No nudity, but pre-code clothes and innuendo. Chorines wearing pants that are essentially body paint, low camera angles with women in short skirts or tight pants, and the like.
Implied sex- During the "A Bench in the Park" number, various couples are shown being affectionate on park benches. One of the benches has no people on it, but a lady's umbrella and man's cane is leaning on the bench, and still lit cigar is on the seat. There are bushes behind the bench, which is the only place the lovers could possibly be.
The female performers sometimes wear thin fabric shirts, and at those times it is obvious they are not wearing bras. Also true of times when they women are dancing vigorously, even with heavier fabric tops. This may be shocking or upsetting to modern audiences, but back in the less prudish times this was made, it was perfectly normal and acceptable, and is commonly seen in films of this era.