<SEC-DOCUMENT>0001193125-20-084089.txt : 20200325
<SEC-HEADER>0001193125-20-084089.hdr.sgml : 20200325
<ACCEPTANCE-DATETIME>20200324192306
ACCESSION NUMBER:		0001193125-20-084089
CONFORMED SUBMISSION TYPE:	497
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20200325
DATE AS OF CHANGE:		20200324
EFFECTIVENESS DATE:		20200325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Nuveen S&P 500 Dynamic Overwrite Fund
		CENTRAL INDEX KEY:			0001338561
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA

	FILING VALUES:
		FORM TYPE:		497
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-224036
		FILM NUMBER:		20739602

	BUSINESS ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-917-8146

	MAIL ADDRESS:	
		STREET 1:		333 WEST WACKER DRIVE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Nuveen Equity Premium & Growth Fund
		DATE OF NAME CHANGE:	20050913
</SEC-HEADER>
<DOCUMENT>
<TYPE>497
<SEQUENCE>1
<FILENAME>d899530d497.htm
<DESCRIPTION>NUVEEN S&P 500 DYNAMIC OVERWRITE FUND
<TEXT>
<HTML><HEAD>
<TITLE>Nuveen S&amp;amp;P 500 Dynamic Overwrite Fund</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>N<SMALL>UVEEN</SMALL> S&amp;P 500 D<SMALL>YNAMIC</SMALL> O<SMALL>VERWRITE</SMALL>
F<SMALL>UND</SMALL> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(NYSE: SPXX) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(<SMALL>THE</SMALL> &#147;F<SMALL>UND</SMALL>&#148;) </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>S<SMALL>UPPLEMENT</SMALL> D<SMALL>ATED</SMALL> M<SMALL>ARCH</SMALL> 24, 2020 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>T<SMALL>O</SMALL> <SMALL>THE</SMALL> F<SMALL>UND</SMALL>&#146;<SMALL>S</SMALL> P<SMALL>ROSPECTUS</SMALL> <SMALL>AND</SMALL>
S<SMALL>TATEMENT</SMALL> <SMALL>OF</SMALL> A<SMALL>DDITIONAL</SMALL> I<SMALL>NFORMATION</SMALL> (&#147;SAI&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>D<SMALL>ATED</SMALL> A<SMALL>PRIL</SMALL>&nbsp;30, 2019 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The following changes to the Fund&#146;s Prospectus and SAI are effective immediately: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The following replaces any references contained in the Prospectus with respect to the Fund&#146;s net asset
value (&#147;NAV&#148;) per Common Share, market price, percent of premium/(discount) to NAV per Common Share, number of shares outstanding, and net assets: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The NAV per Common Share, the market price and percent of premium/(discount) to NAV per Common Share on March&nbsp;23, 2020,
were $11.05, $9.44 and (14.57)%, respectively. As of March&nbsp;23, 2020, the Fund had 17,191,758 Common Shares outstanding and net assets applicable to Common Shares of $189,913,731. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">Jody I. Hrazanek is no longer a portfolio manager of the Fund. Accordingly, all references to Ms.&nbsp;Hrazanek
in the Fund&#146;s Prospectus and SAI are hereby deleted. David A. Friar will continue to serve as portfolio manager of the Fund. There will not be an impact on the Fund&#146;s strategies, investment objectives or policies. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left">The following disclosure is added to the sections entitled &#147;Prospectus Summary &#150; Special Risk
Considerations &#150; General Risks &#150; Recent Market Conditions&#148; and &#147;Risk Factors &#150; General Risks &#150; Recent Market Circumstances&#148;: </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">National and regional economies and financial markets are becoming increasingly interconnected, which increases the
possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and
securities prices around the world, which could negatively impact the value of the Fund&#146;s investments. For example, the United Kingdom&#146;s referendum decision to leave the European Union resulted in the depreciation in value of the British
pound, short-term declines in the stock markets and ongoing economic and political uncertainty concerning the consequences of the exit. Similar major economic or political disruptions, particularly in large economies like China&#146;s, may have
global negative economic and market repercussions. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the global economy and
the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as <FONT STYLE="white-space:nowrap">COVID-19</FONT> that was first detected in China in December 2019 and heightened
concerns regarding North Korea&#146;s nuclear weapons and long-range ballistic missile programs. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a
significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund&#146;s service providers, including the investment adviser and
<FONT STYLE="white-space:nowrap">sub-adviser,</FONT> rely, and could otherwise disrupt the ability of employees of the Fund&#146;s service providers to perform essential tasks on behalf of the Fund. Governmental and quasi-governmental authorities
and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary
programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund&#146;s investments.
</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PLEASE KEEP THIS WITH YOUR FUND&#146;S PROSPECTUS AND SAI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>FOR FUTURE REFERENCE </B></P>
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