estonia
, Reg S
2.653
09/10/29
233,943
200,000
Manulife Financial Corp
5.054
02/23/34
152,435
400,000
Manulife Financial Corp
2.818
05/13/35
282,129
200,000
Martlet Homes Ltd
, Reg S
3.000
05/09/52
160,748
100,000
MassMutual Global Funding II
, Reg S
4.625
10/05/29
135,441
200,000
MassMutual Global Funding II
, Reg S
5.000
09/29/32
272,277
80,000
Meadowhall Finance PLC
, Reg S
4.986
01/12/32
106,141
100,000
Mediobanca Banca di Credito Finanziario SpA
, Reg S
2.625
08/05/30
116,169
100,000
Mediobanca Banca di Credito Finanziario SpA
, Reg S
3.000
01/15/31
116,387
300,000
Mediobanca Banca di Credito Finanziario SpA
, Reg S
3.125
08/22/31
349,098
400,000
Mediobanca Banca di Credito Finanziario SpA
, Reg S
3.000
09/04/31
468,691
200,000
Mercialys SA
, Reg S
4.000
09/10/31
237,694
300,000
Metropolitan Funding PLC
, Reg S
4.125
04/05/48
308,774
100,000
Metropolitan Life Global Funding I
, Reg S
5.000
01/10/30
137,444
500,000
Metropolitan Life Global Funding I
, Reg S
4.750
05/30/30
326,906
200,000
Metropolitan Life Global Funding I
, Reg S
4.750
08/27/31
270,969
400,000
Metropolitan Life Global Funding I
, Reg S
4.149
06/06/33
294,315
200,000
Mitsubishi UFJ Financial Group Inc
, Reg S
3.556
09/05/32
237,146
200,000
Mitsubishi UFJ Financial Group Inc
, Reg S
3.870
06/10/36
235,799
200,000
Mizuho Financial Group Inc
, Reg S
3.295
05/13/33
232,364
200,000
Mizuho Financial Group Inc
, Reg S
3.980
05/21/34
239,341
600,000
Mizuho Financial Group Inc
, Reg S
3.688
08/26/35
696,433
100,000
Moat Homes Finance PLC
5.000
09/23/41
123,515
200,000
Morgan Stanley
3.521
05/22/31
237,470
300,000
Morgan Stanley
3.149
11/07/31
349,186
200,000
Morgan Stanley
5.789
11/18/33
282,785
550,000
Morgan Stanley
3.955
03/21/35
654,669
300,000
Morgan Stanley
5.213
10/24/35
402,534
11
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
300,000
Morgan Stanley
4.099
%
05/22/36
$
358,325
500,000
Morgan Stanley
3.749
11/07/36
577,712
200,000
Morhomes PLC
, Reg S
3.400
02/19/38
211,773
1,100,000
Muenchener Hypothekenbank eG
3.375
04/11/35
1,254,005
700,000
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
, Reg S
1.000
05/26/42
706,360
300,000
Myriad Capital Plc
, Reg S
4.750
12/20/43
348,344
200,000
National Australia Bank Ltd
2.900
02/25/27
131,136
200,000
National Australia Bank Ltd
4.850
03/22/29
133,713
500,000
National Australia Bank Ltd
, Reg S
6.342
06/06/39
341,470
500,000
National Australia Bank Ltd
, Reg S
5.774
07/30/40
328,330
600,000
National Bank of Canada
3.441
10/21/31
433,107
200,000
National Bank of Canada
4.260
02/15/35
148,066
100,000
Nationale-Nederlanden Bank NV/The Netherlands
0.500
09/21/28
110,436
500,000
Nationwide Building Society
, Reg S
0.250
09/14/28
550,780
750,000
Nationwide Building Society
, Reg S
1.375
06/29/32
795,657
300,000
Nationwide Building Society
, Reg S
2.250
05/16/37
310,092
1,500,000
NatWest Group PLC
, Reg S
0.670
09/14/29
1,663,608
500,000
NatWest Group PLC
, Reg S
5.642
10/17/34
687,928
300,000
NBN Co Ltd
, Reg S
3.375
11/29/32
352,453
100,000
NBN Co Ltd
, Reg S
3.750
03/22/34
118,734
200,000
NE Property BV
, Reg S
3.875
09/30/33
233,333
100,000
New York Life Global Funding
, Reg S
0.750
12/14/28
122,016
600,000
New York Life Global Funding
, Reg S
4.450
09/05/30
387,578
200,000
New York Life Global Funding
, Reg S
4.875
04/30/31
274,772
400,000
New York Life Global Funding
, Reg S
4.000
06/17/32
292,806
100,000
NewRiver REIT PLC
, Reg S
3.500
03/07/28
130,470
500,000
NIBC Bank NV
, Reg S
0.125
11/25/30
514,029
200,000
NIE Finance PLC
, Reg S
5.750
12/07/35
276,423
400,000
Nippon Life Insurance Co
, Reg S
4.165
09/02/55
464,001
500,000
NN Group NV
, Reg S
6.000
11/03/43
660,360
100,000
Norddeutsche Landesbank-Girozentrale
0.250
10/28/26
115,684
700,000
Norddeutsche Landesbank-Girozentrale
, Reg S
2.625
10/20/28
824,986
450,000
Nordea Bank Abp
, Reg S
3.375
06/11/29
538,652
2,000,000
Nordea Hypotek AB
, Reg S
1.000
06/16/27
213,233
4,000,000
Nordea Hypotek AB
, Reg S
3.500
09/20/28
445,482
4,000,000
Nordea Hypotek AB
, Reg S
3.500
10/26/29
446,926
8,000,000
Nordea Hypotek AB
, Reg S
3.000
11/26/30
874,592
200,000
Nordea Kiinnitysluottopankki Oyj
, Reg S
3.625
10/26/28
242,301
400,000
Nordea Kiinnitysluottopankki Oyj
, Reg S
3.000
01/31/31
474,460
200,000
Nordea Kiinnitysluottopankki Oyj
, Reg S
3.000
04/12/34
233,343
450,000
Nordea Kiinnitysluottopankki Oyj
, Reg S
3.000
08/28/35
518,597
500,000
Nordea Kredit Realkreditaktieselskab
1.000
10/01/27
77,138
1,000,000
Nordea Kredit Realkreditaktieselskab
, Reg S
1.000
04/01/28
153,175
1,000,000
Nordea Kredit Realkreditaktieselskab
1.000
04/01/29
150,481
2,000,000
Nordea Kredit Realkreditaktieselskab
1.000
04/01/30
295,156
100,000
Nordic Investment Bank
, Reg S
2.375
09/11/29
116,664
200,000
Northwestern Mutual Global Funding
, Reg S
4.700
10/28/30
271,302
500,000
Notting Hill Genesis
, Reg S
3.250
10/12/48
433,545
200,000
Novo Banco SA
, Reg S
2.500
05/20/29
233,444
500,000
Novo Banco SA
, Reg S
2.750
02/04/30
586,531
1,800,000
Nykredit Realkredit AS
, Reg S
1.000
07/01/27
278,786
1,600,000
Nykredit Realkredit AS
, Reg S
1.000
01/01/28
246,047
1,500,000
Nykredit Realkredit AS
, Reg S
1.000
07/01/28
228,816
200,000
Nykredit Realkredit AS
, Reg S
4.000
07/17/28
241,547
200,000
Nykredit Realkredit AS
, Reg S
4.625
01/19/29
246,000
1,500,000
Nykredit Realkredit AS
, Reg S
1.000
07/01/29
224,764
4,000,000
Nykredit Realkredit AS
, Reg S
1.000
01/01/30
593,600
4,000,000
Nykredit Realkredit AS
, Reg S
1.000
07/01/30
586,810
200,000
Nykredit Realkredit AS
, Reg S
3.625
07/24/30
238,043
6,000,000
Nykredit Realkredit AS
, Reg S
1.000
01/01/31
870,639
100,000
Nykredit Realkredit AS
, Reg S
4.000
04/24/35
118,822
Portfolio of Investments December 31, 2025
(continued)
NXUS
12
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Oesterreichische Kontrollbank AG
, Reg S
3.125
%
11/15/28
$
239,208
200,000
Oesterreichische Kontrollbank AG
, Reg S
4.500
10/22/29
273,394
400,000
Onward Homes Ltd
, Reg S
2.125
03/25/53
261,308
750,000
OP Mortgage Bank
, Reg S
0.625
02/15/29
830,027
200,000
Optivo Finance PLC
, Reg S
3.283
03/22/48
177,287
300,000
Orbit Capital PLC
, Reg S
3.375
06/14/48
272,310
200,000
OSB Group PLC
, Reg S
8.875
01/16/30
299,176
200,000
OTP Banka dd
, Reg S
4.750
04/03/28
240,614
400,000
Oxford Properties Group Trust
3.602
11/13/30
290,095
500,000
Pacific Life Global Funding II
, Reg S
5.375
11/30/28
692,376
300,000
Paradigm Homes Charitable Housing Association Ltd
, Reg S
2.250
05/20/51
209,494
300,000
Paragon Treasury Plc
, Reg S
2.000
05/07/36
287,390
300,000
Peabody Capital PLC
, Reg S
5.250
03/17/43
370,664
300,000
Penarian Housing Finance PLC
, Reg S
3.212
06/07/52
270,192
400,000
Pension Insurance Corp PLC
, Reg S
6.875
11/15/34
563,358
275,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
0.125
02/19/29
344,390
975,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
1.750
03/22/29
1,284,212
525,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
1.000
09/06/30
677,241
350,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
1.875
01/15/31
470,728
1,000,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
1.500
09/06/33
1,332,741
300,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
1.625
03/15/34
404,013
500,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
1.625
01/28/39
676,207
1,200,000
Pfandbriefbank schweizerischer Hypothekarinstitute AG
, Reg S
1.750
12/23/43
1,658,263
200,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
0.350
08/02/27
253,001
1,300,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
1.400
01/16/32
1,713,510
450,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
1.650
12/21/32
604,099
800,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
1.450
12/07/33
1,062,705
300,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
0.900
10/26/35
379,223
500,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
1.070
03/01/40
630,313
900,000
Pfandbriefzentrale der schweizerischen Kantonalbanken AG
, Reg
S
1.450
03/14/42
1,191,161
300,000
Phoenix Group Holdings PLC
, Reg S
5.625
04/28/31
407,354
200,000
Places For People Treasury PLC
, Reg S
6.250
12/06/41
270,322
100,000
Platform HG Financing PLC
, Reg S
1.926
09/15/41
82,474
200,000
Platform HG Financing PLC
, Reg S
1.625
08/10/55
109,208
100,000
Poplar HARCA Ltd Via Poplar HARCA Capital PLC
, Reg S
4.843
09/30/43
119,416
100,000
Praemia Healthcare SACA
, Reg S
0.875
11/04/29
107,207
400,000
Programa Cedulas TDA Fondo de Titulizacion de Activos
4.250
03/28/27
480,233
1,200,000
Prologis Euro Finance LLC
1.500
09/10/49
802,523
125,000
Prologis International Funding II SA
, Reg S
1.750
03/15/28
144,259
200,000
Prologis International Funding II SA
, Reg S
2.750
02/22/32
239,243
200,000
Prologis LP
2.250
06/30/29
251,840
100,000
Protective Life Global Funding
, Reg S
4.803
11/01/30
135,408
400,000
Public Storage Operating Co
3.500
01/20/34
462,373
100,000
QBE Insurance Group Ltd
, Reg S
2.500
09/13/38
127,518
100,000
Raiffeisen Bank International AG
, Reg S
6.000
09/15/28
123,347
500,000
Raiffeisen Bank International AG
, Reg S
3.875
01/03/30
600,063
400,000
Raiffeisenlandesbank Niederoesterreich-Wien AG
, Reg S
3.375
07/24/28
478,963
4,750,000
Realkredit Danmark A/S
, Reg S
1.000
01/01/30
704,900
4,000,000
Realkredit Danmark A/S
, Reg S
1.000
01/01/32
566,821
2,000,000
Realkredit Danmark A/S
, Reg S
1.000
04/01/34
273,797
400,000
Realty Income Corp
6.000
12/05/39
546,750
300,000
RHP Finance PLC
, Reg S
3.250
02/05/48
275,993
100,000
Riverside Finance Plc
, Reg S
6.625
09/11/50
137,530
100,000
RL Finance Bonds NO 4 PLC
, Reg S
4.875
10/07/49
113,941
100,000
Rothesay Life PLC
, Reg S
7.019
12/10/34
144,054
13
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Royal Bank of Canada
4.632
%
05/01/28
$
150,779
500,000
Royal Bank of Canada
, Reg S
3.500
07/25/28
601,758
400,000
Royal Bank of Canada
, Reg S
2.750
02/04/30
470,063
400,000
Royal Bank of Canada
, Reg S
0.000
01/27/31
406,716
450,000
Royal Bank of Canada
3.985
07/22/31
333,510
350,000
Royal Bank of Canada
5.096
04/03/34
266,758
500,000
Royal Bank of Canada
4.279
02/04/35
370,987
500,000
Royal Bank of Canada
4.464
10/17/35
373,055
1,000,000
RTE Reseau de Transport d'Electricite SADIR
, Reg S
3.750
07/04/35
1,177,977
100,000
Saltaire Finance PLC
, Reg S
4.815
12/06/36
132,865
500,000
Saltaire Finance PLC
, Reg S
4.809
03/14/53
607,036
200,000
Sanctuary Capital PLC
, Reg S
2.375
04/14/50
144,850
200,000
Santander Bank Polska SA
, Reg S
3.500
10/07/31
233,109
400,000
Santander Consumer Finance SA
, Reg S
3.750
01/17/29
481,944
100,000
Santander UK Group Holdings PLC
, Reg S
7.098
11/16/27
137,814
100,000
Santander UK PLC
, Reg S
0.050
01/12/27
114,851
300,000
Santander UK PLC
, Reg S
2.625
04/12/28
352,965
600,000
Santander UK PLC
, Reg S
3.125
05/12/31
710,062
300,000
Saxon Weald Capital PLC
, Reg S
5.375
06/06/42
393,063
200,000
Scentre Group Trust 1 / Scentre Group Trust 2
, Reg S
1.750
04/11/28
230,452
400,000
Scottish Widows Ltd
, Reg S
7.000
06/16/43
565,432
100,000
Segro PLC
5.750
06/20/35
140,012
100,000
Sirius Real Estate Ltd
, Reg S
1.750
11/24/28
112,665
1,850,000
Skandinaviska Enskilda Banken AB
, Reg S
3.875
05/09/28
2,234,920
4,000,000
Skandinaviska Enskilda Banken AB
, Reg S
3.000
11/06/28
439,742
4,000,000
Skandinaviska Enskilda Banken AB
, Reg S
3.000
12/06/29
439,059
4,000,000
Skandinaviska Enskilda Banken AB
, Reg S
3.000
12/17/30
437,168
200,000
Slovenska Sporitelna AS
, Reg S
3.875
09/30/27
240,549
100,000
Societe Generale SA
, Reg S
4.125
11/21/28
122,022
200,000
Societe Generale SA
, Reg S
3.375
05/14/30
236,013
200,000
Societe Generale SA
, Reg S
4.875
11/21/31
249,492
200,000
Societe Generale SA
, Reg S
5.625
06/02/33
257,964
300,000
Societe Generale SA
, Reg S
6.250
06/22/33
433,715
1,000,000
Societe Generale SA
, Reg S
3.750
09/02/33
1,167,813
100,000
Societe Generale SA
, Reg S
3.750
05/17/35
117,560
400,000
Societe Generale SA
, Reg S
4.125
05/14/36
473,136
200,000
Societe Generale SFH SA
0.000
12/02/26
230,391
300,000
Societe Generale SFH SA
, Reg S
3.125
02/24/32
352,666
300,000
Societe Generale SFH SA
, Reg S
3.125
02/01/36
340,741
300,000
Society of Lloyd's
, Reg S
4.875
02/07/47
404,392
100,000
Sovereign Housing Capital PLC
, Reg S
2.375
11/04/48
73,788
300,000
Sovereign Housing Capital PLC
, Reg S
5.500
01/24/57
372,311
100,000
SpareBank 1 Boligkreditt AS
, Reg S
0.050
11/03/28
109,783
200,000
SpareBank 1 Boligkreditt AS
, Reg S
2.375
02/13/30
231,911
200,000
SpareBank 1 Boligkreditt AS
, Reg S
3.000
05/19/30
237,774
200,000
SpareBank 1 Boligkreditt AS
, Reg S
2.750
08/27/32
231,449
300,000
SpareBank 1 Boligkreditt AS
, Reg S
3.000
05/15/34
348,958
2,000,000
Sparebanken Norge
4.550
10/23/30
196,505
400,000
Sparebanken Norge Boligkreditt AS
, Reg S
3.000
07/31/29
476,006
200,000
Sparkasse Pforzheim Calw
, Reg S
3.000
01/22/31
235,839
4,000,000
Stadshypotek AB
, Reg S
2.500
12/01/27
435,272
4,000,000
Stadshypotek AB
, Reg S
2.000
09/01/28
428,856
2,000,000
Stadshypotek AB
, Reg S
4.000
05/02/29
226,667
6,000,000
Stadshypotek AB
, Reg S
2.500
02/01/30
645,721
12,000,000
Stadshypotek AB
, Reg S
2.500
12/02/30
1,281,973
300,000
Standard Chartered PLC
, Reg S
3.864
03/17/33
357,065
300,000
Stedin Holding NV
, Reg S
3.625
06/20/31
360,975
300,000
Stonewater Funding PLC
, Reg S
1.625
09/10/36
279,226
200,000
Sumitomo Mitsui Financial Group Inc
, Reg S
0.303
10/28/27
225,750
200,000
Sumitomo Mitsui Financial Group Inc
, Reg S
3.686
10/06/36
231,671
400,000
Sumitomo Mitsui Trust Bank Ltd
, Reg S
0.000
10/15/27
449,077
200,000
Sun Life Financial Inc
2.800
11/21/33
143,713
Portfolio of Investments December 31, 2025
(continued)
NXUS
14
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
500,000
Sun Life Financial Inc
4.140
%
09/13/37
$
363,531
300,000
Supermarket Income Reit PLC
, Reg S
5.125
07/30/31
406,226
800,000
Svenska Handelsbanken AB
, Reg S
0.500
02/18/30
847,261
700,000
Svenska Handelsbanken AB
, Reg S
5.000
08/16/34
867,691
2,000,000
Sveriges Sakerstallda Obligationer AB
, Reg S
0.250
06/09/27
211,067
2,000,000
Sveriges Sakerstallda Obligationer AB
, Reg S
3.500
06/14/28
222,360
4,000,000
Sveriges Sakerstallda Obligationer AB
, Reg S
4.000
05/23/29
453,517
4,000,000
Sveriges Sakerstallda Obligationer AB
, Reg S
1.000
06/12/30
402,462
600,000
Swedbank AB
, Reg S
0.200
01/12/28
671,316
100,000
Swedbank AB
, Reg S
4.875
10/11/30
136,842
300,000
Swedbank Hypotek AB
, Reg S
1.375
05/31/27
348,514
4,000,000
Swedbank Hypotek AB
, Reg S
3.000
03/28/29
439,713
5,200,000
Swedbank Hypotek AB
, Reg S
3.000
12/27/29
570,546
9,600,000
Swedbank Hypotek AB
, Reg S
3.000
10/29/30
1,049,920
100,000
Swiss Life Finance I AG
, Reg S
3.250
08/31/29
118,675
200,000
Talanx AG
, Reg S
2.250
12/05/47
231,749
100,000
Telereal Securitisation PLC
, Reg S
3.563
12/10/31
125,319
300,000
Temasek Financial I Ltd
, Reg S
5.125
07/26/40
403,742
43,000
Tesco Property Finance 3 PLC
, Reg S
5.744
04/13/40
58,000
255,000
Tesco Property Finance 6 PLC
, Reg S
5.411
07/13/44
333,211
200,000
THFC Funding No 3 PLC
, Reg S
5.200
10/11/43
250,156
300,000
Together Housing Finance PLC
, Reg S
4.500
12/17/42
338,129
200,000
Toronto-Dominion Bank/The
, Reg S
2.875
04/05/27
264,666
250,000
Toronto-Dominion Bank/The
4.210
06/01/27
185,610
200,000
Toronto-Dominion Bank/The
, Reg S
2.442
09/08/28
234,435
400,000
Toronto-Dominion Bank/The
4.002
10/31/30
297,043
500,000
Toronto-Dominion Bank/The
, Reg S
3.563
04/16/31
593,213
700,000
Toronto-Dominion Bank/The
3.605
09/10/31
509,699
400,000
Toronto-Dominion Bank/The
, Reg S
2.973
09/09/32
467,740
300,000
Toronto-Dominion Bank/The
, Reg S
3.357
09/22/32
348,499
200,000
Toronto-Dominion Bank/The
4.133
01/09/33
147,782
200,000
Toronto-Dominion Bank/The
, Reg S
3.247
02/16/34
235,345
300,000
Toronto-Dominion Bank/The
4.423
10/31/35
222,863
100,000
TP ICAP Finance PLC
, Reg S
2.625
11/18/28
126,070
300,000
Tritax Big Box REIT PLC
, Reg S
1.500
11/27/33
311,257
600,000
UBS Group AG
, Reg S
0.435
11/09/28
753,298
400,000
UBS Group AG
, Reg S
4.375
01/11/31
491,026
300,000
UBS Group AG
, Reg S
0.875
11/03/31
307,064
200,000
UBS Group AG
, Reg S
0.625
01/18/33
192,329
300,000
UBS Group AG
, Reg S
7.375
09/07/33
457,096
500,000
UBS Group AG
, Reg S
3.250
02/12/34
573,247
300,000
UBS Group AG
, Reg S
3.757
08/11/36
349,958
350,000
UBS Switzerland AG
, Reg S
2.583
09/23/27
412,156
1,100,000
Unibail-Rodamco-Westfield SE
, Reg S
1.750
02/27/34
1,096,187
200,000
UniCredit Bank Austria AG
, Reg S
3.125
09/21/29
238,712
300,000
UniCredit Bank Austria AG
, Reg S
0.050
09/21/35
254,351
150,000
UniCredit Bank GmbH
, Reg S
2.625
02/19/30
175,706
850,000
UniCredit Bank GmbH
, Reg S
2.625
11/22/30
991,257
400,000
UniCredit Bank GmbH
0.375
01/17/33
390,233
150,000
UniCredit SpA
, Reg S
3.100
06/10/31
175,777
500,000
UniCredit SpA
, Reg S
3.200
09/22/31
582,555
150,000
UniCredit SpA
, Reg S
4.000
03/05/34
180,409
500,000
UniCredit SpA
, Reg S
4.200
06/11/34
602,490
300,000
UniCredit SpA
, Reg S
3.725
06/10/35
351,408
200,000
Unipol Assicurazioni SpA
, Reg S
4.900
05/23/34
246,115
100,000
UNITE Group PLC/The
, Reg S
5.625
06/25/32
137,701
100,000
US Bancorp
4.009
05/21/32
120,488
100,000
VGP NV
, Reg S
1.500
04/08/29
110,952
300,000
Volksbank Wien AG
, Reg S
3.625
09/09/31
354,582
1,000,000
Vonovia SE
, Reg S
1.500
06/14/41
773,677
800,000
Vonovia SE
, Reg S
1.625
09/01/51
500,103
200,000
Warehouses De Pauw CVA
, Reg S
3.125
01/15/31
231,367
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FINANCIALS
(continued)
$
200,000
Wellcome Trust Finance PLC
, Reg S
4.625
%
07/25/36
$
262,392
200,000
Wellcome Trust Ltd/The
, Reg S
2.517
02/07/18
124,888
180,000
Wells Fargo & Co
, Reg S
2.500
05/02/29
228,151
100,000
Wells Fargo & Co
, Reg S
2.766
07/23/29
117,094
500,000
Wells Fargo & Co
, Reg S
2.125
09/24/31
589,542
300,000
Wells Fargo & Co
, Reg S
3.900
07/22/32
360,713
500,000
Wells Fargo & Co
, Reg S
3.866
07/23/36
586,228
100,000
Welltower OP LLC
4.800
11/20/28
135,529
300,000
Westfield America Management Ltd
, Reg S
2.625
03/30/29
379,198
1,000,000
Westpac Banking Corp
, Reg S
0.000
09/22/28
1,099,562
100,000
Westpac Banking Corp
5.000
01/15/29
67,148
300,000
Westpac Banking Corp
5.100
05/14/29
201,953
700,000
Westpac Banking Corp
, Reg S
5.815
06/04/40
460,777
200,000
Westpac Securities NZ Ltd/London
, Reg S
3.750
04/20/28
241,445
300,000
Wheatley Group Capital PLC
, Reg S
4.375
11/28/44
335,823
300,000
WHG Treasury PLC
, Reg S
4.250
10/06/45
328,927
134,000
White City Property Finance PLC
, Reg S
5.120
04/17/35
183,229
275,000
Workspace Group PLC
, Reg S
2.250
03/11/28
347,099
225,000
Wrekin Housing Group Ltd/The
, Reg S
2.500
10/22/48
171,294
500,000
Wuestenrot & Wuerttembergische AG
, Reg S
2.125
09/10/41
523,354
100,000
Yorkshire Building Society
, Reg S
3.511
10/11/30
129,705
300,000
Yorkshire Housing Finance PLC
, Reg S
4.125
10/31/44
315,494
TOTAL FINANCIALS
306,039,811
INDUSTRIAL - 5.9%
100,000
AA Bond Co Ltd
, Reg S
7.375
07/31/29
142,893
100,000
AA Bond Co Ltd
, Reg S
6.850
07/31/31
143,594
600,000
AbbVie Inc
1.250
11/18/31
634,708
500,000
Abertis France SAS
, Reg S
0.625
09/14/28
553,140
800,000
Abertis Infraestructuras SA
, Reg S
1.125
03/26/28
905,947
400,000
AGCO International Holdings BV
, Reg S
0.800
10/06/28
443,503
200,000
Air Liquide Finance SA
, Reg S
1.250
06/13/28
227,352
200,000
Air Liquide Finance SA
, Reg S
3.375
05/29/34
234,434
300,000
Air Liquide Finance SA
, Reg S
3.500
03/21/35
353,037
300,000
Air Products and Chemicals Inc
3.450
02/14/37
336,012
300,000
Alimentation Couche-Tard Inc
, Reg S
4.011
02/12/36
352,660
200,000
Alphabet Inc
2.500
05/06/29
233,690
100,000
Alphabet Inc
3.000
05/06/33
115,564
200,000
Alphabet Inc
4.000
11/06/44
228,189
400,000
Alphabet Inc
4.000
05/06/54
435,731
400,000
Alphabet Inc
4.375
11/06/64
447,454
100,000
Alstom SA
, Reg S
0.000
01/11/29
107,826
300,000
Altrad Investment Authority SAS
, Reg S
4.429
06/23/32
354,937
500,000
Amcor UK Finance PLC
3.750
02/20/33
581,085
100,000
America Movil SAB de CV
5.750
06/28/30
140,461
100,000
America Movil SAB de CV
4.375
08/07/41
113,440
100,000
American Honda Finance Corp
1.500
10/19/27
128,111
325,000
American Honda Finance Corp
5.050
08/20/31
441,303
300,000
American Medical Systems Europe BV
3.500
03/08/32
355,753
200,000
American Tower Corp
3.625
05/30/32
236,344
300,000
American Tower Corp
4.100
05/16/34
357,865
300,000
Amgen Inc
, Reg S
4.000
09/13/29
398,559
400,000
Anglo American Capital PLC
, Reg S
4.125
03/15/32
483,794
600,000
Anheuser-Busch InBev SA/NV
, Reg S
3.375
05/19/33
703,557
700,000
Anheuser-Busch InBev SA/NV
, Reg S
3.875
05/19/38
811,446
800,000
Anheuser-Busch InBev SA/NV
, Reg S
3.950
03/22/44
891,234
575,000
Apple Inc
3.600
07/31/42
630,418
200,000
APRR SA
, Reg S
3.125
01/24/30
235,873
500,000
APRR SA
, Reg S
3.125
01/06/34
569,316
400,000
(b)
Arkema SA
, Reg S
4.800
N/A
479,750
500,000
Asahi Group Holdings Ltd
, Reg S
3.464
04/16/32
585,782
400,000
Associated British Foods PLC
, Reg S
2.500
06/16/34
453,845
300,000
Astrazeneca Finance LLC
, Reg S
3.121
08/05/30
355,284
Portfolio of Investments December 31, 2025
(continued)
NXUS
16
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
200,000
Astrazeneca Finance LLC
, Reg S
3.278
%
08/05/33
$
234,389
300,000
AT&T Inc
3.150
06/01/30
352,865
300,000
AT&T Inc
3.950
04/30/31
363,935
300,000
AT&T Inc
3.600
06/01/33
351,659
250,000
AT&T Inc
4.300
11/18/34
304,176
150,000
AT&T Inc
7.000
04/30/40
221,283
600,000
AT&T Inc
4.875
06/01/44
692,180
300,000
Australia Pacific Airports Melbourne Pty Ltd
, Reg S
4.000
06/07/34
357,854
300,000
Autoliv Inc
, Reg S
3.000
10/29/30
347,473
500,000
Autoroutes du Sud de la France SA
, Reg S
1.375
02/21/31
539,802
735,000
Autostrade per l'Italia SpA
, Reg S
1.625
01/25/28
845,417
400,000
Avery Dennison Corp
3.750
11/04/34
463,422
300,000
Barry Callebaut Services NV
, Reg S
3.750
02/19/28
357,950
300,000
BASF SE
, Reg S
1.500
03/17/31
325,583
500,000
BASF SE
, Reg S
1.625
11/15/37
461,123
350,000
BAT Netherlands Finance BV
, Reg S
3.125
04/07/28
415,395
700,000
Bayer AG
, Reg S
4.625
05/26/33
873,679
500,000
Becton Dickinson & Co
3.828
06/07/32
598,419
150,000
Bell Telephone Co of Canada or Bell Canada
3.800
08/21/28
110,676
200,000
Bell Telephone Co of Canada or Bell Canada
5.850
11/10/32
160,123
200,000
Bell Telephone Co of Canada or Bell Canada
5.150
08/24/34
153,243
600,000
Bell Telephone Co of Canada or Bell Canada
5.250
08/14/55
434,823
300,000
Berkeley Group PLC/The
, Reg S
2.500
08/11/31
348,433
500,000
Blackrock Inc
3.750
07/18/35
593,699
400,000
Blackstone Holdings Finance Co LLC
, Reg S
3.500
06/01/34
464,925
400,000
BMS Ireland Capital Funding Designated Activity Co
4.581
11/10/55
458,408
100,000
BMW Finance NV
, Reg S
2.625
05/20/28
117,530
700,000
BMW International Investment BV
, Reg S
3.125
07/22/29
828,472
500,000
BMW US Capital LLC
, Reg S
3.375
02/02/34
577,643
100,000
Booking Holdings Inc
4.500
11/15/31
124,394
100,000
Booking Holdings Inc
4.125
05/12/33
121,739
300,000
Booking Holdings Inc
4.750
11/15/34
378,151
300,000
Booking Holdings Inc
3.625
11/07/35
344,990
400,000
Booking Holdings Inc
4.500
05/09/46
459,776
275,000
Boston Scientific Corp
0.625
12/01/27
311,811
200,000
Bouygues SA
, Reg S
3.875
07/17/31
242,473
300,000
Bouygues SA
, Reg S
4.625
06/07/32
376,178
100,000
Bouygues SA
, Reg S
5.375
06/30/42
129,638
300,000
BPCE SFH SA
, Reg S
3.000
03/24/32
349,909
200,000
Bristol-Myers Squibb Co
1.750
05/15/35
200,169
400,000
(b)
British American Tobacco PLC
, Reg S
4.750
N/A
474,482
800,000
British Telecommunications PLC
, Reg S
2.125
09/26/28
926,434
300,000
British Telecommunications PLC
, Reg S
5.750
12/07/28
421,090
200,000
Bromford Flagship Ltd
, Reg S
3.125
05/03/48
177,902
300,000
Brown-Forman Corp
2.600
07/07/28
388,789
200,000
Canadian National Railway Co
4.200
06/10/35
145,866
500,000
Canadian National Railway Co
4.700
05/10/53
353,941
300,000
Capgemini SE
, Reg S
3.125
09/25/31
347,903
200,000
Capgemini SE
, Reg S
3.500
09/25/34
229,337
300,000
Cardiff University
, Reg S
3.000
12/07/55
245,057
300,000
Carrefour SA
, Reg S
3.250
06/24/30
353,609
300,000
Carrefour SA
, Reg S
3.750
05/24/33
353,008
500,000
Carrier Global Corp
3.625
01/15/37
559,948
200,000
Caterpillar Financial Services Corp
, Reg S
4.620
02/28/28
272,210
300,000
Cellnex Finance Co SA
, Reg S
1.250
01/15/29
335,270
400,000
Cellnex Finance Co SA
, Reg S
2.000
02/15/33
419,426
300,000
Chancellor Masters & Scholars of The University of Cambridge/
The
, Reg S
2.350
06/27/78
193,299
200,000
Channel Link Enterprises Finance PLC
, Reg S
3.848
06/30/50
183,640
500,000
Cie de Saint-Gobain SA
, Reg S
2.375
10/04/27
586,443
150,000
Cie de Saint-Gobain SA
, Reg S
4.625
10/09/29
203,630
200,000
Cie Generale des Etablissements Michelin SCA
, Reg S
3.125
05/16/31
235,151
17
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
200,000
Cie Generale des Etablissements Michelin SCA
, Reg S
3.375
%
05/16/36
$
229,533
300,000
CK Hutchison Finance 16 Ltd
, Reg S
2.000
04/06/28
345,676
200,000
CK HUTCHISON GROUP TELECOM FINANCE SA
, Reg S
2.000
10/17/27
257,200
400,000
Coca-Cola Co/The
, Reg S
1.000
10/02/28
511,680
700,000
Coca-Cola Europacific Partners PLC
, Reg S
3.125
06/03/31
819,831
500,000
Cofiroute SA
, Reg S
3.125
03/06/33
574,671
400,000
Colgate-Palmolive Co
1.375
03/06/34
405,115
180,000
Comcast Corp
1.500
02/20/29
222,606
400,000
Comcast Corp
3.250
09/26/32
463,436
300,000
Comcast Corp
3.550
09/26/36
342,787
200,000
Comcast Corp
5.250
09/26/40
253,850
237,000
Connect Plus M25 Issuer PLC
, Reg S
2.607
03/31/39
267,378
300,000
Continental AG
, Reg S
4.000
06/01/28
361,017
200,000
Continental AG
, Reg S
3.500
10/01/29
238,114
100,000
CPUK Finance Ltd
, Reg S
5.876
08/28/27
137,037
450,000
Daimler Truck Finance Canada Inc
4.540
09/27/29
339,525
300,000
Danone SA
, Reg S
1.208
11/03/28
339,493
200,000
Danone SA
, Reg S
3.200
09/12/31
236,214
200,000
Danone SA
, Reg S
3.438
04/07/33
235,649
2,000,000
Danske Hypotek AB
, Reg S
3.500
12/20/28
222,935
200,000
Derwent London PLC
, Reg S
1.875
11/17/31
227,217
500,000
Deutsche Boerse AG
, Reg S
3.875
09/28/33
605,667
200,000
Deutsche Lufthansa AG
, Reg S
4.000
05/21/30
243,068
300,000
Deutsche Lufthansa AG
, Reg S
4.125
09/03/32
366,426
400,000
Deutsche Post AG
, Reg S
3.125
06/05/32
469,118
400,000
Deutsche Post AG
, Reg S
3.500
03/25/36
466,183
200,000
Deutsche Telekom AG
, Reg S
3.250
06/04/35
231,041
300,000
Deutsche Telekom AG
, Reg S
3.250
03/20/36
342,432
600,000
Deutsche Telekom AG
, Reg S
3.625
02/03/45
647,526
500,000
DH Europe Finance II Sarl
0.750
09/18/31
515,099
700,000
Diageo Finance PLC
, Reg S
3.125
02/28/31
822,248
300,000
Diageo Finance PLC
, Reg S
2.750
06/08/38
306,991
140,000
Dover Corp
0.750
11/04/27
159,155
300,000
Dover Corp
3.500
11/12/33
347,076
300,000
DSV Finance BV
, Reg S
3.375
11/06/32
351,922
300,000
DSV Finance BV
, Reg S
3.375
11/06/34
344,903
500,000
East Japan Railway Co
, Reg S
3.727
09/02/37
581,745
400,000
East Japan Railway Co
, Reg S
5.562
09/04/54
517,857
300,000
Edenred SE
, Reg S
1.875
03/30/27
349,730
500,000
Eli Lilly & Co
0.500
09/14/33
482,993
200,000
Eli Lilly & Co
1.625
09/14/43
150,651
300,000
Elis SA
, Reg S
3.375
09/02/31
348,956
225,000
Emirates Telecommunications Group Co PJSC
, Reg S
0.875
05/17/33
221,931
300,000
EQT AB
, Reg S
0.875
05/14/31
309,546
250,000
Equinix Asia Financing Corp Pte Ltd
, Reg S
2.900
09/15/32
189,416
200,000
Equinix Canada Financing Ltd
4.000
11/15/32
143,692
700,000
Equinix Inc
1.000
03/15/33
681,420
400,000
EssilorLuxottica SA
, Reg S
2.875
03/05/29
471,616
300,000
EssilorLuxottica SA
, Reg S
2.625
01/10/30
349,213
100,000
Euroclear Holding NV
, Reg S
2.625
04/11/48
115,976
200,000
Euroclear Holding NV
, Reg S
1.375
06/16/51
206,425
500,000
Eurofins Scientific SE
, Reg S
4.000
07/06/29
602,599
204,000
Eversholt Funding PLC
, Reg S
6.697
02/22/35
290,452
500,000
Experian Europe DAC
, Reg S
1.560
05/16/31
542,200
400,000
FedEx Corp
0.950
05/04/33
384,281
450,000
Fidelity National Information Services Inc
2.950
05/21/39
460,593
200,000
Fiserv Funding ULC
4.000
06/15/36
229,582
300,000
Fiserv Inc
4.500
05/24/31
363,960
300,000
Fiserv Inc
3.000
07/01/31
362,166
250,000
Flughafen Zurich AG
, Reg S
0.625
05/24/29
315,927
300,000
Flutter Treasury DAC
, Reg S
6.125
06/04/31
406,334
250,000
Ford Credit Canada Co/Canada
4.819
09/11/28
184,793
Portfolio of Investments December 31, 2025
(continued)
NXUS
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
100,000
Ford Motor Credit Co LLC
4.867
%
08/03/27
$
120,899
300,000
Ford Motor Credit Co LLC
3.622
07/27/28
354,832
200,000
Ford Motor Credit Co LLC
4.445
02/14/30
240,204
300,000
Ford Motor Credit Co LLC
6.184
08/29/31
410,255
300,000
Foxconn Singapore Pte Ltd
, Reg S
3.125
11/04/31
344,831
600,000
Fresenius Finance Ireland PLC
, Reg S
0.875
10/01/31
619,249
400,000
Fresenius Medical Care AG
, Reg S
3.750
04/08/32
474,817
300,000
Fresenius SE & Co KGaA
, Reg S
3.500
03/15/34
346,858
400,000
Gatwick Funding Ltd
, Reg S
3.250
02/26/48
353,258
300,000
GE Capital UK Funding Unlimited Co
5.875
01/18/33
428,733
300,000
General Mills Inc
3.650
10/23/30
359,754
200,000
General Motors Financial Co Inc
, Reg S
3.100
08/04/29
235,106
125,000
General Motors Financial Co Inc
, Reg S
5.500
01/12/30
172,104
400,000
General Motors Financial Co Inc
, Reg S
3.700
07/14/31
474,432
400,000
GlaxoSmithKline Capital PLC
, Reg S
4.250
12/18/45
444,192
450,000
Glencore Finance Canada Ltd
4.045
10/10/32
323,452
400,000
Global Switch Finance BV
, Reg S
1.375
10/07/30
439,348
500,000
GSK Capital BV
, Reg S
3.250
11/19/36
565,375
200,000
GXO Logistics Capital BV
3.750
11/24/30
234,360
300,000
Haleon Netherlands Capital BV
, Reg S
2.125
03/29/34
317,003
300,000
Haleon UK Capital PLC
, Reg S
3.375
03/29/38
331,023
500,000
Heathrow Funding Ltd
, Reg S
1.500
02/11/30
550,584
250,000
Heathrow Funding Ltd
, Reg S
6.450
12/10/31
361,319
350,000
Heathrow Funding Ltd
4.900
08/06/37
260,492
200,000
Heathrow Funding Ltd
, Reg S
6.250
10/03/42
273,286
200,000
Henkel AG & Co KGaA
, Reg S
0.500
11/17/32
196,714
200,000
High Speed Rail Finance 1 PLC
, Reg S
4.375
11/01/38
250,509
125,000
Highland Holdings Sarl
2.875
11/19/27
147,373
500,000
Honeywell International Inc
0.750
03/10/32
503,605
400,000
Hyundai Capital America
, Reg S
2.875
06/26/28
470,887
300,000
IDS Financing PLC
, Reg S
4.000
10/01/32
346,898
200,000
IG Group Holdings PLC
, Reg S
3.125
11/18/28
256,363
500,000
IHG Finance LLC
, Reg S
3.625
09/27/31
588,883
200,000
Illinois Tool Works Inc
3.250
05/17/28
238,597
300,000
Illinois Tool Works Inc
3.375
05/17/32
353,868
300,000
Imerys SA
, Reg S
1.875
03/31/28
343,926
200,000
Indigo Group SAS
, Reg S
1.625
04/19/28
228,548
100,000
International Business Machines Corp
3.625
02/06/31
119,901
400,000
International Business Machines Corp
3.150
02/10/33
462,033
100,000
International Business Machines Corp
3.750
02/06/35
118,486
200,000
International Business Machines Corp
3.450
02/10/37
225,743
200,000
International Business Machines Corp
4.875
02/06/38
252,544
400,000
International Business Machines Corp
4.000
02/06/43
451,822
200,000
ITM Entreprises SASU
, Reg S
4.125
01/29/30
239,707
300,000
JAB Holdings BV
, Reg S
2.000
05/18/28
346,357
400,000
JAB Holdings BV
, Reg S
2.500
06/25/29
460,563
200,000
John Deere Bank SA
, Reg S
5.125
10/18/28
276,565
600,000
John Deere Capital Corp
, Reg S
3.450
07/16/32
713,044
300,000
Johnson & Johnson
3.350
02/26/37
344,450
200,000
Johnson & Johnson
3.550
06/01/44
220,820
300,000
Johnson & Johnson
3.700
02/26/55
319,854
200,000
JT International Financial Services BV
, Reg S
2.750
09/28/33
228,922
250,000
JT International Financial Services BV
, Reg S
4.125
06/17/35
295,423
200,000
K+S AG
, Reg S
4.250
06/19/29
243,317
300,000
Kering SA
, Reg S
3.625
09/05/31
357,667
400,000
Kering SA
, Reg S
3.375
03/11/32
469,327
300,000
Kering SA
, Reg S
3.875
09/05/35
352,928
500,000
Koninklijke Philips NV
, Reg S
3.250
05/23/30
591,019
200,000
Kraft Heinz Foods Co
, Reg S
4.125
07/01/27
267,727
600,000
Legrand SA
, Reg S
3.625
03/19/35
704,828
200,000
Linde PLC
, Reg S
2.625
02/18/29
234,258
100,000
Linde PLC
, Reg S
3.375
06/04/30
119,278
19
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
100,000
Linde PLC
, Reg S
1.375
%
03/31/31
$
107,749
800,000
Linde PLC
, Reg S
3.625
06/12/34
947,324
100,000
London Stock Exchange Group PLC
, Reg S
1.625
04/06/30
120,884
500,000
Lonza Finance International NV
, Reg S
3.875
04/24/36
584,767
700,000
L'Oreal SA
, Reg S
2.875
05/19/28
830,997
200,000
LSEG Finance PLC
, Reg S
4.875
09/19/32
269,888
200,000
Lseg Netherlands BV
, Reg S
4.231
09/29/30
246,057
300,000
Lseg Netherlands BV
, Reg S
3.000
11/06/31
347,157
100,000
LVMH Moet Hennessy Louis Vuitton SE
, Reg S
1.125
02/11/27
130,516
100,000
LVMH Moet Hennessy Louis Vuitton SE
, Reg S
3.250
09/07/29
119,648
500,000
LVMH Moet Hennessy Louis Vuitton SE
, Reg S
3.000
03/07/32
584,770
400,000
LVMH Moet Hennessy Louis Vuitton SE
, Reg S
3.500
09/07/33
478,613
200,000
Magna International Inc
3.625
05/21/31
237,277
200,000
Magna International Inc
4.375
03/17/32
246,694
200,000
Manchester Airport Group Funding PLC
, Reg S
4.750
03/31/34
264,075
800,000
McDonald's Corp
, Reg S
3.500
05/21/32
944,467
100,000
McDonald's Corp
, Reg S
3.750
05/31/38
113,317
100,000
McDonald's Corp
, Reg S
4.125
06/11/54
99,518
200,000
McKesson Corp
3.125
02/17/29
260,204
300,000
Medtronic Global Holdings SCA
0.750
10/15/32
298,111
200,000
Medtronic Global Holdings SCA
1.500
07/02/39
175,184
200,000
Medtronic Global Holdings SCA
1.375
10/15/40
164,567
300,000
Medtronic Inc
4.200
10/15/45
342,479
400,000
Medtronic Inc
4.150
10/15/53
437,928
100,000
Mercedes-Benz Finance Canada Inc
, Reg S
3.000
02/23/27
118,159
1,350,000
Mercedes-Benz Group AG
, Reg S
1.375
05/11/28
1,533,291
300,000
MMS USA Holdings Inc
, Reg S
1.750
06/13/31
324,649
200,000
Mondelez International Inc
0.750
03/17/33
193,879
300,000
Mondelez International Inc
2.375
03/06/35
313,901
450,000
Mondi Finance Europe GmbH
, Reg S
2.375
04/01/28
523,586
300,000
Montreal Gateway Terminals Partnership
4.563
12/31/32
222,469
200,000
Motability Operations Group PLC
, Reg S
3.875
01/24/34
235,382
500,000
Motability Operations Group PLC
, Reg S
4.250
06/17/35
598,367
300,000
Motability Operations Group PLC
, Reg S
5.750
06/17/51
380,855
300,000
Motability Operations Group PLC
, Reg S
5.625
01/24/54
374,250
100,000
MSD Netherlands Capital BV
3.700
05/30/44
110,289
300,000
MSD Netherlands Capital BV
3.750
05/30/54
308,751
200,000
Nats En Route PLC
, Reg S
1.750
09/30/33
215,266
400,000
Nestle Capital Corp
, Reg S
4.750
03/22/36
525,751
150,000
Nestle Capital Markets SA
, Reg S
2.125
07/15/30
200,602
500,000
Nestle Capital Markets SA
2.125
06/28/38
685,686
1,500,000
Nestle Finance International Ltd
, Reg S
0.375
05/12/32
1,504,345
400,000
Netflix Inc
, Reg S
3.625
06/15/30
480,325
200,000
Next Group PLC
, Reg S
3.625
05/18/28
265,430
400,000
Novartis Finance SA
, Reg S
0.000
09/23/28
438,348
700,000
Novo Nordisk Finance Netherlands BV
, Reg S
3.250
01/21/31
830,553
300,000
Novo Nordisk Finance Netherlands BV
, Reg S
3.375
05/21/34
350,070
200,000
NTT Finance Corp
, Reg S
2.906
03/16/29
235,130
250,000
NTT Finance Corp
, Reg S
3.678
07/16/33
295,237
400,000
NTT Finance Corp
, Reg S
4.091
07/16/37
475,487
300,000
Omnicom Capital Holdings PLC
2.250
11/22/33
324,380
500,000
Orange SA
, Reg S
3.250
01/15/32
621,966
1,000,000
Orange SA
, Reg S
3.750
09/04/37
1,152,907
700,000
(b)
Orange SA
, Reg S
5.375
N/A
871,515
200,000
Pearson Funding PLC
, Reg S
3.750
06/04/30
259,305
200,000
PepsiCo Inc
3.550
07/22/34
249,369
500,000
PepsiCo Inc
4.050
07/28/55
548,619
300,000
Pernod Ricard SA
, Reg S
3.250
03/03/32
349,508
200,000
Pernod Ricard SA
, Reg S
3.250
02/04/33
230,482
200,000
Pernod Ricard SA
, Reg S
3.625
05/07/34
233,923
300,000
Pfizer Inc
, Reg S
2.735
06/15/43
271,492
500,000
Pfizer Netherlands International Finance BV
3.250
05/19/32
587,907
Portfolio of Investments December 31, 2025
(continued)
NXUS
20
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
600,000
Philip Morris International Inc
1.450
%
08/01/39
$
497,663
200,000
Pluxee NV
, Reg S
3.500
09/04/28
238,038
500,000
PPG Industries Inc
3.250
03/04/32
578,142
200,000
Procter & Gamble Co/The
1.800
05/03/29
251,799
500,000
Procter & Gamble Co/The
2.900
11/03/33
574,439
300,000
Procter & Gamble Co/The
3.650
11/03/45
337,838
200,000
Prosegur Cash SA
3.380
10/09/30
230,944
500,000
Prosus NV
, Reg S
1.288
07/13/29
548,316
250,000
Prosus NV
, Reg S
2.778
01/19/34
268,305
500,000
Proximus SADP
, Reg S
0.750
11/17/36
439,962
300,000
RCI Banque SA
, Reg S
3.500
01/17/28
356,130
500,000
RCI Banque SA
, Reg S
3.625
11/03/32
576,506
200,000
Reckitt Benckiser Treasury Services PLC
, Reg S
1.750
05/19/32
227,478
300,000
Reckitt Benckiser Treasury Services PLC
, Reg S
3.875
09/14/33
361,540
300,000
RELX Finance BV
, Reg S
3.375
03/20/33
349,926
100,000
Richemont International Holding SA
, Reg S
1.500
03/26/30
110,926
100,000
Richemont International Holding SA
, Reg S
1.125
05/26/32
104,103
450,000
Richemont International Holding SA
, Reg S
2.000
03/26/38
439,617
400,000
Rio Tinto Finance PLC
, Reg S
4.000
12/11/29
531,825
100,000
Robert Bosch Finance LLC
, Reg S
2.750
05/28/28
117,383
300,000
Robert Bosch GmbH
, Reg S
3.625
06/02/30
360,123
200,000
Robert Bosch GmbH
, Reg S
4.000
06/02/35
238,052
200,000
Robert Bosch GmbH
, Reg S
4.375
06/02/43
231,048
300,000
Roche Finance Europe BV
, Reg S
3.586
12/04/36
352,709
100,000
Roche Kapitalmarkt AG
, Reg S
0.750
02/25/31
126,233
200,000
Roche Kapitalmarkt AG
, Reg S
1.098
09/06/34
254,086
100,000
Rogers Communications Inc
5.700
09/21/28
77,191
100,000
Rogers Communications Inc
3.750
04/15/29
73,507
400,000
Rogers Communications Inc
5.900
09/21/33
321,039
300,000
Rogers Communications Inc
5.250
04/15/52
217,705
400,000
Rolls-Royce PLC
, Reg S
5.750
10/15/27
549,510
200,000
Sandoz Group AG
, Reg S
2.125
11/17/26
255,952
800,000
Sanofi SA
, Reg S
1.125
04/05/28
910,438
400,000
SAP SE
, Reg S
1.625
03/10/31
440,488
200,000
Sartorius Finance BV
, Reg S
4.875
09/14/35
248,225
1,000,000
Schneider Electric SE
, Reg S
3.624
09/02/37
1,164,376
100,000
Schroders PLC
, Reg S
6.346
07/18/34
139,945
900,000
Siemens Financieringsmaatschappij NV
, Reg S
0.125
09/05/29
972,541
700,000
Siemens Financieringsmaatschappij NV
, Reg S
1.375
09/06/30
782,047
100,000
Sika Capital BV
, Reg S
3.750
11/03/26
118,653
200,000
Silfin NV
, Reg S
5.125
07/17/30
247,979
300,000
Smurfit Kappa Treasury ULC
, Reg S
0.500
09/22/29
322,822
200,000
Smurfit Kappa Treasury ULC
3.489
11/24/31
234,659
200,000
Sodexo SA
, Reg S
1.750
06/26/28
253,075
600,000
Stellantis NV
, Reg S
4.250
06/16/31
718,223
300,000
Stellantis NV
, Reg S
3.750
03/19/36
330,667
300,000
Stryker Corp
3.375
12/11/28
358,438
300,000
Sydney Airport Finance Co Pty Ltd
, Reg S
4.375
05/03/33
368,230
100,000
Syensqo SA
, Reg S
3.375
05/28/31
116,949
200,000
Syensqo SA
, Reg S
4.000
05/28/35
234,120
200,000
Takeda Pharmaceutical Co Ltd
1.375
07/09/32
207,432
300,000
Takeda Pharmaceutical Co Ltd
2.000
07/09/40
268,026
1,100,000
Telefonica Emisiones SA
, Reg S
3.724
01/23/34
1,276,295
300,000
Teleperformance SE
, Reg S
0.250
11/26/27
336,083
500,000
Telstra Group Ltd
5.650
03/06/34
338,626
100,000
TELUS Corp
2.350
01/27/28
71,834
400,000
TELUS Corp
3.300
05/02/29
290,772
400,000
TELUS Corp
5.250
11/15/32
309,749
100,000
Tesco Corporate Treasury Services PLC
, Reg S
2.750
04/27/30
125,192
200,000
Tesco Corporate Treasury Services PLC
, Reg S
3.500
10/13/33
232,123
300,000
Thales SA
, Reg S
4.250
10/18/31
372,302
700,000
Thermo Fisher Scientific Finance I BV
3.628
12/01/35
819,096
21
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
INDUSTRIAL
(continued)
300,000
Thermo Fisher Scientific Inc
, Reg S
1.418
%
03/07/33
$
383,722
250,000
Thermo Fisher Scientific Inc
2.038
03/07/36
332,868
200,000
Time Warner Cable LLC
5.250
07/15/42
225,976
100,000
Timken Co/The
4.125
05/23/34
118,186
100,000
T-Mobile USA Inc
3.150
02/11/32
116,160
300,000
T-Mobile USA Inc
3.500
02/11/37
336,956
400,000
Toyota Credit Canada Inc
3.650
08/19/30
292,727
200,000
Toyota Motor Credit Corp
, Reg S
0.750
11/19/26
261,931
300,000
Toyota Motor Credit Corp
, Reg S
4.050
09/13/29
365,721
300,000
Toyota Motor Credit Corp
, Reg S
3.625
07/15/31
359,750
300,000
Toyota Motor Finance Netherlands BV
, Reg S
3.125
07/11/29
354,668
300,000
Transurban Finance Co Pty Ltd
, Reg S
4.143
04/17/35
359,795
100,000
Transurban Finance Co Pty Ltd
, Reg S
3.974
03/12/36
117,522
200,000
Traton Finance Luxembourg SA
, Reg S
5.625
01/16/29
274,745
500,000
Unilever Capital Corp
, Reg S
3.500
10/31/37
573,291
200,000
Unilever PLC
, Reg S
1.875
09/15/29
250,598
750,000
Unilever PLC
, Reg S
1.500
06/11/39
674,193
400,000
United Parcel Service Inc
, Reg S
5.125
02/12/50
492,418
100,000
University College London
, Reg S
1.625
06/04/61
52,790
100,000
University of Leeds
, Reg S
3.125
12/19/50
87,738
500,000
University of Liverpool
, Reg S
3.375
06/25/55
450,173
400,000
University of Manchester
, Reg S
4.250
07/04/53
422,756
100,000
University of Southampton
, Reg S
2.250
04/11/57
67,169
300,000
Utmost Group PLC
, Reg S
4.000
12/15/31
366,754
200,000
Verizon Communications Inc
, Reg S
2.350
03/23/28
126,444
200,000
Verizon Communications Inc
2.500
05/16/30
139,913
200,000
Verizon Communications Inc
, Reg S
0.555
03/24/31
246,860
200,000
Verizon Communications Inc
3.500
06/28/32
235,938
300,000
Verizon Communications Inc
3.250
10/29/32
347,512
300,000
Verizon Communications Inc
3.750
02/28/36
348,096
100,000
Verizon Communications Inc
3.375
10/27/36
111,476
600,000
Verizon Communications Inc
3.750
08/06/37
685,183
500,000
Verizon Communications Inc
1.875
11/03/38
441,571
200,000
Vinci SA
, Reg S
2.750
09/15/34
231,154
100,000
Visa Inc
2.250
05/15/28
116,616
300,000
Visa Inc
3.125
05/15/33
349,600
600,000
Vodafone Group PLC
, Reg S
5.125
12/02/52
690,921
300,000
Vodafone International Financing DAC
, Reg S
3.375
08/01/33
347,428
200,000
Vodafone International Financing DAC
, Reg S
3.750
12/02/34
235,958
300,000
Volkswagen Bank GmbH
, Reg S
4.375
05/03/28
363,931
500,000
Volkswagen Bank GmbH
, Reg S
3.500
06/19/31
586,195
500,000
Volkswagen Financial Services AG
, Reg S
3.625
05/19/29
594,588
200,000
Volkswagen Financial Services NV
, Reg S
2.125
01/18/28
256,854
400,000
(b)
Volkswagen International Finance NV
, Reg S
7.500
N/A
511,955
500,000
(b)
Volkswagen International Finance NV
, Reg S
7.875
N/A
676,769
500,000
Volkswagen Leasing GmbH
, Reg S
3.875
10/11/28
601,088
130,000
Wabtec Transportation Netherlands BV
1.250
12/03/27
149,073
50,000
Walmart Inc
, Reg S
5.625
03/27/34
71,796
600,000
Walmart Inc
5.250
09/28/35
838,380
200,000
Werfen SA/Spain
, Reg S
3.625
02/12/32
234,008
300,000
Wesfarmers Ltd
, Reg S
3.277
06/10/32
349,169
200,000
Wolters Kluwer NV
, Reg S
3.250
03/18/29
238,116
200,000
Wolters Kluwer NV
, Reg S
3.375
03/20/32
234,893
200,000
Woolworths Group Ltd
, Reg S
3.750
10/25/32
235,474
600,000
WPP Finance 2013
, Reg S
3.625
09/12/29
711,722
TOTAL INDUSTRIAL
149,144,876
UTILITY - 1.9%
300,000
Affinity Water Finance PLC
, Reg S
4.500
03/31/36
369,686
200,000
Air Products and Chemicals Inc
3.250
06/16/32
232,537
300,000
AltaGas Ltd
3.025
11/10/27
218,276
1,460,000
Ameren Illinois Co
, Reg S
5.550
07/01/54
1,750,848
700,000
Amprion GmbH
, Reg S
4.000
09/30/40
799,392
Portfolio of Investments December 31, 2025
(continued)
NXUS
22
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
UTILITY
(continued)
300,000
Anglian Water Osprey Financing PLC
, Reg S
6.750
%
08/27/31
$
410,315
500,000
Anglian Water Services Financing PLC
, Reg S
6.250
09/12/44
646,736
500,000
AusNet Services Holdings Pty Ltd
, Reg S
5.981
05/16/34
338,022
300,000
Bazalgette Finance Plc
, Reg S
2.375
11/29/27
387,447
400,000
BP Capital Markets PLC
, Reg S
2.519
04/07/28
468,891
250,000
BP Capital Markets PLC
, Reg S
4.751
08/28/29
165,232
300,000
BP Capital Markets PLC
, Reg S
1.231
05/08/31
318,986
300,000
BP Capital Markets PLC
, Reg S
2.822
04/07/32
341,759
100,000
(b)
BP Capital Markets PLC
, Reg S
4.250
N/A
133,139
400,000
Cadent Finance PLC
, Reg S
5.750
03/14/34
551,390
200,000
Canadian Utilities Ltd
5.450
12/22/55
145,943
300,000
Capital Power Corp
4.231
01/14/33
216,786
300,000
Cenovus Energy Inc
4.600
11/20/35
217,495
500,000
Coastal Gaslink Pipeline LP
5.857
03/30/49
404,158
300,000
Contact Energy Ltd
, Reg S
3.537
11/03/32
348,580
900,000
CU Inc
4.085
09/02/44
600,969
200,000
Dolomiti Energia Holding SpA/Rovereto
3.500
10/09/30
236,639
350,000
DWR Cymru Financing UK PLC
, Reg S
2.500
03/31/36
354,765
200,000
E.ON SE
, Reg S
3.500
04/16/33
235,844
300,000
E.ON SE
, Reg S
3.875
01/12/35
361,007
700,000
E.ON SE
, Reg S
4.000
01/16/40
815,676
500,000
E.ON SE
, Reg S
4.125
03/25/44
577,810
200,000
Eastern Power Networks PLC
, Reg S
5.375
10/02/39
262,043
400,000
EDP Finance BV
, Reg S
1.875
09/21/29
453,345
400,000
EDP Servicios Financieros Espana SA
, Reg S
3.125
12/03/31
464,019
500,000
Elia Transmission Belgium SA
, Reg S
3.500
10/08/35
576,891
200,000
Enbridge Gas Inc
4.160
09/12/35
144,756
300,000
Enbridge Gas Inc
3.200
09/15/51
163,389
200,000
Enbridge Gas Inc
4.840
09/12/55
144,257
150,000
Enbridge Inc
4.900
05/26/28
113,314
500,000
Enbridge Inc
5.320
08/22/54
367,999
400,000
Enbridge Inc
5.150
12/17/55
291,890
100,000
Enel Finance International NV
, Reg S
2.625
02/24/28
117,623
600,000
Enel Finance International NV
, Reg S
3.000
02/24/31
698,767
750,000
Enel Finance International NV
, Reg S
3.875
01/23/35
890,000
400,000
Enel Finance International NV
, Reg S
3.500
02/24/36
455,945
100,000
Engie SA
, Reg S
3.625
01/11/30
120,351
500,000
Engie SA
, Reg S
3.875
12/06/33
599,382
500,000
Engie SA
, Reg S
4.000
01/11/35
599,341
600,000
Engie SA
, Reg S
4.500
09/06/42
703,783
200,000
Engie SA
, Reg S
5.000
10/01/60
225,613
400,000
(b)
Engie SA
, Reg S
5.125
N/A
494,633
1,100,000
Eni SpA
, Reg S
3.625
01/29/29
1,322,450
200,000
ENW Finance PLC
, Reg S
4.893
11/24/32
269,756
500,000
Eurogrid GmbH
, Reg S
3.732
10/18/35
578,812
500,000
Eurogrid GmbH
, Reg S
4.165
10/16/40
579,063
100,000
FCC Aqualia SA
, Reg S
2.629
06/08/27
117,458
500,000
FLUVIUS System Operator CV
, Reg S
3.500
03/12/35
573,603
800,000
Fortis Inc/Canada
5.100
12/04/55
584,865
57,000
Gwynt y Mor OFTO PLC
, Reg S
2.778
02/17/34
68,371
150,000
Hydro One Inc
4.910
01/27/28
113,533
600,000
Hydro One Inc
4.250
01/04/35
442,698
300,000
Hydro One Inc
3.630
06/25/49
181,996
250,000
Hydro One Inc
4.850
11/30/54
182,364
700,000
Iberdrola Finanzas SA
, Reg S
2.625
03/30/28
822,718
700,000
Iberdrola Finanzas SA
, Reg S
3.375
11/22/32
827,595
400,000
Inter Pipeline Ltd/AB
6.590
02/09/34
328,976
500,000
Italgas Reti SpA
, Reg S
0.579
01/29/31
516,419
500,000
Italgas Reti SpA
, Reg S
4.375
06/06/33
613,543
200,000
National Gas Transmission PLC
, Reg S
5.500
02/04/34
273,794
450,000
National Grid Electricity Transmission PLC
, Reg S
2.000
09/16/38
404,523
200,000
National Grid Electricity Transmission PLC
, Reg S
5.272
01/18/43
247,477
23
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
UTILITY
(continued)
1,050,000
National Grid North America Inc
, Reg S
3.917
%
06/03/35
$
1,235,507
600,000
Neste Oyj
, Reg S
0.750
03/25/28
673,646
300,000
NextEra Energy Capital Holdings Inc
4.670
06/12/35
222,504
500,000
NextEra Energy Capital Holdings Inc
4.496
05/15/56
584,936
200,000
Nortegas Energia Grupo SL
, Reg S
0.905
01/22/31
203,503
400,000
North West Redwater Partnership / NWR Financing Co Ltd
, Reg S
2.800
06/01/31
278,502
200,000
North West Redwater Partnership / NWR Financing Co Ltd
, Reg S
4.050
07/22/44
131,427
100,000
Northern Gas Networks Finance PLC
, Reg S
4.875
11/15/35
127,457
300,000
Northern Gas Networks Finance PLC
5.625
03/23/40
387,863
100,000
Northern Powergrid Northeast PLC
, Reg S
3.250
04/01/52
87,594
200,000
Northern Powergrid Yorkshire PLC
, Reg S
5.625
11/14/33
281,201
300,000
NORTHRIVER MIDSTR PI/NRM
4.866
03/10/39
214,974
100,000
Northumbrian Water Finance PLC
, Reg S
4.500
02/14/31
131,367
300,000
Northumbrian Water Finance PLC
, Reg S
5.375
07/22/32
405,201
100,000
Northumbrian Water Finance PLC
, Reg S
6.375
10/28/34
141,584
800,000
OMV AG
, Reg S
2.375
04/09/32
906,719
37,000
Ontario Power Generation Inc
2.977
09/13/29
26,687
600,000
Pembina Pipeline Corp
, Reg S
4.020
03/27/28
444,011
200,000
Quadgas Finance PLC
, Reg S
3.375
09/17/29
252,525
500,000
Redeia Corp SA
, Reg S
3.375
07/09/32
585,306
600,000
(b)
Repsol International Finance BV
, Reg S
4.247
N/A
719,855
500,000
RWE AG
, Reg S
3.625
01/10/32
598,402
750,000
Scottish Hydro Electric Transmission PLC
, Reg S
3.375
09/04/32
878,382
200,000
Scottish Hydro Electric Transmission PLC
, Reg S
5.500
01/15/44
255,667
100,000
Severn Trent Utilities Finance PLC
, Reg S
6.250
06/07/29
141,969
450,000
Severn Trent Utilities Finance PLC
, Reg S
5.250
04/04/36
592,662
1,000,000
Shell International Finance BV
, Reg S
0.875
11/08/39
775,954
800,000
Snam SpA
, Reg S
0.750
06/17/30
853,938
100,000
South Eastern Power Networks PLC
, Reg S
1.750
09/30/34
103,489
100,000
South West Water Finance PLC
, Reg S
5.750
12/11/32
139,232
100,000
Southern Gas Networks PLC
, Reg S
1.250
12/02/31
110,052
100,000
Southern Gas Networks PLC
, Reg S
3.100
09/15/36
107,024
500,000
Suez SACA
, Reg S
4.500
11/13/33
613,852
100,000
Suez SACA
, Reg S
6.625
10/05/43
140,646
500,000
Suncor Energy Inc
3.550
11/14/30
360,759
300,000
SW Finance I PLC
, Reg S
6.875
08/07/32
418,675
200,000
SW Finance I PLC
, Reg S
3.000
05/28/37
192,776
80,000
TC Dudgeon Ofto PLC
, Reg S
3.158
11/12/38
93,797
200,000
Terega SA
, Reg S
4.000
09/17/34
234,467
300,000
TotalEnergies Capital International SA
, Reg S
3.647
07/01/35
349,362
500,000
TotalEnergies Capital International SA
, Reg S
4.060
07/01/40
574,008
500,000
TotalEnergies Capital International SA
, Reg S
3.852
03/03/45
538,086
300,000
(b)
TotalEnergies SE
, Reg S
4.500
N/A
356,388
200,000
(b)
TotalEnergies SE
, Reg S
4.120
N/A
239,406
200,000
TransCanada PipeLines Ltd
3.800
04/05/27
146,972
200,000
TransCanada PipeLines Ltd
, Reg S
5.277
07/15/30
155,381
200,000
TransCanada PipeLines Ltd
4.575
02/20/35
147,573
500,000
TransCanada PipeLines Ltd
, Reg S
4.340
10/15/49
320,131
650,000
United Utilities Water Finance PLC
, Reg S
1.750
02/10/38
571,488
100,000
Veolia Environnement SA
5.375
12/02/30
139,600
300,000
Veolia Environnement SA
, Reg S
3.324
06/17/32
349,938
500,000
Veolia Environnement SA
, Reg S
3.795
06/17/37
573,679
200,000
Wales & West Utilities Finance PLC
5.750
03/29/30
280,578
200,000
Wessex Water Services Finance PLC
, Reg S
6.125
09/19/34
276,039
300,000
Wintershall Dea Finance BV
, Reg S
4.357
10/03/32
352,062
300,000
Yorkshire Water Finance PLC
, Reg S
6.375
11/18/34
417,163
TOTAL UTILITY
49,027,649
TOTAL CORPORATE DEBT
(Cost $500,223,509)
504,212,336
Portfolio of Investments December 31, 2025
(continued)
NXUS
24
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GOVERNMENT RELATED - 78.5%
SOVEREIGN DEBT - 78.5%
$
200,000
407 International Inc
4.110
%
10/03/35
$
144,731
500,000
407 International Inc
2.840
03/07/50
259,606
300,000
Aargauische Kantonalbank
0.625
04/13/28
380,145
100,000
Action Logement Services
, Reg S
3.750
11/25/35
116,526
200,000
Action Logement Services
, Reg S
4.125
10/03/38
235,967
500,000
Action Logement Services
, Reg S
3.625
05/25/43
534,729
500,000
Adif Alta Velocidad
, Reg S
3.125
01/31/30
592,456
300,000
Adif Alta Velocidad
, Reg S
3.625
04/30/35
353,044
400,000
African Development Bank
2.500
05/29/30
467,233
400,000
Agence Francaise de Developpement EPIC
, Reg S
2.750
09/30/30
463,736
400,000
Agence Francaise de Developpement EPIC
, Reg S
3.375
05/25/33
465,343
300,000
Agence Francaise de Developpement EPIC
, Reg S
3.000
01/17/34
338,711
300,000
Agence Francaise de Developpement EPIC
, Reg S
3.625
01/20/35
349,979
900,000
Agence Francaise de Developpement EPIC
, Reg S
3.875
04/03/40
1,027,870
300,000
Agence France Locale
, Reg S
3.000
03/20/30
353,843
300,000
Agence France Locale
, Reg S
3.125
03/20/34
342,118
500,000
Alliander NV
, Reg S
4.125
N/A
584,437
10,000,000
Asian Development Bank
2.500
02/15/27
1,443,735
700,000
Asian Development Bank
2.800
01/15/32
820,834
200,000
Asian Development Bank
2.875
03/06/35
229,789
600,000
Auckland Council
, Reg S
2.950
09/28/50
215,084
1,500,000
Australia Government Bond
, Reg S
4.750
04/21/27
1,009,516
4,000,000
Australia Government Bond
, Reg S
2.750
11/21/27
2,604,819
4,000,000
Australia Government Bond
, Reg S
2.250
05/21/28
2,556,699
9,000,000
Australia Government Bond
, Reg S
2.750
11/21/28
5,776,699
7,000,000
Australia Government Bond
, Reg S
3.250
04/21/29
4,534,673
3,500,000
Australia Government Bond
, Reg S
2.750
11/21/29
2,212,651
2,800,000
Australia Government Bond
2.500
05/21/30
1,737,688
7,700,000
Australia Government Bond
, Reg S
1.000
12/21/30
4,384,398
6,720,000
Australia Government Bond
, Reg S
1.500
06/21/31
3,864,160
3,545,000
Australia Government Bond
, Reg S
1.000
11/21/31
1,950,330
3,669,000
Australia Government Bond
1.250
05/21/32
2,015,321
3,475,000
Australia Government Bond
, Reg S
1.750
11/21/32
1,941,828
5,595,000
Australia Government Bond
, Reg S
4.500
04/21/33
3,721,953
2,571,000
Australia Government Bond
, Reg S
3.000
11/21/33
1,534,775
500,000
Australia Government Bond
, Reg S
3.750
05/21/34
312,872
2,000,000
Australia Government Bond
, Reg S
4.250
06/21/34
1,297,035
1,500,000
Australia Government Bond
, Reg S
3.500
12/21/34
913,700
1,000,000
Australia Government Bond
, Reg S
4.250
12/21/35
640,675
1,500,000
Australia Government Bond
, Reg S
4.250
03/21/36
958,842
2,000,000
Australia Government Bond
, Reg S
4.250
10/21/36
1,273,028
220,000
Australia Government Bond
3.250
06/21/39
122,604
1,550,000
Australia Government Bond
2.750
05/21/41
785,589
600,000
Australia Government Bond
, Reg S
3.000
03/21/47
288,527
675,000
Australia Government Bond
, Reg S
1.750
06/21/51
230,148
600,000
Australia Government Bond
, Reg S
4.750
06/21/54
372,250
500,000
Australian Capital Territory
, Reg S
2.250
05/22/29
309,838
400,000
Australian Capital Territory
5.000
10/23/35
256,742
150,000
Australian Capital Territory
, Reg S
5.250
10/23/36
97,144
800,000
Autobahnen- und Schnell- strassen-Finanzierungs AG
, Reg S
0.100
07/16/35
697,801
200,000
Autonomous Community of Madrid Spain
, Reg S
3.596
04/30/33
242,652
700,000
Autonomous Community of Madrid Spain
, Reg S
3.462
04/30/34
837,244
200,000
Autonomous Community of Madrid Spain
, Reg S
3.137
04/30/35
231,740
200,000
Bank Gospodarstwa Krajowego
, Reg S
3.875
03/13/35
236,775
300,000
Bank Gospodarstwa Krajowego
, Reg S
4.250
03/18/37
357,417
300,000
Bank Gospodarstwa Krajowego
, Reg S
4.375
03/13/39
354,807
100,000
Bank of Montreal
2.038
04/27/28
130,828
300,000
Banque Ouest Africaine de Developpement
, Reg S
6.250
10/14/40
345,078
200,000
Basque Government
, Reg S
0.450
04/30/32
201,691
500,000
Basque Government
, Reg S
3.250
04/30/35
585,787
200,000
Bayerische Landesbodenkreditanstalt
, Reg S
3.250
03/15/35
235,978
25
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
200,000
BNG Bank NV
, Reg S
4.500
%
01/31/28
$
272,478
200,000
BNG Bank NV
, Reg S
3.300
07/17/28
129,527
150,000
BNG Bank NV
, Reg S
3.300
04/26/29
96,004
500,000
BNG Bank NV
2.450
07/21/32
283,984
4,500,000
BNG Bank NV
, Reg S
0.000
10/05/32
4,341,365
600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
2.300
10/01/28
628,833
400,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
5.000
10/01/28
452,896
600,000,000
Bonos de la Tesoreria de la Republica en pesos
0.000
04/01/29
572,132
1,400,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
5.800
10/01/29
1,618,834
600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
4.700
09/01/30
664,837
600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
6.000
04/01/33
703,635
500,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
7.000
05/01/34
623,853
600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
5.800
10/01/34
698,311
450,000,000
Bonos de la Tesoreria de la Republica en pesos
5.000
03/01/35
496,431
500,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
5.300
11/01/37
557,968
600,000,000
(a)
Bonos de la Tesoreria de la Republica en pesos
, Reg S
6.200
10/01/40
731,121
410,000,000
Bonos de la Tesoreria de la Republica en pesos
6.100
04/01/56
501,873
100,000
Bpifrance SACA
, Reg S
2.750
02/25/29
117,551
200,000
Bpifrance SACA
, Reg S
2.875
11/25/31
231,297
400,000
Bpifrance SACA
, Reg S
3.000
05/25/32
462,687
500,000
Bpifrance SACA
, Reg S
3.125
07/01/33
576,549
600,000
Bpifrance SACA
, Reg S
3.375
05/25/34
694,785
600,000
Bpifrance SACA
, Reg S
3.250
05/25/35
681,029
250,000
British Columbia Investment Management Corp
3.400
06/02/30
184,266
650,000
British Columbia Investment Management Corp
4.000
06/02/35
478,385
70,000
Bulgaria Government International Bond
, Reg S
0.375
09/23/30
73,259
200,000
Bulgaria Government International Bond
, Reg S
3.625
09/05/32
241,478
300,000
Bulgaria Government International Bond
, Reg S
4.500
01/27/33
378,494
300,000
Bulgaria Government International Bond
, Reg S
3.500
05/07/34
354,421
300,000
Bulgaria Government International Bond
, Reg S
3.375
07/18/35
346,540
100,000
Bulgaria Government International Bond
, Reg S
4.125
05/07/38
118,866
200,000
Bulgaria Government International Bond
, Reg S
4.250
09/05/44
233,209
100,000
Bulgaria Government International Bond
, Reg S
4.125
07/18/45
112,874
1,050,000
Bundesobligation
, Reg S
1.300
10/15/27
1,216,831
1,150,000
Bundesobligation
, Reg S
1.300
10/15/27
1,332,577
1,500,000
Bundesobligation
, Reg S
2.200
04/13/28
1,764,141
1,550,000
Bundesobligation
, Reg S
2.400
10/19/28
1,829,847
3,000,000
Bundesobligation
, Reg S
2.100
04/12/29
3,503,981
1,500,000
Bundesobligation
, Reg S
2.100
04/12/29
1,752,163
3,000,000
Bundesobligation
, Reg S
2.500
10/11/29
3,544,528
4,250,000
Bundesobligation
, Reg S
2.400
04/18/30
4,992,380
2,900,000
Bundesobligation
, Reg S
2.200
10/10/30
3,367,857
2,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.500
08/15/27
2,290,572
4,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
11/15/27
4,520,847
2,150,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
5.625
01/04/28
2,697,790
3,500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.500
02/15/28
3,975,743
2,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
4.750
07/04/28
2,496,371
1,550,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.250
08/15/28
1,733,096
2,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
11/15/28
2,207,996
1,500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.250
02/15/29
1,657,861
1,500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/29
1,623,078
3,750,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.100
11/15/29
4,366,015
1,200,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
6.250
01/04/30
1,617,656
1,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
02/15/30
1,067,136
800,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/30
842,505
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/30
526,713
3,050,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.400
11/15/30
3,573,733
1,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
5.500
01/04/31
1,340,638
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
02/15/31
518,876
750,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/31
767,388
1,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/31
1,022,897
800,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
02/15/32
805,305
Portfolio of Investments December 31, 2025
(continued)
NXUS
26
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
800,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
1.700
%
08/15/32
$
889,232
2,690,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
11/15/32
3,130,992
750,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.300
02/15/33
862,131
950,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.300
02/15/33
1,090,391
2,800,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.600
08/15/33
3,265,305
1,080,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.200
02/15/34
1,218,024
1,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
4.750
07/04/34
1,351,450
765,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.600
08/15/34
885,623
1,025,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
02/15/35
1,173,093
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
02/15/35
572,856
410,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
05/15/35
369,421
2,945,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.600
08/15/35
3,385,401
630,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
05/15/36
547,160
480,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
4.000
01/04/37
618,048
520,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
1.000
05/15/38
480,678
750,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
4.250
07/04/39
989,835
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
4.750
07/04/40
694,102
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.600
05/15/41
542,149
2,000,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
07/04/44
2,081,754
500,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
08/15/46
511,296
65,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/50
32,803
55,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
0.000
08/15/52
25,933
180,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
1.800
08/15/53
149,230
170,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
1.800
08/15/53
141,239
175,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.500
08/15/54
169,414
305,000
Bundesrepublik Deutschland Bundesanleihe
, Reg S
2.900
08/15/56
319,470
200,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
0.000
11/25/26
230,364
400,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
3.000
05/25/28
475,923
300,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
2.375
09/24/28
351,323
300,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
2.750
02/25/29
354,220
500,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
0.600
11/25/29
542,134
700,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
3.125
03/01/30
834,286
400,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
2.875
05/25/30
471,637
400,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
3.000
11/25/31
468,648
400,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
0.450
01/19/32
403,491
500,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
1.500
05/25/32
533,157
1,000,000
Caisse d'Amortissement de la Dette Sociale
, Reg S
2.750
11/25/32
1,142,670
400,000
Caisse des Depots et Consignations
, Reg S
4.000
01/17/29
536,170
300,000
Caisse des Depots et Consignations
, Reg S
3.125
05/25/33
347,974
200,000
Caisse des Depots et Consignations
, Reg S
3.125
05/25/35
226,639
200,000
Caisse Francaise de Financement Local SA
, Reg S
2.750
10/03/31
230,696
200,000
Caisse Francaise de Financement Local SA
, Reg S
2.875
09/08/32
230,139
500,000
Caisse Francaise de Financement Local SA
, Reg S
3.000
05/24/33
574,030
300,000
Caisse Francaise de Financement Local SA
, Reg S
3.125
07/20/33
347,538
600,000
Caisse Francaise de Financement Local SA
, Reg S
3.125
11/24/33
694,384
600,000
Caisse Francaise de Financement Local SA
, Reg S
3.250
04/17/35
689,116
100,000
Caisse Francaise de Financement Local SA
, Reg S
0.125
02/15/36
83,335
100,000
Caixa Geral de Depositos SA
, Reg S
5.750
10/31/28
123,927
100,000
Caixa Geral de Depositos SA
, Reg S
3.000
10/07/31
116,402
500,000
(a)
Canada Housing Trust No 1
2.350
06/15/27
363,775
800,000
(a)
Canada Housing Trust No 1
3.600
12/15/27
594,063
70,000
(a)
Canada Housing Trust No 1
2.650
12/15/28
50,835
1,060,000
(a)
Canada Housing Trust No 1
4.250
12/15/28
804,664
1,045,000
(a)
Canada Housing Trust No 1
3.700
06/15/29
782,559
1,600,000
(a)
Canada Housing Trust No 1
2.900
12/15/29
1,164,781
750,000
(a)
Canada Housing Trust No 1
1.750
06/15/30
518,300
1,000,000
(a)
Canada Housing Trust No 1
2.850
06/15/30
724,063
1,000,000
Canada Housing Trust No 1
2.850
12/15/30
721,342
445,000
(a)
Canada Housing Trust No 1
2.450
12/15/31
311,148
1,395,000
(a)
Canada Housing Trust No 1
3.550
09/15/32
1,031,572
122,000
(a)
Canada Housing Trust No 1
3.650
06/15/33
90,532
1,500,000
(a)
Canada Housing Trust No 1
4.250
03/15/34
1,154,018
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
400,000
(a)
Canada Housing Trust No 1
3.500
%
12/15/34
$
290,904
1,000,000
Canada Housing Trust No 1
3.450
03/15/35
723,794
1,800,000
Canada Housing Trust No 1
3.600
09/15/35
1,313,268
1,500,000
Canada Housing Trust No 1
3.500
03/15/36
1,082,024
1,300,000
Canadian Government Bond
1.250
03/01/27
935,327
500,000
Canadian Government Bond
2.750
05/01/27
365,982
2,000,000
Canadian Government Bond
1.000
06/01/27
1,428,751
1,870,000
Canadian Government Bond
2.500
08/01/27
1,363,221
3,000,000
Canadian Government Bond
2.750
09/01/27
2,194,798
4,000,000
Canadian Government Bond
2.500
11/01/27
2,913,733
3,000,000
Canadian Government Bond
2.250
02/01/28
2,171,862
6,000,000
Canadian Government Bond
3.500
03/01/28
4,455,867
3,000,000
Canadian Government Bond
2.000
06/01/28
2,155,864
5,500,000
Canadian Government Bond
3.250
09/01/28
4,068,134
8,500,000
Canadian Government Bond
4.000
03/01/29
6,429,863
1,000,000
Canadian Government Bond
2.250
06/01/29
716,783
7,600,000
Canadian Government Bond
3.500
09/01/29
5,671,211
6,600,000
Canadian Government Bond
2.750
03/01/30
4,785,608
3,000,000
Canadian Government Bond
1.250
06/01/30
2,036,848
1,580,000
Canadian Government Bond
2.750
09/01/30
1,141,819
1,500,000
Canadian Government Bond
0.500
12/01/30
970,385
1,500,000
Canadian Government Bond
2.750
03/01/31
1,080,000
5,000,000
Canadian Government Bond
1.500
06/01/31
3,366,442
2,750,000
Canadian Government Bond
2.500
12/01/32
1,920,095
2,000,000
Canadian Government Bond
2.750
06/01/33
1,412,745
3,500,000
Canadian Government Bond
3.250
12/01/33
2,549,568
3,300,000
Canadian Government Bond
3.000
06/01/34
2,352,792
1,740,000
Canadian Government Bond
3.250
12/01/34
1,259,756
2,750,000
Canadian Government Bond
3.250
06/01/35
1,984,233
1,750,000
Canadian Government Bond
3.250
12/01/35
1,258,034
1,500,000
Canadian Government Bond
2.000
12/01/51
763,684
2,500,000
Canadian Government Bond
1.750
12/01/53
1,170,582
2,230,000
Canadian Government Bond
2.750
12/01/55
1,309,660
1,750,000
Canadian Government Bond
3.500
12/01/57
1,194,698
400,000
Canton of Zurich
, Reg S
2.000
07/29/38
567,954
500,000
Cassa Depositi e Prestiti SpA
, Reg S
3.375
02/11/32
591,240
500,000
Cassa Depositi e Prestiti SpA
, Reg S
3.500
10/27/35
576,229
600,000
CDP Financial Inc
, Reg S
4.100
06/13/30
388,970
500,000
CDP Financial Inc
, Reg S
3.650
06/02/34
362,433
100,000
Ceske Drahy AS
, Reg S
5.625
10/12/27
122,456
500,000
Chile Government International Bond
3.875
07/09/31
601,593
400,000
Chile Government International Bond
3.750
01/14/32
476,800
250,000
Chile Government International Bond
3.800
07/01/35
293,957
200,000
China Government International Bond
, Reg S
0.125
11/17/28
219,929
800,000
China Government International Bond
, Reg S
0.250
11/25/30
835,639
200,000
China Government International Bond
, Reg S
0.625
11/25/35
190,062
500,000
City of Montreal Canada
3.500
12/01/38
332,209
500,000
City of Montreal Canada
4.400
12/01/43
350,421
2,000,000
City of Stockholm Sweden
3.800
03/12/29
224,782
2,000,000
City of Stockholm Sweden
, Reg S
3.170
04/23/30
220,384
300,000
City of Toronto Canada
3.500
06/02/36
209,174
600,000
City of Toronto Canada
4.500
03/11/55
418,943
800,000
CNP Assurances SA
, Reg S
4.875
07/16/54
981,454
500,000
Corp Andina de Fomento
, Reg S
3.625
02/13/30
602,480
500,000
CPPIB Capital Inc
, Reg S
3.600
06/02/29
372,482
250,000
CPPIB Capital Inc
, Reg S
3.125
06/11/29
298,871
250,000
CPPIB Capital Inc
, Reg S
1.125
12/14/29
301,386
500,000
CPPIB Capital Inc
, Reg S
3.350
12/02/30
367,726
250,000
CPPIB Capital Inc
, Reg S
2.875
01/30/32
291,634
500,000
CPPIB Capital Inc
, Reg S
4.300
06/02/34
380,850
500,000
CPPIB Capital Inc
, Reg S
4.000
06/02/35
369,860
500,000
CPPIB Capital Inc
, Reg S
3.250
08/27/35
581,431
Portfolio of Investments December 31, 2025
(continued)
NXUS
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
150,000
Croatia Government International Bond
, Reg S
3.000
%
03/20/27
$
177,771
1,400,000
Croatia Government International Bond
, Reg S
2.700
06/15/28
1,653,936
1,300,000
Croatia Government International Bond
, Reg S
1.125
06/19/29
1,457,028
1,500,000
Croatia Government International Bond
, Reg S
2.750
01/27/30
1,770,488
1,450,000
Croatia Government International Bond
, Reg S
1.500
06/17/31
1,586,454
910,000
Croatia Government International Bond
, Reg S
2.875
04/22/32
1,062,025
300,000
Croatia Government International Bond
, Reg S
1.125
03/04/33
309,425
210,000
Croatia Government International Bond
, Reg S
3.375
03/12/34
251,420
300,000
Croatia Government International Bond
, Reg S
4.000
06/14/35
375,588
1,050,000
Croatia Government International Bond
, Reg S
3.250
02/11/37
1,192,882
1,500,000
Croatia Government International Bond
, Reg S
1.750
03/04/41
1,363,299
100,000
Cyprus Government International Bond
, Reg S
1.500
04/16/27
116,330
1,400,000
Cyprus Government International Bond
, Reg S
2.375
09/25/28
1,652,509
1,000,000
Cyprus Government International Bond
, Reg S
0.625
01/21/30
1,088,953
1,600,000
Cyprus Government International Bond
, Reg S
0.950
01/20/32
1,684,216
1,010,000
Cyprus Government International Bond
, Reg S
4.125
04/13/33
1,269,225
700,000
Cyprus Government International Bond
, Reg S
2.750
02/26/34
801,846
850,000
Cyprus Government International Bond
, Reg S
1.250
01/21/40
748,256
400,000
Cyprus Government International Bond
, Reg S
2.750
05/03/49
389,157
600,000
Cyprus Government International Bond
, Reg S
2.250
04/16/50
523,560
300,000
Czech Gas Networks Investments Sarl
, Reg S
0.875
03/31/31
309,126
2,880,000
Czech Republic Government Bond
0.250
02/10/27
135,154
13,000,000
Czech Republic Government Bond
, Reg S
2.500
08/25/28
613,047
10,000,000
Czech Republic Government Bond
5.500
12/12/28
508,984
13,000,000
Czech Republic Government Bond
5.750
03/29/29
667,982
18,000,000
Czech Republic Government Bond
2.750
07/23/29
841,615
12,000,000
Czech Republic Government Bond
0.050
11/29/29
502,321
21,500,000
Czech Republic Government Bond
, Reg S
0.950
05/15/30
919,270
18,000,000
Czech Republic Government Bond
5.000
09/30/30
910,427
10,000,000
Czech Republic Government Bond
1.200
03/13/31
420,666
10,000,000
Czech Republic Government Bond
1.750
06/23/32
417,607
14,000,000
Czech Republic Government Bond
4.500
11/11/32
686,411
20,000,000
Czech Republic Government Bond
2.000
10/13/33
816,751
18,000,000
Czech Republic Government Bond
4.900
04/14/34
899,145
12,000,000
Czech Republic Government Bond
3.500
05/30/35
537,860
10,500,000
Czech Republic Government Bond
3.600
06/03/36
466,883
5,000,000
Czech Republic Government Bond
, Reg S
4.200
12/04/36
234,182
7,000,000
Czech Republic Government Bond
1.950
07/30/37
257,464
9,000,000
Czech Republic Government Bond
1.500
04/24/40
287,078
7,430,000
Czech Republic Government Bond
4.000
04/04/44
318,192
5,000,000
Czech Republic Government Bond
, Reg S
4.850
11/26/57
228,969
300,000
DAA Finance PLC
, Reg S
1.554
06/07/28
342,771
1,349,000
Denmark Government Bond
2.250
11/15/26
213,082
11,500,000
Denmark Government Bond
0.500
11/15/27
1,764,743
15,300,000
Denmark Government Bond
0.500
11/15/29
2,260,551
8,122,000
Denmark Government Bond
0.000
11/15/31
1,115,824
9,335,000
Denmark Government Bond
0.000
11/15/31
1,281,251
3,845,000
Denmark Government Bond
2.250
11/15/33
590,508
4,719,000
Denmark Government Bond
2.250
11/15/33
725,072
3,500,000
Denmark Government Bond
, Reg S
2.250
11/15/35
526,677
6,600,000
Denmark Government Bond
2.250
11/15/35
993,082
11,600,000
Denmark Government Bond
4.500
11/15/39
2,145,767
3,614,000
Denmark Government Bond
0.250
11/15/52
276,035
2,000,000
Deutsche Bahn AG
, Reg S
2.740
10/21/30
182,440
300,000
Deutsche Kreditbank AG
2.875
02/12/31
348,813
100,000
DP World Ltd/United Arab Emirates
, Reg S
4.250
09/25/30
131,155
300,000
Electricite de France SA
, Reg S
4.125
06/17/31
366,924
400,000
Electricite de France SA
, Reg S
5.500
10/17/41
495,483
500,000
Electricite de France SA
, Reg S
4.625
01/25/43
575,371
500,000
Electricite de France SA
, Reg S
5.125
09/22/50
553,417
600,000
EnBW International Finance BV
, Reg S
1.875
10/31/33
634,155
400,000
EnBW International Finance BV
, Reg S
6.048
10/30/34
270,031
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
500,000
Equinor ASA
6.125
%
11/27/28
$
706,674
4,900,000
Estonia Government International Bond
, Reg S
0.125
06/10/30
5,084,951
4,750,000
Estonia Government International Bond
, Reg S
4.000
10/12/32
5,845,641
2,000,000
Estonia Government International Bond
, Reg S
3.250
01/17/34
2,326,515
200,000
Eurofima Europaeische Gesellschaft fuer die Finanzierung von
Eisenbahnmaterial
, Reg S
3.350
05/21/29
127,847
600,000
Eurofima Europaeische Gesellschaft fuer die Finanzierung von
Eisenbahnmaterial
, Reg S
0.150
10/10/34
539,150
54,000,000
European Bank for Reconstruction & Development
2.750
04/27/32
8,087,680
3,700,000
European Financial Stability Facility
, Reg S
2.875
02/13/34
4,284,076
400,000
European Investment Bank
, Reg S
2.750
07/28/28
475,285
500,000
European Investment Bank
, Reg S
4.500
06/07/29
685,065
2,000,000
European Investment Bank
, Reg S
3.000
11/25/29
528,844
500,000
European Investment Bank
, Reg S
2.250
12/14/29
582,280
300,000
European Investment Bank
, Reg S
2.250
03/15/30
349,024
300,000
European Investment Bank
, Reg S
2.750
07/30/30
355,396
1,400,000
European Investment Bank
, Reg S
2.500
05/14/32
1,619,707
600,000
European Investment Bank
, Reg S
1.500
06/15/32
652,083
196,000
European Investment Bank
, Reg S
3.000
10/14/33
231,516
150,000
European Investment Bank
, Reg S
2.750
01/16/34
173,479
1,000,000
European Investment Bank
, Reg S
2.625
09/04/34
1,139,560
1,200,000
European Investment Bank
, Reg S
2.875
01/15/35
1,388,268
1,400,000
European Investment Bank
0.200
03/17/36
1,221,886
600,000
European Investment Bank
, Reg S
1.125
09/15/36
572,250
600,000
European Investment Bank
, Reg S
3.125
05/15/37
696,024
500,000
European Investment Bank
, Reg S
3.875
06/08/37
624,107
500,000
European Investment Bank
0.500
11/13/37
427,203
1,100,000
European Investment Bank
, Reg S
3.000
02/15/39
1,246,534
12,500,000
European Union
, Reg S
2.500
10/14/30
14,595,948
12,000,000
European Union
, Reg S
3.625
12/12/40
14,042,827
11,000,000
European Union
, Reg S
4.000
10/12/55
12,741,156
150,000
Export Development Canada
4.500
08/08/29
99,932
1,000,000
Export Development Canada
3.875
08/08/30
574,614
500,000
Export Development Canada
4.000
09/04/30
323,769
350,000
Export-Import Bank of Korea
3.625
09/18/27
419,752
200,000
Export-Import Bank of Korea
, Reg S
4.125
10/22/28
269,221
300,000
Ferrovie dello Stato Italiane SpA
, Reg S
4.125
05/23/29
365,685
300,000
Ferrovie dello Stato Italiane SpA
, Reg S
4.500
05/23/33
375,697
320,000
(a)
Finland Government Bond
, Reg S
1.375
04/15/27
372,585
650,000
(a)
Finland Government Bond
, Reg S
0.500
09/15/27
742,562
1,000,000
(a)
Finland Government Bond
, Reg S
2.750
07/04/28
1,189,963
3,500,000
(a)
Finland Government Bond
, Reg S
0.500
09/15/28
3,919,773
5,640,000
(a)
Finland Government Bond
, Reg S
2.875
04/15/29
6,723,760
1,100,000
(a)
Finland Government Bond
, Reg S
0.500
09/15/29
1,203,884
2,740,000
(a)
Finland Government Bond
, Reg S
2.500
04/15/30
3,213,675
1,050,000
(a)
Finland Government Bond
, Reg S
0.000
09/15/30
1,092,332
2,500,000
(a)
Finland Government Bond
, Reg S
0.750
04/15/31
2,657,758
3,250,000
(a)
Finland Government Bond
, Reg S
0.125
09/15/31
3,293,586
2,080,000
(a)
Finland Government Bond
, Reg S
2.625
04/15/32
2,417,014
1,900,000
(a)
Finland Government Bond
, Reg S
1.500
09/15/32
2,048,896
1,340,000
(a)
Finland Government Bond
, Reg S
3.000
09/15/33
1,577,236
1,050,000
(a)
Finland Government Bond
, Reg S
1.125
04/15/34
1,062,613
350,000
(a)
Finland Government Bond
, Reg S
3.000
09/15/34
408,884
850,000
(a)
Finland Government Bond
, Reg S
3.000
09/15/35
984,709
500,000
(a)
Finland Government Bond
, Reg S
0.125
04/15/36
427,253
1,440,000
(a)
Finland Government Bond
, Reg S
2.750
04/15/38
1,577,880
200,000
(a)
Finland Government Bond
, Reg S
0.250
09/15/40
146,905
200,000
(a)
Finland Government Bond
, Reg S
2.625
07/04/42
206,601
300,000
(a)
Finland Government Bond
, Reg S
0.500
04/15/43
210,643
740,000
Finland Government Bond
, Reg S
3.200
04/15/45
810,667
1,500,000
(a)
Finland Government Bond
, Reg S
1.375
04/15/47
1,152,385
400,000
(a)
Finland Government Bond
, Reg S
0.125
04/15/52
183,783
Portfolio of Investments December 31, 2025
(continued)
NXUS
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
200,000
(a)
Finland Government Bond
, Reg S
2.950
%
04/15/55
$
196,620
750,000
Finnvera Oyj
, Reg S
2.875
08/30/29
886,053
40,000
Free and Hanseatic City of Hamburg
0.000
11/05/35
34,330
100,000
Free and Hanseatic City of Hamburg
, Reg S
0.300
09/16/50
49,801
500,000
Free State of Bavaria
2.375
01/17/33
566,454
500,000
Free State of Saxony
, Reg S
2.875
05/15/34
577,464
390,000
(a)
French Republic Government Bond OAT
, Reg S
0.000
02/25/27
446,985
340,000
(a)
French Republic Government Bond OAT
, Reg S
1.000
05/25/27
392,820
2,980,000
(a)
French Republic Government Bond OAT
, Reg S
2.500
09/24/27
3,515,445
3,940,000
(a)
French Republic Government Bond OAT
, Reg S
2.750
10/25/27
4,667,761
4,910,000
(a)
French Republic Government Bond OAT
, Reg S
0.750
02/25/28
5,579,354
4,050,000
(a)
French Republic Government Bond OAT
, Reg S
0.750
05/25/28
4,580,268
2,920,000
(a)
French Republic Government Bond OAT
, Reg S
2.400
09/24/28
3,427,291
3,000,000
(a)
French Republic Government Bond OAT
, Reg S
0.750
11/25/28
3,358,097
4,520,000
French Republic Government Bond OAT
, Reg S
2.750
02/25/29
5,348,031
3,050,000
(a)
French Republic Government Bond OAT
, Reg S
5.500
04/25/29
3,916,291
3,800,000
(a)
French Republic Government Bond OAT
, Reg S
0.500
05/25/29
4,169,530
2,250,000
(a)
French Republic Government Bond OAT
, Reg S
0.000
11/25/29
2,388,653
2,540,000
(a)
French Republic Government Bond OAT
, Reg S
2.750
02/25/30
2,990,978
2,900,000
(a)
French Republic Government Bond OAT
, Reg S
2.500
05/25/30
3,377,618
2,120,000
(a)
French Republic Government Bond OAT
, Reg S
0.000
11/25/30
2,174,707
2,240,000
(a)
French Republic Government Bond OAT
, Reg S
2.700
02/25/31
2,612,149
675,000
(a)
French Republic Government Bond OAT
, Reg S
1.500
05/25/31
738,681
745,000
(a)
French Republic Government Bond OAT
, Reg S
0.000
11/25/31
736,355
1,240,000
(a)
French Republic Government Bond OAT
, Reg S
0.000
05/25/32
1,201,626
3,580,000
(a)
French Republic Government Bond OAT
, Reg S
5.750
10/25/32
4,883,619
695,000
(a)
French Republic Government Bond OAT
, Reg S
2.000
11/25/32
759,487
2,015,000
(a)
French Republic Government Bond OAT
, Reg S
3.000
05/25/33
2,333,586
1,890,000
(a)
French Republic Government Bond OAT
, Reg S
3.500
11/25/33
2,252,080
200,000
(a)
French Republic Government Bond OAT
, Reg S
1.250
05/25/34
198,951
1,390,000
(a)
French Republic Government Bond OAT
, Reg S
3.000
11/25/34
1,579,973
1,680,000
(a)
French Republic Government Bond OAT
, Reg S
4.750
04/25/35
2,171,968
330,000
(a)
French Republic Government Bond OAT
, Reg S
3.200
05/25/35
378,670
3,855,000
(a)
French Republic Government Bond OAT
, Reg S
3.500
11/25/35
4,505,333
1,245,000
French Republic Government Bond OAT
1.250
05/05/36
1,165,150
1,235,000
(a)
French Republic Government Bond OAT
, Reg S
1.250
05/25/38
1,085,966
2,250,000
(a)
French Republic Government Bond OAT
, Reg S
4.000
10/25/38
2,694,118
100,000
(a)
French Republic Government Bond OAT
, Reg S
1.750
06/25/39
91,676
725,000
(a)
French Republic Government Bond OAT
, Reg S
0.500
05/25/40
531,687
1,300,000
(a)
French Republic Government Bond OAT
, Reg S
4.500
04/25/41
1,617,980
2,240,000
(a)
French Republic Government Bond OAT
, Reg S
3.600
05/25/42
2,485,578
2,200,000
(a)
French Republic Government Bond OAT
, Reg S
2.500
05/25/43
2,073,801
500,000
(a)
French Republic Government Bond OAT
, Reg S
0.500
06/25/44
314,862
1,750,000
(a)
French Republic Government Bond OAT
, Reg S
3.250
05/25/45
1,809,871
300,000
(a)
French Republic Government Bond OAT
, Reg S
2.000
05/25/48
237,809
1,210,000
(a)
French Republic Government Bond OAT
, Reg S
3.000
06/25/49
1,152,793
7,440,000
(a)
French Republic Government Bond OAT
, Reg S
1.500
05/25/50
5,039,168
1,300,000
(a)
French Republic Government Bond OAT
, Reg S
0.750
05/25/52
667,664
1,950,000
(a)
French Republic Government Bond OAT
, Reg S
0.750
05/25/53
969,300
1,320,000
(a)
French Republic Government Bond OAT
, Reg S
3.000
05/25/54
1,193,934
500,000
(a)
French Republic Government Bond OAT
, Reg S
4.000
04/25/55
546,193
1,410,000
(a)
French Republic Government Bond OAT
, Reg S
3.250
05/25/55
1,333,249
1,820,000
(a)
French Republic Government Bond OAT
, Reg S
3.750
05/25/56
1,881,723
1,300,000
(a)
French Republic Government Bond OAT
, Reg S
4.000
04/25/60
1,393,241
1,500,000
(a)
French Republic Government Bond OAT
, Reg S
1.750
05/25/66
860,417
450,000
(a)
French Republic Government Bond OAT
, Reg S
0.500
05/25/72
130,889
300,000
Gaci First Investment Co
, Reg S
3.375
10/14/32
347,857
300,000
Gaci First Investment Co
, Reg S
5.625
06/11/39
394,960
1,200,000
Gemeinsame Deutsche Bundeslaender HB HH MV RP SH
, Reg S
3.000
09/11/35
1,387,147
100,000
Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH
, Reg
S
2.625
02/27/30
117,117
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
300,000
Gemeinsame Deutsche Bundeslaender HB HH MV RP SL SH
, Reg
S
2.500
%
10/24/31
$
345,314
100,000
Gemeinsame Deutsche Bundeslaender HB HH RP SL SH
, Reg S
0.100
10/07/26
115,655
500,000
Gestion Securite de Stocks Securite SA
, Reg S
3.375
06/29/30
598,020
637,000
Government of Newfoundland and Labrador
2.850
06/02/29
463,004
1,000,000
Government of Newfoundland and Labrador
3.300
10/17/46
588,459
300,000
Government of Newfoundland and Labrador
2.650
10/17/50
151,071
300,000
(a)
Hellenic Republic Government Bond
, Reg S
2.000
04/22/27
353,035
2,740,000
Hellenic Republic Government Bond
, Reg S
3.750
01/30/28
3,318,051
2,120,000
(a)
Hellenic Republic Government Bond
, Reg S
3.875
06/15/28
2,581,423
3,800,000
(a)
Hellenic Republic Government Bond
, Reg S
3.875
03/12/29
4,657,560
1,000,000
(a)
Hellenic Republic Government Bond
, Reg S
1.500
06/18/30
1,119,587
1,200,000
(a)
Hellenic Republic Government Bond
, Reg S
0.750
06/18/31
1,262,321
1,800,000
(a)
Hellenic Republic Government Bond
, Reg S
1.750
06/18/32
1,960,691
3,000,000
Hellenic Republic Government Bond
, Reg S
3.900
01/30/33
3,692,195
1,340,000
(a)
Hellenic Republic Government Bond
, Reg S
4.250
06/15/33
1,684,781
340,000
(a)
Hellenic Republic Government Bond
, Reg S
3.375
06/15/34
401,535
1,800,000
(a)
Hellenic Republic Government Bond
, Reg S
1.875
02/04/35
1,865,522
900,000
(a)
Hellenic Republic Government Bond
, Reg S
3.625
06/15/35
1,072,981
700,000
Hellenic Republic Government Bond
, Reg S
4.000
01/30/37
854,178
300,000
(a)
Hellenic Republic Government Bond
, Reg S
4.375
07/18/38
376,890
1,200,000
Hellenic Republic Government Bond
, Reg S
4.200
01/30/42
1,464,666
775,000
(a)
Hellenic Republic Government Bond
1.875
01/24/52
585,891
800,000
(a)
Hellenic Republic Government Bond
, Reg S
4.125
06/15/54
916,825
700,000
Hong Kong Government International Bond
, Reg S
3.125
06/10/33
835,760
120,000
Housing New Zealand Ltd
, Reg S
2.247
10/05/26
68,776
400,000
Housing New Zealand Ltd
, Reg S
3.420
10/18/28
229,755
200,000
Housing New Zealand Ltd
, Reg S
2.183
04/24/30
107,514
12,270,000
Hungary Government Bond
9.500
10/21/26
38,452
100,000,000
Hungary Government Bond
3.000
10/27/27
289,756
400,000,000
Hungary Government Bond
4.500
03/23/28
1,180,328
230,000,000
Hungary Government Bond
6.750
10/22/28
712,077
100,000,000
Hungary Government Bond
2.000
05/23/29
266,950
500,000,000
Hungary Government Bond
6.000
11/28/29
1,514,619
380,000,000
Hungary Government Bond
3.000
08/21/30
1,008,206
100,000,000
Hungary Government Bond
6.750
07/23/31
310,237
270,000,000
Hungary Government Bond
3.250
10/22/31
701,647
150,000,000
Hungary Government Bond
4.500
05/27/32
409,786
120,000,000
Hungary Government Bond
4.750
11/24/32
330,357
100,000,000
Hungary Government Bond
2.250
04/20/33
229,662
100,000,000
Hungary Government Bond
2.250
06/22/34
218,863
230,000,000
Hungary Government Bond
7.000
10/24/35
712,714
100,000,000
Hungary Government Bond
3.000
10/27/38
202,238
100,780,000
Hungary Government Bond
3.000
04/25/41
189,603
200,000,000
Hungary Government Bond
4.000
04/28/51
376,862
300,000
Hungary Government International Bond
, Reg S
4.000
07/25/29
361,707
160,000
Hungary Government International Bond
, Reg S
0.500
11/18/30
164,290
100,000
Hungary Government International Bond
, Reg S
5.375
09/12/33
125,794
400,000
Hungary Government International Bond
, Reg S
4.500
06/16/34
473,774
200,000
Hungary Government International Bond
, Reg S
4.875
03/22/40
233,887
600,000
Hydro-Quebec
3.400
09/01/29
443,486
300,000
Hydro-Quebec
3.550
09/01/32
219,335
100,000
Hydro-Quebec
6.500
02/15/35
87,478
500,000
Hydro-Quebec
5.000
02/15/45
380,952
500,000
Hydro-Quebec
4.000
02/15/55
324,045
400,000
Hydro-Quebec
2.100
02/15/60
164,523
800,000
Hydro-Quebec
4.000
02/15/63
514,171
900,000
Hydro-Quebec
4.000
02/15/65
577,293
400,000
Ile-de-France Mobilites
, Reg S
3.800
05/25/45
440,293
200,000
Ile-de-France Mobilites
, Reg S
3.450
06/25/49
201,693
400,000
Indonesia Government International Bond
1.400
10/30/31
418,527
300,000
Indonesia Government International Bond
3.650
09/10/32
353,132
Portfolio of Investments December 31, 2025
(continued)
NXUS
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
100,000
Indonesia Government International Bond
4.125
%
01/15/37
$
117,476
2,500,000,000
Indonesia Treasury Bond
7.000
05/15/27
153,343
20,000,000,000
Indonesia Treasury Bond
6.375
08/15/28
1,228,290
25,000,000,000
Indonesia Treasury Bond
9.000
03/15/29
1,655,577
50,000,000,000
Indonesia Treasury Bond
6.875
04/15/29
3,124,262
90,000,000,000
Indonesia Treasury Bond
6.500
07/15/30
5,608,390
7,000,000,000
Indonesia Treasury Bond
10.500
08/15/30
502,124
26,000,000,000
Indonesia Treasury Bond
7.000
09/15/30
1,641,007
68,000,000,000
Indonesia Treasury Bond
5.875
03/15/31
4,137,207
10,000,000,000
Indonesia Treasury Bond
6.375
04/15/32
611,408
10,000,000,000
Indonesia Treasury Bond
7.500
08/15/32
645,891
35,000,000,000
Indonesia Treasury Bond
6.625
02/15/34
2,167,206
46,000,000,000
Indonesia Treasury Bond
6.750
07/15/35
2,896,855
15,000,000,000
Indonesia Treasury Bond
6.500
04/15/36
925,203
10,000,000,000
Indonesia Treasury Bond
7.500
04/15/40
654,584
19,000,000,000
Indonesia Treasury Bond
7.125
08/15/40
1,221,412
4,000,000,000
Indonesia Treasury Bond
7.125
06/15/42
253,917
9,000,000,000
Indonesia Treasury Bond
7.125
06/15/43
571,043
30,100,000,000
Indonesia Treasury Bond
7.125
08/15/45
1,933,927
3,500,000,000
Indonesia Treasury Bond
7.375
05/15/48
224,525
8,800,000,000
Indonesia Treasury Bond
6.875
08/15/51
535,134
41,200,000,000
Indonesia Treasury Bond
6.875
07/15/54
2,520,235
200,000
Industrial Bank of Korea
, Reg S
4.826
02/27/30
132,536
500,000
Instituto de Credito Oficial
, Reg S
3.800
05/31/29
611,866
200,000
Instituto de Credito Oficial
, Reg S
3.050
04/30/31
238,279
100,000
Inter-American Development Bank
4.750
10/05/29
138,121
12,000,000
International Bank for Reconstruction & Development
1.750
01/24/28
1,716,947
300,000
International Bank for Reconstruction & Development
3.450
09/13/38
352,684
100,000
International Development Association
, Reg S
0.000
10/19/26
115,491
300,000
International Development Association
, Reg S
2.750
09/03/32
348,469
200,000
International Development Association
, Reg S
2.500
01/15/38
213,131
600,000
International Development Association
, Reg S
3.625
10/28/50
666,692
500,000
International Finance Corp
1.500
04/15/35
242,103
300,000
Investitionsbank Berlin
, Reg S
2.500
05/20/30
349,164
700,000
Investitionsbank Berlin
, Reg S
3.125
03/01/33
826,166
500,000
Investitionsbank Schleswig-Holstein
, Reg S
2.750
02/19/35
566,246
920,000
Ireland Government Bond
, Reg S
0.200
05/15/27
1,054,349
3,020,000
Ireland Government Bond
, Reg S
0.900
05/15/28
3,444,451
4,000,000
Ireland Government Bond
, Reg S
1.100
05/15/29
4,510,720
2,290,000
Ireland Government Bond
, Reg S
2.400
05/15/30
2,679,472
3,000,000
Ireland Government Bond
0.200
10/18/30
3,155,239
1,220,000
Ireland Government Bond
, Reg S
1.350
03/18/31
1,350,245
1,400,000
Ireland Government Bond
, Reg S
0.000
10/18/31
1,411,454
2,620,000
Ireland Government Bond
, Reg S
0.350
10/18/32
2,620,074
2,340,000
Ireland Government Bond
, Reg S
1.300
05/15/33
2,470,513
200,000
Ireland Government Bond
2.600
10/18/34
227,512
320,000
Ireland Government Bond
, Reg S
0.400
05/15/35
294,292
1,265,000
Ireland Government Bond
, Reg S
1.700
05/15/37
1,270,912
300,000
Ireland Government Bond
, Reg S
0.550
04/22/41
232,051
1,300,000
Ireland Government Bond
, Reg S
3.000
10/18/43
1,428,463
450,000
Ireland Government Bond
, Reg S
2.000
02/18/45
416,620
770,000
Ireland Government Bond
, Reg S
1.500
05/15/50
591,482
600,000
Ireland Government Bond
, Reg S
3.150
10/18/55
627,727
2,550,000
Israel Government Bond - Fixed
3.750
09/30/27
800,137
5,500,000
Israel Government Bond - Fixed
4.100
07/31/28
1,740,139
8,000,000
Israel Government Bond - Fixed
2.250
09/28/28
2,414,401
6,000,000
Israel Government Bond - Fixed
3.750
02/28/29
1,883,265
3,500,000
Israel Government Bond - Fixed
4.600
08/31/29
1,130,242
4,250,000
Israel Government Bond - Fixed
1.000
03/31/30
1,193,534
3,000,000
Israel Government Bond - Fixed
1.300
04/30/32
811,432
3,500,000
Israel Government Bond - Fixed
4.000
03/30/35
1,105,703
4,250,000
Israel Government Bond - Fixed
4.150
10/31/35
1,353,971
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
4,000,000
Israel Government Bond - Fixed
1.500
%
05/31/37
$
967,606
1,500,000
Israel Government Bond - Fixed
5.500
01/31/42
543,278
3,450,000
Israel Government Bond - Fixed
3.750
03/31/47
998,319
3,800,000
Israel Government Bond - Fixed
2.800
11/29/52
888,918
250,000
Israel Government International Bond
, Reg S
5.000
10/30/26
298,861
300,000
Israel Government International Bond
, Reg S
0.625
01/18/32
298,948
500,000
Israel Government International Bond
, Reg S
2.500
01/16/49
410,145
150,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.850
01/15/27
174,029
500,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.050
08/01/27
586,450
520,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.100
08/26/27
609,750
500,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.950
09/15/27
575,676
3,640,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.700
10/15/27
4,309,334
2,200,000
Italy Buoni Poliennali Del Tesoro
, Reg S
6.500
11/01/27
2,781,207
2,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.650
12/01/27
2,366,946
3,250,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.000
02/01/28
3,799,003
3,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.250
03/15/28
3,371,887
3,020,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.400
04/01/28
3,630,590
3,520,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.650
06/15/28
4,160,988
2,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.500
07/15/28
2,243,676
2,340,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.800
08/01/28
2,845,673
2,150,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.750
09/01/28
2,678,001
500,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.800
12/01/28
593,956
6,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.350
01/15/29
7,019,266
4,950,000
Italy Buoni Poliennali Del Tesoro
, Reg S
4.100
02/01/29
6,091,954
500,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.450
02/15/29
552,157
300,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.800
06/15/29
355,565
1,840,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.350
07/01/29
2,217,612
1,500,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.000
08/01/29
1,790,131
340,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.000
10/01/29
404,877
300,000
Italy Buoni Poliennali Del Tesoro
, Reg S
5.250
11/01/29
386,770
840,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.850
12/15/29
1,031,627
1,450,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.500
03/01/30
1,760,399
300,000
Italy Buoni Poliennali Del Tesoro
, Reg S
1.350
04/01/30
334,165
2,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.700
06/15/30
2,444,977
1,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.950
07/01/30
1,185,756
1,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.950
08/01/30
1,085,821
1,800,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.700
10/01/30
2,107,885
2,520,000
Italy Buoni Poliennali Del Tesoro
, Reg S
4.000
11/15/30
3,122,254
1,500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
1.650
12/01/30
1,671,329
750,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.500
02/15/31
908,851
100,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.900
04/01/31
106,499
450,000
Italy Buoni Poliennali Del Tesoro
, Reg S
6.000
05/01/31
611,257
520,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.150
11/15/31
617,248
460,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
1.650
03/01/32
500,281
200,000
Italy Buoni Poliennali Del Tesoro
, Reg S
0.950
06/01/32
206,868
2,750,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.250
07/15/32
3,266,243
1,500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.250
11/15/32
1,775,950
660,000
Italy Buoni Poliennali Del Tesoro
, Reg S
2.500
12/01/32
747,234
470,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.450
09/01/33
524,769
610,000
Italy Buoni Poliennali Del Tesoro
, Reg S
4.350
11/01/33
771,645
1,000,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.850
07/01/34
1,218,949
1,200,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.850
02/01/35
1,460,231
2,000,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.650
08/01/35
2,385,977
1,700,000
Italy Buoni Poliennali Del Tesoro
, Reg S
3.600
10/01/35
2,018,733
465,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.250
09/01/36
483,969
190,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.000
02/01/37
231,957
500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.050
10/30/37
609,029
750,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.250
03/01/38
843,376
1,500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
5.000
08/01/39
1,987,375
100,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.150
10/01/39
121,506
200,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.100
03/01/40
216,311
700,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
5.000
09/01/40
926,616
Portfolio of Investments December 31, 2025
(continued)
NXUS
34
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
340,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.850
%
10/01/40
$
397,278
1,215,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
1.800
03/01/41
1,082,921
1,290,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.750
09/01/44
1,654,762
5,600,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
1.500
04/30/45
4,330,151
340,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.100
04/30/46
398,262
2,450,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.250
09/01/46
2,529,949
400,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.700
03/01/47
375,557
2,000,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.450
03/01/48
2,107,688
2,200,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
3.850
09/01/49
2,458,483
1,100,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.450
09/01/50
943,215
1,500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
1.700
09/01/51
1,065,769
650,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.150
09/01/52
507,648
1,450,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.500
10/01/53
1,745,637
1,660,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.300
10/01/54
1,934,996
4,110,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
4.650
10/01/55
5,033,116
1,500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.800
03/01/67
1,249,663
500,000
(a)
Italy Buoni Poliennali Del Tesoro
, Reg S
2.150
03/01/72
347,085
1,050,000,000
Japan Government Five Year Bond
0.200
12/20/27
6,578,133
800,000,000
Japan Government Five Year Bond
0.300
12/20/27
5,021,659
1,565,000,000
Japan Government Five Year Bond
0.100
03/20/28
9,753,731
500,000,000
Japan Government Five Year Bond
0.300
06/20/28
3,120,865
1,500,000,000
Japan Government Five Year Bond
0.400
09/20/28
9,359,724
1,400,000,000
Japan Government Five Year Bond
0.400
12/20/28
8,704,125
800,000,000
Japan Government Five Year Bond
0.500
06/20/29
4,954,850
500,000,000
Japan Government Five Year Bond
0.600
09/20/29
3,096,750
145,000,000
Japan Government Five Year Bond
0.700
09/20/29
901,341
500,000,000
Japan Government Five Year Bond
0.900
12/20/29
3,123,130
809,250,000
Japan Government Five Year Bond
1.000
12/20/29
5,075,953
900,000,000
Japan Government Five Year Bond
1.100
12/20/29
5,665,903
1,340,000,000
Japan Government Five Year Bond
1.000
03/20/30
8,383,068
800,000,000
Japan Government Five Year Bond
1.000
06/20/30
4,991,853
303,250,000
Japan Government Five Year Bond
1.000
06/20/30
1,892,600
304,800,000
Japan Government Five Year Bond
1.100
06/20/30
1,910,413
1,000,000,000
Japan Government Five Year Bond
1.300
09/20/30
6,309,866
300,000,000
Japan Government Forty Year Bond
0.400
03/20/56
857,980
150,000,000
Japan Government Forty Year Bond
0.900
03/20/57
512,208
300,000,000
Japan Government Forty Year Bond
0.800
03/20/58
970,921
425,000,000
Japan Government Forty Year Bond
0.500
03/20/59
1,190,309
185,000,000
Japan Government Forty Year Bond
0.500
03/20/60
509,601
335,000,000
Japan Government Forty Year Bond
0.700
03/20/61
982,570
475,000,000
Japan Government Forty Year Bond
1.000
03/20/62
1,535,170
385,000,000
Japan Government Forty Year Bond
1.300
03/20/63
1,355,464
880,000,000
Japan Government Forty Year Bond
2.200
03/20/64
4,082,993
700,000,000
Japan Government Forty Year Bond
3.100
03/20/65
4,093,891
650,000,000
Japan Government Ten Year Bond
0.100
09/20/27
4,076,988
1,665,000,000
Japan Government Ten Year Bond
0.100
12/20/27
10,410,539
1,515,000,000
Japan Government Ten Year Bond
0.100
03/20/28
9,441,530
1,165,000,000
Japan Government Ten Year Bond
0.100
06/20/28
7,236,535
1,700,000,000
Japan Government Ten Year Bond
0.100
09/20/28
10,520,814
1,340,000,000
Japan Government Ten Year Bond
0.100
12/20/28
8,257,057
1,200,000,000
Japan Government Ten Year Bond
0.100
03/20/29
7,362,455
1,340,000,000
Japan Government Ten Year Bond
0.100
06/20/29
8,186,101
1,100,000,000
Japan Government Ten Year Bond
0.100
09/20/29
6,687,161
340,000,000
Japan Government Ten Year Bond
0.100
12/20/29
2,057,396
1,300,000,000
Japan Government Ten Year Bond
0.100
03/20/30
7,829,940
335,000,000
Japan Government Ten Year Bond
0.100
06/20/30
2,008,226
847,050,000
Japan Government Ten Year Bond
0.100
09/20/30
5,053,767
340,000,000
Japan Government Ten Year Bond
0.100
12/20/30
2,019,480
340,000,000
Japan Government Ten Year Bond
0.100
03/20/31
2,009,914
600,000,000
Japan Government Ten Year Bond
0.100
06/20/31
3,529,376
340,000,000
Japan Government Ten Year Bond
0.100
09/20/31
1,989,286
600,000,000
Japan Government Ten Year Bond
0.100
12/20/31
3,491,901
35
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
675,000,000
Japan Government Ten Year Bond
0.200
%
03/20/32
$
3,931,834
800,000,000
Japan Government Ten Year Bond
0.200
06/20/32
4,634,483
1,125,000,000
Japan Government Ten Year Bond
0.200
09/20/32
6,481,929
1,075,000,000
Japan Government Ten Year Bond
0.500
12/20/32
6,295,552
600,000,000
Japan Government Ten Year Bond
0.500
03/20/33
3,495,001
800,000,000
Japan Government Ten Year Bond
0.400
06/20/33
4,601,614
600,000,000
Japan Government Ten Year Bond
0.800
09/20/33
3,541,816
300,000,000
Japan Government Ten Year Bond
0.700
12/20/33
1,748,381
300,000,000
Japan Government Ten Year Bond
0.800
03/20/34
1,755,233
1,500,000,000
Japan Government Ten Year Bond
1.400
03/20/35
9,090,434
790,000,000
Japan Government Ten Year Bond
1.500
06/20/35
4,815,953
300,000,000
Japan Government Ten Year Bond
1.600
09/20/35
1,839,957
1,600,000,000
Japan Government Ten Year Bond
1.700
09/20/35
9,902,555
50,000,000
Japan Government Thirty Year Bond
2.900
11/20/30
339,188
55,650,000
Japan Government Thirty Year Bond
2.200
09/20/39
343,394
1,208,300,000
Japan Government Thirty Year Bond
2.300
03/20/40
7,497,558
370,000,000
Japan Government Thirty Year Bond
2.200
03/20/41
2,234,376
420,000,000
Japan Government Thirty Year Bond
2.000
03/20/42
2,439,588
830,000,000
Japan Government Thirty Year Bond
1.500
03/20/45
4,203,932
157,000,000
Japan Government Thirty Year Bond
0.800
06/20/47
649,695
410,000,000
Japan Government Thirty Year Bond
0.800
03/20/48
1,658,493
300,000,000
Japan Government Thirty Year Bond
0.700
06/20/48
1,172,937
500,000,000
Japan Government Thirty Year Bond
0.400
12/20/49
1,698,810
110,000,000
Japan Government Thirty Year Bond
0.600
09/20/50
384,918
500,000,000
Japan Government Thirty Year Bond
0.700
09/20/51
1,738,301
150,000,000
Japan Government Thirty Year Bond
0.700
12/20/51
517,404
110,000,000
Japan Government Thirty Year Bond
1.600
12/20/53
476,696
1,000,000,000
Japan Government Thirty Year Bond
2.300
12/20/54
5,122,843
205,000,000
Japan Government Thirty Year Bond
2.400
03/20/55
1,074,182
400,000,000
Japan Government Thirty Year Bond
2.800
06/20/55
2,284,245
500,000,000
Japan Government Thirty Year Bond
3.200
09/20/55
3,093,815
500,000,000
Japan Government Twenty Year Bond
2.100
12/20/27
3,249,545
1,000,000,000
Japan Government Twenty Year Bond
2.100
09/20/29
6,538,263
57,750,000
Japan Government Twenty Year Bond
2.100
03/20/30
377,813
54,150,000
Japan Government Twenty Year Bond
1.600
06/20/30
346,861
450,000,000
Japan Government Twenty Year Bond
2.100
12/20/30
2,945,577
1,215,000,000
Japan Government Twenty Year Bond
1.700
09/20/32
7,736,483
1,110,550,000
Japan Government Twenty Year Bond
1.600
03/20/33
6,997,078
500,000,000
Japan Government Twenty Year Bond
1.700
06/20/33
3,164,918
675,000,000
Japan Government Twenty Year Bond
1.700
09/20/33
4,262,906
100,000,000
Japan Government Twenty Year Bond
1.500
06/20/34
617,111
300,000,000
Japan Government Twenty Year Bond
1.200
03/20/35
1,786,679
600,000,000
Japan Government Twenty Year Bond
1.300
06/20/35
3,593,378
900,000,000
Japan Government Twenty Year Bond
1.200
09/20/35
5,317,720
500,000,000
Japan Government Twenty Year Bond
1.000
12/20/35
2,885,897
430,000,000
Japan Government Twenty Year Bond
0.400
03/20/36
2,318,727
600,000,000
Japan Government Twenty Year Bond
0.200
06/20/36
3,143,105
300,000,000
Japan Government Twenty Year Bond
0.500
09/20/36
1,614,846
80,000,000
Japan Government Twenty Year Bond
0.600
06/20/37
426,711
300,000,000
Japan Government Twenty Year Bond
0.500
03/20/38
1,546,078
180,000,000
Japan Government Twenty Year Bond
0.500
06/20/38
920,561
300,000,000
Japan Government Twenty Year Bond
0.700
09/20/38
1,563,418
500,000,000
Japan Government Twenty Year Bond
0.400
03/20/40
2,383,362
300,000,000
Japan Government Twenty Year Bond
0.400
06/20/40
1,418,495
400,000,000
Japan Government Twenty Year Bond
0.400
09/20/40
1,875,352
270,000,000
Japan Government Twenty Year Bond
0.500
03/20/41
1,265,397
600,000,000
Japan Government Twenty Year Bond
0.500
12/20/41
2,746,078
300,000,000
Japan Government Twenty Year Bond
0.800
03/20/42
1,438,400
600,000,000
Japan Government Twenty Year Bond
0.900
06/20/42
2,909,107
400,000,000
Japan Government Twenty Year Bond
1.100
09/20/42
1,995,113
400,000,000
Japan Government Twenty Year Bond
1.100
03/20/43
1,972,962
400,000,000
Japan Government Twenty Year Bond
1.500
09/20/43
2,088,411
Portfolio of Investments December 31, 2025
(continued)
NXUS
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
500,000,000
Japan Government Twenty Year Bond
1.300
%
12/20/43
$
2,509,362
600,000,000
Japan Government Twenty Year Bond
1.800
09/20/44
3,232,371
1,030,000,000
Japan Government Twenty Year Bond
2.000
12/20/44
5,717,520
1,175,000,000
Japan Government Twenty Year Bond
2.400
03/20/45
6,938,906
900,000,000
Japan Government Two Year Bond
1.000
10/01/27
5,730,441
100,000
Jersey International Bond
, Reg S
2.875
05/06/52
84,358
200,000
Junta de Andalucia
, Reg S
0.500
04/30/31
207,052
500,000
Junta de Andalucia
, Reg S
3.300
04/30/35
582,539
300,000
Kazakhstan Government International Bond
, Reg S
1.500
09/30/34
295,070
200,000
Kingdom of Belgium
3.000
06/22/34
231,562
150,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.800
06/22/27
172,913
2,200,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.000
10/22/27
2,486,101
3,200,000
Kingdom of Belgium Government Bond
, Reg S
5.500
03/28/28
4,021,121
3,500,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.800
06/22/28
3,966,698
2,250,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.900
06/22/29
2,507,003
2,040,000
(a)
Kingdom of Belgium Government Bond
, Reg S
2.700
10/22/29
2,410,260
2,200,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.100
06/22/30
2,311,352
2,000,000
(a)
Kingdom of Belgium Government Bond
, Reg S
2.600
10/22/30
2,337,307
500,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.000
06/22/31
534,075
715,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.000
10/22/31
714,300
3,000,000
Kingdom of Belgium Government Bond
, Reg S
4.000
03/28/32
3,747,294
3,380,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.350
06/22/32
3,371,605
200,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.250
04/22/33
208,207
610,000
(a)
Kingdom of Belgium Government Bond
, Reg S
3.000
06/22/33
713,250
1,165,000
(a)
Kingdom of Belgium Government Bond
, Reg S
2.850
10/22/34
1,324,827
620,000
(a)
Kingdom of Belgium Government Bond
, Reg S
5.000
03/28/35
826,273
1,280,000
(a)
Kingdom of Belgium Government Bond
, Reg S
3.100
06/22/35
1,473,468
215,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.900
06/22/38
208,961
1,000,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.400
06/22/40
733,407
500,000
(a)
Kingdom of Belgium Government Bond
, Reg S
4.250
03/28/41
614,941
300,000
(a)
Kingdom of Belgium Government Bond
, Reg S
3.450
06/22/42
331,610
1,300,000
(a)
Kingdom of Belgium Government Bond
, Reg S
3.450
06/22/43
1,427,282
1,000,000
Kingdom of Belgium Government Bond
, Reg S
3.750
06/22/45
1,133,629
1,500,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.600
06/22/47
1,136,717
200,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.700
06/22/50
146,071
140,000
(a)
Kingdom of Belgium Government Bond
, Reg S
1.400
06/22/53
88,594
700,000
Kingdom of Belgium Government Bond
, Reg S
3.300
06/22/54
688,811
640,000
(a)
Kingdom of Belgium Government Bond
, Reg S
3.500
06/22/55
648,743
650,000
(a)
Kingdom of Belgium Government Bond
, Reg S
2.250
06/22/57
490,008
1,165,000
(a)
Kingdom of Belgium Government Bond
2.150
06/22/66
794,336
400,000
(a)
Kingdom of Belgium Government Bond
, Reg S
0.650
06/22/71
133,690
200,000
Kommunalbanken AS
, Reg S
3.700
01/16/29
149,057
250,000
Kommunalbanken AS
1.250
07/02/30
128,034
150,000
Kommunalbanken AS
4.000
09/24/30
96,799
500,000
Kommunalbanken AS
5.250
04/18/34
332,358
500,000
Kommunekredit
2.750
06/15/27
79,442
300,000
Kommunekredit
, Reg S
1.500
05/16/29
340,909
400,000
Kommunekredit
, Reg S
2.375
09/15/32
454,310
300,000
Kommunekredit
, Reg S
0.000
05/04/34
272,402
2,500,000
Kommuninvest I Sverige AB
, Reg S
0.750
05/12/28
260,863
400,000
Kommuninvest I Sverige AB
, Reg S
2.500
10/04/28
469,790
4,000,000
Kommuninvest I Sverige AB
, Reg S
3.000
03/12/29
439,746
4,000,000
Kommuninvest I Sverige AB
, Reg S
3.250
11/12/29
443,286
3,000,000
Kommuninvest I Sverige AB
, Reg S
3.250
06/12/30
331,697
3,000,000
Kommuninvest I Sverige AB
, Reg S
2.750
11/12/30
324,338
3,000,000
Kommuninvest I Sverige AB
, Reg S
2.650
05/12/31
322,682
500,000
Korea Housing Finance Corp
, Reg S
2.765
09/02/30
583,947
400,000
Korea International Bond
2.250
07/03/28
468,215
368,420,000
Korea Treasury Bond
2.125
06/10/27
253,529
3,700,000,000
Korea Treasury Bond
3.250
06/10/27
2,586,360
5,200,000,000
Korea Treasury Bond
2.250
09/10/27
3,577,659
7,100,000,000
Korea Treasury Bond
2.875
12/10/27
4,930,853
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
4,500,000,000
Korea Treasury Bond
3.250
%
03/10/28
$
3,147,115
3,500,000,000
Korea Treasury Bond
2.250
06/10/28
2,388,110
6,000,000,000
Korea Treasury Bond
1.375
12/10/29
3,887,841
2,000,000,000
Korea Treasury Bond
2.625
03/10/30
1,355,252
2,000,000,000
Korea Treasury Bond
1.375
06/10/30
1,280,646
7,000,000,000
Korea Treasury Bond
2.500
09/10/30
4,708,365
6,150,000,000
Korea Treasury Bond
1.500
12/10/30
3,925,906
2,000,000,000
Korea Treasury Bond
2.000
06/10/31
1,298,287
1,000,000,000
Korea Treasury Bond
2.375
12/10/31
659,121
1,000,000,000
Korea Treasury Bond
4.000
12/10/31
719,370
1,000,000,000
Korea Treasury Bond
3.375
06/10/32
695,793
1,000,000,000
Korea Treasury Bond
4.250
12/10/32
730,929
3,000,000,000
Korea Treasury Bond
3.750
12/10/33
2,132,480
2,400,000,000
Korea Treasury Bond
3.000
12/10/34
1,610,517
3,500,000,000
Korea Treasury Bond
2.625
06/10/35
2,280,132
3,000,000,000
Korea Treasury Bond
3.250
12/10/35
2,065,037
231,420,000
Korea Treasury Bond
1.125
09/10/39
121,580
2,000,000,000
Korea Treasury Bond
2.750
12/10/44
1,267,765
9,115,030,000
Korea Treasury Bond
2.750
09/10/45
5,800,647
3,500,000,000
Korea Treasury Bond
2.625
03/10/48
2,158,682
1,400,000,000
Korea Treasury Bond
1.500
03/10/50
679,406
600,000,000
Korea Treasury Bond
1.875
03/10/51
314,967
1,500,000,000
Korea Treasury Bond
3.250
03/10/54
1,032,189
3,500,000,000
Korea Treasury Bond
2.750
09/10/54
2,188,755
5,100,000,000
Korea Treasury Bond
2.625
03/10/55
3,109,763
4,000,000,000
Korea Treasury Bond
2.625
09/10/55
2,452,647
3,000,000
Kreditanstalt fuer Wiederaufbau
0.750
06/28/28
3,393,598
300,000
Kreditanstalt fuer Wiederaufbau
4.450
01/16/30
199,210
2,050,000
Kreditanstalt fuer Wiederaufbau
, Reg S
1.125
09/15/32
2,159,115
200,000
Kuntarahoitus Oyj
, Reg S
4.375
10/02/28
271,604
500,000
Kuntarahoitus Oyj
, Reg S
2.625
06/14/32
574,527
500,000
Kuntarahoitus Oyj
, Reg S
2.750
02/02/34
570,600
350,000
Kuntarahoitus Oyj
, Reg S
0.050
09/10/35
300,796
800,000
La Banque Postale SA
, Reg S
4.000
05/03/28
964,572
500,000
Land Baden-Wuerttemberg
, Reg S
2.625
03/12/30
587,770
700,000
Land Baden-Wuerttemberg
, Reg S
3.125
01/23/40
786,366
800,000
Land Berlin
2.375
06/04/30
929,170
400,000
Land Berlin
2.750
01/16/32
467,140
100,000
Land Berlin
, Reg S
2.875
02/15/34
115,858
200,000
Land Berlin
3.125
03/19/35
234,321
720,000
Land Berlin
, Reg S
0.150
02/22/36
619,457
105,000
Land Berlin
, Reg S
0.625
08/25/36
93,448
200,000
Land Berlin
, Reg S
3.000
03/13/54
197,758
200,000
Land Thueringen
, Reg S
2.500
09/03/29
234,475
200,000
Land Thueringen
, Reg S
2.875
09/17/35
228,538
200,000
Landesbank Baden-Wuerttemberg
, Reg S
0.250
07/21/28
220,428
1,000,000
Landesbank Baden-Wuerttemberg
, Reg S
0.375
02/21/31
1,015,491
800,000
Landesbank Hessen-Thueringen Girozentrale
, Reg S
3.000
03/05/32
928,222
600,000
Landeskreditbank Baden-Wuerttemberg Foerderbank
, Reg S
0.000
01/20/31
611,996
500,000
Landwirtschaftliche Rentenbank
, Reg S
0.683
10/02/35
622,179
100,000
Latvia Government International Bond
, Reg S
3.875
03/25/27
119,653
2,950,000
Latvia Government International Bond
, Reg S
3.500
01/17/28
3,530,458
750,000
Latvia Government International Bond
, Reg S
1.125
05/30/28
852,373
1,500,000
Latvia Government International Bond
, Reg S
0.000
01/24/29
1,623,740
320,000
Latvia Government International Bond
, Reg S
3.875
05/22/29
389,880
1,260,000
Latvia Government International Bond
, Reg S
2.875
05/21/30
1,474,190
1,360,000
Latvia Government International Bond
, Reg S
0.000
03/17/31
1,362,938
500,000
Latvia Government International Bond
, Reg S
3.000
01/24/32
582,556
500,000
Latvia Government International Bond
, Reg S
3.875
07/12/33
604,781
500,000
Latvia Government International Bond
, Reg S
3.500
10/02/35
576,798
500,000
Latvia Government International Bond
, Reg S
1.375
05/16/36
466,230
450,000
Latvia Government International Bond
, Reg S
2.250
02/15/47
389,624
Portfolio of Investments December 31, 2025
(continued)
NXUS
38
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
1,400,000
Latvia Government International Bond
, Reg S
1.875
%
02/19/49
$
1,080,105
500,000
LCR Finance PLC
, Reg S
4.500
12/07/28
682,119
200,000
LFA Foerderbank Bayern
0.750
01/04/27
231,564
300,000
LFA Foerderbank Bayern
1.000
03/01/28
341,661
100,000
Lithuania Government International Bond
, Reg S
0.950
05/26/27
115,196
1,600,000
Lithuania Government International Bond
, Reg S
4.125
04/25/28
1,944,797
350,000
Lithuania Government International Bond
, Reg S
0.500
06/19/29
381,956
2,640,000
Lithuania Government International Bond
, Reg S
2.875
01/28/30
3,110,646
150,000
Lithuania Government International Bond
, Reg S
0.750
05/06/30
161,150
2,140,000
Lithuania Government International Bond
, Reg S
3.500
07/03/31
2,564,032
600,000
Lithuania Government International Bond
, Reg S
2.125
06/01/32
660,594
940,000
Lithuania Government International Bond
, Reg S
3.875
06/14/33
1,141,047
150,000
Lithuania Government International Bond
, Reg S
3.500
02/13/34
177,037
650,000
Lithuania Government International Bond
, Reg S
2.125
10/22/35
668,167
640,000
Lithuania Government International Bond
, Reg S
3.625
03/10/36
740,659
400,000
Lithuania Government International Bond
, Reg S
3.625
01/28/40
444,391
1,940,000
Lithuania Government International Bond
, Reg S
4.250
09/10/45
2,229,920
690,000
Lithuania Government International Bond
, Reg S
0.500
07/28/50
337,873
400,000
Logicor Financing Sarl
, Reg S
3.750
07/14/32
464,144
300,000
Magyar Export-Import Bank Zrt
, Reg S
6.000
05/16/29
377,324
1,600,000
Malaysia Government Bond
3.502
05/31/27
396,710
3,000,000
Malaysia Government Bond
3.899
11/16/27
753,209
18,000,000
Malaysia Government Bond
3.519
04/20/28
4,484,298
8,500,000
Malaysia Government Bond
3.733
06/15/28
2,128,387
4,000,000
Malaysia Government Bond
3.885
08/15/29
1,008,246
6,000,000
Malaysia Government Bond
4.498
04/15/30
1,550,645
16,000,000
Malaysia Government Bond
3.336
05/15/30
3,952,449
4,000,000
Malaysia Government Bond
2.632
04/15/31
951,301
3,500,000
Malaysia Government Bond
3.582
07/15/32
871,619
1,500,000
Malaysia Government Bond
4.642
11/07/33
398,813
4,000,000
Malaysia Government Bond
3.828
07/05/34
1,009,364
7,500,000
Malaysia Government Bond
3.476
07/02/35
1,841,086
3,500,000
Malaysia Government Bond
4.762
04/07/37
950,446
2,000,000
Malaysia Government Bond
4.893
06/08/38
549,410
5,000,000
Malaysia Government Bond
4.054
04/18/39
1,266,449
3,000,000
Malaysia Government Bond
3.757
05/22/40
736,562
2,000,000
Malaysia Government Bond
4.696
10/15/42
544,013
7,000,000
Malaysia Government Bond
4.180
05/16/44
1,793,608
7,500,000
Malaysia Government Bond
4.065
06/15/50
1,883,313
6,000,000
Malaysia Government Bond
4.457
03/31/53
1,596,571
300,000
Mediocredito Centrale - Banca Del Mezzogiorno SpA
, Reg S
3.250
03/04/30
351,976
300,000
Merseylink Issuer PLC
, Reg S
3.842
03/31/43
350,937
4,000,000
Mexican Bonos
7.500
06/03/27
222,182
47,000,000
Mexican Bonos
8.500
03/02/28
2,643,575
90,500,000
Mexican Bonos
8.500
03/01/29
5,076,899
40,500,000
Mexican Bonos
8.500
05/31/29
2,271,329
31,500,000
Mexican Bonos
8.500
02/28/30
1,756,428
41,307,000
Mexican Bonos
7.750
05/29/31
2,213,248
17,000,000
Mexican Bonos
8.000
04/15/32
909,445
17,000,000
Mexican Bonos
7.500
05/26/33
879,401
50,500,000
Mexican Bonos
7.750
11/23/34
2,605,007
15,000,000
Mexican Bonos
8.000
02/21/36
772,421
24,500,000
Mexican Bonos
8.500
11/18/38
1,277,047
33,000,000
Mexican Bonos
7.750
11/13/42
1,568,828
16,500,000
Mexican Bonos
8.000
11/07/47
789,590
34,442,000
Mexican Bonos
8.000
07/31/53
1,632,784
8,000,000
Mexican Bonos
8.000
04/29/55
377,733
200,000
Mexico Government International Bond
3.500
09/19/29
234,231
200,000
Mexico Government International Bond
4.490
05/25/32
239,897
500,000
Mexico Government International Bond
4.500
03/19/34
585,672
200,000
Mexico Government International Bond
5.125
05/04/37
237,726
300,000
Mexico Government International Bond
5.125
03/19/38
350,365
39
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
200,000
Mexico Government International Bond
2.125
%
10/25/51
$
126,894
200,000
Mexico Government International Bond
5.625
03/19/14
205,667
300,000
MFB Magyar Fejlesztesi Bank Zrt
, Reg S
4.375
06/27/30
359,684
300,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
2.750
10/22/29
352,912
500,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
3.250
06/22/37
561,571
300,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
3.675
06/22/40
339,993
300,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
4.000
09/26/42
348,765
200,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
3.500
06/22/45
214,124
600,000
Ministeries Van de Vlaamse Gemeenschap
, Reg S
4.250
06/22/50
692,752
500,000
Municipal Finance Authority of British Columbia
3.300
10/02/30
366,858
300,000
Municipal Finance Authority of British Columbia
4.050
06/03/35
221,968
150,000
Nederlandse Waterschapsbank NV
, Reg S
3.450
07/17/28
97,421
1,200,000
Nederlandse Waterschapsbank NV
, Reg S
2.125
10/30/28
1,398,802
300,000
Nederlandse Waterschapsbank NV
, Reg S
3.300
05/02/29
191,706
1,500,000
Nederlandse Waterschapsbank NV
, Reg S
2.750
09/24/32
1,740,135
100,000
(a)
Netherlands Government Bond
, Reg S
0.000
01/15/27
115,094
1,100,000
(a)
Netherlands Government Bond
, Reg S
0.750
07/15/27
1,266,538
2,910,000
(a)
Netherlands Government Bond
, Reg S
5.500
01/15/28
3,643,088
1,140,000
(a)
Netherlands Government Bond
, Reg S
0.750
07/15/28
1,290,902
4,610,000
(a)
Netherlands Government Bond
, Reg S
0.000
01/15/29
5,052,548
910,000
(a)
Netherlands Government Bond
, Reg S
0.250
07/15/29
992,698
1,610,000
(a)
Netherlands Government Bond
, Reg S
2.500
01/15/30
1,895,344
3,510,000
(a)
Netherlands Government Bond
, Reg S
0.000
07/15/30
3,686,390
800,000
(a)
Netherlands Government Bond
, Reg S
0.000
07/15/31
814,512
800,000
(a)
Netherlands Government Bond
, Reg S
0.500
07/15/32
816,914
800,000
(a)
Netherlands Government Bond
, Reg S
2.500
01/15/33
925,667
1,910,000
(a)
Netherlands Government Bond
, Reg S
2.500
07/15/33
2,198,482
300,000
(a)
Netherlands Government Bond
, Reg S
2.500
07/15/34
342,359
1,380,000
(a)
Netherlands Government Bond
, Reg S
2.500
07/15/35
1,558,866
140,000
(a)
Netherlands Government Bond
, Reg S
4.000
01/15/37
178,101
365,000
(a)
Netherlands Government Bond
, Reg S
0.000
01/15/38
292,602
410,000
(a)
Netherlands Government Bond
, Reg S
0.500
01/15/40
331,418
145,000
(a)
Netherlands Government Bond
, Reg S
3.750
01/15/42
178,377
700,000
(a)
Netherlands Government Bond
, Reg S
3.250
01/15/44
803,537
450,000
(a)
Netherlands Government Bond
, Reg S
2.750
01/15/47
471,306
395,000
(a)
Netherlands Government Bond
, Reg S
0.000
01/15/52
185,745
420,000
(a)
Netherlands Government Bond
, Reg S
2.000
01/15/54
355,783
140,000
(a)
Netherlands Government Bond
, Reg S
3.500
01/15/56
161,660
600,000
Network Rail Infrastructure Finance PLC
4.750
11/29/35
809,604
650,000
New South Wales Treasury Corp
, Reg S
3.000
04/20/29
414,995
1,600,000
New South Wales Treasury Corp
, Reg S
1.500
02/20/32
881,276
400,000
New South Wales Treasury Corp
2.000
03/08/33
219,148
1,926,000
New South Wales Treasury Corp
, Reg S
1.750
03/20/34
994,512
1,500,000
New South Wales Treasury Corp
, Reg S
4.750
02/20/35
965,964
1,300,000
New South Wales Treasury Corp
, Reg S
4.250
02/20/36
792,619
450,000
New South Wales Treasury Corp
, Reg S
4.750
02/20/37
281,936
500,000
New South Wales Treasury Corp
, Reg S
5.250
02/24/38
323,979
1,150,000
New South Wales Treasury Corp
5.250
02/22/39
737,244
1,000,000
New South Wales Treasury Corp
2.250
05/07/41
428,450
2,000,000
New South Wales Treasury Corp
, Reg S
2.450
08/24/50
725,158
3,900,000
New Zealand Government Bond
0.250
05/15/28
2,096,217
3,000,000
New Zealand Government Bond
3.000
04/20/29
1,701,570
1,300,000
New Zealand Government Bond
4.500
05/15/30
772,000
800,000
New Zealand Government Bond
1.500
05/15/31
406,970
3,000,000
New Zealand Government Bond
2.000
05/15/32
1,527,318
800,000
New Zealand Government Bond
, Reg S
3.500
04/14/33
440,582
600,000
New Zealand Government Bond
4.250
05/15/34
343,814
4,700,000
New Zealand Government Bond
4.500
05/15/35
2,721,598
800,000
New Zealand Government Bond
4.250
05/15/36
450,114
1,793,000
New Zealand Government Bond
, Reg S
2.750
04/15/37
862,075
1,150,000
New Zealand Government Bond
1.750
05/15/41
437,758
700,000
New Zealand Government Bond
2.750
05/15/51
266,282
Portfolio of Investments December 31, 2025
(continued)
NXUS
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
900,000
New Zealand Government Bond
5.000
%
05/15/54
$
504,871
300,000
New Zealand Local Government Funding Agency Bond
, Reg S
2.250
05/15/31
157,252
550,000
New Zealand Local Government Funding Agency Bond
3.500
04/14/33
297,465
500,000
New Zealand Local Government Funding Agency Bond
, Reg S
2.000
04/15/37
215,246
300,000
Norddeutsche Landesbank-Girozentrale
2.750
10/30/30
346,930
500,000
Nordic Investment Bank
, Reg S
2.125
05/23/28
584,426
300,000
Northern Territory Treasury Corp
5.250
03/21/34
197,176
800,000
Northern Territory Treasury Corp
5.250
05/21/38
500,585
1,000,000
(a)
Norway Government Bond
, Reg S
1.750
02/17/27
96,764
7,000,000
(a)
Norway Government Bond
, Reg S
1.750
09/06/29
643,466
7,000,000
(a)
Norway Government Bond
, Reg S
1.375
08/19/30
620,551
3,000,000
(a)
Norway Government Bond
, Reg S
1.250
09/17/31
256,931
4,600,000
(a)
Norway Government Bond
2.125
05/18/32
408,488
3,000,000
(a)
Norway Government Bond
, Reg S
3.000
08/15/33
276,919
5,000,000
(a)
Norway Government Bond
, Reg S
3.625
04/13/34
479,402
2,000,000
(a)
Norway Government Bond
, Reg S
3.750
06/12/35
192,028
2,000,000
(a)
Norway Government Bond
, Reg S
3.625
05/31/39
187,126
1,000,000
(a)
Norway Government Bond
, Reg S
3.500
10/06/42
91,495
350,000
NRW Bank
, Reg S
2.625
02/06/29
412,359
300,000
NRW Bank
, Reg S
2.500
09/02/30
349,261
400,000
NRW Bank
, Reg S
3.000
06/04/35
462,163
1,500,000
NRW Bank
, Reg S
3.000
09/24/35
1,730,538
300,000
OMERS Finance Trust
, Reg S
2.600
05/14/29
215,527
350,000
OMERS Finance Trust
, Reg S
4.500
10/16/29
231,383
300,000
OMERS Finance Trust
, Reg S
3.250
01/28/35
345,458
300,000
Ontario Teachers' Finance Trust
, Reg S
0.100
05/19/28
333,536
300,000
Ontario Teachers' Finance Trust
, Reg S
1.850
05/03/32
326,568
250,000
Ontario Teachers' Finance Trust
, Reg S
4.300
06/02/34
189,157
700,000
OP Mortgage Bank
, Reg S
3.125
10/20/28
835,820
400,000
Orsted AS
, Reg S
5.750
04/09/40
512,507
4,000,000
Peru Government Bond
6.350
08/12/28
1,251,931
10,250,000
Peru Government Bond
5.940
02/12/29
3,191,848
9,050,000
Peru Government Bond
6.950
08/12/31
2,990,651
4,000,000
Peru Government Bond
6.150
08/12/32
1,282,932
1,750,000
(a)
Peru Government Bond
, Reg S
7.300
08/12/33
593,213
2,250,000
Peru Government Bond
5.400
08/12/34
666,358
6,000,000
(a)
Peru Government Bond
, Reg S
6.850
08/12/35
1,919,185
8,500,000
Peru Government Bond
6.900
08/12/37
2,640,521
1,500,000
(a)
Peru Government Bond
, Reg S
7.600
08/12/39
486,525
3,750,000
Peru Government Bond
5.350
08/12/40
988,616
5,500,000
Peru Government Bond
6.850
02/12/42
1,708,798
7,000,000
Peru Government Bond
6.714
02/12/55
2,167,403
500,000
Peruvian Government International Bond
1.250
03/11/33
495,229
500,000
Philippine Government International Bond
1.750
04/28/41
423,602
1,540,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
2.125
10/17/28
1,807,408
1,010,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
1.950
06/15/29
1,173,672
1,250,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
3.875
02/15/30
1,552,494
1,140,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
0.475
10/18/30
1,218,571
1,300,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
0.300
10/17/31
1,335,687
1,000,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
1.650
07/16/32
1,095,908
1,000,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
2.250
04/18/34
1,110,171
1,210,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
3.000
06/15/35
1,404,470
300,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
0.900
10/12/35
285,295
3,700,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
4.100
04/15/37
4,658,847
640,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
1.150
04/11/42
521,351
300,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
4.100
02/15/45
368,874
140,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
1.000
04/12/52
86,785
500,000
(a)
Portugal Obrigacoes do Tesouro OT
, Reg S
3.625
06/12/54
548,994
500,000
Province of Alberta Canada
2.050
06/01/30
349,677
150,000
Province of Alberta Canada
1.650
06/01/31
100,980
500,000
Province of Alberta Canada
3.950
06/01/35
369,097
700,000
Province of Alberta Canada
3.300
12/01/46
422,768
41
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
500,000
Province of Alberta Canada
3.050
%
12/01/48
$
284,421
1,500,000
Province of Alberta Canada
3.100
06/01/50
852,125
500,000
Province of Alberta Canada
2.950
06/01/52
272,770
750,000
Province of British Columbia Canada
2.200
06/18/30
527,345
350,000
Province of British Columbia Canada
1.550
06/18/31
233,945
500,000
Province of British Columbia Canada
5.250
05/23/34
331,537
600,000
Province of British Columbia Canada
4.000
06/18/35
442,873
500,000
Province of British Columbia Canada
4.300
06/18/42
358,504
500,000
Province of British Columbia Canada
3.200
06/18/44
303,498
700,000
Province of British Columbia Canada
, Reg S
3.900
10/10/45
803,921
800,000
Province of British Columbia Canada
2.800
06/18/48
434,565
300,000
Province of British Columbia Canada
2.950
06/18/50
164,643
600,000
Province of British Columbia Canada
2.750
06/18/52
312,499
500,000
Province of British Columbia Canada
4.450
12/18/55
353,598
500,000
Province of British Columbia Canada
4.600
06/18/57
362,707
300,000
Province of Manitoba Canada
3.900
12/02/32
224,409
200,000
Province of Manitoba Canada
3.700
06/02/35
144,112
1,000,000
Province of Manitoba Canada
2.850
09/05/46
554,718
300,000
Province of Manitoba Canada
3.200
03/05/50
171,648
500,000
Province of Manitoba Canada
2.050
09/05/52
219,194
350,000
Province of Manitoba Canada
4.400
09/05/55
243,508
500,000
Province of Manitoba Canada
4.600
09/05/57
360,000
131,000
Province of New Brunswick Canada
4.250
08/14/29
99,776
400,000
Province of New Brunswick Canada
4.800
09/26/39
306,653
900,000
Province of New Brunswick Canada
5.000
08/14/54
686,731
200,000
Province of Nova Scotia Canada
1.100
06/01/28
140,249
200,000
Province of Nova Scotia Canada
3.150
12/01/51
112,083
500,000
Province of Nova Scotia Canada
4.600
12/01/55
358,913
300,000
Province of Nova Scotia Canada
4.750
06/01/74
222,329
850,000
Province of Ontario Canada
3.600
03/08/28
631,632
500,000
Province of Ontario Canada
2.900
06/02/28
365,906
1,125,000
Province of Ontario Canada
2.700
06/02/29
814,924
500,000
Province of Ontario Canada
1.550
11/01/29
346,081
1,300,000
Province of Ontario Canada
2.050
06/02/30
908,497
1,500,000
Province of Ontario Canada
2.950
09/08/30
1,086,413
1,043,000
Province of Ontario Canada
2.250
12/02/31
718,028
2,570,000
Province of Ontario Canada
3.750
06/02/32
1,915,177
650,000
Province of Ontario Canada
5.350
05/08/34
435,753
2,500,000
Province of Ontario Canada
4.150
06/02/34
1,886,504
200,000
Province of Ontario Canada
, Reg S
1.018
07/30/35
252,076
1,350,000
Province of Ontario Canada
3.950
12/02/35
990,299
1,000,000
Province of Ontario Canada
3.450
06/02/45
628,371
2,000,000
Province of Ontario Canada
2.900
12/02/46
1,133,817
1,757,000
Province of Ontario Canada
2.650
12/02/50
913,166
850,000
Province of Ontario Canada
1.900
12/02/51
369,697
750,000
Province of Ontario Canada
2.550
12/02/52
376,119
2,300,000
Province of Ontario Canada
3.750
12/02/53
1,458,929
300,000
Province of Ontario Canada
4.150
12/02/54
203,295
590,000
Province of Ontario Canada
4.600
12/02/55
431,205
500,000
Province of Ontario Canada
4.450
12/02/56
356,885
250,000
Province of Quebec Canada
2.750
09/01/28
182,269
1,500,000
Province of Quebec Canada
2.300
09/01/29
1,069,090
800,000
Province of Quebec Canada
1.900
09/01/30
552,807
400,000
Province of Quebec Canada
1.500
09/01/31
264,932
1,088,000
Province of Quebec Canada
3.250
09/01/32
784,185
1,350,000
Province of Quebec Canada
3.600
09/01/33
984,291
300,000
Province of Quebec Canada
5.250
05/02/34
198,114
1,300,000
Province of Quebec Canada
4.450
09/01/34
996,517
150,000
Province of Quebec Canada
5.100
06/04/35
97,173
500,000
Province of Quebec Canada
4.000
09/01/35
367,525
100,000
Province of Quebec Canada
0.918
10/24/35
124,778
1,800,000
Province of Quebec Canada
3.500
12/01/45
1,120,826
Portfolio of Investments December 31, 2025
(continued)
NXUS
42
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
468,000
Province of Quebec Canada
3.100
%
12/01/51
$
260,899
450,000
Province of Quebec Canada
2.850
12/01/53
234,909
1,496,000
Province of Quebec Canada
4.400
12/01/55
1,040,854
900,000
Province of Quebec Canada
4.200
12/01/57
605,093
300,000
Province of Saskatchewan Canada
3.900
06/02/33
224,367
300,000
Province of Saskatchewan Canada
3.800
06/02/35
218,777
300,000
Province of Saskatchewan Canada
3.300
06/02/48
178,733
500,000
Province of Saskatchewan Canada
3.100
06/02/50
284,001
400,000
Province of Saskatchewan Canada
4.200
12/02/54
272,242
750,000
PSP Capital Inc
, Reg S
1.500
03/15/28
532,438
250,000
PSP Capital Inc
, Reg S
4.250
10/22/30
337,504
600,000
(a)
Queensland Treasury Corp
, Reg S
3.250
07/21/28
390,027
300,000
(a)
Queensland Treasury Corp
, Reg S
3.500
08/21/30
190,944
400,000
(a)
Queensland Treasury Corp
, Reg S
1.750
08/21/31
227,297
448,000
(a)
Queensland Treasury Corp
, Reg S
1.500
08/20/32
241,051
390,000
Queensland Treasury Corp
2.000
08/22/33
209,349
450,000
(a)
Queensland Treasury Corp
, Reg S
1.750
07/20/34
228,347
4,100,000
(a)
Queensland Treasury Corp
, Reg S
4.500
08/22/35
2,558,607
400,000
(a)
Queensland Treasury Corp
, Reg S
5.000
03/10/36
258,183
700,000
(a)
Queensland Treasury Corp
, Reg S
5.250
07/21/36
458,915
500,000
(a)
Queensland Treasury Corp
, Reg S
5.250
08/13/38
320,544
200,000
(a)
Queensland Treasury Corp
, Reg S
2.250
11/20/41
83,307
500,000
(a)
Queensland Treasury Corp
, Reg S
2.250
10/28/50
174,041
200,000
Region of Ile de France
, Reg S
3.200
05/25/34
229,562
300,000
Region of Ile de France
, Reg S
3.650
05/25/35
354,128
300,000
Region Wallonne Belgium
, Reg S
3.125
06/22/32
347,751
200,000
Region Wallonne Belgium
, Reg S
3.500
06/22/35
230,855
300,000
Region Wallonne Belgium
, Reg S
3.500
03/15/43
316,277
200,000
Region Wallonne Belgium
, Reg S
3.900
06/22/54
207,114
39,000
Regional Municipality of York
2.650
04/18/29
28,160
100,000
(a)
Republic of Austria Government Bond
, Reg S
0.500
04/20/27
115,166
240,000
Republic of Austria Government Bond
6.250
07/15/27
299,330
1,300,000
(a)
Republic of Austria Government Bond
, Reg S
0.750
02/20/28
1,482,245
1,490,000
(a)
Republic of Austria Government Bond
, Reg S
0.000
10/20/28
1,643,529
3,970,000
(a)
Republic of Austria Government Bond
, Reg S
0.500
02/20/29
4,404,855
1,510,000
(a)
Republic of Austria Government Bond
, Reg S
2.900
05/23/29
1,804,757
1,300,000
(a)
Republic of Austria Government Bond
, Reg S
2.500
10/20/29
1,528,985
2,010,000
(a)
Republic of Austria Government Bond
0.000
02/20/30
2,131,465
1,600,000
(a)
Republic of Austria Government Bond
, Reg S
3.450
10/20/30
1,950,726
1,010,000
(a)
Republic of Austria Government Bond
, Reg S
0.000
02/20/31
1,037,010
1,010,000
(a)
Republic of Austria Government Bond
, Reg S
0.900
02/20/32
1,061,878
1,400,000
(a)
Republic of Austria Government Bond
, Reg S
2.800
09/20/32
1,641,740
1,175,000
(a)
Republic of Austria Government Bond
, Reg S
2.900
02/20/33
1,382,218
575,000
(a)
Republic of Austria Government Bond
, Reg S
2.900
02/20/34
670,342
300,000
(a)
Republic of Austria Government Bond
, Reg S
2.400
05/23/34
336,565
700,000
(a)
Republic of Austria Government Bond
, Reg S
2.950
02/20/35
812,487
600,000
(a)
Republic of Austria Government Bond
, Reg S
0.250
10/20/36
514,143
200,000
(a)
Republic of Austria Government Bond
, Reg S
4.150
03/15/37
254,377
700,000
Republic of Austria Government Bond
, Reg S
3.200
07/15/39
802,267
200,000
(a)
Republic of Austria Government Bond
, Reg S
0.000
10/20/40
140,463
725,000
(a)
Republic of Austria Government Bond
, Reg S
3.150
06/20/44
796,741
700,000
(a)
Republic of Austria Government Bond
, Reg S
1.500
02/20/47
557,063
950,000
(a)
Republic of Austria Government Bond
, Reg S
1.850
05/23/49
790,623
200,000
(a)
Republic of Austria Government Bond
, Reg S
0.750
03/20/51
120,366
370,000
(a)
Republic of Austria Government Bond
, Reg S
3.150
10/20/53
384,490
100,000
(a)
Republic of Austria Government Bond
, Reg S
3.800
01/26/62
116,289
300,000
(a)
Republic of Austria Government Bond
, Reg S
0.700
04/20/71
120,406
300,000
(a)
Republic of Austria Government Bond
, Reg S
1.500
11/02/86
162,239
300,000
(a)
Republic of Austria Government Bond
, Reg S
2.100
09/20/17
201,509
300,000
(a)
Republic of Austria Government Bond
, Reg S
0.850
06/30/20
105,475
1,066,000
Republic of Poland Government Bond
2.500
07/25/27
291,439
10,000,000
Republic of Poland Government Bond
0.000
01/25/28
2,575,332
43
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
2,000,000
Republic of Poland Government Bond
2.750
%
04/25/28
$
543,640
4,500,000
Republic of Poland Government Bond
7.500
07/25/28
1,359,104
4,250,000
Republic of Poland Government Bond
4.750
07/25/29
1,203,278
2,700,000
Republic of Poland Government Bond
2.750
10/25/29
711,289
5,250,000
Republic of Poland Government Bond
5.000
01/25/30
1,493,797
3,750,000
Republic of Poland Government Bond
4.500
07/25/30
1,044,562
1,450,000
Republic of Poland Government Bond
1.250
10/25/30
348,291
3,000,000
Republic of Poland Government Bond
4.500
01/25/31
831,761
3,000,000
Republic of Poland Government Bond
1.750
04/25/32
702,836
1,250,000
Republic of Poland Government Bond
6.000
10/25/33
371,672
6,250,000
Republic of Poland Government Bond
5.000
10/25/34
1,730,539
4,200,000
Republic of Poland Government Bond
5.000
10/25/35
1,153,262
3,500,000
Republic of Poland Government Bond
5.000
04/25/37
955,555
3,135,000
Republic of Poland Government Bond
4.000
04/25/47
731,662
1,200,000
Republic of Poland Government International Bond
, Reg S
3.625
01/11/34
1,431,645
650,000
Republic of Poland Government International Bond
, Reg S
3.875
07/07/37
760,871
890,000
Romania Government Bond
7.200
05/31/27
207,467
3,000,000
Romania Government Bond
4.150
01/26/28
661,850
2,500,000
Romania Government Bond
6.300
04/26/28
572,831
3,500,000
Romania Government Bond
8.750
10/30/28
850,578
2,000,000
Romania Government Bond
5.000
02/12/29
440,564
5,500,000
Romania Government Bond
6.300
04/25/29
1,253,961
1,000,000
Romania Government Bond
4.850
07/25/29
217,407
1,000,000
Romania Government Bond
8.000
04/29/30
241,478
1,500,000
Romania Government Bond
6.850
07/29/30
347,463
1,000,000
Romania Government Bond
4.150
10/24/30
207,603
3,000,000
Romania Government Bond
7.350
04/28/31
710,979
2,000,000
Romania Government Bond
7.650
07/27/31
480,298
1,500,000
Romania Government Bond
3.650
09/24/31
297,842
1,000,000
Romania Government Bond
6.700
02/25/32
229,592
1,500,000
Romania Government Bond
8.250
09/29/32
372,339
1,500,000
Romania Government Bond
7.500
07/27/33
359,861
1,500,000
Romania Government Bond
7.200
10/30/33
354,195
1,250,000
Romania Government Bond
7.100
07/31/34
293,699
2,000,000
Romania Government Bond
4.750
10/11/34
400,820
2,000,000
Romania Government Bond
6.750
04/25/35
460,075
1,660,000
Romania Government Bond
4.250
04/28/36
312,663
1,500,000
Romania Government Bond
7.900
02/24/38
375,113
1,000,000
Romania Government Bond
7.250
07/30/40
238,826
300,000
Romanian Government International Bond
, Reg S
2.125
03/07/28
346,469
300,000
Romanian Government International Bond
, Reg S
5.500
09/18/28
372,698
250,000
Romanian Government International Bond
, Reg S
2.500
02/08/30
277,803
650,000
Romanian Government International Bond
, Reg S
5.250
03/10/30
799,155
285,000
Romanian Government International Bond
, Reg S
1.750
07/13/30
302,473
300,000
Romanian Government International Bond
, Reg S
5.375
06/07/33
356,191
200,000
Romanian Government International Bond
, Reg S
5.625
05/30/37
228,892
400,000
Romanian Government International Bond
, Reg S
6.750
07/11/39
488,817
250,000
Romanian Government International Bond
, Reg S
2.875
04/13/42
193,765
700,000
Romanian Government International Bond
, Reg S
6.500
10/07/45
819,030
300,000
Romanian Government International Bond
, Reg S
3.375
01/28/50
225,801
315,000
Saudi Government International Bond
, Reg S
3.375
03/05/32
371,340
150,000
Saudi Government International Bond
, Reg S
3.750
03/05/37
173,002
700,000
SBAB Bank AB
, Reg S
2.750
04/22/31
805,675
100,000
SFIL SA
, Reg S
0.050
06/04/29
107,313
700,000
SFIL SA
, Reg S
3.000
09/24/30
824,271
300,000
SGSP Australia Assets Pty Ltd
, Reg S
3.375
10/08/32
346,695
200,000
Singapore Government Bond
3.500
03/01/27
159,049
2,000,000
Singapore Government Bond
2.625
05/01/28
1,593,147
4,100,000
Singapore Government Bond
2.875
08/01/28
3,291,678
1,000,000
Singapore Government Bond
3.000
04/01/29
810,736
700,000
Singapore Government Bond
2.875
07/01/29
565,624
1,700,000
Singapore Government Bond
2.500
04/01/30
1,359,921
Portfolio of Investments December 31, 2025
(continued)
NXUS
44
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
1,750,000
Singapore Government Bond
2.875
%
09/01/30
$
1,422,794
1,500,000
Singapore Government Bond
1.625
07/01/31
1,149,184
1,648,000
Singapore Government Bond
2.625
08/01/32
1,331,574
1,500,000
Singapore Government Bond
3.375
09/01/33
1,273,400
500,000
Singapore Government Bond
3.375
05/01/34
426,873
700,000
Singapore Government Bond
2.750
03/01/35
575,119
500,000
Singapore Government Bond
2.250
08/01/36
389,712
2,200,000
Singapore Government Bond
2.375
07/01/39
1,734,551
500,000
Singapore Government Bond
2.250
07/01/40
389,763
1,000,000
Singapore Government Bond
2.750
04/01/42
832,759
1,508,000
Singapore Government Bond
2.750
03/01/46
1,278,177
1,000,000
Singapore Government Bond
1.875
03/01/50
732,367
550,000
Singapore Government Bond
1.875
10/01/51
403,071
1,107,000
Singapore Government Bond
, Reg S
3.250
06/01/54
1,025,688
400,000
Singapore Government Bond
, Reg S
3.000
08/01/72
364,889
100,000
Slovakia Government Bond
, Reg S
1.375
01/21/27
116,397
335,000
Slovakia Government Bond
, Reg S
0.125
06/17/27
381,646
1,200,000
Slovakia Government Bond
, Reg S
3.000
02/07/28
1,428,539
1,410,000
Slovakia Government Bond
, Reg S
1.000
06/12/28
1,599,176
2,050,000
Slovakia Government Bond
, Reg S
3.625
01/16/29
2,485,420
1,390,000
Slovakia Government Bond
, Reg S
1.000
10/09/30
1,510,785
400,000
Slovakia Government Bond
, Reg S
1.625
01/21/31
443,130
800,000
Slovakia Government Bond
, Reg S
3.000
11/06/31
941,167
500,000
Slovakia Government Bond
, Reg S
1.000
05/14/32
517,347
2,410,000
Slovakia Government Bond
, Reg S
4.000
10/19/32
2,973,596
740,000
Slovakia Government Bond
, Reg S
3.625
06/08/33
886,564
500,000
Slovakia Government Bond
, Reg S
3.750
03/06/34
602,183
1,300,000
Slovakia Government Bond
, Reg S
3.750
02/23/35
1,552,485
100,000
Slovakia Government Bond
, Reg S
0.375
04/21/36
84,588
1,500,000
Slovakia Government Bond
, Reg S
3.750
02/27/40
1,707,907
500,000
Slovakia Government Bond
, Reg S
4.000
02/23/43
576,477
800,000
Slovakia Government Bond
, Reg S
2.000
10/17/47
633,512
125,000
Slovakia Government Bond
1.000
10/13/51
71,046
650,000
Slovakia Government Bond
, Reg S
2.250
06/12/68
436,433
634,000
Slovenia Government Bond
, Reg S
1.250
03/22/27
738,220
1,040,000
Slovenia Government Bond
, Reg S
1.000
03/06/28
1,194,380
540,000
Slovenia Government Bond
, Reg S
1.188
03/14/29
614,472
600,000
Slovenia Government Bond
, Reg S
0.275
01/14/30
648,820
540,000
Slovenia Government Bond
, Reg S
0.000
02/12/31
556,997
1,400,000
Slovenia Government Bond
, Reg S
2.250
03/03/32
1,597,767
600,000
Slovenia Government Bond
, Reg S
3.000
03/10/34
702,900
500,000
Slovenia Government Bond
, Reg S
1.500
03/25/35
510,715
1,025,000
Slovenia Government Bond
1.750
11/03/40
956,550
540,000
Slovenia Government Bond
, Reg S
3.125
08/07/45
577,190
700,000
Slovenia Government Bond
, Reg S
3.500
04/14/55
751,729
1,500,000
SNCF Reseau
, Reg S
1.125
05/25/30
1,628,489
300,000
Societe Des Grands Projets EPIC
, Reg S
1.125
10/22/28
338,803
500,000
Societe Des Grands Projets EPIC
, Reg S
3.375
05/25/45
519,443
1,300,000
Societe Des Grands Projets EPIC
, Reg S
1.000
02/18/70
497,475
400,000
Societe Nationale SNCF SACA
, Reg S
3.375
05/25/33
469,277
300,000
Societe Nationale SNCF SACA
, Reg S
3.125
05/25/34
341,247
400,000
South Australian Government Financing Authority
, Reg S
4.000
05/24/29
263,189
500,000
South Australian Government Financing Authority
, Reg S
4.750
05/24/35
320,484
800,000
South Australian Government Financing Authority
, Reg S
4.750
05/24/38
492,860
750,000
South Australian Government Financing Authority
, Reg S
2.250
05/24/40
327,104
4,000,000
Spain Government Bond
2.500
05/31/27
4,719,987
2,980,000
(a)
Spain Government Bond
, Reg S
1.450
10/31/27
3,458,187
2,980,000
Spain Government Bond
0.000
01/31/28
3,346,933
2,510,000
(a)
Spain Government Bond
, Reg S
1.400
04/30/28
2,895,052
5,410,000
Spain Government Bond
2.400
05/31/28
6,373,362
2,510,000
(a)
Spain Government Bond
, Reg S
1.400
07/30/28
2,884,675
4,610,000
(a)
Spain Government Bond
, Reg S
5.150
10/31/28
5,830,041
45
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
3,045,000
Spain Government Bond
6.000
%
01/31/29
$
3,962,023
3,970,000
(a)
Spain Government Bond
, Reg S
1.450
04/30/29
4,524,981
2,044,000
Spain Government Bond
3.500
05/31/29
2,483,892
1,940,000
Spain Government Bond
0.800
07/30/29
2,149,931
1,990,000
(a)
Spain Government Bond
, Reg S
0.600
10/31/29
2,178,843
5,090,000
Spain Government Bond
2.700
01/31/30
6,012,699
1,380,000
(a)
Spain Government Bond
, Reg S
0.500
04/30/30
1,486,029
850,000
(a)
Spain Government Bond
, Reg S
1.950
07/30/30
971,432
1,525,000
(a)
Spain Government Bond
, Reg S
1.250
10/31/30
1,680,319
950,000
(a)
Spain Government Bond
, Reg S
0.100
04/30/31
973,865
1,880,000
Spain Government Bond
3.100
07/30/31
2,247,325
900,000
(a)
Spain Government Bond
, Reg S
0.500
10/31/31
929,702
1,130,000
(a)
Spain Government Bond
, Reg S
0.700
04/30/32
1,164,626
2,165,000
Spain Government Bond
5.750
07/30/32
2,979,983
2,770,000
(a)
Spain Government Bond
, Reg S
2.550
10/31/32
3,181,664
380,000
Spain Government Bond
3.000
01/31/33
447,235
300,000
(a)
Spain Government Bond
, Reg S
3.150
04/30/33
356,069
880,000
(a)
Spain Government Bond
, Reg S
2.350
07/30/33
988,154
230,000
(a)
Spain Government Bond
, Reg S
3.550
10/31/33
279,288
880,000
(a)
Spain Government Bond
, Reg S
3.250
04/30/34
1,042,463
130,000
(a)
Spain Government Bond
, Reg S
3.450
10/31/34
155,790
680,000
(a)
Spain Government Bond
, Reg S
3.150
04/30/35
793,250
1,440,000
(a)
Spain Government Bond
, Reg S
1.850
07/30/35
1,500,241
3,800,000
(a)
Spain Government Bond
, Reg S
3.200
10/31/35
4,433,735
330,000
(a)
Spain Government Bond
, Reg S
4.200
01/31/37
415,756
420,000
(a)
Spain Government Bond
, Reg S
0.850
07/30/37
371,181
1,335,000
(a)
Spain Government Bond
, Reg S
3.900
07/30/39
1,616,083
2,200,000
(a)
Spain Government Bond
, Reg S
4.900
07/30/40
2,942,558
430,000
(a)
Spain Government Bond
, Reg S
1.200
10/31/40
363,097
440,000
(a)
Spain Government Bond
, Reg S
3.500
01/31/41
502,804
1,825,000
(a)
Spain Government Bond
, Reg S
4.700
07/30/41
2,392,481
630,000
(a)
Spain Government Bond
, Reg S
1.000
07/30/42
490,054
600,000
(a)
Spain Government Bond
, Reg S
3.450
07/30/43
671,042
2,200,000
(a)
Spain Government Bond
, Reg S
5.150
10/31/44
3,041,749
1,750,000
(a)
Spain Government Bond
, Reg S
2.900
10/31/46
1,770,855
1,230,000
(a)
Spain Government Bond
, Reg S
2.700
10/31/48
1,179,451
1,325,000
(a)
Spain Government Bond
, Reg S
1.000
10/31/50
829,750
500,000
(a)
Spain Government Bond
, Reg S
1.900
10/31/52
383,342
1,850,000
(a)
Spain Government Bond
, Reg S
4.000
10/31/54
2,128,243
3,810,000
(a)
Spain Government Bond
, Reg S
3.450
07/30/66
3,820,377
1,540,000
(a)
Spain Government Bond
, Reg S
1.450
10/31/71
813,866
100,000
Spain Government International Bond
5.250
04/06/29
138,512
100,000
State of Brandenburg
, Reg S
0.250
10/19/26
115,739
500,000
State of Bremen
2.500
11/20/29
585,307
500,000
State of Bremen
2.750
01/28/33
578,388
150,000
State of Hesse
2.500
08/28/30
174,841
300,000
State of Hesse
, Reg S
2.750
01/12/32
350,307
400,000
State of Hesse
2.875
01/10/33
466,918
500,000
State of Hesse
, Reg S
3.125
03/12/35
586,317
650,000
State of Hesse
2.900
06/18/35
746,438
100,000
State of Hesse
, Reg S
0.750
08/04/36
90,426
300,000
State of Lower Saxony
, Reg S
0.000
02/11/27
344,002
100,000
State of North Rhine-Westphalia Germany
, Reg S
3.000
01/27/28
119,133
500,000
State of North Rhine-Westphalia Germany
, Reg S
3.000
06/06/29
596,330
700,000
State of North Rhine-Westphalia Germany
, Reg S
0.200
04/09/30
742,068
500,000
State of North Rhine-Westphalia Germany
, Reg S
2.350
07/10/30
579,515
300,000
State of North Rhine-Westphalia Germany
, Reg S
2.750
01/15/32
350,281
1,000,000
State of North Rhine-Westphalia Germany
, Reg S
2.750
10/08/32
1,161,446
100,000
State of North Rhine-Westphalia Germany
, Reg S
1.100
03/13/34
100,793
350,000
State of North Rhine-Westphalia Germany
, Reg S
2.700
09/05/34
398,375
760,000
State of North Rhine-Westphalia Germany
, Reg S
0.000
10/12/35
654,133
100,000
State of North Rhine-Westphalia Germany
, Reg S
1.650
02/22/38
97,038
Portfolio of Investments December 31, 2025
(continued)
NXUS
46
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
380,000
State of North Rhine-Westphalia Germany
, Reg S
0.600
%
06/04/41
$
289,811
300,000
State of North Rhine-Westphalia Germany
, Reg S
0.200
01/27/51
146,389
200,000
State of North Rhine-Westphalia Germany
, Reg S
3.000
03/20/54
198,469
400,000
State of North Rhine-Westphalia Germany
, Reg S
3.400
03/07/73
408,184
800,000
State of North Rhine-Westphalia Germany
, Reg S
2.150
03/21/19
516,086
200,000
State of Rhineland-Palatinate
, Reg S
0.375
01/26/27
230,399
300,000
State of Rhineland-Palatinate
, Reg S
0.050
01/23/30
317,847
300,000
State of Rhineland-Palatinate
3.000
05/02/34
350,403
400,000
State of Saxony-Anhalt
0.350
02/09/32
403,412
200,000
State of Saxony-Anhalt
2.750
01/23/34
229,332
500,000
State of Schleswig-Holstein Germany
, Reg S
2.875
08/20/35
571,839
410,000
State of the Grand-Duchy of Luxembourg
, Reg S
0.625
02/01/27
474,311
2,010,000
State of the Grand-Duchy of Luxembourg
, Reg S
1.375
05/25/29
2,279,492
1,000,000
State of the Grand-Duchy of Luxembourg
, Reg S
0.000
04/28/30
1,050,253
1,840,000
State of the Grand-Duchy of Luxembourg
, Reg S
0.000
03/24/31
1,876,631
700,000
State of the Grand-Duchy of Luxembourg
, Reg S
3.000
03/02/33
825,716
700,000
State of the Grand-Duchy of Luxembourg
, Reg S
2.900
09/17/35
806,969
840,000
State of the Grand-Duchy of Luxembourg
, Reg S
3.250
03/02/43
914,915
200,000
States of Guernsey Bond
, Reg S
3.375
12/12/46
196,578
2,000,000
Statkraft AS
, Reg S
4.500
06/14/34
193,352
400,000
Svensk Exportkredit AB
4.200
04/01/31
258,537
8,000,000
Sweden Government Bond
, Reg S
0.750
05/12/28
841,154
14,000,000
Sweden Government Bond
, Reg S
0.750
11/12/29
1,434,564
9,000,000
Sweden Government Bond
, Reg S
0.125
05/12/31
865,274
6,000,000
Sweden Government Bond
, Reg S
2.250
06/01/32
641,049
20,000,000
Sweden Government Bond
, Reg S
1.750
11/11/33
2,036,317
2,000,000
Sweden Government Bond
, Reg S
2.250
05/11/35
208,061
2,000,000
Sweden Government Bond
, Reg S
2.500
10/15/36
210,270
12,000,000
Sweden Government Bond
, Reg S
3.500
03/30/39
1,382,627
2,000,000
Sweden Government Bond
, Reg S
0.500
11/24/45
136,411
3,000,000
Sweden Government Bond
, Reg S
1.375
06/23/71
181,189
500,000
Sweden Government International Bond
, Reg S
2.000
06/26/28
582,920
4,200,000
Swiss Confederation Government Bond
, Reg S
4.000
04/08/28
5,784,470
3,700,000
Swiss Confederation Government Bond
, Reg S
3.500
04/08/33
5,770,786
23,000
Swiss Confederation Government Bond
, Reg S
0.000
06/26/34
28,396
1,600,000
Swiss Confederation Government Bond
, Reg S
0.250
06/23/35
2,011,644
1,000,000
Swiss Confederation Government Bond
, Reg S
2.500
03/08/36
1,537,556
60,000
Swiss Confederation Government Bond
, Reg S
1.250
06/27/37
83,050
200,000
Swiss Confederation Government Bond
, Reg S
1.500
10/26/38
285,146
500,000
Swiss Confederation Government Bond
, Reg S
0.500
05/28/40
633,074
800,000
Swiss Confederation Government Bond
, Reg S
1.250
06/28/43
1,135,357
500,000
Swiss Confederation Government Bond
, Reg S
0.875
05/22/47
676,037
300,000
Swiss Confederation Government Bond
, Reg S
2.000
06/25/64
600,629
200,000
Swisscom AG
1.800
08/23/34
265,593
250,000
Swisscom AG
2.000
11/23/39
333,906
550,000
Tasmanian Public Finance Corp
, Reg S
2.500
01/21/33
309,654
250,000
Tasmanian Public Finance Corp
4.000
01/20/34
152,530
500,000
Tennet Netherlands BV
, Reg S
1.750
06/04/27
582,681
20,000,000
Thailand Government Bond
1.000
06/17/27
633,694
21,037,000
Thailand Government Bond
2.400
11/17/27
683,913
40,000,000
Thailand Government Bond
2.050
04/17/28
1,295,963
23,000,000
Thailand Government Bond
2.650
06/17/28
755,959
25,000,000
Thailand Government Bond
2.875
12/17/28
832,889
33,000,000
Thailand Government Bond
2.400
03/17/29
1,087,696
20,000,000
Thailand Government Bond
4.875
06/22/29
714,363
18,000,000
Thailand Government Bond
2.500
11/17/29
598,987
15,000,000
Thailand Government Bond
1.600
12/17/29
483,001
19,000,000
Thailand Government Bond
1.660
03/17/30
613,556
10,000,000
Thailand Government Bond
3.650
06/20/31
356,389
30,000,000
Thailand Government Bond
2.000
12/17/31
988,875
18,000,000
Thailand Government Bond
3.775
06/25/32
656,474
15,000,000
Thailand Government Bond
3.350
06/17/33
541,368
47
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
20,000,000
Thailand Government Bond
2.800
%
06/17/34
$
696,100
20,000,000
Thailand Government Bond
2.410
03/17/35
678,666
10,000,000
Thailand Government Bond
1.585
12/17/35
316,544
33,000,000
Thailand Government Bond
3.390
06/17/37
1,217,786
18,000,000
Thailand Government Bond
, Reg S
4.260
12/12/37
700,406
13,000,000
Thailand Government Bond
3.300
06/17/38
475,474
10,000,000
Thailand Government Bond
2.700
06/17/40
346,842
23,000,000
Thailand Government Bond
3.450
06/17/43
851,290
31,500,000
Thailand Government Bond
2.980
06/17/45
1,110,969
18,000,000
Thailand Government Bond
2.875
06/17/46
619,416
10,000,000
Thailand Government Bond
3.150
06/17/50
356,159
20,000,000
Thailand Government Bond
4.000
06/17/55
837,207
2,837,000
Thailand Government Bond
2.500
06/17/71
88,866
32,000,000
Thailand Government Bond
4.000
06/17/72
1,447,342
600,000
Transport for London
, Reg S
3.625
05/15/45
614,475
100,000
Treasury Corp of Victoria
1.250
11/19/27
63,141
1,400,000
Treasury Corp of Victoria
, Reg S
3.000
10/20/28
899,923
1,050,000
Treasury Corp of Victoria
2.500
10/22/29
650,793
200,000
Treasury Corp of Victoria
1.500
11/20/30
115,007
1,300,000
Treasury Corp of Victoria
1.500
09/10/31
725,130
200,000
Treasury Corp of Victoria
4.250
12/20/32
127,674
1,318,000
Treasury Corp of Victoria
, Reg S
2.250
09/15/33
718,594
1,000,000
Treasury Corp of Victoria
2.250
11/20/34
523,410
300,000
Treasury Corp of Victoria
2.000
09/17/35
148,805
350,000
Treasury Corp of Victoria
4.750
09/15/36
219,673
750,000
Treasury Corp of Victoria
2.000
11/20/37
342,499
700,000
Treasury Corp of Victoria
5.250
09/15/38
449,275
1,300,000
Treasury Corp of Victoria
5.500
09/15/39
844,763
300,000
Treasury Corp of Victoria
, Reg S
3.625
09/29/40
345,600
1,200,000
Treasury Corp of Victoria
2.250
11/20/41
497,552
500,000
Treasury Corp of Victoria
2.400
08/18/50
176,992
300,000
UNEDIC ASSEO
, Reg S
3.125
04/25/33
349,281
1,200,000
UNEDIC ASSEO
, Reg S
3.375
11/25/33
1,412,879
500,000
UNEDIC ASSEO
, Reg S
3.125
11/25/34
571,847
600,000
UNEDIC ASSEO
, Reg S
3.250
05/25/35
689,193
1,000,000
United Kingdom Gilt
, Reg S
1.250
07/22/27
1,296,272
450,000
United Kingdom Gilt
, Reg S
4.250
12/07/27
612,180
2,685,000
United Kingdom Gilt
, Reg S
0.125
01/31/28
3,368,607
8,000,000
United Kingdom Gilt
, Reg S
4.375
03/07/28
10,896,590
8,225,000
United Kingdom Gilt
, Reg S
4.500
06/07/28
11,252,354
1,748,000
United Kingdom Gilt
, Reg S
1.625
10/22/28
2,224,058
850,000
United Kingdom Gilt
, Reg S
6.000
12/07/28
1,213,673
550,000
United Kingdom Gilt
, Reg S
0.500
01/31/29
671,302
3,000,000
United Kingdom Gilt
, Reg S
4.000
05/22/29
4,052,108
1,550,000
United Kingdom Gilt
, Reg S
4.125
07/22/29
2,103,348
450,000
United Kingdom Gilt
, Reg S
0.875
10/22/29
544,087
4,450,000
United Kingdom Gilt
, Reg S
4.375
03/07/30
6,086,780
1,900,000
United Kingdom Gilt
, Reg S
0.375
10/22/30
2,169,946
850,000
United Kingdom Gilt
, Reg S
4.750
12/07/30
1,187,212
4,000,000
United Kingdom Gilt
, Reg S
4.125
03/07/31
5,397,657
750,000
United Kingdom Gilt
, Reg S
0.250
07/31/31
824,768
2,950,000
United Kingdom Gilt
, Reg S
4.000
10/22/31
3,949,850
2,850,000
United Kingdom Gilt
, Reg S
1.000
01/31/32
3,201,662
3,400,000
United Kingdom Gilt
, Reg S
4.250
06/07/32
4,615,713
3,200,000
United Kingdom Gilt
, Reg S
3.250
01/31/33
4,042,979
500,000
United Kingdom Gilt
, Reg S
0.875
07/31/33
525,860
1,350,000
United Kingdom Gilt
, Reg S
4.625
01/31/34
1,847,652
1,900,000
United Kingdom Gilt
, Reg S
4.250
07/31/34
2,524,861
500,000
United Kingdom Gilt
, Reg S
4.500
09/07/34
677,036
1,900,000
United Kingdom Gilt
, Reg S
4.500
03/07/35
2,559,862
1,900,000
United Kingdom Gilt
, Reg S
0.625
07/31/35
1,797,133
4,380,000
United Kingdom Gilt
, Reg S
4.750
10/22/35
5,984,341
Portfolio of Investments December 31, 2025
(continued)
NXUS
48
See Notes to Financial Statements
Principal denominated in U.S. Dollars, unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SOVEREIGN DEBT
(continued)
$
500,000
United Kingdom Gilt
, Reg S
4.250
%
03/07/36
$
654,724
850,000
United Kingdom Gilt
, Reg S
1.750
09/07/37
844,753
1,000,000
United Kingdom Gilt
, Reg S
3.750
01/29/38
1,222,032
600,000
United Kingdom Gilt
, Reg S
1.125
01/31/39
522,995
1,500,000
United Kingdom Gilt
, Reg S
4.250
09/07/39
1,899,819
650,000
United Kingdom Gilt
, Reg S
4.375
01/31/40
829,198
8,450,000
United Kingdom Gilt
, Reg S
4.250
12/07/40
10,568,245
1,314,000
United Kingdom Gilt
, Reg S
1.250
10/22/41
1,057,197
675,000
United Kingdom Gilt
, Reg S
4.500
12/07/42
854,922
655,000
United Kingdom Gilt
, Reg S
4.750
10/22/43
846,655
1,633,000
United Kingdom Gilt
, Reg S
3.250
01/22/44
1,720,863
450,000
United Kingdom Gilt
, Reg S
3.500
01/22/45
487,241
275,000
United Kingdom Gilt
, Reg S
0.875
01/31/46
174,319
900,000
United Kingdom Gilt
, Reg S
4.250
12/07/46
1,074,049
100,000
United Kingdom Gilt
, Reg S
1.500
07/22/47
71,056
300,000
United Kingdom Gilt
, Reg S
1.750
01/22/49
219,194
600,000
United Kingdom Gilt
, Reg S
4.250
12/07/49
706,416
1,500,000
United Kingdom Gilt
, Reg S
0.625
10/22/50
744,038
1,250,000
United Kingdom Gilt
, Reg S
1.250
07/31/51
745,820
325,000
United Kingdom Gilt
, Reg S
3.750
07/22/52
346,798
500,000
United Kingdom Gilt
, Reg S
1.500
07/31/53
309,247
433,000
United Kingdom Gilt
, Reg S
3.750
10/22/53
457,281
390,000
United Kingdom Gilt
, Reg S
4.375
07/31/54
459,870
750,000
United Kingdom Gilt
, Reg S
1.625
10/22/54
473,452
1,142,000
United Kingdom Gilt
, Reg S
4.250
12/07/55
1,319,342
324,000
United Kingdom Gilt
, Reg S
5.375
01/31/56
448,343
1,342,000
United Kingdom Gilt
, Reg S
1.750
07/22/57
848,963
337,000
United Kingdom Gilt
, Reg S
4.000
01/22/60
369,754
1,775,000
United Kingdom Gilt
, Reg S
0.500
10/22/61
623,770
750,000
United Kingdom Gilt
, Reg S
4.000
10/22/63
812,602
1,630,000
United Kingdom Gilt
, Reg S
2.500
07/22/65
1,224,130
450,000
United Kingdom Gilt
, Reg S
3.500
07/22/68
438,083
1,150,000
United Kingdom Gilt
, Reg S
1.625
10/22/71
633,870
1,500,000
United Kingdom Gilt
, Reg S
1.125
10/22/73
648,292
300,000
Western Australian Treasury Corp
1.500
10/22/30
173,928
300,000
Western Australian Treasury Corp
4.250
07/20/33
191,734
1,500,000
Western Australian Treasury Corp
, Reg S
2.000
10/24/34
780,063
300,000
Western Australian Treasury Corp
, Reg S
4.750
10/24/35
193,197
700,000
Western Australian Treasury Corp
, Reg S
5.000
10/21/37
448,538
500,000
Wirtschafts- und Infrastrukturbank Hessen
2.625
02/13/35
560,275
400,000
Zuercher Kantonalbank
, Reg S
2.750
04/19/28
518,820
TOTAL SOVEREIGN DEBT
1,989,391,075
TOTAL GOVERNMENT RELATED
(Cost $1,986,057,888)
1,989,391,075
TOTAL LONG-TERM INVESTMENTS
(Cost $2,491,854,891)
2,499,191,096
OTHER ASSETS & LIABILITIES, NET - 1.4%
36,742,392
NET ASSETS - 100%
$
2,535,933,488
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering
those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the
registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are
made outside the United States.
REIT
Real Estate Investment Trust
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $399,621,826 or 16.0% of Total Investments.
(b)
Perpetual security. Maturity date is not applicable.
49
See Notes to Financial Statements
Investments in Derivatives
Forward Foreign Currency Contracts
Currency
Purchased
Notional Amount
(Local Currency)
Currency
Sold
Notional Amount
(Local Currency)
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
CNY
146,909,126
USD
20,990,979
Anz Banking Group Ltd
1/05/26
56,324
EUR
5,284,248
USD
6,224,139
Anz Banking Group Ltd
2/03/26
(9,216)
NZD
25,431,266
USD
14,754,498
Anz Banking Group Ltd
1/05/26
(130,255)
USD
7,496,200
AUD
11,280,482
Anz Banking Group Ltd
1/05/26
(26,178)
USD
24,071,178
GBP
18,023,502
Anz Banking Group Ltd
1/05/26
(171,228)
USD
18,849,464
GBP
14,085,683
Anz Banking Group Ltd
1/05/26
(96,402)
USD
21,026,995
CNY
146,909,126
Anz Banking Group Ltd
2/03/26
(59,297)
USD
14,771,046
NZD
25,431,266
Anz Banking Group Ltd
2/03/26
128,000
MXN
465,819,628
USD
25,939,971
Barclays Capital
1/05/26
(31,596)
NOK
39,180,499
USD
3,900,000
Barclays Capital
1/05/26
(15,685)
USD
72,696,651
EUR
62,448,953
Barclays Capital
1/05/26
(646,727)
USD
7,783,244
ILS
25,381,588
Barclays Capital
1/05/26
(180,606)
USD
12,793,617
MXN
234,653,022
Barclays Capital
1/05/26
(257,525)
USD
9,293,963
PLN
33,825,007
Barclays Capital
1/05/26
(114,417)
USD
11,911,129
SEK
112,233,953
Barclays Capital
1/05/26
(263,336)
USD
10,838,123
SGD
14,004,492
Barclays Capital
1/05/26
(51,839)
USD
115,257,056
EUR
98,819,389
Barclays Capital
1/05/26
(801,701)
USD
22,342,198
GBP
16,748,238
Barclays Capital
1/05/26
(184,922)
USD
3,147,746
IDR
52,570,825,000
Barclays Capital
1/09/26
(4,768)
USD
3,299,504
MYR
13,561,949
Barclays Capital
1/09/26
(42,909)
USD
117,775,484
EUR
101,163,306
Barclays Capital
1/05/26
(1,036,094)
USD
46,810,861
JPY
7,324,352,615
Barclays Capital
1/05/26
83,038
USD
3,141,488
MYR
12,923,451
Barclays Capital
1/09/26
(43,564)
USD
115,592,266
EUR
98,376,815
Barclays Capital
1/05/26
53,292
USD
2,988,264
MYR
12,217,817
Barclays Capital
1/09/26
(22,880)
USD
1,517,040
SEK
14,071,492
Barclays Capital
1/05/26
(9,351)
USD
7,060,205
AUD
10,672,438
Barclays Capital
1/05/26
(56,699)
USD
121,660,560
EUR
103,444,237
Barclays Capital
1/05/26
170,136
USD
926,070
RON
4,015,948
Barclays Capital
1/05/26
203
USD
7,895,592
AUD
11,939,553
Barclays Capital
1/05/26
(66,286)
USD
122,592,293
EUR
104,591,366
Barclays Capital
1/05/26
(245,381)
USD
1,265,545
ILS
4,056,800
Barclays Capital
1/05/26
(7,336)
USD
2,509,562
MYR
10,230,228
Barclays Capital
1/09/26
(11,731)
USD
983,116
RON
4,275,016
Barclays Capital
1/05/26
(2,478)
USD
25,871,850
MXN
465,819,628
Barclays Capital
2/03/26
38,331
USD
3,899,880
NOK
39,180,499
Barclays Capital
2/03/26
15,105
DKK
116,547,547
USD
18,388,698
Citigroup
1/05/26
(62,459)
ILS
51,180,725
USD
16,029,236
Citigroup
1/05/26
29,477
RON
44,140,149
USD
10,210,033
Citigroup
1/05/26
(33,630)
SGD
27,721,990
USD
21,582,653
Citigroup
1/05/26
(25,896)
THB
455,992,833
USD
14,406,446
Citigroup
1/05/26
67,220
USD
20,824,418
CNY
146,909,126
Citigroup
1/05/26
(222,886)
USD
14,684,923
IDR
244,145,656,112
Citigroup
1/09/26
44,240
USD
28,408,915
KRW
41,589,799,194
Citigroup
1/09/26
(466,009)
USD
2,202,531
NOK
22,301,880
Citigroup
1/05/26
(8,454)
USD
9,084,683
PEN
30,639,909
Citigroup
1/09/26
(25,843)
USD
5,272,271
RON
23,140,027
Citigroup
1/05/26
(62,606)
USD
8,333,225
AUD
12,548,805
Citigroup
1/05/26
(34,933)
USD
8,976,378
KRW
13,209,100,000
Citigroup
1/09/26
(194,422)
USD
2,446,443
MXN
44,569,530
Citigroup
1/05/26
(32,465)
USD
2,650,193
PEN
8,942,811
Citigroup
1/09/26
(8,879)
USD
945,997
RON
4,142,024
Citigroup
1/05/26
(8,936)
USD
1,769,037
SEK
16,609,069
Citigroup
1/05/26
(32,615)
USD
7,669,651
AUD
11,545,757
Citigroup
1/05/26
(29,625)
USD
895,411
CZK
18,675,608
Citigroup
1/05/26
(11,985)
USD
762,411
HUF
251,887,723
Citigroup
1/05/26
(8,099)
USD
6,587,200
KRW
9,670,800,000
Citigroup
1/09/26
(127,033)
USD
1,340,436
NZD
2,314,306
Citigroup
1/05/26
9,595
USD
1,010,505
RON
4,427,239
Citigroup
1/05/26
(10,184)
USD
2,580,110
PEN
8,712,774
Citigroup
1/09/26
(10,562)
USD
1,842,344
ILS
5,942,690
Citigroup
1/05/26
(22,264)
USD
6,520,553
KRW
9,585,800,000
Citigroup
1/09/26
(134,666)
USD
179,065
NOK
1,815,849
Citigroup
1/05/26
(956)
USD
1,449,871
NZD
2,498,657
Citigroup
1/05/26
13,019
USD
1,825,141
PEN
6,155,105
Citigroup
1/09/26
(5,029)
Portfolio of Investments December 31, 2025
(continued)
NXUS
50
See Notes to Financial Statements
USD
953,618
RON
4,139,895
Citigroup
1/05/26
(825)
USD
787,049
CLP
720,968,809
Citigroup
1/09/26
(12,793)
USD
6,476,068
KRW
9,551,100,000
Citigroup
1/09/26
(155,060)
USD
3,069,122
CHF
2,438,995
Citigroup
1/05/26
(9,446)
USD
1,406,841
DKK
8,966,993
Citigroup
1/05/26
(3,153)
USD
196,265
NOK
1,991,581
Citigroup
1/05/26
(1,178)
USD
1,734,074
NZD
3,012,997
Citigroup
1/05/26
1,451
USD
1,944,370
SEK
18,034,936
Citigroup
1/05/26
(11,952)
USD
5,910,382
KRW
8,729,634,000
Citigroup
1/09/26
(150,420)
USD
18,419,640
DKK
116,547,547
Citigroup
2/03/26
60,797
USD
16,028,051
ILS
51,180,725
Citigroup
2/03/26
(30,662)
USD
10,193,291
RON
44,140,149
Citigroup
2/03/26
33,072
USD
21,623,983
SGD
27,721,990
Citigroup
2/03/26
24,002
USD
14,407,630
THB
455,992,833
Citigroup
2/03/26
(92,732)
USD
2,135,376
THB
67,395,699
Citigroup
1/05/26
(3,830)
USD
1,448,867
THB
45,539,336
Citigroup
1/05/26
3,403
USD
1,537,509
THB
48,929,677
Citigroup
1/05/26
(15,568)
USD
9,210,096
THB
294,128,121
Citigroup
1/05/26
(125,823)
AUD
121,871,137
USD
81,521,115
Morgan Stanley
1/05/26
(251,476)
CAD
201,344,129
USD
147,066,061
Morgan Stanley
1/05/26
(179,955)
CZK
222,152,873
USD
10,771,153
Morgan Stanley
1/05/26
22,634
EUR
1,879,191
USD
2,195,046
Morgan Stanley
1/05/26
11,977
EUR
87,594,810
USD
103,239,996
Morgan Stanley
1/05/26
(363,983)
EUR
1,000,000,000
USD
1,178,100,000
Morgan Stanley
1/05/26
(3,646,708)
GBP
160,668,928
USD
216,811,472
Morgan Stanley
1/05/26
(704,664)
THB
177,048,736
USD
5,592,719
Morgan Stanley
1/05/26
26,984
USD
74,860,448
CAD
104,482,285
Morgan Stanley
1/05/26
(1,362,266)
USD
20,540,183
CHF
16,426,933
Morgan Stanley
1/05/26
(194,349)
USD
4,050,663
CLP
3,761,445,694
Morgan Stanley
1/09/26
(122,285)
USD
5,895,957
CZK
122,378,478
Morgan Stanley
1/05/26
(50,072)
USD
9,235,719
DKK
59,219,251
Morgan Stanley
1/05/26
(76,070)
USD
582,236,000
EUR
500,000,000
Morgan Stanley
1/05/26
(4,990,646)
USD
110,920,873
GBP
83,844,873
Morgan Stanley
1/05/26
(1,854,186)
USD
4,730,204
HUF
1,553,414,951
Morgan Stanley
1/05/26
(21,601)
USD
13,662,595
MYR
56,334,976
Morgan Stanley
1/09/26
(221,452)
USD
4,235,520
CHF
3,395,537
Morgan Stanley
1/05/26
(50,422)
USD
864,083
CLP
795,302,424
Morgan Stanley
1/09/26
(18,225)
USD
1,096,951
CZK
22,767,124
Morgan Stanley
1/05/26
(9,240)
USD
1,719,104
DKK
11,005,396
Morgan Stanley
1/05/26
(11,413)
USD
805,644
HUF
264,261,023
Morgan Stanley
1/05/26
(2,715)
USD
544,290
NOK
5,496,694
Morgan Stanley
1/05/26
(647)
USD
1,587,042
NZD
2,743,503
Morgan Stanley
1/05/26
9,392
USD
381,292
PLN
1,385,174
Morgan Stanley
1/05/26
(3,992)
USD
2,513,142
SGD
3,248,281
Morgan Stanley
1/05/26
(12,738)
USD
3,943,801
CHF
3,171,978
Morgan Stanley
1/05/26
(59,958)
USD
1,932,739
DKK
12,390,590
Morgan Stanley
1/05/26
(15,589)
USD
9,486,410
EUR
8,143,741
Morgan Stanley
1/05/26
(78,034)
USD
3,383,316
IDR
56,470,250,000
Morgan Stanley
1/09/26
(3,036)
USD
1,407,129
ILS
4,537,328
Morgan Stanley
1/05/26
(16,525)
USD
1,887,069
MXN
34,413,039
Morgan Stanley
1/05/26
(26,946)
USD
1,712,129
PLN
6,225,660
Morgan Stanley
1/05/26
(19,530)
USD
2,309,950
SEK
21,574,684
Morgan Stanley
1/05/26
(30,342)
USD
2,076,155
SGD
2,687,834
Morgan Stanley
1/05/26
(13,918)
USD
15,466,004
CAD
21,294,246
Morgan Stanley
1/05/26
(68,736)
USD
4,031,334
CHF
3,200,140
Morgan Stanley
1/05/26
(7,972)
USD
995,424
CLP
905,886,051
Morgan Stanley
1/09/26
(9,566)
USD
966,813
CZK
19,985,555
Morgan Stanley
1/05/26
(4,229)
USD
1,943,517
DKK
12,349,990
Morgan Stanley
1/05/26
1,573
USD
2,426,415
EUR
2,064,015
Morgan Stanley
1/05/26
2,326
USD
910,718
HUF
299,344,778
Morgan Stanley
1/05/26
(4,960)
USD
2,865,343
IDR
47,736,620,000
Morgan Stanley
1/09/26
2,721
USD
2,740,182
MXN
49,595,562
Morgan Stanley
1/05/26
(18,269)
USD
1,774,855
PLN
6,394,208
Morgan Stanley
1/05/26
(3,686)
USD
1,872,305
SGD
2,414,816
Morgan Stanley
1/05/26
(5,468)
USD
869,365
CZK
18,030,475
Morgan Stanley
1/05/26
(6,686)
USD
1,986,204
DKK
12,615,327
Morgan Stanley
1/05/26
2,537
USD
12,235,340
EUR
10,422,178
Morgan Stanley
1/05/26
(5,021)
USD
754,412
HUF
249,674,285
Morgan Stanley
1/05/26
(9,327)
USD
1,677,560
ILS
5,418,112
Morgan Stanley
1/05/26
(22,453)
USD
3,266,534
MXN
58,946,250
Morgan Stanley
1/05/26
(11,991)
USD
2,965,079
MYR
12,097,524
Morgan Stanley
1/09/26
(16,418)
51
See Notes to Financial Statements
USD
362,907
NOK
3,703,945
Morgan Stanley
1/05/26
(4,298)
USD
1,379,311
NZD
2,383,827
Morgan Stanley
1/05/26
8,492
USD
2,552,784
PEN
8,608,423
Morgan Stanley
1/09/26
(6,860)
USD
1,606,420
PLN
5,762,226
Morgan Stanley
1/05/26
3,664
USD
2,840,844
SEK
26,356,948
Morgan Stanley
1/05/26
(18,199)
USD
2,208,602
SGD
2,847,105
Morgan Stanley
1/05/26
(5,321)
USD
573,164
CLP
521,052,007
Morgan Stanley
1/09/26
(4,891)
USD
5,938,798
IDR
99,484,364,200
Morgan Stanley
1/09/26
(26,981)
USD
1,620,728
PEN
5,463,328
Morgan Stanley
1/09/26
(3,748)
USD
1,691,489
PLN
6,077,387
Morgan Stanley
1/05/26
1,072
USD
1,950,987
SGD
2,519,462
Morgan Stanley
1/05/26
(8,159)
USD
81,527,793
AUD
121,871,137
Morgan Stanley
2/03/26
243,484
USD
147,256,344
CAD
201,344,129
Morgan Stanley
2/03/26
171,179
USD
10,775,615
CZK
222,152,873
Morgan Stanley
2/03/26
(23,372)
USD
103,382,110
EUR
87,594,810
Morgan Stanley
2/03/26
359,888
USD
1,179,726,500
EUR
1,000,000,000
Morgan Stanley
2/03/26
3,604,054
USD
216,801,896
GBP
160,668,928
Morgan Stanley
2/03/26
703,518
USD
5,592,844
THB
177,048,736
Morgan Stanley
2/03/26
(37,225)
USD
1,561,578
THB
49,872,435
Morgan Stanley
1/05/26
(21,423)
USD
1,347,690
THB
42,411,660
Morgan Stanley
1/05/26
1,501
USD
1,546,569
THB
49,381,963
Morgan Stanley
1/05/26
(20,864)
USD
1,112,708
THB
35,382,678
Morgan Stanley
1/05/26
(10,373)
CHF
32,922,855
USD
41,757,513
Toronto Dominion
1/05/26
(201,369)
HUF
2,880,027,702
USD
8,766,146
Toronto Dominion
1/05/26
43,690
JPY
65,379,171,777
USD
418,936,126
Toronto Dominion
1/05/26
(1,830,816)
PLN
60,539,702
USD
16,865,522
Toronto Dominion
1/05/26
(26,486)
SEK
208,881,082
USD
22,736,067
Toronto Dominion
1/05/26
(77,903)
USD
41,865,539
AUD
63,884,102
Toronto Dominion
1/05/26
(735,507)
USD
210,281,314
JPY
32,546,025,447
Toronto Dominion
1/05/26
2,644,545
USD
7,168,977
NZD
12,477,976
Toronto Dominion
1/05/26
(6,480)
USD
13,889,183
CAD
19,219,254
Toronto Dominion
1/05/26
(131,794)
USD
1,806,426
ILS
5,844,207
Toronto Dominion
1/05/26
(27,281)
USD
40,960,405
JPY
6,342,419,767
Toronto Dominion
1/05/26
497,107
USD
239,533
PLN
870,040
Toronto Dominion
1/05/26
(2,468)
USD
12,056,031
CAD
16,666,739
Toronto Dominion
1/05/26
(102,816)
USD
798,025
CLP
740,566,932
Toronto Dominion
1/09/26
(23,560)
USD
17,346,350
GBP
13,048,844
Toronto Dominion
1/05/26
(204,921)
USD
381,698
NOK
3,870,550
Toronto Dominion
1/05/26
(2,024)
USD
41,799,212
JPY
6,498,811,963
Toronto Dominion
1/05/26
338,164
USD
14,430,417
CAD
19,856,485
Toronto Dominion
1/05/26
(55,437)
USD
5,413,724
CHF
4,289,272
Toronto Dominion
1/05/26
(314)
USD
3,809,856
IDR
63,630,240,000
Toronto Dominion
1/09/26
(5,858)
USD
37,984,412
JPY
5,894,743,913
Toronto Dominion
1/05/26
377,191
USD
14,391,276
CAD
19,825,120
Toronto Dominion
1/05/26
(71,697)
USD
979,398
CZK
20,315,633
Toronto Dominion
1/05/26
(7,682)
USD
19,930,732
GBP
14,917,788
Toronto Dominion
1/05/26
(134,352)
USD
790,675
HUF
261,444,942
Toronto Dominion
1/05/26
(9,070)
USD
43,059,596
JPY
6,772,818,072
Toronto Dominion
1/05/26
(149,553)
USD
2,419,348
MXN
43,642,225
Toronto Dominion
1/05/26
(7,985)
USD
41,887,245
CHF
32,922,855
Toronto Dominion
2/03/26
195,874
USD
8,748,223
HUF
2,880,027,702
Toronto Dominion
2/03/26
(43,545)
USD
420,015,905
JPY
65,379,171,777
Toronto Dominion
2/03/26
1,798,811
USD
16,862,810
PLN
60,539,702
Toronto Dominion
2/03/26
27,237
USD
22,772,199
SEK
208,881,082
Toronto Dominion
2/03/26
77,919
Total
$(13,434,443)
Total unrealized appreciation on forward foreign currency contracts
$12,008,239
Total unrealized depreciation on forward foreign currency contracts
$(25,442,682)
52
Portfolio of Investments December 31, 2025
NURE
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 99.1%
REAL ESTATE INVESTMENT TRUST COMMON STOCKS - 99.1%
APARTMENTS - 47.8%
49,002
American Homes 4 Rent, Class A
$
1,572,964
36,814
Apartment Investment and Management Co, Class A
218,675
8,570
AvalonBay Communities Inc
1,553,827
14,653
Camden Property Trust
1,613,002
4,639
Centerspace
309,514
24,909
Equity Residential
1,570,263
5,925
Essex Property Trust Inc
1,550,454
66,303
Independence Realty Trust Inc
1,158,976
57,070
Invitation Homes Inc
1,585,975
11,457
Mid-America Apartment Communities Inc
1,591,492
6,058
NexPoint Residential Trust Inc
182,346
42,908
UDR Inc
1,573,866
22,558
Veris Residential Inc
335,663
TOTAL APARTMENTS
14,817,017
DIVERSIFIED - 2.6%
24,485
Elme Communities
426,039
22,488
UMH Properties Inc
357,784
TOTAL DIVERSIFIED
783,823
HOTELS - 21.1%
61,106
Apple Hospitality REIT Inc
724,106
56,575
DiamondRock Hospitality Co
506,912
84,757
Host Hotels & Resorts Inc
1,502,742
55,518
Park Hotels & Resorts Inc
580,718
31,549
Pebblebrook Hotel Trust
357,135
41,415
RLJ Lodging Trust
308,542
15,916
Ryman Hospitality Properties Inc
1,505,972
43,882
Service Properties Trust
80,743
29,413
Summit Hotel Properties Inc
143,241
52,742
Sunstone Hotel Investors Inc
471,514
26,331
Xenia Hotels & Resorts Inc
372,320
TOTAL HOTELS
6,553,945
MANUFACTURED HOMES - 9.8%
25,095
Equity LifeStyle Properties Inc
1,521,008
12,373
Sun Communities Inc
1,533,138
TOTAL MANUFACTURED HOMES
3,054,146
SELF-STORAGE - 17.8%
41,943
CubeSmart
1,512,045
11,645
Extra Space Storage Inc
1,516,412
19,658
National Storage Affiliates Trust
554,552
5,647
Public Storage
1,465,397
15,376
Smartstop Self Storage REIT Inc
475,734
TOTAL SELF-STORAGE
5,524,140
TOTAL REAL ESTATE INVESTMENT TRUST COMMON STOCKS
(Cost $41,515,082)
30,733,071
TOTAL LONG-TERM INVESTMENTS
(Cost $41,515,082)
30,733,071
OTHER ASSETS & LIABILITIES, NET - 0.9%
275,170
NET ASSETS - 100%
$
31,008,241
REIT
Real Estate Investment Trust
Statement of Assets and Liabilities
See Notes to Financial Statements
53
December 31, 2025
NXUS
NURE
ASSETS
Long-term investments, at value
†
$
2,499,191,096
$
30,733,071
Cash
16,842,892
103,435
Cash denominated in foreign currencies
^
626,404
-
Segregated cash balance with authorized participant for deposit securities
41,659,980
-
Unrealized appreciation on forward foreign currency contracts
12,008,239
-
Receivables:
Dividends
-
181,625
Interest
26,571,056
-
Investments sold
13,413,490
-
Reclaims
194,001
-
Other
-
1,326
Total assets
2,610,507,158
31,019,457
LIABILITIES
Unrealized depreciation on forward foreign currency contracts
25,442,682
-
Payables:
Management fees
120,733
9,491
Collateral upon the receipt of in-kind securities from authorized participant
41,659,980
-
Interest
84,297
-
Investments purchased - regular settlement
7,253,366
-
Accrued expenses:
Professional fees
941
23
Trustees fees
11,671
376
Other
-
1,326
Total liabilities
74,573,670
11,216
Net assets
$
2,535,933,488
$
31,008,241
Shares outstanding
101,400,000
1,100,000
Net asset value ("NAV") per share
$
25.01
$
28.19
NET ASSETS CONSIST OF:
Paid-in capital
2,544,243,945
53,922,440
Total distributable earnings (loss)
(8,310,457)
(22,914,199)
Net assets
$
2,535,933,488
$
31,008,241
Authorized shares
Unlimited
Unlimited
Par value per share
$
0.01
$
0.01
†
Long-term investments, cost
$
2,491,854,891
$
41,515,082
^ Cash denominated in foreign currencies, cost
$
620,078
$
-
Statement of Operations
See Notes to Financial Statements
54
Year Ended December 31, 2025
NXUS
1
NURE
INVESTMENT INCOME
Dividends
$
-
$
1,355,618
Interest
7,176,628
-
Tax withheld on income
(556,071)
-
Total investment income
6,620,557
1,355,618
EXPENSES
Management fees
164,476
140,548
Professional fees
1,052
-
Trustees fees
18,593
1,607
Total expenses
184,121
142,155
Net investment income (loss)
6,436,436
1,213,463
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
99,836
(1,735,465)
In-kind redemptions
-
(629,239)
Forward foreign currency contracts
(2,429,941)
-
Foreign currency transactions
309,043
-
Net realized gain (loss)
(2,021,062)
(2,364,704)
Change in unrealized appreciation (depreciation) on:
Investments
7,334,525
(2,274,220)
Forward foreign currency contracts
(13,434,443)
-
Foreign currency translations
226,022
-
Net change in unrealized appreciation (depreciation)
(5,873,896)
(2,274,220)
Net realized and unrealized gain (loss)
(7,894,958)
(4,638,924)
Net increase (decrease) in net assets from operations
$
(1,458,522)
$
(3,425,461)
1
For the period September 23, 2025 (commencement of operations) through December 31, 2025.
Statement of Changes in Net Assets
See Notes to Financial Statements
55
NXUS
NURE
For the period
9/23/25
(commencement
of operations)
through
12/31/25
Year Ended
12/31/25
Year Ended
12/31/24
OPERATIONS
Net investment income (loss)
$
6,436,436
$
1,213,463
$
1,377,557
Net realized gain (loss)
(2,021,062)
(2,364,704)
(1,846,852)
Net change in unrealized appreciation (depreciation)
(5,873,896)
(2,274,220)
3,736,499
Net increase (decrease) in net assets from operations
(1,458,522)
(3,425,461)
3,267,204
DISTRIBUTIONS TO SHAREHOLDERS
Dividends
(6,851,935)
(1,213,463)
(1,377,557)
Return of capital
-
(411,477)
(368,008)
Total distributions
(6,851,935)
(1,624,940)
(1,745,565)
FUND SHARE TRANSACTIONS
Subscriptions
2,544,245,096
-
10,904,836
Redemptions
(1,151)
(14,890,582)
(10,888,402)
Net increase (decrease) from Fund share transactions
2,544,243,945
(14,890,582)
16,434
Net increase (decrease) in net assets
2,535,933,488
(19,940,983)
1,538,073
Net assets at the beginning of period
-
50,949,224
49,411,151
Net assets at the end of period
$
2,535,933,488
$
31,008,241
$
50,949,224
Financial Highlights
56
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income
(Loss)
(a)
Net Realized
/Unrealized
Gain (Loss)
Total
From
Net
Investment
Income
From
Net Realized
Gains
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Market
Price,
End of
Period
NXUS
12/31/25
(d)
$
25.00
$
0.19
$
(0.08)
$
0.11
$
(0.10)
$
-
$
-
$
(0.10)
$
25.01
$
25.04
NURE
12/31/25
31.84
0.91
(3.28)
(2.37)
(0.97)
-
(0.31)
(1.28)
28.19
28.16
12/31/24
30.88
0.87
1.21
2.08
(0.89)
-
(0.23)
(1.12)
31.84
31.80
12/31/23
28.43
0.75
2.85
3.60
(0.80)
-
(0.35)
(1.15)
30.88
30.88
12/31/22
40.68
0.54
(11.99)
(11.45)
(0.59)
-
(0.21)
(0.80)
28.43
28.42
12/31/21
26.98
0.46
13.79
14.25
(0.39)
-
(0.16)
(0.55)
40.68
40.74
(a)
Based on average shares outstanding.
(b)
Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV
on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the closing market price per
share over the period, including the assumed reinvestment of distributions, if any, at the closing market price per share on each ex-dividend
payment date during the period. Since shares of the Fund did not trade in the secondary market until after the Fund's commencement of
operations, for the period from the commencement of operations to the first day of market trading, the NAV is used as a proxy for the market
price to calculate market price returns. Total returns are not annualized.
(c)
Does not include in-kind transactions.
(d)
For the period September 23, 2025 (commencement of operations) through December 31, 2025.
(e)
Annualized.
See Notes to Financial Statements
57
Ratios and Supplemental Data
Total Return
Ratios to Average Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Market
Price
(b)
Net Assets,
End of Period
(000)
Expenses
Net Investment
Income (Loss)
Portfolio
Turnover
Rate
(c)
0.43
%
0.55
%
$
2,535,933
0.08
%
(e)
2.85
%
(e)
2
%
(7.53)
(7.49)
31,008
0.36
3.04
14
6.83
6.69
50,949
0.35
2.76
29
12.99
13.03
49,411
0.36
2.56
17
(28.37)
(28.49)
66,810
0.35
1.56
18
53.19
53.42
117,978
0.35
1.31
11
58
Notes to Financial Statements
1. General Information
Trust and Fund Information:
Nushares ETF Trust (the "Trust") is an open-end management investment company registered under the Investment
Company Act of 1940, as amended (the "1940 Act"). The Trust is comprised of Nuveen International Aggregate Bond ETF (NXUS) and Nuveen
Short-Term REIT ETF (NURE) (each a "Fund" and collectively, the "Funds"), among others. The Trust was organized as a Massachusetts business trust
on February 20, 2015. Shares of NXUS are listed and traded on the NYSE Arca, while shares NURE are listed and traded on the Cboe BZX Exchange,
Inc. The NYSE Arca and the Cboe BZX Exchange, Inc are each an "Exchange".
Current Fiscal Period
: The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to Financial
Statements for NXUS is September 23, 2025 (commencement of operations) through December 31, 2025 and for NURE is the fiscal year ended
December 31, 2025 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC
("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Adviser has
overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and
provides certain clerical, bookkeeping and other administrative services. The Adviser has entered into sub-advisory agreements with Nuveen Asset
Management ("NAM") and Teachers Advisors, LLC ("TAL") (each a "Sub-Adviser") and collectively, the "Sub-Advisers") each an affiliate of the
Adviser. NAM is responsible for managing the investment portfolio of NXUS and TAL is responsible for managing the investment portfolio of NURE.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of
America ("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may
differ from those estimates. The Funds are investment companies and follow accounting guidance in the Financial Accounting Standards Board
("FASB") Accounting Standards Codification 946, Financial Services - Investment Companies. The net asset value ("NAV") for financial reporting
purposes may differ from the NAV for processing security and creation unit transactions. The NAV for financial reporting purposes includes security
and creation unit transactions through the date of the report. Total return is computed based on the NAV used for processing security and creation
unit transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from
the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that
enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised
funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of
distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The tax character of Fund distributions for a fiscal year is dependent upon the amount and tax character of distributions received from securities
held in the Funds' portfolio. Distributions received from certain securities in which the Fund invests, most notably real estate investment trust (REIT)
securities, may be characterized for tax purposes as ordinary income, long-term capital gain and/or a return of capital. The issuer of a security
reports the tax character of its distributions only once per year, generally during the first two months of the calendar year for the previous year. The
distribution is included in the Funds' ordinary income until such time the Fund is notified by the issuer of the actual tax character. Dividend income,
net realized gains, (loss) and unrealized appreciation (depreciation) recognized on the Statement of Operations reflect the amounts of income, capital
gain, and/or return of capital as reported by the issuers of such securities for distributions during the current fiscal period.
Foreign Currency Transactions and Translation:
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,
and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and
expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign
currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be
reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply
NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where
applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in
markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency
exchange rates.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)
derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized
as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.
59
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with
(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign
currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange
rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized
appreciation (depreciation)" on the Statement of Operations, when applicable.
As of the end of the reporting period, the following Fund's investments in non-U.S. securities were as follows:
Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may
be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that
exist in the markets in which the Funds invest.
Indemnifications:
Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general
indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects
the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the end of trade date for financial reporting purposes. Realized
gains and losses on securities transactions
are based upon the specific identification method. Dividend income is recorded on the ex-dividend date.
Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which is
recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Interest income also
reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu
of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-
term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the
Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment,
is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
"total assets" and significant segment revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal
period, the Funds adopted the new guidance. See Note 7 for more information.
New Accounting Pronouncement (ASU No. 2025-11)
: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow
Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required
by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting
NXUS
Value
% of
Net Assets
Country:
Japan
$
418,800,897
16.5
%
France
209,189,032
8.2
United Kingdom
195,255,007
7.7
Germany
192,958,717
7.6
Canada
156,005,489
6.2
Italy
138,961,862
5.5
Spain
124,116,315
4.9
Supranational
98,967,903
3.9
Australia
81,508,792
3.2
South Korea
65,233,376
2.6
Other
733,308,654
29.0
Total non-U.S. Securities
$2,414,306,044
95.3%
60
Notes to Financial Statements
(continued)
period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting
periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these
changes on the financial statements.
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's
assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or
official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on
a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S.
dollars at the prevailing rates of exchange on the valuation date. To the extent these securities are actively traded and no valuation adjustments are
applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price,
these securities are generally classified as Level 2.
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
Forward foreign currency contracts are valued using the prevailing forward exchange rate which is derived from quotes provided by the pricing
service using the procedures approved by the Adviser, subject to the oversight of the Board, and are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
61
NXUS
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Corporate Bonds
$
-
$
5,587,685
$
-
$
5,587,685
Corporate Debt
-
504,212,336
-
504,212,336
Government Related
-
1,989,391,075
-
1,989,391,075
Total
$
-
$
2,499,191,096
$
-
$
2,499,191,096
a
NURE
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Real Estate Investment Trust Common Stocks
$
30,733,071
$
-
$
-
$
30,733,071
Total
$
30,733,071
$
-
$
-
$
30,733,071
a
* Represents net unrealized appreciation (depreciation).
4. Portfolio Securities
Securities Lending:
The Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other
institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the
economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set
maturity. State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").
When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the
market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.
Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements
of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the
Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,
which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of
the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination
at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the
securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent
may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned
securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities
have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and
compensation to the Agent. Such income is recognized on the Statement of Operations.
As of the end of the current fiscal period, the Fund did not have any securities out on loan.
Purchases and Sales:
Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:
In-kind transactions during the current fiscal period were as follows:
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
Purchases
Sales
Fund
Non-U.S.
Government
Purchases
U.S. Government
and Agency
Obligations
Non-U.S.
Government
Sales
U.S. Government
and Agency
Obligations
NXUS
$
209,271,373
$
1,801,430
$
17,450,266
$
1,799,367
NURE
5,832,030
-
5,722,498
-
Fund
In-Kind
Purchases
In-Kind
Sales
NXUS
$
2,297,001,839
$
-
NURE
-
14,845,564
62
Notes to Financial Statements
(continued)
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Forward Foreign Currency Contracts:
During the current fiscal period, NXUS used forward foreign currency contracts to partially hedge its exposure
to non-U.S. dollar denominated positions.
A forward contract is an agreement between two parties to purchase or sell a specified quantity of a currency at or before a specified date in the
future at a specified price. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery
of foreign currency. Forward contracts are typically traded in the over-the-counter ("OTC") markets and all details of the contract are negotiated
between the counterparties to the agreement. Forward contracts are marked-to-market daily and any resulting unrealized gains or losses are
reflected as appreciation or depreciation on the Statement of Assets and Liabilities. The Funds realizes gains and losses at the time the forward
contracts are closed and are included on the Statement of Operations. Risks may arise upon entering into forward contracts from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar; and that losses may exceed amounts recognized on the Statement of Assets
and Liabilities.
The average notional amount of forward contracts outstanding during the current fiscal period was as follows:
The following table presents the forward foreign currency contracts subject to netting agreements and the collateral delivered related to those
forward foreign currency contracts as of the end of the reporting period.
As of the end of the current fiscal period, NXUS invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as
follows:
During the current fiscal period, the effect of derivative contracts on the Funds' Statements of Operations was as follows:
Fund
Average Notional
Amount of
Forward
Contracts
Outstanding*
NXUS
$
4,469,941,501
*
The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of
each fiscal quarter within the current fiscal period.
Fund
Counterparty
Gross Unrealized
Appreciation on
Forward Foreign
Currency Contracts*
Gross Unrealized
(Depreciation) on
Forward Foreign
Currency Contracts*
Net Unrealized
Collateral
Pledged to (from)
Counterparty
Net Exposure
NXUS
ANZ Banking Group LTD
$
184,324
$
(492,576)
$
(308,252)
$
-
$
(308,252)
NXUS
Barclays Capital
360,105
(4,097,831)
(3,737,726)
-
(3,737,726)
NXUS
Citigroup
286,276
(2,193,878)
(1,907602)
-
(1,907,602)
NXUS
Morgan Stanley
5,176,996
(14,799,479)
(9,622,483)
-
(9,622,483)
NXUS
Toronto Dominion
6,000,538
(3,858,918)
2,141,620
-
2,141,620
* Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Funds' Portfolio of Investments.
Asset Derivatives
Liability Derivatives
Derivative Instrument
Risk Exposure
Location
Value
Location
Value
NXUS
Forward foreign currency
contracts
Foreign currency
exchange rate
Unrealized appreciation on
forward contracts
$
12,008,239
Unrealized depreciation on
forward contracts
$
(25,442,6
82)
1
1
1
1
1
1
1
1
63
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Each Fund issues and redeems its shares on a continuous basis at NAV only in aggregations of a specified number of shares or multiples thereof
("Creation Units"). Only certain institutional investors (referred to as "Authorized Participants") who have entered into agreements with Nuveen
Securities, LLC, the Funds' distributor, may purchase and redeem Creation Units. Once created, shares of the Funds trade on the Exchange at market
prices and are only available to individual investors through their brokers.
Creation Units are purchased and redeemed in-kind for a designated portfolio of securities and/or a specified amount of cash, as determined by
each Fund's investment approach. Creation Units may be delivered in advance of receipt by a Fund of all or a portion of the designated portfolio
securities. In these instances the Authorized Participants must deposit cash collateral in an amount equal to the sum of the (i) cash component, (ii)
all applicable fees and (iii) an amount of cash equal to a percentage of the market value of the undelivered securities, as defined in the participation
agreement. Authorized Participants are charged fixed transaction fees in connection with purchasing and redeeming Creation Units.
Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant Fund for certain
transaction costs (i.e., taxes on currency or other financial transactions, and brokerage costs) and market impact expenses it incurs in purchasing or
selling portfolio securities. Such variable charges, if any, are included in "Proceeds from shares sold" on the Statements of Changes in Net Assets.
Transactions in Fund shares during the current and prior period were as follows:
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
NXUS
Forward foreign currency contracts
Foreign currency exchange rate
$
(2,429,941)
$
(13,434,443)
NXUS
NURE
For the period
9/23/25
(commencement of
operations)
through 12/31/25
Year Ended
12/31/25
Year Ended
12/31/24
Shares
Value
Shares
Value
Shares
Value
Subscriptions
101,400,000
$2,544,245,096
-
$-
150,000
$10,904,836
Redemptions
-
(1,151)
(500,000)
(14,890,582)
(150,000)
(10,888,402)
Net increase (decrease)
101,400,000
$2,544,243,945
(500,000)
$(14,890,582)
-
$16,434
64
Notes to Financial Statements
(continued)
Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains
and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted
in reclassifications among the components of net assets relate primarily to bond premium amortization adjustments, complex securities character
adjustments, distribution reallocations, foreign currency transactions, and redemptions in-kind. Temporary and permanent differences have no
impact on a Fund's net assets.
As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as
follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of year end, the components of accumulated earnings on a tax basis were as follows:
The tax character of distributions paid was as follows:
As of year end, the Funds had capital loss carryforwards, which will not expire:
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NXUS
$
2,488,625,815
$
7,336,205
$
(10,205,367)
$
(2,869,162)
NURE
42,220,177
-
(11,487,106)
(11,487,106)
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NXUS
$
-
$
-
$
(2,644,820)
$
-
$
(5,665,637)
$
-
$
(8,310,457)
NURE
-
-
(11,487,106)
(11,427,093)
-
-
(22,914,199)
For the Period
9/23/25
(commencement of operations)
through
12/31/25
Fund
Ordinary
Income
Long-Term
Capital Gains
Return of
Capital
NXUS
$6,851,935
$-
$-
12/31/25
12/31/24
Fund
Ordinary
Income
Long-Term
Capital Gains
Return
of
Capital
Ordinary
Income
Long-Term
Capital Gains
Return
of
Capital
NURE
$
1,213,463
$
-
$
411,477
$
1,377,557
$
-
$
368,008
Fund
Short-Term
Long-Term
Total
NXUS
$
-
$
-
$
-
NURE
3,970,005
7,457,088
11,427,093
65
The following table presents income taxes paid by the Funds in foreign jurisdictions during the current fiscal period. The Funds did not pay any
other income taxes.
8. Management Fees and Other Transactions with Affiliates
Management Fees:
Each Fund's management fee compensates the Adviser for its investment advisory services to the Funds. The Sub-Adviser
is compensated for its services to the Funds from the management fees paid to the Adviser. The Adviser is responsible for substantially all other
expenses of the Funds, except any future distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred
in acquiring and disposing of portfolio securities, fees and expenses of the independent trustees (including any trustees' counsel fees), certain
compensation expenses of the Funds' chief compliance officer, litigation expenses and extraordinary expenses.
The annual management fee, payable monthly, for each Fund is based on a percentage of average daily net assets according to the following rates:
Other Transactions with Affiliates:
Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the
Sub-Advisers or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board
("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by
virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring
broker commissions.
During the current fiscal period, the Fund did not engage in cross-trades pursuant to these procedures.
Affiliate Owned Shares:
As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:
Fund
NXUS
NURE
Income taxes by foreign jurisdictions:
Chile
$10
$-
Hungary
4
-
Indonesia
793
-
Mexico
(98)
-
Romania
13
-
South Korea
456
-
Switzerland
18
-
Thailand
(502)
-
Total income taxes paid, net of refunds
$694
$-
Fund
Management Fee
NXUS
0.07%
NURE
0.35
Underlying Fund
TIAA
Nuveen
Lifecycle
Index Funds
Total
NXUS
-
%
*
84
%
84
%
NURE
-
-
-
*
Value rounded to zero.
66
Important Tax Information
(U
naudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must
be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications
of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which
will be sent to shareholders shortly after calendar year end.
Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being
from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
eligible for the dividends received deduction for corporate shareholders:
Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:
Qualified Interest Income (QII)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal
Revenue Code:
Qualified Business Income (QBI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions
treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:
Fund
Net Long-Term
Capital Gains
NXUS
$
-
NURE
-
Fund
Percentage
NXUS
-
%
NURE
0
.2
Fund
Percentage
NXUS
0
.2
%
NURE
1
.0
Fund
1/1 to Current
Year End
Percentage
NXUS
1.1
%
NURE
-
Fund
Percentage
NXUS
-
%
NURE
95
.6%
67
163(j)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as
Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:
Fund
Percentage
NXUS
19.3
%
NURE
-
| Item 8. |
Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies. |
Changes in Independent Registered Public Accounting Firm
(a) Previous independent registered public accounting firm:On October 24, 2024, the Fund's Board of Trustees (the "Board"), upon recommendation from the Audit Committee, notified KPMG LLP ("KPMG") that it would be dismissed as the independent registered public accounting firm for Nuveen Short-Term REIT ETF (the "Fund") effective upon (i) completion of KPMG's audit of the Fund's financial statements to be included in the Fund's Annual Report on Form N-CSR(the "2024 Annual Report") for the fiscal year ended December 31, 2024 and (ii) the issuance of KPMG's report on the same. KPMG's dismissal as the Fund's independent registered public accounting firm was effective on February 28, 2025, which is the date on which KPMG issued their report on their audit of the Fund's financial statements to be included in the 2024 Annual Report. KPMG's audit reports on the Fund's financial statements as of and for the fiscal years ended December 31, 2024 and December 31, 2023 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreements if not resolved to the satisfaction of KPMG would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023 and the subsequent interim period through February 28, 2025, there were no reportable events (as defined in Regulation S-KItem 304(a)(1)(v)).
The Fund provided KPMG with a copy of the foregoing disclosures and requested that KPMG furnish the Fund with a letter addressed to the U.S. Securities and Exchange Commission stating whether KPMG agrees with the above statements.
(b) New independent registered public accounting firm:On October 24, 2024, the Board, upon recommendation from the Audit Committee, appointed PricewaterhouseCoopers LLP ("PwC") as the new independent registered public accounting firm for the Fund for the fiscal year ending December 31, 2025. During the Fund's fiscal years ended December 31, 2024 and December 31, 2023, and the subsequent interim period through February 28, 2025, the Fund has not consulted with PwC regarding any of the matters described in Regulation S-KItem 304 ("S-K304"), S-K304(a)(2)(i) or S-K304(a)(2)(ii) disclosure.
| Item 9. |
Proxy Disclosures for Open-EndManagement Investment Companies. |
Not applicable.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies. |
The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Nuveen International Aggregate Bond ETF
The Approval Process
At the meeting held on August 5-6,2025 (the "Meeting"), the Board of Trustees (the "Board" and each Trustee, a "Board Member") of Nushares ETF Trust (the "Trust"), which is comprised entirely of Board Members who are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")), considered and approved for Nuveen International Aggregate Bond ETF (the "Fund"), a series of the Trust, the investment management agreement (the "Investment Management Agreement") pursuant to which Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser") serves as investment adviser to the Fund and the investment sub-advisoryagreement (the "Sub-AdvisoryAgreement") pursuant to which Nuveen Asset Management, LLC (the "Sub-Adviser")serves as investment sub-adviserto the Fund. The Adviser and the Sub-Adviserare each hereafter a "Fund Adviser." The Investment Management Agreement and the Sub-AdvisoryAgreement are each hereafter an "Advisory Agreement" and collectively, the "Advisory Agreements." The references to the Board and the Board Members are interchangeable.
To assist the Board in its evaluation of an Advisory Agreement with a Fund Adviser at the Meeting, the Board Members had received, in adequate time in advance of the Meeting and/or at prior meetings, materials which outlined, among other things:
| • |
the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
| • |
the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
| • |
the expertise and background of the Fund Adviser; |
| • |
certain performance-related information (as described below); |
| • |
certain profitability-related information (as described below); |
| • |
the proposed unified fee structure for the Fund, including comparisons of the Fund's proposed unified fee with the net expense ratios of comparable funds; and |
| • |
the soft dollar practices of the Fund Adviser, if any. |
At the Meeting and/or at prior meetings, the Adviser made presentations to and responded to questions from the Board. During the Meeting and/ or at prior meetings, the Board Members also met privately with their legal counsel to, among other things, review the Board's duties under the 1940 Act, the general principles of state law in reviewing and approving advisory contracts, the standards used by courts in determining whether investment company boards of directors have fulfilled their duties, factors to be considered in voting on advisory contracts and an adviser's fiduciary duty with respect to advisory agreements and compensation. It is with this background that the Board Members considered the Advisory Agreements. As outlined in more detail below, the Board Members considered various factors they believed relevant with respect to the Fund. Each Board Member may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the Fund's Advisory Agreements. As applicable, the Board Members also considered information they had received in their capacity as trustees or directors of other registered investment companies advised by the Fund Advisers. The Nuveen fund complex consists of the group of funds advised by NFAL and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or "funds"). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"), and TAL is an indirect wholly owned subsidiary of TIAA. The Sub-Adviseris also an affiliate of TAL and NFAL.
A. Nature, Extent and Quality of Services
The Board Members considered the nature, extent and quality of the respective Fund Adviser's services, including portfolio management services and administrative services. Given that the Adviser and the Sub-Adviseralready serve as adviser and sub-adviser,respectively, to other Nuveen funds overseen by the Board Members, the Board has a good understanding of each such Fund Adviser's organization, operations, personnel and services. As the Board meets regularly throughout the year to oversee the funds in the fund complex, including funds currently advised or sub-advised,as applicable, by the Fund Advisers, Board Members may have, in part, relied upon their knowledge from their meetings and any other interactions throughout the year with the respective Fund Adviser in evaluating the Advisory Agreements.
The Board Members considered information about the structure, investment objective, investment strategy and other characteristics of the Fund and considered that the Fund would be an exchange-traded fund ("ETF") advised by the Adviser. Further, the Board considered that the Fund (an "Index ETF") would seek to track the investment results of a specified underlying index ("Underlying Index").
At the Meeting and/or at prior meetings, the Board Members considered materials regarding, among other things, the respective Fund Adviser's organization and business; the types of services that such Fund Adviser or its affiliates currently provide to the applicable funds and are expected to provide to the Fund; and the experience of the respective Fund Adviser. Further, at the Meeting and/or at prior meetings, the Board Members considered the background and experience of the investment personnel expected to manage the Fund.
The Board has considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board has considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. The Board has considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things,
1
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. The Board has also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the applicable funds.
The Board has considered that the funds operate in a highly regulated industry and that the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the funds have expanded over the years due to regulatory, market and other developments. Such services include maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee have received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board has considered that the Adviser provides investment advisory services. With respect to the Nuveen funds advised by the Adviser, such funds utilize sub-advisersto manage the portfolios of the funds subject to the supervision of the Adviser. Accordingly, the Board has considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviserand its investment team(s); evaluate fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. With respect to the Nuveen ETFs, such services also include, but are not limited to, performance monitoring and assessment, evaluating tax efficiencies consistent with portfolio management, reviewing tracking error (with respect to Index ETFs) and analyzing secondary market dynamics.
In addition to the portfolio management services provided to the applicable funds (including indirectly by overseeing the sub-advisers),the Board has considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.
Aside from the services provided, the Board has considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board has also considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board has considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services. Further, the Board has considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.
The Board Members considered that the Adviser would oversee the Sub-Adviser,which was generally expected to provide portfolio advisory services to the Fund. In addition, the Board Members considered the experience and expertise of the investment team expected to manage the Fund.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services expected to be provided to the Fund under each Advisory Agreement.
B. Investment Performance
The Fund was new and, therefore, did not have its own performance history. The Board Members, however, were familiar with the performance records of other Nuveen funds advised by the Adviser and sub-advisedby the Sub-Adviser.The Board Members considered that the portfolio management team expected to manage the Fund included portfolio managers from teams that managed certain existing passive fixed income ETFs and passive fixed income mutual funds. The Board Members considered that the portfolio management team was expected to maintain an investment process for the Fund that would be generally similar to that used for certain other Nuveen ETFs. Further, the Board Members considered certain historical performance-related data pertaining to various unaffiliated ETFs that, based on information provided by the Adviser, were generally comparable in certain respects to the Fund (the "Comparable ETFs").
2
C. Fees, Expenses and Profitability
1. Fees and Expenses
In evaluating the management fees and expenses that the Fund was expected to bear, the Board Members considered that the Fund would pay the Adviser a single, all-inclusive(or unified) management fee for providing or paying for all services necessary for the management and operation of the Fund, subject to certain exceptions. Unlike the typical fee arrangements of other funds in which the funds pay a variety of fees and expenses such as investment advisory fees, transfer agency fees, audit fees, custodian fees and other expenses, the Nuveen ETFs pay the Adviser a unified fee, and the Adviser is responsible for providing such services or arranging and supervising third parties to provide such services (subject to the certain exceptions). In this regard, the Board Members were provided with estimates of the Fund's anticipated operating expenses as well as a description of the expenses excluded from the unified fee. In considering the proposed unified fee structure, the Board Members considered that the Adviser would generally bear the risks of the Fund's operating costs rising (and would benefit if such costs decrease) and would therefore have an incentive to be administratively efficient.
In their review, the Board Members considered, among other things, the Fund's proposed unified fee compared to expense and management fee data relating to the Comparable ETFs. Because the Fund will pay a unified fee, the Board Members considered, among other things, the net expense ratios of the ETFs comprising the applicable Comparable ETFs and certain related data provided by the Adviser. Further, the Board Members considered the proposed sub-advisoryfee for the Fund, which will be paid by the Adviser out of its unified fee.
Based on their review of the fee and expense information provided, the Board Members determined that the Fund's proposed management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services expected to be provided to the Fund.
2. Comparisons with the Fees of Other Clients
At the Meeting and/or at prior meetings, the Board has considered that the Adviser, affiliated sub-advisersand/or their affiliate(s) provide investment management services to, in addition to the Nuveen funds, various other types of clients which may include, among others: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers),limited partnerships and collective investment trusts. The Board has previously considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board has considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients, which has limited the comparability of the data. In this regard, the Board has considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to variations in relative fee rates. Differences in the level of advisory services required for passively managed funds, including Index ETFs, also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisoryservices required and risk incurred when serving as a sub-adviserto other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board has further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board has further considered that a sub-adviser'sfee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisorymandates. The Board has concluded that the varying levels of fees are reasonable given the foregoing.
3. Profitability of the Fund Advisers
At the Meeting and/or at prior meetings, the Board Members have considered various profitability data relating to the Fund Advisers' services to the Nuveen funds. In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers)from its relationship with the funds, the Board Members have considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distributionand post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-endfunds, exchange-traded funds, interval funds and open-endfunds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board has considered profitability data at the per fund level for the respective adviser.
3
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)
In reviewing the profitability data, the Board Members have considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board has reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members have considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.
Further, in considering the comparative margin data with peers, the Board Members have considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board has also considered the pre-and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.
Aside from the foregoing profitability data, the Board has also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board has considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board has also considered the investments the Adviser, its parent and/or other affiliates have made into their business.
In evaluating the reasonableness of compensation, the Board Members have also considered the indirect benefits the respective Fund Adviser may receive as a result of its relationship with the funds in the fund complex, as discussed in further detail below.
The Board considered certain information regarding the expected profitability of the Fund for its first year of operations, including currently estimated pre-and post-distribution margins.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether the Fund could be expected to benefit from any economies of scale. Although the Board has considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board has also considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the applicable funds for the fees paid. In this regard, the Board has considered that, with respect to the Nuveen funds generally, although the management fee of the Adviser typically is comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, the Nuveen ETFs do not have breakpoint schedules and do not participate in the complex-level fee program. The Board Members considered that the Fund will not have a breakpoint schedule, participate in the complex-level fee program or have fee waivers or expense limitation agreements. As indicated above, the Adviser will generally pay the operating expenses of the Fund (subject to certain exceptions) under the unified fee structure. The Board has considered that the Nuveen ETFs pay a unified fee and as a result, any reduction in fixed costs associated with the management of these funds would benefit the Adviser. However, the Board Members have considered that the unified fee schedule provides shareholders with a level of certainty of the expenses of the Nuveen ETFs. The Board Members have considered that the unified fees generally provide inherent economies of scale because the Nuveen ETF would maintain a relatively fixed fee over a given time period even if the particular fund's assets declined and/or operating costs rose. The Board Members also considered that the Fund was being priced using an at-scaleapproach.
In addition, the Board Members have considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board has considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board has further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this has also been a means of sharing economies of scale with the funds and their shareholders.
Based on its review, the Board was satisfied that the proposed fee arrangements were expected to appropriately share any economies of scale with the Fund's shareholders.
E. Indirect Benefits
At the Meeting and/or prior meetings, the Board Members have received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex. These benefits have included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviserto various funds in which case all advisory and sub-advisoryfees generated by such funds stay within Nuveen.
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-endfunds for which it may be compensated. In addition, the Board Members have considered that the Adviser and Sub-Advisermay utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members have also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.
4
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits expected to be received by a Fund Adviser as a result of its relationship with the Fund were reasonable in light of the services expected to be provided.
F. Approval
The Board Members did not identify any single factor discussed previously as all-importantor controlling. The Board Members concluded that the terms of the Investment Management Agreement and Sub-AdvisoryAgreement were reasonable, that the Fund Advisers' fees were reasonable in light of the services expected to be provided to the Fund, and that the Investment Management Agreement and Sub-AdvisoryAgreement should be and were approved on behalf of the Fund.
5
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 13. |
Portfolio Managers of Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 14. |
Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers. |
Not applicable to open-endinvestment 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-EndManagement Investment Companies. |
| (a) |
Not applicable to open-endinvestment companies. |
| (b) |
Not applicable to open-endinvestment 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 800-257-8787and there were no amendments during the period covered by this report. |
|
|
(a)(2) |
Not applicable. |
|
|
(a)(3) |
30a-2(a) |
|
|
(a)(4) |
Not applicable. |
|
|
(a)(5) |
||
|
(b) |
30a-2(b) |
|
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: March 6, 2026 | 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: March 6, 2026 | By: | /s/ Briton Ryan | ||||
| Briton Ryan | ||||||
| Chief Administrative Officer | ||||||
| (principal executive officer) | ||||||
| Date: March 6, 2026 | By: | /s/ Marc Cardella | ||||
| Marc Cardella | ||||||
| Vice President and Controller | ||||||
| (principal financial officer) | ||||||
Nushares ETF Trust published this content on March 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 06, 2026 at 19:41 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]