N-CSRS 1 d636091dncsrs.htm NUVEEN DOW 30SM DYNAMIC OVERWRITE FUND

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 |  | 811-22970

Nuveen Dow 30SM Dynamic Overwrite Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2023

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End
Funds
Closed-End
Funds
Nuveen
June
30,
2023
Semi-annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Nuveen
S&P
500
Buy-Write
Income
Fund
BXMX
Nuveen
Dow
30
S
M
Dynamic
Overwrite
Fund
DIAX
Nuveen
S&P
500
Dynamic
Overwrite
Fund
SPXX
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
QQQX
Nuveen
Core
Equity
Alpha
Fund
JCE
2
IMPORTANT
DISTRIBUTION
NOTICE
for
Shareholders
of
the
Nuveen
S&P
500
Buy-Write
Income
Fund
(BXMX)
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(DIAX)
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(SPXX)
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(QQQX)
Nuveen
Core
Equity
Alpha
Fund
(JCE)
Semi-annual
Shareholder
Report
for
the
period
ending
JUNE
30,
2023
The
Nuveen
S&P
500
Buy-Write
Income
Fund
(BXMX),
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(DIAX),
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(SPXX),
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(QQQX)
and
Nuveen
Core
Equity
Alpha
Fund
(JCE)
seek
to
offer
attractive
cash
flow
to
their
shareholders,
by
converting
the
expected
long-term
total
return
potential
of
the
Funds’
portfolio
of
investments
into
regular
quarterly
distributions.
Following
is
a
discussion
of
the
Managed
Distribution
Policy
the
Funds
use
to
achieve
this.
Each
Fund
pays
quarterly
common
share
distributions
that
seek
to
convert
the
Fund’s
expected
long-term
total
return
potential
into
regular
cash
flow.
As
a
result,
the
Funds’
regular
common
share
distributions
(presently
$0.4730,
$0.5734,
$0.5880,
$0.8400,
$0.6400
per
share,
respectively)
may
be
derived
from
a
variety
of
sources,
including:
Net
investment
income
consisting
of
regular
interest
and
dividends
Realized
capital
gains
or,
Possibly,
returns
of
capital
representing
in
certain
cases
unrealized
capital
appreciation.
Such
distributions
are
sometimes
referred
to
as
“managed
distributions.”
Each
Fund
seeks
to
establish
a
distribution
rate
that
roughly
corresponds
to
the
Adviser’s
projections
of
the
total
return
that
could
reasonably
be
expected
to
be
generated
by
each
Fund
over
an
extended
period
of
time.
The
Adviser
may
consider
many
factors
when
making
such
projections,
including,
but
not
limited
to,
long-term
historical
returns
for
the
asset
classes
in
which
each
Fund
invests.
As
portfolio
and
market
conditions
change,
the
distribution
amount
and
distribution
rate
on
the
Common
Shares
under
the
Funds’
Managed
Distribution
Policy
could
change.
When
it
pays
a
distribution,
each
Fund
provides
holders
of
its
Common
Shares
a
notice
of
the
estimated
sources
of
the
Fund’s
distributions
(i.e.,
what
percentage
of
the
distributions
is
estimated
to
constitute
ordinary
income,
short-term
capital
gains,
long-term
capital
gains,
and/or
a
non-taxable
return
of
capital)
on
a
year-to-date
basis.
It
does
this
by
posting
the
notice
on
its
website
(www.nuveen.com/cef),
and
by
sending
it
in
written
form.
You
should
not
draw
any
conclusions
about
the
Funds’
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Funds’
Managed
Distribution
Policy.
The
Funds’
actual
financial
performance
will
likely
vary
from
month-to-month
and
from
year-to-year,
and
there
may
be
extended
periods
when
the
distribution
rate
will
exceed
the
Funds’
actual
total
returns.
The
Managed
Distribution
Policy
provides
that
the
Board
may
amend
or
terminate
the
Policy
at
any
time
without
prior
notice
to
Fund
shareholders.
There
are
presently
no
reasonably
foreseeable
circumstances
that
might
cause
each
Fund
to
terminate
its
Managed
Distribution
Policy.
Table
of
Contents
3
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Common
Share
Information
6
About
the
Funds’
Benchmarks
9
Performance
Overview
and
Holding
Summaries
10
Portfolios
of
Investments
20
Statement
of
Assets
and
Liabilities
60
Statement
of
Operations
61
Statement
of
Changes
in
Net
Assets
62
Financial
Highlights
66
Notes
to
Financial
Statements
70
Risk
Considerations
81
Additional
Fund
Information
82
Glossary
of
Terms
Used
in
this
Report
83
Annual
Investment
Management
Agreement
Approval
Process
84
4
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
July
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.25%
to
a
range
of
5.25%
to
5.50%.
Even
with
a
brief
pause
in
June
2023,
this
has
been
one
of
the
fastest
interest
rate
hiking
cycles
in
the
Fed’s
history.
Inflation
rates
in
the
U.S.
and
across
most
of
the
world
have
fallen
from
their
post-pandemic
highs
but
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth,
particularly
when
looking
at
core
inflation
measures,
which
exclude
volatile
food
and
energy
prices.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
accelerated
to
2.4%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages
and
continue
to
assess
the
impact
of
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
June
2023
meeting
to
assess
the
effects
of
monetary
policy
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
we
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chair
of
the
Board
August
22,
2023
Important
Notices
5
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
December
31,
2022
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Portfolio
Manager
Update
for
BXMX
Effective
June
30,
2023,
Mitchell
Trotta
has
been
added
as
a
portfolio
manager
of
the
Fund.
Michael
Buckius,
Kenneth
Toft
and
Daniel
Ashcraft
continue
to
serve
as
portfolio
managers
of
the
Fund.
6
Common
Share
Information
(Unaudited)
DISTRIBUTION
INFORMATION
The
following
19(a)
Notice
presents
the
Funds’
most
current
distribution
information
as
of
May
31,
2023
as
required
by
certain
exempted
regulatory
relief
the
Funds
have
received.
Because
the
ultimate
tax
character
of
your
distributions
depends
on
the
Funds’
performance
for
its
entire
fiscal
year
(which
is
the
calendar
year
for
the
Funds)
as
well
as
certain
fiscal
year-end
(FYE)
tax
adjustments,
estimated
distribution
source
information
you
receive
with
each
distribution
may
differ
from
the
tax
information
reported
to
you
on
your
Funds’
IRS
Form
1099
statement.
COMMON
SHARE
DISTRIBUTION
INFORMATION
Each
Fund
makes
regular
cash
distributions
to
shareholders
of
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board
of
Trustees,
the
Fund
seeks
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
each
Fund’s
investment
strategy
through
regular
distributions
(a
“Managed
Distribution
Program”).
The
practice
of
maintaining
a
stable
distribution
level
had
no
material
effect
on
each
Fund’s
investment
strategy
during
the
most
recent
fiscal
period
and
is
not
expected
to
have
such
an
effect
in
future
periods,
however,
distributions
in
excess
of
Fund
returns
will
cause
its
NAV
per
share
to
erode.
For
additional
information,
refer
to
the
distribution
information
section
below
and
in
the
Notes
to
Financial
Statements
herein.
This
notice
provides
shareholders
with
information
regarding
fund
distributions,
as
required
by
current
securities
laws.
You
should
not
draw
any
conclusions
about
the
Funds’
investment
performance
from
the
amount
of
this
distribution
or
from
the
terms
of
the
Funds’
Managed
Distribution
Policy.
The
following
table
provides
estimates
of
the
Funds’
distribution
sources,
reflecting
year-to-date
cumulative
experience
through
the
month-end
prior
to
the
latest
distribution.
The
Funds
attributes
these
estimates
equally
to
each
regular
distribution
throughout
the
year.
Consequently,
the
estimated
information
as
of
the
specified
month-end
shown
below
is
for
the
current
distribution,
and
also
represents
an
updated
estimate
for
all
prior
months
in
the
year.
It
is
estimated
that
DIAX,
SPXX,
QQQX
and
JCE
have
distributed
more
than
their
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distributions
may
be
(and
is
shown
below
as
being
estimated
to
be)
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
money
that
you
invested
in
the
Fund
is
paid
back
to
you.
A
return
of
capital
distribution
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income.”
The
amounts
and
sources
of
distributions
set
forth
below
are
only
estimates
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
of
the
amounts
for
tax
reporting
purposes
will
depend
upon
the
Funds’
investment
experience
during
the
remainder
of
its
fiscal
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Each
Fund
will
send
you
a
Form
1099-DIV
for
the
calendar
year
that
will
tell
you
how
to
report
these
distributions
for
federal
income
tax
purposes.
More
details
about
the
Funds’
distributions
and
the
basis
for
these
estimates
are
available
on
www.nuveen.com/cef.
Data
as
of
May
31,
2023
Per
Share
Estimated
Sources
of
Distribution
1
Estimated
Percentage
of
Distributions
1
Fund
Inception
Date
Per
Share
Distribution
Net
Investment
Income
Long-
Term
Gains
Short-
Term
Gains
Return
of
Capital
Net
Investment
Income
Long-
Term
Gains
Short-
Term
Gains
Return
of
Capital
BXMX
(FYE
12/31)
Oct-2004
Current
Quarter
$0.2365
$0.0278
$0.1072
$0.1015
$0.0000
11.80%
45.30%
42.90%
0.00%
Fiscal
YTD
$0.4730
$0.0556
$0.2144
$0.2030
$0.0000
11.80%
45.30%
42.90%
0.00%
DIAX
(FYE
12/31)
Apr-2005
Current
Quarter
$0.2867
$0.0571
$0.0592
$0.0000
$0.1705
19.90%
20.60%
0.00%
59.50%
Fiscal
YTD
$0.5734
$0.1141
$0.1184
$0.0000
$0.3409
19.90%
20.60%
0.00%
59.50%
SPXX
(FYE
12/31)
Nov-2005
Current
Quarter
$0.2940
$0.0307
$0.2626
$0.0000
$0.0007
10.40%
89.30%
0.00%
0.20%
Fiscal
YTD
$0.5880
$0.0613
$0.5253
$0.0000
$0.0014
10.40%
89.30%
0.00%
0.20%
QQQX
(FYE
12/31)
Jan-2007
Current
Quarter
$0.4200
$0.0041
$0.2025
$0.0476
$0.1657
1.00%
48.20%
11.30%
39.50%
Fiscal
YTD
$0.8400
$0.0083
$0.4050
$0.0953
$0.3315
1.00%
48.20%
11.30%
39.50%
JCE
(FYE
12/31)
Mar-2007
Current
Quarter
$0.3200
$0.0175
$0.0000
$0.0000
$0.3025
5.50%
0.00%
0.00%
94.50%
Fiscal
YTD
$0.6400
$0.0351
$0.0000
$0.0000
$0.6049
5.50%
0.00%
0.00%
94.50%
1
Net
investment
income
(NII)
is
a
projection
through
the
end
of
the
current
calendar
quarter
using
actual
data
through
the
stated
month-end
date
above.
Capital
gain
amounts
are
as
of
the
stated
date
above.
The
estimated
per
share
sources
above
include
an
allocation
of
the
NII
based
on
prior
year
attributions
which
can
be
expected
to
differ
from
the
actual
final
attributions
for
the
current
year.
7
The
following
table
provides
information
regarding
the
Funds’
distributions
and
total
return
performance
over
various
time
periods.
This
information
is
intended
to
help
you
better
understand
whether
returns
for
the
specified
time
periods
were
sufficient
to
meet
its
distributions.
NUVEEN
CLOSED-END
FUND
DISTRIBUTION
AMOUNTS
The
Nuveen
Closed-End
Funds’
monthly
and
quarterly
periodic
distributions
to
shareholders
are
posted
on
www.nuveen.com
and
can
be
found
on
Nuveen’s
enhanced
closed-end
fund
resource
page,
which
is
at
https://www.nuveen.com/resource-center-closedend
funds,
along
with
other
Nuveen
closed-end
fund
product
updates.
To
ensure
timely
access
to
the
latest
information,
shareholders
may
use
a
subscribe
function,
which
can
be
activated
at
this
web
page
(https://www.nuveen.com/subscriptions).
COMMON
SHARE
EQUITY
SHELF
PROGRAMS
During
the
current
reporting
period,
SPXX
and
QQQX
were
authorized
by
the
Securities
and
Exchange
Commission
to
issue
additional
common
shares
through
an
equity
shelf
program
(Shelf
Offering).
Under
these
programs,
the
Funds,
subject
to
market
conditions,
may
raise
additional
capital
from
time
to
time
in
varying
amounts
and
offering
methods
at
a
net
price
at
or
above
each
Fund’s
NAV
per
common
share.
The
maximum
aggregate
offering
under
these
Shelf
Offerings
are
as
shown
in
the
accompanying
table.
During
the
current
reporting
period,
QQQX
sold
common
shares
through
its
Shelf
Offering
at
a
weighted
average
premium
to
their
NAV
per
common
share
as
shown
in
the
accompanying
table.
Refer
to
Notes
to
Financial
Statements,
for
further
details
of
Shelf
Offerings
and
each
Fund’s
transactions.
COMMON
SHARE
REPURCHASES
The
Funds’
Board
of
Trustees
reauthorized
an
open-market
share
repurchase
program,
allowing
each
Fund
to
repurchase
and
retire
an
aggregate
of
up
to
approximately
10%
of
its
outstanding
common
shares.
During
the
current
reporting
period,
the
Funds
did
not
repurchase
any
of
their
outstanding
common
shares.
As
of
June
30,
2023,
(and
since
the
inception
of
the
Funds’
repurchase
programs),
each
Fund
has
cumulatively
repurchased
and
retired
its
outstanding
common
shares
as
shown
in
the
accompanying
table.
Data
as
of
May
31,
2023
Annualized
Cumulative
5-Year
Fiscal
YTD
Fiscal
YTD
Fiscal
YTD
Fund
Inception
Date
Quarterly
Distribution
Fiscal
YTD
Distribution
Net
Asset
Value
(NAV)
Return
on
NAV
Dist
Rate
on
NAV
1
Return
on
NAV
Dist
Rate
on
NAV
1
BXMX
Oct-2004
$0.2365
$0.4730
$13.55
6.38%
6.98%
9.74%
3.49%
DIAX
Apr-2005
$0.2867
$0.5734
$15.74
3.63%
7.29%
(1.04)%
3.64%
SPXX
Nov-2005
$0.2940
$0.5880
$15.88
6.33%
7.41%
9.32%
3.70%
QQQX
Jan-2007
$0.4200
$0.8400
$23.85
7.66%
7.04%
23.88%
3.52%
JCE
Mar-2007
$0.3200
$0.6400
$12.83
7.06%
9.98%
9.27%
4.99%
1
As
a
percentage
of
5/31/23
NAV.
SPXX
QQQX
Maximum
aggregate
offering
4,993,317
Unlimited
QQQX
Common
shares
sold
through
shelf
offering
192,461
Weighted
average
premium
to
NAV
per
common
share
sold
4.61%
BXMX
DIAX
SPXX
QQQX
JCE
Common
shares
repurchased
and
retired
460,238
0
383,763
0
449,800
Common
shares
authorized
for
repurchase
10,405,000
3,635,000
1,780,000
4,780,000
1,605,000
8
Common
Share
Information
(Unaudited)
(continued)
OTHER
COMMON
SHARE
INFORMATION
As
of
June
30,
2023,
the
Funds’
common
share
prices
were
trading
at
a
premium/(discount)
to
their
common
share
NAVs
and
trading
at
an
average
premium/(discount)
to
NAV
during
the
current
reporting
period,
as
follows:
BXMX
DIAX
SPXX
QQQX
JCE
Common
share
NAV
$13.76
$15.80
$16.24
$24.27
$13.22
Common
share
price
$13.37
$14.11
$15.68
$24.93
$12.76
Premium/(Discount)
to
NAV
(2.83)%
(10.70)%
(3.45)%
2.72%
(3.48)%
Average
premium/(discount)
to
NAV
(0.29)%
(7.44)%
(0.07)%
5.58%
(1.00)%
About
the
Funds’
Benchmarks
9
Chicago
Board
Options
Exchange
(
Cboe
)
Dow
Jones
Industrial
Average
(DJIA)
BuyWrite
Index
(BXD
SM
):
An
index
designed
to
measure
the
performance
of
a
hypothetical
buy-write
strategy
on
the
Dow
Jones
Industrial
Average.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Chicago
Board
Options
Exchange
(
Cboe
)
Nasdaq
100
BuyWrite
Index
(BXN
SM
):
An
index
designed
to
measure
the
performance
of
a
hypothetical
buy-write
strategy
on
the
Nasdaq
100®
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Chicago
Board
Options
Exchange
(
Cboe
)
S&P
500
®
BuyWrite
Index
(BXM
SM
):
An
index
designed
to
measure
the
performance
of
a
hypothetical
buy-write
strategy
on
the
S&P
500®
Index.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
DIAX
Blended
Benchmark:
Consists
of:
1)
55%
Chicago
Board
Options
Exchange
(
Cboe
)
DJIA
BuyWrite
Index
(BXDSM)
(defined
herein),
and
2)
45%
Dow
Jones
Industrial
Average
Index
(DJIA)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Dow
Jones
Industrial
Average
Index
(DJIA):
An
index
designed
to
measure
the
performance
of
30
actively
traded
U.S.
large
cap
stocks.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
JCE
Blended
Benchmark:
Consists
of:
1)
50%
S&P
500®
Index
(defined
herein),
and
2)
50%
Chicago
Board
Options
Exchange
(
Cboe
)
S&P
500®
Buywrite
Index
(BXMSM)
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Nasdaq
100
®
Index:
An
index
that
includes
100
of
the
largest
domestic
and
international
non-financial
equity
securities
listed
on
the
Nasdaq
Stock
Market
based
on
market
capitalization.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
QQQX
Blended
Benchmark:
Consists
of:
1)
55%
Chicago
Board
Options
Exchange
(
Cboe
)
Nasdaq
100
BuyWrite
Index
(BXNSM)
(defined
herein),
and
2)
45%
Nasdaq
100®
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
S&P
500
®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
SPXX
Blended
Benchmark:
Consists
of:
1)
55%
Chicago
Board
Options
Exchange
(
Cboe
)
S&P
500®
BuyWrite
Index
(BXMSM)
(defined
herein),
and
2)
45%
S&P
500®
Index
(defined
herein).
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
10
Nuveen
S&P
500
Buy-Write
Income
Fund
Performance
Overview
and
Holding
Summaries
June
30,
2023
BXMX
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Cboe
S&P
500
®
BuyWrite
Index
(BXM
SM
).
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
BXMX
at
Common
Share
NAV
10/26/04
13.36%
16.25%
6.99%
7.52%
BXMX
at
Common
Share
Price
10/26/04
9.52%
16.36%
6.19%
8.17%
Cboe
S&P
500®
BuyWrite
Index
(BXMSM)
—
10.47%
9.02%
4.42%
6.26%
11
Holdings
Summaries
as
of
June
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Fund
Allocation
(%
of
net
assets)
Common
Stocks
100.9‌%
Repurchase
Agreements
2.9‌%
Other
Assets
&
Liabilities,
Net
(3.8)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Software
10.1%
Technology
Hardware,
Storage
&
Peripherals
7.9%
Semiconductors
&
Semiconductor
Equipment
7.0%
Interactive
Media
&
Services
5.4%
Financial
Services
4.6%
Pharmaceuticals
4.4%
Oil,
Gas
&
Consumable
Fuels
3.5%
Broadline
Retail
3.2%
Health
Care
Providers
&
Services
2.8%
Banks
2.8%
Capital
Markets
2.5%
Health
Care
Equipment
&
Supplies
2.3%
Automobiles
2.2%
Specialty
Retail
1.9%
Hotels,
Restaurants
&
Leisure
1.9%
Insurance
1.9%
Consumer
Staples
Distribution
&
Retail
1.8%
Biotechnology
1.8%
Aerospace
&
Defense
1.7%
Chemicals
1.7%
Beverages
1.6%
Machinery
1.6%
Household
Products
1.4%
Life
Sciences
Tools
&
Services
1.3%
Other
19.9%
Repurchase
Agreements
2.8%
Total
Investments
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Apple
Inc
8.1%
Microsoft
Corp
7.0%
Amazon.com
Inc
3.2%
NVIDIA
Corp
2.9%
Alphabet
Inc
,
Class
A
2.2%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
12
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
Performance
Overview
and
Holding
Summaries
June
30,
2023
DIAX
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
DIAX
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
55%
Chicago
Board
Options
Exchange
(Cboe)
DJIA
BuyWrite
Index
(BXD
SM
)
and
2)
45%
Dow
Jones
Industrial
Average
Index
(DJIA).
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
DIAX
at
Common
Share
NAV
4/29/05
1.14%
7.34%
4.25%
7.10%
DIAX
at
Common
Share
Price
4/29/05
(5.34)%
(0.06)%
1.84%
6.87%
Dow
Jones
Industrial
Average
Index
(DJIA)
—
4.94%
14.23%
9.59%
11.26%
DIAX
Blended
Benchmark
—
5.55%
10.13%
7.29%
8.19%
13
Holdings
Summaries
as
of
June
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9‌
%
Exchange-Traded
Funds
0
.9‌
%
Options
Purchased
0
.0‌
%
Repurchase
Agreements
1
.8‌
%
Other
Assets
&
Liabilities,
Net
(2.6)%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Software
10.3%
Health
Care
Providers
&
Services
9.0%
Capital
Markets
6.0%
Specialty
Retail
5.8%
Industrial
Conglomerates
5.7%
Hotels,
Restaurants
&
Leisure
5.6%
Pharmaceuticals
5.2%
Machinery
4.6%
Financial
Services
4.4%
Biotechnology
4.2%
Aerospace
&
Defense
3.9%
Technology
Hardware,
Storage
&
Peripherals
3.6%
Consumer
Staples
Distribution
&
Retail
3.5%
Consumer
Finance
3.3%
Insurance
3.2%
Other
19.1%
Exchange-Traded
Funds
0.9%
Options
Purchased
0.0%
Repurchase
Agreements
1.7%
Total
Investments
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
UnitedHealth
Group
Inc
9.2%
Microsoft
Corp
6.5%
Goldman
Sachs
Group
Inc/The
6.2%
Home
Depot
Inc/The
5.9%
McDonald's
Corp
5.7%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
14
Nuveen
S&P
500
Dynamic
Overwrite
Fund
Performance
Overview
and
Holding
Summaries
as
of
June
30,
2023
SPXX
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
SPXX
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
55%
Chicago
Board
Options
Exchange
(Cboe)
S&P
500
®
BuyWrite
Index
(BXM
SM
)
and
2)
45%
S&P
500
®
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
SPXX
at
Common
Share
NAV
11/22/05
13.83%
14.29%
7.20%
7.89%
SPXX
at
Common
Share
Price
11/22/05
1.00%
8.07%
5.83%
8.66%
S&P
500®
Index
—
16.89%
19.59%
12.31%
12.86%
SPXX
Blended
Benchmark
—
13.36%
13.80%
8.01%
9.26%
15
Holdings
Summaries
as
of
June
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.0‌
%
Exchange-Traded
Funds
1
.8‌
%
Options
Purchased
0
.0‌
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.1‌
%
Repurchase
Agreements
1
.7‌
%
Other
Assets
&
Liabilities,
Net
(2.6)%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Software
10.0%
Technology
Hardware,
Storage
&
Peripherals
8.1%
Semiconductors
&
Semiconductor
Equipment
7.3%
Interactive
Media
&
Services
5.6%
Financial
Services
4.9%
Pharmaceuticals
4.3%
Oil,
Gas
&
Consumable
Fuels
3.6%
Broadline
Retail
3.4%
Banks
2.9%
Health
Care
Providers
&
Services
2.9%
Health
Care
Equipment
&
Supplies
2.9%
Capital
Markets
2.6%
Hotels,
Restaurants
&
Leisure
2.1%
Insurance
2.0%
Beverages
2.0%
Consumer
Staples
Distribution
&
Retail
1.9%
Biotechnology
1.9%
Machinery
1.9%
Specialty
Retail
1.9%
Automobiles
1.7%
Electric
Utilities
1.6%
Aerospace
&
Defense
1.5%
Life
Sciences
Tools
&
Services
1.4%
Other
18.1%
Exchange-Traded
Funds
1.8%
Options
Purchased
0.0%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.1%
Repurchase
Agreements
1.6%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Apple
Inc
8.2%
Microsoft
Corp
7.2%
Amazon.com
Inc
3.4%
NVIDIA
Corp
3.0%
Alphabet
Inc,
Class
A
2.1%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
16
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
Performance
Overview
and
Holding
Summaries
as
of
June
30,
2023
QQQX
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
QQQX
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
55%
Chicago
Board
Options
Exchange
(Cboe)
Nasdaq
100
BuyWrite
Index
(BXN
SM
)
and
2)
45%
Nasdaq
100
®
Index.
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
QQQX
at
Common
Share
NAV
1/30/07
28.24%
20.02%
8.56%
12.04%
QQQX
at
Common
Share
Price
1/30/07
26.38%
24.12%
6.43%
12.54%
Nasdaq
100®
Index
—
39.35%
33.13%
17.66%
19.22%
QQQX
Blended
Benchmark
—
28.04%
22.72%
10.83%
12.83%
17
Holdings
Summaries
as
of
June
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.4‌%
Exchange-Traded
Funds
1.4‌%
Options
Purchased
0.0‌%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0‌%
Repurchase
Agreements
1.7‌%
Other
Assets
&
Liabilities,
Net
(2.5)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Software
19.6%
Technology
Hardware,
Storage
&
Peripherals
14.7%
Semiconductors
&
Semiconductor
Equipment
13.0%
Interactive
Media
&
Services
12.8%
Broadline
Retail
6.7%
Automobiles
4.4%
Biotechnology
3.1%
Media
2.4%
Hotels,
Restaurants
&
Leisure
2.4%
Communications
Equipment
2.2%
Financial
Services
1.9%
Beverages
1.6%
Food
Products
1.2%
Consumer
Staples
Distribution
&
Retail
1.2%
Life
Sciences
Tools
&
Services
1.1%
Health
Care
Equipment
&
Supplies
0.9%
Capital
Markets
0.8%
Specialty
Retail
0.7%
Electric
Utilities
0.6%
Machinery
0.6%
Entertainment
0.5%
Ground
Transportation
0.4%
Distributors
0.4%
Other
3.8%
Exchange-Traded
Funds
1.3%
Options
Purchased
0.0%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0%
Repurchase
Agreements
1.7%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
15.1%
Apple
Inc
15.0%
Amazon.com
Inc
6.9%
Alphabet
Inc,
Class
A
5.0%
Meta
Platforms
Inc
4.6%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
18
Nuveen
Core
Equity
Alpha
Fund
Performance
Overview
and
Holding
Summaries
as
of
June
30,
2023
JCE
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Fund
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
JCE
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of:
1)
50%
S&P
500
®
Index
and
2)
50%
Chicago
Board
Options
Exchange
(Cboe)
S&P
500
®
BuyWrite
Index
(BXM
SM
).
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Current
per-
formance
may
be
higher
or
lower
than
the
data
shown.
Returns
do
not
reflect
the
deduction
of
taxes
that
shareholders
may
have
to
pay
on
Fund
distributions
or
upon
the
sale
of
Fund
shares.
Returns
at
NAV
are
net
of
Fund
expenses,
and
assume
reinvestment
of
distributions.
Comparative
index
return
information
is
provided
for
the
Fund’s
shares
at
NAV
only.
Indexes
are
not
available
for
direct
investment.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2023
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JCE
at
Common
Share
NAV
3/27/07
15.31%
16.08%
8.48%
9.92%
JCE
at
Common
Share
Price
3/27/07
(0.84)%
12.65%
7.77%
10.67%
S&P
500®
Index
—
16.89%
19.59%
12.31%
12.86%
JCE
Blended
Benchmark
—
13.68%
14.33%
8.40%
9.59%
19
Holdings
Summaries
as
of
June
30,
2023
This
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
the
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
d
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.9‌
%
Exchange-Traded
Funds
1
.1‌
%
Options
Purchased
0
.0‌
%
Repurchase
Agreements
2
.6‌
%
Other
Assets
&
Liabilities,
Net
(3.6)%
Net
Assets
100‌
%
Portfolio
Composition
1
(%
of
total
investments)
Software
12.9%
Technology
Hardware,
Storage
&
Peripherals
8.2%
Interactive
Media
&
Services
6.4%
Pharmaceuticals
5.3%
Health
Care
Providers
&
Services
5.0%
Semiconductors
&
Semiconductor
Equipment
4.8%
Financial
Services
4.7%
Broadline
Retail
3.5%
Oil,
Gas
&
Consumable
Fuels
3.4%
Specialty
Retail
3.3%
Life
Sciences
Tools
&
Services
3.3%
Aerospace
&
Defense
2.6%
Health
Care
Equipment
&
Supplies
2.5%
Machinery
2.1%
Chemicals
1.9%
Beverages
1.9%
Hotels,
Restaurants
&
Leisure
1.9%
Household
Products
1.9%
Consumer
Staples
Distribution
&
Retail
1.8%
Banks
1.6%
Electrical
Equipment
1.4%
Professional
Services
1.3%
Communications
Equipment
1.2%
Commercial
Services
&
Supplies
1.1%
Other
12.5%
Exchange-Traded
Funds
1.0%
Options
Purchased
0.0%
Repurchase
Agreements
2.5%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Apple
Inc
8.5%
Microsoft
Corp
6.8%
Amazon.com
Inc
3.7%
NVIDIA
Corp
3.1%
Meta
Platforms
Inc
2.5%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
20
Nuveen
S&P
500
Buy-Write
Income
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
BXMX
vb
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
100.9%
X
–
COMMON
STOCKS
-
100.9%
(2)
X
1,447,208,221
Aerospace
&
Defense
-
1.8%
25,882
Boeing
Co/The
(3)
$
5,465,243
9,566
HEICO
Corp
1,692,608
71,126
Howmet
Aerospace
Inc
3,525,005
9,120
Northrop
Grumman
Corp
4,156,896
99,428
Raytheon
Technologies
Corp
9,739,967
4,597
Woodward
Inc
546,629
Total
Aerospace
&
Defense
25,126,348
Air
Freight
&
Logistics
-
0.6%
50,671
United
Parcel
Service
Inc,
Class
B
9,082,777
Total
Air
Freight
&
Logistics
9,082,777
Automobile
Components
-
0.1%
50,606
Gentex
Corp
1,480,731
9,851
Goodyear
Tire
&
Rubber
Co/The
(3)
134,762
Total
Automobile
Components
1,615,493
Automobiles
-
2.3%
277,036
Ford
Motor
Co
4,191,555
16,446
Harley-Davidson
Inc
579,064
107,315
Tesla
Inc
(3)
28,091,847
Total
Automobiles
32,862,466
Banks
-
2.9%
341,219
Bank
of
America
Corp
9,789,573
124,092
Citigroup
Inc
5,713,196
26,341
Comerica
Inc
1,115,805
69,706
Fifth
Third
Bancorp
1,826,994
51,859
First
Horizon
Corp
584,451
128,335
JPMorgan
Chase
&
Co
18,665,042
148,632
KeyCorp
1,373,360
14,051
M&T
Bank
Corp
1,738,952
31,763
Zions
Bancorp
NA
853,154
Total
Banks
41,660,527
Beverages
-
1.6%
247,954
Coca-Cola
Co/The
14,931,790
117,502
Keurig
Dr
Pepper
Inc
3,674,287
80,074
Monster
Beverage
Corp
(3)
4,599,451
Total
Beverages
23,205,528
Biotechnology
-
1.9%
78,698
AbbVie
Inc
10,602,981
1,757
Alnylam
Pharmaceuticals
Inc
(3)
333,725
28,228
Amgen
Inc
6,267,181
9,647
Biogen
Inc
(3)
2,747,948
9,243
BioMarin
Pharmaceutical
Inc
(3)
801,183
2,000
Exact
Sciences
Corp
(3)
187,800
67,257
Gilead
Sciences
Inc
5,183,497
3,110
Horizon
Therapeutics
Plc
(3)
319,863
1,684
Seagen
Inc
(3)
324,103
Total
Biotechnology
26,768,281
21
Shares
Description
(1)
Value
Broadline
Retail
-
3.3%
354,634
Amazon.com
Inc
(3)
$
46,230,088
2,509
JD.com
Inc,
ADR
85,632
12,760
Macy's
Inc
204,798
173
MercadoLibre
Inc
(3)
204,936
16,563
Nordstrom
Inc
339,045
Total
Broadline
Retail
47,064,499
Building
Products
-
0.4%
17,715
Allegion
plc
2,126,154
23,666
Fortune
Brands
Innovations
Inc
1,702,769
43,726
Masco
Corp
2,508,998
Total
Building
Products
6,337,921
Capital
Markets
-
2.6%
11,264
Blackstone
Inc
1,047,214
71,247
Charles
Schwab
Corp/The
4,038,280
23,102
CME
Group
Inc
4,280,570
44,488
Intercontinental
Exchange
Inc
5,030,703
53,398
Jefferies
Financial
Group
Inc
1,771,212
27,800
KKR
&
Co
Inc
1,556,800
4,247
LPL
Financial
Holdings
Inc
923,425
84,152
Morgan
Stanley
7,186,581
8,344
MSCI
Inc
3,915,756
19,659
S&P
Global
Inc
7,881,096
Total
Capital
Markets
37,631,637
Chemicals
-
1.8%
16,669
Chemours
Co/The
614,919
52,881
Corteva
Inc
3,030,081
93,269
Dow
Inc
4,967,507
50,400
DuPont
de
Nemours
Inc
3,600,576
23,362
Eastman
Chemical
Co
1,955,867
23,857
Linde
PLC
9,091,426
10,656
Olin
Corp
547,612
14,399
RPM
International
Inc
1,292,022
Total
Chemicals
25,100,010
Commercial
Services
&
Supplies
-
0.6%
14,179
Waste
Connections
Inc
2,026,604
37,983
Waste
Management
Inc
6,587,012
Total
Commercial
Services
&
Supplies
8,613,616
Communications
Equipment
-
0.9%
19,049
Ciena
Corp
(3)
809,392
220,344
Cisco
Systems
Inc
11,400,599
5,140
Lumentum
Holdings
Inc
(3)
291,592
27,916
Viavi
Solutions
Inc
(3)
316,288
Total
Communications
Equipment
12,817,871
Construction
Materials
-
0.4%
11,251
Martin
Marietta
Materials
Inc
5,194,474
Total
Construction
Materials
5,194,474
Consumer
Finance
-
0.5%
54,263
Discover
Financial
Services
6,340,632
89,957
SLM
Corp
1,468,098
Total
Consumer
Finance
7,808,730
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
22
BXMX
Shares
Description
(1)
Value
Consumer
Staples
Distribution
&
Retail
-
1.9%
4,507
Casey's
General
Stores
Inc
$
1,099,167
22,194
Costco
Wholesale
Corp
11,948,806
31,203
Target
Corp
4,115,676
15,913
US
Foods
Holding
Corp
(3)
700,172
57,820
Walmart
Inc
9,088,147
Total
Consumer
Staples
Distribution
&
Retail
26,951,968
Containers
&
Packaging
-
0.2%
9,313
Avery
Dennison
Corp
1,599,973
7,888
Crown
Holdings
Inc
685,231
18,945
Sonoco
Products
Co
1,118,134
Total
Containers
&
Packaging
3,403,338
Distributors
-
0.2%
51,888
LKQ
Corp
3,023,514
Total
Distributors
3,023,514
Diversified
Telecommunication
Services
-
0.7%
289,276
Verizon
Communications
Inc
10,758,174
Total
Diversified
Telecommunication
Services
10,758,174
Electric
Utilities
-
1.2%
58,152
Evergy
Inc
3,397,240
117,389
NextEra
Energy
Inc
8,710,264
74,176
OGE
Energy
Corp
2,663,660
29,198
Pinnacle
West
Capital
Corp
2,378,469
Total
Electric
Utilities
17,149,633
Electrical
Equipment
-
0.7%
46,441
Emerson
Electric
Co
4,197,802
8,860
Hubbell
Inc
2,937,621
10,242
Rockwell
Automation
Inc
3,374,227
Total
Electrical
Equipment
10,509,650
Electronic
Equipment,
Instruments
&
Components
-
0.6%
20,728
CDW
Corp/DE
3,803,588
123,423
Corning
Inc
4,324,742
Total
Electronic
Equipment,
Instruments
&
Components
8,128,330
Energy
Equipment
&
Services
-
0.5%
111,723
Halliburton
Co
3,685,742
77,600
Schlumberger
NV
3,811,712
Total
Energy
Equipment
&
Services
7,497,454
Entertainment
-
1.2%
19,486
Netflix
Inc
(3)
8,583,388
1,091
Roku
Inc
(3)
69,780
93,635
Walt
Disney
Co/The
(3)
8,359,733
Total
Entertainment
17,012,901
Financial
Services
-
4.8%
86,707
Berkshire
Hathaway
Inc,
Class
B
(3)
29,567,087
10,543
Block
Inc
(3)
701,848
61,048
Fidelity
National
Information
Services
Inc
3,339,326
32,297
Mastercard
Inc,
Class
A
12,702,410
48,313
MGIC
Investment
Corp
762,862
55,304
PayPal
Holdings
Inc
(3)
3,690,436
75,786
Visa
Inc,
Class
A
17,997,659
Total
Financial
Services
68,761,628
23
Shares
Description
(1)
Value
Food
Products
-
0.9%
45,346
Hormel
Foods
Corp
$
1,823,816
132,012
Mondelez
International
Inc,
Class
A
9,628,955
12,100
Post
Holdings
Inc
(3)
1,048,465
Total
Food
Products
12,501,236
Gas
Utilities
-
0.3%
33,294
Atmos
Energy
Corp
3,873,424
2,933
National
Fuel
Gas
Co
150,639
Total
Gas
Utilities
4,024,063
Ground
Transportation
-
0.8%
23,404
Canadian
Pacific
Railway
Ltd
1,890,341
4,425
Lyft
Inc,
Class
A
(3)
42,436
21,947
Norfolk
Southern
Corp
4,976,702
11,774
Old
Dominion
Freight
Line
Inc
4,353,436
15,588
Uber
Technologies
Inc
(3)
672,934
Total
Ground
Transportation
11,935,849
Health
Care
Equipment
&
Supplies
-
2.4%
96,418
Abbott
Laboratories
10,511,490
30,144
Alcon
Inc
2,475,124
43,732
Baxter
International
Inc
1,992,430
116,361
Boston
Scientific
Corp
(3)
6,293,967
20,181
GE
HealthCare
Technologies
Inc
1,639,504
8,009
IDEXX
Laboratories
Inc
(3)
4,022,360
82,736
Medtronic
PLC
7,289,042
Total
Health
Care
Equipment
&
Supplies
34,223,917
Health
Care
Providers
&
Services
-
2.9%
20,430
Cigna
Group/The
5,732,658
63,378
CVS
Health
Corp
4,381,321
14,592
Elevance
Health
Inc
6,483,080
16,250
HCA
Inc
4,931,550
42,162
UnitedHealth
Group
Inc
20,264,744
Total
Health
Care
Providers
&
Services
41,793,353
Health
Care
REITs
-
0.1%
42,198
Healthcare
Realty
Trust
Inc
795,854
8,339
Sabra
Health
Care
REIT
Inc
98,150
Total
Health
Care
REITs
894,004
Health
Care
Technology
-
0.1%
6,833
Veeva
Systems
Inc,
Class
A
(3)
1,351,089
Total
Health
Care
Technology
1,351,089
Hotels,
Restaurants
&
Leisure
-
2.0%
2,484
Booking
Holdings
Inc
(3)
6,707,620
29,264
Marriott
International
Inc/MD,
Class
A
5,375,504
34,766
McDonald's
Corp
10,374,522
16,077
Restaurant
Brands
International
Inc
1,246,289
51,807
Starbucks
Corp
5,132,001
Total
Hotels,
Restaurants
&
Leisure
28,835,936
Household
Durables
-
0.4%
23,148
Garmin
Ltd
(3)
2,414,105
32,919
KB
Home
1,702,241
6,575
TopBuild
Corp
(3)
1,749,082
Total
Household
Durables
5,865,428
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
24
BXMX
Shares
Description
(1)
Value
Household
Products
-
1.4%
131,517
Procter
&
Gamble
Co/The
$
19,956,390
6,327
Spectrum
Brands
Holdings
Inc
493,822
Total
Household
Products
20,450,212
Industrial
Conglomerates
-
1.0%
44,459
General
Electric
Co
4,883,821
46,062
Honeywell
International
Inc
9,557,865
Total
Industrial
Conglomerates
14,441,686
Industrial
REITs
-
0.0%
19,823
LXP
Industrial
Trust
193,274
Total
Industrial
REITs
193,274
Insurance
-
2.0%
28,004
Allstate
Corp/The
3,053,556
34,937
Arthur
J
Gallagher
&
Co
7,671,117
37,130
CNO
Financial
Group
Inc
878,867
23,577
Fidelity
National
Financial
Inc
848,772
73,651
Hartford
Financial
Services
Group
Inc/The
5,304,345
9,393
Lincoln
National
Corp
241,964
3,360
RenaissanceRe
Holdings
Ltd
626,707
32,951
Travelers
Cos
Inc/The
5,722,271
71,665
W
R
Berkley
Corp
4,268,367
Total
Insurance
28,615,966
Interactive
Media
&
Services
-
5.6%
268,491
Alphabet
Inc,
Class
A
(3)
32,138,373
186,111
Alphabet
Inc,
Class
C
(3)
22,513,848
90,192
Meta
Platforms
Inc
(3)
25,883,300
Total
Interactive
Media
&
Services
80,535,521
IT
Services
-
1.0%
29,105
Accenture
PLC,
Class
A
8,981,221
20,604
Akamai
Technologies
Inc
(3)
1,851,681
6,661
Shopify
Inc,
Class
A
(3)
430,301
14,844
VeriSign
Inc
(3)
3,354,299
Total
IT
Services
14,617,502
Leisure
Products
-
0.1%
25,861
Mattel
Inc
(3)
505,324
6,048
Polaris
Inc
731,385
Total
Leisure
Products
1,236,709
Life
Sciences
Tools
&
Services
-
1.4%
7,173
ICON
PLC
(3)
1,794,684
25,063
Thermo
Fisher
Scientific
Inc
13,076,620
17,090
Waters
Corp
(3)
4,555,169
Total
Life
Sciences
Tools
&
Services
19,426,473
Machinery
-
1.6%
29,025
Caterpillar
Inc
7,141,601
31,851
Graco
Inc
2,750,334
68,566
Otis
Worldwide
Corp
6,103,059
15,767
Parker-Hannifin
Corp
6,149,761
10,383
Timken
Co/The
950,356
Total
Machinery
23,095,111
25
Shares
Description
(1)
Value
Media
-
0.8%
216,324
Comcast
Corp,
Class
A
$
8,988,262
17,899
New
York
Times
Co/The,
Class
A
704,863
78,489
News
Corp,
Class
A
1,530,535
Total
Media
11,223,660
Metals
&
Mining
-
0.3%
15,262
Arconic
Corp
(3)
451,450
20,588
Nucor
Corp
3,376,020
Total
Metals
&
Mining
3,827,470
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.0%
26,095
Annaly
Capital
Management
Inc
522,161
Total
Mortgage
Real
Estate
Investment
Trusts
(REITs)
522,161
Multi-Utilities
-
1.2%
94,621
Ameren
Corp
7,727,697
17,519
NorthWestern
Corp
994,379
93,763
WEC
Energy
Group
Inc
8,273,647
Total
Multi-Utilities
16,995,723
Office
REITs
-
0.1%
51,595
Equity
Commonwealth
1,045,315
Total
Office
REITs
1,045,315
Oil,
Gas
&
Consumable
Fuels
-
3.7%
44,283
Cenovus
Energy
Inc
751,925
8,394
Cheniere
Energy
Inc
1,278,910
77,267
Chevron
Corp
12,157,962
9,675
CNX
Resources
Corp
(3)
171,441
64,103
ConocoPhillips
6,641,712
177,171
Exxon
Mobil
Corp
19,001,590
25,709
Hess
Corp
3,495,138
30,656
Marathon
Petroleum
Corp
3,574,490
4,558
Ovintiv
Inc
173,523
36,344
Phillips
66
3,466,491
60,610
Suncor
Energy
Inc
1,777,085
Total
Oil,
Gas
&
Consumable
Fuels
52,490,267
Passenger
Airlines
-
0.2%
68,557
American
Airlines
Group
Inc
(3)
1,229,913
36,282
United
Airlines
Holdings
Inc
(3)
1,990,793
Total
Passenger
Airlines
3,220,706
Personal
Care
Products
-
0.0%
15,340
BellRing
Brands
Inc
(3)
561,444
Total
Personal
Care
Products
561,444
Pharmaceuticals
-
4.6%
116,840
Bristol-Myers
Squibb
Co
7,471,918
36,480
Eli
Lilly
&
Co
17,108,391
112,159
Johnson
&
Johnson
18,564,558
112,570
Merck
&
Co
Inc
12,989,452
261,190
Pfizer
Inc
9,580,449
Total
Pharmaceuticals
65,714,768
Professional
Services
-
1.2%
28,578
Automatic
Data
Processing
Inc
6,281,159
9,115
Booz
Allen
Hamilton
Holding
Corp
1,017,234
15,971
Broadridge
Financial
Solutions
Inc
2,645,277
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
26
BXMX
Shares
Description
(1)
Value
Professional
Services
(continued)
29,484
CoStar
Group
Inc
(3)
$
2,624,076
9,803
ManpowerGroup
Inc
778,358
52,470
SS&C
Technologies
Holdings
Inc
3,179,682
11,679
TransUnion
914,816
Total
Professional
Services
17,440,602
Residential
REITs
-
1.0%
123,237
American
Homes
4
Rent,
Class
A
4,368,752
17,121
Apartment
Income
REIT
Corp
617,897
53,114
Apartment
Investment
and
Management
Co,
Class
A
452,531
162,480
Invitation
Homes
Inc
5,589,312
24,490
Sun
Communities
Inc
3,194,965
Total
Residential
REITs
14,223,457
Semiconductors
&
Semiconductor
Equipment
-
7.3%
76,406
Advanced
Micro
Devices
Inc
(3)
8,703,407
56,923
Applied
Materials
Inc
8,227,650
20,036
Broadcom
Inc
17,379,828
9,062
Lam
Research
Corp
5,825,597
32,109
Marvell
Technology
Inc
1,919,476
62,434
Micron
Technology
Inc
3,940,210
99,405
NVIDIA
Corp
42,050,303
26,440
NXP
Semiconductors
NV
5,411,739
36,779
ON
Semiconductor
Corp
(3)
3,478,558
64,822
QUALCOMM
Inc
7,716,411
Total
Semiconductors
&
Semiconductor
Equipment
104,653,179
Software
-
10.5%
21,139
Adobe
Inc
(3)
10,336,760
18,415
Autodesk
Inc
(3)
3,767,893
16,990
Black
Knight
Inc
(3)
1,014,813
10,744
Check
Point
Software
Technologies
Ltd
(3)
1,349,661
45,484
Fortinet
Inc
(3)
3,438,136
296,626
Microsoft
Corp
101,013,018
81,715
Oracle
Corp
9,731,439
4,536
Palo
Alto
Networks
Inc
(3)
1,158,993
46,556
Salesforce
Inc
(3)
9,835,421
10,782
ServiceNow
Inc
(3)
6,059,160
16,155
VMware
Inc,
Class
A
(3)
2,321,312
Total
Software
150,026,606
Specialized
REITs
-
0.9%
31,872
American
Tower
Corp
6,181,256
55,269
CubeSmart
2,468,313
142,164
Weyerhaeuser
Co
4,763,916
Total
Specialized
REITs
13,413,485
Specialty
Retail
-
2.0%
8,358
American
Eagle
Outfitters
Inc
98,624
21,542
Best
Buy
Co
Inc
1,765,367
2,461
Burlington
Stores
Inc
(3)
387,337
4,252
Dick's
Sporting
Goods
Inc
562,072
4,736
Five
Below
Inc
(3)
930,813
50,051
Home
Depot
Inc/The
15,547,843
29,953
Lowe's
Cos
Inc
6,760,392
6,237
Ulta
Beauty
Inc
(3)
2,935,101
Total
Specialty
Retail
28,987,549
27
Investments
in
Derivatives
Shares
Description
(1)
Value
Technology
Hardware,
Storage
&
Peripherals
-
8.2%
597,308
Apple
Inc
$
115,859,833
26,933
Dell
Technologies
Inc,
Class
C
1,457,344
Total
Technology
Hardware,
Storage
&
Peripherals
117,317,177
Textiles,
Apparel
&
Luxury
Goods
-
0.5%
6,689
Kontoor
Brands
Inc
281,607
3,315
Lululemon
Athletica
Inc
(3)
1,254,728
56,404
NIKE
Inc,
Class
B
6,225,309
Total
Textiles,
Apparel
&
Luxury
Goods
7,761,644
Tobacco
-
0.7%
213,221
Altria
Group
Inc
9,658,911
Total
Tobacco
9,658,911
Total
Common
Stocks
(cost
$532,120,102)
1,447,208,221
Total
Long-Term
Investments
(cost
$532,120,102)
1,447,208,221
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.9%
X
–
REPURCHASE
AGREEMENTS
-
2.9%
X
41,111,132
$
36,920
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$36,935,414,
collateralized
by
$38,195,600,
U.S.
Treasury
Note,
3.750%,
due
6/30/30,
value
$37,658,474
5.010%
7/03/23
$
36,920,000
4,191
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$4,191,663,
collateralized
by
$4,885,000,
U.S.
Treasury
Note,
1.500%,
due
11/30/28,
value
$4,275,038
1.520%
7/03/23
4,191,132
Total
Repurchase
Agreements
(cost
$41,111,132)
41,111,132
Total
Short-Term
Investments
(cost
$41,111,132)
41,111,132
Total
Investments
(cost
$573,231,234
)
-
103.8%
1,488,319,353
Other
Assets
&
Liabilities,
Net
- (3.8)%(4)
(54,910,208)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,433,409,145
Options
Written
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
S&P
500
Index
Call
(358)
$
(153,940,000)
$
4,300
8/18/23
$
(7,029,330)
S&P
500
Index
Call
(716)
(309,670,000)
4,325
8/18/23
(12,562,220)
S&P
500
Index
Call
(358)
(155,730,000)
4,350
8/18/23
(5,550,790)
S&P
500
Index
Call
(358)
(161,100,000)
4,500
8/18/23
(2,502,420)
S&P
500
Index
Call
(358)
(160,205,000)
4,475
8/31/23
(3,003,620)
S&P
500
Index
Call
(358)
(158,415,000)
4,425
9/15/23
(4,705,910)
S&P
500
Index
Call
(358)
(161,100,000)
4,500
9/15/23
(3,014,360)
S&P
500
Index
Call
(358)
(162,890,000)
4,550
9/15/23
(2,119,360)
Total
Options
Written
(premiums
received
$27,664,169)
(3,222)
$(1,423,050,000)
$(40,488,010)
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
28
BXMX
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
The
Fund
may
designate
up
to
100%
of
its
common
stock
investments
to
cover
outstanding
options
written.
(3)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(4)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
(5)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
29
Nuveen
Dow
30
SM
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
DIAX
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
100.8%
X
–
COMMON
STOCKS
-
99.9%
X
574,106,256
Aerospace
&
Defense
-
4.0%
109,970
Boeing
Co/The
(2)
$
23,221,265
Total
Aerospace
&
Defense
23,221,265
Banks
-
2.8%
109,970
JPMorgan
Chase
&
Co
15,994,037
Total
Banks
15,994,037
Beverages
-
1.2%
109,970
Coca-Cola
Co/The
6,622,393
Total
Beverages
6,622,393
Biotechnology
-
4.3%
109,970
Amgen
Inc
(3)
24,415,539
Total
Biotechnology
24,415,539
Capital
Markets
-
6.2%
109,970
Goldman
Sachs
Group
Inc
/The
(3)
35,469,724
Total
Capital
Markets
35,469,724
Chemicals
-
1.0%
109,969
Dow
Inc
5,856,949
Total
Chemicals
5,856,949
Communications
Equipment
-
1.0%
109,970
Cisco
Systems
Inc
5,689,848
Total
Communications
Equipment
5,689,848
Consumer
Finance
-
3.3%
109,970
American
Express
Co
19,156,774
Total
Consumer
Finance
19,156,774
Consumer
Staples
Distribution
&
Retail
-
3.6%
109,970
Walgreens
Boots
Alliance
Inc
3,133,045
109,970
Walmart
Inc
17,285,085
Total
Consumer
Staples
Distribution
&
Retail
20,418,130
Diversified
Telecommunication
Services
-
0.7%
109,970
Verizon
Communications
Inc
4,089,784
Total
Diversified
Telecommunication
Services
4,089,784
Entertainment
-
1.7%
109,970
Walt
Disney
Co/The
(2)
9,818,122
Total
Entertainment
9,818,122
Financial
Services
-
4.5%
109,970
Visa
Inc
,
Class
A
26,115,675
Total
Financial
Services
26,115,675
Health
Care
Providers
&
Services
-
9.2%
109,970
UnitedHealth
Group
Inc
52,855,982
Total
Health
Care
Providers
&
Services
52,855,982
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
30
DIAX
Shares
Description
(1)
Value
Hotels,
Restaurants
&
Leisure
-
5.7%
109,970
McDonald's
Corp
$
32,816,148
Total
Hotels,
Restaurants
&
Leisure
32,816,148
Household
Products
-
2.9%
109,969
Procter
&
Gamble
Co/The
16,686,696
Total
Household
Products
16,686,696
Industrial
Conglomerates
-
5.9%
109,970
3M
Co
11,006,897
109,970
Honeywell
International
Inc
22,818,775
Total
Industrial
Conglomerates
33,825,672
Insurance
-
3.3%
109,970
Travelers
Cos
Inc
/The
19,097,390
Total
Insurance
19,097,390
IT
Services
-
2.6%
109,970
International
Business
Machines
Corp
14,715,086
Total
IT
Services
14,715,086
Machinery
-
4.7%
109,969
Caterpillar
Inc
27,057,872
Total
Machinery
27,057,872
Oil,
Gas
&
Consumable
Fuels
-
3.0%
109,970
Chevron
Corp
17,303,779
Total
Oil,
Gas
&
Consumable
Fuels
17,303,779
Pharmaceuticals
-
5.4%
109,969
Johnson
&
Johnson
18,202,069
109,969
Merck
&
Co
Inc
12,689,323
Total
Pharmaceuticals
30,891,392
Semiconductors
&
Semiconductor
Equipment
-
0.6%
109,970
Intel
Corp
3,677,397
Total
Semiconductors
&
Semiconductor
Equipment
3,677,397
Software
-
10.6%
109,970
Microsoft
Corp
37,449,184
109,970
Salesforce
Inc
(2)
23,232,262
Total
Software
60,681,446
Specialty
Retail
-
5.9%
109,970
Home
Depot
Inc
/The
34,161,081
Total
Specialty
Retail
34,161,081
Technology
Hardware,
Storage
&
Peripherals
-
3.7%
109,969
Apple
Inc
(3)
21,330,687
Total
Technology
Hardware,
Storage
&
Peripherals
21,330,687
Textiles,
Apparel
&
Luxury
Goods
-
2.1%
109,970
NIKE
Inc
,
Class
B
12,137,388
Total
Textiles,
Apparel
&
Luxury
Goods
12,137,388
Total
Common
Stocks
(cost
$228,615,965)
574,106,256
31
Investments
in
Derivatives
Shares
Description
(1)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
0.9%
X
5,286,720
24,000
Vanguard
Total
Stock
Market
ETF
$
5,286,720
Total
Exchange-Traded
Funds
(cost
$4,569,982)
5,286,720
Description
Type
Number
of
Contracts
Notional
Amount
(4)
Exercise
Price
Expiration
Date
Value
OPTIONS
PURCHASED
-
0.0%
X
–
CBOE
Volatility
Index
Call
100
$
300,000
$
30
8/16/23
$
4,250
CBOE
Volatility
Index
Call
100
220,000
22
7/19/23
2,000
General
Mills
Inc
Call
100
900,000
90
7/21/23
250
iShares
U.S.
Home
Construction
ETF
Put
100
750,000
75
7/21/23
642
Total
Options
Purchased
(cost
$47,615)
400
$
2,170,000
7,142
Total
Long-Term
Investments
(cost
$233,233,562)
579,400,118
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.8%
–
REPURCHASE
AGREEMENTS
-
1.8%
X
10,246,686
$
10,247
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$10,247,984,
collateralized
by
$11,942,900,
U.S.
Treasury
Note,
1.500%,
due
11/30/28,
value
$10,451,659
1.520%
7/03/23
$
10,246,686
Total
Repurchase
Agreements
(cost
$10,246,686)
10,246,686
Total
Short-Term
Investments
(cost
$10,246,686)
10,246,686
Total
Investments
(cost
$243,480,248
)
-
102.6%
589,646,804
Other
Assets
&
Liabilities,
Net
- (2.6)%(5)
(15,104,493)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
574,542,311
Options
Written
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
Invesco
QQQ
Trust
Series
1
Call
(300)
$
(10,200,000)
$
340
7/21/23
$
(919,462)
Russell
2000
Index
Call
(20)
(3,800,000)
1,900
7/21/23
(47,500)
S&P
500
Index
Call
(25)
(10,750,000)
4,300
7/21/23
(413,500)
S&P
500
Index
Call
(80)
(34,600,000)
4,325
7/21/23
(1,134,800)
S&P
500
Index
Call
(60)
(26,100,000)
4,350
7/21/23
(711,000)
S&P
500
Index
Call
(340)
(150,790,000)
4,435
7/21/23
(1,830,900)
S&P
500
Index
Call
(60)
(26,700,000)
4,450
7/21/23
(269,100)
S&P
500
Index
Call
(30)
(13,500,000)
4,500
7/21/23
(66,900)
Total
Options
Written
(premiums
received
$3,450,347)
(915)
$(276,440,000)
$(5,393,162)
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(4)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
32
DIAX
(5)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
CBOE
Chicago
Board
Options
Exchange
ETF
Exchange-Traded
Fund
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
33
Nuveen
S&P
500
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
SPXX
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
100.8%
X
–
COMMON
STOCKS
-
99.0%
X
288,746,083
Aerospace
&
Defense
-
1.6%
5,759
Boeing
Co/The
(2)
$
1,216,071
1,033
BWX
Technologies
Inc
73,932
341
Curtiss-Wright
Corp
62,628
1,527
HEICO
Corp
270,187
2,947
Lockheed
Martin
Corp
1,356,740
16,848
Raytheon
Technologies
Corp
1,650,430
Total
Aerospace
&
Defense
4,629,988
Air
Freight
&
Logistics
-
0.6%
935
GXO
Logistics
Inc
(2)
58,736
9,091
United
Parcel
Service
Inc,
Class
B
1,629,562
Total
Air
Freight
&
Logistics
1,688,298
Automobile
Components
-
0.3%
890
Adient
PLC
(2)
34,105
606
Fox
Factory
Holding
Corp
(2)
65,757
5,866
Gentex
Corp
171,639
1,876
Goodyear
Tire
&
Rubber
Co/The
(2)
25,664
2,778
Lear
Corp
398,782
742
Visteon
Corp
(2)
106,558
Total
Automobile
Components
802,505
Automobiles
-
1.7%
5,520
Fisker
Inc
(2),(3)
31,133
2,305
Harley-Davidson
Inc
81,159
1,133
Rivian
Automotive
Inc,
Class
A
(2)
18,876
18,449
Tesla
Inc
(2)
4,829,395
1,369
Thor
Industries
Inc
141,691
Total
Automobiles
5,102,254
Banks
-
3.0%
44,693
Bank
of
America
Corp
1,282,242
24,922
Citigroup
Inc
1,147,409
4,563
Columbia
Banking
System
Inc
92,538
1,105
Cullen/Frost
Bankers
Inc
118,821
191
First
Citizens
BancShares
Inc/NC,
Class
A
245,139
4,948
First
Horizon
Corp
55,764
28,382
JPMorgan
Chase
&
Co
4,127,878
4,106
New
York
Community
Bancorp
Inc
46,151
1,095
Synovus
Financial
Corp
33,124
650
Texas
Capital
Bancshares
Inc
(2)
33,475
2,227
Webster
Financial
Corp
84,069
32,799
Wells
Fargo
&
Co
1,399,861
1,884
Wintrust
Financial
Corp
136,816
Total
Banks
8,803,287
Beverages
-
2.0%
188
Boston
Beer
Co
Inc/The,
Class
A
(2)
57,987
46,630
Coca-Cola
Co/The
2,808,059
16,493
PepsiCo
Inc
3,054,833
Total
Beverages
5,920,879
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
34
SPXX
Shares
Description
(1)
Value
Biotechnology
-
2.0%
16,944
AbbVie
Inc
$
2,282,865
2,527
Alkermes
PLC
(2)
79,095
221
Alnylam
Pharmaceuticals
Inc
(2)
41,977
6,353
Amgen
Inc
1,410,493
1,362
BioMarin
Pharmaceutical
Inc
(2)
118,058
1,713
Exact
Sciences
Corp
(2)
160,851
4,414
Exelixis
Inc
(2)
84,352
1,972
Halozyme
Therapeutics
Inc
(2)
71,130
910
Horizon
Therapeutics
Plc
(2)
93,593
787
Ionis
Pharmaceuticals
Inc
(2)
32,291
462
Mirati
Therapeutics
Inc
(2)
16,692
171
Neurocrine
Biosciences
Inc
(2)
16,125
632
Sarepta
Therapeutics
Inc
(2)
72,377
790
Seagen
Inc
(2)
152,043
798
United
Therapeutics
Corp
(2)
176,159
2,719
Vertex
Pharmaceuticals
Inc
(2)
956,843
Total
Biotechnology
5,764,944
Broadline
Retail
-
3.5%
77,160
Amazon.com
Inc
(2),(4)
10,058,578
3,604
Macy's
Inc
57,844
17
MercadoLibre
Inc
(2)
20,138
866
PDD
Holdings
Inc
(2)
59,875
Total
Broadline
Retail
10,196,435
Building
Products
-
0.3%
947
Carlisle
Cos
Inc
242,934
998
Fortune
Brands
Innovations
Inc
71,806
936
Lennox
International
Inc
305,202
2,476
Owens
Corning
323,118
397
Trex
Co
Inc
(2)
26,027
Total
Building
Products
969,087
Capital
Markets
-
2.7%
1,644
BlackRock
Inc
1,136,234
15,100
Charles
Schwab
Corp/The
855,868
820
Coinbase
Global
Inc,
Class
A
(2)
58,671
4,325
Goldman
Sachs
Group
Inc/The
1,394,986
962
Interactive
Brokers
Group
Inc,
Class
A
79,913
8,753
Intercontinental
Exchange
Inc
989,789
1,228
Janus
Henderson
Group
PLC
33,463
3,908
KKR
&
Co
Inc
218,848
508
LPL
Financial
Holdings
Inc
110,455
15,489
Morgan
Stanley
1,322,761
3,649
Robinhood
Markets
Inc,
Class
A
(2)
36,417
3,662
S&P
Global
Inc
1,468,059
1,119
Tradeweb
Markets
Inc,
Class
A
76,629
Total
Capital
Markets
7,782,093
Chemicals
-
1.2%
2,733
Ashland
Inc
237,525
7,632
Axalta
Coating
Systems
Ltd
(2)
250,406
3,066
Cabot
Corp
205,085
7,188
Chemours
Co/The
265,165
15,298
Element
Solutions
Inc
293,722
3,334
HB
Fuller
Co
238,414
12,046
Huntsman
Corp
325,483
1,130
Ingevity
Corporation
(2)
65,721
765
Minerals
Technologies
Inc
44,133
152
NewMarket
Corp
61,122
35
Shares
Description
(1)
Value
Chemicals
(continued)
5,989
Olin
Corp
$
307,775
4,452
RPM
International
Inc
399,478
3,550
Scotts
Miracle-Gro
Co/The
222,549
1,517
Sensient
Technologies
Corp
107,904
577
Stepan
Co
55,138
8,818
Tronox
Holdings
PLC
112,077
6,256
Valvoline
Inc
234,663
1,794
Westlake
Corp
214,329
Total
Chemicals
3,640,689
Commercial
Services
&
Supplies
-
0.1%
638
Clean
Harbors
Inc
(2)
104,906
2,741
GEO
Group
Inc/The
(2)
19,626
1,061
RB
Global
Inc
63,660
Total
Commercial
Services
&
Supplies
188,192
Communications
Equipment
-
0.8%
3,370
Ciena
Corp
(2)
143,191
44,070
Cisco
Systems
Inc
2,280,182
851
Lumentum
Holdings
Inc
(2)
48,277
Total
Communications
Equipment
2,471,650
Construction
&
Engineering
-
0.1%
740
EMCOR
Group
Inc
136,737
595
MasTec
Inc
(2)
70,192
54
Valmont
Industries
Inc
15,717
3,189
WillScot
Mobile
Mini
Holdings
Corp
(2)
152,402
Total
Construction
&
Engineering
375,048
Consumer
Finance
-
0.4%
1,817
Ally
Financial
Inc
49,077
6,691
American
Express
Co
1,165,572
12,265
SoFi
Technologies
Inc
(2)
102,290
Total
Consumer
Finance
1,316,939
Consumer
Staples
Distribution
&
Retail
-
2.0%
4,784
Albertsons
Cos
Inc,
Class
A
104,387
2,512
BJ's
Wholesale
Club
Holdings
Inc
(2)
158,281
362
Casey's
General
Stores
Inc
88,285
4,411
Costco
Wholesale
Corp
2,374,794
826
Performance
Food
Group
Co
(2)
49,758
5,646
Target
Corp
744,708
2,236
US
Foods
Holding
Corp
(2)
98,384
13,662
Walmart
Inc
2,147,393
Total
Consumer
Staples
Distribution
&
Retail
5,765,990
Containers
&
Packaging
-
0.4%
3,411
Berry
Global
Group
Inc
219,464
4,265
Crown
Holdings
Inc
370,501
10,647
Graphic
Packaging
Holding
Co
255,847
974
Silgan
Holdings
Inc
45,671
2,568
Sonoco
Products
Co
151,563
Total
Containers
&
Packaging
1,043,046
Diversified
Consumer
Services
-
0.0%
477
Bright
Horizons
Family
Solutions
Inc
(2)
44,099
1,227
Service
Corp
International/US
79,252
Total
Diversified
Consumer
Services
123,351
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
36
SPXX
Shares
Description
(1)
Value
Diversified
REITs
-
0.0%
2,063
WP
Carey
Inc
$
139,376
Total
Diversified
REITs
139,376
Diversified
Telecommunication
Services
-
0.5%
20,873
Lumen
Technologies
Inc
47,173
36,333
Verizon
Communications
Inc
1,351,224
Total
Diversified
Telecommunication
Services
1,398,397
Electric
Utilities
-
1.7%
1,162
ALLETE
Inc
67,361
3,089
Avangrid
Inc
116,393
18,646
Duke
Energy
Corp
1,673,292
2,579
IDACORP
Inc
264,605
20,973
NextEra
Energy
Inc
1,556,197
15,831
OGE
Energy
Corp
568,491
730
Otter
Tail
Corp
57,641
3,108
PNM
Resources
Inc
140,171
7,972
Portland
General
Electric
Co
373,329
Total
Electric
Utilities
4,817,480
Electrical
Equipment
-
0.6%
221
Acuity
Brands
Inc
36,041
6,072
Eaton
Corp
PLC
1,221,079
744
Hubbell
Inc
246,681
2,012
Plug
Power
Inc
(2),(3)
20,905
2,872
Sensata
Technologies
Holding
PLC
129,211
Total
Electrical
Equipment
1,653,917
Electronic
Equipment,
Instruments
&
Components
-
0.2%
1,329
Arrow
Electronics
Inc
(2)
190,353
311
Avnet
Inc
15,690
414
IPG
Photonics
Corp
(2)
56,229
2,213
Jabil
Inc
238,849
1,137
National
Instruments
Corp
65,264
Total
Electronic
Equipment,
Instruments
&
Components
566,385
Energy
Equipment
&
Services
-
0.2%
1,887
ChampionX
Corp
58,573
1,072
Dril-Quip
Inc
(2)
24,945
4,054
Liberty
Energy
Inc
54,202
11,967
NOV
Inc
191,951
8,230
TechnipFMC
PLC
(2)
136,783
16,647
Transocean
Ltd
(2)
116,695
Total
Energy
Equipment
&
Services
583,149
Entertainment
-
1.3%
1,257
AMC
Entertainment
Holdings
Inc,
Class
A
(2),(3)
5,531
1,107
Liberty
Media
Corp-Liberty
Formula
One,
Class
A
(2)
74,855
4,304
Netflix
Inc
(2)
1,895,869
1,382
ROBLOX
Corp,
Class
A
(2)
55,694
1,622
Roku
Inc
(2)
103,743
1,223
Spotify
Technology
SA
(2)
196,353
15,560
Walt
Disney
Co/The
(2)
1,389,197
704
World
Wrestling
Entertainment
Inc,
Class
A
76,363
Total
Entertainment
3,797,605
37
Shares
Description
(1)
Value
Financial
Services
-
5.1%
1,672
Affirm
Holdings
Inc
(2)
$
25,632
16,125
Berkshire
Hathaway
Inc,
Class
B
(2)
5,498,625
1,558
Block
Inc
(2)
103,716
3,797
Corebridge
Financial
Inc
67,055
8,363
Equitable
Holdings
Inc
227,139
8,329
Mastercard
Inc,
Class
A
3,275,796
2,768
MGIC
Investment
Corp
43,707
12,890
PayPal
Holdings
Inc
(2)
860,150
440
PennyMac
Financial
Services
Inc
30,936
1,111
Radian
Group
Inc
28,086
13,006
Rocket
Cos
Inc,
Class
A
(2)
116,534
1,592
Toast
Inc,
Class
A
(2)
35,931
16,613
Visa
Inc,
Class
A
3,945,255
5,055
Voya
Financial
Inc
362,494
12,259
Western
Union
Co/The
143,798
Total
Financial
Services
14,764,854
Food
Products
-
0.7%
2,108
Cal-Maine
Foods
Inc
94,860
955
Darling
Ingredients
Inc
(2)
60,920
25,380
Flowers
Foods
Inc
631,454
646
Freshpet
Inc
(2)
42,513
6,303
Hostess
Brands
Inc
(2)
159,592
2,959
Ingredion
Inc
313,506
427
Lancaster
Colony
Corp
85,865
5,129
Pilgrim's
Pride
Corp
(2)
110,222
4,453
Post
Holdings
Inc
(2)
385,853
1,554
Simply
Good
Foods
Co/The
(2)
56,861
1,601
TreeHouse
Foods
Inc
(2)
80,658
Total
Food
Products
2,022,304
Gas
Utilities
-
0.1%
2,448
National
Fuel
Gas
Co
125,729
2,125
New
Jersey
Resources
Corp
100,300
860
Southwest
Gas
Holdings
Inc
54,739
Total
Gas
Utilities
280,768
Ground
Transportation
-
0.8%
183
Avis
Budget
Group
Inc
(2)
41,847
979
Knight-Swift
Transportation
Holdings
Inc
54,393
463
Saia
Inc
(2)
158,536
3,055
Uber
Technologies
Inc
(2)
131,884
8,439
Union
Pacific
Corp
1,726,788
2,805
XPO
Inc
(2)
165,495
Total
Ground
Transportation
2,278,943
Health
Care
Equipment
&
Supplies
-
2.9%
19,910
Abbott
Laboratories
2,170,588
763
Axonics
Inc
(2)
38,509
27,292
Boston
Scientific
Corp
(2)
1,476,224
1,373
CONMED
Corp
186,577
450
Enovis
Corp
(2)
28,854
5,911
Envista
Holdings
Corp
(2)
200,028
2,780
Globus
Medical
Inc,
Class
A
(2)
165,521
581
Haemonetics
Corp
(2)
49,466
885
ICU
Medical
Inc
(2)
157,698
767
Inari
Medical
Inc
(2)
44,593
512
Inspire
Medical
Systems
Inc
(2)
166,216
4,617
Intuitive
Surgical
Inc
(2)
1,578,737
697
Lantheus
Holdings
Inc
(2)
58,492
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
38
SPXX
Shares
Description
(1)
Value
Health
Care
Equipment
&
Supplies
(continued)
18,144
Medtronic
PLC
$
1,598,487
683
Merit
Medical
Systems
Inc
(2)
57,126
11,229
Neogen
Corp
(2)
244,231
352
Omnicell
Inc
(2)
25,932
433
Penumbra
Inc
(2)
148,978
689
QuidelOrtho
Corp
(2)
57,091
217
Shockwave
Medical
Inc
(2)
61,934
428
STAAR
Surgical
Co
(2)
22,500
1,122
Tandem
Diabetes
Care
Inc
(2)
27,534
Total
Health
Care
Equipment
&
Supplies
8,565,316
Health
Care
Providers
&
Services
-
3.0%
699
Acadia
Healthcare
Co
Inc
(2)
55,668
655
Amedisys
Inc
(2)
59,893
237
Chemed
Corp
128,376
13,685
CVS
Health
Corp
946,044
2,682
Elevance
Health
Inc
1,191,586
2,253
Encompass
Health
Corp
152,551
494
Enhabit
Inc
(2)
5,681
1,783
Humana
Inc
797,233
1,911
McKesson
Corp
816,589
1,588
Option
Care
Health
Inc
(2)
51,594
2,273
Tenet
Healthcare
Corp
(2)
184,977
8,873
UnitedHealth
Group
Inc
4,264,719
Total
Health
Care
Providers
&
Services
8,654,911
Health
Care
REITs
-
0.1%
6,473
Healthcare
Realty
Trust
Inc
122,081
6,923
Medical
Properties
Trust
Inc
64,107
5,266
Omega
Healthcare
Investors
Inc
161,613
Total
Health
Care
REITs
347,801
Health
Care
Technology
-
0.1%
1,637
Doximity
Inc,
Class
A
(2)
55,691
3,394
Teladoc
Health
Inc
(2)
85,936
1,340
Veeva
Systems
Inc,
Class
A
(2)
264,958
Total
Health
Care
Technology
406,585
Hotel
&
Resort
REITs
-
0.1%
1,633
Pebblebrook
Hotel
Trust
22,764
3,073
RLJ
Lodging
Trust
31,560
940
Ryman
Hospitality
Properties
Inc
87,345
2,605
Service
Properties
Trust
22,638
4,169
Summit
Hotel
Properties
Inc
27,140
2,214
Xenia
Hotels
&
Resorts
Inc
27,254
Total
Hotel
&
Resort
REITs
218,701
Hotels,
Restaurants
&
Leisure
-
2.2%
445
Airbnb
Inc,
Class
A
(2)
57,031
3,034
Aramark
130,614
425
Booking
Holdings
Inc
(2)
1,147,640
2,536
Boyd
Gaming
Corp
175,922
979
DoorDash
Inc,
Class
A
(2)
74,815
4,245
DraftKings
Inc,
Class
A
(2)
112,790
2,846
Hyatt
Hotels
Corp
326,095
972
Marriott
Vacations
Worldwide
Corp
119,284
8,883
McDonald's
Corp
2,650,776
1,641
Planet
Fitness
Inc
(2)
110,669
746
SeaWorld
Entertainment
Inc
(2)
41,783
2,073
Six
Flags
Entertainment
Corp
(2)
53,857
39
Shares
Description
(1)
Value
Hotels,
Restaurants
&
Leisure
(continued)
12,441
Starbucks
Corp
$
1,232,405
855
Travel
+
Leisure
Co
34,491
4,542
Wendy's
Co/The
98,789
Total
Hotels,
Restaurants
&
Leisure
6,366,961
Household
Durables
-
0.4%
10,067
KB
Home
520,564
1,448
Leggett
&
Platt
Inc
42,890
491
Meritage
Homes
Corp
69,855
4,109
Sonos
Inc
(2)
67,100
4,602
Taylor
Morrison
Home
Corp
(2)
224,439
6,710
Tempur
Sealy
International
Inc
268,870
Total
Household
Durables
1,193,718
Household
Products
-
1.2%
22,455
Procter
&
Gamble
Co/The
3,407,322
Total
Household
Products
3,407,322
Independent
Power
and
Renewable
Electricity
Producers
-
0.2%
2,908
Brookfield
Renewable
Corp,
Class
A
91,660
5,568
Clearway
Energy
Inc,
Class
C
159,022
617
Sunnova
Energy
International
Inc
(2),(3)
11,298
8,660
Vistra
Corp
227,325
Total
Independent
Power
and
Renewable
Electricity
Producers
489,305
Industrial
Conglomerates
-
0.8%
11,326
Honeywell
International
Inc
2,350,145
Total
Industrial
Conglomerates
2,350,145
Industrial
REITs
-
0.9%
5,198
Americold
Realty
Trust
Inc
167,895
1,929
EastGroup
Properties
Inc
334,874
10,582
First
Industrial
Realty
Trust
Inc
557,037
144
Innovative
Industrial
Properties
Inc
10,514
11,134
Prologis
Inc
1,365,362
1,766
Rexford
Industrial
Realty
Inc
92,221
Total
Industrial
REITs
2,527,903
Insurance
-
2.0%
2,124
American
Equity
Investment
Life
Holding
Co
110,682
1,141
American
Financial
Group
Inc/OH
135,494
5,688
Arthur
J
Gallagher
&
Co
1,248,914
2,593
Brighthouse
Financial
Inc
(2)
122,778
4,942
Fidelity
National
Financial
Inc
177,912
863
Hanover
Insurance
Group
Inc/The
97,545
196
Kinsale
Capital
Group
Inc
73,343
117
Markel
Group
Inc
(2)
161,832
8,946
Marsh
&
McLennan
Cos
Inc
1,682,564
3,954
Old
Republic
International
Corp
99,522
1,422
Primerica
Inc
281,215
943
Reinsurance
Group
of
America
Inc
130,785
298
RenaissanceRe
Holdings
Ltd
55,583
654
RLI
Corp
89,251
1,002
Selective
Insurance
Group
Inc
96,142
6,012
Travelers
Cos
Inc/The
1,044,044
7,525
Unum
Group
358,942
Total
Insurance
5,966,548
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
40
SPXX
Shares
Description
(1)
Value
Interactive
Media
&
Services
-
5.7%
51,060
Alphabet
Inc,
Class
A
(2),(4)
$
6,111,882
42,494
Alphabet
Inc,
Class
C
(2),(4)
5,140,499
1,216
IAC
Inc
(2)
76,365
18,071
Meta
Platforms
Inc
(2)
5,186,016
5,089
Pinterest
Inc,
Class
A
(2)
139,133
1,337
TripAdvisor
Inc
(2)
22,047
412
Ziff
Davis
Inc
(2)
28,865
Total
Interactive
Media
&
Services
16,704,807
IT
Services
-
0.7%
1,820
Amdocs
Ltd
179,907
805
Cloudflare
Inc,
Class
A
(2)
52,623
340
Globant
SA
(2)
61,105
2,561
GoDaddy
Inc,
Class
A
(2)
192,408
8,292
International
Business
Machines
Corp
1,109,552
421
MongoDB
Inc
(2)
173,027
258
Okta
Inc
(2)
17,892
151
Snowflake
Inc,
Class
A
(2)
26,573
1,577
Twilio
Inc,
Class
A
(2)
100,329
410
Wix.com
Ltd
(2)
32,078
Total
IT
Services
1,945,494
Leisure
Products
-
0.0%
2,412
Mattel
Inc
(2)
47,130
Total
Leisure
Products
47,130
Life
Sciences
Tools
&
Services
-
1.4%
1,543
Bruker
Corp
114,058
6,484
Danaher
Corp
1,556,160
395
Medpace
Holdings
Inc
(2)
94,867
2,755
QIAGEN
NV
(2)
124,058
186
Repligen
Corp
(2)
26,312
4,185
Thermo
Fisher
Scientific
Inc
2,183,524
Total
Life
Sciences
Tools
&
Services
4,098,979
Machinery
-
1.9%
967
AGCO
Corp
127,083
5,593
Caterpillar
Inc
1,376,158
298
Chart
Industries
Inc
(2)
47,617
3,017
Deere
&
Co
1,222,458
450
Esab
Corp
29,943
5,399
Graco
Inc
466,204
6,761
Illinois
Tool
Works
Inc
1,691,332
510
Lincoln
Electric
Holdings
Inc
101,301
1,095
Middleby
Corp/The
(2)
161,874
1,377
Oshkosh
Corp
119,235
731
Timken
Co/The
66,908
1,360
Toro
Co/The
138,244
Total
Machinery
5,548,357
Media
-
0.8%
37
Cable
One
Inc
24,312
46,008
Comcast
Corp,
Class
A
1,911,632
2,501
Liberty
Broadband
Corp,
Class
A
(2)
199,405
29,033
Sirius
XM
Holdings
Inc
(3)
131,520
632
Trade
Desk
Inc/The,
Class
A
(2)
48,803
Total
Media
2,315,672
41
Shares
Description
(1)
Value
Metals
&
Mining
-
0.4%
2,176
Alcoa
Corp
$
73,832
4,597
Cleveland-Cliffs
Inc
(2)
77,046
14,773
Hecla
Mining
Co
76,081
2,400
MP
Materials
Corp
(2)
54,912
555
Reliance
Steel
&
Aluminum
Co
150,732
3,190
Royal
Gold
Inc
366,148
2,973
Southern
Copper
Corp
213,283
5,367
SSR
Mining
Inc
76,104
3,022
United
States
Steel
Corp
75,580
Total
Metals
&
Mining
1,163,718
Mortgage
Real
Estate
Investment
Trusts
(REITs)
-
0.1%
4,596
AGNC
Investment
Corp
46,558
6,647
Annaly
Capital
Management
Inc
133,006
Total
Mortgage
Real
Estate
Investment
Trusts
(REITs)
179,564
Multi-Utilities
-
0.6%
3,388
Black
Hills
Corp
204,161
13,656
Consolidated
Edison
Inc
1,234,502
3,208
NorthWestern
Corp
182,086
Total
Multi-Utilities
1,620,749
Office
REITs
-
0.0%
4,774
Brandywine
Realty
Trust
22,199
4,246
Cousins
Properties
Inc
96,809
1,750
Hudson
Pacific
Properties
Inc
7,385
468
SL
Green
Realty
Corp
14,063
Total
Office
REITs
140,456
Oil,
Gas
&
Consumable
Fuels
-
3.7%
4,259
Antero
Resources
Corp
(2)
98,085
1,457
Cheniere
Energy
Inc
221,989
2,132
Chesapeake
Energy
Corp
178,406
18,163
Chevron
Corp
2,857,948
671
Chord
Energy
Corp
103,200
750
Civitas
Resources
Inc
52,028
4,084
CNX
Resources
Corp
(2)
72,368
175
Comstock
Resources
Inc
2,030
13,367
ConocoPhillips
1,384,955
555
Denbury
Inc
(2)
47,874
4,475
Equitrans
Midstream
Corp
42,781
34,176
Exxon
Mobil
Corp
3,665,376
894
HF
Sinclair
Corp
39,881
8,731
Magnolia
Oil
&
Gas
Corp,
Class
A
182,478
10,200
Marathon
Petroleum
Corp
1,189,320
1,550
Murphy
Oil
Corp
59,365
5,586
Ovintiv
Inc
212,659
1,985
PDC
Energy
Inc
141,213
3,926
Permian
Resources
Corp
43,029
4,093
Range
Resources
Corp
120,334
902
SM
Energy
Co
28,530
14,618
Southwestern
Energy
Co
(2)
87,854
52
Texas
Pacific
Land
Corp
68,458
Total
Oil,
Gas
&
Consumable
Fuels
10,900,161
Paper
&
Forest
Products
-
0.0%
478
Louisiana-Pacific
Corp
35,840
Total
Paper
&
Forest
Products
35,840
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
42
SPXX
Shares
Description
(1)
Value
Passenger
Airlines
-
0.1%
942
Copa
Holdings
SA,
Class
A
$
104,166
3,101
Frontier
Group
Holdings
Inc
(2)
29,987
5,123
JetBlue
Airways
Corp
(2)
45,390
1,524
Spirit
Airlines
Inc
26,152
Total
Passenger
Airlines
205,695
Personal
Care
Products
-
0.0%
1,115
BellRing
Brands
Inc
(2)
40,809
Total
Personal
Care
Products
40,809
Pharmaceuticals
-
4.4%
15,967
Bristol-Myers
Squibb
Co
1,021,090
5,649
Elanco
Animal
Health
Inc
(2)
56,829
6,826
Eli
Lilly
&
Co
3,201,257
512
Jazz
Pharmaceuticals
PLC
(2)
63,473
22,385
Johnson
&
Johnson
3,705,165
23,887
Merck
&
Co
Inc
2,756,321
50,011
Pfizer
Inc
1,834,403
4,866
Royalty
Pharma
PLC
149,581
Total
Pharmaceuticals
12,788,119
Professional
Services
-
0.4%
3,330
Booz
Allen
Hamilton
Holding
Corp
371,628
425
CACI
International
Inc,
Class
A
(2)
144,857
6,728
Clarivate
PLC
(2)
64,118
343
Concentrix
Corp
27,697
185
ExlService
Holdings
Inc
(2)
27,946
108
FTI
Consulting
Inc
(2)
20,542
2,665
KBR
Inc
173,385
596
Science
Applications
International
Corp
67,038
3,175
SS&C
Technologies
Holdings
Inc
192,405
771
TransUnion
60,392
Total
Professional
Services
1,150,008
Real
Estate
Management
&
Development
-
0.1%
1,786
Anywhere
Real
Estate
Inc
(2)
11,930
588
eXp
World
Holdings
Inc
11,925
1,231
Jones
Lang
LaSalle
Inc
(2)
191,790
1,070
Seritage
Growth
Properties
(2)
9,544
3,107
Zillow
Group
Inc,
Class
C
(2)
156,158
Total
Real
Estate
Management
&
Development
381,347
Residential
REITs
-
0.3%
6,276
American
Homes
4
Rent,
Class
A
222,484
6,011
Equity
LifeStyle
Properties
Inc
402,076
7,923
Independence
Realty
Trust
Inc
144,357
1,074
Sun
Communities
Inc
140,114
Total
Residential
REITs
909,031
Retail
REITs
-
0.5%
5,517
Agree
Realty
Corp
360,757
15,872
Brixmor
Property
Group
Inc
349,184
2,787
Macerich
Co/The
31,409
8,772
NNN
REIT
Inc
375,354
7,163
Phillips
Edison
&
Co
Inc
244,115
4,261
SITE
Centers
Corp
56,330
Total
Retail
REITs
1,417,149
43
Shares
Description
(1)
Value
Semiconductors
&
Semiconductor
Equipment
-
7.5%
7,908
Analog
Devices
Inc
$
1,540,557
14,616
Applied
Materials
Inc
2,112,597
3,707
Broadcom
Inc
3,215,563
2,269
Coherent
Corp
(2)
115,674
64
First
Solar
Inc
(2)
12,166
41,460
Intel
Corp
1,386,422
334
Lattice
Semiconductor
Corp
(2)
32,087
3,050
Marvell
Technology
Inc
182,329
10,021
Microchip
Technology
Inc
897,781
1,740
MKS
INSTRUMENTS
INC
188,094
20,632
NVIDIA
Corp
8,727,749
11,276
QUALCOMM
Inc
1,342,295
644
Semtech
Corp
(2)
16,396
10,681
Texas
Instruments
Inc
1,922,794
521
Universal
Display
Corp
75,092
597
Wolfspeed
Inc
(2)
33,187
Total
Semiconductors
&
Semiconductor
Equipment
21,800,783
Software
-
10.2%
4,310
Adobe
Inc
(2)
2,107,547
791
Altair
Engineering
Inc,
Class
A
(2)
59,990
387
BILL
Holdings
Inc
(2)
45,221
2,516
Black
Knight
Inc
(2)
150,281
499
BlackLine
Inc
(2)
26,856
1,466
Box
Inc,
Class
A
(2)
43,071
643
Crowdstrike
Holdings
Inc,
Class
A
(2)
94,437
330
Datadog
Inc,
Class
A
(2)
32,465
365
DocuSign
Inc
(2)
18,648
7,313
Dropbox
Inc,
Class
A
(2)
195,038
1,426
Dynatrace
Inc
(2)
73,396
515
Elastic
NV
(2)
33,022
1,172
Five9
Inc
(2)
96,631
2,495
Intuit
Inc
1,143,184
537
Manhattan
Associates
Inc
(2)
107,336
61,683
Microsoft
Corp
21,005,529
55
MicroStrategy
Inc,
Class
A
(2),(3)
18,833
2,273
Nutanix
Inc,
Class
A
(2)
63,758
15,047
Oracle
Corp
1,791,947
8,904
Palantir
Technologies
Inc,
Class
A
(2)
136,498
281
Paylocity
Holding
Corp
(2)
51,853
592
Pegasystems
Inc
29,186
454
Rapid7
Inc
(2)
20,557
1,278
RingCentral
Inc,
Class
A
(2)
41,829
6,367
Salesforce
Inc
(2)
1,345,092
2,769
SentinelOne
Inc,
Class
A
(2)
41,812
1,223
Splunk
Inc
(2)
129,748
1,110
Teradata
Corp
(2)
59,285
3,502
UiPath
Inc,
Class
A
(2)
58,028
1,252
Unity
Software
Inc
(2)
54,362
1,361
VMware
Inc,
Class
A
(2)
195,562
1,735
Workday
Inc,
Class
A
(2)
391,919
2,716
Zoom
Video
Communications
Inc,
Class
A
(2)
184,362
219
Zscaler
Inc
(2)
32,040
Total
Software
29,879,323
Specialized
REITs
-
0.4%
2,086
CubeSmart
93,161
5,928
Gaming
and
Leisure
Properties
Inc
287,271
2,264
Lamar
Advertising
Co,
Class
A
224,702
2,987
Life
Storage
Inc
397,151
1,895
Outfront
Media
Inc
29,789
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
44
SPXX
Shares
Description
(1)
Value
Specialized
REITs
(continued)
1,742
PotlatchDeltic
Corp
$
92,065
Total
Specialized
REITs
1,124,139
Specialty
Retail
-
1.9%
839
AutoNation
Inc
(2)
138,108
1,137
Dick's
Sporting
Goods
Inc
150,300
280
Five
Below
Inc
(2)
55,031
9,955
Home
Depot
Inc/The
3,092,421
343
Lithia
Motors
Inc
104,310
7,505
Lowe's
Cos
Inc
1,693,878
5
Murphy
USA
Inc
1,556
512
RH
(2)
168,750
902
Wayfair
Inc,
Class
A
(2)
58,639
627
Williams-Sonoma
Inc
78,463
Total
Specialty
Retail
5,541,456
Technology
Hardware,
Storage
&
Peripherals
-
8.3%
122,587
Apple
Inc
(4)
23,778,201
5,255
Dell
Technologies
Inc,
Class
C
284,348
3,243
Pure
Storage
Inc,
Class
A
(2)
119,407
Total
Technology
Hardware,
Storage
&
Peripherals
24,181,956
Textiles,
Apparel
&
Luxury
Goods
-
0.6%
1,164
Capri
Holdings
Ltd
(2)
41,776
233
Deckers
Outdoor
Corp
(2)
122,945
443
Lululemon
Athletica
Inc
(2)
167,676
12,885
NIKE
Inc,
Class
B
1,422,117
11,692
Under
Armour
Inc,
Class
A
(2)
84,416
Total
Textiles,
Apparel
&
Luxury
Goods
1,838,930
Tobacco
-
0.5%
13,855
Philip
Morris
International
Inc
1,352,525
Total
Tobacco
1,352,525
Trading
Companies
&
Distributors
-
0.6%
1,913
Univar
Solutions
Inc
(2)
68,562
1,031
Watsco
Inc
393,296
686
WESCO
International
Inc
122,835
1,331
WW
Grainger
Inc
1,049,613
Total
Trading
Companies
&
Distributors
1,634,306
Water
Utilities
-
0.1%
9,953
Essential
Utilities
Inc
397,224
Total
Water
Utilities
397,224
Wireless
Telecommunication
Services
-
0.0%
1,094
United
States
Cellular
Corp
(2)
19,287
Total
Wireless
Telecommunication
Services
19,287
Total
Common
Stocks
(cost
$117,223,510)
288,746,083
Shares
Description
(1)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1.8%
X
5,286,720
24,000
Vanguard
Total
Stock
Market
ETF
$
5,286,720
Total
Exchange-Traded
Funds
(cost
$4,702,061)
5,286,720
45
Investments
in
Derivatives
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
OPTIONS
PURCHASED
-
0.0%
X
–
CBOE
Volatility
Index
Call
50
$
150,000
$
30
8/16/23
$
2,125
CBOE
Volatility
Index
Call
50
110,000
22
7/19/23
1,000
General
Mills
Inc
Call
50
450,000
90
7/21/23
125
iShares
U.S.
Home
Construction
ETF
Put
50
375,000
75
7/21/23
321
Total
Options
Purchased
(cost
$23,807)
200
$
1,085,000
3,571
Total
Long-Term
Investments
(cost
$121,949,378)
294,036,374
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
X
–
MONEY
MARKET
FUNDS
-
0.1%
X
221,781
221,781
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(6)
5.110%(7)
$
221,781
Total
Money
Market
Funds
(cost
$221,781)
$
221,781
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$221,781)
221,781
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.7%
–
REPURCHASE
AGREEMENTS
-
1.7%
X
4,929,183
$
4,929
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$4,929,807,
collateralized
by
$5,745,200,
U.S.
Treasury
Note,
1.500%,
due
11/30/28,
value
$5,027,830
1.520%
7/03/23
$
4,929,183
Total
Repurchase
Agreements
(cost
$4,929,183)
4,929,183
Total
Short-Term
Investments
(cost
$4,929,183)
4,929,183
Total
Investments
(cost
$127,100,342
)
-
102.6%
299,187,338
Other
Assets
&
Liabilities,
Net
- (2.6)%(8)
(7,553,987)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
291,633,351
Options
Written
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
Invesco
QQQ
Trust
Series
1
Call
(200)
$
(6,800,000)
$
340
7/21/23
$
(612,975)
Russell
2000
Index
Call
(10)
(1,900,000)
1,900
7/21/23
(23,750)
S&P
500
Index
Call
(10)
(4,300,000)
4,300
7/21/23
(165,400)
S&P
500
Index
Call
(40)
(17,300,000)
4,325
7/21/23
(567,400)
S&P
500
Index
Call
(28)
(12,180,000)
4,350
7/21/23
(331,800)
S&P
500
Index
Call
(170)
(75,395,000)
4,435
7/21/23
(915,450)
S&P
500
Index
Call
(30)
(13,350,000)
4,450
7/21/23
(134,550)
S&P
500
Index
Call
(15)
(6,750,000)
4,500
7/21/23
(33,450)
Total
Options
Written
(premiums
received
$1,751,261)
(503)
$(137,975,000)
$(2,784,775)
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
46
SPXX
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$216,838.
(4)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(5)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
(6)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(7)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(8)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
CBOE
Chicago
Board
Options
Exchange
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
47
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
QQQX
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
100.8%
X
–
COMMON
STOCKS
-
99.4%
X
1,175,081,636
Air
Freight
&
Logistics
-
0.1%
228
FedEx
Corp
$
56,521
3,591
United
Parcel
Service
Inc,
Class
B
643,687
Total
Air
Freight
&
Logistics
700,208
Auto
Components
-
0.1%
82,871
American
Axle
&
Manufacturing
Holdings
Inc
(2)
685,343
Total
Auto
Components
685,343
Automobile
Components
-
0.0%
4,110
Lear
Corp
589,990
Total
Automobile
Components
589,990
Automobiles
-
4.5%
40,233
Ford
Motor
Co
608,725
202,531
Tesla
Inc
(2)
53,016,540
Total
Automobiles
53,625,265
Beverages
-
1.7%
28,086
Brown-Forman
Corp,
Class
B
1,875,583
12,636
Celsius
Holdings
Inc
(2)
1,885,165
7,494
Constellation
Brands
Inc,
Class
A
1,844,498
242,394
Monster
Beverage
Corp
(2)
13,923,111
Total
Beverages
19,528,357
Biotechnology
-
3.2%
66,016
Amgen
Inc
14,656,872
172,825
Gilead
Sciences
Inc
13,319,623
13,272
Regeneron
Pharmaceuticals
Inc
(2)
9,536,463
Total
Biotechnology
37,512,958
Broadline
Retail
-
6.9%
624,930
Amazon.com
Inc
(2),(3)
81,465,875
Total
Broadline
Retail
81,465,875
Capital
Markets
-
0.8%
7,537
Charles
Schwab
Corp/The
427,197
8,682
Moody's
Corp
3,018,905
19,418
Morgan
Stanley
1,658,297
9,235
S&P
Global
Inc
3,702,219
11,343
SEI
Investments
Co
676,270
Total
Capital
Markets
9,482,888
Chemicals
-
0.3%
3,021
Albemarle
Corp
673,955
4,584
Linde
PLC
1,746,871
3,839
Sherwin-Williams
Co/The
1,019,331
Total
Chemicals
3,440,157
Commercial
Services
&
Supplies
-
0.3%
4,378
Tetra
Tech
Inc
716,854
7,562
Waste
Connections
Inc
1,080,837
9,915
Waste
Management
Inc
1,719,459
Total
Commercial
Services
&
Supplies
3,517,150
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
48
QQQX
Shares
Description
(1)
Value
Communications
Equipment
-
2.2%
497,907
Cisco
Systems
Inc
$
25,761,708
17,857
NetScout
Systems
Inc
(2)
552,674
Total
Communications
Equipment
26,314,382
Consumer
Staples
Distribution
&
Retail
-
1.2%
15,398
BJ's
Wholesale
Club
Holdings
Inc
(2)
970,228
2,304
Casey's
General
Stores
Inc
561,900
7,283
Dollar
General
Corp
1,236,508
210,528
HF
Foods
Group
Inc
(2)
987,376
24,681
Kroger
Co/The
1,160,007
22,661
Sysco
Corp
1,681,446
11,382
Target
Corp
1,501,286
38,746
Walmart
Inc
6,090,096
Total
Consumer
Staples
Distribution
&
Retail
14,188,847
Containers
&
Packaging
-
0.0%
4,212
Ball
Corp
245,180
Total
Containers
&
Packaging
245,180
Distributors
-
0.4%
10,718
Genuine
Parts
Co
1,813,807
7,621
Pool
Corp
2,855,132
Total
Distributors
4,668,939
Diversified
Consumer
Services
-
0.1%
10,345
Service
Corp
International/US
668,184
Total
Diversified
Consumer
Services
668,184
Electric
Utilities
-
0.7%
58,187
NextEra
Energy
Inc
4,317,475
69,334
PG&E
Corp
(2)
1,198,092
31,804
Southern
Co/The
2,234,231
Total
Electric
Utilities
7,749,798
Electrical
Equipment
-
0.2%
7,632
Rockwell
Automation
Inc
2,514,362
Total
Electrical
Equipment
2,514,362
Electronic
Equipment,
Instruments
&
Components
-
0.1%
10,486
Keysight
Technologies
Inc
(2)
1,755,881
Total
Electronic
Equipment,
Instruments
&
Components
1,755,881
Energy
Equipment
&
Services
-
0.0%
5,484
Select
Water
Solutions
Inc
44,420
Total
Energy
Equipment
&
Services
44,420
Entertainment
-
0.5%
12,831
Roku
Inc
(2)
820,671
42,950
Walt
Disney
Co/The
(2)
3,834,576
17,168
World
Wrestling
Entertainment
Inc,
Class
A
1,862,213
Total
Entertainment
6,517,460
Financial
Services
-
2.0%
12,807
Berkshire
Hathaway
Inc,
Class
B
(2)
4,367,187
11,527
Jack
Henry
&
Associates
Inc
1,928,813
8,130
Mastercard
Inc,
Class
A
3,197,529
143,943
PayPal
Holdings
Inc
(2)
9,605,316
49
Shares
Description
(1)
Value
Financial
Services
(continued)
17,825
Visa
Inc,
Class
A
$
4,233,081
Total
Financial
Services
23,331,926
Food
Products
-
1.2%
10,258
Archer-Daniels-Midland
Co
775,095
70,834
Bridgford
Foods
Corp
(2)
815,299
28,123
Hershey
Co/The
7,022,313
22,636
Laird
Superfood
Inc
(2)
17,998
15,737
Lamb
Weston
Holdings
Inc
1,808,968
44,233
McCormick
&
Co
Inc/MD
3,858,445
Total
Food
Products
14,298,118
Ground
Transportation
-
0.4%
4,575
JB
Hunt
Transport
Services
Inc
828,212
2,687
Norfolk
Southern
Corp
609,304
33,792
Uber
Technologies
Inc
(2)
1,458,801
10,994
Union
Pacific
Corp
2,249,592
Total
Ground
Transportation
5,145,909
Health
Care
Equipment
&
Supplies
-
0.9%
26,882
Abbott
Laboratories
2,930,676
14,413
AtriCure
Inc
(2)
711,426
2,838
Becton
Dickinson
&
Co
749,260
768
Embecta
Corp
16,589
17,865
LENSAR
Inc
(2)
75,926
9,926
NuVasive
Inc
(2)
412,822
18,188
Rockwell
Medical
Inc
(2),(4)
99,306
514
Shockwave
Medical
Inc
(2)
146,701
19,914
Stryker
Corp
6,075,562
4,183
Venus
Concept
Inc
(2)
8,910
Total
Health
Care
Equipment
&
Supplies
11,227,178
Health
Care
Providers
&
Services
-
0.4%
4,308
McKesson
Corp
1,840,851
5,092
UnitedHealth
Group
Inc
2,447,419
Total
Health
Care
Providers
&
Services
4,288,270
Hotels,
Restaurants
&
Leisure
-
2.5%
6,160
Booking
Holdings
Inc
(2)
16,634,033
1,740
Chipotle
Mexican
Grill
Inc
(2)
3,721,860
21,002
Darden
Restaurants
Inc
3,509,014
26,996
Hilton
Worldwide
Holdings
Inc
3,929,268
4,279
McDonald's
Corp
1,276,896
Total
Hotels,
Restaurants
&
Leisure
29,071,071
Household
Durables
-
0.2%
32,574
Green
Brick
Partners
Inc
(2)
1,850,203
Total
Household
Durables
1,850,203
Industrial
Conglomerates
-
0.2%
25,725
General
Electric
Co
2,825,891
Total
Industrial
Conglomerates
2,825,891
Interactive
Media
&
Services
-
13.1%
489,402
Alphabet
Inc,
Class
A
(2)
58,581,419
338,076
Alphabet
Inc,
Class
C
(2)
40,897,054
37,991
Match
Group
Inc
(2)
1,589,923
188,120
Meta
Platforms
Inc
(2)
53,986,678
Total
Interactive
Media
&
Services
155,055,074
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
50
QQQX
Shares
Description
(1)
Value
IT
Services
-
0.3%
9,093
Accenture
PLC,
Class
A
$
2,805,918
9,762
Cloudflare
Inc,
Class
A
(2)
638,142
2,959
Snowflake
Inc,
Class
A
(2)
520,725
Total
IT
Services
3,964,785
Life
Sciences
Tools
&
Services
-
1.2%
72,556
Agilent
Technologies
Inc
8,724,859
5,019
Charles
River
Laboratories
International
Inc
(2)
1,055,245
16,193
Danaher
Corp
3,886,320
Total
Life
Sciences
Tools
&
Services
13,666,424
Machinery
-
0.6%
9,138
Caterpillar
Inc
2,248,405
3,467
Deere
&
Co
1,404,794
7,764
Fortive
Corp
580,514
13,953
RBC
Bearings
Inc
(2)
3,034,359
Total
Machinery
7,268,072
Media
-
2.5%
642,116
Comcast
Corp,
Class
A
26,679,920
136,917
comScore
Inc
(2)
110,903
18,163
Liberty
Media
Corp-Liberty
SiriusXM
(2)
595,928
6,270
News
Corp,
Class
B
123,644
42,393
Saga
Communications
Inc,
Class
A
905,515
14,832
Trade
Desk
Inc/The,
Class
A
(2)
1,145,327
Total
Media
29,561,237
Multi-Utilities
-
0.1%
4,315
Sempra
Energy
628,221
Total
Multi-Utilities
628,221
Oil,
Gas
&
Consumable
Fuels
-
0.0%
4,902
Clean
Energy
Fuels
Corp
(2)
24,314
Total
Oil,
Gas
&
Consumable
Fuels
24,314
Passenger
Airlines
-
0.0%
11,239
Delta
Air
Lines
Inc
(2)
534,302
Total
Passenger
Airlines
534,302
Personal
Care
Products
-
0.1%
7,133
Estee
Lauder
Cos
Inc/The,
Class
A
1,400,779
Total
Personal
Care
Products
1,400,779
Pharmaceuticals
-
0.1%
36,349
Corcept
Therapeutics
Inc
(2)
808,765
Total
Pharmaceuticals
808,765
Professional
Services
-
0.1%
20,689
Robert
Half
International
Inc
1,556,227
Total
Professional
Services
1,556,227
Semiconductors
&
Semiconductor
Equipment
-
13.3%
166,423
Advanced
Micro
Devices
Inc
(2)
18,957,244
94,350
Analog
Devices
Inc
18,380,324
165,056
Applied
Materials
Inc
23,857,194
9,301
Axcelis
Technologies
Inc
(2)
1,705,152
6,555
First
Solar
Inc
(2)
1,246,040
420,372
Intel
Corp
14,057,240
51
Shares
Description
(1)
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
37,130
Lattice
Semiconductor
Corp
(2)
$
3,567,079
6,123
Monolithic
Power
Systems
Inc
3,307,828
106,341
NVIDIA
Corp
44,984,370
33,195
Power
Integrations
Inc
3,142,571
140,959
QUALCOMM
Inc
16,779,759
12,461
Silicon
Laboratories
Inc
(2)
1,965,598
2,620
SiTime
Corp
(2)
309,081
20,407
Skyworks
Solutions
Inc
2,258,851
25,925
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
2,616,351
9,407
Wolfspeed
Inc
(2)
522,935
Total
Semiconductors
&
Semiconductor
Equipment
157,657,617
Software
-
20.1%
27,289
ANSYS
Inc
(2)
9,012,738
52,492
Autodesk
Inc
(2)
10,740,388
32,603
Black
Knight
Inc
(2)
1,947,377
115,037
Fortinet
Inc
(2)
8,695,647
524,061
Microsoft
Corp
178,463,733
80,151
Nutanix
Inc,
Class
A
(2)
2,248,236
64,056
Oracle
Corp
7,628,429
3,987
Paycom
Software
Inc
1,280,784
3,738
Paylocity
Holding
Corp
(2)
689,773
34,254
PTC
Inc
(2)
4,874,344
34,197
Salesforce
Inc
(2)
7,224,458
6,953
ServiceNow
Inc
(2)
3,907,377
4,592
Sprout
Social
Inc,
Class
A
(2)
211,967
6,627
Tenable
Holdings
Inc
(2)
288,606
Total
Software
237,213,857
Specialized
REITs
-
0.2%
55,254
CubeSmart
2,467,644
Total
Specialized
REITs
2,467,644
Specialty
Retail
-
0.7%
940
AutoZone
Inc
(2)
2,343,758
8,039
Dick's
Sporting
Goods
Inc
1,062,675
2,826
Home
Depot
Inc/The
877,869
4,325
Lowe's
Cos
Inc
976,153
22,853
TJX
Cos
Inc/The
1,937,706
2,331
Ulta
Beauty
Inc
(2)
1,096,957
Total
Specialty
Retail
8,295,118
Technology
Hardware,
Storage
&
Peripherals
-
15.0%
915,302
Apple
Inc
(3)
177,541,129
Total
Technology
Hardware,
Storage
&
Peripherals
177,541,129
Textiles,
Apparel
&
Luxury
Goods
-
0.4%
2,696
Deckers
Outdoor
Corp
(2)
1,422,571
27,957
NIKE
Inc,
Class
B
3,085,614
Total
Textiles,
Apparel
&
Luxury
Goods
4,508,185
Trading
Companies
&
Distributors
-
0.3%
4,996
United
Rentals
Inc
2,225,069
1,390
WW
Grainger
Inc
1,096,140
Total
Trading
Companies
&
Distributors
3,321,209
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
52
QQQX
Investments
in
Derivatives
Shares
Description
(1)
Value
Wireless
Telecommunication
Services
-
0.2%
75,434
Gogo
Inc
(2)
$
1,283,133
34,287
Spok
Holdings
Inc
455,674
11,596
Telephone
and
Data
Systems
Inc
95,435
29,508
United
States
Cellular
Corp
(2)
520,225
Total
Wireless
Telecommunication
Services
2,354,467
Total
Common
Stocks
(cost
$358,900,023)
1,175,081,636
Shares
Description
(1)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1.4%
X
16,080,440
73,000
Vanguard
Total
Stock
Market
ETF
$
16,080,440
Total
Exchange-Traded
Funds
(cost
$15,281,498)
16,080,440
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
OPTIONS
PURCHASED
-
0.0%
X
–
CBOE
Volatility
Index
Call
100
$
220,000
$
22
7/19/23
$
2,000
CBOE
Volatility
Index
Call
100
300,000
30
8/16/23
4,250
General
Mills
Inc
Call
100
900,000
90
7/21/23
250
iShares
U.S.
Home
Construction
ETF
Put
100
750,000
75
7/21/23
642
Total
Options
Purchased
(cost
$47,615)
400
$
2,170,000
7,142
Total
Long-Term
Investments
(cost
$374,229,136)
1,191,169,218
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
–
MONEY
MARKET
FUNDS
-
0.0%
X
91,507
91,507
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(6)
5.110%(7)
$
91,507
Total
Money
Market
Funds
(cost
$91,507)
$
91,507
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$91,507)
91,507
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.7%
–
REPURCHASE
AGREEMENTS
-
1.7%
X
20,654,303
$
20,654
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$20,656,919,
collateralized
by
$24,073,300,
U.S.
Treasury
Note,
1.500%,
due
11/30/28,
value
$21,067,406
1.520%
7/03/23
$
20,654,303
Total
Repurchase
Agreements
(cost
$20,654,303)
20,654,303
Total
Short-Term
Investments
(cost
$20,654,303)
20,654,303
Total
Investments
(cost
$394,974,946
)
-
102.5%
1,211,915,028
Other
Assets
&
Liabilities,
Net
- (2.5)%(8)
(29,842,011)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,182,073,017
53
Options
Written
Description
Type
Number
of
Contracts
Notional
Amount
(5)
Exercise
Price
Expiration
Date
Value
Invesco
QQQ
Trust
Series
1
Call
(500)
$
(17,000,000)
$
340
7/21/23
$
(1,532,436)
Russell
2000
Index
Call
(50)
(9,500,000)
1,900
7/21/23
(118,750)
S&P
500
Index
Call
(35)
(15,050,000)
4,300
7/21/23
(578,900)
S&P
500
Index
Call
(140)
(60,550,000)
4,325
7/21/23
(1,985,900)
S&P
500
Index
Call
(100)
(43,500,000)
4,350
7/21/23
(1,185,000)
S&P
500
Index
Call
(120)
(53,400,000)
4,450
7/21/23
(538,200)
S&P
500
Index
Call
(60)
(27,000,000)
4,500
7/21/23
(133,800)
NASDAQ
100
Stock
INDEX
Call
(235)
(357,200,000)
15,200
7/21/23
(5,423,800)
Total
Options
Written
(premiums
received
$9,332,004)
(1,240)
$(583,200,000)
$(11,496,786)
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(4)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$98,313.
(5)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
(6)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(7)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(8)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
ADR
American
Depositary
Receipt
CBOE
Chicago
Board
Options
Exchange
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
54
Nuveen
Core
Equity
Alpha
Fund
Portfolio
of
Investments
June
30,
2023
(Unaudited)
JCE
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
101.0%
X
–
COMMON
STOCKS
-
99.9%
X
212,428,681
Aerospace
&
Defense
-
2.7%
6,200
General
Dynamics
Corp
$
1,333,930
6,870
L3Harris
Technologies
Inc
1,344,940
3,640
Lockheed
Martin
Corp
1,675,783
3,130
Northrop
Grumman
Corp
1,426,654
Total
Aerospace
&
Defense
5,781,307
Automobiles
-
1.1%
9,310
Tesla
Inc
(2)
2,437,079
Total
Automobiles
2,437,079
Banks
-
1.6%
4,005
Bank
of
America
Corp
114,903
35,490
Citigroup
Inc
1,633,960
9,310
JPMorgan
Chase
&
Co
1,354,046
11,930
Truist
Financial
Corp
362,076
Total
Banks
3,464,985
Beverages
-
2.0%
20,870
Coca-Cola
Co/The
1,256,791
15,710
PepsiCo
Inc
2,909,806
Total
Beverages
4,166,597
Biotechnology
-
0.2%
2,460
AbbVie
Inc
331,436
Total
Biotechnology
331,436
Broadline
Retail
-
3.7%
59,720
Amazon.com
Inc
(2)
7,785,099
Total
Broadline
Retail
7,785,099
Building
Products
-
1.0%
21,900
Johnson
Controls
International
plc
1,492,266
3,670
Trane
Technologies
PLC
701,924
Total
Building
Products
2,194,190
Capital
Markets
-
1.0%
21,160
Bank
of
New
York
Mellon
Corp/The
942,043
1,870
CME
Group
Inc
346,492
4,280
LPL
Financial
Holdings
Inc
930,601
Total
Capital
Markets
2,219,136
Chemicals
-
2.0%
5,030
Air
Products
and
Chemicals
Inc
1,506,636
18,250
CF
Industries
Holdings
Inc
1,266,915
7,780
Ecolab
Inc
1,452,448
Total
Chemicals
4,225,999
Commercial
Services
&
Supplies
-
1.2%
29,590
Rollins
Inc
1,267,340
7,010
Waste
Management
Inc
1,215,674
Total
Commercial
Services
&
Supplies
2,483,014
55
Shares
Description
(1)
Value
Communications
Equipment
-
1.3%
52,750
Cisco
Systems
Inc
$
2,729,285
Total
Communications
Equipment
2,729,285
Consumer
Finance
-
1.0%
12,070
American
Express
Co
2,102,594
Total
Consumer
Finance
2,102,594
Consumer
Staples
Distribution
&
Retail
-
1.8%
50,730
Albertsons
Cos
Inc,
Class
A
1,106,929
560
Costco
Wholesale
Corp
301,493
15,879
Walmart
Inc
2,495,861
Total
Consumer
Staples
Distribution
&
Retail
3,904,283
Electric
Utilities
-
0.6%
440
Alliant
Energy
Corp
23,091
18,550
Evergy
Inc
1,083,691
1,850
NextEra
Energy
Inc
137,270
Total
Electric
Utilities
1,244,052
Electrical
Equipment
-
1.4%
25,980
nVent
Electric
PLC
1,342,386
69,640
Vertiv
Holdings
Co
1,724,983
Total
Electrical
Equipment
3,067,369
Energy
Equipment
&
Services
-
1.1%
42,020
Baker
Hughes
Co
1,328,252
29,940
Halliburton
Co
987,721
Total
Energy
Equipment
&
Services
2,315,973
Entertainment
-
0.7%
15,550
Live
Nation
Entertainment
Inc
(2)
1,416,761
60
Netflix
Inc
(2)
26,429
Total
Entertainment
1,443,190
Financial
Services
-
4.8%
15,190
Berkshire
Hathaway
Inc,
Class
B
(2)
5,179,790
23,430
Fidelity
National
Information
Services
Inc
1,281,621
12,310
Global
Payments
Inc
1,212,781
2,061
Mastercard
Inc,
Class
A
810,591
7,060
PayPal
Holdings
Inc
(2)
471,114
10,690
Toast
Inc,
Class
A
(2)
241,273
4,660
Visa
Inc,
Class
A
1,106,657
Total
Financial
Services
10,303,827
Food
Products
-
0.2%
1,310
Hershey
Co/The
327,107
33
Seaboard
Corp
117,504
Total
Food
Products
444,611
Health
Care
Equipment
&
Supplies
-
2.6%
14,160
Abbott
Laboratories
1,543,723
10,740
Dexcom
Inc
(2)
1,380,197
15,370
Globus
Medical
Inc,
Class
A
(2)
915,130
3,520
IDEXX
Laboratories
Inc
(2)
1,767,850
Total
Health
Care
Equipment
&
Supplies
5,606,900
Nuveen
Core
Equity
Alpha
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
56
JCE
Shares
Description
(1)
Value
Health
Care
Providers
&
Services
-
5.2%
3,370
Centene
Corp
(2)
$
227,306
5,910
Cigna
Group/The
1,658,346
22,520
CVS
Health
Corp
1,556,808
3,780
Elevance
Health
Inc
1,679,416
3,890
HCA
Inc
1,180,537
1,860
McKesson
Corp
794,797
8,120
UnitedHealth
Group
Inc
3,902,797
Total
Health
Care
Providers
&
Services
11,000,007
Health
Care
REITs
-
0.6%
26,470
Ventas
Inc
1,251,237
Total
Health
Care
REITs
1,251,237
Health
Care
Technology
-
0.5%
44,900
Teladoc
Health
Inc
(2)
1,136,868
Total
Health
Care
Technology
1,136,868
Hotels,
Restaurants
&
Leisure
-
1.9%
8,090
McDonald's
Corp
2,414,137
17,280
Starbucks
Corp
1,711,757
Total
Hotels,
Restaurants
&
Leisure
4,125,894
Household
Products
-
1.9%
20,690
Colgate-Palmolive
Co
1,593,958
4,030
Kimberly-Clark
Corp
556,382
12,910
Procter
&
Gamble
Co/The
1,958,963
Total
Household
Products
4,109,303
Industrial
Conglomerates
-
0.9%
9,220
Honeywell
International
Inc
1,913,150
Total
Industrial
Conglomerates
1,913,150
Insurance
-
0.8%
8,870
Marsh
&
McLennan
Cos
Inc
1,668,270
Total
Insurance
1,668,270
Interactive
Media
&
Services
-
6.6%
35,690
Alphabet
Inc,
Class
A
(2)
4,272,093
36,810
Alphabet
Inc,
Class
C
(2),(3)
4,452,906
18,450
Meta
Platforms
Inc
(2)
5,294,781
Total
Interactive
Media
&
Services
14,019,780
IT
Services
-
0.1%
700
Gartner
Inc
(2)
245,217
Total
IT
Services
245,217
Life
Sciences
Tools
&
Services
-
3.4%
10,780
Agilent
Technologies
Inc
1,296,295
4,140
Danaher
Corp
993,600
1,080
Mettler-Toledo
International
Inc
(2)
1,416,571
26,020
Syneos
Health
Inc
(2)
1,096,483
4,773
Thermo
Fisher
Scientific
Inc
2,490,313
Total
Life
Sciences
Tools
&
Services
7,293,262
Machinery
-
2.2%
8,900
AGCO
Corp
1,169,638
21,250
Crane
NXT
Co
1,199,350
29,770
Flowserve
Corp
1,105,956
57
Shares
Description
(1)
Value
Machinery
(continued)
13,650
Oshkosh
Corp
$
1,181,953
Total
Machinery
4,656,897
Multi-Utilities
-
1.0%
9,620
Ameren
Corp
785,665
8,930
Sempra
Energy
1,300,119
Total
Multi-Utilities
2,085,784
Oil,
Gas
&
Consumable
Fuels
-
3.6%
3,920
Chevron
Corp
616,812
17,470
ConocoPhillips
1,810,066
13,100
Exxon
Mobil
Corp
1,404,975
25,080
HF
Sinclair
Corp
1,118,819
16,330
Targa
Resources
Corp
1,242,713
11,980
Valero
Energy
Corp
1,405,254
Total
Oil,
Gas
&
Consumable
Fuels
7,598,639
Pharmaceuticals
-
5.5%
28,350
Bristol-Myers
Squibb
Co
1,812,982
900
Eli
Lilly
&
Co
422,082
22,180
Johnson
&
Johnson
3,671,234
22,241
Merck
&
Co
Inc
2,566,389
60,350
Pfizer
Inc
2,213,638
31,360
Royalty
Pharma
PLC
964,006
Total
Pharmaceuticals
11,650,331
Professional
Services
-
1.4%
7,250
Automatic
Data
Processing
Inc
1,593,477
10,040
Jacobs
Solutions
Inc
1,193,656
1,750
KBR
Inc
113,855
Total
Professional
Services
2,900,988
Semiconductors
&
Semiconductor
Equipment
-
5.0%
480
Broadcom
Inc
416,366
16,070
Lattice
Semiconductor
Corp
(2)
1,543,845
15,740
NVIDIA
Corp
6,658,335
16,540
QUALCOMM
Inc
1,968,922
Total
Semiconductors
&
Semiconductor
Equipment
10,587,468
Software
-
13.4%
6,030
Adobe
Inc
(2)
2,948,610
8,530
Cadence
Design
Systems
Inc
(2)
2,000,456
24,250
Fortinet
Inc
(2)
1,833,057
8,800
Manhattan
Associates
Inc
(2)
1,758,944
42,355
Microsoft
Corp
14,423,572
11,421
Salesforce
Inc
(2)
2,412,800
4,440
Synopsys
Inc
(2)
1,933,220
21,410
Teradata
Corp
(2)
1,143,508
Total
Software
28,454,167
Specialized
REITs
-
0.8%
5,450
American
Tower
Corp
1,056,973
5,000
Life
Storage
Inc
664,800
Total
Specialized
REITs
1,721,773
Specialty
Retail
-
3.4%
15,620
Advance
Auto
Parts
Inc
1,098,086
10,240
Home
Depot
Inc/The
3,180,954
12,010
Ross
Stores
Inc
1,346,681
Nuveen
Core
Equity
Alpha
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
(Unaudited)
58
JCE
Shares
Description
(1)
Value
Specialty
Retail
(continued)
20,110
TJX
Cos
Inc/The
$
1,705,127
Total
Specialty
Retail
7,330,848
Technology
Hardware,
Storage
&
Peripherals
-
8.5%
92,838
Apple
Inc
(3)
18,007,787
Total
Technology
Hardware,
Storage
&
Peripherals
18,007,787
Textiles,
Apparel
&
Luxury
Goods
-
0.5%
180
Lululemon
Athletica
Inc
(2)
68,130
50,010
VF
Corp
954,691
Total
Textiles,
Apparel
&
Luxury
Goods
1,022,821
Trading
Companies
&
Distributors
-
0.1%
690
WESCO
International
Inc
123,551
Total
Trading
Companies
&
Distributors
123,551
Wireless
Telecommunication
Services
-
0.6%
9,170
T-Mobile
US
Inc
(2)
1,273,713
Total
Wireless
Telecommunication
Services
1,273,713
Total
Common
Stocks
(cost
$175,994,681)
212,428,681
Shares
Description
(1)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1.1%
X
2,317,692
5,200
iShares
Core
S&P
500
ETF
$
2,317,692
Total
Exchange-Traded
Funds
(cost
$1,952,618)
2,317,692
Description
Type
Number
of
Contracts
Notional
Amount
(4)
Exercise
Price
Expiration
Date
Value
OPTIONS
PURCHASED
-
0.0%
X
–
CBOE
Volatility
Index
Call
10
$
22,000
$
22
7/19/23
$
200
Total
Options
Purchased
(cost
$786)
10
$
22,000
200
Total
Long-Term
Investments
(cost
$177,948,085)
214,746,573
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.6%
–
REPURCHASE
AGREEMENTS
-
2.6%
X
5,494,670
$
5,495
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$5,495,366,
collateralized
by
$6,404,300,
U.S.
Treasury
Note,
1.500%,
due
11/30/28,
value
$5,604,632
1.520%
7/03/23
$
5,494,670
Total
Repurchase
Agreements
(cost
$5,494,670)
5,494,670
Total
Short-Term
Investments
(cost
$5,494,670)
5,494,670
Total
Investments
(cost
$183,442,755
)
-
103.6%
220,241,243
Other
Assets
&
Liabilities,
Net
- (3.6)%(5)
(7,637,243)
Net
Assets
Applicable
to
Common
Shares
-
100%
$
212,604,000
59
Investments
in
Derivatives
Options
Written
Description
Type
Number
of
Contracts
Notional
Amount
(4)
Exercise
Price
Expiration
Date
Value
Russell
2000
Index
Call
(10)
$
(1,900,000)
$
1,900
7/21/23
$
(23,750)
S&P
500
Index
Call
(40)
(17,200,000)
4,300
7/21/23
(661,600)
S&P
500
Index
Call
(70)
(30,275,000)
4,325
7/21/23
(992,950)
S&P
500
Index
Call
(62)
(26,970,000)
4,350
7/21/23
(734,700)
S&P
500
Index
Call
(10)
(4,450,000)
4,450
7/21/23
(44,850)
S&P
500
Index
Call
(5)
(2,250,000)
4,500
7/21/23
(11,150)
Total
Options
Written
(premiums
received
$830,465)
(197)
$(83,045,000)
$(2,469,000)
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(4)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
(5)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
(“OTC”)
derivatives
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
The
unrealized
appreciation
(depreciation)
of
OTC
cleared
and
exchange-traded
derivatives
is
recognized
as
part
of
the
cash
collateral
at
brokers
and/or
the
receivable
or
payable
for
variation
margin
as
presented
on
the
Statement
of
Assets
and
Liabilities,
when
applicable.
CBOE
Chicago
Board
Options
Exchange
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
60
\\
June
30,
2023
(Unaudited)
BXMX
DIAX
SPXX
QQQX
JCE
ASSETS
Long-term
investments,
at
value
†‡
$
1,447,208,221‌
$
579,400,118‌
$
294,036,374‌
$
1,191,169,218‌
$
214,746,573‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
–‌
–‌
221,781‌
91,507‌
–‌
Short-term
investments,
at
value
◊
41,111,132‌
10,246,686‌
4,929,183‌
20,654,303‌
5,494,670‌
Cash
7,972‌
–‌
834‌
–‌
5,103‌
Cash
denominated
in
foreign
currencies
^
551‌
–‌
–‌
–‌
–‌
Cash
collateral
at
broker
for
investments
in
options
contracts
–‌
860,000‌
540,000‌
1,270,000‌
–‌
Receivables:
Dividends
1,018,590‌
175,651‌
150,183‌
111,611‌
92,392‌
Interest
5,315‌
433‌
208‌
872‌
232‌
Investments
sold
15,102,912‌
–‌
–‌
–‌
–‌
Options
sold
4,594,930‌
–‌
–‌
–‌
–‌
Reclaims
2,633‌
–‌
–‌
329‌
–‌
Shares
sold
–‌
–‌
–‌
1,231,998‌
–‌
Deferred
offering
costs
–‌
–‌
212,589‌
39,562‌
–‌
Other
assets
355,293‌
55,922‌
56,667‌
187,465‌
43,801‌
Total
assets
1,509,407,549‌
590,738,810‌
300,147,819‌
1,214,756,865‌
220,382,771‌
LIABILITIES
Options
written,
at
value
#
40,488,010‌
5,393,162‌
2,784,775‌
11,496,786‌
2,469,000‌
Payables:
Collateral
from
securities
lending
–‌
–‌
221,781‌
91,507‌
–‌
Dividends
23,631,861‌
10,168,280‌
5,141,264‌
19,780,457‌
5,020,859‌
Options
purchased
10,237,010‌
–‌
–‌
–‌
–‌
Accrued
expenses:
Custodian
fees
89,220‌
49,873‌
50,770‌
83,244‌
44,645‌
Investor
relations
135,136‌
58,505‌
31,762‌
116,166‌
18,292‌
Management
fees
978,783‌
404,953‌
194,890‌
800,578‌
157,107‌
Trustees
fees
309,826‌
52,754‌
50,180‌
122,312‌
39,169‌
Professional
fees
17,118‌
19,444‌
13,915‌
15,060‌
17,295‌
Shareholder
reporting
expenses
66,116‌
28,396‌
17,153‌
54,898‌
8,461‌
Shareholder
servicing
agent
fees
90‌
49‌
19‌
52‌
21‌
Shelf
offering
costs
–‌
–‌
–‌
47,275‌
–‌
Other
45,234‌
21,083‌
7,959‌
75,513‌
3,922‌
Total
liabilities
75,998,404‌
16,196,499‌
8,514,468‌
32,683,848‌
7,778,771‌
Net
assets
applicable
to
common
shares
$
1,433,409,145‌
$
574,542,311‌
$
291,633,351‌
$
1,182,073,017‌
$
212,604,000‌
Common
shares
outstanding
104,165,286‌
36,366,913‌
17,960,021‌
48,696,274‌
16,084,218‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
13.76‌
$
15.80‌
$
16.24‌
$
24.27‌
$
13.22‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
1,041,653‌
$
363,669‌
$
179,600‌
$
486,963‌
$
160,842‌
Paid-in
capital
525,608,426‌
245,232,611‌
125,528,591‌
434,965,994‌
187,761,330‌
Total
distributable
earnings
(loss)
906,759,066‌
328,946,031‌
165,925,160‌
746,620,060‌
24,681,828‌
Net
assets
applicable
to
common
shares
$
1,433,409,145‌
$
574,542,311‌
$
291,633,351‌
$
1,182,073,017‌
$
212,604,000‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
532,120,102‌
$
233,233,562‌
$
121,949,378‌
$
374,229,136‌
$
177,948,085‌
◊
Short-term
investments,
cost
$
41,111,132‌
$
10,246,686‌
$
4,929,183‌
$
20,654,303‌
$
5,494,670‌
‡
Includes
securities
loaned
of
$
—‌
$
—‌
$
216,838‌
$
98,313‌
$
—‌
#
Options
written,
premiums
received
$
27,664,169‌
$
3,450,347‌
$
1,751,261‌
$
9,332,004‌
$
830,465‌
^
Cash
denominated
in
foreign
currencies,
cost
$
536‌
$
—‌
$
—‌
$
—‌
$
—‌
Statement
of
Operations
See
Notes
to
Financial
Statements
61
Six
Months
Ended
June
30,
2023
(Unaudited)
BXMX
DIAX
SPXX
QQQX
JCE
INVESTMENT
INCOME
Dividends
$
11,570,318‌
$
6,414,477‌
$
2,319,761‌
$
4,864,216‌
$
1,577,984‌
Interest
397,241‌
9,697‌
4,996‌
20,093‌
3,074‌
Securities
lending
income,
net
—‌
1,248‌
12,642‌
22,130‌
153‌
Tax
withheld
(20,249‌)
—‌
(507‌)
(5,502‌)
—‌
Total
investment
income
11,947,310‌
6,425,422‌
2,336,892‌
4,900,937‌
1,581,211‌
EXPENSES
–
–
–
–
–
Management
fees
5,688,604‌
2,472,950‌
1,135,237‌
4,466,647‌
913,676‌
Shareholder
servicing
agent
fees
489‌
294‌
95‌
285‌
108‌
Interest
expense
465‌
—‌
34‌
290‌
33‌
Trustees
fees
20,476‌
8,997‌
4,170‌
15,678‌
2,877‌
Custodian
expenses
55,290‌
28,324‌
55,626‌
54,412‌
29,395‌
Investor
relations
expenses
130,706‌
59,889‌
33,923‌
119,974‌
20,538‌
Professional
fees
55,217‌
38,491‌
25,022‌
44,997‌
28,594‌
Shareholder
reporting
expenses
95,781‌
46,528‌
35,308‌
92,893‌
19,586‌
Stock
exchange
listing
fees
15,714‌
5,439‌
4,799‌
—‌
3,647‌
Other
106,086‌
60,808‌
25,517‌
160,993‌
5,479‌
Total
expenses
6,168,828‌
2,721,720‌
1,319,731‌
4,956,169‌
1,023,933‌
Net
investment
income
(loss)
5,778,482‌
3,703,702‌
1,017,161‌
(55,232‌)
557,278‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
and
foreign
currency
25,768,654‌
20,478,126‌
8,050,224‌
42,352,384‌
746,839‌
Options
written
(21,444,276‌)
(15,941,649‌)
(7,497,507‌)
(81,966,470‌)
569,941‌
Net
realized
gain
(loss)
4,324,378‌
4,536,477‌
552,717‌
(39,614,086‌)
1,316,780‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
and
foreign
currency
191,321,712‌
2,265,715‌
36,628,639‌
316,200,308‌
29,230,835‌
Options
written
(28,487,752‌)
(3,820,914‌)
(1,893,426‌)
(9,599,650‌)
(1,924,382‌)
Change
in
net
unrealized
appreciation
(depreciation)
162,833,960‌
(1,555,199‌)
34,735,213‌
306,600,658‌
27,306,453‌
Net
realized
and
unrealized
gain
(loss)
167,158,338‌
2,981,278‌
35,287,930‌
266,986,572‌
28,623,233‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
172,936,820‌
$
6,684,980‌
$
36,305,091‌
$
266,931,340‌
$
29,180,511‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
62
BXMX
DIAX
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
OPERATIONS
Net
investment
income
(loss)
$
5,778,482‌
$
9,828,657‌
$
3,703,702‌
$
7,248,390‌
Net
realized
gain
(loss)
4,324,378‌
130,874,764‌
4,536,477‌
26,781,810‌
Change
in
net
unrealized
appreciation
(depreciation)
162,833,960‌
(
324,625,247‌
)
(
1,555,199‌
)
(
61,332,721‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
172,936,820‌
(
183,921,826‌
)
6,684,980‌
(
27,302,521‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
49,270,180‌
)
(
98,466,148‌
)
(
20,852,788‌
)
(
40,345,882‌
)
Return
of
Capital
–‌
–‌
–‌
(
1,359,694‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
49,270,180‌
)
(
98,466,148‌
)
(
20,852,788‌
)
(
41,705,576‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
986,113‌
—‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
986,113‌
—‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
124,652,753‌
(
282,387,974‌
)
(
14,167,808‌
)
(
69,008,097‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,308,756,392‌
1,591,144,366‌
588,710,119‌
657,718,216‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,433,409,145‌
$
1,308,756,392‌
$
574,542,311‌
$
588,710,119‌
See
Notes
to
Financial
Statements
63
SPXX
QQQX
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
OPERATIONS
Net
investment
income
(loss)
$
1,017,161‌
$
2,227,889‌
$
(
55,232‌
)
$
403,565‌
Net
realized
gain
(loss)
552,717‌
20,649,764‌
(
39,614,086‌
)
104,349,228‌
Change
in
net
unrealized
appreciation
(depreciation)
34,735,213‌
(
70,181,751‌
)
306,600,658‌
(
480,763,794‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
36,305,091‌
(
47,304,098‌
)
266,931,340‌
(
376,011,001‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
10,560,492‌
)
(
20,756,114‌
)
(
40,773,949‌
)
(
93,184,576‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
10,560,492‌
)
(
20,756,114‌
)
(
40,773,949‌
)
(
93,184,576‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
(
7,319‌
)
10,181,265‌
4,814,539‌
81,420,803‌
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
135,722‌
223,858‌
1,383,355‌
2,625,827‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
128,403‌
10,405,123‌
6,197,894‌
84,046,630‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
25,873,002‌
(
57,655,089‌
)
232,355,285‌
(
385,148,947‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
265,760,349‌
323,415,438‌
949,717,732‌
1,334,866,679‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
291,633,351‌
$
265,760,349‌
$
1,182,073,017‌
$
949,717,732‌
See
Notes
to
Financial
Statements
64
JCE
Unaudited
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
OPERATIONS
Net
investment
income
(loss)
$
557,278‌
$
1,534,041‌
Net
realized
gain
(loss)
1,316,780‌
(
1,637,397‌
)
Change
in
net
unrealized
appreciation
(depreciation)
27,306,453‌
(
47,326,005‌
)
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
29,180,511‌
(
47,429,361‌
)
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(
10,293,900‌
)
(
32,669,229‌
)
Return
of
Capital
–‌
(
4,773,720‌
)
Decrease
in
net
assets
applicable
to
common
shares
from
distributions
to
common
shareholders
(
10,293,900‌
)
(
37,442,949‌
)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Net
proceeds
from
common
shares
issued
to
common
shareholders
due
to
reinvestment
of
distributions
149,097‌
396,514‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
capital
share
transactions
149,097‌
396,514‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
19,035,708‌
(
84,475,796‌
)
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
193,568,292‌
278,044,088‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
212,604,000‌
$
193,568,292‌
Financial
Highlights
66
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
BXMX
6/30/23(c)
$
12.57
$
0.06
$
1.60
$
1.66
$
(0.47)
$
—
$
—
$
(0.47)
$
—
$
—
$
13.76
$
13.37
12/31/22
15.29
0.09
(1.86)
(1.77)
(0.10)
(0.85)
—
(0.95)
—
—
12.57
12.65
12/31/21
13.75
0.04
2.36
2.40
(0.07)
(0.41)
(0.38)
(0.86)
—
—
15.29
14.65
12/31/20
13.68
0.15
0.80
0.95
(0.12)
—
(0.76)
(0.88)
—(e)
—(e)
13.75
12.88
12/31/19
12.61
0.16
1.84
2.00
(0.16)
—
(0.77)
(0.93)
—(e)
—(e)
13.68
13.75
12/31/18
14.35
0.15
(0.91)
(0.76)
(0.16)
(0.37)
(0.45)
(0.98)
—(e)
—(e)
12.61
12.07
DIAX
6/30/23(c)
16.19
0.10
0.08
0.18
(0.57)
—
—
(0.57)
—
—
15.80
14.11
12/31/22
18.09
0.20
(0.95)
(0.75)
(0.20)
(0.91)
(0.04)
(1.15)
—
—
16.19
15.51
12/31/21
16.65
0.17
2.36
2.53
(0.17)
(0.16)
(0.76)
(1.09)
—
—
18.09
17.77
12/31/20
18.20
0.22
(0.66)
(0.44)
(0.22)
(0.81)
(0.08)
(1.11)
—(e)
—(e)
16.65
15.20
12/31/19
16.90
0.27
2.21
2.48
(0.27)
—
(0.91)
(1.18)
—(e)
—(e)
18.20
17.66
12/31/18
19.05
0.25
(1.16)
(0.91)
(0.25)
(0.22)
(0.77)
(1.24)
—(e)
—(e)
16.90
16.12
SPXX
6/30/23(c)
14.80
0.06
1.97
2.03
(0.59)
—
—
(0.59)
—
—
16.24
15.68
12/31/22
18.70
0.13
(2.85)
(2.72)
(0.13)
(1.05)
—
(1.18)
—
—
14.80
16.12
12/31/21
16.17
0.11
3.40
3.51
(0.11)
(0.60)
(0.27)
(0.98)
—(e)
—(e)
18.70
18.60
12/31/20
16.27
0.15
0.75
0.90
(0.15)
—
(0.85)
(1.00)
—(e)
—(e)
16.17
15.24
12/31/19
14.42
0.17
2.74
2.91
(0.18)
—
(0.88)
(1.06)
—(e)
—(e)
16.27
16.47
12/31/18
16.47
0.18
(1.12)
(0.94)
(0.18)
(0.03)
(0.91)
(1.12)
—(e)
0.01
14.42
14.04
QQQX
6/30/23(c)
19.61
—(e)
5.50
5.50
(0.84)
—
—
(0.84)
—
—
24.27
24.93
12/31/22
29.63
0.01
(8.06)
(8.05)
(0.01)
(1.96)
—
(1.97)
—
—
19.61
20.43
12/31/21
26.32
(0.06)
5.12
5.06
—
(0.78)
(1.01)
(1.79)
—(e)
0.04
29.63
30.65
12/31/20
24.12
0.04
3.70
3.74
(0.01)
—
(1.55)
(1.56)
—(e)
0.02
26.32
26.01
12/31/19
20.27
0.06
5.33
5.39
(0.05)
—
(1.51)
(1.56)
—(e)
0.02
24.12
24.05
12/31/18
22.84
0.06
(0.98)
(0.92)
(0.06)
(1.37)
(0.25)
(1.68)
—(e)
0.03
20.27
20.00
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
See
Notes
to
Financial
Statements.
67
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
13.36‌
%
9.52‌
%
$
1,433,409
0.91‌
%
(d)
0.85‌
%
(d)
10‌
%
(11.63‌)
(7.09‌)
1,308,756
0.89‌
0.70‌
6‌
17.80‌
20.75‌
1,591,144
0.89‌
0.31‌
7‌
7.92‌
1.16‌
1,431,454
0.91‌
1.14‌
22‌
16.16‌
22.08‌
1,422,672
0.91‌
1.18‌
4‌
(5.56‌)
(8.88‌)
1,307,669
0.89‌
1.10‌
5‌
1.14‌
(5.34‌)
574,542
0.94‌
(d)
1.28‌
(d)
4‌
(3.92‌)
(5.93‌)
588,710
0.93‌
1.20‌
15‌
15.45‌
24.60‌
657,718
0.92‌
0.96‌
8‌
(1.49‌)
(6.73‌)
605,601
0.94‌
1.40‌
27‌
14.94‌
17.07‌
661,255
0.95‌
1.49‌
6‌
(5.01‌)
(8.27‌)
610,220
0.92‌
1.37‌
9‌
13.83‌
1.00‌
291,633
0.95‌
(d)
0.73‌
(d)
10‌
(14.70‌)
(6.79‌)
265,760
0.92‌
0.78‌
32‌
22.15‌
29.03‌
323,415
0.90‌
0.61‌
26‌
6.60‌
(0.24‌)
277,949
0.93‌
1.03‌
20‌
20.62‌
25.40‌
275,280
0.99‌
1.11‌
8‌
(6.03‌)
(12.99‌)
238,344
0.91‌
1.08‌
16‌
28.24‌
26.38‌
1,182,073
0.92‌
(d)
(0.01‌)
(d)
8‌
(27.68‌)
(27.25‌)
949,718
0.92‌
0.04‌
36‌
19.85‌
25.39‌
1,334,867
0.90‌
(0.21‌)
32‌
16.61‌
15.66‌
1,092,308
0.94‌
0.15‌
20‌
27.33‌
28.73‌
951,945
0.91‌
0.25‌
11‌
(4.39‌)
(11.15‌)
766,930
0.91‌
0.25‌
23‌
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
Financial
Highlights
(continuted)
68
The
following
data
is
for
a
common
share
outstanding for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
JCE
6/30/23(c)
$
12.04
$
0.03
$
1.79
$
1.82
$
(
0.64
)
$
—
$
—
$
(
0.64
)
$
—
$
13.22
$
12.76
12/31/22
17.33
0.10
(
3.06
)
(
2.96
)
(
0.10
)
(
1.93
)
(
0.30
)
(
2.33
)
—
12.04
13.54
12/31/21
15.21
0.01
3.95
3.96
(
0.07
)
(
1.77
)
—
(
1.84
)
—
17.33
18.58
12/31/20
15.04
0.14
0.96
1.10
(
0.10
)
(
0.83
)
—
(
0.93
)
—
(e)
15.21
14.07
12/31/19
12.68
0.09
3.27
3.36
(
0.10
)
(
0.55
)
(
0.35
)
(
1.00
)
—
15.04
14.62
12/31/18
14.76
0.07
(
1.04
)
(
0.97
)
(
0.07
)
(
1.04
)
—
(
1.11
)
—
12.68
12.03
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
See
Notes
to
Financial
Statements
69
Ratios
to
Average
Net
Assets
Expenses
NII
(Loss)
12/31/20
1.23%
0.94%
Common
Share
Supplemental
Data/
Ratios
Applicable
to
Common
Shares
Common
Share
Total
Returns
Ratios
to
Average
Net
Assets
Based
on
Net
Asset
Value(b)
Based
on
Share
Price(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
15
.31‌
%
(
0
.84‌
)
%
$
212,604
1
.02‌
%
(d)
0
.55‌
%
(d)
51‌
%
(
17
.30‌
)
(
14
.07‌
)
193,568
1
.00‌
0
.66‌
92‌
26
.91‌
47
.15‌
278,044
0
.98‌
0
.09‌
104‌
8
.42‌
3
.62‌
243,790
1
.17‌
(f)
1
.00‌
(f)
169‌
26
.96‌
30
.26‌
241,024
1
.01‌
0
.64‌
35‌
(
7
.17‌
)
(
10
.86‌
)
203,322
1
.01‌
0
.47‌
121‌
(f)
During
the
period
ended
December
31,
2020,
the
Adviser
voluntarily
reimbursed
the
Fund
for
certain
expenses
incurred
in
connection
with
a
common
shares
equity
shelf
program.
As
a
result,
the
Expenses
and
Net
Investment
Income
(Loss)
Ratios
to
Average
Net
Assets
reflect
this
voluntary
expense
reimbursement
from
Adviser.
The
Expenses
and
Net
Investment
Income
(Loss)
Ratios
to
Average
Net
Assets
excluding
this
expense
reimbursement
from
Adviser
were
as
follows:
70
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Fund
Information:
The
funds
covered
in
this
report
and
their
corresponding
New
York
Stock
Exchange
(“NYSE”)
or
Nasdaq
National
Market
(“Nasdaq”)
symbols
are
as
follows
(each
a
“Fund”
and
collectively,
the
“Funds”):
Nuveen
S&P
500
Buy-Write
Income
Fund
(BXMX)
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(DIAX)
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(SPXX)
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(QQQX)
Nuveen
Core
Equity
Alpha
Fund
(JCE)
The
Funds
are
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended,
as
diversified
(non-diversified
for
DIAX
and
QQQX)
closed-end
management
investment
companies.
Shares
of
BXMX,
DIAX,
SPXX
and
JCE
are
traded
on
the
NYSE
while
shares
of
QQQX
are
traded
on
the
Nasdaq.
BXMX,
DIAX,
SPXX,
QQQX
and
JCE
were
organized
as
Massachusetts
business
trusts
on
July
23,
2004,
May
20,
2014,
November
11,
2004,
May
20,
2014
and
January
9,
2007,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2023
(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,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Gateway
Investment
Advisers,
LLC
(“Gateway”),
under
which
Gateway
manages
BXMX’s
investment
portfolio
and
Nuveen
Asset
Management,
LLC
(“NAM”),
a
subsidiary
of
the
Adviser,
under
which
NAM
manages
the
investment
portfolios
of
DIAX,
SPXX,
QQQX
and
JCE.
Developments
Regarding
the
Funds'
Control
Share
By-Law:
On
October
5,
2020,
the
Funds
and
certain
other
closed-end
funds
in
the
Nuveen
fund
complex
amended
their
by-laws.
Among
other
things,
the
amended
by-laws
included
provisions
pursuant
to
which,
in
summary,
a
shareholder
who
obtains
beneficial
ownership
of
common
shares
in
a
Control
Share
Acquisition
(as
defined
in
the
by-laws)
shall
have
the
same
voting
rights
as
other
common
shareholders
only
to
the
extent
authorized
by
the
other
disinterested
shareholders
(the
“Control
Share
By-Law”).
On
January
14,
2021,
a
shareholder
of
certain
Nuveen
closed-end
funds
filed
a
civil
complaint
in
the
U.S.
District
Court
for
the
Southern
District
of
New
York
(the
“District
Court”)
against
certain
Nuveen
funds
and
their
trustees,
seeking
a
declaration
that
such
funds’
Control
Share
By-Laws
violate
the
1940
Act,
rescission
of
such
fund’s
Control
Share
By-Laws
and
a
permanent
injunction
against
such
funds
applying
the
Control
Share
By-Laws.
On
February
18,
2022,
the
District
Court
granted
judgment
in
favor
of
the
plaintiff’s
claim
for
rescission
of
such
funds’
Control
Share
By-Laws
and
the
plaintiff’s
declaratory
judgment
claim,
and
declared
that
such
funds’
Control
Share
By-Laws
violate
Section
18(i)
of
the
1940
Act.
Following
review
of
the
judgment
of
the
District
Court,
on
February
22,
2022,
the
Funds'
Board
of
Trustees
(the
"Board")
amended
the
Fund’s
by-laws
to
provide
that
the
Funds'
Control
Share
By-Law
shall
be
of
no
force
and
effect
for
so
long
as
the
judgment
of
the
District
Court
is
effective
and
that
if
the
judgment
of
the
District
Court
is
reversed,
overturned,
vacated,
stayed,
or
otherwise
nullified,
the
Fund's
Control
Share
By-Law
will
be
automatically
reinstated
and
apply
to
any
beneficial
owner
of
common
shares
acquired
in
a
Control
Share
Acquisition,
regardless
of
whether
such
Control
Share
Acquisition
occurs
before
or
after
such
reinstatement,
for
the
duration
of
the
stay
or
upon
issuance
of
the
mandate
reversing,
overturning,
vacating
or
otherwise
nullifying
the
judgment
of
the
District
Court.
On
February
25,
2022,
the
Board
and
the
Funds
appealed
the
District
Court’s
decision
to
the
U.S.
Court
of
Appeals
for
the
Second
Circuit.
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. Each
Fund
is
an
investment
company
and
follows
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
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
71
Compensation:
The
Funds pay
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Funds
from
the
Adviser
or
its
affiliates.
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
Common
Shareholders:
Distributions
to
common 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.
Each
Fund
makes
quarterly
cash
distributions
to
shareholders
of
a
stated
dollar
amount
per
share.
Subject
to
approval
and
oversight
by
the
Board,
each
Fund
seeks
to
maintain
a
stable
distribution
level
designed
to
deliver
the
long-term
return
potential
of
each
Fund’s
investment
strategy
through
regular
quarterly
distributions
(a
“Managed
Distribution
Program”).
Total
distributions
during
a
calendar
year
generally
will
be
made
from
each
Fund’s
net
investment
income,
net
realized
capital
gains
and
net
unrealized
capital
gains
in
the
Fund’s
portfolio,
if
any.
The
portion
of
distributions
paid
attributed
to
net
unrealized
gains,
if
any,
is
distributed
from
the
Fund’s
assets
and
is
treated
by
shareholders
as
a
non-taxable
distribution
(“return
of
capital”)
for
tax
purposes.
In
the
event
that
total
distributions
during
a
calendar
year
exceed
a
Fund’s
total
return
on
NAV,
the
difference
will
reduce
NAV
per
share.
If
a
Fund’s
total
return
on
NAV
exceeds
total
distributions
during
a
calendar
year,
the
excess
will
be
reflected
as
an
increase
in
NAV
per
share.
The
final
determination
of
the
source
and
character
of
all
distributions
paid
by
a
Fund
during
the
fiscal
year
is
made
after
the
end
of
the
fiscal
year
and
is
reflected
in
the
financial
statements
contained
in
the
annual
report
as
of
December
31
each
year.
Foreign
Currency
Transactions
and
Translation:
To
the
extent
that
the
Funds
invest
in
securities
and/or
contracts
that
are
denominated
in
a
currency
other
than
U.S.
dollars,
the
Funds
will
be
subject
to
currency
risk,
which
is
the
risk
that
an
increase
in
the
U.S.
dollar
relative
to
the
foreign
currency
will
reduce
returns
or
portfolio
value.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
Funds’
investments
denominated
in
that
currency
will
lose
value
because
their
currency
is
worth
fewer
U.S.
dollars;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Investments
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
converted
into
U.S.
dollars
on
a
spot
(i.e.
cash)
basis
at
the
spot
rate
prevailing
in
the
foreign
currency
exchange
market
at
the
time
of
valuation.
Purchases
and
sales
of
investments
and
income
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
on
the
respective
dates
of
such
transactions.
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
investments
and
foreign
currency”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Fund
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Fund
invest.
Indemnifications:
Under
the
Funds'
organizational
documents, their
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Funds.
In
addition,
in
the
normal
course
of
business,
the Funds
enter
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Funds'
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Funds
that
have
not
yet
occurred.
However,
the Funds
have
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
or,
for
certain
foreign
securities,
when
information
is
available.
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
is
recorded
on
an
accrual
basis.
Interest
income
also
reflects
payment-in-kind
(“PIK”)
interest
and
paydown
gains
and
losses,
if
any.
PIK
interest
represents
income
received
in
the
form
of
securities
in
lieu
of
cash.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
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.
72
Notes
to
Financial
Statements
(Unaudited)
(continued)
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financials.
New
Accounting
Pronouncement:
In
March
2020,
FASB
issued
Accounting
Standards
Update
("ASU")
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
In
December
2022,
FASB
deferred
ASU
2022-04
and
issued
ASU
2022-06,
Reference
Rate
Reform:
Deferral
of
the
Sunset
Date
of
Topic
848,
which
extends
the
application
of
the
amendments
through
December
31,
2024.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds'
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Adviser,
subject
to
oversight
of
the Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
last
reported sales
price
or
official
closing
price of such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
For
events affecting
the value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds'
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
Purchased
and
written
options
traded
and
listed
on
a
national
market
or
exchange
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
are
generally
classified
as
Level
1.
Over-the-counter
(“OTC”)
options
are
marked-to-market
daily
based
upon
a
price
supplied
by
a
pricing
service.
OTC
options
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
73
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
reporting
period,
based
on
the
inputs
used
to
value
them:
BXMX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,447,208,221
$
–
$
–
$
1,447,208,221
Short-Term
Investments:
Repurchase
Agreements
–
41,111,132
–
41,111,132
Investments
in
Derivatives:
Options
Written
(40,488,010)
–
–
(40,488,010)
Total
$
1,406,720,211
$
41,111,132
$
–
$
1,447,831,343
DIAX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
574,106,256
$
–
$
–
$
574,106,256
Exchange-Traded
Funds
5,286,720
–
–
5,286,720
Options
Purchased
6,500
642
–
7,142
Short-Term
Investments:
Repurchase
Agreements
–
10,246,686
–
10,246,686
Investments
in
Derivatives:
Options
Written
(4,473,700)
(919,462)
–
(5,393,162)
Total
$
574,925,776
$
9,327,866
$
–
$
584,253,642
SPXX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
288,746,083
$
–
$
–
$
288,746,083
Exchange-Traded
Funds
5,286,720
–
–
5,286,720
Options
Purchased
3,250
321
–
3,571
Investments
Purchased
with
Collateral
from
Securities
Lending
221,781
–
–
221,781
Short-Term
Investments:
Repurchase
Agreements
–
4,929,183
–
4,929,183
Investments
in
Derivatives:
Options
Written
(2,171,800)
(612,975)
–
(2,784,775)
Total
$
292,086,034
$
4,316,529
$
–
$
296,402,563
QQQX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,175,081,636
$
–
$
–
$
1,175,081,636
Exchange-Traded
Funds
16,080,440
–
–
16,080,440
Options
Purchased
6,500
642
–
7,142
Investments
Purchased
with
Collateral
from
Securities
Lending
91,507
–
–
91,507
Short-Term
Investments:
Repurchase
Agreements
–
20,654,303
–
20,654,303
Investments
in
Derivatives:
Options
Written
(9,964,350)
(1,532,436)
–
(11,496,786)
Total
$
1,181,295,733
$
19,122,509
$
–
$
1,200,418,242
74
Notes
to
Financial
Statements
(Unaudited)
(continued)
4.
Portfolio
Securities
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities, a
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
current
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current fiscal
period
were
as
follows:
JCE
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
212,428,681
$
–
$
–
$
212,428,681
Exchange-Traded
Funds
2,317,692
–
–
2,317,692
Options
Purchased
200
–
–
200
Short-Term
Investments:
Repurchase
Agreements
–
5,494,670
–
5,494,670
Investments
in
Derivatives:
Options
Written
(2,469,000)
–
–
(2,469,000)
Total
$
212,277,573
$
5,494,670
$
–
$
217,772,243
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
BXMX
Fixed
Income
Clearing
Corporation
$
41,111,132
$
(41,933,512)
DIAX
Fixed
Income
Clearing
Corporation
10,246,686
(10,451,659)
SPXX
Fixed
Income
Clearing
Corporation
4,929,183
(5,027,830)
QQQX
Fixed
Income
Clearing
Corporation
20,654,303
(21,067,406)
JCE
Fixed
Income
Clearing
Corporation
5,494,670
(5,604,632)
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
SPXX
Common
Stocks
$
216,838
$
221,781
QQQX
Common
Stocks
98,313
91,507
75
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.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
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.
Options
Transactions:
The
Funds
may
purchase
(buy)
or
write
(sell)
put
and
call
options
on
specific
securities
(including
groups
or
"baskets"
of
specific
securities),
interest
rates,
stock
indices
and/or
bond
indices
(each
a
“financial
instrument”).
Options
can
be
settled
either
directly
with
the
counterparty
(over
the
counter)
or
through
a
central
clearing
house
(exchange
traded).
Call
and
put
options
give
the
holder
the
right,
in
return
for
a
premium
paid,
to
purchase
or
sell,
respectively,
a
financial
instrument
at
a
specified
exercise
price
at
any
time
during
the
period
of
the
option.
When
a
Fund
purchases
an
option,
an
amount
equal
to
the
premium
paid
(the
premium
plus
commission)
is
recognized
as
an
asset
on
the
Statement
of
Asset
and
Liabilities.
When
a
Fund
writes
an
option,
an
amount
equal
to
the
net
premium
received
(the
premium
less
commission)
is
recognized
as
a
liability
on
the
Statement
of
Assets
and
Liabilities
and
is
subsequently
adjusted
to
reflect
the
current
value
of
the
written
option
until
the
option
is
exercised
or
expires
or
the
Fund
enters
into
a
closing
purchase
transaction.
The
changes
in
the
value
of
options
purchased
and/or
written
during
the
fiscal
period
are
recognized
as
in
unrealized
appreciation
(depreciation)
on
the
Statement
of
Operations.
When
an
option
expires,
the
premiums
received
or
paid
are
recognized
as
realized
gains
or
losses
on
the
Statement
of
Operations.
When
an
option
is
exercised
or
a
closing
purchase
transaction
is
entered
into,
the
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
recognized
as
a
realized
gain
or
loss
on
the
Statement
of
Operations.
The
market
risk
associated
with
purchasing
options
is
limited
to
the
premium
paid.
The
Fund,
as
writer
of
an
option,
has
no
control
over
whether
the
underlying
instrument
may
be
sold
(called)
or
purchased
(put)
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
market
value
of
the
instrument
underlying
the
written
option.
There
is
also
the
risk
the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
During
the
current
fiscal
period,
BXMX
wrote
call
options
on
equity
indices
as
per
its
stated
strategy,
with
the
notional
amount
of
these
options
averaging
99%
of
the
Fund’s
assets.
During
the
current
fiscal
period,
DIAX,
SPXX
and
QQQX,
each
wrote
call
options
on
equity
indices
as
per
its
stated
dynamic
overwriting
strategy
with
the
notional
amounts
of
these
options
ranging
from
approximately
35-75%
of
each
Fund’s
assets.
DIAX,
SPXX
and
QQQX
also
purchased
put
and
call
options
as
part
of
their
overwrite
strategy.
During
the
current
fiscal
period,
JCE
continued
to
write
and
purchase
call
options
on
equity
indexes,
while
investing
in
a
portfolio
that
included
equities
to
enhance
returns
while
foregoing
some
upside
potential
of
its
equity
portfolio.
The
average
notional
amount
of
outstanding
options purchased
during
the
current
fiscal
period,
was
as
follows:
The
average
notional
amount
of
outstanding
options
written
during
the
current
fiscal
period,
was
as
follows:
Fund
Purchases
Sales
BXMX
$
134,039,188
$
209,461,147
DIAX
25,215,149
60,811,908
SPXX
26,960,027
44,386,314
QQQX
86,634,156
208,814,486
JCE
103,997,213
111,942,995
Fund
Average
Notional
Amount
of
Options
Contracts
Purchased
Outstanding
*
DIAX
$
1,840,000
SPXX
920,000
QQQX
1,840,000
JCE
7,333
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
76
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
As
of the
end
of
the
reporting
period,
the
following
Funds
have
invested
in
derivative
contracts
which
are
reflected
in
the
Statement
of
Assets
and
Liabilities
as
follows:
During
the
current
fiscal
period,
the
effect
of
derivative
contracts
on
the
Funds'
Statement
of
Operations
was
as
follows:
Fund
Average
Notional
Amount
of
Options
Contracts
Written
Outstanding
*
BXMX
$
(1,363,750,833)
DIAX
(291,316,667)
SPXX
(139,605,000)
QQQX
(552,318,333)
JCE
(70,150,000)
*
The
average
notional
amount
is
calculated
based
on
the
outstanding
notional
amount
of
contracts
at
the
beginning
of
the
current
fiscal
period
and
at
the
end
of
each
fiscal
quarter
within
the
current
fiscal
period.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
BXMX
Options
Written
Equity
-
$
–
Options
written,
at
value
$
(40,488,010)
1
1
1
1
1
1
1
1
DIAX
Options
Purchased
Equity
Long-term
investments,
at
value
7,142
-
Options
Written
Equity
-
–
Options
written,
at
value
(5,393,162)
1
1
1
1
1
1
1
1
SPXX
Options
Purchased
Equity
Long-term
investments,
at
value
3,571
-
Options
Written
Equity
-
–
Options
written,
at
value
(2,784,775)
1
1
1
1
1
1
1
1
QQQX
Options
Purchased
Equity
Long-term
investments,
at
value
7,142
-
Options
Written
Equity
-
–
Options
written,
at
value
(11,496,786)
1
1
1
1
1
1
1
1
JCE
Options
Purchased
Equity
Long-term
investments,
at
value
200
-
Options
Written
Equity
-
–
Options
written,
at
value
(2,469,000)
1
1
1
1
1
1
1
1
77
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
The
following
Funds
have
filed
a
registration
statement
with
the
SEC
authorizing each
Fund
to
issue
additional
common
shares
through
one
or
more
equity
shelf
programs
(“Shelf
Offering”),
which
became
effective
with
the
SEC
during
prior
fiscal
periods.
Under
this
Shelf
Offering,
the
Funds,
subject
to
market
conditions,
may
raise
additional
equity
capital
by
issuing
additional
common
shares
from
time
to
time
in
varying
amounts
and
by
different
offering
methods
at
a
net
price
at
or
above each
Fund’s
NAV
per
common
share.
In
the
event
the
Fund’s
Shelf
Offering
registration
statement
is
no
longer
current,
the
Fund
may
not
issue
additional
common
shares
until
a
post-effective
amendment
to
the
registration
statement
has
been
filed
with
the
SEC.
Additional
authorized
common
shares,
common
shares
sold
and
offering
proceeds,
net
of
offering
costs
under
each
Fund’s
Shelf
Offering
during
the
Funds’
current
and
prior fiscal
period
were
as
follows:
Costs
incurred
by
the
Funds
in
connection
with their
initial
shelf
registrations
are
recorded
as
a
prepaid
expense
and
recognized
as
“Deferred
offering
costs”
on
the
Statement
of
Assets
and
Liabilities.
These
costs
are
amortized
pro
rata
as
common
shares
are
sold
and
are
recognized
as
a
component
of
“Proceeds
from
shelf
offering,
net
of
offering
costs”
on
the
Statement
of
Changes
in
Net
Assets.
Any
deferred
offering
costs
remaining
after
the
effectiveness
of
the
initial
shelf
registration
will
be
expensed.
Costs
incurred
by
the
Fund
to
keep
the
shelf
registration
current
are
expensed
as
incurred
and
recognized
as
a
component
of
“Other
expenses”
on
the
Statement
of
Operations.
Common Share
Transactions:
Transactions
in common
shares
for
the
Funds
during
the
Funds’
current
and
prior
fiscal
period,
where
applicable,
were
as
follows:
Derivative
Instrument
Risk
Exposure
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
BXMX
Options
Written
Equity
$
(21,444,276)
$
(28,487,752)
DIAX
Options
Purchased
Equity
(105,959)
(23,009)
Options
Written
Equity
(15,941,649)
(3,820,914)
SPXX
Options
Purchased
Equity
(50,079)
(11,504)
Options
Written
Equity
(7,497,507)
(1,893,426)
QQQX
Options
Purchased
Equity
(114,202)
(23,010)
Options
Written
Equity
(81,966,470)
(9,599,650)
JCE
Options
Purchased
Equity
(8,655)
(586)
Options
Written
Equity
569,941
(1,924,382)
SPXX
QQQX
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Maximum
aggregate
offering
$4,993,317
$4,993,317
Unlimited
$–
Common
shares
sold
–
639,749
192,461
3,280,964
Offering
proceeds,
net
of
offering
costs
$(7,319)
$10,181,265
$4,814,539
$81,420,803
78
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
As
of
the
end
of
the
reporting
period,
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
invsetments
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
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
BXMX
SPXX
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Common
Shares:
Sold
through
shelf
offering
—
—
—
639,749
Issued
to
shareholders
due
to
reinvestment
of
distributions
78,499
—
8,862
14,838
Total
78,499
—
8,862
654,587
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
–%
–%
–%
1.77%
QQQX
JCE
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Six
Months
Ended
6/30/23
Year
Ended
12/31/22
Common
Shares:
Sold
through
shelf
offering
192,461
3,280,964
—
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
66,040
109,290
11,591
25,025
Total
258,501
3,390,254
11,591
25,025
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
4.61%
2.37%
–%
–%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
BXMX
$
533,356,489
$
923,629,902
$
(9,155,048)
$
914,474,854
DIAX
239,812,526
359,526,105
(15,084,989)
344,441,116
SPXX
125,260,213
175,519,814
(4,377,464)
171,142,350
QQQX
392,120,715
823,448,238
(15,150,711)
808,297,527
JCE
181,223,254
40,729,224
(4,180,235)
36,548,989
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
BXMX
$
18,370,943
$
41,451,927
$
723,269,556
$
—
$
—
$
—
$
783,092,426
DIAX
—
—
343,113,839
—
—
—
343,113,839
SPXX
—
5,035,575
135,144,986
—
—
—
140,180,561
QQQX
5,025,099
21,358,038
494,079,532
—
—
—
520,462,669
JCE
—
—
7,318,154
(1,485,191)
—
(37,746)
5,795,217
79
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
The
management
fee
compensates
the
Adviser
for
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
Gateway
and
NAM
are
compensated
for
their
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
Fund
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedules:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
by
multiplying
the
current
complex-wide
fee
rate,
determined
according
to
the
following
schedule
by
the
Funds’
daily
managed
assets:
*
For
the
complex-level
fees,
managed
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
managed
assets
in
certain
circumstances.
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
managed
assets
of
all
Nuveen
open-end
and
closed-end
funds
that
constitute
‘’eligible
assets.”
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
not
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
As
of
June
30,
2023,
the
complex-level
fee
for
each
Fund
was
as
follows:
Fund
Short-Term
Long-Term
Total
BXMX
$
—
$
—
$
—
DIAX
—
—
—
SPXX
—
—
—
QQQX
—
—
—
JCE
1,485,191
—
1,485,191
Average
Daily
Managed
Assets*
BXMX
DIAX
SPXX
QQQX
JCE
For
the
first
$500
million
0.7000
%
0.7000
%
0.6600
%
0.6900
%
0.7500
%
For
the
next
$500
million
0.6750
0.6750
0.6350
0.6650
0.7250
For
the
next
$500
million
0.6500
0.6500
0.6100
0.6400
0.7000
For
the
next
$500
million
0.6250
0.6250
0.5850
0.6150
0.6750
For
managed
assets
over
$2
billion
0.6000
0.6000
0.5600
0.5900
0.6500
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
80
Notes
to
Financial
Statements
(Unaudited)
(continued)
Other
Transactions
with
Affiliates:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
9.
Inter-Fund
Borrowing
and
Lending
Inter-Fund
Borrowing
and
Lending:
The
SEC
has
granted
an
exemptive
order
permitting
registered
open-end
and
closed-end
Nuveen
funds
to
participate
in
an
inter-fund
lending
facility
whereby
the
Nuveen
funds
may
directly
lend
to
and
borrow
money
from
each
other
for
temporary
purposes
(e.g.,
to
satisfy
redemption
requests
or
when
a
sale
of
securities
“fails,”
resulting
in
an
unanticipated
cash
shortfall)
(the
“Inter-Fund
Program”).
The
closed-end
Nuveen
funds,
including
the
Funds
covered
by
this
shareholder
report,
will
participate
only
as
lenders,
and
not
as
borrowers,
in
the
Inter-Fund
Program
because
such
closed-end
funds
rarely,
if
ever,
need
to
borrow
cash
to
meet
redemptions.
The
Inter-Fund
Program
is
subject
to
a
number
of
conditions,
including,
among
other
things,
the
requirements
that
(1)
no
fund
may
borrow
or
lend
money
through
the
Inter-Fund
Program
unless
it
receives
a
more
favorable
interest
rate
than
is
typically
available
from
a
bank
or
other
financial
institution
for
a
comparable
transaction;
(2)
no
fund
may
borrow
on
an
unsecured
basis
through
the
Inter-Fund
Program
unless
the
fund’s
outstanding
borrowings
from
all
sources
immediately
after
the
inter-fund
borrowing
total
10%
or
less
of
its
total
assets;
provided
that
if
the
borrowing
fund
has
a
secured
borrowing
outstanding
from
any
other
lender,
including
but
not
limited
to
another
fund,
the
inter-fund
loan
must
be
secured
on
at
least
an
equal
priority
basis
with
at
least
an
equivalent
percentage
of
collateral
to
loan
value;
(3)
if
a
fund’s
total
outstanding
borrowings
immediately
after
an
inter-fund
borrowing
would
be
greater
than
10%
of
its
total
assets,
the
fund
may
borrow
through
the
inter-fund
loan
on
a
secured
basis
only;
(4)
no
fund
may
lend
money
if
the
loan
would
cause
its
aggregate
outstanding
loans
through
the
Inter-Fund
Program
to
exceed
15%
of
its
net
assets
at
the
time
of
the
loan;
(5)
a
fund’s
inter-fund
loans
to
any
one
fund
shall
not
exceed
5%
of
the
lending
fund’s
net
assets;
(6)
the
duration
of
inter-
fund
loans
will
be
limited
to
the
time
required
to
receive
payment
for
securities
sold,
but
in
no
event
more
than
seven
days;
and
(7)
each
inter-fund
loan
may
be
called
on
one
business
day’s
notice
by
a
lending
fund
and
may
be
repaid
on
any
day
by
a
borrowing
fund.
In
addition,
a
Nuveen
fund
may
participate
in
the
Inter-Fund
Program
only
if
and
to
the
extent
that
such
participation
is
consistent
with
the
fund’s
investment
objective
and
investment
policies.
The
Board
is
responsible
for
overseeing
the
Inter-Fund
Program.
The
limitations
detailed
above
and
the
other
conditions
of
the
SEC
exemptive
order
permitting
the
Inter-Fund
Program
are
designed
to
minimize
the
risks
associated
with
Inter-Fund
Program
for
both
the
lending
fund
and
the
borrowing
fund.
However,
no
borrowing
or
lending
activity
is
without
risk.
When
a
fund
borrows
money
from
another
fund,
there
is
a
risk
that
the
loan
could
be
called
on
one
day’s
notice
or
not
renewed,
in
which
case
the
fund may
have
to
borrow
from
a
bank
at
a
higher
rate
or
take
other
actions
to
payoff
such
loan
if
an
inter-fund
loan
is
not
available
from
another
fund.
Any
delay
in
repayment
to
a
lending
fund
could
result
in
a
lost
investment
opportunity
or
additional
borrowing
costs.
During
the
current
reporting
period,
none
of
the
Funds
covered
by
this
shareholder
report
have
entered
into
any
inter-fund
loan
activity.
Fund
Complex-Level
Fee
BXMX
0.1595%
DIAX
0.1595%
SPXX
0.1595%
QQQX
0.1595%
JCE
0.1595%
Fund
Purchases
Sales
Realized
Gain
(Loss)
BXMX
$
—
$
—
$
—
DIAX
—
—
—
SPXX
5,245,386
—
—
QQQX
2,527,578
7,041,076
1,111,855
JCE
8,585,568
2,576,725
(111,606
)
Risk
Considerations
(Unaudited)
81
Fund
shares
are
not
guaranteed
or
endorsed
by
any
bank
or
other
insured
depository
institution,
and
are
not
federally
insured
by
the
Federal
Deposit
Insurance
Corporation.
Nuveen
S&P
500
Buy-Write
Income
Fund
(BXMX)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Common
stock
returns
often
have
experienced
significant
volatility.
The
Fund
may
not
participate
in
any
appreciation
of
its
equity
portfolio
as
fully
as
it
would
if
the
Fund
did
not
sell
call
options.
In
addition,
the
Fund
will
continue
to
bear
the
risk
of
declines
in
the
value
of
the
equity
portfolio.
Because
index
options
are
settled
in
cash,
sellers
of
index
call
options,
such
as
the
Fund,
cannot
provide
in
advance
for
their
potential
settlement
obligations
by
acquiring
and
holding
the
underlying
securities.
For
these
and
other
risks,
including
tax
risk,
please
see
the
Fund’s
web
page
at
www.nuveen.com/BXMX.
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(DIAX)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Common
stock
returns
often
have
experienced
significant
volatility.
The
Fund
may
not
participate
in
any
appreciation
of
its
equity
portfolio
as
fully
as
it
would
if
the
Fund
did
not
sell
call
options.
In
addition,
the
Fund
will
continue
to
bear
the
risk
of
declines
in
the
value
of
the
equity
portfolio.
Because
index
options
are
settled
in
cash,
sellers
of
index
call
options,
such
as
the
Fund,
cannot
provide
in
advance
for
their
potential
settlement
obligations
by
acquiring
and
holding
the
underlying
securities.
For
these
and
other
risks,
including
tax
risk,
please
see
the
Fund’s
web
page
at
www.nuveen.com/DIAX.
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(SPXX)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Common
stock
returns
often
have
experienced
significant
volatility.
The
Fund
may
not
participate
in
any
appreciation
of
its
equity
portfolio
as
fully
as
it
would
if
the
Fund
did
not
sell
call
options.
In
addition,
the
Fund
will
continue
to
bear
the
risk
of
declines
in
the
value
of
the
equity
portfolio.
Because
index
options
are
settled
in
cash,
sellers
of
index
call
options,
such
as
the
Fund,
cannot
provide
in
advance
for
their
potential
settlement
obligations
by
acquiring
and
holding
the
underlying
securities.
For
these
and
other
risks,
including
tax
risk,
please
see
the
Fund’s
web
page
at
www.nuveen.com/SPXX.
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(QQQX)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Common
stock
returns
often
have
experienced
significant
volatility.
The
Fund
may
not
participate
in
any
appreciation
of
its
equity
portfolio
as
fully
as
it
would
if
the
Fund
did
not
sell
call
options.
In
addition,
the
Fund
will
continue
to
bear
the
risk
of
declines
in
the
value
of
the
equity
portfolio.
Because
index
options
are
settled
in
cash,
sellers
of
index
call
options,
such
as
the
Fund,
cannot
provide
in
advance
for
their
potential
settlement
obligations
by
acquiring
and
holding
the
underlying
securities.
For
these
and
other
risks,
including
tax
risk,
please
see
the
Fund’s
web
page
at
www.nuveen.com/QQQX.
Nuveen
Core
Equity
Alpha
Fund
(JCE)
Investing
in
closed-end
funds
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Closed-end
fund
shares
may
frequently
trade
at
a
discount
or
premium
to
their
net
asset
value.
Common
stock
returns
often
have
experienced
significant
volatility.
The
Fund
may
not
participate
in
any
appreciation
of
its
equity
portfolio
as
fully
as
it
would
if
the
Fund
did
not
sell
call
options.
In
addition,
the
Fund
will
continue
to
bear
the
risk
of
declines
in
the
value
of
the
equity
portfolio.
Because
index
options
are
settled
in
cash,
sellers
of
index
call
options,
such
as
the
Fund,
cannot
provide
in
advance
for
their
potential
settlement
obligations
by
acquiring
and
holding
the
underlying
securities.
For
these
and
other
risks,
including
tax
risk,
please
see
the
Fund’s
web
page
at
www.nuveen.com/JCE.
82
Additional
Fund
Information
(Unaudited)
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
CEO
Certification
Disclosure
Each
Fund’s
Chief
Executive
Officer
(CEO)
has
submitted
to
the
New
York
Stock
Exchange
(NYSE)
the
annual
CEO
certification
as
required
by
Section
303A.12(a)
of
the
NYSE
Listed
Company
Manual.
Each
Fund
has
filed
with
the
SEC
the
certification
of
its
CEO
and
Chief
Financial
Officer
required
by
Section
302
of
the
Sarbanes-Oxley
Act.
Common
Share
Repurchases
Each
Fund
intends
to
repurchase,
through
its
open-market
share
repurchase
program,
shares
of
its
own
common
stock
at
such
times
and
in
such
amounts
as
is
deemed
advisable.
During
the
period
covered
by
this
report,
each
Fund
repurchased
shares
of
its
common
stock
as
shown
in
the
accompanying
table.
Any
future
repurchases
will
be
reported
to
shareholders
in
the
next
annual
or
semi-annual
report.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Board
of
Trustees
Jack
B.
Evans
William
C.
Hunter
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Matthew
Thornton
III
Terence
J.
Toth
Margaret
L.
Wolff
Robert
L.
Young
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Independent
Registered
Public
Accounting
Firm
Price
waterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Transfer
Agent
and
Shareholder
Services
Computershare
Trust
Company,
N.A.
150
Royall
Street
Canton,
MA
02021
(800)
257-8787
BXMX
DIAX
SPXX
QQQX
JCE
Common
shares
repurchased
0
0
0
0
0
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
83
19(a)
Notice:
Section
19(a)
of
the
Investment
Company
Act
of
1940
requires
that
the
payment
of
any
distribution
which
is
made
from
a
source
other
than
the
fund’s
net
income
be
accompanied
by
a
written
notice
that
discloses
the
estimated
sources
of
such
payment.
Average
Annual
Total
Return
:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Net
Asset
Value
(NAV)
Per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash,
accrued
earnings
and
receivables)
less
its
total
liabilities.
NAV
per
share
is
equal
to
the
fund’s
Net
Assets
divided
by
its
number
of
shares
outstanding.
84
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
are
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
their
respective
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
pursuant
to
which
the
Adviser
serves
as
the
investment
adviser
to
such
Fund,
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
(a)
in
the
case
of
Nuveen
S&P
500
Buy-Write
Income
Fund
(the
“S&P
Buy-Write
Fund”),
Gateway
Investment
Advisers,
LLC
(“Gateway”),
pursuant
to
which
Gateway
serves
as
the
investment
sub-adviser
to
such
Fund;
and
(b)
in
the
case
of
Nuveen
Dow
30sm
Dynamic
Overwrite
Fund
(the
“Dow
Fund”),
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(the
“S&P
Dynamic
Fund”),
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(the
“Nasdaq
Fund”)
and
Nuveen
Core
Equity
Alpha
Fund
(the
“Core
Equity
Alpha
Fund”),
Nuveen
Asset
Management,
LLC
(“NAM,”
and
Gateway
and
NAM
are
each,
a
“Sub-Adviser”),
pursuant
to
which
NAM
serves
as
the
investment
sub-adviser
to
each
such
Fund,
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Advisers
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
securities
lending;
liquidity
management;
overall
market
and
regulatory
developments;
and
with
respect
to
closed-end
funds,
capital
management
initiatives,
institutional
ownership,
management
of
leverage
financing
and
the
secondary
market
trading
of
the
closed-end
funds
and
any
actions
to
address
discounts.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
(including,
among
other
things,
an
analysis
of
secondary
market
performance
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
programs
of
Nuveen
closed-end
funds);
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Advisers
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
85
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Advisers
in
providing
services
to
the
applicable
Fund(s).
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
With
respect
to
closed-end
funds,
such
services
also
include
managing
leverage;
monitoring
asset
coverage
levels
for
leveraged
funds
and
compliance
with
rating
agency
criteria;
providing
capital
management
and
secondary
market
services
(such
as
implementing
common
share
shelf
offerings,
capital
return
programs
and
common
share
repurchases);
and
maintaining
a
closed-end
fund
investor
relations
program.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
86
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Advisers
and
recognized
that
each
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
applicable
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
each
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
information
relating
to
the
assets
under
management
of
the
Sub-Adviser
or
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
each
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
With
respect
to
certain
Nuveen
option
overwrite
funds,
including
the
S&P
Dynamic
Fund,
the
Dow
Fund,
the
Nasdaq
Fund
and
the
Core
Equity
Alpha
Fund,
the
Board
recognized,
as
applicable,
the
portfolio
management
and/or
investment
strategy
changes
adopted
by
such
funds
and
considered
the
respective
fund’s
performance
relative
to
its
blended
benchmark
as
well
as
the
performance
attributed
to
the
equity
portion
and
the
options
portion
of
the
fund’s
portfolio
relative
to
their
respective
benchmark
for
the
trailing
one-year
periods
ended
March
31,
2023.
In
addition,
with
respect
to
the
S&P
Buy-Write
Fund,
the
Board
reviewed
certain
performance
data
reflecting
the
annualized
performance
for
the
period
from
January
1,
2022
through
March
31,
2023
of
the
Fund
relative
to
its
benchmark
and
of
the
equity
portion
and
the
options
portion
of
the
Fund’s
portfolio
relative
to
their
respective
benchmark.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
secondary
market
trading
of
shares
of
the
Nuveen
closed-end
funds
also
continues
to
be
a
priority
for
the
Board
given
its
importance
to
shareholders,
and
therefore
the
Board
and/or
its
Closed-end
Fund
committee
reviews
certain
performance
data
reflecting,
among
other
things,
the
premiums
and
discounts
at
which
the
shares
of
the
Nuveen
closed-end
funds
have
traded
over
specified
periods
throughout
the
year.
In
its
review,
the
Board
considers,
among
other
things,
changes
to
investment
mandates
and
guidelines,
distribution
policies,
leverage
levels
and
types;
share
repurchases
and
similar
capital
market
actions;
and
effective
communications
programs
to
build
greater
awareness
and
deepen
understanding
of
closed-end
funds.
As
applicable,
the
Board
considered
the
impact
of
leverage
on
a
Nuveen
fund’s
performance.
The
Board
further
acknowledged
that
performance
results
should
include
the
distribution
yields
of
funds
that
seek
to
provide
income
as
part
of
their
investment
objective(s)
to
shareholders.
In
this
regard,
the
Board
considered
that
the
use
of
leverage
by
various
funds
may
have
detracted
from
total
return
performance
of
such
funds
over
various
periods
in
current
market
conditions,
but
the
leverage
also
was
accretive
in
helping
to
provide
income.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
87
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
the
S&P
Buy-Write
Fund,
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-year
period
ended
December 31,
2022,
the
Fund
outperformed
its
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2022
as
well
as
the
one-,
three-
and
five-year
periods
ended
March 31,
2023.
Further,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2022
and
third
quartile
for
the
five-year
period
ended
December
31,
2022.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
third
quartile
for
the
three-
and
five-
year
periods
ended
March
31,
2023.
The
Board
further
considered
certain
performance
information
attributed
to
the
equity
portion
of
the
Fund’s
portfolio
and
the
options
portion
of
the
Fund’s
portfolio.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Dow
Fund,
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2022.
The
Fund
further
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December 31,
2022
and
third
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
also
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
March 31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2023
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2023
and
third
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2023.
In
considering
performance,
the
Board
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
The
Board
further
considered
certain
performance
information
attributed
to
the
equity
portion
of
the
Fund’s
portfolio
and
the
options
portion
of
the
Fund’s
portfolio.
The
Board
also
noted
the
changes
to
the
Fund’s
equity
portfolio
management
team
in
2020
and
considered
the
performance
of
the
Fund
since
such
changes
and
for
the
quarter
and
one-year
periods
ended
March 31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
S&P
Dynamic
Fund,
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
year
period
ended
December
31,
2022
and
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2022.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
March 31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
March
31,
2023
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March 31,
2023
and
second
quartile
for
the
three-
and
five-year
periods
ended
March 31,
2023.
The
Board
further
considered
certain
performance
information
attributed
to
the
equity
portion
of
the
Fund’s
portfolio
and
the
options
portion
of
the
Fund’s
portfolio.
The
Board
also
noted
the
changes
to
the
Fund’s
equity
portfolio
management
team
in
2020
and
considered
the
performance
of
the
Fund
since
such
changes
and
for
the
quarter
and
one-year
periods
ended
March 31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Nasdaq
Fund,
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2023,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2023.
In
considering
performance,
the
Board,
however,
recognized
that
the
Performance
Peer
Group
was
classified
as
low
for
relevancy.
The
Board
further
considered
certain
performance
information
attributed
to
the
equity
portion
of
the
Fund’s
portfolio
and
the
options
portion
of
the
Fund’s
portfolio.
The
Board
also
noted
the
changes
to
the
Fund’s
equity
portfolio
management
team
in
2020
and
considered
the
performance
of
the
Fund
since
such
changes
and
for
the
quarter
and
one-year
periods
ended
March 31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
88
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
For
the
Core
Equity
Alpha
Fund,
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2022,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
year
period
ended
December
31,
2022
and
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-
and
five-year
periods
ended
March 31,
2023,
the
Fund
outperformed
its
blended
benchmark
for
the
three-year
period
ended
March 31,
2023
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March 31,
2023
and
second
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2023.
The
Board
further
considered
certain
performance
information
attributed
to
the
equity
portion
of
the
Fund’s
portfolio
and
the
options
portion
of
the
Fund’s
portfolio.
The
Board
acknowledged
the
change
in
portfolio
management
of
the
equity
portfolio
of
the
Fund
effective
in
October
of
2020
and
reviewed
certain
performance
data
since
the
portfolio
management
change
and
for
the
quarter
and
one-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
closed-end
funds,
the
contractual
management
fee
and
actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
closed-end
fund’s
actual
management
fee
rate
(after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
established
by
Broadridge.
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
as
well
as
changes
to
the
composition
of
the
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
(excluding
investment-related
costs
of
leverage
for
closed-end
funds)
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
total
net
expenses
both
including
and
excluding
investment-related
expenses
(i.e.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
recognized
that
leverage
expenses
will
vary
across
funds
and
in
comparison
to
peers
because
of
differences
in
the
forms
and
terms
of
leverage
employed
by
the
respective
fund.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
(excluding
leverage
costs
and
leveraged
assets
for
the
closed-end
funds)
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Universe.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
with
respect
to
closed-end
funds
that
utilize
leverage,
the
Independent
Board
Members
recognized
that
certain
assets
attributable
to
a
fund’s
use
of
leverage
may
be
included
in
the
amount
of
assets
upon
which
the
advisory
fee
or
sub-advisory
fee
is
calculated.
The
Independent
Board
Members
acknowledged
the
fact
that
a
decision
to
employ
leverage
or
increase
a
fund’s
leverage
which
has
the
effect,
all
other
things
being
equal,
of
increasing
the
assets
upon
which
an
advisory
or
sub-
advisory
fee
is
based
(and,
in
turn,
increasing
the
Adviser’s
and
applicable
sub-adviser’s
management
fees),
means
that
the
Adviser
and
applicable
sub-adviser
may
have
a
conflict
of
interest
in
determining
whether
to
use
or
increase
leverage.
The
Independent
Board
Members
recognized,
however,
that
the
Adviser
and
sub-advisers
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
the
Adviser
and/or
sub-adviser,
as
applicable,
has
determined
that
such
action
would
be
in
the
best
interests
of
the
respective
fund
and
its
common
shareholders
and
by
periodically
reviewing
with
the
Board
the
fund’s
performance
and
the
impact
of
the
use
of
leverage
on
that
performance.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
also
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1 million
in
2022.
With
respect
to
each
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
each
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
applicable
Fund(s).
The
Independent
Board
Members
noted
that
each
Fund
had
an
actual
management
fee
and
a
net
total
expense
ratio
that
were
below
the
respective
peer
averages.
89
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
NAM
(an
affiliated
sub-adviser),
such
other
clients
may
include:
retail
and
institutional
managed
accounts
sub-advised
by
such
Sub-Adviser;
hedge
funds
or
other
structured
products
managed
by
such
Sub-Adviser;
investment
companies
offered
outside
the
Nuveen
family
and
sub-advised
by
such
Sub-Adviser;
foreign
investment
companies
offered
by
Nuveen
and
sub-advised
by
such
Sub-Adviser;
and
collective
investment
trusts
sub-advised
by
such
Sub-Adviser.
The
Board
further
noted
that
the
Adviser
also
advised,
and
NAM
sub-advised,
certain
exchange-traded
funds
(“ETFs”)
sponsored
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
range
of
fees
assessed
for
managed
accounts,
hedge
funds
(along
with
their
performance
fee),
foreign
investment
companies
and
ETFs
offered
by
Nuveen,
as
applicable.
The
Board
also
reviewed
the
fee
range
and
average
fee
rate
of
certain
selected
investment
strategies
offered
in
retail
and
institutional
managed
accounts
sub-advised
by
NAM,
the
hedge
funds
advised
by
NAM
(along
with
their
performance
fee)
and
non-Nuveen
investment
companies
sub-advised
by
certain
affiliated
sub-advisers.
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
Similarly,
differences
in
the
client
base,
governing
bodies,
distribution
jurisdiction
and
operational
complexities
would
also
contribute
to
variations
in
management
fees
assessed
the
Nuveen
funds
compared
to
foreign
fund
clients.
Further,
with
respect
to
ETFs,
the
Board
considered
that
the
Nuveen
ETFs
that
are
designed
to
track
the
performance
of
a
specified
index
(“Index
ETFs”)
were
passively
managed
compared
to
the
active
management
of
other
Nuveen
funds,
which
also
contributed
to
the
differences
in
fee
levels
between
such
Index
ETFs
and
the
actively
managed
funds.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
NAM’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
The
Board
recognized
that
Gateway
was
an
unaffiliated
sub-adviser.
With
respect
to
Gateway,
the
Independent
Board
Members
reviewed
the
pricing
schedule
and/or
average
fee
rates
that
such
Sub-Adviser
charges
for
other
clients.
The
Independent
Board
Members
noted
that
the
Sub-Advisory
Agreement
with
Gateway,
including
the
fees
thereunder,
was
the
result
of
arm’s
length
negotiations
and
that
such
Sub-
Adviser’s
fees
were
reasonable
in
relation
to
the
fees
it
assessed
other
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
90
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
each
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
with
respect
to
NAM,
the
Independent
Board
Members
reviewed,
among
other
things,
NAM’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
NAM
for
the
calendar
years
ending
December 31,
2022
and
December
31,
2021.
With
respect
to
Gateway,
the
Independent
Board
Members
considered
a
profitability
and
margin
analysis
for
such
Sub-Adviser,
generally
including
revenues,
expenses
and
operating
margins
for
the
calendar
years
2022
and
2021.
With
respect
to
Gateway,
which
is
unaffiliated
with
Nuveen,
the
Board
recognized
that
the
sub-advisory
fee
would
have
been
established
through
arm’s
length
negotiations
between
the
Adviser
and
such
Sub-Adviser,
and
the
Adviser
pays
such
Sub-Adviser
out
of
its
own
revenues.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
each
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
noted,
however,
that
although
closed-end
funds
may
make
additional
share
offerings
from
time
to
time,
the
closed-end
funds
have
a
more
limited
ability
to
increase
their
assets
because
the
growth
of
their
assets
will
occur
primarily
from
the
appreciation
of
their
investment
portfolios.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Board
acknowledged
that
an
affiliate
of
the
Adviser
may
receive
compensation
for
serving
as
a
co-manager
in
the
initial
public
offerings
of
new
Nuveen
closed-end
funds
(if
any)
and
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services,
if
any,
in
2021
and
2022.
91
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
applicable
Fund(s)
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
applicable
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
ESA-A-0623P
3020140-INV-B-08/24
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/closed-end-funds
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 implemented after the registrant last provided disclosure in response to this item.

Item 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2 (b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT 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.

(Registrant) Nuveen Dow 30SM Dynamic Overwrite Fund

By (Signature and Title) |  | /s/ Mark L. Winget |  |
|  | Mark L. Winget |  |
|  | Vice President and Secretary |  |

Date: September 6, 2023

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.

By (Signature and Title) |  | /s/ David J. Lamb |  |
|  | David J. Lamb |  |
|  | Chief Administrative Officer |  |
|  | (principal executive officer) |  |

Date: September 6, 2023

By (Signature and Title) |  | /s/ E. Scott Wickerham |  |
|  | E. Scott Wickerham |  |
|  | Vice President and Funds Controller |  |
|  | (principal financial officer) |  |

Date: September 6, 2023