N-CSRS 1 d844561dncsrs.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, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 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, 2024

Item 1. | Reports to Stockholders.

Closed-End
Funds
Closed-End
Funds
Nuveen
June
30,2024
Semi-Annual
Report
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
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
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,
2024
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
$0.2365,
$0.2867,
$0.2940,
$0.4200,
$0.3200
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
Important
Notices
4
Common
Share
Information
5
About
the
Funds’
Benchmarks
7
Fund
Performance
and
Holdings
Summaries
8
Performance
Overview
and
Holding
Summaries
9
Portfolios
of
Investments
19
Statement
of
Assets
and
Liabilities
52
Statement
of
Operations
53
Statement
of
Changes
in
Net
Assets
54
Financial
Highlights
58
Notes
to
Financial
Statements
62
Shareholder
Meeting
Report
73
Additional
Fund
Information
74
Glossary
of
Terms
Used
in
this
Report
75
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
76
4
Important
Notices
Portfolio
manager
commentaries:
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
your
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
annual
shareholder
report.
Fund
changes:
For
changes
that
occurred
to
your
Fund
both
during
and
after
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
Fund
principal
investment
policies
and
principal
risks:
Refer
to
the
Shareholder
Update
section
of
your
Fund’s
annual
shareholder
report
for
information
on
the
Fund’s
principal
investment
policies
and
principal
risks.
Fund
performance:
For
current
information
on
your
Fund’s
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.
nuveen.com
.
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.
Management
fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
the
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
DIAX,
QQQX
and
SPXX
-
Portfolio
manager
update:
Effective
June
18,
2024,
Lei
Liao
retired
and
is
no
longer
a
portfolio
manager
of
the
Funds.
Additionally,
effective
June
18,
2024,
Nazar
Romanyak,
CFA
has
been
added
as
a
portfolio
manager
of
the
Funds.
Common
Share
Information
5
DISTRIBUTION
INFORMATION
The
following
19(a)
Notice
presents
the
Funds’
most
current
distribution
information
as
of
May
31,
2024
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.
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.
COMMON
SHARE
DISTRIBUTION
INFORMATION
–
AS
OF
MAY
31,
2024
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
attribute
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.
For
all
Funds,
it
is
estimated
that
the
Funds
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,
2024
Per
Share
Estimated
Sources
of
Distribution
1
Estimated
Percentage
of
Distributions
1
Fund
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)
Current
Quarter
$0.2365
$0.0206
$0.0000
$0.0000
$0.2159
8.7%
0.0%
0.0%
91.3%
Fiscal
YTD
$0.4730
$0.0412
$0.0000
$0.0000
$0.4318
8.7%
0.0%
0.0%
91.3%
DIAX
(FYE
12/31)
Current
Quarter
$0.2867
$0.0453
$0.0420
$0.0000
$0.1994
15.8%
14.7%
0.0%
69.5%
Fiscal
YTD
$0.5734
$0.0906
$0.0840
$0.0000
$0.3988
15.8%
14.7%
0.0%
69.5%
SPXX
(FYE
12/31)
Current
Quarter
$0.2940
$0.0213
$0.0000
$0.0000
$0.2727
7.3%
0.0%
0.0%
92.7%
Fiscal
YTD
$0.5880
$0.0427
$0.0000
$0.0000
$0.5453
7.3%
0.0%
0.0%
92.7%
QQQX
(FYE
12/31)
Current
Quarter
$0.4200
$0.0000
$0.0394
$0.0000
$0.3806
0.0%
9.4%
0.0%
90.6%
Fiscal
YTD
$0.8400
$0.0000
$0.0788
$0.0000
$0.7612
0.0%
9.4%
0.0%
90.6%
JCE
(FYE
12/31)
Current
Quarter
$0.3200
$0.0085
$0.0657
$0.1641
$0.0817
2.7%
20.5%
51.3%
25.5%
Fiscal
YTD
$0.6400
$0.0171
$0.1313
$0.3283
$0.1633
2.7%
20.5%
51.3%
25.5%
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.
6
Common
Share
Information
(continued)
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-closed-end-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.
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,
2024,
(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,
2024
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
$14.75
9.83%
6.41%
7.52%
3.21%
DIAX
Apr-2005
$0.2867
$0.5734
$16.03
5.53%
7.15%
0.55%
3.58%
SPXX
Nov-2005
$0.2940
$0.5880
$17.36
10.05%
6.77%
8.39%
3.39%
QQQX
Jan-2007
$0.4200
$0.8400
$26.66
12.13%
6.30%
9.74%
3.15%
JCE
Mar-2007
$0.3200
$0.6400
$14.54
11.99%
8.80%
11.93%
4.40%
1
As
a
percentage
of
5/31/2024
NAV.
SPXX
QQQX
Maximum
aggregate
offering
4,993,317
Unlimited
BXMX
DIAX
SPXX
QQQX
JCE
Common
shares
repurchased
and
retired
460,238
0
383,763
0
449,800
Common
shares
authorized
for
repurchase
10,415,000
3,635,000
1,795,000
4,880,000
1,605,000
About
the
Funds’
Benchmarks
7
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
(BXD
SM
)
(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
(BXM
SM
)
(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
(BXN
SM
)
(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
(BXM
SM
)
(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.
8
Fund
Performance
and
Holdings
Summaries
The
Fund
Performance
and
Holding
Summaries
for
each
Fund
are
shown
below
within
this
section
of
the
report.
Fund
Performance
Performance
data
for
each
Fund
shown
below
represents
past
performance
and
does
not
predict
or
guarantee
future
results
.
Current
performance
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.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
S&P
500
Buy-Write
Income
Fund
Fund
Performance
and
Holdings
Summaries
June
30,
2024
9
BXMX
Performance*
*For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Cboe
S&P
500
®
BuyWrite
Index
(BXM
SM
).
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
BXMX
at
Common
Share
NAV
10/26/04
9.68%
14.99%
9.35%
7.81%
BXMX
at
Common
Share
Price
10/26/04
8.99%
8.53%
7.58%
7.72%
Cboe
S&P
500®
BuyWrite
Index
(BXMSM)
—
7.59%
8.91%
5.56%
5.77%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$14.81
$13.50
(8.85)%
(9.95)%
10
Holdings
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.4‌%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0‌%
Repurchase
Agreements
2.2‌%
Other
Assets
&
Liabilities,
Net
(1.6)%
Net
Assets
100‌%
Portfolio
Composition
(%
of
total
investments)
Semiconductors
&
Semiconductor
Equipment
12.0%
Software
&
Services
11.4%
Media
&
Entertainment
8.5%
Technology
Hardware
&
Equipment
7.9%
Financial
Services
7.8%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
6.8%
Consumer
Discretionary
Distribution
&
Retail
5.7%
Capital
Goods
5.6%
Health
Care
Equipment
&
Services
4.6%
Energy
3.5%
Banks
3.3%
Food,
Beverage
&
Tobacco
2.5%
Utilities
2.1%
Materials
2.1%
Consumer
Staples
Distribution
&
Retail
2.0%
Insurance
2.0%
Equity
Real
Estate
Investment
Trusts
(REITs)
1.7%
Commercial
&
Professional
Services
1.6%
Automobiles
&
Components
1.4%
Household
&
Personal
Products
1.3%
Consumer
Services
1.3%
Transportation
1.1%
Consumer
Durables
&
Apparel
0.9%
Telecommunication
Services
0.7%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0%
Repurchase
Agreements
2.2%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
7.6%
Apple
Inc
6.8%
NVIDIA
Corp
6.7%
Amazon.com
Inc
4.0%
Alphabet
Inc,
Class
A
2.6%
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
Fund
Performance
and
Holdings
Summaries
June
30,
2024
11
DIAX
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
Indus-
trial
Average
Index
(DJIA).
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
DIAX
at
Common
Share
NAV
4/29/05
1.22%
7.75%
4.52%
6.47%
DIAX
at
Common
Share
Price
4/29/05
4.12%
7.61%
2.91%
5.99%
Dow
Jones
Industrial
Average
Index
(DJIA)
—
4.79%
16.02%
10.33%
11.30%
DIAX
Blended
Benchmark
—
4.30%
11.09%
7.62%
8.09%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$15.85
$14.01
(11.61)%
(12.32)%
12
Holdings
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98.9‌%
Exchange-Traded
Funds
1.5‌%
Repurchase
Agreements
1.9‌%
Other
Assets
&
Liabilities,
Net
(2.3)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Financial
Services
15.4%
Software
&
Services
14.2%
Capital
Goods
13.5%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
9.4%
Consumer
Discretionary
Distribution
&
Retail
8.7%
Health
Care
Equipment
&
Services
8.3%
Technology
Hardware
&
Equipment
4.2%
Consumer
Services
4.1%
Insurance
3.3%
Banks
3.3%
Household
&
Personal
Products
2.7%
Energy
2.5%
Media
&
Entertainment
1.6%
Other
5.4%
Exchange-Traded
Funds
1.5%
Repurchase
Agreements
1.9%
Total
Investments
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
UnitedHealth
Group
Inc
8.5%
Goldman
Sachs
Group
Inc/The
7.5%
Microsoft
Corp
7.4%
Home
Depot
Inc/The
5.7%
Caterpillar
Inc
5.5%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
S&P
500
Dynamic
Overwrite
Fund
Fund
Performance
and
Holdings
Summaries
June
30,
2024
13
SPXX
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
SPXX
at
Common
Share
NAV
11/22/05
11.60%
16.13%
9.54%
8.15%
SPXX
at
Common
Share
Price
11/22/05
12.61%
12.32%
7.99%
8.58%
S&P
500®
Index
—
15.29%
24.56%
15.05%
12.86%
SPXX
Blended
Benchmark
—
11.04%
15.82%
9.85%
8.99%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$17.58
$16.33
(7.11)%
(9.03)%
14
Holdings
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98.2‌%
Exchange-Traded
Funds
2.1‌%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.2‌%
Repurchase
Agreements
1.8‌%
Other
Assets
&
Liabilities,
Net
(2.3)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Semiconductors
&
Semiconductor
Equipment
11.4%
Software
&
Services
10.7%
Media
&
Entertainment
9.1%
Technology
Hardware
&
Equipment
8.2%
Financial
Services
6.9%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
7.0%
Consumer
Discretionary
Distribution
&
Retail
6.1%
Capital
Goods
5.0%
Health
Care
Equipment
&
Services
4.7%
Energy
3.6%
Banks
3.4%
Food,
Beverage
&
Tobacco
2.6%
Consumer
Staples
Distribution
&
Retail
2.1%
Utilities
2.1%
Insurance
2.0%
Consumer
Services
1.7%
Equity
Real
Estate
Investment
Trusts
(REITs)
1.6%
Materials
1.6%
Automobiles
&
Components
1.5%
Transportation
1.4%
Household
&
Personal
Products
1.1%
Consumer
Durables
&
Apparel
0.9%
Telecommunication
Services
0.6%
Other
0.6%
Exchange-Traded
Funds
2.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.2%
Repurchase
Agreements
1.8%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
7.8%
Apple
Inc
7.3%
NVIDIA
Corp
7.2%
Amazon.com
Inc
4.2%
Meta
Platforms
Inc
2.6%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
Fund
Performance
and
Holdings
Summaries
June
30,
2024
15
QQQX
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.
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
QQQX
at
Common
Share
NAV
1/30/07
14.97%
21.06%
11.80%
11.37%
QQQX
at
Common
Share
Price
1/30/07
12.08%
7.96%
9.89%
10.59%
Nasdaq
100®
Index
—
17.47%
30.77%
21.77%
18.92%
QQQX
Blended
Benchmark
—
12.65%
20.72%
13.43%
12.57%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$27.51
$25.08
(8.83)%
(9.18)%
16
Holdings
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.5‌%
Exchange-Traded
Funds
1.1‌%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.1‌%
Repurchase
Agreements
1.5‌%
Other
Assets
&
Liabilities,
Net
(2.2)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Semiconductors
&
Semiconductor
Equipment
23.1%
Media
&
Entertainment
16.0%
Software
&
Services
14.6%
Technology
Hardware
&
Equipment
12.6%
Consumer
Discretionary
Distribution
&
Retail
6.5%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
4.6%
Consumer
Services
2.9%
Automobiles
&
Components
2.8%
Food,
Beverage
&
Tobacco
2.7%
Consumer
Staples
Distribution
&
Retail
2.3%
Financial
Services
2.1%
Capital
Goods
1.6%
Health
Care
Equipment
&
Services
1.6%
Utilities
0.9%
Commercial
&
Professional
Services
0.5%
Transportation
0.5%
Materials
0.5%
Energy
0.4%
Telecommunication
Services
0.4%
Household
&
Personal
Products
0.3%
Consumer
Durables
&
Apparel
0.2%
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Other
0.1%
Exchange-Traded
Funds
1.0%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.1%
Repurchase
Agreements
1.5%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
11.3%
Apple
Inc
11.0%
NVIDIA
Corp
7.8%
Alphabet
Inc,
Class
A
5.2%
Amazon.com
Inc
5.2%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Core
Equity
Alpha
Fund
Fund
Performance
and
Holdings
Summaries
June
30,
2024
17
JCE
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
).
Daily
Common
Share
NAV
and
Share
Price
Total
Returns
as
of
June
30,
2024
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JCE
at
Common
Share
NAV
3/27/07
15.71%
22.09%
11.42%
9.73%
JCE
at
Common
Share
Price
3/27/07
15.65%
29.01%
12.60%
10.43%
S&P
500®
Index
—
15.29%
24.56%
15.05%
12.86%
JCE
Blended
Benchmark
—
11.43%
16.60%
10.32%
9.34%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$14.71
$15.00
1.97%
(1.95)%
18
Holdings
d
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98.8‌%
Exchange-Traded
Funds
1.3‌%
Repurchase
Agreements
2.4‌%
Other
Assets
&
Liabilities,
Net
(2.5)%
Net
Assets
100‌%
Portfolio
Composition
1
(%
of
total
investments)
Software
&
Services
12.2%
Media
&
Entertainment
10.3%
Semiconductors
&
Semiconductor
Equipment
10.2%
Financial
Services
8.0%
Technology
Hardware
&
Equipment
7.7%
Capital
Goods
7.3%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
6.8%
Consumer
Discretionary
Distribution
&
Retail
6.4%
Health
Care
Equipment
&
Services
5.1%
Consumer
Staples
Distribution
&
Retail
2.9%
Food,
Beverage
&
Tobacco
2.4%
Utilities
2.2%
Energy
2.1%
Commercial
&
Professional
Services
2.1%
Banks
2.0%
Consumer
Services
1.9%
Insurance
1.9%
Equity
Real
Estate
Investment
Trusts
(REITs)
1.7%
Household
&
Personal
Products
1.5%
Materials
1.2%
Automobiles
&
Components
0.6%
Exchange-Traded
Funds
1.2%
Repurchase
Agreements
2.3%
Total
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
7.9%
Apple
Inc
7.4%
NVIDIA
Corp
7.3%
Amazon.com
Inc
4.6%
Meta
Platforms
Inc
2.9%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
19
Nuveen
S&P
500
Buy-Write
Income
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
BXMX
vb
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.4%
X
–
COMMON
STOCKS
-
99
.4
%
(b)
X
1,533,161,837
AUTOMOBILES
&
COMPONENTS
-
1.4%
3,001
Ferrari
NV
$
1,225,519
50,606
Gentex
Corp
1,705,928
9,851
(c)
Goodyear
Tire
&
Rubber
Co/The
111,809
96,056
(c)
Tesla
Inc
19,007,561
TOTAL
AUTOMOBILES
&
COMPONENTS
22,050,817
BANKS
-
3.4%
277,937
Bank
of
America
Corp
11,053,555
26,341
Comerica
Inc
1,344,445
158,596
Fifth
Third
Bancorp
5,787,168
51,859
First
Horizon
Corp
817,816
112,235
JPMorgan
Chase
&
Co
22,700,651
298,223
KeyCorp
4,237,749
31,173
M&T
Bank
Corp
4,718,345
31,763
Zions
Bancorp
NA
1,377,561
TOTAL
BANKS
52,037,290
CAPITAL
GOODS
-
5.7%
17,715
Allegion
plc
2,093,027
27,101
(c)
Boeing
Co/The
4,932,653
29,025
Caterpillar
Inc
9,668,227
26,735
CNH
Industrial
NV
270,826
46,441
Emerson
Electric
Co
5,115,941
8,843
Ferguson
PLC
1,712,447
9,915
Fortune
Brands
Innovations
Inc
643,880
11,114
(c)
GE
Vernova
Inc
1,906,162
44,459
General
Electric
Co
7,067,647
31,851
Graco
Inc
2,525,147
9,566
HEICO
Corp
2,139,053
41,553
Honeywell
International
Inc
8,873,228
8,860
Hubbell
Inc
3,238,153
11,615
ITT
Inc
1,500,426
43,726
Masco
Corp
2,915,212
6,090
(c)
NEXTracker
Inc,
Class
A
285,499
9,120
Northrop
Grumman
Corp
3,975,864
19,687
nVent
Electric
PLC
1,508,221
39,784
Otis
Worldwide
Corp
3,829,608
15,767
Parker-Hannifin
Corp
7,975,106
10,242
Rockwell
Automation
Inc
2,819,418
90,271
RTX
Corp
9,062,306
10,383
Timken
Co/The
831,990
3,503
Watsco
Inc
1,622,730
4,597
Woodward
Inc
801,625
TOTAL
CAPITAL
GOODS
87,314,396
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.6%
28,578
Automatic
Data
Processing
Inc
6,821,283
9,115
Booz
Allen
Hamilton
Holding
Corp
1,402,799
39,102
(c)
CoStar
Group
Inc
2,899,022
9,803
ManpowerGroup
Inc
684,249
15,652
SS&C
Technologies
Holdings
Inc
980,911
4,935
Tetra
Tech
Inc
1,009,109
11,679
TransUnion
866,115
13,228
Waste
Connections
Inc
2,319,662
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
20
BXMX
Shares
Description
(a)
Value
COMMERCIAL
&
PROFESSIONAL
SERVICES
(continued)
37,983
Waste
Management
Inc
$
8,103,293
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
25,086,443
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
5.8%
317,847
(c)
Amazon.com
Inc
61,423,933
8,358
American
Eagle
Outfitters
Inc
166,826
2,461
(c)
Burlington
Stores
Inc
590,640
4,252
Dick's
Sporting
Goods
Inc
913,542
3,114
(c)
Five
Below
Inc
339,333
43,647
Home
Depot
Inc/The
15,025,043
5,691
JD.com
Inc,
ADR
147,056
24,839
LKQ
Corp
1,033,054
29,953
Lowe's
Cos
Inc
6,603,438
12,760
Macy's
Inc
244,992
173
(c)
MercadoLibre
Inc
284,308
16,563
Nordstrom
Inc
351,467
4,728
(c)
Ulta
Beauty
Inc
1,824,393
2,524
Williams-Sonoma
Inc
712,702
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
89,660,727
CONSUMER
DURABLES
&
APPAREL
-
0.9%
32,919
KB
Home
2,310,255
6,689
Kontoor
Brands
Inc
442,477
5,984
(c)
Lululemon
Athletica
Inc
1,787,421
25,861
(c)
Mattel
Inc
420,500
50,573
NIKE
Inc,
Class
B
3,811,687
6,048
Polaris
Inc
473,619
15,644
Toll
Brothers
Inc
1,801,876
6,575
(c)
TopBuild
Corp
2,533,150
TOTAL
CONSUMER
DURABLES
&
APPAREL
13,580,985
CONSUMER
SERVICES
-
1.3%
1,947
Booking
Holdings
Inc
7,713,041
20,067
(c)
DraftKings
Inc,
Class
A
765,957
23,509
Marriott
International
Inc/MD,
Class
A
5,683,771
16,077
Restaurant
Brands
International
Inc
1,131,338
51,807
Starbucks
Corp
4,033,175
5,468
Texas
Roadhouse
Inc
938,910
TOTAL
CONSUMER
SERVICES
20,266,192
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.1%
17,195
(c)
BJ's
Wholesale
Club
Holdings
Inc
1,510,409
4,507
Casey's
General
Stores
Inc
1,719,691
19,022
Costco
Wholesale
Corp
16,168,510
27,087
Target
Corp
4,009,959
15,913
(c)
US
Foods
Holding
Corp
843,071
118,199
Walmart
Inc
8,003,254
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
32,254,894
ENERGY
-
3.6%
44,283
Cenovus
Energy
Inc
870,604
1,124
Cheniere
Energy
Inc
196,509
77,267
Chevron
Corp
12,086,104
9,675
(c)
CNX
Resources
Corp
235,102
64,103
ConocoPhillips
7,332,101
41,292
Enbridge
Inc
1,469,582
166,691
Exxon
Mobil
Corp
19,189,468
117,677
Halliburton
Co
3,975,129
25,709
Hess
Corp
3,792,592
28,016
Marathon
Petroleum
Corp
4,860,216
21
Shares
Description
(a)
Value
ENERGY
(continued)
7,405
Ovintiv
Inc
$
347,072
19,719
TC
Energy
Corp
747,350
TOTAL
ENERGY
55,101,829
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.7%
95,341
American
Homes
4
Rent,
Class
A
3,542,872
37,033
American
Tower
Corp
7,198,474
93,029
CubeSmart
4,202,120
1,038
Gaming
and
Leisure
Properties
Inc
46,928
18,434
Lamar
Advertising
Co,
Class
A
2,203,416
8,339
Sabra
Health
Care
REIT
Inc
128,421
11,688
Sun
Communities
Inc
1,406,534
142,164
Weyerhaeuser
Co
4,036,036
62,467
WP
Carey
Inc
3,438,808
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
26,203,609
FINANCIAL
SERVICES
-
7.9%
64,200
Annaly
Capital
Management
Inc
1,223,652
76,092
(c)
Berkshire
Hathaway
Inc,
Class
B
30,954,226
20,528
(c)
Block
Inc
1,323,851
53,704
(c)
Brookfield
Corp
2,230,864
71,247
Charles
Schwab
Corp/The
5,250,191
21,911
CME
Group
Inc
4,307,703
42,085
Discover
Financial
Services
5,505,139
44,488
Intercontinental
Exchange
Inc
6,089,962
53,398
Jefferies
Financial
Group
Inc
2,657,084
27,800
KKR
&
Co
Inc
2,925,672
2,406
LPL
Financial
Holdings
Inc
671,996
27,428
Mastercard
Inc,
Class
A
12,100,137
48,313
MGIC
Investment
Corp
1,041,145
63,058
Morgan
Stanley
6,128,607
2,104
Morningstar
Inc
622,468
8,344
MSCI
Inc
4,019,722
72,467
(c)
PayPal
Holdings
Inc
4,205,260
19,659
S&P
Global
Inc
8,767,914
89,957
SLM
Corp
1,870,206
75,786
Visa
Inc,
Class
A
19,891,551
TOTAL
FINANCIAL
SERVICES
121,787,350
FOOD,
BEVERAGE
&
TOBACCO
-
2.5%
107,234
Altria
Group
Inc
4,884,509
81,183
British
American
Tobacco
PLC,
Sponsored
ADR
2,510,990
229,003
Coca-Cola
Co/The
14,576,041
33,408
(c)
Coca-Cola
Europacific
Partners
PLC
2,434,441
8,808
Hormel
Foods
Corp
268,556
132,012
Mondelez
International
Inc,
Class
A
8,638,865
80,074
(c)
Monster
Beverage
Corp
3,999,696
12,100
(c)
Post
Holdings
Inc
1,260,336
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
38,573,434
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.7%
96,418
Abbott
Laboratories
10,018,794
21,328
Alcon
Inc
1,899,898
106,173
(c)
Boston
Scientific
Corp
8,176,383
14,642
Cigna
Group/The
4,840,206
47,132
CVS
Health
Corp
2,783,616
14,592
Elevance
Health
Inc
7,906,821
28,153
GE
HealthCare
Technologies
Inc
2,193,682
16,250
HCA
Healthcare
Inc
5,220,800
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
22
BXMX
Shares
Description
(a)
Value
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
7,324
(c)
IDEXX
Laboratories
Inc
$
3,568,253
82,736
Medtronic
PLC
6,512,151
36,757
UnitedHealth
Group
Inc
18,718,870
638
(c)
Veeva
Systems
Inc,
Class
A
116,760
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
71,956,234
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.3%
15,340
(c)
BellRing
Brands
Inc
876,528
117,126
Procter
&
Gamble
Co/The
19,316,420
6,327
Spectrum
Brands
Holdings
Inc
543,679
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
20,736,627
INSURANCE
-
2.0%
28,004
Allstate
Corp/The
4,471,119
34,937
Arthur
J
Gallagher
&
Co
9,059,514
23,577
Fidelity
National
Financial
Inc
1,165,175
38,545
Hartford
Financial
Services
Group
Inc/The
3,875,314
9,393
Lincoln
National
Corp
292,122
923
(c)
Markel
Group
Inc
1,454,334
3,360
RenaissanceRe
Holdings
Ltd
750,994
29,077
Travelers
Cos
Inc/The
5,912,517
59,488
W
R
Berkley
Corp
4,674,567
TOTAL
INSURANCE
31,655,656
MATERIALS
-
2.2%
9,313
Avery
Dennison
Corp
2,036,288
74,375
Barrick
Gold
Corp
1,240,575
16,669
Chemours
Co/The
376,219
52,881
Corteva
Inc
2,852,401
7,888
Crown
Holdings
Inc
586,788
62,947
Dow
Inc
3,339,338
23,362
Eastman
Chemical
Co
2,288,775
20,828
Linde
PLC
9,139,535
8,265
Martin
Marietta
Materials
Inc
4,477,977
20,588
Nucor
Corp
3,254,551
2,959
Nutrien
Ltd
150,643
10,656
Olin
Corp
502,431
8,167
Rio
Tinto
PLC,
Sponsored
ADR
538,450
14,399
RPM
International
Inc
1,550,484
5,718
Sonoco
Products
Co
290,017
6,968
Southern
Copper
Corp
750,732
TOTAL
MATERIALS
33,375,204
MEDIA
&
ENTERTAINMENT
-
8.6%
216,937
Alphabet
Inc,
Class
A
39,515,075
164,297
Alphabet
Inc,
Class
C
30,135,356
1,834
(c)
Baidu
Inc,
Sponsored
ADR
158,604
77,989
Meta
Platforms
Inc
39,323,614
17,694
(c)
Netflix
Inc
11,941,327
17,899
New
York
Times
Co/The,
Class
A
916,608
91,848
News
Corp,
Class
A
2,532,249
12,818
(c)
Roku
Inc
768,183
100,097
(d)
Sirius
XM
Holdings
Inc
283,274
71,398
Walt
Disney
Co/The
7,089,107
TOTAL
MEDIA
&
ENTERTAINMENT
132,663,397
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
6.9%
70,152
AbbVie
Inc
12,032,471
3,338
(c)
Alnylam
Pharmaceuticals
Inc
811,134
25,823
Amgen
Inc
8,068,396
23
Shares
Description
(a)
Value
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
(continued)
56,490
(c)
Avantor
Inc
$
1,197,588
8,222
(c)
BioMarin
Pharmaceutical
Inc
676,917
97,561
Bristol-Myers
Squibb
Co
4,051,708
29,217
Eli
Lilly
&
Co
26,452,488
16,049
(c)
Exact
Sciences
Corp
678,070
67,257
Gilead
Sciences
Inc
4,614,503
5,303
(c)
ICON
PLC
1,662,331
94,929
Johnson
&
Johnson
13,874,823
110,402
Merck
&
Co
Inc
13,667,768
201,702
Pfizer
Inc
5,643,622
28,283
(c)
Teva
Pharmaceutical
Industries
Ltd,
Sponsored
ADR
459,599
21,790
Thermo
Fisher
Scientific
Inc
12,049,870
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
105,941,288
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
12.2%
62,993
(c)
Advanced
Micro
Devices
Inc
10,218,094
42,222
Applied
Materials
Inc
9,963,970
1,597
ASML
Holding
NV
1,633,300
16,249
Broadcom
Inc
26,088,257
13,344
Entegris
Inc
1,806,778
9,062
Lam
Research
Corp
9,649,671
21,297
Marvell
Technology
Inc
1,488,660
48,971
Micron
Technology
Inc
6,441,156
837,981
NVIDIA
Corp
103,524,173
19,176
NXP
Semiconductors
NV
5,160,070
36,779
(c)
ON
Semiconductor
Corp
2,521,200
50,975
QUALCOMM
Inc
10,153,200
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
188,648,529
SOFTWARE
&
SERVICES
-
11.6%
23,674
Accenture
PLC,
Class
A
7,182,928
21,139
(c)
Adobe
Inc
11,743,560
20,604
(c)
Akamai
Technologies
Inc
1,856,008
3,648
(c)
Atlassian
Corp
PLC,
Class
A
645,258
15,592
(c)
Autodesk
Inc
3,858,241
10,744
(c)
Check
Point
Software
Technologies
Ltd
1,772,760
3,886
(c)
Manhattan
Associates
Inc
958,599
260,852
Microsoft
Corp
116,587,802
73,142
Oracle
Corp
10,327,650
43,629
Salesforce
Inc
11,217,016
10,782
(c)
ServiceNow
Inc
8,481,876
6,661
(c)
Shopify
Inc,
Class
A
439,959
14,844
(c)
VeriSign
Inc
2,639,263
1,241
(c)
Workday
Inc,
Class
A
277,438
10,368
(c)
Zoom
Video
Communications
Inc,
Class
A
613,682
TOTAL
SOFTWARE
&
SERVICES
178,602,040
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
8.0%
495,966
Apple
Inc
104,460,359
20,728
CDW
Corp/DE
4,639,755
19,049
(c)
Ciena
Corp
917,781
220,344
Cisco
Systems
Inc
10,468,543
6,851
Dell
Technologies
Inc,
Class
C
944,821
34,963
(c)
Flex
Ltd
1,031,059
5,140
(c)
Lumentum
Holdings
Inc
261,729
199,033
Telefonaktiebolaget
LM
Ericsson,
Sponsored
ADR
1,228,034
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
123,952,081
Nuveen
S&P
500
Buy-Write
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
24
BXMX
Shares
Description
(a)
Value
TELECOMMUNICATION
SERVICES
-
0.7%
253,903
Verizon
Communications
Inc
$
10,470,960
TOTAL
TELECOMMUNICATION
SERVICES
10,470,960
TRANSPORTATION
-
1.1%
134,504
(c)
American
Airlines
Group
Inc
1,523,930
12,697
Canadian
National
Railway
Co
1,499,897
23,404
Canadian
Pacific
Railway
Ltd
1,842,597
4,425
(c)
Lyft
Inc,
Class
A
62,393
21,947
Norfolk
Southern
Corp
4,711,801
2,565
(c)
Saia
Inc
1,216,554
41,299
United
Parcel
Service
Inc,
Class
B
5,651,768
8,969
(c)
XPO
Inc
952,059
TOTAL
TRANSPORTATION
17,460,999
UTILITIES
-
2.2%
108,510
Ameren
Corp
7,716,146
12,874
Atmos
Energy
Corp
1,501,752
53,103
Evergy
Inc
2,812,866
2,933
National
Fuel
Gas
Co
158,939
89,247
NextEra
Energy
Inc
6,319,580
52,512
OGE
Energy
Corp
1,874,679
56,692
Pinnacle
West
Capital
Corp
4,330,135
115,559
WEC
Energy
Group
Inc
9,066,759
TOTAL
UTILITIES
33,780,856
TOTAL
COMMON
STOCKS
(cost
$440,644,028)
1,533,161,837
TOTAL
LONG-TERM
INVESTMENTS
(cost
$440,644,028)
1,533,161,837
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
298,409
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(f)
$
298,409
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$298,409)
298,409
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.2%
X
–
REPURCHASE
AGREEMENTS
-
2
.2
%
X
34,048,409
$
64,600
(g)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
32,300,000
1,748
(h)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
1,748,409
TOTAL
REPURCHASE
AGREEMENTS
(cost
$34,048,409)
34,048,409
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$34,048,409)
34,048,409
TOTAL
INVESTMENTS
(cost
$
474,990,846
)
-
101
.6
%
1,567,508,655
OTHER
ASSETS
&
LIABILITIES,
NET
- (1.6)%
(
24,810,282
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,542,698,373
25
Investments
in
Derivatives
Options
Written
Type
Description
(i)
Number
of
Contracts
Notional
Amount
(j)
Exercise
Price
Expiration
Date
Value
Call
S&P
500
Index
(309)
$
(
163,770,000
)
$
5,300
7/31/24
$
(
6,635,775
)
Call
S&P
500
Index
(309)
(
168,405,000
)
5,450
7/31/24
(
2,975,670
)
Call
S&P
500
Index
(309)
(
166,860,000
)
5,400
8/16/24
(
4,865,205
)
Call
S&P
500
Index
(309)
(
168,405,000
)
5,450
8/16/24
(
3,760,530
)
Call
S&P
500
Index
(309)
(
165,315,000
)
5,350
8/30/24
(
6,722,295
)
Call
S&P
500
Index
(309)
(
171,495,000
)
5,550
8/30/24
(
2,550,795
)
Call
S&P
500
Index
(309)
(
177,675,000
)
5,750
9/20/24
(
927,000
)
Call
S&P
500
Index
(309)
(
179,220,000
)
5,800
9/20/24
(
631,905
)
Call
S&P
500
Index
(309)
(
177,675,000
)
5,750
9/30/24
(
1,120,125
)
Total
Options
Written
(premiums
received
$21,289,090)
(2,781)
$(1,538,820,000)
$(30,189,300)
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
The
Fund
may
designate
up
to
100%
of
its
common
stock
investments
to
cover
outstanding
options
written.
(c)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(d)
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
$280,442.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$64,628,370
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
4.000%–4.250%
and
maturity
dates
1/31/31–2/28/31,
valued
at
$32,946,190.
(h)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$1,748,642
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$1,783,500.
(i)
Exchange-traded,
unless
otherwise
noted.
(j)
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
26
Nuveen
Dow
30
SM
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
DIAX
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
100.4%
X
–
COMMON
STOCKS
-
98
.9
%
X
569,777,067
BANKS
-
3.4%
95,688
JPMorgan
Chase
&
Co
$
19,353,855
TOTAL
BANKS
19,353,855
CAPITAL
GOODS
-
13.8%
95,688
3M
Co
9,778,357
95,688
(b)
Boeing
Co/The
17,416,173
95,688
(c)
Caterpillar
Inc
31,873,673
95,688
Honeywell
International
Inc
20,433,215
TOTAL
CAPITAL
GOODS
79,501,418
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
8.9%
95,688
(b)
Amazon.com
Inc
18,491,706
95,688
Home
Depot
Inc/The
32,939,637
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
51,431,343
CONSUMER
DURABLES
&
APPAREL
-
1.2%
95,688
NIKE
Inc,
Class
B
7,212,005
TOTAL
CONSUMER
DURABLES
&
APPAREL
7,212,005
CONSUMER
SERVICES
-
4.2%
95,688
McDonald's
Corp
24,385,130
TOTAL
CONSUMER
SERVICES
24,385,130
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.1%
95,688
Walmart
Inc
6,479,035
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
6,479,035
ENERGY
-
2.6%
95,688
Chevron
Corp
14,967,517
TOTAL
ENERGY
14,967,517
FINANCIAL
SERVICES
-
15.7%
95,688
(c)
American
Express
Co
22,156,557
95,688
(c)
Goldman
Sachs
Group
Inc/The
43,281,596
95,688
Visa
Inc,
Class
A
25,115,229
TOTAL
FINANCIAL
SERVICES
90,553,382
FOOD,
BEVERAGE
&
TOBACCO
-
1.1%
95,688
Coca-Cola
Co/The
6,090,541
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
6,090,541
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
8.5%
95,688
UnitedHealth
Group
Inc
48,730,071
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
48,730,071
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
2.7%
95,688
Procter
&
Gamble
Co/The
15,780,865
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
15,780,865
INSURANCE
-
3.4%
95,688
Travelers
Cos
Inc/The
19,457,198
TOTAL
INSURANCE
19,457,198
27
Shares
Description
(a)
Value
MATERIALS
-
0.9%
95,688
Dow
Inc
$
5,076,248
TOTAL
MATERIALS
5,076,248
MEDIA
&
ENTERTAINMENT
-
1.6%
95,688
Walt
Disney
Co/The
9,500,862
TOTAL
MEDIA
&
ENTERTAINMENT
9,500,862
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
9.7%
95,688
(c)
Amgen
Inc
29,897,716
95,688
Johnson
&
Johnson
13,985,758
95,688
Merck
&
Co
Inc
11,846,174
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
55,729,648
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
0.5%
95,688
Intel
Corp
2,963,457
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
2,963,457
SOFTWARE
&
SERVICES
-
14.6%
95,688
International
Business
Machines
Corp
16,549,239
95,688
Microsoft
Corp
42,767,752
95,688
Salesforce
Inc
24,601,385
TOTAL
SOFTWARE
&
SERVICES
83,918,376
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
4.3%
95,688
(c)
Apple
Inc
20,153,806
95,688
Cisco
Systems
Inc
4,546,137
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
24,699,943
TELECOMMUNICATION
SERVICES
-
0.7%
95,688
Verizon
Communications
Inc
3,946,173
TOTAL
TELECOMMUNICATION
SERVICES
3,946,173
TOTAL
COMMON
STOCKS
(cost
$202,569,718)
569,777,067
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1
.5
%
X
8,635,805
2,450
SPDR
Dow
Jones
Industrial
Average
ETF
Trust
$
958,268
28,700
Vanguard
Total
Stock
Market
ETF
7,677,537
TOTAL
EXCHANGE-TRADED
FUNDS
(cost
$7,925,365)
8,635,805
TOTAL
LONG-TERM
INVESTMENTS
(cost
$210,495,083)
578,412,872
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.9%
–
REPURCHASE
AGREEMENTS
-
1
.9
%
X
11,209,722
$
11,210
(d)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
11,209,722
TOTAL
REPURCHASE
AGREEMENTS
(cost
$11,209,722)
11,209,722
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$11,209,722)
11,209,722
TOTAL
INVESTMENTS
(cost
$
221,704,805
)
-
102
.3
%
589,622,594
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.3)%
(
13,275,881
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
576,346,713
Nuveen
Dow
30SM
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
28
DIAX
Investments
in
Derivatives
Options
Written
Type
Description
(e)
Number
of
Contracts
Notional
Amount
(f)
Exercise
Price
Expiration
Date
Value
Call
Russell
2000
Index
(50)
$
(
10,500,000
)
$
2,100
7/19/24
$
(
71,000
)
Call
S&P
500
Index
(110)
(
59,400,000
)
5,400
7/19/24
(
1,229,250
)
Call
S&P
500
Index
(75)
(
41,250,000
)
5,500
7/19/24
(
334,500
)
Call
S&P
500
Index
(105)
(
58,275,000
)
5,550
7/19/24
(
244,650
)
Call
S&P
500
Index
(40)
(
21,800,000
)
5,450
7/31/24
(
249,400
)
Call
S&P
500
Index
(60)
(
33,600,000
)
5,600
7/31/24
(
141,600
)
Call
S&P
500
Index
(60)
(
34,200,000
)
5,700
7/31/24
(
36,600
)
Call
S&P
500
Index
(70)
(
39,900,000
)
5,700
8/16/24
(
112,000
)
Total
Options
Written
(premiums
received
$1,254,527)
(570)
$(298,925,000)
$(2,419,000)
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(d)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$11,211,216
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
1.375%
and
maturity
date
8/31/26,
valued
at
$11,433,957.
(e)
Exchange-traded,
unless
otherwise
noted.
(f)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
ETF
Exchange-Traded
Fund
SPDR
Standard
&
Poor's
Depositary
Receipt
See
Notes
to
Financial
Statements
29
Nuveen
S&P
500
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
SPXX
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
100.3%
X
–
COMMON
STOCKS
-
98.2%
X
310,639,023
AUTOMOBILES
&
COMPONENTS
-
1.6%
507
(b)
Adient
PLC
$
12,528
5,866
Gentex
Corp
197,743
2,285
(b)
Goodyear
Tire
&
Rubber
Co/The
25,935
2,305
Harley-Davidson
Inc
77,310
2,241
Lear
Corp
255,945
16,252
(b)
Lucid
Group
Inc
42,418
2,378
(b)
QuantumScape
Corp
11,700
5,089
(b),(c)
Rivian
Automotive
Inc,
Class
A
68,294
20,058
(b)
Tesla
Inc
3,969,077
1,213
Thor
Industries
Inc
113,355
742
(b)
Visteon
Corp
79,171
TOTAL
AUTOMOBILES
&
COMPONENTS
4,853,476
BANKS
-
3.4%
51,538
Bank
of
America
Corp
2,049,666
22,295
Citigroup
Inc
1,414,841
89
Cullen/Frost
Bankers
Inc
9,045
85
First
Citizens
BancShares
Inc/NC,
Class
A
143,107
4,948
First
Horizon
Corp
78,030
24,320
JPMorgan
Chase
&
Co
4,918,963
9,407
New
York
Community
Bancorp
Inc
30,291
4,203
Synovus
Financial
Corp
168,919
376
(b)
Texas
Capital
Bancshares
Inc
22,989
1,229
Webster
Financial
Corp
53,572
29,478
Wells
Fargo
&
Co
1,750,698
2,283
Wintrust
Financial
Corp
225,012
TOTAL
BANKS
10,865,133
CAPITAL
GOODS
-
5.0%
506
Acuity
Brands
Inc
122,169
1,811
AGCO
Corp
177,261
5,115
(b),(c)
Archer
Aviation
Inc,
Class
A
18,005
5,924
(b)
Array
Technologies
Inc
60,780
3,549
(b),(c)
Bloom
Energy
Corp,
Class
A
43,440
2,021
BWX
Technologies
Inc
191,995
563
Carlisle
Cos
Inc
228,133
4,996
Caterpillar
Inc
1,664,167
5,454
CNH
Industrial
NV
55,249
1,029
Curtiss-Wright
Corp
278,838
3,017
Deere
&
Co
1,127,242
5,038
Eaton
Corp
PLC
1,579,664
740
EMCOR
Group
Inc
270,159
101
Encore
Wire
Corp
29,273
4,483
(b),(c)
Enovix
Corp
69,307
930
Esab
Corp
87,820
572
(b)
Fluence
Energy
Inc
9,918
5,399
Graco
Inc
428,033
1,527
HEICO
Corp
341,452
360
Hexcel
Corp
22,482
8,713
Honeywell
International
Inc
1,860,574
6,141
Illinois
Tool
Works
Inc
1,455,171
936
Lennox
International
Inc
500,741
1,101
Lincoln
Electric
Holdings
Inc
207,693
2,947
Lockheed
Martin
Corp
1,376,544
595
(b)
MasTec
Inc
63,659
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
30
SPXX
Shares
Description
(a)
Value
CAPITAL
GOODS
(continued)
1,160
(b)
Middleby
Corp/The
$
142,228
531
MSC
Industrial
Direct
Co
Inc,
Class
A
42,114
1,314
(b)
NEXTracker
Inc,
Class
A
61,600
1,377
Oshkosh
Corp
148,991
2,476
Owens
Corning
430,131
26,630
(b),(c)
Plug
Power
Inc
62,048
16,125
RTX
Corp
1,618,790
2,981
Sensata
Technologies
Holding
PLC
111,460
9,783
(b)
Shoals
Technologies
Group
Inc,
Class
A
61,046
1,494
(b)
Spirit
AeroSystems
Holdings
Inc,
Class
A
49,108
6,239
(b)
Sunrun
Inc
73,995
2,008
Timken
Co/The
160,901
1,360
Toro
Co/The
127,174
511
Valmont
Industries
Inc
140,244
637
Watsco
Inc
295,083
3,189
(b)
WillScot
Mobile
Mini
Holdings
Corp
120,034
TOTAL
CAPITAL
GOODS
15,914,716
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.6%
3,007
Booz
Allen
Hamilton
Holding
Corp
462,778
425
(b)
CACI
International
Inc,
Class
A
182,805
463
(b)
Clarivate
PLC
2,634
786
(b)
Clean
Harbors
Inc
177,754
228
Concentrix
Corp
14,428
2,741
(b)
GEO
Group
Inc/The
39,361
2,665
KBR
Inc
170,933
1,061
RB
Global
Inc
81,018
3,217
Robert
Half
Inc
205,824
1,108
Science
Applications
International
Corp
130,245
3,175
SS&C
Technologies
Holdings
Inc
198,977
448
(b)
Stericycle
Inc
26,042
998
TransUnion
74,012
913
Vestis
Corp
11,166
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,777,977
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
6.2%
67,878
(b),(d)
Amazon.com
Inc
13,117,423
839
(b)
AutoNation
Inc
133,720
418
(b)
Burlington
Stores
Inc
100,320
1,137
Dick's
Sporting
Goods
Inc
244,284
929
(b)
Five
Below
Inc
101,233
1,111
Foot
Locker
Inc
27,686
1,918
(b)
GameStop
Corp,
Class
A
47,355
1,932
Gap
Inc/The
46,155
9,417
Home
Depot
Inc/The
3,241,709
343
Lithia
Motors
Inc
86,590
7,215
Lowe's
Cos
Inc
1,590,619
3,604
Macy's
Inc
69,197
303
Murphy
USA
Inc
142,246
392
(b)
PDD
Holdings
Inc
52,116
372
(b)
RH
90,932
6,256
(b)
Valvoline
Inc
270,259
1,384
(b)
Victoria's
Secret
&
Co
24,455
753
(b)
Wayfair
Inc,
Class
A
39,706
627
Williams-Sonoma
Inc
177,046
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
19,603,051
31
Shares
Description
(a)
Value
CONSUMER
DURABLES
&
APPAREL
-
0.9%
4,805
(b)
Capri
Holdings
Ltd
$
158,949
1,423
(b)
Cricut
Inc,
Class
A
8,524
8,589
KB
Home
602,775
8,015
Leggett
&
Platt
Inc
91,852
3,702
(b)
Mattel
Inc
60,195
1,396
Meritage
Homes
Corp
225,943
12,271
NIKE
Inc,
Class
B
924,865
4,109
(b)
Sonos
Inc
60,649
4,744
(b)
Taylor
Morrison
Home
Corp
263,007
4,723
Tempur
Sealy
International
Inc
223,587
11,692
(b)
Under
Armour
Inc,
Class
A
77,986
11,868
VF
Corp
160,218
1,563
Whirlpool
Corp
159,739
TOTAL
CONSUMER
DURABLES
&
APPAREL
3,018,289
CONSUMER
SERVICES
-
1.7%
3,882
Aramark
132,066
331
Booking
Holdings
Inc
1,311,257
2,536
Boyd
Gaming
Corp
139,734
555
(b)
Bright
Horizons
Family
Solutions
Inc
61,094
734
Cracker
Barrel
Old
Country
Store
Inc
30,945
979
(b)
DoorDash
Inc,
Class
A
106,496
2,395
(b)
DraftKings
Inc,
Class
A
91,417
2,846
Hyatt
Hotels
Corp
432,364
462
Jack
in
the
Box
Inc
23,534
8,883
McDonald's
Corp
2,263,745
2,339
Papa
John's
International
Inc
109,886
1,394
(b)
Penn
Entertainment
Inc
26,981
1,641
(b)
Planet
Fitness
Inc
120,761
1,485
Service
Corp
International/US
105,628
2,073
(b)
Six
Flags
Entertainment
Corp
68,699
3,429
Travel
+
Leisure
Co
154,236
195
Vail
Resorts
Inc
35,125
8,976
Wendy's
Co/The
152,233
TOTAL
CONSUMER
SERVICES
5,366,201
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.2%
1,370
Albertsons
Cos
Inc,
Class
A
27,058
2,512
(b)
BJ's
Wholesale
Club
Holdings
Inc
220,654
410
Casey's
General
Stores
Inc
156,440
3,962
Costco
Wholesale
Corp
3,367,660
1,590
(b)
Performance
Food
Group
Co
105,115
2,961
(b)
US
Foods
Holding
Corp
156,874
40,986
(d)
Walmart
Inc
2,775,162
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
6,808,963
ENERGY
-
3.7%
1,160
(b)
Antero
Resources
Corp
37,851
3,476
ChampionX
Corp
115,438
1,692
Cheniere
Energy
Inc
295,812
2,132
Chesapeake
Energy
Corp
175,229
18,545
Chevron
Corp
2,900,809
838
Chord
Energy
Corp
140,516
10,186
ConocoPhillips
1,165,075
4,475
Equitrans
Midstream
Corp
58,086
33,891
Exxon
Mobil
Corp
3,901,531
1,270
HF
Sinclair
Corp
67,742
4,787
Liberty
Energy
Inc
100,000
9,638
Magnolia
Oil
&
Gas
Corp,
Class
A
244,227
6,358
Marathon
Petroleum
Corp
1,102,986
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
32
SPXX
Shares
Description
(a)
Value
ENERGY
(continued)
4,582
Murphy
Oil
Corp
$
188,962
1,982
New
Fortress
Energy
Inc
43,564
11,967
NOV
Inc
227,492
1,867
Patterson-UTI
Energy
Inc
19,342
632
Peabody
Energy
Corp
13,980
4,978
Permian
Resources
Corp
80,395
4,093
Range
Resources
Corp
137,238
3,108
SM
Energy
Co
134,359
14,618
(b)
Southwestern
Energy
Co
98,379
8,230
TechnipFMC
PLC
215,215
156
Texas
Pacific
Land
Corp
114,546
6,953
(b)
Transocean
Ltd
37,199
TOTAL
ENERGY
11,615,973
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.7%
5,517
Agree
Realty
Corp
341,723
6,767
American
Homes
4
Rent,
Class
A
251,462
6,904
Americold
Realty
Trust
Inc
176,328
15,872
Brixmor
Property
Group
Inc
366,484
7,025
Cousins
Properties
Inc
162,629
1,740
EastGroup
Properties
Inc
295,974
6,011
Equity
LifeStyle
Properties
Inc
391,496
10,582
First
Industrial
Realty
Trust
Inc
502,751
4,174
Gaming
and
Leisure
Properties
Inc
188,707
10,252
Healthcare
Realty
Trust
Inc
168,953
1,542
Hudson
Pacific
Properties
Inc
7,417
10,680
Independence
Realty
Trust
Inc
200,143
320
Innovative
Industrial
Properties
Inc
34,950
2,264
Lamar
Advertising
Co,
Class
A
270,615
3,983
Macerich
Co/The
61,498
8,772
NNN
REIT
Inc
373,687
5,266
Omega
Healthcare
Investors
Inc
180,360
3,825
Outfront
Media
Inc
54,698
5,255
Pebblebrook
Hotel
Trust
72,256
7,163
Phillips
Edison
&
Co
Inc
234,302
1,421
PotlatchDeltic
Corp
55,973
3,334
Rexford
Industrial
Realty
Inc
148,663
1,110
Ryman
Hospitality
Properties
Inc
110,845
13,021
SITE
Centers
Corp
188,805
965
SL
Green
Realty
Corp
54,658
1,241
Sun
Communities
Inc
149,342
3,372
WP
Carey
Inc
185,629
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
5,230,348
FINANCIAL
SERVICES
-
7.1%
890
(b)
Affirm
Holdings
Inc
26,887
8,310
AGNC
Investment
Corp
79,277
2,624
Ally
Financial
Inc
104,094
6,384
American
Express
Co
1,478,216
5,651
Annaly
Capital
Management
Inc
107,708
15,838
(b),(d)
Berkshire
Hathaway
Inc,
Class
B
6,442,898
1,147
(b)
Block
Inc
73,970
304
(b)
Coinbase
Global
Inc,
Class
A
67,558
4,161
Corebridge
Financial
Inc
121,168
5,499
Equitable
Holdings
Inc
224,689
3,860
Goldman
Sachs
Group
Inc/The
1,745,955
807
(b)
Hut
8
Corp
12,097
1,068
Interactive
Brokers
Group
Inc,
Class
A
130,937
8,753
Intercontinental
Exchange
Inc
1,198,198
508
LPL
Financial
Holdings
Inc
141,884
7,480
Mastercard
Inc,
Class
A
3,299,877
33
Shares
Description
(a)
Value
FINANCIAL
SERVICES
(continued)
7,780
MGIC
Investment
Corp
$
167,659
14,535
Morgan
Stanley
1,412,657
440
PennyMac
Financial
Services
Inc
41,624
4,239
Radian
Group
Inc
131,833
3,649
(b)
Robinhood
Markets
Inc,
Class
A
82,869
4,781
(b)
Rocket
Cos
Inc,
Class
A
65,500
3,398
S&P
Global
Inc
1,515,508
6,607
(b),(c)
SoFi
Technologies
Inc
43,672
1,592
(b)
Toast
Inc,
Class
A
41,026
1,119
Tradeweb
Markets
Inc,
Class
A
118,614
468
(b),(c)
Upstart
Holdings
Inc
11,040
14,045
Visa
Inc,
Class
A
3,686,391
4,222
Voya
Financial
Inc
300,395
8,999
Western
Union
Co/The
109,968
2,878
XP
Inc,
Class
A
50,624
TOTAL
FINANCIAL
SERVICES
23,034,793
FOOD,
BEVERAGE
&
TOBACCO
-
2.6%
188
(b)
Boston
Beer
Co
Inc/The,
Class
A
57,349
846
Cal-Maine
Foods
Inc
51,699
46,630
(d)
Coca-Cola
Co/The
2,968,000
2,034
(b)
Darling
Ingredients
Inc
74,750
6,799
Flowers
Foods
Inc
150,938
646
(b)
Freshpet
Inc
83,586
2,784
Ingredion
Inc
319,325
485
Lancaster
Colony
Corp
91,650
16,493
PepsiCo
Inc
2,720,190
11,325
Philip
Morris
International
Inc
1,147,562
4,686
(b)
Pilgrim's
Pride
Corp
180,364
3,247
(b)
Post
Holdings
Inc
338,207
2,100
(b)
Simply
Good
Foods
Co/The
75,873
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
8,259,493
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.7%
18,190
Abbott
Laboratories
1,890,124
1,735
(b)
Acadia
Healthcare
Co
Inc
117,182
6,194
(b)
agilon
health
Inc
40,509
43
(b)
Amedisys
Inc
3,947
805
(b)
AMN
Healthcare
Services
Inc
41,240
23,584
(b)
Boston
Scientific
Corp
1,816,204
279
Chemed
Corp
151,380
1,373
CONMED
Corp
95,176
8,288
DENTSPLY
SIRONA
Inc
206,454
1,637
(b)
Doximity
Inc,
Class
A
45,787
2,253
Encompass
Health
Corp
193,285
1,954
(b)
Enovis
Corp
88,321
8,466
(b)
Envista
Holdings
Corp
140,790
2,780
(b)
Globus
Medical
Inc,
Class
A
190,402
757
(b)
Haemonetics
Corp
62,627
1,221
(b)
HealthEquity
Inc
105,250
461
(b)
Hims
&
Hers
Health
Inc
9,308
639
(b)
ICU
Medical
Inc
75,881
767
(b)
Inari
Medical
Inc
36,931
481
(b)
Inspire
Medical
Systems
Inc
64,372
892
(b)
Integra
LifeSciences
Holdings
Corp
25,993
3,572
(b)
Intuitive
Surgical
Inc
1,589,004
697
(b)
Lantheus
Holdings
Inc
55,962
1,911
McKesson
Corp
1,116,100
15,485
Medtronic
PLC
1,218,824
1,383
(b)
Merit
Medical
Systems
Inc
118,869
5,175
(b)
Neogen
Corp
80,885
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
34
SPXX
Shares
Description
(a)
Value
HEALTH
CARE
EQUIPMENT
&
SERVICES
(continued)
656
(b)
Omnicell
Inc
$
17,758
2,090
(b)
Option
Care
Health
Inc
57,893
433
(b)
Penumbra
Inc
77,927
7,161
Premier
Inc,
Class
A
133,696
593
(b)
Privia
Health
Group
Inc
10,306
1,424
(b)
Progyny
Inc
40,741
526
(b)
QuidelOrtho
Corp
17,474
361
(b)
STAAR
Surgical
Co
17,187
1,122
(b)
Tandem
Diabetes
Care
Inc
45,205
1,016
(b)
Teladoc
Health
Inc
9,936
1,806
(b)
Tenet
Healthcare
Corp
240,252
8,674
UnitedHealth
Group
Inc
4,417,321
1,340
(b)
Veeva
Systems
Inc,
Class
A
245,234
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
14,911,737
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.2%
1,282
(b)
BellRing
Brands
Inc
73,253
22,455
Procter
&
Gamble
Co/The
3,703,279
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,776,532
INSURANCE
-
2.1%
1,136
American
Financial
Group
Inc/OH
139,751
5,688
Arthur
J
Gallagher
&
Co
1,474,955
650
Hanover
Insurance
Group
Inc/The
81,536
196
Kinsale
Capital
Group
Inc
75,515
473
Lincoln
National
Corp
14,710
117
(b)
Markel
Group
Inc
184,352
8,946
Marsh
&
McLennan
Cos
Inc
1,885,102
4,947
Old
Republic
International
Corp
152,862
1,422
Primerica
Inc
336,417
1,161
Reinsurance
Group
of
America
Inc
238,318
436
RenaissanceRe
Holdings
Ltd
97,450
965
RLI
Corp
135,766
1,002
Selective
Insurance
Group
Inc
94,018
6,012
Travelers
Cos
Inc/The
1,222,480
7,525
Unum
Group
384,603
TOTAL
INSURANCE
6,517,835
MATERIALS
-
1.6%
2,176
Alcoa
Corp
86,561
20,212
(b)
Arcadium
Lithium
PLC
67,912
2,255
Ashland
Inc
213,075
7,632
(b)
Axalta
Coating
Systems
Ltd
260,785
3,411
Berry
Global
Group
Inc
200,737
2,824
Cabot
Corp
259,497
4,941
Chemours
Co/The
111,518
4,597
(b)
Cleveland-Cliffs
Inc
70,748
2,782
(b)
Coeur
Mining
Inc
15,635
812
Compass
Minerals
International
Inc
8,388
4,146
Crown
Holdings
Inc
308,421
12,941
Element
Solutions
Inc
350,960
10,647
Graphic
Packaging
Holding
Co
279,058
3,334
HB
Fuller
Co
256,585
14,773
Hecla
Mining
Co
71,649
212
(b)
Ingevity
Corporation
9,267
1,550
Louisiana-Pacific
Corp
127,612
1,379
Minerals
Technologies
Inc
114,678
9,015
(b),(c)
MP
Materials
Corp
114,761
225
NewMarket
Corp
116,003
3,302
Olin
Corp
155,689
35
Shares
Description
(a)
Value
MATERIALS
(continued)
555
Reliance
Inc
$
158,508
2,738
Royal
Gold
Inc
342,688
3,446
RPM
International
Inc
371,066
1,767
Scotts
Miracle-Gro
Co/The
114,961
1,579
Sensient
Technologies
Corp
117,146
3,858
Silgan
Holdings
Inc
163,309
2,746
Southern
Copper
Corp
295,854
199
Stepan
Co
16,708
8,818
Tronox
Holdings
PLC
138,354
3,457
United
States
Steel
Corp
130,675
TOTAL
MATERIALS
5,048,808
MEDIA
&
ENTERTAINMENT
-
9.3%
44,594
Alphabet
Inc,
Class
A
8,122,797
36,908
(d)
Alphabet
Inc,
Class
C
6,769,665
16
(b)
AMC
Entertainment
Holdings
Inc,
Class
A
80
115
(c)
Cable
One
Inc
40,710
40,347
Comcast
Corp,
Class
A
1,579,988
1,498
(b)
IAC
Inc
70,181
1,107
(b)
Liberty
Media
Corp-Liberty
Formula
One,
Class
A
71,103
1,131
(b)
Liberty
Media
Corp-Liberty
Live,
Class
A
42,424
16,581
Meta
Platforms
Inc
8,360,473
3,464
(b)
Netflix
Inc
2,337,783
2,539
(b)
Pinterest
Inc,
Class
A
111,894
1,382
(b)
ROBLOX
Corp,
Class
A
51,424
641
(b)
Roku
Inc
38,415
21,538
(c)
Sirius
XM
Holdings
Inc
60,953
721
(b)
Spotify
Technology
SA
226,243
704
TKO
Group
Holdings
Inc
76,025
2,279
(b)
TripAdvisor
Inc
40,589
14,897
Walt
Disney
Co/The
1,479,123
872
(b)
Ziff
Davis
Inc
48,004
TOTAL
MEDIA
&
ENTERTAINMENT
29,527,874
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.3%
15,731
(d)
AbbVie
Inc
2,698,180
2,527
(b)
Alkermes
PLC
60,901
5,222
(d)
Amgen
Inc
1,631,614
913
(b)
BioMarin
Pharmaceutical
Inc
75,167
1,543
Bruker
Corp
98,459
5,710
Danaher
Corp
1,426,644
5,649
(b)
Elanco
Animal
Health
Inc
81,515
6,385
Eli
Lilly
&
Co
5,780,851
1,149
(b)
Exact
Sciences
Corp
48,545
4,414
(b)
Exelixis
Inc
99,183
71
(b)
GRAIL
Inc
1,084
1,621
(b)
Halozyme
Therapeutics
Inc
84,876
423
(b)
Illumina
Inc
44,153
1,132
(b)
Ionis
Pharmaceuticals
Inc
53,951
862
(b)
Jazz
Pharmaceuticals
PLC
92,001
18,193
Johnson
&
Johnson
2,659,089
395
(b)
Medpace
Holdings
Inc
162,681
23,452
Merck
&
Co
Inc
2,903,358
3,026
(b)
Mural
Oncology
PLC
9,502
904
(b)
Neurocrine
Biosciences
Inc
124,454
1,447
(b)
Novavax
Inc
18,319
50,011
Pfizer
Inc
1,399,308
186
(b)
Repligen
Corp
23,447
399
(b)
Sarepta
Therapeutics
Inc
63,042
3,729
Thermo
Fisher
Scientific
Inc
2,062,136
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
36
SPXX
Shares
Description
(a)
Value
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
(continued)
2,534
(b)
Vertex
Pharmaceuticals
Inc
$
1,187,736
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
22,890,196
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.1%
1,231
(b)
Jones
Lang
LaSalle
Inc
252,699
4,753
(b)
Opendoor
Technologies
Inc
8,746
1,785
(b)
Zillow
Group
Inc,
Class
C
82,806
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
344,251
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
11.7%
5,912
Analog
Devices
Inc
1,349,473
11,856
(d)
Applied
Materials
Inc
2,797,897
3,641
Broadcom
Inc
5,845,735
861
(b)
Lattice
Semiconductor
Corp
49,929
3,050
Marvell
Technology
Inc
213,195
183,690
NVIDIA
Corp
22,693,062
10,222
QUALCOMM
Inc
2,036,018
693
(b)
Semtech
Corp
20,707
10,200
Texas
Instruments
Inc
1,984,206
521
Universal
Display
Corp
109,540
2,647
(b),(c)
Wolfspeed
Inc
60,246
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
37,160,008
SOFTWARE
&
SERVICES
-
11.0%
3,572
(b)
Adobe
Inc
1,984,390
993
(b)
Altair
Engineering
Inc,
Class
A
97,393
2,425
Amdocs
Ltd
191,382
438
(b)
BlackLine
Inc
21,221
2,883
(b)
Box
Inc,
Class
A
76,227
361
(b)
C3.ai
Inc,
Class
A
10,455
725
(b)
Cleanspark
Inc
11,564
805
(b)
Cloudflare
Inc,
Class
A
66,678
382
(b)
DocuSign
Inc
20,437
7,313
(b)
Dropbox
Inc,
Class
A
164,323
1,426
(b)
Dynatrace
Inc
63,799
515
(b)
Elastic
NV
58,664
1,172
(b)
Five9
Inc
51,685
340
(b)
Globant
SA
60,608
2,495
Intuit
Inc
1,639,739
673
(b)
Manhattan
Associates
Inc
166,016
602
(b),(c)
Marathon
Digital
Holdings
Inc
11,950
55,232
Microsoft
Corp
24,685,943
55
(b),(c)
MicroStrategy
Inc,
Class
A
75,761
192
(b)
MongoDB
Inc
47,992
2,273
(b)
Nutanix
Inc,
Class
A
129,220
112
(b)
Okta
Inc
10,484
14,001
Oracle
Corp
1,976,941
4,962
(b)
Palantir
Technologies
Inc,
Class
A
125,687
380
Pegasystems
Inc
23,001
1,278
(b)
RingCentral
Inc,
Class
A
36,040
1,882
(b)
Riot
Platforms
Inc
17,201
7,413
Salesforce
Inc
1,905,882
2,769
(b)
SentinelOne
Inc,
Class
A
58,287
86
(b)
Snowflake
Inc,
Class
A
11,618
1,110
(b)
Teradata
Corp
38,362
2,685
(b)
Terawulf
Inc
11,948
632
(b)
Trade
Desk
Inc/The,
Class
A
61,727
1,346
(b)
Twilio
Inc,
Class
A
76,466
3,241
(b)
UiPath
Inc,
Class
A
41,096
3,998
(b)
Unity
Software
Inc
65,007
37
Shares
Description
(a)
Value
SOFTWARE
&
SERVICES
(continued)
410
(b)
Wix.com
Ltd
$
65,219
1,207
(b)
Workday
Inc,
Class
A
269,837
2,638
(b)
Zoom
Video
Communications
Inc,
Class
A
156,143
TOTAL
SOFTWARE
&
SERVICES
34,586,393
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
8.4%
108,834
(d)
Apple
Inc
22,922,618
1,206
(b)
Arrow
Electronics
Inc
145,637
3,111
Avnet
Inc
160,186
3,370
(b)
Ciena
Corp
162,367
43,703
Cisco
Systems
Inc
2,076,329
1,796
(b)
Coherent
Corp
130,138
5,255
Dell
Technologies
Inc,
Class
C
724,717
691
(b)
IPG
Photonics
Corp
58,313
1,321
(b)
Pure
Storage
Inc,
Class
A
84,821
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
26,465,126
TELECOMMUNICATION
SERVICES
-
0.6%
2,306
(b),(c)
AST
SpaceMobile
Inc
26,773
839
Cogent
Communications
Holdings
Inc
47,353
1,483
Iridium
Communications
Inc
39,477
20,069
(b)
Lumen
Technologies
Inc
22,076
607
Telephone
and
Data
Systems
Inc
12,583
1,094
(b)
United
States
Cellular
Corp
61,067
40,309
Verizon
Communications
Inc
1,662,343
TOTAL
TELECOMMUNICATION
SERVICES
1,871,672
TRANSPORTATION
-
1.4%
272
Avis
Budget
Group
Inc
28,429
942
Copa
Holdings
SA,
Class
A
89,659
935
(b)
GXO
Logistics
Inc
47,218
4,206
(b)
JetBlue
Airways
Corp
25,615
2,294
Knight-Swift
Transportation
Holdings
Inc
114,516
397
(b)
Saia
Inc
188,293
15,981
(b)
Uber
Technologies
Inc
1,161,499
6,904
Union
Pacific
Corp
1,562,100
8,775
United
Parcel
Service
Inc,
Class
B
1,200,858
1,308
(b)
XPO
Inc
138,844
TOTAL
TRANSPORTATION
4,557,031
UTILITIES
-
2.1%
1,280
ALLETE
Inc
79,808
2,994
Avangrid
Inc
106,377
2,058
Black
Hills
Corp
111,914
2,908
Brookfield
Renewable
Corp,
Class
A
82,529
8,533
Clearway
Energy
Inc,
Class
C
210,680
16,505
Duke
Energy
Corp
1,654,296
9,953
Essential
Utilities
Inc
371,545
11,064
Hawaiian
Electric
Industries
Inc
99,797
5,952
IDACORP
Inc
554,429
2,125
New
Jersey
Resources
Corp
90,823
18,838
NextEra
Energy
Inc
1,333,919
21,110
OGE
Energy
Corp
753,627
837
Otter
Tail
Corp
73,313
6,569
PNM
Resources
Inc
242,790
12,061
Portland
General
Electric
Co
521,518
69
Southwest
Gas
Holdings
Inc
4,856
1,283
(b),(c)
Sunnova
Energy
International
Inc
7,159
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
38
SPXX
Investments
in
Derivatives
Shares
Description
(a)
Value
UTILITIES
(continued)
14,575
UGI
Corp
$
333,767
TOTAL
UTILITIES
6,633,147
TOTAL
COMMON
STOCKS
(cost
$100,531,146)
310,639,023
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
2.1%
X
6,131,428
3,500
SPDR
S&P
500
ETF
Trust
$
1,904,770
15,800
Vanguard
Total
Stock
Market
ETF
4,226,658
TOTAL
EXCHANGE-TRADED
FUNDS
(cost
$5,303,014)
6,131,428
TOTAL
LONG-TERM
INVESTMENTS
(cost
$105,834,160)
316,770,451
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
619,337
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(f)
$
619,337
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$619,337)
619,337
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.8%
–
REPURCHASE
AGREEMENTS
-
1.8%
X
5,687,791
$
5,688
(g)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
5,687,791
TOTAL
REPURCHASE
AGREEMENTS
(cost
$5,687,791)
5,687,791
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$5,687,791)
5,687,791
TOTAL
INVESTMENTS
(cost
$112,141,288
)
-
102.3%
323,077,579
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.3)%
(7,314,835)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
315,762,744
Options
Written
Type
Description(h)
Number
of
Contracts
Notional
Amount
(i)
Exercise
Price
Expiration
Date
Value
Call
Russell
2000
Index
(25)
$
(5,250,000)
$
2,100
7/19/24
$
(
35,500)
Call
S&P
500
Index
(99)
(53,460,000)
5,400
7/19/24
(1,106,325)
Call
S&P
500
Index
(40)
(22,000,000)
5,500
7/19/24
(178,400)
Call
S&P
500
Index
(10)
(5,550,000)
5,550
7/19/24
(23,300)
Call
S&P
500
Index
(25)
(13,625,000)
5,450
7/31/24
(155,875)
Call
S&P
500
Index
(50)
(28,000,000)
5,600
7/31/24
(118,000)
Call
S&P
500
Index
(20)
(11,400,000)
5,700
7/31/24
(12,200)
Call
S&P
500
Index
(45)
(25,650,000)
5,700
8/16/24
(72,000)
Total
Options
Written
(premiums
received
$839,773)
(314)
$(164,935,000)
$(1,701,600)
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
39
(c)
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
$577,738.
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$5,688,549
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$5,801,594.
(h)
Exchange-traded,
unless
otherwise
noted.
(i)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SPDR
Standard
&
Poor's
Depositary
Receipt
See
Notes
to
Financial
Statements
40
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
QQQX
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
100.6%
X
–
COMMON
STOCKS
-
99
.5
%
X
1,336,299,475
AUTOMOBILES
&
COMPONENTS
-
2.8%
40,233
Ford
Motor
Co
$
504,522
4,110
Lear
Corp
469,403
187,802
(b)
Tesla
Inc
37,162,260
TOTAL
AUTOMOBILES
&
COMPONENTS
38,136,185
CAPITAL
GOODS
-
1.6%
7,468
3M
Co
763,155
1,478
(b)
Axon
Enterprise
Inc
434,887
9,138
Caterpillar
Inc
3,043,868
4,624
EMCOR
Group
Inc
1,688,130
3,812
(b),(c)
Enovix
Corp
58,933
7,764
Fortive
Corp
575,312
12,364
(b)
GE
Vernova
Inc
2,120,550
30,184
General
Electric
Co
4,798,350
584
HEICO
Corp
130,588
2,990
Howmet
Aerospace
Inc
232,114
6,441
(b),(c)
Plug
Power
Inc
15,007
7,632
Rockwell
Automation
Inc
2,100,937
116
TransDigm
Group
Inc
148,203
4,996
United
Rentals
Inc
3,231,063
5,734
Vertiv
Holdings
Co,
Class
A
496,392
1,840
Watsco
Inc
852,362
1,390
WW
Grainger
Inc
1,254,114
TOTAL
CAPITAL
GOODS
21,943,965
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
0.5%
21,698
(b)
ACV
Auctions
Inc,
Class
A
395,989
634
Booz
Allen
Hamilton
Holding
Corp
97,573
19,119
Robert
Half
Inc
1,223,234
7,070
Rollins
Inc
344,945
4,378
Tetra
Tech
Inc
895,213
9,596
Veralto
Corp
916,130
7,562
Waste
Connections
Inc
1,326,072
9,915
Waste
Management
Inc
2,115,266
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
7,314,422
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
6.6%
3,906
(b)
Abercrombie
&
Fitch
Co,
Class
A
694,643
360,736
(b),(d)
Amazon.com
Inc
69,712,232
940
(b)
AutoZone
Inc
2,786,254
1,817
(b)
Burlington
Stores
Inc
436,080
1,711
(b)
Carvana
Co
220,240
52,348
(b)
Coupang
Inc
1,096,690
8,039
Dick's
Sporting
Goods
Inc
1,727,179
1,571
Dillard's
Inc,
Class
A
691,853
16,562
eBay
Inc
889,711
5,972
Gap
Inc/The
142,671
4,325
Lowe's
Cos
Inc
953,489
14,611
(b)
Ollie's
Bargain
Outlet
Holdings
Inc
1,434,362
7,621
Pool
Corp
2,342,162
181
(b),(c)
Savers
Value
Village
Inc
2,215
24,886
TJX
Cos
Inc/The
2,739,949
6,915
Tractor
Supply
Co
1,867,050
3,191
Williams-Sonoma
Inc
901,043
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
88,637,823
41
Shares
Description
(a)
Value
CONSUMER
DURABLES
&
APPAREL
-
0.3%
2,696
(b)
Deckers
Outdoor
Corp
$
2,609,593
8,831
NIKE
Inc,
Class
B
665,593
3,437
(b)
Skechers
USA
Inc,
Class
A
237,565
TOTAL
CONSUMER
DURABLES
&
APPAREL
3,512,751
CONSUMER
SERVICES
-
2.9%
6,160
Booking
Holdings
Inc
24,402,840
87,000
(b)
Chipotle
Mexican
Grill
Inc
5,450,550
10,528
Darden
Restaurants
Inc
1,593,097
433
Domino's
Pizza
Inc
223,571
13,319
(b)
DraftKings
Inc,
Class
A
508,386
26,996
Hilton
Worldwide
Holdings
Inc
5,890,527
10,345
Service
Corp
International/US
735,840
1,480
Wingstop
Inc
625,537
TOTAL
CONSUMER
SERVICES
39,430,348
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.4%
33,397
(b)
BJ's
Wholesale
Club
Holdings
Inc
2,933,592
2,618
Casey's
General
Stores
Inc
998,924
3,129
Dollar
General
Corp
413,748
210,528
(b)
HF
Foods
Group
Inc
631,584
43,339
Kroger
Co/The
2,163,916
27,218
(b)
Maplebear
Inc
874,787
22,357
(b)
Performance
Food
Group
Co
1,478,021
36,930
(b)
Sprouts
Farmers
Market
Inc
3,089,564
22,350
Sysco
Corp
1,595,567
17,183
Target
Corp
2,543,771
46,686
(b)
US
Foods
Holding
Corp
2,473,424
192,024
Walmart
Inc
13,001,945
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
32,198,843
ENERGY
-
0.4%
10,103
(b)
Antero
Resources
Corp
329,661
4,902
(b)
Clean
Energy
Fuels
Corp
13,088
24,611
Exxon
Mobil
Corp
2,833,218
2,476
Hess
Corp
365,260
5,484
Select
Water
Solutions
Inc
58,679
53,009
TechnipFMC
PLC
1,386,185
423
Texas
Pacific
Land
Corp
310,596
3,266
(b)
Tidewater
Inc
310,956
1,848
(b)
Weatherford
International
PLC
226,288
TOTAL
ENERGY
5,833,931
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
0.2%
55,254
CubeSmart
2,495,823
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
2,495,823
FINANCIAL
SERVICES
-
2.2%
5,861
(b)
Berkshire
Hathaway
Inc,
Class
B
2,384,255
666
(b)
Coinbase
Global
Inc,
Class
A
148,005
11,527
Jack
Henry
&
Associates
Inc
1,913,713
8,130
Mastercard
Inc,
Class
A
3,586,631
8,682
Moody's
Corp
3,654,514
19,418
Morgan
Stanley
1,887,235
143,943
(b)
PayPal
Holdings
Inc
8,353,012
3,079
S&P
Global
Inc
1,373,234
11,343
SEI
Investments
Co
733,779
11,700
(b)
Toast
Inc,
Class
A
301,509
17,825
Visa
Inc,
Class
A
4,678,528
TOTAL
FINANCIAL
SERVICES
29,014,415
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
42
QQQX
Shares
Description
(a)
Value
FOOD,
BEVERAGE
&
TOBACCO
-
2.7%
70,834
(b)
Bridgford
Foods
Corp
$
711,173
10,559
Brown-Forman
Corp,
Class
B
456,043
10,507
Cal-Maine
Foods
Inc
642,083
6,159
Campbell
Soup
Co
278,325
37,908
(b)
Celsius
Holdings
Inc
2,164,168
78,623
Coca-Cola
Co/The
5,004,354
190
Coca-Cola
Consolidated
Inc
206,150
7,494
Constellation
Brands
Inc,
Class
A
1,928,056
4,567
(b)
Freshpet
Inc
590,924
40,685
General
Mills
Inc
2,573,733
21,447
Hershey
Co/The
3,942,602
853
Ingredion
Inc
97,839
30,851
Kellanova
1,779,486
1,022
Lamb
Weston
Holdings
Inc
85,930
20,310
McCormick
&
Co
Inc/MD
1,440,792
242,394
(b)
Monster
Beverage
Corp
12,107,580
10,703
(b)
Post
Holdings
Inc
1,114,825
12,843
Tyson
Foods
Inc,
Class
A
733,849
20,334
(b)
Vital
Farms
Inc
951,021
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
36,808,933
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.6%
26,882
Abbott
Laboratories
2,793,309
11,805
(b)
Axonics
Inc
793,650
2,837
Becton
Dickinson
&
Co
663,035
50,911
(b)
Boston
Scientific
Corp
3,920,656
9,791
Cardinal
Health
Inc
962,651
4,236
Cencora
Inc
954,371
4,014
(b)
Edwards
Lifesciences
Corp
370,773
768
Embecta
Corp
9,600
1,777
(b)
Glaukos
Corp
210,308
5,327
(b)
Hims
&
Hers
Health
Inc
107,552
17,865
(b)
LENSAR
Inc
80,392
5,949
McKesson
Corp
3,474,454
313
(b)
Novocure
Ltd
5,362
271
(b)
Penumbra
Inc
48,772
2,672
(b)
PROCEPT
BioRobotics
Corp
163,232
2,655
(b)
RxSight
Inc
159,751
19,914
Stryker
Corp
6,775,739
695
(b)
TransMedics
Group
Inc
104,681
1
(b)
Venus
Concept
Inc
1
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
21,598,289
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
0.3%
9,229
Colgate-Palmolive
Co
895,582
4,331
(b)
elf
Beauty
Inc
912,629
11,199
Procter
&
Gamble
Co/The
1,846,939
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,655,150
INSURANCE
-
0.1%
5,928
Progressive
Corp/The
1,231,305
TOTAL
INSURANCE
1,231,305
MATERIALS
-
0.5%
7,904
Air
Products
and
Chemicals
Inc
2,039,627
4,212
Ball
Corp
252,804
1,460
Carpenter
Technology
Corp
159,987
13,576
CF
Industries
Holdings
Inc
1,006,253
6,845
(b)
comScore
Inc
97,131
35,023
Freeport-McMoRan
Inc
1,702,118
43
Shares
Description
(a)
Value
MATERIALS
(continued)
7,747
International
Paper
Co
$
334,283
3,839
Sherwin-Williams
Co/The
1,145,673
TOTAL
MATERIALS
6,737,876
MEDIA
&
ENTERTAINMENT
-
16.4%
384,090
Alphabet
Inc,
Class
A
69,961,993
298,496
(d)
Alphabet
Inc,
Class
C
54,750,136
448
(b)
AMC
Entertainment
Holdings
Inc,
Class
A
2,231
642,116
Comcast
Corp,
Class
A
25,145,262
12,565
(b)
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
902,670
37,991
(b)
Match
Group
Inc
1,154,167
124,999
Meta
Platforms
Inc
63,026,996
25,957
New
York
Times
Co/The,
Class
A
1,329,258
6,270
News
Corp,
Class
B
178,005
4,367
(b)
Roku
Inc
261,714
42,393
Saga
Communications
Inc,
Class
A
667,690
637
(b)
Spotify
Technology
SA
199,884
8,142
TKO
Group
Holdings
Inc
879,255
11,379
Walt
Disney
Co/The
1,129,821
TOTAL
MEDIA
&
ENTERTAINMENT
219,589,082
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
4.7%
3,964
(b)
89bio
Inc
31,752
14,007
Agilent
Technologies
Inc
1,815,728
5,468
(b)
Agios
Pharmaceuticals
Inc
235,780
66,016
(d)
Amgen
Inc
20,626,699
803
(b)
Arcus
Biosciences
Inc
12,230
1,819
(b)
Arvinas
Inc
48,422
3,906
(b)
Avidity
Biosciences
Inc
159,560
3,399
(b)
Blueprint
Medicines
Corp
366,344
6,301
(b)
Cerevel
Therapeutics
Holdings
Inc
257,648
5,019
(b)
Charles
River
Laboratories
International
Inc
1,036,825
5,067
(b)
Cytokinetics
Inc
274,530
16,193
Danaher
Corp
4,045,821
22,400
(b)
Day
One
Biopharmaceuticals
Inc
308,672
3,634
(b)
Disc
Medicine
Inc
163,784
3,533
(b)
Dyne
Therapeutics
Inc
124,680
6,554
(b)
Editas
Medicine
Inc
30,607
2,706
Eli
Lilly
&
Co
2,449,958
5,556
(b)
Exelixis
Inc
124,843
172,825
Gilead
Sciences
Inc
11,857,523
11,370
(b),(c)
Humacyte
Inc
54,576
48,226
(b),(c)
ImmunityBio
Inc
304,788
13,603
(b)
Insmed
Inc
911,401
7,172
(b)
Iovance
Biotherapeutics
Inc
57,520
22,160
(b)
Kura
Oncology
Inc
456,274
13,750
(b)
Liquidia
Corp
165,000
1,618
(b)
Madrigal
Pharmaceuticals
Inc
453,299
632
(b)
Natera
Inc
68,439
7,810
(b)
Neurocrine
Biosciences
Inc
1,075,203
13,272
(b)
Regeneron
Pharmaceuticals
Inc
13,949,270
4,581
(b)
Revance
Therapeutics
Inc
11,773
4,032
(b)
REVOLUTION
Medicines
Inc
156,482
2,111
(b)
Sarepta
Therapeutics
Inc
333,538
3,102
(b)
SpringWorks
Therapeutics
Inc
116,852
7,842
(b)
Tarsus
Pharmaceuticals
Inc
213,146
7,934
(b)
Twist
Bioscience
Corp
390,988
2,769
(b)
Vaxcyte
Inc
209,087
2,196
(b)
Viking
Therapeutics
Inc
116,410
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
63,015,452
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
44
QQQX
Shares
Description
(a)
Value
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
23.6%
166,423
(b),(d)
Advanced
Micro
Devices
Inc
$
26,995,475
9,336
(b)
Allegro
MicroSystems
Inc
263,649
13,979
(b)
Ambarella
Inc
754,167
94,350
Analog
Devices
Inc
21,536,331
165,056
Applied
Materials
Inc
38,951,565
9,301
(b)
Axcelis
Technologies
Inc
1,322,509
32,479
Broadcom
Inc
52,146,009
15,643
(b)
Cirrus
Logic
Inc
1,996,985
16,905
(b)
Credo
Technology
Group
Holding
Ltd
539,946
10,198
Entegris
Inc
1,380,809
6,555
(b)
First
Solar
Inc
1,477,890
3,624
(b)
FormFactor
Inc
219,361
3,858
(b)
Impinj
Inc
604,819
420,372
Intel
Corp
13,018,921
37,130
(b)
Lattice
Semiconductor
Corp
2,153,169
13,569
(b)
MACOM
Technology
Solutions
Holdings
Inc
1,512,536
1,202
MKS
INSTRUMENTS
INC
156,957
6,123
Monolithic
Power
Systems
Inc
5,031,147
9,503
(b)
Navitas
Semiconductor
Corp
37,347
845,420
NVIDIA
Corp
104,443,187
8,893
(b)
Onto
Innovation
Inc
1,952,547
12,494
Power
Integrations
Inc
876,954
12,202
(b)
Qorvo
Inc
1,415,920
140,959
QUALCOMM
Inc
28,076,213
13,523
(b)
Semtech
Corp
404,067
9,889
(b)
Silicon
Laboratories
Inc
1,094,020
1,520
(b)
SiTime
Corp
189,057
20,407
Skyworks
Solutions
Inc
2,174,978
6,340
(b)
SYNAPTICS
INC
559,188
15,575
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
2,707,091
7,368
Teradyne
Inc
1,092,601
9,995
Universal
Display
Corp
2,101,449
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
317,186,864
SOFTWARE
&
SERVICES
-
14.9%
1,868
(b)
Appfolio
Inc,
Class
A
456,857
6,319
(b)
AppLovin
Corp,
Class
A
525,867
52,492
(b)
Autodesk
Inc
12,989,145
4,846
Bentley
Systems
Inc,
Class
B
239,199
5,650
(b)
Cleanspark
Inc
90,117
901
(b)
CommVault
Systems
Inc
109,535
20,252
(b)
Confluent
Inc,
Class
A
598,042
1,335
(b)
Fair
Isaac
Corp
1,987,361
8,062
(b)
Guidewire
Software
Inc
1,111,669
9,174
(b)
HashiCorp
Inc,
Class
A
309,072
2,074
(b)
HubSpot
Inc
1,223,224
9,067
(b)
Manhattan
Associates
Inc
2,236,648
5,006
(b)
Marathon
Digital
Holdings
Inc
99,369
340,211
Microsoft
Corp
152,057,306
393
(b),(c)
MicroStrategy
Inc,
Class
A
541,350
11,808
(b)
Nutanix
Inc,
Class
A
671,285
40,479
Oracle
Corp
5,715,635
80,164
(b)
Palantir
Technologies
Inc,
Class
A
2,030,554
24,964
(b)
PTC
Inc
4,535,210
3,549
(b),(c)
Riot
Platforms
Inc
32,438
22,714
Salesforce
Inc
5,839,769
6,953
(b)
ServiceNow
Inc
5,469,716
2,332
(b)
Tyler
Technologies
Inc
1,172,483
TOTAL
SOFTWARE
&
SERVICES
200,041,851
45
Shares
Description
(a)
Value
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
12.9%
703,547
(d)
Apple
Inc
$
148,181,069
497,907
Cisco
Systems
Inc
23,655,562
8,099
(b)
Keysight
Technologies
Inc
1,107,538
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
172,944,169
TELECOMMUNICATION
SERVICES
-
0.4%
22,310
(b),(c)
AST
SpaceMobile
Inc
259,019
19,815
Spok
Holdings
Inc
293,460
31,079
Telephone
and
Data
Systems
Inc
644,268
100,308
Verizon
Communications
Inc
4,136,702
TOTAL
TELECOMMUNICATION
SERVICES
5,333,449
TRANSPORTATION
-
0.5%
11,239
Delta
Air
Lines
Inc
533,178
228
FedEx
Corp
68,364
1,881
(b)
Saia
Inc
892,139
33,792
(b)
Uber
Technologies
Inc
2,456,003
10,994
Union
Pacific
Corp
2,487,502
4,685
(b)
XPO
Inc
497,313
TOTAL
TRANSPORTATION
6,934,499
UTILITIES
-
1.0%
6,056
Atmos
Energy
Corp
706,432
4,647
CMS
Energy
Corp
276,636
13,604
Duke
Energy
Corp
1,363,529
23,076
NextEra
Energy
Inc
1,634,011
17,908
NRG
Energy
Inc
1,394,317
69,334
PG&E
Corp
1,210,572
3,827
Public
Service
Enterprise
Group
Inc
282,050
52,824
Southern
Co/The
4,097,558
20,225
Vistra
Corp
1,738,945
TOTAL
UTILITIES
12,704,050
TOTAL
COMMON
STOCKS
(cost
$379,299,708)
1,336,299,475
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1
.1
%
X
14,445,540
54,000
Vanguard
Total
Stock
Market
ETF
$
14,445,540
TOTAL
EXCHANGE-TRADED
FUNDS
(cost
$12,962,198)
14,445,540
TOTAL
LONG-TERM
INVESTMENTS
(cost
$392,261,906)
1,350,745,015
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
1,253,092
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(f)
$
1,253,092
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$1,253,092)
1,253,092
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
46
QQQX
Investments
in
Derivatives
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.5%
X
–
REPURCHASE
AGREEMENTS
-
1
.5
%
X
20,439,232
$
40,878
(g)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
20,439,232
TOTAL
REPURCHASE
AGREEMENTS
(cost
$20,439,232)
20,439,232
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$20,439,232)
20,439,232
TOTAL
INVESTMENTS
(cost
$
413,954,230
)
-
102
.2
%
1,372,437,339
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.2)%
(
29,186,821
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
1,343,250,518
Options
Written
Type
Description
(h)
Number
of
Contracts
Notional
Amount
(i)
Exercise
Price
Expiration
Date
Value
Call
Invesco
QQQ
Trust
Series
1
(1,250)
$
(
59,375,000
)
$
475
7/12/24
$
(
952,560
)
Call
Invesco
QQQ
Trust
Series
1
(1,250)
(
60,625,000
)
485
7/19/24
(
495,266
)
Call
Russell
2000
Index
(122)
(
25,620,000
)
2,100
7/19/24
(
173,240
)
Call
S&P
500
Index
(155)
(
83,700,000
)
5,400
7/19/24
(
1,732,125
)
Call
S&P
500
Index
(60)
(
33,300,000
)
5,550
7/19/24
(
139,800
)
Call
NASDAQ
100
Stock
INDEX
(35)
(
67,375,000
)
19,250
7/19/24
(
2,191,175
)
Call
NASDAQ
100
Stock
INDEX
(100)
(
198,000,000
)
19,800
7/19/24
(
2,492,500
)
Call
S&P
500
Index
(100)
(
54,500,000
)
5,450
7/31/24
(
623,500
)
Call
S&P
500
Index
(100)
(
56,000,000
)
5,600
7/31/24
(
236,000
)
Call
S&P
500
Index
(200)
(
114,000,000
)
5,700
7/31/24
(
122,000
)
Total
Options
Written
(premiums
received
$6,385,610)
(3,372)
$(752,495,000)
$(9,158,166)
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
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
$1,147,664.
(d)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$40,883,914
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
0.750%–1.375%
and
maturity
date
8/31/26,
valued
at
$20,848,099.
(h)
Exchange-traded,
unless
otherwise
noted.
(i)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
See
Notes
to
Financial
Statements
47
Nuveen
Core
Equity
Alpha
Fund
Portfolio
of
Investments
June
30,
2024
(Unaudited)
JCE
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
100.1%
X
–
COMMON
STOCKS
-
98
.8
%
X
234,086,009
AUTOMOBILES
&
COMPONENTS
-
0.6%
7,140
(b)
Tesla
Inc
$
1,412,863
TOTAL
AUTOMOBILES
&
COMPONENTS
1,412,863
BANKS
-
2.0%
2,985
Bank
of
America
Corp
118,713
17,910
Citigroup
Inc
1,136,569
17,150
JPMorgan
Chase
&
Co
3,468,759
TOTAL
BANKS
4,724,041
CAPITAL
GOODS
-
7.5%
4,710
Curtiss-Wright
Corp
1,276,316
29,770
Flowserve
Corp
1,431,937
670
Fortive
Corp
49,647
10,660
(b)
GE
Vernova
Inc
1,828,296
6,200
General
Dynamics
Corp
1,798,868
11,140
General
Electric
Co
1,770,926
9,220
Honeywell
International
Inc
1,968,839
3,770
Lockheed
Martin
Corp
1,760,967
3,380
Northrop
Grumman
Corp
1,473,511
2,140
Parker-Hannifin
Corp
1,082,433
5,290
Trane
Technologies
PLC
1,740,040
18,000
Vertiv
Holdings
Co,
Class
A
1,558,260
TOTAL
CAPITAL
GOODS
17,740,040
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
2.1%
7,840
Booz
Allen
Hamilton
Holding
Corp
1,206,576
25,400
Genpact
Ltd
817,626
10,580
Leidos
Holdings
Inc
1,543,410
5,290
Verisk
Analytics
Inc
1,425,920
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
4,993,532
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
6.5%
56,920
(b),(c)
Amazon.com
Inc
10,999,790
68,720
(b)
Coupang
Inc
1,439,684
4,430
Home
Depot
Inc/The
1,524,983
10,020
Ross
Stores
Inc
1,456,107
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
15,420,564
CONSUMER
SERVICES
-
2.0%
550
Booking
Holdings
Inc
2,178,825
22,000
H&R
Block
Inc
1,193,060
3,050
Wingstop
Inc
1,289,113
TOTAL
CONSUMER
SERVICES
4,660,998
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.9%
540
Costco
Wholesale
Corp
458,995
23,670
Kroger
Co/The
1,181,843
19,360
Sysco
Corp
1,382,110
7,060
Target
Corp
1,045,162
42,387
Walmart
Inc
2,870,024
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
6,938,134
Nuveen
Core
Equity
Alpha
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
48
JCE
Shares
Description
(a)
Value
ENERGY
-
2.2%
43,210
Baker
Hughes
Co
$
1,519,696
1,189
Chevron
Corp
185,983
2,830
EOG
Resources
Inc
356,212
10,430
Exxon
Mobil
Corp
1,200,702
25,080
HF
Sinclair
Corp
1,337,767
10,480
Ovintiv
Inc
491,198
TOTAL
ENERGY
5,091,558
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
1.8%
46,890
Americold
Realty
Trust
Inc
1,197,571
9,700
Digital
Realty
Trust
Inc
1,474,885
28,590
Ventas
Inc
1,465,523
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
4,137,979
FINANCIAL
SERVICES
-
8.2%
13,740
(b)
Berkshire
Hathaway
Inc,
Class
B
5,589,432
15,220
(b)
Block
Inc
981,538
7,970
CME
Group
Inc
1,566,902
11,300
Global
Payments
Inc
1,092,710
11,780
Intercontinental
Exchange
Inc
1,612,564
1,701
Mastercard
Inc,
Class
A
750,413
6,850
Nasdaq
Inc
412,781
43,870
(b)
NCR
Corp
ATM
1,185,367
25,340
(b)
PayPal
Holdings
Inc
1,470,480
53,740
(b)
Robinhood
Markets
Inc,
Class
A
1,220,436
18,100
State
Street
Corp
1,339,400
11,260
Tradeweb
Markets
Inc,
Class
A
1,193,560
4,090
Visa
Inc,
Class
A
1,073,502
TOTAL
FINANCIAL
SERVICES
19,489,085
FOOD,
BEVERAGE
&
TOBACCO
-
2.5%
1,040
Coca-Cola
Co/The
66,196
15,710
PepsiCo
Inc
2,591,050
20,700
Philip
Morris
International
Inc
2,097,531
71,550
WK
Kellogg
Co
1,177,713
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
5,932,490
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
5.3%
19,240
Abbott
Laboratories
1,999,228
13,370
(b)
Boston
Scientific
Corp
1,029,624
12,940
Cardinal
Health
Inc
1,272,261
19,390
(b)
Centene
Corp
1,285,557
3,180
Humana
Inc
1,188,207
2,760
(b)
IDEXX
Laboratories
Inc
1,344,672
4,160
(b)
Insulet
Corp
839,488
20,960
Medtronic
PLC
1,649,761
53,450
(b)
Teladoc
Health
Inc
522,741
2,600
UnitedHealth
Group
Inc
1,324,076
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
12,455,615
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
1.5%
16,470
Colgate-Palmolive
Co
1,598,249
11,940
Procter
&
Gamble
Co/The
1,969,145
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,567,394
INSURANCE
-
2.0%
4,700
Allstate
Corp/The
750,402
8,870
Marsh
&
McLennan
Cos
Inc
1,869,086
3,550
Reinsurance
Group
of
America
Inc
728,709
49
Shares
Description
(a)
Value
INSURANCE
(continued)
4,900
Willis
Towers
Watson
PLC
$
1,284,486
TOTAL
INSURANCE
4,632,683
MATERIALS
-
1.2%
6,390
Ecolab
Inc
1,520,820
27,130
Westrock
Co
1,363,554
TOTAL
MATERIALS
2,884,374
MEDIA
&
ENTERTAINMENT
-
10.5%
30,060
Alphabet
Inc,
Class
A
5,475,429
35,820
(c)
Alphabet
Inc,
Class
C
6,570,105
52,050
Comcast
Corp,
Class
A
2,038,278
13,570
Meta
Platforms
Inc
6,842,265
4,230
(b)
Netflix
Inc
2,854,742
3,790
(b)
Spotify
Technology
SA
1,189,264
TOTAL
MEDIA
&
ENTERTAINMENT
24,970,083
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.0%
1,930
AbbVie
Inc
331,034
27,490
Bristol-Myers
Squibb
Co
1,141,660
2,950
Eli
Lilly
&
Co
2,670,871
24,950
Gilead
Sciences
Inc
1,711,820
648
(b)
GRAIL
Inc
9,965
3,890
(b)
Illumina
Inc
406,038
21,459
Johnson
&
Johnson
3,136,447
23,991
Merck
&
Co
Inc
2,970,086
23,790
Pfizer
Inc
665,644
4,003
Thermo
Fisher
Scientific
Inc
2,213,659
7,690
Zoetis
Inc
1,333,138
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
16,590,362
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
10.4%
2,940
(b)
Advanced
Micro
Devices
Inc
476,897
3,560
Applied
Materials
Inc
840,124
1,720
Broadcom
Inc
2,761,512
4,600
(b)
Cirrus
Logic
Inc
587,236
139,880
NVIDIA
Corp
17,280,775
13,970
QUALCOMM
Inc
2,782,545
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
24,729,089
SOFTWARE
&
SERVICES
-
12.5%
5,190
(b)
Adobe
Inc
2,883,253
230
(b)
Atlassian
Corp
PLC,
Class
A
40,682
7,940
(b)
DocuSign
Inc
424,790
2,470
(b)
Dropbox
Inc,
Class
A
55,501
3,360
Intuit
Inc
2,208,226
42,115
Microsoft
Corp
18,823,299
10,861
Salesforce
Inc
2,792,363
430
(b)
ServiceNow
Inc
338,268
5,670
(b)
VeriSign
Inc
1,008,126
19,010
(b)
Zoom
Video
Communications
Inc,
Class
A
1,125,202
TOTAL
SOFTWARE
&
SERVICES
29,699,710
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
7.9%
82,828
(c)
Apple
Inc
17,445,233
430
(b)
Arista
Networks
Inc
150,707
10,080
TD
SYNNEX
Corp
1,163,232
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
18,759,172
Nuveen
Core
Equity
Alpha
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
(Unaudited)
50
JCE
Investments
in
Derivatives
Shares
Description
(a)
Value
UTILITIES
-
2.2%
18,370
Ameren
Corp
$
1,306,291
23,230
Evergy
Inc
1,230,493
35,060
Exelon
Corp
1,213,426
4,770
NiSource
Inc
137,424
18,570
Public
Service
Enterprise
Group
Inc
1,368,609
TOTAL
UTILITIES
5,256,243
TOTAL
COMMON
STOCKS
(cost
$166,585,910)
234,086,009
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1
.3
%
X
3,015,237
5,510
iShares
Core
S&P
500
ETF
$
3,015,237
TOTAL
EXCHANGE-TRADED
FUNDS
(cost
$2,600,128)
3,015,237
TOTAL
LONG-TERM
INVESTMENTS
(cost
$169,186,038)
237,101,246
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.4%
–
REPURCHASE
AGREEMENTS
-
2
.4
%
X
5,535,669
$
5,536
(d)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
$
5,535,669
TOTAL
REPURCHASE
AGREEMENTS
(cost
$5,535,669)
5,535,669
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$5,535,669)
5,535,669
TOTAL
INVESTMENTS
(cost
$
174,721,707
)
-
102
.5
%
242,636,915
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.5)%
(
5,840,499
)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
236,796,416
Options
Written
Type
Description
(e)
Number
of
Contracts
Notional
Amount
(f)
Exercise
Price
Expiration
Date
Value
Call
Russell
2000
Index
(12)
$
(
2,520,000
)
$
2,100
7/19/24
$
(
17,040
)
Call
S&P
500
Index
(30)
(
16,200,000
)
5,400
7/19/24
(
335,250
)
Call
S&P
500
Index
(10)
(
5,450,000
)
5,450
7/31/24
(
62,350
)
Call
S&P
500
Index
(20)
(
11,200,000
)
5,600
7/31/24
(
47,200
)
Call
S&P
500
Index
(20)
(
11,400,000
)
5,700
7/31/24
(
12,200
)
Call
S&P
500
Index
(30)
(
17,100,000
)
5,700
8/16/24
(
48,000
)
Total
Options
Written
(premiums
received
$308,607)
(122)
$(63,870,000)
$(522,040)
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
derivatives.
(d)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$5,536,407
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$5,646,394.
51
(e)
Exchange-traded,
unless
otherwise
noted.
(f)
For
disclosure
purposes,
Notional
Amount
is
calculated
by
multiplying
the
Number
of
Contracts
by
the
Exercise
Price
by
100.
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
52
June
30,
2024
(Unaudited)
BXMX
DIAX
SPXX
QQQX
JCE
ASSETS
Long-term
investments,
at
value
†‡
$
1,533,161,837‌
$
578,412,872‌
$
316,770,451‌
$
1,350,745,015‌
$
237,101,246‌
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
298,409‌
–‌
619,337‌
1,253,092‌
–‌
Short-term
investments,
at
value
◊
34,048,409‌
11,209,722‌
5,687,791‌
20,439,232‌
5,535,669‌
Cash
3,652‌
–‌
–‌
208,857‌
–‌
Cash
denominated
in
foreign
currencies
^
548‌
–‌
–‌
–‌
–‌
Cash
collateral
at
broker
for
investments
in
options
contracts
–‌
–‌
–‌
1,920,000‌
–‌
Receivables:
Dividends
981,066‌
189,043‌
155,983‌
170,064‌
101,810‌
Interest
14,418‌
1,495‌
758‌
2,725‌
738‌
Investments
sold
30,378,835‌
–‌
319,884‌
–‌
–‌
Reclaims
3,340‌
–‌
–‌
329‌
–‌
Deferred
offering
costs
–‌
–‌
212,884‌
98,000‌
–‌
Other
126,379‌
35,560‌
23,648‌
90,544‌
21,219‌
Total
assets
1,599,016,893‌
589,848,692‌
323,790,736‌
1,374,927,858‌
242,760,682‌
LIABILITIES
Cash
overdraft
–‌
276,343‌
193,145‌
–‌
136,950‌
Written
options,
at
value
#
30,189,300‌
2,419,000‌
1,701,600‌
9,158,166‌
522,040‌
Payables:
Management
fees
1,052,994‌
405,366‌
211,629‌
903,264‌
176,457‌
Collateral
from
securities
lending
298,409‌
–‌
619,337‌
1,253,092‌
–‌
Dividends
23,563,199‌
10,134,148‌
5,133,507‌
19,776,935‌
5,005,124‌
Purchased
options
629,719‌
8,007‌
–‌
12,563‌
–‌
Accrued
expenses:
Custodian
fees
100,689‌
49,103‌
51,754‌
89,304‌
45,982‌
Investor
relations
193,650‌
85,909‌
48,267‌
171,158‌
26,757‌
Trustees
fees
112,975‌
32,033‌
20,497‌
61,426‌
17,365‌
Professional
fees
30,959‌
25,211‌
20,087‌
28,298‌
21,819‌
Shareholder
reporting
expenses
57,880‌
26,359‌
14,539‌
53,985‌
9,187‌
Shareholder
servicing
agent
fees
953‌
911‌
3,584‌
2,076‌
2,585‌
Shelf
offering
costs
–‌
–‌
–‌
70,714‌
–‌
Other
87,793‌
39,589‌
10,046‌
96,359‌
—‌
Total
liabilities
56,318,520‌
13,501,979‌
8,027,992‌
31,677,340‌
5,964,266‌
Net
assets
applicable
to
common
shares
$
1,542,698,373‌
$
576,346,713‌
$
315,762,744‌
$
1,343,250,518‌
$
236,796,416‌
Common
shares
outstanding
104,165,286‌
36,366,913‌
17,960,021‌
48,826,783‌
16,095,014‌
Net
asset
value
("NAV")
per
common
share
outstanding
$
14
.81‌
$
15
.85‌
$
17
.58‌
$
27
.51‌
$
14
.71‌
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
CONSIST
OF:
Common
shares,
$0.01
par
value
per
share
$
1,041,653‌
$
363,669‌
$
179,600‌
$
488,268‌
$
160,950‌
Paid-in
capital
498,649,124‌
214,192,677‌
117,730,824‌
415,572,833‌
168,611,688‌
Total
distributable
earnings
(loss)
1,043,007,596‌
361,790,367‌
197,852,320‌
927,189,417‌
68,023,778‌
Net
assets
applicable
to
common
shares
$
1,542,698,373‌
$
576,346,713‌
$
315,762,744‌
$
1,343,250,518‌
$
236,796,416‌
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term
investments,
cost
$
440,644,028‌
$
210,495,083‌
$
105,834,160‌
$
392,261,906‌
$
169,186,038‌
◊
Short-term
investments,
cost
$
34,048,409‌
$
11,209,722‌
$
5,687,791‌
$
20,439,232‌
$
5,535,669‌
‡
Includes
securities
loaned
of
$
280,442‌
$
—‌
$
577,738‌
$
1,147,664‌
$
—‌
#
Written
options,
premiums
received
$
21,289,090‌
$
1,254,527‌
$
839,773‌
$
6,385,610‌
$
308,607‌
^
Cash
denominated
in
foreign
currencies,
cost
$
536‌
$
—‌
$
—‌
$
—‌
$
—‌
Statement
of
Operations
See
Notes
to
Financial
Statements
53
Six
Months
Ended
June
30,
2024
(Unaudited)
BXMX
DIAX
SPXX
QQQX
JCE
INVESTMENT
INCOME
Dividends
$
10,502,448‌
$
5,704,815‌
$
2,150,699‌
$
5,470,714‌
$
1,453,854‌
Interest
840,191‌
10,165‌
4,902‌
17,560‌
4,508‌
Securities
lending
income,
net
19,646‌
1,346‌
13,112‌
49,380‌
—‌
Tax
withheld
(
28,700‌
)
—‌
(
396‌
)
(
2,736‌
)
—‌
Total
investment
income
11,333,585‌
5,716,326‌
2,168,317‌
5,534,918‌
1,458,362‌
EXPENSES
–
–
–
–
–
Management
fees
6,260,679‌
2,510,667‌
1,244,942‌
5,243,258‌
1,027,790‌
Shareholder
servicing
agent
fees
2,131‌
1,961‌
4,418‌
3,116‌
3,433‌
Interest
expense
18,119‌
1,123‌
725‌
13,804‌
81‌
Trustees
fees
25,416‌
10,111‌
5,144‌
21,483‌
3,840‌
Custodian
expenses
56,424‌
26,651‌
19,738‌
54,081‌
24,308‌
Investor
relations
expenses
105,988‌
47,875‌
26,841‌
97,789‌
17,903‌
Professional
fees
70,438‌
46,424‌
37,478‌
60,585‌
35,749‌
Shareholder
reporting
expenses
65,908‌
33,926‌
21,862‌
65,633‌
15,403‌
Stock
exchange
listing
fees
16,355‌
5,710‌
3,830‌
—‌
3,830‌
Other
130,606‌
71,441‌
32,968‌
177,369‌
7,871‌
Total
expenses
6,752,064‌
2,755,889‌
1,397,946‌
5,737,118‌
1,140,208‌
Net
investment
income
(loss)
4,581,521‌
2,960,437‌
770,371‌
(
202,200‌
)
318,154‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
84,532,858‌
30,976,217‌
7,292,729‌
62,506,635‌
13,133,821‌
Written
options
(
71,305,821‌
)
(
20,401,364‌
)
(
10,406,797‌
)
(
46,352,430‌
)
(
2,894,892‌
)
Foreign
currency
transactions
(
218‌
)
—‌
—‌
(
7‌
)
—‌
Net
realized
gain
(loss)
13,226,819‌
10,574,853‌
(
3,114,068‌
)
16,154,198‌
10,238,929‌
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
119,432,608‌
(
7,655,374‌
)
35,578,893‌
160,617,198‌
22,575,006‌
Written
options
2,337,198‌
1,622,169‌
530,297‌
2,837,877‌
152,525‌
Foreign
currency
translations
(
194‌
)
—‌
—‌
—‌
—‌
Net
change
in
unrealized
appreciation
(depreciation)
121,769,612‌
(
6,033,205‌
)
36,109,190‌
163,455,075‌
22,727,531‌
Net
realized
and
unrealized
gain
(loss)
134,996,431‌
4,541,648‌
32,995,122‌
179,609,273‌
32,966,460‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
$
139,577,952‌
$
7,502,085‌
$
33,765,493‌
$
179,407,073‌
$
33,284,614‌
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
54
BXMX
DIAX
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
4,581,521‌
$
11,871,582‌
$
2,960,437‌
$
7,202,799‌
Net
realized
gain
(loss)
13,226,819‌
6,899,157‌
10,574,853‌
8,482,493‌
Net
change
in
unrealized
appreciation
(depreciation)
121,769,612‌
222,417,717‌
(6,033,205‌)
27,007,581‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
139,577,952‌
241,188,456‌
7,502,085‌
42,692,873‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(49,270,180‌)
(71,581,067‌)
(20,852,788‌)
(10,665,642‌)
Return
of
Capital
–‌
(26,959,293‌)
–‌
(31,039,934‌)
Total
distributio
ns
(49,270,180‌)
(98,540,360‌)
(20,852,788‌)
(41,705,576‌)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Reinvestments
of
distributions
—‌
986,113‌
—‌
—‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
986,113‌
—‌
—‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
90,307,772‌
143,634,209‌
(13,350,703‌)
987,297‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
1,452,390,601‌
1,308,756,392‌
589,697,416‌
588,710,119‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
1,542,698,373‌
$
1,452,390,601‌
$
576,346,713‌
$
589,697,416‌
See
Notes
to
Financial
Statements
55
SPXX
QQQX
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
770,371‌
$
2,016,423‌
$
(202,200‌)
$
(112,807‌)
Net
realized
gain
(loss)
(3,114,068‌)
8,126,599‌
16,154,198‌
43,535,160‌
Net
change
in
unrealized
appreciation
(depreciation)
36,109,190‌
37,647,005‌
163,455,075‌
284,080,838‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
33,765,493‌
47,790,027‌
179,407,073‌
327,503,191‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(10,560,492‌)
(13,323,270‌)
(41,014,497‌)
(59,281,400‌)
Return
of
Capital
–‌
(7,797,715‌)
–‌
(22,507,046‌)
Total
distributions
(10,560,492‌)
(21,120,985‌)
(41,014,497‌)
(81,788,446‌)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Proceeds
from
shelf
offering,
net
of
offering
costs
—‌
(7,370‌)
32,892‌
7,390,865‌
Reinvestments
of
distributions
—‌
135,722‌
—‌
2,001,708‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
—‌
128,352‌
32,892‌
9,392,573‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
23,205,001‌
26,797,394‌
138,425,468‌
255,107,318‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
292,557,743‌
265,760,349‌
1,204,825,050‌
949,717,732‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
315,762,744‌
$
292,557,743‌
$
1,343,250,518‌
$
1,204,825,050‌
See
Notes
to
Financial
Statements
56
Statement
of
Changes
in
Net
Assets
(continued)
JCE
Unaudited
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
OPERATIONS
Net
investment
income
(loss)
$
318,154‌
$
996,606‌
Net
realized
gain
(loss)
10,238,929‌
2,422,294‌
Net
change
in
unrealized
appreciation
(depreciation)
22,727,531‌
37,120,744‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
from
operations
33,284,614‌
40,539,644‌
DISTRIBUTIONS
TO
COMMON
SHAREHOLDERS
Dividends
(10,300,809‌)
(1,294,889‌)
Return
of
Capital
–‌
(19,292,910‌)
Total
distributions
(10,300,809‌)
(20,587,799‌)
CAPITAL
SHARE
TRANSACTIONS
Common
shares:
Reinvestments
of
distributions
143,377‌
149,097‌
Net
increase
(decrease)
applicable
to
common
shares
from
capital
share
transactions
143,377‌
149,097‌
Net
increase
(decrease)
in
net
assets
applicable
to
common
shares
23,127,182‌
20,100,942‌
Net
assets
applicable
to
common
shares
at
the
beginning
of
the
period
213,669,234‌
193,568,292‌
Net
assets
applicable
to
common
shares
at
the
end
of
the
period
$
236,796,416‌
$
213,669,234‌
Financial
Highlights
58
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
6/30/24(c)
$
13.94
$
0.04
$
1.30
$
1.34
$
(
0.47
)
$
—
$
—
$
(
0.47
)
$
—
$
—
$
14.81
$
13.50
12/31/23
12.57
0.11
2.20
2.31
(
0.11
)
(
0.57
)
(
0.26
)
(
0.94
)
—
—
13.94
12.83
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
DIAX
6/30/24(c)
16.22
0.08
0.12
0.20
(
0.57
)
—
—
(
0.57
)
—
—
15.85
14.01
12/31/23
16.19
0.20
0.98
1.18
(
0.20
)
(
0.10
)
(
0.85
)
(
1.15
)
—
—
16.22
14.00
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
SPXX
6/30/24(c)
16.29
0.04
1.84
1.88
(
0.59
)
—
—
(
0.59
)
—
—
17.58
16.33
12/31/23
14.80
0.11
2.56
2.67
(
0.12
)
(
0.63
)
(
0.43
)
(
1.18
)
—
—
16.29
15.04
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
QQQX
6/30/24(c)
24.68
—
(e)
3.67
3.67
(
0.84
)
—
—
(
0.84
)
—
(e)
—
27.51
25.08
12/31/23
19.61
—
(e)
6.74
6.74
—
(
1.22
)
(
0.46
)
(
1.68
)
—
(e)
0.01
24.68
23.15
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
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
See
Notes
to
Financial
Statements.
59
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
9
.68‌
%
8
.99‌
%
$
1,542,698
0
.90‌
%
(d)
0
.61‌
%
(d)
5‌
%
18
.84‌
9
.05‌
1,452,391
0
.91‌
0
.85‌
16‌
(
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
1
.22‌
4
.12‌
576,347
0
.94‌
(d)
1
.01‌
(d)
8‌
7
.67‌
(
2
.18‌
)
589,697
0
.94‌
1
.25‌
12‌
(
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
11
.60‌
12
.61‌
315,763
0
.92‌
(d)
0
.51‌
(d)
5‌
18
.45‌
0
.75‌
292,558
0
.94‌
0
.71‌
21‌
(
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
14
.97‌
12
.08‌
1,343,251
0
.91‌
(d)
(
0
.03‌
)
(d)
11‌
35
.03‌
21
.78‌
1,204,825
0
.92‌
(
0
.01‌
)
35‌
(
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
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded
to
zero.
Financial
Highlights
(continuted)
60
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
6/30/24(c)
$
13.28
$
0.02
$
2.05
$
2.07
$
(
0.64
)
$
—
$
—
$
(
0.64
)
$
—
$
14.71
$
15.00
12/31/23
12.04
0.06
2.46
2.52
(
0.06
)
(
0.02
)
(
1.20
)
(
1.28
)
—
13.28
13.55
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
(a)
Based
on
average
shares
outstanding.
(b)
Total
Return
Based
on
Common
Share
NAV
is
the
combination
of
changes
in
common
share
NAV,
reinvested
dividend
income
at
Common
Share
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
NAV.
The
actual
reinvest
price
for
the
last
dividend
declared
in
the
period
may
often
be
based
on
the
Fund’s
market
price
(and
not
its
NAV),
and
therefore
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
Total
Return
Based
on
Common
Share
Price
is
the
combination
of
changes
in
the
market
price
per
share
and
the
effect
of
reinvested
dividend
income
and
reinvested
capital
gains
distributions,
if
any,
at
the
average
price
paid
per
share
at
the
time
of
reinvestment.
The
last
dividend
declared
in
the
period,
which
is
typically
paid
on
the
first
business
day
of
the
following
month,
is
assumed
to
be
reinvested
at
the
ending
market
price.
The
actual
reinvestment
for
the
last
dividend
declared
in
the
period
may
take
place
over
several
days,
and
in
some
instances
may
not
be
based
on
the
market
price,
so
the
actual
reinvestment
price
may
be
different
from
the
price
used
in
the
calculation.
Total
returns
are
not
annualized.
(c)
Unaudited.
See
Notes
to
Financial
Statements
61
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
.71‌
%
15
.65‌
%
$
236,796
1
.01‌
%
(d)
0
.28‌
%
(d)
57‌
%
21
.68‌
10
.60‌
213,669
1
.02‌
0
.48‌
105‌
(
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
(d)
Annualized.
(e)
Value
rounded
to
zero.
(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:
62
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
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,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
June
30,
2024
(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.
On
November
30,
2023,
the
U.S.
Court
of
Appeals
for
the
Second
Circuit
upheld
the
opinion
of
the
District
Court.
On
February
28,
2024,
the
Board
of
the
Funds
Amended
and
Restated
By-Laws
to
eliminate
the
“control
share”
provisions.
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.
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.
63
The
Funds’
distribution
policy,
which
may
be
changed
by
the
Board,
is
to
make
regular
monthly
cash
distributions
to
holders
of
their
common
shares
(stated
in
terms
of
a
fixed
cents
per
common
share
dividend
distributions
rate
which
may
be
set
from
time
to
time).
Each
Fund
intends
to
distribute
all
or
substantially
all
of
its
net
investment
income
each
year through
its
regular
monthly
distribution
and
to
distribute
realized
capital
gains
at
least
annually.
In
addition,
in
any
monthly
period,
to
maintain
its
declared
per
common
share
distribution
amount,
a
Fund
may
distribute
more
or
less
than
its
net
investment
income
during
the
period.
In
the
event
a
Fund
distributes
more
than
its
net
investment
income
during
any
yearly
period,
such
distributions
may
also
include
realized
gains
and/or
a
return
of
capital.
To
the
extent
that
a
distribution
includes
a
return
of
capital
the
NAV
per
share
may
erode.
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
Fund
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
Fund
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
foreign
currency
transactions”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
unrealized
appreciation
(depreciation)
on foreign
currency
translations”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under
the
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.
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
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
64
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
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
$
1,533,161,837
$
–
$
–
$
1,533,161,837
Investments
Purchased
with
Collateral
from
Securities
Lending
298,409
–
–
298,409
Short-Term
Investments:
Repurchase
Agreements
–
34,048,409
–
34,048,409
Investments
in
Derivatives:
Options
Written
(30,189,300)
–
–
(30,189,300)
Total
$
1,503,270,946
$
34,048,409
$
–
$
1,537,319,355
65
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.
DIAX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
569,777,067
$
–
$
–
$
569,777,067
Exchange-Traded
Funds
8,635,805
–
–
8,635,805
Short-Term
Investments:
Repurchase
Agreements
–
11,209,722
–
11,209,722
Investments
in
Derivatives:
Options
Written
(2,419,000)
–
–
(2,419,000)
Total
$
575,993,872
$
11,209,722
$
–
$
587,203,594
SPXX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
310,639,023
$
–
$
–
$
310,639,023
Exchange-Traded
Funds
6,131,428
–
–
6,131,428
Investments
Purchased
with
Collateral
from
Securities
Lending
619,337
–
–
619,337
Short-Term
Investments:
Repurchase
Agreements
–
5,687,791
–
5,687,791
Investments
in
Derivatives:
Options
Written
(1,701,600)
–
–
(1,701,600)
Total
$
315,688,188
$
5,687,791
$
–
$
321,375,979
QQQX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,336,299,475
$
–
$
–
$
1,336,299,475
Exchange-Traded
Funds
14,445,540
–
–
14,445,540
Investments
Purchased
with
Collateral
from
Securities
Lending
1,253,092
–
–
1,253,092
Short-Term
Investments:
Repurchase
Agreements
–
20,439,232
–
20,439,232
Investments
in
Derivatives:
Options
Written
(9,158,166)
–
–
(9,158,166)
Total
$
1,342,839,941
$
20,439,232
$
–
$
1,363,279,173
JCE
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
234,086,009
$
–
$
–
$
234,086,009
Exchange-Traded
Funds
3,015,237
–
–
3,015,237
Short-Term
Investments:
Repurchase
Agreements
–
5,535,669
–
5,535,669
Investments
in
Derivatives:
Options
Written
(522,040)
–
–
(522,040)
Total
$
236,579,206
$
5,535,669
$
–
$
242,114,875
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
BXMX
Fixed
Income
Clearing
Corporation
$
34,048,409
$
34,729,690
DIAX
Fixed
Income
Clearing
Corporation
11,209,722
11,433,957
SPXX
Fixed
Income
Clearing
Corporation
5,687,791
5,801,594
QQQX
Fixed
Income
Clearing
Corporation
20,439,232
20,848,099
JCE
Fixed
Income
Clearing
Corporation
5,535,669
5,646,394
66
Notes
to
Financial
Statements
(Unaudited)
(continued)
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:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period. If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
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.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
BXMX
Common
Stocks
$
280,442
$
298,409
SPXX
Common
Stocks
577,738
619,337
QQQX
Common
Stocks
1,147,664
1,253,092
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
BXMX
$
66,859,903
$
182,860,476
DIAX
48,369,195
88,676,585
SPXX
21,163,903
42,279,465
QQQX
119,065,286
210,306,649
JCE
127,373,887
139,859,820
67
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,
QQQX
and
JCE,
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.
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:
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
Purchased
Options
Contracts
Outstanding
*
DIAX
$
9,400,000
SPXX
4,630,000
QQQX
18,800,000
JCE
2,620,000
*
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.
Fund
Average
Notional
Amount
of
Written
Options
Contracts
Outstanding
*
BXMX
$
1,389,100,000
DIAX
219,243,333
SPXX
119,665,833
QQQX
357,238,333
JCE
42,640,000
*
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
$
(30,189,300)
1
1
1
1
1
1
1
1
DIAX
Options
Written
Equity
-
–
Options
written,
at
value
(2,419,000)
1
1
1
1
1
1
1
1
SPXX
Options
Written
Equity
-
–
Options
written,
at
value
(1,701,600)
1
1
1
1
1
1
1
1
QQQX
Options
Written
Equity
-
–
Options
written,
at
value
(9,158,166)
1
1
1
1
1
1
1
1
JCE
Options
Written
Equity
-
–
Options
written,
at
value
(522,040)
1
1
1
1
1
1
1
1
68
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.
6.
Fund
Shares
Common
Shares
Equity
Shelf
Programs
and
Offering
Costs:
The
following
Funds
have
filed
a
registration
statement
with
the Securities
and
Exchange
Commission
("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
Written
options
Equity
$
(71,305,821)
$
2,337,198
DIAX
Purchased
options
Equity
(27,272)
9,270
Written
options
Equity
(20,401,364)
1,622,169
SPXX
Purchased
options
Equity
(16,330)
4,503
Written
options
Equity
(10,406,797)
530,297
QQQX
Purchased
options
Equity
(53,076)
18,541
Written
options
Equity
(46,352,430)
2,837,877
JCE
Purchased
options
Equity
(9,686)
2,119
Written
options
Equity
(2,894,892)
152,525
SPXX
QQQX
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Maximum
aggregate
offering
$4,993,317
$4,993,317
Unlimited
Unlimited
Common
shares
sold
–
–
–
297,524
Offering
proceeds,
net
of
offering
costs
$–
$(7,370)
$32,892
$7,390,865
69
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
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
BXMX
SPXX
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Common
Shares:
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
78,449
—
8,862
Total
—
78,449
—
8,862
QQQX
JCE
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Six
Months
Ended
6/30/24
Year
Ended
12/31/23
Common
Shares:
Sold
through
shelf
offering
—
297,524
—
—
Issued
to
shareholders
due
to
reinvestment
of
distributions
—
91,486
10,796
11,591
Total
—
389,010
10,796
11,591
Weighted
average
common
share:
Premium
to
NAV
per
shelf
offering
common
share
sold
–%
3.84%
–%
–%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
BXMX
$
454,314,854
$
1,100,624,333
$
(17,619,832)
$
1,083,004,501
DIAX
220,891,641
369,065,766
(2,753,813)
366,311,953
SPXX
112,038,602
213,272,927
(3,935,550)
209,337,377
QQQX
412,054,271
961,685,300
(10,460,398)
951,224,902
JCE
174,676,575
71,138,186
(3,699,886)
67,438,300
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
$
—
$
—
$
972,589,753
$
(19,889,938)
$
—
$
—
$
952,699,815
DIAX
—
—
375,141,070
—
—
—
375,141,070
SPXX
—
—
174,647,318
—
—
—
174,647,318
QQQX
—
—
788,796,842
—
—
—
788,796,842
JCE
—
—
45,081,317
—
—
(41,345)
45,039,972
70
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
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:
For
the
period
June
01,2023
through
April
30,2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
*
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.
Effective
May
1
,2024
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
Fund
Short-Term
Long-Term
Total
BXMX
$
19,889,938
$
—
$
19,889,938
DIAX
—
—
—
SPXX
—
—
—
QQQX
—
—
—
JCE
—
—
—
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
71
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
leverage
includes
the
closed-end
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
eligible
assets
in
certain
circumstances.
As
of
May
31,
2024,
the
annual
complex-level
fee
for
each
Fund
was
as
follows:
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
or
by
an
affiliate
of
the
Adviser
(each
an
, “Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
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)
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Fund
Complex-Level
Fee
BXMX
0.1574%
DIAX
0.1574%
SPXX
0.1574%
QQQX
0.1574%
JCE
0.1574%
Fund
Purchases
Sales
Realized
Gain
(Loss)
BXMX
$
—
$
—
$
—
DIAX
—
—
—
SPXX
—
—
—
QQQX
—
—
—
JCE
4,228,211
—
—
72
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
10.
Subsequent
Events
Shelf
Offering:
On
July
19,
2024,
JCE
filed
a
registration
statement
with
the
SEC
authorizing
the
Fund
to
issue
an
additional
$1.6
million
common
shares
through
a
Shelf
Offering.
Shareholder
Meeting
Report
(Unaudited)
73
The
annual
meeting
of
shareholders
for
BXMX,
DIAX,
SPXX,
QQQX,
and
JCE
was
held
on
April
12,
2024
for
shareholders
of
record
on
January
19,
2024;
at
this
meeting
the
shareholders
were
asked
to
elect
Class
III
Board
Members.
The
vote
totals
for
BXMX,
DIAX,
SPXX,
QQQX,
and
JCE
are
set
forth
below:
BXMX
DIAX
SPXX
QQQX
JCE
Common
Shares
Common
Shares
Common
Shares
Common
Shares
Common
Shares
Approval
of
the
Board
Members
was
reached
as
follows:
Joanne
T.
Medero
For
87,441,043
29,228,601
13,943,096
35,635,141
11,480,813
Withhold
1,564,417
640,822
286,649
1,215,625
1,239,363
Total
89,005,460
29,869,423
14,229,745
36,850,766
12,720,176
Albin
F.
Moschner
For
87,539,316
28,968,131
13,946,904
35,575,074
11,540,681
Withhold
1,466,144
901,292
282,841
1,275,692
1,179,495
Total
89,005,460
29,869,423
14,229,745
36,850,766
12,720,176
Loren
M.
Starr
For
87,490,954
29,130,118
13,942,448
35,601,799
11,463,903
Withhold
1,514,506
739,305
287,297
1,248,967
1,256,273
Total
89,005,460
29,869,423
14,229,745
36,850,766
12,720,176
Matthew
Thornton
III
For
87,604,884
29,167,396
13,946,853
35,595,630
11,538,275
Withhold
1,400,576
702,027
282,892
1,255,136
1,181,901
Total
89,005,460
29,869,423
14,229,745
36,850,766
12,720,176
74
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
Joseph
A.
Boateng
Michael
A.
Forrester
Thomas
J.
Kenny
Amy
B.R.
Lancellotta
Joanne
T.
Medero
Albin
F.
Moschner
John
K.
Nelson
Loren
M.
Starr
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
PricewaterhouseCoopers
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)
75
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.
76
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
Nuveen
S&P
500
Buy-Write
Income
Fund
Nuveen
Dow
30
sm
Dynamic
Overwrite
Fund
Nuveen
S&P
500
Dynamic
Overwrite
Fund
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
Nuveen
Core
Equity
Alpha
Fund
The
Approval
Process
At
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Boards
of
Trustees
(collectively,
the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds
approved,
for
their
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”),
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
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
sub-adviser
to
such
Fund;
and
(b)
in
the
case
of
Nuveen
Dow
30sm
Dynamic
Overwrite
Fund
(the
“Dow
Dynamic
Overwrite
Fund”),
Nuveen
S&P
500
Dynamic
Overwrite
Fund
(the
“S&P
Dynamic
Overwrite
Fund”),
Nuveen
Nasdaq
100
Dynamic
Overwrite
Fund
(the
“Nasdaq
Dynamic
Overwrite
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
sub-adviser
to
each
such
Fund.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
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
NFAL
and
the
Sub-Advisers
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
(“TAL”
and
such
funds
are
collectively,
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices,
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries
(as
applicable);
securities
lending
(as
applicable);
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
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-advisers,
as
applicable,
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,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
description
of
portfolio
manager
compensation;
an
overview
of
the
primary
and
secondary
markets
for
the
Nuveen
closed-end
funds
(including,
among
other
things,
premium
or
discount
data
and
commentary
regarding
the
leverage
management,
share
repurchase
and
shelf
offering
77
programs
during
2023);
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
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
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
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
of
management
were
present.
In
connection
with
their
annual
review,
the
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
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
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
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
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
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
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
roles
of
NFAL
and
the
Sub-Advisers
in
providing
services
to
the
applicable
Fund(s).
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
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
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
With
respect
to
closed-end
Nuveen
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
considered
that,
with
respect
to
such
78
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
funds,
management
actively
monitors
any
discount
from
net
asset
value
per
share
at
which
the
respective
Nuveen
fund’s
common
stock
trades
and
evaluates
potential
avenues
to
mitigate
the
discount,
including
evaluating
the
level
of
distributions
that
the
fund
pays.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds,
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Advisers
and
considered
that
each
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
applicable
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
each
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
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
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2023
and
March 31,
2024.
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
With
respect
to
certain
Nuveen
option
overwrite
funds,
including
the
S&P
Dynamic
Overwrite
Fund,
Dow
Dynamic
Overwrite
Fund,
Nasdaq
Dynamic
Overwrite
Fund
and
Core
Equity
Alpha
Fund,
the
Board
considered,
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
period
ended
December 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
December 31,
2021
through
December 31,
2023
of
the
Fund
relative
to
its
benchmark
and
of
the
equity
portion
and
options
portion
of
the
Fund’s
portfolio
relative
to
their
respective
benchmark.
The
Board
considered
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
considered
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
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
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”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
79
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,
dates
of
fund
inception
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
fund.
With
respect
to
relative
performance
of
a
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,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
The
Board
also
considered
that
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
at
various
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
considered
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
providing
higher
levels
of
income.
The
Board
evaluated
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
considered
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
considered
that
market
and
economic
conditions
may
significantly
impact
a
fund’s
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
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
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
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
the
S&P
Buy-Write
Fund,
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024.
In
addition,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2023
and
third
quartile
for
the
five-year
period
ended
December
31,
2023.
The
Fund
also
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
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
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Dow
Dynamic
Overwrite
Fund,
the
Board
considered
that
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December 31,
2023,
the
Fund
ranked
in
the
third
quartile
for
the
three-year
period
ended
December
31,
2023.
The
Fund
also
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
In
considering
performance,
the
Board,
however,
considered
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.
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
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
80
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
For
the
S&P
Dynamic
Overwrite
Fund,
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
blended
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2023
and
the
one-,
three-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
blended
benchmark
for
the
one-year
period
ended
December
31,
2023.
In
addition,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024.
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
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Nasdaq
Dynamic
Overwrite
Fund,
the
Board
considered
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,
2023
and
March
31,
2024,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods,
third
quartile
for
the
three-year
periods
and
second
quartile
for
the
five-
year
periods
ended
December
31,
2023
and
March
31,
2024,
respectively.
In
considering
performance,
the
Board,
however,
considered
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.
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
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
the
Core
Equity
Alpha
Fund,
the
Board
considered
that
the
Fund
outperformed
its
blended
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024.
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
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
the
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
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
established
by
Broadridge.
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
as
well
as
changes
to
the
composition
of
the
Expense
Universe
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
Fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
(based
on
common
assets
and
excluding
investment-related
costs
such
as
the
costs
of
leverage
and
taxes
for
closed-end
funds)
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
In
addition,
although
the
Board
reviewed
a
fund’s
net
total
expense
ratio
both
including
and
excluding
investment-related
expenses
(e.g.,
leverage
costs)
for
certain
of
the
closed-end
funds,
the
Board
considered
that
leverage
expenses
will
vary
across
funds
and
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
investment-related
costs
and
taxes
for
the
closed-end
funds.
The
Board
also
considered
that
the
use
of
leverage
for
closed-end
funds
may
create
a
conflict
of
interest
for
NFAL
and
the
applicable
sub-adviser
given
the
increase
of
assets
from
leverage
upon
which
an
advisory
or
sub-advisory
fee
is
based.
The
Board
Members
considered,
however,
that
NFAL
and
the
sub-advisers
(as
applicable)
would
seek
to
manage
the
potential
conflict
by
recommending
to
the
Board
to
leverage
the
applicable
fund
or
increase
such
leverage
when
NFAL
and/or
a
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.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
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
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
81
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
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.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
each
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
applicable
Fund(s).
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
For
the
S&P
Buy-Write
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
Dow
Dynamic
Overwrite
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
S&P
Dynamic
Overwrite
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
Nasdaq
Dynamic
Overwrite
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
For
the
Core
Equity
Alpha
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
were
each
below
the
Expense
Universe
median.
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
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
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
funds.
The
Board
further
considered
that
a
sub-adviser’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
that
the
varying
levels
of
fees
were
reasonable
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.
With
respect
to
sub-advisers
unaffiliated
with
Nuveen,
including
Gateway,
the
Board
Members
reviewed
the
pricing
schedule
and/or
average
fee
rates
that
such
sub-advisers
charge
for
other
clients.
The
Board
Members
considered
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
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
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
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
82
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract
(Unaudited)
(continued)
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
(“ETF”)
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
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
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
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
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
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
considered
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
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/
or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
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
Board
Members
reviewed,
among
other
things,
such
Sub-Adviser’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,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
NAM
for
the
calendar
years
ending
December 31,
2023
and
December
31,
2022.
With
respect
to
sub-advisers
unaffiliated
with
Nuveen,
including
Gateway,
the
Board
Members
considered
a
profitability
and/or
margin
analysis
for
such
sub-advisers,
generally
including
revenues,
expenses
and
operating
margins
for
the
2023
and
2022
calendar
years.
The
Board
considered
that
Gateway’s
sub-advisory
fee
would
have
been
established
through
arm’s
length
negotiations
between
Nuveen
and
such
Sub-Adviser,
and
NFAL
pays
such
Sub-Adviser
out
of
its
own
revenues.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Advisers
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
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
funds
in
the
fund
complex,
including
the
Funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
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
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
83
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
The
Board
also
considered
that
with
respect
to
Nuveen
closed-end
funds,
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.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds,
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex,
including
the
Funds.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
The
Board
considered
that
an
affiliate
of
the
Adviser
received
compensation
in
2023
for
serving
as
an
underwriter
on
shelf
offerings
of
existing
Nuveen
closed-end
funds
and
reviewed
the
amounts
paid
for
such
services
in
2023
and
2022.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
affiliated
sub-advisers
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
sub-advisers,
as
applicable.
Further,
Gateway
does
not
generally
generate
soft
dollar
credits
on
behalf
of
transactions
of
the
S&P
Buy-Write
Fund.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
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
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
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-0624P
3734754-INV-B-08/25
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. | Investments.

(a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

(b) | Not applicable.

Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. | Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. | Portfolio Managers of Closed-End Management Investment Companies.

(a)(1) | Not applicable to this filing.

(a)(2) | Not applicable to this filing.

(a)(3) | Not applicable to this filing.

(a)(4) | Not applicable to this filing.

(b) | As of the date of filing, Lei Liao retired and no longer serves as Portfolio Manager for the Nuveen Dow 30SM Dynamic Overwrite Fund effective June 18, 2024. Additionally, effective June 18, 2024, Nazar Romanyak was added as a portfolio manager of the Nuveen Dow 30SM Dynamic Overwrite Fund.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Portfolio Manager Biography

As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Nazar Romanyak, CFA, is a portfolio manager for Nuveen’s equity index team. He has portfolio management responsibilities for multiple equity index and ETF strategies. In addition, he is responsible for platform developments and quantitative tools. Nazar joined the firm in 2013. Prior to joining the equity index team in 2019, Nazar held position in Nuveen Investment Modeling and Valuation where he focused on pricing derivatives and modeling investment strategies. Nazar graduated with a B.A. in Statistics and Quantitative Modeling from Baruch College, Zicklin School of Business, and a M.S. in Financial Engineering from Baruch College. He is a CFA charterholder, is a member of the CFA Institute and CFA Society of New York.

Other Accounts Managed by Portfolio Manager

Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio management of the following accounts:

Portfolio Manager |  | Type of Account Managed |  | Number of Accounts |  | Assets*
Nazar Romanyak |  | Registered Investment Company |  | 25 |  | $181.53 billion
|  | Other Pooled Investment Vehicles |  | 6 |  | $4.02 billion
|  | Other Accounts |  | 3 |  | $204 million

* | Assets are as of July 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline.

Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent.

If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:

Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.

Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.

Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.

Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.

Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Beneficial Ownership of DIAX Securities

As of July 31, 2024, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund.

Name of Portfolio Manager |  | None |  | $1- $10,000 |  | $10,001- $50,000 |  | $50,001- $100,000 |  | $100,001- $500,000 |  | $500,001- $1,000,000 |  | Over $1,000,000
Nazar Romanyak |  | X |  |  |  |  |  |  |  |  |  |  |  |

Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. | Submission of Matters to a Vote of Security Holders.

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

Item 16. | Controls and Procedures.

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

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

Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. | Recovery of Erroneously Awarded Compensation.

(a) | Not applicable.

(b) | Not applicable.

Item 19. | Exhibits.

(a)(1) | Not applicable to this filing.

(a)(2) | Not applicable to this filing.

(a)(3) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) | Not applicable.

(a)(5) | Not applicable.

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

SIGNATURES

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

Nuveen Dow 30SM Dynamic Overwrite Fund

Date: September 5, 2024 |  |  |  | By: |  | /s/ David J. Lamb
|  |  |  |  |  | David J. Lamb
|  |  |  |  |  | Chief Administrative Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Date: September 5, 2024 |  |  |  | By: |  | /s/ David J. Lamb
|  |  |  |  |  | David J. Lamb
|  |  |  |  |  | Chief Administrative Officer
|  |  |  |  |  | (principal executive officer)
Date: September 5, 2024 |  |  |  | By: |  | /s/ E. Scott Wickerham
|  |  |  |  |  | E. Scott Wickerham
|  |  |  |  |  | Vice President and Controller
|  |  |  |  |  | (principal financial officer)