Nushares ETF Trust

06/05/2026 | Press release | Distributed by Public on 06/05/2026 09:46

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: March 31
Date of reporting period: March 31, 2026
Item 1.
Reports to Stockholders.
    

Annual Shareholder Report  
March 31, 2026  
Nuveen High Yield Municipal Income ETF
NHYM/NYSE Arca, Inc.
Annual Shareholder Report
This annual shareholder report contains important information about the Nuveen High Yield Municipal Income ETF for the period of April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Nuveen High Yield Municipal Income ETF
$36  0.35%
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen High Yield Municipal Income ETF returned 3.54% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Yield Index, which returned 3.63%.
•
Top contributors to relative performance
•
Underweight to bonds with durations less than six years.
•
Overweight to bonds rated AAA, A and BBB, as well as an underweight to bonds rated BB and B.
•
Overweight to incremental tax bonds.
•
Security selection.
•
Top detractors from relative performance
•
Underweight to the health care sector.
•
Underweight to the housing sector.
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 (January 22, 2025 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
1-Year Since Inception
(1/22/25)
NAV
3.54% 2.97%
S&P Municipal Bond Index
4.32% 3.44%
S&P Municipal Yield Index
3.63% 3.06%
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 March 31, 2026)
Fund net assets
$117,209,461
Total number of portfolio holdings
235
Portfolio turnover (%)
48%
Total management fees paid for the year
$    319,658
What did the Fund invest in? (as of March 31, 2026)
(1)
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:
•
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257-8787.
67092P722_AR_0326
5366811
3
    

Annual Shareholder Report  
March 31, 2026  
Nuveen Municipal Income ETF
NUMI/NYSE Arca, Inc.
Annual Shareholder Report
This annual shareholder report contains important information about the Nuveen Municipal Income ETF for the period of April 1, 2025 to March 31, 2026. You can find additional information at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)
Cost of a 
$10,000 investment 
Costs paid as a percentage of
$10,000 investment*
Nuveen Municipal Income ETF
$31  0.30%
* Annualized for period less than one year.
How did the Fund perform last year? What affected the Fund's performance?
Performance Highlights
•
The Nuveen Municipal Income ETF returned 4.38% for Common Shares at net asset value (NAV) for the 12 months ended March 31, 2026. The Fund performed in line with the S&P Municipal Bond Index, which returned 4.32%.
•
Top contributors to relative performance
•
Underweight to bonds with durations less than two years and overweight in bonds with durations greater than eight years.
•
Underweight to tobacco settlement bonds.
•
Security selection.
•
Top detractors from relative performance
•
Sector allocations in housing, industrial development revenue, transportation and health care.
•
Overweight to non-rated bonds and an underweight to AAA-rated and AA-rated bonds.
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 (January 22, 2025 through March 31, 2026) Initial Investment of $10,000
Average Annual Total Returns
1-Year Since Inception
(1/22/25)
NAV
4.38% 3.06%
S&P Municipal Bond Index
4.32% 3.44%
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 March 31, 2026)
Fund net assets
$76,544,211
Total number of portfolio holdings
260
Portfolio turnover (%)
81%
Total management fees paid for the year
$   188,956
What did the Fund invest in? (as of March 31, 2026)
(1)
The ratings disclosed are the lowest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.
How has the Fund changed?
For more complete information, you may review the Fund's next prospectus, which is expected to be available by July 31, 2026 at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses or upon request at (800) 257-8787.
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/exchange-traded-funds/prospectuses, including its:
•
prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information
You can also request this information at (800) 257-8787.
67092P714_AR_0326
5366824
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 independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

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

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

Fiscal Year Ended Audit Fees
Billed to Registrant1 		Audit-Related Fees
Billed to Registrant2 		Tax Fees
Billed to Registrant3 		All Other Fees
Billed to Registrant4

March 31, 2026

$55,250 $0 $0 $0
Percentage approved pursuant to pre-approval exception 0% 0% 0% 0%
March 31, 2025 $54,800 $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".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

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

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

Fiscal Year Ended Audit-Related Fees
Billed to Adviser
and Affiliated Fund
Service Providers 		Tax Fees
Billed to Adviser
and Affiliated Fund
Service Providers 		All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers

March 31, 2026

$0 $0 $0
Percentage approved pursuant to pre-approval exception 0% 0% 0%

March 31, 2025

$0 $0 $0
Percentage approved pursuant to pre-approval exception 0% 0% 0%

NON-AUDIT SERVICES

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

Fiscal Year Ended Total Non-Audit Fees
Billed to Registrant 		Total Non-Audit Fees
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   

March 31, 2026

$0 $0 $11,629,068 $11,629,068

March 31, 2025

$0 $0 $0 $0

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

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

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

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

Item 5.

Audit Committee of Listed Registrants.

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

Item 6.

Investments.

(a)

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

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Report
of
Independent
Registered
Public
Accounting
Firm
1
To
the
Board
of
Trustees
of
Nushares
ETF
Trust
and
Shareholders
of
Nuveen
High
Yield
Municipal
Income
ETF
and
Nuveen
Municipal
Income
ETF
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Nuveen
High
Yield
Municipal
Income
ETF
and
Nuveen
Municipal
Income
ETF
(two
of
the
funds
constituting
Nushares
ETF
Trust,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
March
31,
2026,
the
related
statements
of
operations
for
the
year
ended
March
31,
2026
and
the
statements
of
changes
in
net
assets
and
the
financial
highlights
for
the
year
ended
March
31,
2026
and
for
the
period
January
22,
2025
(commencement
of
operations)
through
March
31,
2025,
including
the
related
notes
(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
as
of
March
31,
2026,
the
results
of
each
of
their
operations
for
the
year
ended
March
31,
2026,
and
the
changes
in
their
net
assets
and
each
of
the
financial
highlights
for
the
year
ended
March
31,
2026
and
for
the
period
January
22,
2025
(commencement
of
operations)
through
March
31,
2025
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
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.
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
March
31,
2026
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
May 28,
2026
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
2
Portfolio
of
Investments
March
31,
2026
NHYM
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.0%
INVESTMENT
COMPANIES
-
1.0%
1,202,004
State
Street
Institutional
US
Government
Money
Market
Fund
$
1,202,004
TOTAL
INVESTMENT
COMPANIES
(cost
$1,202,004)
$
1,202,004
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
-
98.0%
ALABAMA
-
2.8%
$
250,000
(a),(b)
Baldwin
County
Industrial
Development
Authority,
Alabama,Solid
Waste
Disposal
Revenue
Bonds,
Novelis
Corporation
Project,
Series
2026A,
(AMT),
(Mandatory
Put
3/01/33)
4
.300
%
03/01/56
242,564
1,500,000
(a),(b)
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2025C,
(Mandatory
Put
8/01/34)
5
.500
11/01/56
1,587,159
500,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024A,
(AMT)
5
.000
06/01/54
476,742
1,000,000
Mobile
County
Industrial
Development
Authority,
Alabama,
Solid
Waste
Disposal
Revenue
Bonds,
AM/NS
Calvert
LLC
Project,
Series
2024B,
(AMT)
4
.750
12/01/54
919,323
TOTAL
ALABAMA
3,225,788
ARIZONA
-
1.9%
1,250,000
(b)
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2019,
(AMT),
(Mandatory
Put
6/01/29)
4
.000
06/01/49
1,266,340
1,000,000
Maricopa
County
Industrial
Development
Authority,
Arizona,
Education
Revenue
Bonds,
Great
Hearts
Academies
Projects,
Series
2017A
5
.000
07/01/52
963,260
TOTAL
ARIZONA
2,229,600
ARKANSAS
-
0.4%
500,000
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation,
Green
Series
2023,
(AMT)
5
.700
05/01/53
509,600
TOTAL
ARKANSAS
509,600
CALIFORNIA
-
6.2%
500,000
(b)
California
Community
Choice
Financing
Authority,
California,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2023C,
(Mandatory
Put
10/01/31)
5
.250
01/01/54
529,124
1,000,000
California
Community
Choice
Financing
Authority,
California,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2026B
5
.000
03/01/36
1,039,383
500,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Glendale
Properties,
Senior
Series
2021A-1
4
.000
02/01/56
414,192
250,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Serenity
at
Larkspur
Apartments,
Series
2020A
5
.000
02/01/50
197,750
300,000
(a)
California
Community
Housing
Agency,
California,
Essential
Housing
Revenue
Bonds,
Summit
at
Sausalito
Apartments,
Series
2021A-1
3
.000
02/01/57
200,122
650,000
California
Municipal
Finance
Agency,
Municipal
Certificates,
Series
2026-1
Class
A-2
4
.050
07/20/41
598,751
160,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Eisenhower
Medical
Center,
Refunding
Series
2017A
4
.000
07/01/47
137,177
780,000
California
Municipal
Finance
Authority,
Special
Tax
Revenue
Bonds,
Community
Facilities
District
2023-11
Hesperia-
Silverwood
Improvement
Area
1,
Series
2025
5
.125
09/01/50
785,148
1,000,000
(a)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
1,000,065
125,000
(a)
CMFA
Special
Finance
Agency
I,
California,
Essential
Housing
Revenue
Bonds,
The
Mix
at
Center
City,
Series
2021A-2
4
.000
04/01/56
94,753
3
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
500,000
(a)
CMFA
Special
Finance
Agency,
California,
Essential
Housing
Revenue
Bonds,
Latitude
33,
Senior
Series
2021A-1
3
.000
%
12/01/56
$
323,786
105,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Moda
at
Monrovia
Station,
Social
Series
2021A-2
4
.000
10/01/56
79,309
500,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Renaissance
at
City
Center,
Series
2020A
5
.000
07/01/51
467,322
200,000
(a)
CSCDA
Community
Improvement
Authority,
California,
Essential
Housing
Revenue
Bonds,
Waterscape
Apartments,
Senior
Lien
Series
2021A
3
.000
09/01/56
134,484
2,000,000
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2
0
.000
06/01/66
200,432
500,000
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Refunding
Subordinate
Green
Series
2025A,
(AMT)
5
.000
05/15/55
503,664
500,000
Mountain
House
Community
Facilities
District,
California
Special
Tax
Bonds,
Improvement
Area
1
Series
2024-1
5
.000
09/01/40
514,391
TOTAL
CALIFORNIA
7,219,853
COLORADO
-
11.1%
500,000
(a)
Aerotropolis
Regional
Transportation
Authority,
Colorado,
Special
Revenue
Bonds,
Series
2024
5
.750
12/01/54
493,404
500,000
Aurora
Crossroads
Metropolitan
District
2,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2025A-3
6
.125
12/01/55
489,112
692,000
CCP
Metropolitan
District
3,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2024
5
.000
12/01/53
665,687
250,000
Colorado
Educational
and
Cultural
Facilities
Authority,
Charter
School
Revenue
Bonds,Science
Technology
Engineering
and
Math
School
Project,
Refunding
Series
2014
5
.125
11/01/49
233,241
750,000
(a)
Colorado
Educational
and
Cultural
Facilities
Authority,
Cultural
Facilities
Revenue
Bonds,
Stanley
Project,
Senior
Lien
Series
2025A-1
6
.875
02/01/59
783,887
400,000
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
Covenant
Living
Communities
&
Services,
Series
2025A
5
.125
12/01/55
388,474
750,000
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2025A
6
.000
12/01/55
791,444
500,000
Flying
Horse
North
Metropolitan
District
No.
5
Limited
Tax
General
Obligation
Convertible
Capital
Appreciation
Bonds,
Colorado,
Series
2026A
6
.875
12/01/55
366,514
250,000
Gardens
on
Havana
Metropolitan
District
3,
Arapahoe
County,
Colorado,
Special
Revenue
Bonds,
Refunding
Series
2017A
5
.250
12/01/47
233,842
1,000,000
(a)
Granby
Ranch
Metropolitan
District,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2018
5
.500
12/01/52
989,627
500,000
Haymeadow
Metropolitan
District
1,
Eagle
County,
Colorado,
General
Obligation
Bonds,
Subordinate
Limited
Tax
Series
2025A
6
.125
12/01/54
510,126
250,000
Jefferson
Center
Metropolitan
District
1,
Arvada,
Jefferson
County,
Colorado,
Special
Revenue
Bonds,
Series
2020-A2
4
.125
12/01/40
235,098
500,000
Lakota
Pointe
Metropolitan
District
1,
Winter
Park,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2025A
6
.000
12/01/55
506,711
500,000
Larkridge
Metropolitan
District
No.
2,
In
the
City
of
Thornton,
Adams
County,
Colorado,
General
Obligation,
Limited
Tax
Convertible
to
Unlimited
Tax,
Improvement
Bonds,
Refunding
Series
2019
5
.250
12/01/48
483,987
500,000
(a)
Orchard
Park
Place
South
Metropolitan
District,
Adams
County,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Series
2024
6
.000
12/01/54
488,932
500,000
Pinery
Commercial
Metropolitan
District
2,
Douglas
County,
Colorado,
Special
Revenue
Bonds,
Series
2025
5
.750
12/01/54
489,999
500,000
(c)
Pinon
Pines
Metropolitan
District
No.
3,
El
Paso
County,
Colorado,
General
Obligation
Limited
Tax
Convertible
Capital
Appreciation
Bonds,
Series
2025(c)
0
.000
12/01/54
457,149
1,000,000
Prairie
Farm
Metropolitan
District,
In
the
City
of
Commerce
City,
Adams
County,
Colorado,
Limited
Tax
Convertible
to
Unlimited
Tax,
General
Obligation
Bonds,
Series
2018A
5
.250
12/01/48
983,236
Portfolio
of
Investments
March
31,
2026
(continued)
NHYM
4
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
750,000
(a)
Reagan
Ranch
Metropolitan
District
1,
Colorado
Springs,
Colorado,
General
Obligation
Bonds,
Limited
Tax
&
Special
Revenue,
Series
2025
6
.125
%
12/01/54
$
735,069
500,000
Red
Barn
Metropolitan
District,
Mead,
Colorado,
Weld
County,
Colorado,
General
Obligation
Bond,
Limited
Tax
Convertible
to
Unlimited
Tax,
Refunding
and
Improvement,
Series
2025A
5
.500
12/01/55
498,718
900,000
Redtail
Ridge
Metropolitan
District,
City
of
Louisville,
Boulder
County,
Colorado,
General
Obligation
Limited
Tax
Capital
Appreciation
Turbo
Bonds,
Series
2025
0
.000
12/01/32
572,777
500,000
Reserve
Metropolitan
District
2,
Mount
Crested
Butte,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Refunding
Series
2016A
5
.000
12/01/45
487,567
500,000
Southlands
Metropolitan
District
1,
Colorado,
Limited
Tax
General
Obligation
Bonds,
Series
2017A-1
5
.000
12/01/47
488,580
600,000
West
Valley
Metropolitan
District
3,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Windsor
Series
2024A
5
.250
12/01/54
582,248
TOTAL
COLORADO
12,955,429
CONNECTICUT
-
0.4%
500,000
Stamford
Housing
Authority,
Connecticut,
Revenue
Bonds,
Mozaic
Concierge
Living
Project,
Series
2025A
6
.500
10/01/55
506,669
TOTAL
CONNECTICUT
506,669
FLORIDA
-
12.9%
380,000
(a)
Armstrong
Community
Development
District,
Clay
County,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2017A
5
.000
11/01/34
382,276
180,000
Astonia
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Area
3
Project,
Series
2023
5
.125
06/15/43
183,664
125,000
Bridgewater
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Assessment
Area
2
Project,
Refunding
Series
2015
4
.650
05/01/35
124,994
370,000
(a)
Cedar
Crossing
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Bond,
2025
Project,
Series
2025
5
.300
05/01/45
367,591
500,000
(a)
Charlotte
County
Industrial
Development
Authority,
Florida,
Utility
System
Revenue
Bonds,
Town
&
Country
Utilities
Project,
Series
2021A,
(AMT)
4
.000
10/01/51
398,402
250,000
(a)
Connerton
East
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
2
Project,
Series
2025
5
.450
06/15/45
256,215
105,000
Corkscrew
Farms
Community
Development
District,
Lee
County,
Florida,
Special
Assessment
Bonds,
Area
One
Project,
Series
2016
4
.750
11/01/37
105,069
450,000
Creekside
at
Twin
Creeks
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Area
2
Project,
Series
2016A-3
5
.250
11/01/30
454,679
140,000
(a)
Davenport
Road
South
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Series
2018
5
.000
11/01/38
142,206
410,000
(a)
Del
Webb
Sunchase
Community
Development
District,
Manatee
County,
Florida,
Special
Assessment
Bonds,
Series
2025
5
.450
05/01/45
416,897
500,000
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Brightline
Trains
Florida
LLC
Issue,
Series
2024,
(AMT)
5
.500
07/01/53
372,500
510,000
(a),(b)
Florida
Development
Finance
Corporation,
Revenue
Bonds,
Brightline
Florida
Passenger
Rail
Expansion
Project,
Series
2025B,
(AMT),
(Mandatory
Put
6/15/26)
1
.000
07/01/57
351,900
500,000
(a)
Grand
Bay
at
Doral
Community
Development
District,
Miami-
Dade
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
Two
Phase
1
Project,
Series
2025A-1
5
.000
05/01/45
501,628
260,000
Grand
Bay
at
Doral
Community
Development
District,
Miami-
Dade
County,
Florida,
Special
Assessment
Bonds,
South
Parcel
Assessment
Area
Project,
Series
2016
4
.750
05/01/36
260,037
1,000,000
Greater
Orlando
Aviation
Authority,
Florida,
Special
Purpose
Airport
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Project,
Series
2025,
(AMT)
5
.250
11/01/34
1,044,102
500,000
(a)
Groves
at
Lake
Marion
Community
Development
District
,
Polk
County,
Florida,
Special
Assessment
Bonds,
Series
2026
5
.300
12/15/46
495,301
5
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
FLORIDA
(continued)
$
250,000
(a)
Lakewood
Ranch
Stewardship
District,
Florida,
Special
Assessment
Revenue
Bonds,
Lorraine
Lakes
Project,
Series
2020
3
.875
%
05/01/51
$
197,247
500,000
Lee
County,
Florida,
Airport
Revenue
Bonds,
Series
2026A-1,
(AMT)
5
.500
10/01/56
523,927
385,000
(a)
Lowery
Hills
Community
Development
District,
Lake
Alfred,
Florida,
Special
Assessments
Revenue
Bonds,
Assessment
Area
1,
Series
2025
5
.625
05/01/45
385,808
250,000
(a)
Magnolia
Island
Community
Development
District,
Pasco
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
1,
Series
2025
5
.750
05/01/55
243,792
295,000
Mangrove
Point
and
Mangrove
Manor,
Community
Development
District,
Hillsborough
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2022
4
.375
05/01/52
232,149
500,000
(a),(b)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Student
Housing
Revenue
Bonds,
PRG
-
Casa
Properties
LLC
Project,
Senior
Series
2026A-1,
(Mandatory
Put
7/01/36)
5
.375
07/01/65
513,189
500,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2017B,
(AMT)
5
.000
10/01/40
504,450
505,000
(a)
Miromar
Lakes
Community
Development
District,
Lee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2025
5
.000
05/01/35
539,859
750,000
Orange
County
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Orlando
Health
Inc.
Series
2025A
4
.500
10/01/56
703,749
485,000
(a)
Pacific
Ace
Community
Development
District,
Lake
County,
Florida,
Special
Assessment
Revenue
Bonds,
Area
2
Series
2024
5
.200
05/01/44
488,134
400,000
Palermo
Community
Development
District,
Lee
County,
Florida,
Special
Assessment
Bonds,
Area
2,
Series
2025
5
.500
06/15/55
403,087
205,000
Palm
Gate
Community
Development
District,
Florida,
Special
Assessment
Bond,
2025
Project,
Series
2025
5
.300
06/15/45
207,110
250,000
(a)
Palm
Gate
Community
Development
District,
Florida,
Special
Assessment
Bond,
2025
Project,
Series
2025
5
.550
06/15/55
249,930
645,000
(a)
Ranches
at
Lake
McLeod
Community
Development
District,
Polk
County,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
2
Series
2025
5
.450
06/15/45
658,659
750,000
(a)
Sawyers
Landing
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Series
2021
4
.125
05/01/41
695,977
380,000
Stoneybrook
North
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds,
Assessment
Area
One
Project,
Series
2017A-3
5
.875
11/01/29
383,903
500,000
(a)
Sugarloaf
Community
Development
District,
Lake
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessments
Area
1,
Series
2026
5
.375
12/15/46
496,864
180,000
(a)
Twisted
Oaks
Pointe
Community
Development
District,
Florida,
Special
Assessment
Revenue
Bonds
Assessment
Area
One
Project
Series
2023
5
.625
05/01/53
180,527
500,000
Two
Lakes
Community
Development
District,
Hialeah,
Florida,
Special
Assessment
Bonds,
Series
2024
5
.000
05/01/55
480,100
100,000
(a)
Two
Rivers
West
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Bonds,
2022
Project,
Series
2022
6
.250
05/01/53
102,733
190,000
(a)
Two
Rivers
West
Community
Development
District,
Pasco
County,
Florida,
Special
Assessment
Bonds,
2024
Project,
Series
2024
5
.875
05/01/54
190,439
245,000
(a)
V-Dana
Community
Development
District,
Lee
County,
Florida,
Special
Assessment
Bonds,
Area
2
-
2025
Project,
Series
2025
5
.550
05/01/55
238,449
180,000
Verandah
West
Community
Development
District,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2013
5
.000
05/01/33
180,117
275,000
Verano
3
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Phase
1
Assessment
Area,
Series
2021
3
.375
05/01/41
235,360
300,000
(a)
Woodcreek
Community
Development
District,
Pasco
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Assessment
Area
2,
Series
2025
5
.500
05/01/55
283,403
TOTAL
FLORIDA
15,176,423
Portfolio
of
Investments
March
31,
2026
(continued)
NHYM
6
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
-
3.5%
$
1,000,000
Geo.
L.
Smith
II
Georgia
World
Congress
Center
Authority,
Georgia,
Convention
Center
Hotel
Revenue
Bonds,
First
Tier
Series
2021A
4
.000
%
01/01/54
$
824,290
500,000
Georgia
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Series
2025A
4
.500
12/01/45
496,990
500,000
(a),(b)
Main
Street
Natural
Gas
Inc.,
Georgia,
Gas
Supply
Revenue
Bonds,
Series
2022C,
(Mandatory
Put
11/01/27)
4
.000
08/01/52
499,006
1,000,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.000
07/01/60
988,401
1,000,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A
5
.000
01/01/49
999,625
300,000
(a)
Savannah-Georgia
Convention
Center
Authority,
Convention
Center
Hotel
Second
Tier
Revenue
Bonds,
Series
2025B
6
.250
06/01/61
296,965
TOTAL
GEORGIA
4,105,277
GUAM
-
0.9%
1,000,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Series
2018A
5
.000
07/01/48
1,003,072
TOTAL
GUAM
1,003,072
HAWAII
-
0.4%
500,000
Hawaii
State,
Airport
System
Revenue
Bonds,
Series
2025A,
(AMT)
5
.250
07/01/51
514,327
TOTAL
HAWAII
514,327
IDAHO
-
0.4%
500,000
(a)
Spring
Valley
Community
Infrastructure
District
1,
Eagle,
Idaho,
Special
Assessment
Bonds,
Assessment
Area
Two,
Series
2025
6
.250
09/01/54
512,114
TOTAL
IDAHO
512,114
ILLINOIS
-
2.7%
700,000
Chicago
Transit
Authority,
Illinois,
Sales
Tax
Receipts
Revenue
Bonds,
Refunding
Project
Second
Lien
Series
2026A
5
.000
12/01/59
703,618
1,250,000
Chicago,
Illinois,
General
Airport
Revenue
Bonds,
O'Hare
International
Airport,
Senior
Lien
Series
2025E
-
BAM
Insured,
(AMT)
5
.000
01/01/60
1,233,591
250,000
(a)
Lincolnwood,
Cook
County,
Illinois,
Tax
Increment
Revenue
Bonds,
District
1860
Development
Project,
Series
2025B
5
.750
12/01/43
254,172
1,000,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A
5
.000
06/15/50
996,549
TOTAL
ILLINOIS
3,187,930
INDIANA
-
0.1%
100,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Convention
Center
Hotel
Senior
Series
2023E
6
.000
03/01/53
102,953
TOTAL
INDIANA
102,953
IOWA
-
0.2%
250,000
Iowa
Finance
Authority,
Single
Family
Mortgage
Revenue
Bonds,
Social
Series
2025A
4
.550
07/01/45
249,709
TOTAL
IOWA
249,709
KENTUCKY
-
1.9%
500,000
Kentucky
Economic
Development
Finance
Authority,
Hospital
Revenue
Bonds,
Owensboro
Health,
Refunding
Series
2017A
5
.250
06/01/41
503,039
500,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A
5
.000
01/01/45
500,126
750,000
Louisville
and
Jefferson
County
Metropolitan
Government,
Kentucky,
Hospital
Revenue
Bonds,
UofL
Health
Project,
Series
2022A
5
.000
05/15/52
709,008
500,000
(b)
Public
Energy
Authority
of
Kentucky,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2025A,
(Mandatory
Put
12/01/29)
5
.250
06/01/55
529,313
TOTAL
KENTUCKY
2,241,486
7
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
-
2.0%
$
235,000
(a)
Juban
Trails
Community
Development
District,
Livingston
Parish,
Louisiana,
Special
Assessment Revenue
Bonds,
Series
2022
4
.250
%
06/01/51
$
189,275
400,000
Louisiana
Housing
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2025A
4
.600
12/01/50
390,335
200,000
(a)
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Louisiana,
Revenue
Bonds,
Terrebonne
Parish
GOMESA
Project,
Series
2018
5
.500
11/01/39
205,993
100,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Westlake
Chemical
Corporation
Projects,
Refunding
Series
2017
3
.500
11/01/32
97,195
500,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.750
09/01/64
513,003
750,000
Louisiana
Public
Facilities
Authority,
Louisiana,
Revenue
Bonds,
I-10
Calcasieu
River
Bridge
Public-Private
Partnership
Project,
Senior
Lien
Series
2024,
(AMT)
5
.000
09/01/66
707,742
250,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
5
.000
05/15/47
250,049
TOTAL
LOUISIANA
2,353,592
MAINE
-
0.2%
200,000
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2016A
5
.000
07/01/46
183,156
TOTAL
MAINE
183,156
MARYLAND
-
0.3%
250,000
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017
5
.000
09/01/46
236,152
120,000
Maryland
Economic
Development
Corporation,
Special
Obligation
Bonds,
Metro
Centre
Owings
Mills
Project,
Series
2017
4
.375
07/01/36
117,798
TOTAL
MARYLAND
353,950
MASSACHUSETTS
-
1.8%
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5
.250
07/01/48
503,252
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2016A
5
.000
01/01/47
483,817
100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017
5
.000
07/01/47
94,882
1,000,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Refunding
Series
2016B,
(AMT)
5
.000
07/01/43
1,000,167
TOTAL
MASSACHUSETTS
2,082,118
MICHIGAN
-
0.3%
100,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2
5
.000
06/01/40
102,889
250,000
Michigan
Strategic
Fund,
Limited
Obligation
Revenue
Bonds,
I-75
Improvement
Project,
Series
2018,
(AMT)
5
.000
12/31/32
257,028
TOTAL
MICHIGAN
359,917
MINNESOTA
-
1.3%
1,000,000
Minneapolis,
Minnesota,
Health
Care
System
Revenue
Bonds,
Fairview
Health
Services,
Series
2018A
5
.000
11/15/49
969,980
500,000
Minnesota
Agricultural
and
Economic
Development
Board,
Health
Care
Facilities
Revenue
Bonds,
Essentia
Health
Obligated
Group,
Series
2024A
5
.250
01/01/54
510,707
TOTAL
MINNESOTA
1,480,687
MISSOURI
-
0.7%
500,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
BJC
Health
System,
Series
2025A
4
.250
04/01/55
460,954
300,000
Saint
Louis
County
Industrial
Development
Authority,
Missouri,
Revenue
Bonds,
Friendship
Village
Saint
Louis
Obligated
Group,
Series
2018A
5
.000
09/01/38
305,232
TOTAL
MISSOURI
766,186
Portfolio
of
Investments
March
31,
2026
(continued)
NHYM
8
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MONTANA
-
0.4%
$
500,000
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Revenue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2018
5
.000
%
06/01/48
$
502,150
TOTAL
MONTANA
502,150
NEVADA
-
0.6%
225,000
Henderson,
Nevada,
Local
Improvement
Bonds,
Local
Improvement
District
T-21
Black
Mountain
Ranch,
Series
2022
3
.500
09/01/45
177,230
500,000
(a)
Reno,
Nevada,
Special
Assessment
Bonds,
2024
Quilici
Ranch
Local
Improvement
District
1,
Series
2025
5
.250
06/01/54
489,254
TOTAL
NEVADA
666,484
NEW
HAMPSHIRE
-
0.8%
500,000
(a)
National
Finance
Authority,
New
Hampshire,
Class
A
Certificates,
Avenue
One
Project
Series
2025-1.
5
.250
03/15/36
508,129
495,000
(b)
National
Finance
Authority,
New
Hampshire,
Municipal
Certificates
Series
2025-1
Class
A-2
4
.086
01/20/41
470,362
TOTAL
NEW
HAMPSHIRE
978,491
NEW
JERSEY
-
1.2%
375,000
Passaic
County
Improvement
Authority,
New
Jersey,
Charter
School
Revenue
Bonds,
Paterson
Charter
School
for
Science
and
Technology,
Inc.
Project,
Series
2025
5
.000
07/01/44
375,433
1,000,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.250
06/01/46
996,843
TOTAL
NEW
JERSEY
1,372,276
NEW
YORK
-
8.2%
500,000
Dormitory
Authority
of
the
State
of
New
York,
General
Revenue
Bonds,
Yeshiva
University,
Series
2022A
5
.000
07/15/50
479,127
500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Refunding
Series
2025A
5
.250
11/15/45
530,628
500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025H-1
5
.250
11/01/48
527,306
2,000,000
(a)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
2,000,067
225,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
2
.500
10/31/31
199,928
750,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/41
750,267
1,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.000
07/01/46
999,958
1,000,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
(AMT)
5
.250
01/01/50
1,000,030
750,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Revenue
Bonds,
Terminal
6
John
F
Kennedy
International
Airport
Redevelopment
Project,
Senior
Green
Series
2024A,
(AMT)
5
.500
12/31/60
754,522
435,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
John
F
Kennedy
International
Airport
Terminal
One
Project,
Green
Series
2025,
(AMT)
5
.500
06/30/59
447,111
1,500,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
-
AGM
Insured,
(AMT)
5
.125
06/30/60
1,491,184
500,000
Westchester
County
Local
Development
Corporation,
New
York,
Revenue
Bonds,
Westchester
Medical
Center
Obligated
Group
Project,
Refunding
Series
2016
5
.000
11/01/46
459,244
TOTAL
NEW
YORK
9,639,372
9
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NORTH
CAROLINA
-
1.3%
$
1,000,000
North
Carolina
Department
of
Transportation,
Private
Activity
Revenue
Bonds,
I-77
Hot
Lanes
Project,
Series
2015,
(AMT)
5
.000
%
06/30/54
$
955,276
500,000
North
Carolina
Medical
Care
Commission,
Retirement
Facilities
First
Mortgage
Revenue
Bonds,
Twin
Lakes
Community,
Series
2025A
5
.250
01/01/55
508,529
TOTAL
NORTH
CAROLINA
1,463,805
NORTH
DAKOTA
-
0.4%
500,000
Horace,
Cass
County,
North
Dakota,
General
Obligation
Bonds,
Refunding
Improvement
Series
2024C
5
.000
05/01/50
486,327
TOTAL
NORTH
DAKOTA
486,327
OHIO
-
4.3%
1,800,000
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2
5
.000
06/01/55
1,453,500
530,000
Butler
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
UC
Health,
Series
2016
4
.000
11/15/40
477,967
250,000
Chillicothe,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Adena
Health
System
Obligated
Group
Project,
Refunding
&
Improvement
Series
2017
5
.000
12/01/47
242,390
500,000
Cuyahoga
County,
Ohio,
Hospital
Revenue
Bonds,
MetroHealth
System,
Series
2017
5
.250
02/15/47
484,717
325,000
Hamilton
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
UC
Health,
Series
2025A
5
.500
08/01/51
327,791
400,000
Miami
County,
Ohio,
Hospital
Facilities
Revenue
Bonds,
Kettering
Health
Network
Obligated
Group
Project,
Refunding
Improvement
Series
2019
5
.000
08/01/49
401,656
275,000
Norwood,
Ohio,
Special
Obligation
Revenue
Bonds,
Rookwood
Exchange
Project,
Refunding
Series
2025
5
.000
12/01/41
280,572
500,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Exempt
Facilities
Revenue
Bonds,
AMG
Vanadium
Project,
Series
2019,
(AMT)
5
.000
07/01/49
453,384
500,000
(a)
Ohio
Air
Quality
Development
Authority,
Ohio,
Revenue
Bonds,
Pratt
Paper
Ohio,
LLC
Project,
Series
2017,
(AMT)
4
.500
01/15/48
459,234
500,000
Port
of
Greater
Cincinnati
Development
Authority,
Ohio,
Duke
Energy
Convention
Center
Project,
TOT
First
Subordinate
Development
Revenue
Bonds,
Refunding
Series
2024B
5
.000
12/01/63
497,339
TOTAL
OHIO
5,078,550
OKLAHOMA
-
1.4%
240,000
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B
5
.250
08/15/48
233,821
250,000
Oklahoma
State
Turnpike
Authority,
Turnpike
System
Revenue
Bonds,
Second
Senior
Series
2025A
5
.500
01/01/54
266,284
1,000,000
Tulsa
Municipal
Airport
Trust,
Oklahoma,
Revenue
Bonds,
American
Airlines
Inc.,
Series
2025,
(AMT)
6
.250
12/01/35
1,134,268
TOTAL
OKLAHOMA
1,634,373
PENNSYLVANIA
-
2.6%
250,000
(a)
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Project,
Series
2024
5
.000
05/01/42
256,676
250,000
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Tower
Health
Project,
Series
2024A-3
5
.000
06/30/39
235,410
250,000
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2019A
5
.000
07/01/44
252,132
500,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2025A
5
.000
11/15/49
496,514
750,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022
-
AGM
Insured,
(AMT)
5
.000
12/31/57
749,795
550,000
(a),(b)
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Core
Natural
Resources
Inc.,
Project,
Series
2025,
(AMT),
(Mandatory
Put
3/27/35)
5
.450
01/01/51
598,039
Portfolio
of
Investments
March
31,
2026
(continued)
NHYM
10
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
500,000
Philadelphia
Authority
for
Industrial
Development
Senior
Living
Facilities,
Philadelphia,
Pennsylvania,
Revenue
Bonds,
Wesley
Enhanced
Living
Obligated
Group,
Series
2017A
5
.000
%
07/01/49
$
449,032
TOTAL
PENNSYLVANIA
3,037,598
PUERTO
RICO
-
3.3%
449,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
158,119
1,250,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
5
.000
07/01/58
1,190,156
1,000,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4
.784
07/01/58
924,751
386,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
0
.000
07/01/33
280,565
1,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/41
926,553
500,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4
.000
07/01/46
429,650
TOTAL
PUERTO
RICO
3,909,794
RHODE
ISLAND
-
0.4%
500,000
Rhode
Island
Health
and
Educational
Building
Corporation,
Student
Housing
Revenue
Bonds,
PRG-
RI
Properties
LLC,
Senior
Series
2025A
5
.000
07/01/60
477,039
TOTAL
RHODE
ISLAND
477,039
SOUTH
CAROLINA
-
0.9%
500,000
South
Carolina
Public
Service
Authority
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016B
5
.000
12/01/41
503,288
250,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Improvement
Series
2025A
5
.000
12/01/55
252,388
305,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2015E
5
.250
12/01/55
305,020
TOTAL
SOUTH
CAROLINA
1,060,696
TENNESSEE
-
0.3%
300,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Revenue
Bonds,
Subordinate
Series
2019B,
(AMT)
5
.000
07/01/49
301,433
TOTAL
TENNESSEE
301,433
TEXAS
-
7.5%
105,000
(a)
Austin,
Travis,
Williamson
and
Hays
Counties,
Texas,
Special
Assessment
Revenue
Bonds,
Whisper
Valley
Public
Improvement
District
Improvement
Area
2,
Series
2022
5
.500
11/01/51
105,609
250,000
(a)
Celina,
Texas,
Special
Assessment
Revenue
Bonds,
The
Parks
at
Wilson
Creek
Public
Improvement
District
Initial
Major
Improvement
Project,
Series
2021
4
.250
09/01/41
225,614
250,000
(a)
City
of
Midlothian,
Texas,
Westside
Preserve
Public
Improvement
District
Improvement
Area
#1
Project
Special
Assessment
Revenue
Bonds
Series
2022
5
.375
09/15/52
240,619
200,000
Crandall,
Kaufman
County,
Texas,
Special
Assessment
Revenue
Bonds,
River
Ridge
Public
Improvement
District
Improvement
Area
2
Project,
Series
2025
5
.250
09/15/45
199,462
870,000
(a)
Dripping
Springs,
Texas,
Special
Assessment
Revenue
Bonds,
Heritage
Public
Improvement
District
Improvement
Area
3A
&
Improvement
Area
3B,
Series
2025
5
.625
09/01/55
850,513
100,000
Fort
Bend
County
Industrial
Development
Corporation,
Texas,
Revenue
Bonds,
NRG
Energy
Inc.
Project,
Series
2012A.
RMKT
4
.750
05/01/38
100,016
1,000,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.250
07/15/34
1,049,307
250,000
(a)
Hutto,
Williams
County
Texas,
Special
Assessment
Revenue
Bonds,
Cottonwood
Creek
Public
Improvement
Area
2
Project
Series
2025
5
.125
09/01/45
248,080
400,000
(a)
Hutto,
Williams
County
Texas,
Special
Assessment
Revenue
Bonds,
Prairie
Winds,
Public
Improvement
Area
1,
Series
2025
5
.125
09/01/45
396,928
250,000
(a)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
6
Creeks
Public
Improvement
District
Improvement
Area
3B
Project,
Series
2025
5
.125
09/01/46
250,484
11
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
250,000
(a)
Kyle,
Texas,
Special
Assessment
Revenue
Bonds,
6
Creeks
Public
Improvement
District
Improvement
Area
5
Project,
Series
2025
5
.375
%
09/01/50
$
248,433
250,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2025
5
.000
05/15/55
253,753
250,000
(a)
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Beta
Academy,
Series
2019A
5
.000
08/15/49
225,178
500,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Westminster
Project,
Series
2025
5
.000
11/01/55
483,053
275,000
(a)
Port
Beaumont
Industrial
Development
Authority,
Texas,
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2021B
4
.100
01/01/28
250,055
500,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2024A,
(AMT)
5
.000
01/01/39
475,311
500,000
(a)
Port
Beaumont
Navigation
District,
Jefferson
County,
Texas,
Dock
and
Wharf
Facility
Revenue
Bonds,
Jefferson
Gulf
Coast
Energy
Project,
Series
2024A,
(AMT)
5
.125
01/01/44
474,515
250,000
(a)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Eastridge
Public
Improvement
District
Improvement
Area
4
Project,
Series
2025
5
.375
09/01/45
250,854
300,000
(a)
Princeton,
Texas,
Special
Assessment
Revenue
Bonds,
Westridge
Public
Improvement
District
Improvement
Area
1
Project,
Series
2025
5
.375
09/01/45
302,855
275,000
(a)
Providence
Village,
Denton
County,
Texas,
Special
Assessment
Revenue
Bonds,
Foree
Ranch
Public
Improvement
District
Improvement
Area
2
Project
Series
2025
5
.350
09/01/45
274,728
135,000
(a)
Sachse,
Texas,
Special
Assessment
Bonds,
Sachse
Public
Improvement
District
1
Improvement
Areas
2-3
Project,
Series
2022
7
.000
09/15/52
146,333
1,500,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Segments
3C
Project,
Series
2019,
(AMT)
5
.000
06/30/58
1,455,206
300,000
(a)
Venus,
Johnson
County,
Texas,
Special
Assessment
Revenue
Bonds,
Patriot
Estates
Public
Improvement
District,
Series
2021
4
.000
09/15/51
239,839
TOTAL
TEXAS
8,746,745
UTAH
-
2.1%
500,000
(a)
Black
Desert
Public
Infrastructure
District,
Washington
County,
Utah,
Special
Assessment
Bonds,
Black
Desert
Assessment
Area
1,
Series
2024
5
.625
12/01/53
500,551
500,000
(a)
Downtown
East
Streetcar
Sewer
Public
Infrastructure
District,
South
Salt
Lake,
Salt
Lake
County,
Utah,
Limited
Tax
General
Obligation
Bonds,
Series
2022A
6
.000
03/01/53
479,458
500,000
(a)
MIDA
Mountain
Village
Public
Infrastructure
District,
Utah,
Subordinate
Tax
Allocation
Revenue
Bonds,
Series
2024-1
5
.125
06/15/54
487,276
500,000
(a)
South
Salt
Lake
Redevelopment
Agency,
Utah,
Tax
Increment
Bonds,
Series
2025
6
.250
04/15/46
506,948
500,000
(a)
Wakara
Ridge
Public
Infrastructure
District,
Utah,
Special
Assessment
Bonds,
Wakara
Ridge
Assessment
Area,
Series
2025
5
.625
12/01/54
507,024
TOTAL
UTAH
2,481,257
VIRGIN
ISLANDS
-
0.6%
750,000
Virgin
Islands
Hotel
Development
Financing
Corporation,
Hotel
Revenue
Bonds
Frenchman's
Reef
Hotel
Acquisition
Project,
Senior
Lien
Series
2025A-1
6
.000
12/01/55
729,817
TOTAL
VIRGIN
ISLANDS
729,817
Portfolio
of
Investments
March
31,
2026
(continued)
NHYM
12
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
VIRGINIA
-
1.4%
$
100,000
(a)
Cherry
Hill
Community
Development
Authority,
Virginia,
Special
Assessment
Bonds,
Potomac
Shores
Project,
Series
2015
5
.150
%
03/01/35
$
100,134
100,000
Norfolk
Redevelopment
and
Housing
Authority,
Virginia,
Revenue
Bonds,
Fort
Norfolk
Retirement
Community,
Inc.
Harbor's
Edge
Project,
Refunding
Series
2014
5
.375
01/01/46
99,995
500,000
Virginia
Housing
Development
Authority,
Rental
Housing
Bonds,
Series
2025A
4
.600
09/01/50
489,010
1,000,000
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
(AMT)
5
.000
12/31/52
956,029
TOTAL
VIRGINIA
1,645,168
WASHINGTON
-
2.3%
250,000
(b)
Washington
Economic
Development
Finance
Authority,
Port
Revenue
Bonds,
Husky
Terminal
Improvement
Project,
Series
2025,
(AMT),
(Mandatory
Put
12/01/30)
5
.875
12/01/45
252,659
500,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/48
488,110
1,000,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/58
961,067
1,000,000
(a)
Washington
State
Housing
Finance
Commission,
Nonprofit
Revenue
Bonds,
Provident
Group
-
SH
II
Properties
LLC,
Blakeley
&
Laurel
Villages
Portfolio,
Series
2025A
-
BAM
Insured
5
.250
07/01/64
994,805
TOTAL
WASHINGTON
2,696,641
WEST
VIRGINIA
-
1.1%
500,000
Ohio
County
Commission,
West
Virginia,
Tax
Increment
Revenue
Bonds,
The
Highlands
Project,
Refunding
&
Improvement
Series
2024
5
.250
06/01/53
487,795
595,000
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A
5
.000
01/01/43
550,287
250,000
West
Virginia
Hospital
Finance
Authority,
Revenue
Bonds,
West
Virginia
University
Health
System
Obligated
Group,
Improvement
Series
2017A
5
.000
06/01/47
250,545
TOTAL
WEST
VIRGINIA
1,288,627
WISCONSIN
-
4.5%
100,000
(a)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Envision
Science
Academy
Project,
Series
2016A
5
.250
05/01/46
92,232
250,000
(a)
Public
Finance
Authority
of
Wisconsin,
Charter
School
Revenue
Bonds,
Hapeville
Charter
Project,
Series
2025A
5
.750
02/01/52
252,530
500,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A
5
.000
02/01/52
480,837
1,000,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A
5
.000
02/01/62
944,183
250,000
(a)
Public
Finance
Authority
of
Wisconsin,
Limited
Obligation
PILOT
Revenue
Bonds,
American
Dream
Meadowlands
Project,
Series
2017
6
.500
12/01/37
195,000
250,000
(a)
Public
Finance
Authority
of
Wisconsin,
Retirement
Facility
Revenue
Bonds,
Penick
Village,
Series
2019
5
.000
09/01/54
226,095
246,000
(a)
Public
Finance
Authority
of
Wisconsin,
Revenue
Anticipation
Bonds,
Texas
Infrastructure
Authority
Program,
Astro
Texas
Land
Projects,
Refunding
&
Improvement
Series
2025
5
.000
12/15/36
241,869
370,000
Public
Finance
Authority
of
Wisconsin,
Student
Housing
Revenue
Bonds,
Campus
Real
Estate
Holding
Corporation,
LLC
Project,
Series
2025A
5
.250
06/01/45
371,292
500,000
Public
Finance
Authority
of
Wisconsin,
Student
Housing
Revenue
Bonds,
KSU
Bixby
Real
Estate
Foundation,
LLC
Project,
Senior
Series
2025A
5
.250
06/15/55
487,660
500,000
Public
Finance
Authority,
Wisconsin,
Toll
Revenue
Bonds,
Georgia
SR
400
Express
Lanes
Project,
Senior
Lien
Series
2025
5
.750
06/30/60
516,189
1,000,000
Public
Finance
Authority,
Wisconsin,
Toll
Revenue
Bonds,
Georgia
SR
400
Express
Lanes
Project,
Senior
Lien
Series
2025
5
.750
12/31/65
1,021,379
13
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
(continued)
$
500,000
(d)
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Benevolent
Corporation
Cedar
Community,
Series
2026
5
.500
%
06/01/55
$
498,460
TOTAL
WISCONSIN
5,327,726
TOTAL
MUNICIPAL
BONDS
(cost
$116,249,804)
114,844,205
TOTAL
LONG-TERM
INVESTMENTS
(cost
$117,451,808)
116,046,209
OTHER
ASSETS
&
LIABILITIES,
NET
-
1.0%
1,163,252
NET
ASSETS
-
100%
$
117,209,461
AMT
Alternative
Minimum
Tax
(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
$33,522,029
or
28.9%
of
Total
Investments.
(b)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
when
applicable. For
mortgage-backed
or
asset-
backed
securities
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(c)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(d)
When-issued
or
delayed
delivery
security.
14
Portfolio
of
Investments
March
31,
2026
NUMI
See
Notes
to
Financial
Statements
SHARES
DESCRIPTION
VALUE
LONG-TERM
INVESTMENTS
-
99.9%
INVESTMENT
COMPANIES
-
1.4%
1,064,404
State
Street
Institutional
US
Government
Money
Market
Fund
$
1,064,404
TOTAL
INVESTMENT
COMPANIES
(cost
$1,064,404)
$
1,064,404
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MUNICIPAL
BONDS
-
98.5%
ALABAMA
-
1.6%
$
200,000
(a)
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2024A,
(Mandatory
Put
9/01/32)
5
.250
%
05/01/55
205,705
340,000
(a)
Black
Belt
Energy
Gas
District,
Alabama,
Gas
Project
Revenue
Bonds,
Series
2024B,
(Mandatory
Put
9/01/32)
5
.000
10/01/55
358,893
100,000
Energy
Southeast
Cooperative
District,
Alabama,
Energy
Supply
Revenue
Bonds,
Series
2025B
5
.000
09/01/33
101,793
110,000
Jefferson
County,
Alabama,
Sewer
Revenue
Warrants,
Series
2024
5
.250
10/01/42
118,068
125,000
Lower
Alabama
Gas
District
Gas
Project
Revenue
Refunding
Bonds,
Equitable
Financial
Life
Insurance
Company
of
America,
Series
2025A
5
.000
12/01/33
129,888
140,000
Southeast
Energy
Authority,
Alabama,
Energy
Supply
Revenue
Bonds,
Cooperative
District
Series
2025E
5
.000
10/01/30
148,615
140,000
Southeast
Energy
Authority,
Alabama,
Revenue
Bonds,
A
Cooperative
District
Energy
Supply
Series
2025D
5
.000
09/01/35
150,800
TOTAL
ALABAMA
1,213,762
ARIZONA
-
0.9%
400,000
Chandler,
Arizona,
General
Obligation
Bonds,
Series
2026
5
.000
07/01/35
461,050
110,000
Mesa,
Arizona,
Utility
System
Revenue
Bonds,
Series
2018
5
.000
07/01/42
112,731
100,000
Phoenix,
Arizona,
General
Obligation
Bonds,
Various
Purpose
Series
2024A
5
.000
07/01/39
110,165
TOTAL
ARIZONA
683,946
ARKANSAS
-
0.8%
500,000
(a),(b)
Arkansas
Development
Finance
Authority,
Arkansas,
Environmental
Improvement
Revenue
Bonds,
United
States
Steel
Corporation
Project,
Series
2026A,
(AMT),
(Mandatory
Put
3/01/33)
4
.000
09/01/46
497,813
100,000
(a)
Arkansas
Development
Finance
Authority,
Resource
Recovery
Revenue
Bonds,
Weyerhaeuser
Company
Project,
Series
2025,
(AMT),
(Mandatory
Put
10/15/32)
3
.875
10/15/65
99,563
TOTAL
ARKANSAS
597,376
CALIFORNIA
-
12.0%
340,000
(a)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2024A,
(Mandatory
Put
4/01/32)
5
.000
05/01/54
358,803
200,000
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2025B
5
.000
11/01/32
213,707
200,000
(a)
California
Community
Choice
Financing
Authority,
Clean
Energy
Project
Revenue
Bonds,
Green
Series
2025D,
(Mandatory
Put
7/01/34)
5
.000
10/01/55
202,023
100,000
California
Educational
Facilities
Authority,
Revenue
Bonds,
Chapman
University, Refunding
Series
2025A
5
.000
04/01/42
109,826
150,000
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Series
2018A
4
.000
11/15/42
142,959
100,000
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Providence
Saint
Joseph
Health,
Refunding
Series
2016A
4
.000
10/01/47
88,377
100,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
Academy
of
Motion
Picture
Arts
and
Sciences
Obligated
Group,
Series
2015A
4
.000
11/01/45
95,341
250,000
California
Infrastructure
and
Economic
Development
Bank,
Revenue
Bonds,
UCSF
Clinical
and
Life
Sciences
Building,
Series
2025
5
.000
05/15/40
280,123
15
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
CALIFORNIA
(continued)
$
220,000
California
Municipal
Finance
Agency,
Municipal
Certificates,
Series
2026-1
Class
A-2
4
.050
%
07/20/41
$
202,654
150,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
Linxs
APM
Project,
Senior
Lien
Series
2018A,
(AMT)
5
.000
12/31/34
153,996
125,000
California
Municipal
Finance
Authority,
Revenue
Bonds,
NorthBay
Healthcare
Group,
Series
2017A
5
.250
11/01/41
125,234
250,000
(a)
California
Municipal
Finance
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Republic
Services
Inc.
Project,
Series
2021B,
(AMT),
(Mandatory
Put
7/15/26)
3
.250
07/01/51
250,015
750,000
California
State
University,
Systemwide
Revenue
Bonds,
Series
2025A
5
.000
11/01/39
864,313
615,000
California
State,
General
Obligation
Bonds,
Refunding
Various
Purpose
Series
2024
5
.000
09/01/43
668,467
560,000
California
State,
General
Obligation
Bonds,
Various
Purpose
Refunding
Series
2025
5
.000
03/01/37
634,927
475,000
(b)
California
Statewide
Communities
Development
Authority,
California,
Revenue
Bonds,
Loma
Linda
University
Medical
Center,
Series
2016A
5
.250
12/01/56
475,031
750,000
Eastern
Municipal
Water
District
Community
Facilities
District
2018-80
Willow
Springs,
California,
Special
Tax
Bonds
Series
2025
5
.000
09/01/50
750,111
500,000
Foothill-De
Anza
Community
College
District,
Santa
Clara
County,
California,
General
Obligation
Bonds,
Refunding
Series
2016
4
.000
08/01/40
487,375
250,000
Oxnard
School
District,
Ventura
County,
California,
General
Obligation
Bonds,
Bond
Anticipation
Notes
Series
2026
0
.000
02/01/31
211,409
250,000
Peralta
Community
College
District,
Alameda
County,
California,
General
Obligation,
Refunding
Series
2025
5
.000
08/01/38
288,666
190,000
Sacramento
County,
California,
Airport
System
Revenue
Bonds,
Refunding
Senior
Series
2018C,
(AMT)
5
.000
07/01/34
195,917
320,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Governmental
Purpose
Series
2016C
5
.000
05/01/46
320,261
270,000
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Second
Series
2019E,
(AMT)
5
.000
05/01/37
279,533
500,000
San
Francisco
City
and
County
Public
Utilities
Commission,
California,
Water
Revenue
Bonds,
Refunding
Green
Sub
Series
2025A
5
.000
11/01/47
539,038
100,000
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Toll
Road
Revenue
Bonds,
Refunding
Junior
Lien
Series
2014B
5
.250
01/15/49
100,039
500,000
University
of
California,
General
Revenue
Bonds,
Limited
Project
Series
2016K
4
.000
05/15/46
469,218
500,000
University
of
California,
General
Revenue
Bonds,
Series
2025CC
5
.000
05/15/42
549,682
105,000
University
of
California,
General
Revenue
Bonds,
Series
2025CE
5
.000
11/15/41
117,162
TOTAL
CALIFORNIA
9,174,207
COLORADO
-
5.7%
310,000
Adams
and
Arapahoe
Counties
Joint
School
District
28J,
Aurora,
Colorado,
General
Obligation
Bonds,
Series
2025
5
.500
12/01/37
365,768
300,000
Adams
and
Arapahoe
Counties
Joint
School
District
28J,
Aurora,
Colorado,
General
Obligation
Bonds,
Series
2025
5
.500
12/01/38
351,534
300,000
Adams
and
Arapahoe
Counties
Joint
School
District
28J,
Aurora,
Colorado,
General
Obligation
Bonds,
Series
2025
5
.500
12/01/39
348,786
990,000
Adams
County
School
District
14,
Colorado,
General
Obligation
Bonds,
Series
2025
5
.500
12/01/44
1,097,489
500,000
CCP
Metropolitan
District
3,
Colorado,
General
Obligation
Bonds,
Limited
Tax
Refunding
Series
2024
5
.000
12/01/53
480,988
280,000
Cherry
Creek
School
District
5, Arapahoe
County,
Colorado,
General
Obligation
Bonds,
Series
2024
5
.250
12/15/41
315,041
250,000
Colorado
Housing
and
Finance
Authority,
Single
Family
Mortgage
Bonds,
Class
I
Series
2024A-1
6
.000
11/01/55
276,716
100,000
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Subordinate
Lien
Series
2018B
5
.000
12/01/48
101,062
Portfolio
of
Investments
March
31,
2026
(continued)
NUMI
16
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
COLORADO
(continued)
$
500,000
Denver
School
District
1,
Colorado,
General
Obligation
Bonds,
Series
2025C
5
.500
%
12/01/46
$
552,110
250,000
Denver,
Colorado,
General
Obligation
Bonds,
Vibrant
Denver
Series
2026A
5
.500
08/01/43
285,991
180,000
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A
4
.000
07/15/35
180,348
TOTAL
COLORADO
4,355,833
DELAWARE
-
0.3%
200,000
Delaware
Transportation
Authority,
Revenue
Bonds,
US
301
Project,
Series
2015
5
.000
06/01/45
200,058
TOTAL
DELAWARE
200,058
DISTRICT
OF
COLUMBIA
-
1.6%
300,000
District
of
Columbia
Water
and
Sewer
Authority,
Public
Utility
Revenue
Bonds,
Subordinate
Lien
Green
Series
2022B
5
.000
10/01/47
310,779
200,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2016A
5
.000
06/01/41
200,801
255,000
District
of
Columbia,
General
Obligation
Bonds,
Series
2024A
5
.000
08/01/37
283,824
110,000
District
of
Columbia,
Income
Tax
Secured
Revenue
Bonds,
Series
2022A
5
.500
07/01/47
117,372
305,000
Metropolitan
Washington
Airports
Authority,
Virginia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
Capital
Appreciation,
Second
Senior
Lien
Series
2010B
6
.500
10/01/44
321,933
TOTAL
DISTRICT
OF
COLUMBIA
1,234,709
FLORIDA
-
4.5%
245,000
City
of
Miami
Beach,
Florida,
Stormwater
Revenue
Bonds,
Series
2015
4
.000
09/01/45
232,481
150,000
Fort
Lauderdale,
Florida,
Water
and
Sewer
Revenue
Bonds,
Prospect
Lake
Water
Treatment
Plant
Project
Series
2023B
5
.000
09/01/39
163,582
500,000
(b)
Grand
Bay
at
Doral
Community
Development
District,
Miami-
Dade
County,
Florida,
Special
Assessment
Bonds,
Assessment
Area
Two
Phase
1
Project,
Series
2025A-1
5
.000
05/01/45
501,628
365,000
(a)
Miami-Dade
County
Industrial
Development
Authority,
Florida,
Solid
Waste
Disposal
Revenue
Bonds,
Waste
Management
Inc
Project,
Series
2018B,
(AMT),
(Mandatory
Put
7/01/26)
4
.000
11/01/48
365,250
250,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Refunding
Series
2017B,
(AMT)
5
.000
10/01/40
252,225
250,000
Miami-Dade
County,
Florida,
Aviation
Revenue
Bonds,
Series
2025A,
(AMT)
5
.500
10/01/55
260,174
150,000
Miami-Dade
County,
Florida,
Transit
System
Sales
Surtax
Revenue
Bonds,
Series
2018
5
.000
07/01/43
153,476
505,000
(b)
Miromar
Lakes
Community
Development
District,
Lee
County,
Florida,
Capital
Improvement
Revenue
Bonds,
Refunding
Series
2025
5
.000
05/01/35
539,859
400,000
Orlando
Utilities
Commission,
Florida,
Utility
System
Revenue
Bonds,
Series
2025A
5
.000
10/01/45
423,962
440,000
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Series
2019A-1
5
.000
10/01/35
452,687
120,000
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperative,
Inc.
Project,
Refunding
Series
2018B
5
.000
03/15/42
121,839
TOTAL
FLORIDA
3,467,163
GEORGIA
-
2.5%
350,000
Atlanta,
Georgia,
Airport
General
Revenue
Bonds,
Green
Series
2025B-1,
(AMT)
5
.000
07/01/33
385,342
100,000
Burke
County
Development
Authority,
Georgia,
Pollution
Control
Revenue
Bonds,
Oglethorpe
Power
Corporation
Vogtle
Project,
Series
2017D
4
.125
11/01/45
93,730
170,000
Carroll
City-County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Tanner
Medical
Center,
Inc.
Project,
Series
2015
4
.000
07/01/45
164,689
500,000
DeKalb
County,
Georgia,
Water
and
Sewerage
Revenue
Bonds,
Refunding
Series
2006B
-
AGM
Insured
5
.250
10/01/32
505,979
300,000
Fulton
County
Development
Authority,
Georgia,
Hospital
Revenue
Bonds,
Wellstar
Health
System,
Inc
Project,
Series
2017A
5
.000
04/01/47
301,429
17
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
GEORGIA
(continued)
$
100,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2015A
5
.500
%
07/01/60
$
100,009
100,000
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A
-
BAM
Insured
5
.000
01/01/49
100,770
255,000
Richmond
County
Board
of
Education,
Georgia,
General
Obligation
Bonds,
Sales
Tax
Series
2025
5
.000
10/01/32
286,927
TOTAL
GEORGIA
1,938,875
GUAM
-
0.7%
250,000
Guam
Port
Authority,
Port
Revenue
Bonds,
Series
2018A
5
.000
07/01/48
250,768
265,000
Guam
Power
Authority,
Revenue
Bonds,
Refunding
Series
2022A
5
.000
10/01/42
274,299
TOTAL
GUAM
525,067
HAWAII
-
0.5%
100,000
Honolulu
City
and
County,
Hawaii,
Wastewater
System
Revenue
Bonds,
First
Bond
Resolution,
Senior
Series
2019A
5
.000
07/01/44
102,947
250,000
Maui
County,
Hawaii,
General
Obligation
Bonds,
Series
2025
5
.000
09/01/39
278,542
TOTAL
HAWAII
381,489
ILLINOIS
-
4.0%
275,000
Chicago,
Illinois,
General
Obligation
Bonds,
Series
2019A
5
.500
01/01/35
282,179
105,000
Chicago,
Illinois,
Water
Revenue
Bonds,
Second
Lien
Refunding
Series
2024A
5
.000
11/01/35
115,675
250,000
(a)
Illinois
Finance
Authority,
Water
Facilities
Revenue
Bonds,
American
Water
Capital
Corporation
Project,
Refunding
Series
2019,
(Mandatory
Put
10/01/29)
2
.450
10/01/39
241,809
250,000
Illinois
State,
General
Obligation
Bonds,
May
Series
2018A
5
.000
05/01/43
252,538
140,000
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D
5
.000
11/01/28
144,167
720,000
Illinois
State,
Sales
Tax
Revenue
Bonds,
Build
Illinois,
Refunding
Junior
Obligation
March
Series
2025B
5
.000
06/15/40
770,485
50,000
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A
5
.000
01/01/46
51,606
330,000
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Series
2017A
5
.000
06/15/57
321,767
500,000
Northern
Illinois
Municipal
Power
Agency,
Power
Project
Revenue
Bonds,
Prairie
State
Project,
Refunding
Series
2016A
4
.000
12/01/33
500,393
100,000
Schaumburg,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2013A
4
.000
12/01/41
99,978
300,000
Southwestern
Illinois
Development
Authority,
Illinois,
Local
Government
Revenue
Bonds,
Triad
Community
Unit
School
District
2
Project,
Series
2025B
-
BAM
Insured
5
.500
04/01/48
319,258
TOTAL
ILLINOIS
3,099,855
INDIANA
-
1.5%
250,000
Indiana
Finance
Authority,
State
Revolving
Fund
Program
Bonds,
Green
Series
2025C
5
.000
02/01/40
276,370
170,000
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Revenue
Bonds,
Ad
Valorem
Property
Tax
Funded
Project
Series
2023D
6
.000
02/01/43
189,911
155,000
Ivy
Tech
Community
College,
Indiana,
Student
Fee
Revenue
Bonds,
Series
2026Y
5
.000
07/01/37
174,595
500,000
(a)
Whiting,
Indiana,
Environmental
Facilities
Revenue
Bonds,
BP
Products
North
America
Inc.
Project,
Series
2008,
(Mandatory
Put
6/21/35)
4
.200
06/01/44
514,980
TOTAL
INDIANA
1,155,856
KENTUCKY
-
1.3%
150,000
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A
-
AGM
Insured
4
.000
12/01/41
145,321
275,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A
5
.000
01/01/45
275,069
500,000
Kentucky
State
Property
and
Buildings
Commission,
Revenue
Bonds,
Project
132,
Series
2025A
5
.000
04/01/41
546,873
TOTAL
KENTUCKY
967,263
Portfolio
of
Investments
March
31,
2026
(continued)
NUMI
18
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LOUISIANA
-
0.5%
$
205,000
Louisiana
Local
Government
Environmental
Facilities
and
Community
Development
Authority,
Revenue
Bonds,
Westlake
Chemical
Corporation
Projects,
Refunding
Series
2017
3
.500
%
11/01/32
$
199,249
100,000
(c)
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015,
(Pre-refunded
5/01/26)
4
.250
05/15/40
97,341
120,000
Louisiana
Public
Facilities
Authority,
Revenue
Bonds,
Ochsner
Clinic
Foundation
Project,
Series
2015
5
.000
05/15/47
120,023
TOTAL
LOUISIANA
416,613
MAINE
-
0.1%
100,000
Maine
Municipal
Bond
Bank,
Transportation
Infrastructure
Revenue
Bonds,
Transcap
Program,
Highway
and
Bridge
Series
2026A
5
.000
09/01/32
112,297
TOTAL
MAINE
112,297
MARYLAND
-
0.6%
120,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Maryland
Medical
System
Issue,
Series
2017B
4
.000
07/01/39
117,890
325,000
Montgomery
County,
Maryland,
General
Obligation
Bonds,
Consolidated
Public
Improvement
Series
2025A
5
.000
10/01/34
368,188
TOTAL
MARYLAND
486,078
MASSACHUSETTS
-
3.0%
250,000
Boston,
Massachusetts,
General
Obligation
Bonds,
Series
2025A
5
.000
02/01/37
281,463
500,000
Massachusetts
Clean
Water
Trust,
State
Revolving
Fund
Bonds,
Green
27
Series
2026
5
.000
02/01/35
581,820
155,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5
.000
10/01/46
155,290
250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Smith
College,
Series
2025
4
.000
07/01/45
242,190
125,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Issue
Series
2025N-1
5
.250
07/01/50
125,469
500,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2016E
4
.000
04/01/46
470,026
300,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2016J
4
.000
12/01/39
295,274
125,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2024A
5
.000
01/01/54
128,329
TOTAL
MASSACHUSETTS
2,279,861
MICHIGAN
-
3.7%
245,000
Detroit
City
School
District,
Wayne
County,
Michigan,
Unlimited
Tax
School
Building
and
Site
Improvement
Bonds,
Series
2001A
-
AGM
Insured
6
.000
05/01/29
259,013
250,000
Howell
Public
Schools,
Livingston
County,
Michigan,
General
Obligation
Bonds,
School
Building
and
Site
Series
2025-II
5
.000
05/01/40
273,151
250,000
Lansing
Board
of
Water
and
Light,
Michigan,
Utility
System
Revenue
Bonds,
Refunding
Series
2026B
5
.000
07/01/37
284,347
245,000
Michigan
Finance
Authority,
Hospital
Revenue
Bonds,
Henry
Ford
Health
System,
Refunding
Series
2016
5
.000
11/15/41
246,448
250,000
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-Backed
Bonds,
2006
Sold
Tobacco
Receipts
Senior
Current
Interest
Series
2020A-2
5
.000
06/01/40
257,222
500,000
Michigan
Housing
Development
Authority,
Rental
Housing
Revenue
Bonds,
Series
2025A-1
3
.550
10/01/31
496,935
330,000
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2016-I
5
.000
04/15/41
332,322
450,000
Michigan
Strategic
Fund,
Limited
Obligation
Revenue
Bonds,
I-75
Improvement
Project,
Series
2018,
(AMT)
5
.000
12/31/43
452,125
200,000
Oakland
University,
Michigan,
General
Revenue
Bonds,
Series
2016
5
.000
03/01/47
200,213
TOTAL
MICHIGAN
2,801,776
19
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
MINNESOTA
-
1.8%
$
1,340,000
Minnetonka
Independent
School
District
276,
Minnesota,
General
Obligation
Bonds,
School
Building
Capital
Appreciation,
Series
2026A
0
.000
%
02/01/38
$
856,806
500,000
(a)
Rochester,
Minnesota,
Health
Care
Facilities
Revenue
Bonds,
Mayo
Clinic,
Series
2025B,
(Mandatory
Put
5/15/32)
5
.000
11/15/55
548,597
TOTAL
MINNESOTA
1,405,403
MISSISSIPPI
-
0.3%
195,000
Mississippi
Home
Corporation,
Single
Family
Mortgage
Revenue
Bonds,
Series
2026A
6
.250
12/01/55
217,934
TOTAL
MISSISSIPPI
217,934
MISSOURI
-
1.4%
100,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Mercy
Health,
Series
2014F
5
.000
11/15/45
100,041
780,000
Missouri
Health
and
Educational
Facilities
Authority,
Health
Facilities
Revenue
Bonds,
Saint
Anthony's
Medical
Center,
Series
2015B
4
.000
02/01/40
768,015
200,000
North
Kansas
City
School
District
74,
Missouri,
General
Obligation
Bonds,
Improvement
Series
2025
5
.000
03/01/44
213,331
TOTAL
MISSOURI
1,081,387
MONTANA
-
0.5%
400,000
Lewis
and
Clark
County
High
School
District,
Montana,
General
Obligation
Bonds,
School
Building
Series
2025
-
BAM
Insured
5
.000
07/01/51
413,690
TOTAL
MONTANA
413,690
NEBRASKA
-
1.8%
800,000
Boys
Town
Village,
Nebraska,
Revenue
Bonds,
Boys
Town
Project
Series
2026
5
.000
07/01/46
824,075
500,000
(a)
Central
Plains
Energy
Project,
Nebraska,
Gas
Supply
Revenue
Bonds,
Refunding
Series
2025A
Subseries
2025A-1,
(Mandatory
Put
8/01/31)
5
.000
08/01/55
529,522
TOTAL
NEBRASKA
1,353,597
NEVADA
-
0.7%
100,000
Las
Vegas
Redevelopment
Agency,
Nevada,
Tax
Increment
Revenue
Bonds,
Refunding
Series
2016
5
.000
06/15/40
100,023
250,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Water
Improvement
Series
2025A
5
.000
06/01/41
275,827
140,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Water
Refunding
Series
2024A
5
.000
06/01/39
154,272
TOTAL
NEVADA
530,122
NEW
JERSEY
-
3.1%
160,000
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A
4
.000
07/01/34
159,379
255,000
New
Jersey
Economic
Development
Authority,
Special
Facility
Revenue
Bonds,
Port
Newark
Container
Terminal
LLC
Project,
Refunding
Series
2017,
(AMT)
5
.000
10/01/37
258,124
500,000
(d)
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
William
Paterson University,
Series
2026A
-
BAM
Insured
5
.000
07/01/37
558,942
400,000
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A
4
.000
07/01/41
389,347
195,000
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Social
Series
2025B
3
.050
11/01/29
194,683
250,000
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2025A
-
BAM
Insured
5
.000
07/01/39
277,551
150,000
New
Jersey
Transportation
Trust
Fund
Authority,
Federal
Highway
Reimbursement
Revenue
Notes,
Series
2018A
5
.000
06/15/29
150,667
150,000
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA
5
.250
06/15/41
150,125
250,000
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A
5
.000
06/01/30
259,816
TOTAL
NEW
JERSEY
2,398,634
Portfolio
of
Investments
March
31,
2026
(continued)
NUMI
20
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
NEW
YORK
-
8.3%
$
150,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A
5
.000
%
08/01/32
$
153,947
410,000
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
Montefiore
Obligated
Group,
Series
2018A
5
.000
08/01/33
419,460
250,000
Dormitory
Authority
of
the
State
of
New
York,
State
Personal
Income
Tax
Revenue
Bonds,
General
Purpose,
Series
2018A
5
.000
03/15/35
252,271
500,000
Hudson
Yards
Infrastructure
Corporation,
New
York,
Revenue
Bonds,
Second
Indenture
Fiscal
2017
Series
A
5
.000
02/15/42
505,632
200,000
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017
5
.000
09/01/47
202,342
500,000
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2019A-2
5
.000
11/15/45
507,504
485,000
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A
-
AGM
Insured
3
.000
01/01/33
467,276
125,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2013
Series
BB
4
.000
06/15/47
113,699
225,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2019
Series
DD-1
5
.000
06/15/49
228,647
250,000
New
York
City
Municipal
Water
Finance
Authority,
New
York,
Water
and
Sewer
System
Second
General
Resolution
Revenue
Bonds,
Fiscal
2025
Series
AA-2
5
.000
06/15/49
258,874
250,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025F-1
5
.000
11/01/37
278,714
500,000
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2025H-1
5
.000
11/01/42
539,499
130,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2017
Series
A-1
4
.000
08/01/39
126,385
300,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2018
Series
F-1
5
.000
04/01/43
306,363
500,000
(b)
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
3
World
Trade
Center
Project,
Class
1
Series
2014
5
.000
11/15/44
500,017
145,000
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
7
World
Trade
Center
Project,
Refunding
Green
Series
2022A-CL2
3
.125
09/15/50
106,298
400,000
(a)
New
York
State
Housing
Finance
Agency,
Affordable
Housing
Revenue
Bonds,
Sustainability
Green
Series
2025B-2,
(Mandatory
Put
5/01/29)
3
.600
11/01/64
402,115
200,000
New
York
Transportation
Development
Corporation,
New
York,
Facility
Revenue
Bonds,
Thruway
Service
Areas
Project,
Series
2021,
(AMT)
2
.500
10/31/31
177,714
250,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
New
Terminal
1
John
F
Kennedy
International
Airport
Project,
Green
Series
2023
-
AGM
Insured,
(AMT)
5
.500
06/30/43
262,963
130,000
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2020C
5
.000
12/01/38
136,100
265,000
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2020,
(AMT)
4
.000
10/01/30
269,331
100,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Green
Bonds,
Series
2022D-2
5
.500
05/15/52
105,070
20,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Real
Estate
Transfer
Tax
Revenue
Bonds,
MTA
Bridges
and
Tunnels,
TBTA
Capital
Lockbox
Fund,
Series
2025A
5
.250
12/01/54
20,833
TOTAL
NEW
YORK
6,341,054
21
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
OHIO
-
3.4%
$
250,000
Columbus
Regional
Airport
Authority,
Ohio,
Revenue
Bonds,
John
Glenn
Columbus
International
Airport,
Series
2025A,
(AMT)
5
.000
%
01/01/40
$
265,097
250,000
Columbus
Regional
Airport
Authority,
Ohio,
Revenue
Bonds,
John
Glenn
Columbus
International
Airport,
Series
2025A,
(AMT)
5
.500
01/01/55
259,672
250,000
Columbus,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2025A
5
.000
10/01/32
281,617
250,000
Norwood,
Ohio,
Special
Obligation
Revenue
Bonds,
Rookwood
Exchange
Project,
Refunding
Series
2025
5
.000
12/01/35
261,061
250,000
Ohio
State,
General
Obligation
Bonds,
Higher
Education
Refunding
Series
2025D
5
.000
11/01/32
282,172
250,000
Ohio
State,
General
Obligation
Bonds,
Higher
Education
Refunding
Series
2025D
5
.000
11/01/35
284,985
210,000
Ohio
State,
Hospital
Revenue
Bonds,
University
Hospitals
Health
System,
Inc.,
Refunding
Series
2014A
4
.000
01/15/44
196,167
250,000
Olentangy
Local
School
District,
Delaware
and
Franklin
Counties,
Ohio,
General
Obligation
Bonds,
Various
Purpose
Series
2026
5
.000
12/01/39
278,959
500,000
Toledo
Lucas
County
Public
Library,
Ohio,
General
Obligation
Bonds,
Library
Improvement
Series
2025A
5
.000
12/01/47
519,820
TOTAL
OHIO
2,629,550
OKLAHOMA
-
1.9%
350,000
Cleveland
County
Independent
School
District
2
Moore,
Oklahoma,
General
Obligation
Bonds,
Combined
Purpose
Series
2026
2
.000
03/01/28
342,174
500,000
Oklahoma
County,
Oklahoma,
Finance
Authority,
Educational
Facilities
Lease
Revenue
Bonds,
Choctaw-Nicoma
Park
Public
Schools
Project,
Series
2023
5
.000
09/01/41
529,561
250,000
Oklahoma
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Homeownership
Loan
Program,
Series
2025B
4
.875
09/01/45
254,204
500,000
Tulsa,
Oklahoma,
General
Obligation
Bonds,
Series
2024C
0
.050
10/01/37
317,077
TOTAL
OKLAHOMA
1,443,016
OREGON
-
0.2%
250,000
Beaverton
School
District
48J,
Washington
and
Multnomah
Counties,
Oregon,
General
Obligation
Bonds,
Series
2025A
0
.000
06/15/37
158,790
TOTAL
OREGON
158,790
PENNSYLVANIA
-
6.2%
120,000
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018
-
AGM
Insured
4
.000
06/01/39
115,444
170,000
Delaware
County
Authority,
Pennsylvania,
Revenue
Bonds,
Villanova
University,
Series
2015
4
.000
08/01/40
170,008
300,000
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A
5
.000
08/15/42
300,962
250,000
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A
5
.000
09/01/43
254,191
500,000
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2025A
5
.000
11/15/42
519,638
150,000
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2016A
5
.000
08/15/46
150,147
125,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022,
(AMT)
5
.500
06/30/37
135,671
280,000
Pennsylvania
Economic
Development
Financing
Authority,
Pennsylvania,
Private
Activity
Revenue
Bonds,
The
PennDOT
Major
Bridges
Package
One
Project,
Series
2022,
(AMT)
5
.500
06/30/38
301,128
200,000
(a),(b)
Pennsylvania
Economic
Development
Financing
Authority,
Solid
Waste
Disposal
Revenue
Bonds,
Core
Natural
Resources
Inc.,
Project,
Series
2025,
(AMT),
(Mandatory
Put
3/27/35)
5
.450
01/01/51
217,469
310,000
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2015
4
.000
08/15/45
286,690
Portfolio
of
Investments
March
31,
2026
(continued)
NUMI
22
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
PENNSYLVANIA
(continued)
$
1,000,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Refunding
First
Series
2026
5
.000
%
12/01/40
$
1,107,973
400,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2016A-1
5
.000
12/01/46
401,602
175,000
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Seventeenth
Series
2024A
5
.000
08/01/44
184,597
545,000
Wilson
School
District,
Berks
County,
Pennsylvania,
General
Obligation
Bonds,
Notes
Series
2025D
5
.000
05/15/39
590,495
TOTAL
PENNSYLVANIA
4,736,015
PUERTO
RICO
-
0.3%
600,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0
.000
07/01/46
211,294
TOTAL
PUERTO
RICO
211,294
SOUTH
CAROLINA
-
1.4%
300,000
Medical
University
Hospital
Authority,
South
Carolina,
FHA-
Insured
Mortgage
Revenue
Bonds,
Indian
Land
Project,
Series
2025
5
.250
11/15/54
305,109
105,000
South
Carolina
Housing
Finance
and
Development
Authority,
Mortgage
Revenue
Bonds,
Series
2026A
6
.000
07/01/56
116,846
250,000
(a)
South
Carolina
Jobs-Economic
Development
Authority,
Hospital
Revenue
Bonds,
Bon
Secours
Mercy
Health,
Inc,
Series
2025B-2,
(Mandatory
Put
11/01/32)
5
.000
11/01/49
278,504
125,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
&
Improvement
Series
2015A
5
.000
12/01/50
124,164
140,000
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Refunding
Series
2016A
5
.000
12/01/38
140,266
100,000
South
Carolina
State
Ports
Authority,
Revenue
Bonds,
Series
2018,
(AMT)
5
.000
07/01/37
102,124
TOTAL
SOUTH
CAROLINA
1,067,013
SOUTH
DAKOTA
-
0.6%
150,000
South
Dakota
Conservancy
District,
Revenue
Bonds,
State
Revolving
Fund
Program,
Series
2020
5
.000
08/01/42
157,236
250,000
South
Dakota
Housing
Development
Authority,
Homeownership
Mortgage
Revenue
Bonds,
Series
2026A
6
.000
11/01/56
280,489
TOTAL
SOUTH
DAKOTA
437,725
TENNESSEE
-
2.5%
250,000
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1
4
.000
08/01/44
227,534
300,000
Metropolitan
Government
of
Nashville-Davidson
County,
Tennessee,
General
Obligation
Bonds,
Improvement
Series
2021C
1
.750
01/01/37
242,086
230,000
Metropolitan
Government
of
Nashville-Davidson
County,
Tennessee,
General
Obligation
Bonds,
Improvement
Series
2026C
4
.000
01/01/45
223,018
150,000
Metropolitan
Nashville
Airport
Authority,
Tennessee,
Airport
Improvement
Revenue
Bonds,
Series
2026B,
(AMT)
5
.000
07/01/35
166,393
250,000
Shelby
County,
Tennessee,
General
Obligation
Bonds,
Public
Improvement
&
School
Series
2025A
5
.000
04/01/39
274,164
240,000
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2026A
5
.000
11/01/34
256,293
250,000
Tennessee
Housing
Development
Agency,
Residential
Finance
Program
Bonds,
Social
Series
2025-1A
4
.900
07/01/45
253,774
250,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B
5
.625
09/01/26
251,759
TOTAL
TENNESSEE
1,895,021
23
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
-
12.7%
$
105,000
Austin,
Texas,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Forward
Delivery
Series
2023
5
.000
%
11/15/43
$
111,653
500,000
Board
of
Regents
of
the
University
of
Texas
System,
Revenue
Financing
System
Bonds,
Series
2026A
5
.000
08/15/39
561,576
750,000
Collin
County,
Texas,
General
Obligation
Bonds,
Refunding
Limited
Tax
Permanent
Improvement,
Tax
Notes
Series
2025
5
.000
02/15/40
819,624
785,000
Conroe
Independent
School
District,
Montgomery
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2026
5
.000
02/15/38
872,960
350,000
Crowley
Independent
School
District,
Tarrant
and
Johnson
Counties,
Texas,
General
Obligation
Bonds,
Refunding
Series
2025
5
.000
02/01/32
390,253
130,000
Crowley
Independent
School
District,
Tarrant
and
Johnson
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2023
5
.000
02/01/43
138,038
270,000
Dallas
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2025B
5
.000
02/15/43
289,551
520,000
Dallas
Independent
School
District,
Dallas
County,
Texas,
General
Obligation
Bonds,
School
Building
Series
2026A
5
.000
02/15/38
579,525
175,000
Denton,
Texas,
Certificates
of
Obligation,
Series
2024
5
.000
02/15/40
189,546
250,000
(d)
El
Paso
Independent
School
District,
El
Paso
County,
Texas,
General
Obligation
Bonds,
Refunding
Series
2026A
5
.000
08/15/39
270,881
250,000
Houston,
Texas,
Airport
System
Special
Facilities
Revenue
Bonds,
United
Airlines,
Inc.
Terminal
Improvements
Project,
Series
2024B,
(AMT)
5
.500
07/15/35
265,613
500,000
(d)
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Facilities
Department,
Refunding
First
Lien
Series
2026C
5
.500
09/01/58
531,097
500,000
Leander
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
Refunding
&
School
Building
Series
2025A
5
.000
08/15/39
553,213
155,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2023A
-
AGM
Insured
5
.250
05/15/53
160,803
240,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2024
-
AGM
Insured
5
.000
05/15/41
256,590
250,000
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2025
5
.000
05/15/43
265,389
250,000
(a)
Mission
Economic
Development
Corporation,
Texas,
Solid
Waste
Disposal
Revenue
Bonds,
Republic
Services
Inc.
Project,
Adjustable
Rate
Series
2020A,
(AMT),
(Mandatory
Put
5/01/26)
3
.000
05/01/50
249,977
200,000
New
Hope
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Retirement
Facility
Revenue
Bonds,
Westminster
Project,
Series
2025
5
.000
11/01/40
209,559
500,000
New
Hope
Higher
Education
Finance
Corporation,
Texas,
Education
Revenue
Bonds,
Texas
Christian
University
Project,
Series
2026A
5
.000
03/15/38
552,096
340,000
Round
Rock
Independent
School
District,
Williamson
and
Travis
Counties,
Texas,
General
Obligation
Bonds,
School
Building
Series
2025B
5
.000
08/01/41
371,444
190,000
Spring
Branch
Independent
School
District,
Harris
County,
Texas,
General
Obligation
Bonds,
Schoolhouse
Series
2022
5
.000
02/01/42
200,661
50,000
Texas
A&M
University,
Financing
System
Revenue
Bonds,
Series
2022
5
.000
05/15/28
52,521
170,000
Texas
Department
of
Housing
and
Community
Affairs,
Residential
Mortgage
Revenue
Bonds,
Refunding
Series
2026A
6
.000
01/01/57
189,343
150,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
4
.000
12/31/34
150,121
195,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
4
.000
12/31/36
191,134
Portfolio
of
Investments
March
31,
2026
(continued)
NUMI
24
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TEXAS
(continued)
$
295,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
LBJ
Infrastructure
Group
LLC
IH-635
Managed
Lanes
Project,
Refunding Series
2020A
4
.000
%
12/31/39
$
280,031
145,000
Texas
Private
Activity
Bond
Surface
Transportation
Corporation,
Senior
Lien
Revenue
Bonds,
NTE
Mobility
Partners
Segments
3
LLC
Refunding
Series
2023,
(AMT)
5
.500
06/30/43
151,138
250,000
Texas
State
University
System,
Financing
Revenue
Bonds,
Refunding
Series
2024
5
.000
03/15/43
268,153
400,000
Texas
State,
General
Obligation
Bonds,
Refunding
Water
Financial
Assistance
Bonds,
Series
2021B
4
.000
08/01/31
400,305
200,000
Trinity
River
Authority,
Texas,
Regional
Wastewater
System
Revenue
Bonds,
Refunding
&
Improvement
Series
2024
5
.000
08/01/39
218,879
TOTAL
TEXAS
9,741,674
UTAH
-
0.1%
100,000
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017A,
(AMT)
5
.000
07/01/42
100,033
TOTAL
UTAH
100,033
VERMONT
-
0.7%
500,000
Vermont
Municipal
Bond
Bank,
Local
Investment
Bonds,
Series
2025-1
5
.000
12/01/50
513,217
TOTAL
VERMONT
513,217
VIRGINIA
-
1.1%
250,000
Hampton
Roads
Sanitation
District,
Virginia,
Wastewater
Revenue
Bonds,
Series
2024B
5
.000
07/01/45
265,758
165,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
5
.000
07/01/37
171,751
105,000
Virginia
Small
Business
Financing
Authority,
Revenue
Bonds,
95
Express
Lanes
LLC
Project,
Refunding
Senior
Lien
Series
2022,
(AMT)
4
.000
07/01/40
99,522
250,000
Virginia
Transportation
Board,
Transportation
Revenue
Bonds,
Capital
Projects,
Refunding
Series
2024
5
.000
05/15/38
276,482
TOTAL
VIRGINIA
813,513
WASHINGTON
-
2.7%
275,000
Grant
County
Public
Hospital
District
1,
Washington,
General
Obligation
Bonds,
Samaritan
Healthcare,
Series
2023
5
.500
12/01/37
295,977
105,000
Highline
School
District
No.
401,
King
County,
Washington,
General
Obligation
Bonds,
Series
2023
5
.000
12/01/39
112,854
310,000
Highline
School
District
No.
401,
King
County,
Washington,
General
Obligation
Bonds,
Series
2025
5
.000
12/01/37
346,707
135,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
MultiCare
Health
System,
Series
2015B
4
.000
08/15/39
130,578
250,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Seattle
Cancer
Center
Alliance,
Series
2020
5
.000
09/01/45
255,831
125,000
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017
5
.000
08/15/37
127,045
100,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/35
102,034
250,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018
5
.000
07/01/48
244,055
415,000
Washington
State,
General
Obligation
Bonds,
Various
Purpose,
Group
3
Series
2025C
5
.000
02/01/44
446,506
TOTAL
WASHINGTON
2,061,587
WEST
VIRGINIA
-
0.6%
250,000
(a)
West
Virginia
University,
Revenue
Bonds,
West
Virginia
University
Projects,
Refunding
Series
2019B,
(Mandatory
Put
10/01/29)
5
.000
10/01/41
266,408
235,000
West
Virginia
Water
Development
Authority,
Infrastructure
Refunding
Revenue
Bonds,
West
Virginia
Infrastructure
and
Jobs
Development
Council
Program,
Series
2016A
4
.000
10/01/41
231,151
TOTAL
WEST
VIRGINIA
497,559
25
See
Notes
to
Financial
Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
WISCONSIN
-
0.4%
$
300,000
Public
Finance
Authority
of
Wisconsin,
Hotel
Revenue
Bonds,
Grand
Hyatt
San
Antonio
Hotel
Acquisition
Project,
Senior
Lien
Series
2022A
5
.000
%
02/01/52
$
288,502
TOTAL
WISCONSIN
288,502
TOTAL
MUNICIPAL
BONDS
(cost
$75,549,517)
75,428,414
TOTAL
LONG-TERM
INVESTMENTS
(cost
$76,613,921)
76,492,818
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM
INVESTMENTS
-
0.7%
MUNICIPAL
BONDS
-
0.7%
COLORADO
-
0.7%
500,000
Colorado
State
Education
Loan
Program,
Tax
and
Revenue
Anticipation
Notes,Series
2025B
5
.000
06/30/26
503,057
TOTAL
COLORADO
503,057
TOTAL
MUNICIPAL
BONDS
(cost
$503,364)
503,057
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$503,364)
503,057
TOTAL
INVESTMENTS
(cost
$
77,117,285
)
-
100
.6
%
76,995,875
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.6)%
(
451,664
)
NET
ASSETS
-
100%
$
76,544,211
AMT
Alternative
Minimum
Tax
(a)
Floating
or
variable
rate
security
includes
the
reference
rate
and
spread,
when
applicable. For
mortgage-backed
or
asset-
backed
securities
the
variable
rate
is
based
on
the
underlying
asset
of
the
security.
Coupon
rate
reflects
the
rate
at
period
end.
(b)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$2,731,817
or
3.5%
of
Total
Investments.
(c)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(d)
When-issued
or
delayed
delivery
security.
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
26
March
31,
2026
NHYM
NUMI
ASSETS
Long-term
investments,
at
value
†
$
116,046,209‌
$
76,492,818‌
Short-term
investments,
at
value
◊
-‌
503,057‌
Cash
17,716‌
10,000‌
Receivables:
Interest
1,675,191‌
934,638‌
Other
330‌
239‌
Total
assets
117,739,446‌
77,940,752‌
LIABILITIES
Payables:
Management
fees
33,775‌
18,237‌
Investments
purchased
-
when-issued/delayed-delivery
settlement
494,935‌
1,377,358‌
Accrued
expenses:
Professional
fees
108‌
74‌
Trustees
fees
836‌
632‌
Other
331‌
240‌
Total
liabilities
529,985‌
1,396,541‌
Net
assets
$
117,209,461‌
$
76,544,211‌
Shares
outstanding
4,750,000‌
3,075,000‌
Net
asset
value
("NAV")
per
share
$
24.68‌
$
24.89‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
118,326,210‌
76,817,164‌
Total
distributable
earnings
(loss)
(1,116,749‌)
(272,953‌)
Net
assets
$
117,209,461‌
$
76,544,211‌
Authorized
shares
Unlimited
Unlimited
Par
value
per
share
$
0.01‌
$
0.01‌
†
Long-term
investments,
cost
$
117,451,808‌
$
76,613,921‌
◊
Short-term
investments,
cost
$
-‌
$
503,364‌
Statement
of
Operations
See
Notes
to
Financial
Statements
27
Year
Ended
March
31,
2026
NHYM
NUMI
INVESTMENT
INCOME
Interest
4,683,144‌
2,637,512‌
Total
investment
income
4,683,144‌
2,637,512‌
EXPENSES
Management
fees
319,658‌
188,956‌
Professional
fees
489‌
344‌
Trustees
fees
4,041‌
2,967‌
Total
expenses
324,188‌
192,267‌
Net
investment
income
(loss)
4,358,956‌
2,445,245‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
(
244,726‌
)
(
179,020‌
)
Net
realized
gain
(loss)
(
244,726‌
)
(
179,020‌
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
(
691,627‌
)
520,704‌
Net
change
in
unrealized
appreciation
(depreciation)
(
691,627‌
)
520,704‌
Net
realized
and
unrealized
gain
(loss)
(
936,353‌
)
341,684‌
Net
increase
(decrease)
in
net
assets
from
operations
$
3,422,603‌
$
2,786,929‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
28
NHYM
NUMI
Year
Ended
3/31/26
For
the
period
1/22/25
(commencement
of
operations)
through
3/31/25
Year
Ended
3/31/26
For
the
period
1/22/25
(commencement
of
operations)
through
3/31/25
OPERATIONS
Net
investment
income
(loss)
$
4,358,956‌
$
305,936‌
$
2,445,245‌
$
232,774‌
Net
realized
gain
(loss)
(
244,726‌
)
2,069‌
(
179,020‌
)
(
142,497‌
)
Net
change
in
unrealized
appreciation
(depreciation)
(
691,627‌
)
(
713,972‌
)
520,704‌
(
642,114‌
)
Net
increase
(decrease)
in
net
assets
from
operations
3,422,603‌
(
405,967‌
)
2,786,929‌
(
551,837‌
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends
(
4,035,045‌
)
(
98,340‌
)
(
2,417,265‌
)
(
90,780‌
)
Total
distributions
(
4,035,045‌
)
(
98,340‌
)
(
2,417,265‌
)
(
90,780‌
)
FUND
SHARE
TRANSACTIONS
Subscriptions
48,615,265‌
69,710,945‌
22,915,507‌
53,901,657‌
Net
increase
(decrease)
from
Fund
share
transactions
48,615,265‌
69,710,945‌
22,915,507‌
53,901,657‌
Net
increase
(decrease)
in
net
assets
48,002,823‌
69,206,638‌
23,285,171‌
53,259,040‌
Net
assets
at
the
beginning
of
period
69,206,638‌
-‌
53,259,040‌
-‌
Net
assets
at
the
end
of
period
$
117,209,461‌
$
69,206,638‌
$
76,544,211‌
$
53,259,040‌
Financial
Highlights
29
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
NHYM
3/31/26
$
24.94
$
1.17
$
(
0.31
)
$
0.86
$
(
1.12
)
$
-
$
-
$
(
1.12
)
$
24.68
$
24.70
3/31/25
(d)
25.00
0.18
(
0.18
)
-
(
0.06
)
-
-
(
0.06
)
24.94
25.08
NUMI
3/31/26
24.77
0.93
0.13
1.06
(
0.94
)
-
-
(
0.94
)
24.89
24.95
3/31/25
(d)
25.00
0.16
(
0.34
)
(
0.18
)
(
0.05
)
-
-
(
0.05
)
24.77
24.82
(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
January
22,
2025
(commencement
of
operations)
through
March
31,
2025.
(e)
Annualized.
See
Notes
to
Financial
Statements
30
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)
3
.54
%
3
.07
%
$
117,209
0
.35‌
%
4
.77‌
%
48
%
(
0
.01
)
0
.56
69,207
0
.35‌
(e)
4
.14‌
(e)
52
4
.38
4
.41
76,544
0
.30‌
3
.75‌
81
(
0
.70
)
(
0
.51
)
53,259
0
.29‌
(e)
3
.48‌
(e)
69
Notes
to
Financial
Statements
31
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
High
Yield
Municipal
Income
ETF
(NHYM)
and
Nuveen
Municipal
Income
ETF
(NUMI)
(each
a
"Fund"
and
collectively,
the
"Funds"),
among
others.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
February
20,
2015.
Shares
of
NHYM
and
NUMI
are
listed
and
traded
on
the
NYSE
Arca,
Inc.
(the
"Exchange").
Current
Fiscal
Period
:
The
end
of
the
reporting
period
for
the
Funds
is
March
31,
2026,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
March
31,
2026
(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.
For
NHYM
and
NUMI,
the
Adviser
has
entered
into
a
sub-advisory
agreement
with
Nuveen
Asset
Management
,
LLC
("NAM"),
an
affiliate
of
the
Adviser,
under
which
NAM
manages
the
investment
portfolio
of
the
Fund.
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.
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
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.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
("netting
agreements").
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds'
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds'
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds'
investments
subject
to
netting
agreements
as
of
the
end
of
the
current
fiscal
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
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
32
Notes
to
Financial
Statements
(continued)
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
income
tax
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
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:
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.
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.
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:
33
4.
Portfolio
Securities
Purchases
and
Sales:
Long-term
purchases
and
sales
(excluding 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.
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.
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.
NHYM
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
-
$
114,844,205
$
-
$
114,844,205
Investment
Companies
1,202,004
-
-
1,202,004
Total
$
1,202,004
$
114,844,205
$
-
$
116,046,209
a
NUMI
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
-
$
75,428,414
$
-
$
75,428,414
Investment
Companies
1,064,404
-
-
1,064,404
Short-Term
Investments:
Municipal
Bonds
-
503,057
-
503,057
Total
$
1,064,404
$
75,931,471
$
-
$
76,995,875
a
Purchases
Sales
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
NHYM
$
92,648,140
$
43,517,316
NUMI
75,438,794
53,146,239
34
Notes
to
Financial
Statements
(continued)
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
intends
to
satisfy
conditions
that
will
enable
interest
from
municipal
securities,
which
is
exempt
from
regular
federal
income
tax,
to
retain
such
tax-exempt
status
when
distributed
to
shareholders
of
the
Funds.
Net
realized
capital
gains
and
ordinary
income
distributions
paid
by
the
Funds
are
subject
to
federal
taxation.
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.
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
distribution
reallocations,
paydowns,
and
taxable
market
discount.
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:
NHYM
Year
Ended
3/31/26
For
the
period
1/22/25
(commencement
of
operations)
through
3/31/25
Shares
Value
Shares
Value
Subscriptions
1,975,000
$48,615,265
2,775,000
$69,710,945
Redemptions
-
-
-
-
Net
increase
(decrease)
1,975,000
$48,615,265
2,775,000
$69,710,945
NUMI
Year
Ended
3/31/26
For
the
period
1/22/25
(commencement
of
operations)
through
3/31/25
Shares
Value
Shares
Value
Subscriptions
925,000
$22,915,507
2,150,000
$53,901,657
Redemptions
-
-
-
-
Net
increase
(decrease)
925,000
$22,915,507
2,150,000
$53,901,657
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NHYM
$
117,434,999
$
701,278
$
(2,090,068)
$
(1,388,790)
NUMI
77,104,570
547,947
(656,642)
(108,695)
35
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
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:
As
of
the
end
of
the
current
fiscal
period,
the
percentage
of
Fund
shares
owned
by
affiliates was
as
follows:
Fund
Undistributed
Tax-Exempt
Income
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NHYM
$
452,138
$
40,323
$
-
$
(1,388,790)
$
(220,420)
$
-
$
-
$
(1,116,749)
NUMI
121,280
35,067
-
(108,695)
(320,605)
-
-
(272,953)
3/31/26
For
the
Period
1/22/25
(commencement
of
operations)
through
3/31/25
Fund
Tax-Exempt
Income
1
Ordinary
Income
Long-Term
Capital
Gains
Tax-Exempt
Income
Ordinary
Income
Long-Term
Capital
Gains
NHYM
$4,012,828
$22,217
$-
$98,340
$-
$-
NUMI
2,402,158
15,107
-
90,780
-
-
1
Each
Fund
designates
these
amounts
paid
during
the
period
as
Exempt
Interest
Dividends.
Fund
Short-Term
Long-Term
Total
NHYM
$
198,466
$
21,954
$
220,420
NUMI
300,918
19,687
320,605
Fund
Management
Fee
NHYM
0.35%
NUMI
0.29
Underlying
Fund
TIAA
Nuveen
Municipal
Funds
Total
NHYM
11
%
64
%
75
%
NUMI
31
51
82
36
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:
Fund
Net
Long-Term
Capital
Gains
NHYM
$
-
NUMI
-
Item 8.

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

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

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

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 Funds' investment adviser and an affiliate of the Funds' 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.

Not applicable.

Item 12.

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

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

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

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

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

(a)

Not applicable to open-end investment companies.

(b)

Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

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

(a)(2)

Not applicable.

(a)(3)

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

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)

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

SIGNATURES

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

Nushares ETF Trust
Date: June 5, 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: June 5, 2026 By: /s/ Briton Ryan           
Briton Ryan
Chief Administrative Officer

(principal executive officer)

Date: June 5, 2026 By: /s/ Marc Cardella           
Marc Cardella
Vice President and Controller

(principal financial officer)

Nushares ETF Trust published this content on June 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 05, 2026 at 15:46 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]