UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number  

  

811-22970

Nuveen Dow 30SM Dynamic Overwrite Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

 

(Name and address of agent for service)

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

Date of fiscal year end:    December 31                                

Date of reporting period:    December 31, 2023                   

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

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


ITEM 1. REPORTS TO STOCKHOLDERS.


 

LOGO

    

 

Closed-End Funds

     

 

December 31,

2023

 Nuveen

 Closed-End 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

 

 

Annual

Report


  

 

 

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 DECEMBER 31, 2023

The Nuveen S&P 500 Buy-Write Income Fund (BXMX), Nuveen Dow 30SM Dynamic Overwrite Fund (DIAX), Nuveen S&P 500 Dynamic Overwrite Fund (SPXX), Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) and Nuveen Core Equity Alpha Fund (JCE) seek to offer attractive cash flow to their shareholders, by converting the expected long-term total return potential of the Funds’ portfolio of investments into regular quarterly distributions. Following is a discussion of the Managed Distribution Policy the Funds use to achieve this.

Each Fund pays quarterly common share distributions that seek to convert the Fund’s expected long-term total return potential into regular cash flow. As a result, the Funds’ regular common share distributions (presently $0.2365, $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.

 

2


Table

of Contents

 

 

Letter to Shareholders

     4  

Important Notices

     5  

Portfolio Managers’ Comments

     6  

Common Share Information

     11  

About the Funds’ Benchmarks

     14  

Performance Overview and Holding Summaries

     16  

Report of Independent Registered Public Accounting Firm

     29  

Portfolios of Investments

     30  

Statement of Assets and Liabilities

     64  

Statement of Operations

     65  

Statement of Changes in Net Assets

     66  

Financial Highlights

     70  

Notes to Financial Statements

     74  

Shareholder Update

     87  

Important Tax Information

     113  

Additional Fund Information

     115  

Glossary of Terms Used in this Report

     116  

Board Members & Officers

     117  

 

3


Letter

to Shareholders

  

 

LOGO    Dear Shareholders,
  

 

Financial markets spent the past year focused on the direction of inflation and whether policy makers would be able to deliver a soft landing in their economies. After more than a year and a half of interest rate increases by the U.S. Federal Reserve (Fed) and other central banks, financial conditions have tightened and inflation rates have cooled considerably. The Fed increased the target fed funds rate from near zero in March 2022 to a range of 5.25% to 5.50% at its latest increase in July 2023, then left the rate unchanged through January 2024. At its December 2023 policy meeting, the Fed acknowledged the fed funds rate may have reached its peak, and then in January 2024 removed the suggestion that another hike was possible. But current inflation rates remain above central banks’ targets, and the trajectory from here is difficult to predict given that monetary policy acts on the economy with long and variable lags.

  

 

Surprisingly, economies were relatively resilient for much of 2023. The “most predicted recession” did not materialize in the U.S. during 2023, while U.K. and European economic growth had begun to show signs of stagnation or decline in the second half of the year. U.S. gross domestic product rose 3.3% in the fourth quarter of 2023, slower than 4.9% in the third quarter but still ahead of 2.1% in the second quarter and 2.0% in the first quarter. For 2023 overall, GDP grew 2.5% (from the 2022 annual level to the 2023 annual level), compared to 1.9% in 2022. Much of the growth was driven by a relatively strong jobs market, which kept consumer sentiment and spending elevated despite long-term interest rates nearing multi-year highs, a series of U.S. regional bank failures and shocks from flaring geopolitical tensions.

   While central banks are likely nearing the end of this interest rate hiking cycle, there are still upside risks to inflation and downside risks to the economy. Some labor market and consumer indicators are softening. Government funding and deficits remain a concern, especially as the U.S. election year gets underway. The markets will continue to try to anticipate monetary policy shifts as the Fed evaluates incoming data and adjusts its rate setting activity on a meeting-by-meeting basis. Geopolitical risks – from relations with China, to wars in Europe and the Middle East – also expand the range of outcomes from economies and markets around the world. All these uncertainties, and others, will remain sources of short-term market volatility. In this environment, Nuveen remains committed to filtering the market noise for investable opportunities that ultimately serve long-term investment objectives. Maintaining a long-term perspective is also important for investors, and we encourage you to review your time horizon, risk tolerance and investment goals with your financial professional.
   On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
   LOGO
   Terence J. Toth
   Co-Chair of the Board
   February 22, 2024

 

4


Important Notices  

 

Portfolio Manager Update for BXMX

Effective June 30, 2023, Mitchell Trotta was added as a portfolio manager of the Fund. There were no other changes to the portfolio management of the Fund during the reporting period.

 

5


Portfolio Managers’

Comments

  

 

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 Nuveen S&P 500 Buy-Write Income Fund (BXMX) features portfolio management by Gateway Investment Advisers, LLC (Gateway). The Fund’s portfolio managers are Kenneth Toft, CFA, Michael Buckius, CFA, Daniel Ashcraft, CFA, and Mitchell Trotta, CFA. The Nuveen Dow 30SM Dynamic Overwrite Fund (DIAX), Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. The Funds’ portfolio managers are David Friar, James (Jim) Campagna, CFA, Lei Liao, CFA and Darren Tran, CFA. The Nuveen Core Equity Fund (JCE) features portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are David Friar, Maxim Kozlov, CFA, and Pei Chen.

Effective June 30, 2023, Mitchell Trotta was added as a portfolio manager of the Nuveen S&P 500 Buy-Write Income Fund. Michael Buckius, Kenneth Toft and Daniel Ashcraft continue to serve as portfolio managers of the Fund.

Here the Funds’ portfolio management teams review U.S. economic and financial market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2023. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended December 31, 2023?

The U.S. economy performed better than expected despite persistent inflationary pressure and rising interest rates during the twelve-month period ended December 31, 2023. Gross domestic product rose at an annualized rate of 3.3% in the fourth quarter of 2023, after sharply accelerating to 5.2% (annualized) in third quarter of 2023, according to the U.S. Bureau of Economic Analysis initial estimate. For the year as a whole, GDP was up 2.5% (from the 2022 annual level to the 2023 annual level), compared with an increase of 1.9% in 2022. During the reporting period, price pressures eased in comparison to 2022 given normalization in supply chains, falling energy prices and aggressive measures by the U.S. Federal Reserve (Fed) and other global central banks to tighten financial conditions and slow demand in their economies. Nevertheless, during the reporting period inflation levels remained higher than central banks’ target levels.

The Fed raised its target fed funds rate four times during the reporting period, bringing it to a range of 5.25% to 5.50% as of July 2023 and voting to hold it at that level at its remaining meetings in 2023. During the beginning of the reporting period, the Fed’s activity led to significant volatility in bond and stock markets, given the uncertainty of how rising interest rates would affect the economy. One of the most highly visible impacts occurred in the U.S. regional banking sector in March 2023, when Silicon Valley Bank, Signature Bank, First Republic Bank and Silvergate Bank failed. In the same month, Swiss bank UBS agreed to buy Credit Suisse, which was considered vulnerable in the current environment. The Fed’s monetary tightening policy also contributed to an increase in the U.S. dollar’s value relative to major world currencies, which acts as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings.

During the reporting period, elevated inflation and higher borrowing costs weighed on some segments of the economy, including the real estate market. Consumer spending, however, has remained more resilient than expected, in part because of a still-strong labor market, another key gauge of the economy’s health. As of December 2023, the unemployment rate was 3.7%, near its pre-pandemic low, with monthly job growth continuing to moderate. The strong labor market and wage gains helped the U.S. economy during the reporting period, even as the Fed sought to soften job growth to help curb inflation pressures.

During the reporting period, investors also continued to monitor government funding and deficits. The U.S. government avoided a default scenario after approving an increase to the debt ceiling limit in June 2023. At the same time, the potential for a government shutdown loomed but was ultimately avoided with funding resolutions passed in September and November 2023. Notably, in August 2023, ratings agency Fitch downgraded U.S. debt from AAA to AA+ based on concerns about the U.S.’s growing fiscal debt and reduced confidence in fiscal management.

 

6


 

 

Nuveen S&P 500 Buy-Write Income Fund (BXMX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2023?

BXMX seeks attractive total return with less volatility than the S&P 500® Index by investing in an equity portfolio that seeks to substantially replicate the price movements of the S&P 500® Index and by selling index call options covering approximately 100% of the Fund’s equity portfolio value with a goal of enhancing the portfolio’s risk-adjusted returns.

The writing of index call options on a broad equity index, while investing in a portfolio of equities, has the potential to enhance BXMX’s risk-adjusted returns while exposing the Fund to less risk than unhedged equity investments. Hedging the equity portfolio with index call options may limit the Fund’s participation in market advances in exchange for the cash premium received for the written index call options. Conversely, market declines are typically buffered by the amount of the cash premium received by the Fund. In flat or declining markets, BXMX’s call option premium can potentially enhance total return relative to the S&P 500® Index. However, in rising markets, the call options may reduce the Fund’s total return relative to the S&P 500® Index.

During the reporting period, the portfolio management team focused on opportunities in the written index call option portfolio. The portfolio management team took advantage of elevated implied volatility levels that drove the availability of above-average premiums. These premiums helped to offset a material portion of losses during equity market declines and offered a high level of market participation during periods of strength.

How did the Fund perform during the twelve-month reporting period ended December 31, 2023?

For the twelve-month reporting period ended December 31, 2023, BXMX significantly outperformed the Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM). For purposes of this Performance Commentary, references to relative performance are in comparison to the BXMSM.

The Fund’s options portfolio outperformed the options component of the BXMSM during the reporting period. The portfolio management team’s active adjustments to the Fund’s index call option portfolio were particularly beneficial during periods when the equity market outperformed the BXMSM. Specifically, the Fund’s options portfolio significantly outperformed the BXMSM during the equity market’s rapid market advance from mid-March to the end of July 2023 and outperformed the BXMSM to a lesser extent during the equity market advance from the end of October through December 2023. Additionally, the Fund’s options portfolio outperformed the BXMSM during one of the period’s equity market declines from the end of July through the end of October 2023. However, the options portfolio underperformed the BXMSM during the other market decline from early February through mid-March 2023. The risk level of the Fund, as measured by its standard deviation of daily return, was much lower than that of the U.S. equity market and slightly above the BXMSM over the reporting period.

The Fund’s equity portfolio also outperformed the equity component of the BXMSM during the reporting period. Key drivers of the equity portfolio’s outperformance included stock selection in the information technology, consumer staples and communication services sectors. However, the role of the equity portfolio is to support the option strategy by closely tracking the S&P 500® Index, so enhancing its return through fundamental stock selection or sector allocation is not a management objective. Relative performance of the equity portfolio may fluctuate during the short term but is expected to be in line with the S&P 500® Index over longer timeframes.

Nuveen Dow 30SM Dynamic Overwrite Fund (DIAX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2023?

DIAX seeks attractive total return with less volatility than the Dow Jones Industrial Average Index (DJIA) by investing in an equity portfolio that seeks to substantially replicate the price movements of the DJIA, as well as selling call options on 35% to 75% of the notional value of the Fund’s equity portfolio, with a long-term target of 55% overwrite in an effort to enhance the Fund’s risk-adjusted returns. The portfolio management team uses its proprietary view of the market’s return and volatility profile to dynamically adjust the option overwrite percentage and other factors.

Generally, if the portfolio management team expects the equity market to appreciate, the option overwrite percentage will be reduced to offer more potential upside capture. Likewise, if the portfolio management team expects equity markets to be flat or to decline, the option overwrite percentage may be increased, thus managing the Fund to potentially receive additional cash flow from higher sales of call options. This dynamic option overwrite approach offers the potential for greater equity market upside capture

 

7


Portfolio Managers’ Comments (continued)

  

 

than the full option overwrite approach, while still offering a measure of downside risk management. The Fund currently expects to carry out its principal investment strategy by emphasizing options on broad-based indexes, individual stocks in the DJIA, and options on custom baskets of stocks, in addition to exchange-traded funds (ETFs). The Fund also has the opportunity to utilize call spread strategies and sell put options on a portion of the underlying equity portfolio.

During the reporting period, the portfolio management team varied the core option overwrite level between 39% and 67%. The average option overwrite level during the reporting period, which consisted primarily of calls written on the S&P 500® Index, was in line with its long-term target.

How did the Fund perform during the twelve-month reporting period ended December 31, 2023?

For the twelve-month reporting period ended December 31, 2023, DIAX underperformed the DIAX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) DJIA BuyWrite Index (BXDSM) and 2) 45% Dow Jones Industrial Average Index (DJIA). For purposes of this Performance Commentary, references to relative performance are in comparison to the DIAX Blended Benchmark.

The primary detractor from the Fund’s relative performance was call options sold on the S&P 500® Index. The BXDSM, which is a component of the DIAX Blended Benchmark, sells index call options on the DJIA. Because of its investment policies, the Fund is precluded from selling index call options on the DJIA and instead primarily sold call options on the S&P 500® Index. This combination detracted from the Fund’s relative performance because the S&P 500® Index significantly outperformed the DJIA for the reporting period.

Partially offsetting the Fund’s underperformance was the timing of overwrite levels in the Fund’s options portfolio. During the market’s strong advances in January, June and November 2023, the portfolio management team opportunistically lowered the Fund’s level of call selling, which benefited performance. However, this positive contribution was slightly offset by not adding enough options during the September 2023 market pullback.

The portfolio management team was able to generate additional income from selling put options on the S&P 500® Index, taking advantage of the index’s generally upward trajectory over the year. In addition, the portfolio management team sold calls and bought puts on the Russell 2000 Index, bought and sold single name call options, bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX®), and bought and sold calls and puts on several ETFs, which had a negligible impact on relative performance in 2023.

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2023?

SPXX seeks attractive total return with less volatility than the S&P 500® Index by investing in an equity portfolio that seeks to substantially replicate the price movements of the S&P 500® Index, as well as selling call options on 35% to 75% of the notional value of the Fund’s equity portfolio, with a long-run target of 55% overwrite in an effort to enhance the Fund’s risk-adjusted returns. The portfolio management team uses its proprietary view of the market’s return and volatility profile to dynamically adjust the option overwrite percentage and other factors. The strategy will consider the Fund’s tax position and employ techniques to improve after-tax shareholder outcomes.

Generally, if the portfolio management team expects the equity market to appreciate, the option overwrite percentage will be reduced to offer more potential upside capture. Likewise, if the portfolio management team expects equity markets to be flat or to decline, the option overwrite percentage may be increased, thus managing the Fund to potentially receive additional cash flow from higher sales of call options. This dynamic option overwrite approach offers the potential for greater equity market upside capture than the full option overwrite approach, while still offering a measure of downside risk management. The Fund currently expects to emphasize index call options on the S&P 500® Index and can also employ an expanded range of options including index options on other broad-based indexes and options on custom baskets of stocks, in addition to single name options. The Fund also has the opportunity to utilize call spread strategies and sell put options on a portion of the underlying equity portfolio.

During the reporting period, the portfolio management team varied the core option overwrite level between 39% and 54%. The average option overwrite level during the reporting period, which consisted primarily of calls written on the S&P 500® Index, was in line with its long-term target.

 

8


 

 

How did the Fund perform during the twelve-month reporting period ended December 31, 2023?

For the twelve-month reporting period ended December 31, 2023, SPXX performed in line with the SPXX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM) and 2) 45% S&P 500® Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the SPXX Blended Benchmark.

The Fund’s equity portfolio outperformed the equity component of the SPXX Blended Benchmark over the reporting period. Key drivers of outperformance were stock selection in the financials, consumer staples and communication services sectors. The timing of overwrite levels in the Fund’s options portfolio also contributed to relative results. During the market’s strong advances in January, June and November 2023, the portfolio management team opportunistically lowered the Fund’s level of call selling, which benefited performance. However, this positive contribution was offset by not adding enough options during the September 2023 market pullback. In addition, the portfolio management team sold calls and bought puts on the Russell 2000 Index, sold call and put options on the S&P 500® Index, bought and sold single name call options, bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX®), and bought and sold calls and puts on several ETFs, however the impact of these positions on relative performance was minimal.

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2023?

QQQX seeks attractive total return with less volatility than the Nasdaq 100® Index by investing in an equity portfolio that seeks to substantially replicate the price movements of the Nasdaq 100® Index, as well as selling call options on 35% to 75% of the notional value of the Fund’s equity portfolio, with a long-run target of 55% in an effort to enhance the Fund’s risk-adjusted returns. The portfolio management team uses its proprietary view of the market’s return and volatility profile to dynamically adjust the option overwrite percentage and other factors. The strategy will consider the Fund’s tax position and employ techniques to improve after-tax shareholder outcomes.

Generally, if the portfolio management team expects the equity market to appreciate, the overwrite percentage will be reduced to offer more potential upside capture. Likewise, if the portfolio management team expects equity markets to be flat or to decline, the overwrite percentage may be increased, thus managing the Fund to potentially receive additional cash flow from higher sales of call options. This dynamic option overwrite approach offers potential for greater equity market upside capture than the full overwrite approach, while still offering a measure of downside risk management. The Fund, in carrying out its principal options strategy, expects to primarily write index call options on the Nasdaq 100® Index and other broad-based indexes and can also write call options on a variety of other equity market indexes and options on custom baskets of stocks, in addition to single name options. The Fund also has the opportunity to utilize call spread strategies and sell put options on a portion of the underlying equity portfolio.

During the reporting period, the portfolio management team varied the core option overwrite level between 38% and 66%. The average option overwrite during the reporting period, which consisted primarily of calls written on the Nasdaq 100® Index, was in line with its long-term target.

How did the Fund perform during the twelve-month reporting period ended December 31, 2023?

For the twelve-month reporting period ended December 31, 2023, QQQX underperformed the QQQX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXNSM) and 2) 45% Nasdaq 100® Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the QQQX Blended Benchmark.

The primary detractor from the Fund’s relative performance was the equity portfolio’s return, driven by unfavorable stock selection in the information technology sector. The information technology sector was not only the strongest performing sector in the Nasdaq 100® Index, but its performance was narrowly led by a small group of mega-cap and artificial intelligence related stocks during the reporting period. Therefore, underweight positions in NVIDIA Corp, Broadcom Inc., and CrowdStrike Holdings Inc., and lack of exposure to Adobe Incorporated detracted from relative performance.

The Fund’s underperformance was partially offset by the timing of overwrite levels in the Fund’s options portfolio. During the market’s strong advances in January, June and November 2023, the portfolio management team opportunistically lowered the

 

9


Portfolio Managers’ Comments (continued)

  

 

Fund’s level of call selling, which benefited performance. However, this positive contribution was slightly offset by not adding enough options during the September 2023 market pullback.

In addition to selling calls on the Nasdaq 100® Index, the portfolio management team also sold calls and bought puts on the Russell 2000 Index, sold call and put options on the S&P 500® Index, bought and sold single name call options, bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX®), and bought and sold calls and puts on several ETFs; however, the impact of these positions on relative performance was minimal.

Nuveen Core Equity Alpha Fund (JCE)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2023?

JCE seeks to provide an attractive level of total return, primarily through long-term capital appreciation and secondarily through income and gains. The Fund invests in large capitalization common stocks, using a proprietary quantitative process designed to provide the potential for long-term outperformance. The Fund also sells call options with a notional value of up to 50% of the Fund’s equity portfolio in seeking to enhance risk-adjusted performance relative to an all-equity portfolio. The portfolio management team uses its proprietary view of the market’s return and volatility profile to dynamically adjust the option overwrite percentage and other factors.

How did the Fund perform during the twelve-month reporting period ended December 31, 2023?

For the twelve-month reporting period ended December 31, 2023, JCE outperformed the JCE Blended Benchmark, which is a blend of returns consisting of 1) 50% S&P 500® Index and 2) 50% Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM). For purposes of this Performance Commentary, references to relative performance are in comparison to the JCE Blended Benchmark.

The primary contributor to relative performance was the timing of overwrite levels in the Fund’s options portfolio. During the market’s strong advances in January, June and November 2023, the portfolio management team opportunistically lowered the Fund’s level of call selling, which benefited performance. However, this positive contribution was slightly offset by not adding enough options during the September 2023 market pullback. Also, the portfolio management team was able to generate additional income from selling put options on the S&P 500® Index, taking advantage of the index’s generally upward trajectory. In addition, the portfolio management team bought and sold single name options, which added modestly to performance in 2023.

The Fund’s outperformance was partially offset by the equity portfolio’s return, which underperformed the S&P 500® Index, primarily due to security selection in the health care and information technology and consumer discretionary sectors. Detractors included overweight positions in Pfizer Inc. and Mettler-Toledo International Inc. and underweight positions in NVIDIA Corp, Broadcom Inc., Advanced Micro Devices Inc. and Tesla Inc. As part of the model-driven security selection process, which is designed to select constituents from the S&P 500® Index and the Russell 1000® Index, the portfolio management team seeks to minimize tracking error while adhering to tax and concentration rules.

In addition to selling call and put options on the S&P 500® Index and on single names, the portfolio management team sold calls on the Russell 2000® Index, bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX®) and sold calls on several ETFs; however, the impact of these positions on relative performance was minimal.

 

 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

 

10


Common Share Information  

 

DISTRIBUTION INFORMATION

The following 19(a) Notice presents the Funds’ most current distribution information as of November 30, 2023 as required by certain exempted regulatory relief the Funds have received.

Because the ultimate tax character of your distributions depends on the Funds’ performance for its entire fiscal year (which is the calendar year for the Funds) as well as certain fiscal year-end (FYE) tax adjustments, estimated distribution source information you receive with each distribution may differ from the tax information reported to you on your Funds’ IRS Form 1099 statement.

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 NOVEMBER 30, 2023

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 November 30, 2023

 

             Per Share Estimated Sources of Distribution1       Estimated Percentage of Distributions1  
     

 

 

    

 

 

 
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        $0.0285        $0.1414        $0.0441        $0.0225        12.0%        59.8%        18.6%        9.5%  

Fiscal YTD

     $0.9460        $0.1138        $0.5656        $0.1764        $0.0902        12.0%        59.8%        18.6%        9.5%  

 

 

DIAX (FYE 12/31)

                          

Current Quarter

     $0.2867        $0.0530        $0.0577        $0.0000        $0.1760        18.5%        20.1%        0.0%        61.4%  

Fiscal YTD

     $1.1468        $0.2120        $0.2308        $0.0000        $0.7040        18.5%        20.1%        0.0%        61.4%  

 

 

SPXX (FYE 12/31)

                          

Current Quarter

     $0.2940        $0.0285        $0.0701        $0.0000        $0.1954        9.7%        23.8%        0.0%        66.4%  

Fiscal YTD

     $1.1760        $0.1142        $0.2804        $0.0000        $0.7814        9.7%        23.8%        0.0%        66.4%  

 

 

QQQX (FYE 12/31)

                          

Current Quarter

     $0.4200        $0.0000        $0.1097        $0.0258        $0.2845        0.0%        26.1%        6.1%        67.7%  

Fiscal YTD

     $1.6800        $0.0000        $0.4387        $0.1032        $1.1381        0.0%        26.1%        6.1%        67.7%  

 

 

JCE (FYE 12/31)

                          

Current Quarter

     $0.3200        $0.0154        $0.0068        $0.0000        $0.2978        4.8%        2.1%        0.0%        93.1%  

Fiscal YTD

     $1.2800        $0.0614        $0.0273        $0.0000        $1.1913        4.8%        2.1%        0.0%        93.1%  

 

 

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.

 

11


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.

Data as of November 30, 2023

 

                                 Annualized      Cumulative  
              

 

 

 
Fund   

Inception

Date

    

Quarterly

Distribution

    

Fiscal YTD

Distribution

    

Net Asset

Value (NAV)

    

5-Year

Return

on NAV

    

Fiscal YTD
Dist Rate on

NAV1

    

Fiscal YTD

Return

on NAV

    

Fiscal YTD
Dist Rate

on NAV1

 

 

 

BXMX

     Oct-2004        $0.2365        $0.9460        $13.89          7.40%        6.81%        16.44%        6.81%  

DIAX

     Apr-2005        $0.2867        $1.1468        $15.96        3.80%        7.19%        4.11%        7.19%  

SPXX

     Nov-2005        $0.2940        $1.1760        $16.11        7.17%        7.30%        15.06%        7.30%  

QQQX

     Jan-2007        $0.4200        $1.6800        $24.18        8.99%        6.95%        30.08%        6.95%  

JCE

     Mar-2007        $0.3200        $1.2800        $13.20        9.33%        9.70%        18.10%        9.70%  

 

 

1 As a percentage of 11/30/2023 NAV.

DISTRIBUTION INFORMATION – AS OF DECEMBER 31, 2023

The following tables provides information regarding the Funds’ common share distributions and total return performance for the fiscal year ended December 31, 2023. This information is intended to help you better understand whether the Funds’ returns for the specified time period were sufficient to meet its distributions.

Data as of December 31, 2023

 

            Per Share Sources of Distribution      Percentage of the Distribution  
     

 

 

 
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)

     $0.9460        $0.1129        $0.3980        $0.1763        $0.2588           11.93%        42.07%        18.64%        27.36%  

 

 

DIAX

                          

(FYE 12/31)

     $1.1469        $0.1981        $0.0952        $0.0000        $0.8536        17.27%        8.30%        0.00%        74.43%  

 

 

SPXX

                          

(FYE 12/31)

     $1.1760        $0.1135        $0.6283        $0.0000        $0.4342        9.65%        53.43%        0.00%        36.92%  

 

 

QQQX

                          

(FYE 12/31)

     $1.6800        $0.0000        $1.1145        $0.1032        $0.4623        0.00%        66.34%        6.14%        27.52%  

 

 

JCE

                          

(FYE 12/31)

     $1.2800        $0.0631        $0.0174        $0.0000        $1.1995        4.93%        1.36%        0.00%        93.71%  

 

 

Data as of December 31, 2023

 

                   Annualized  
        

 

 

 
Fund   

Inception

Date

    

Net Asset

Value (NAV)

    

1-Year

Return on NAV

    

5-Year

Return on NAV

    

Fiscal YTD

Dist Rate on NAV

 

 

 

BXMX

     Oct-2004              $13.94             18.84%             9.17%              6.79%  

DIAX

     Apr-2005        $16.22        7.67%        6.22%        7.07%  

SPXX

     Nov-2005        $16.29        18.45%        9.67%        7.22%  

QQQX

     Jan-2007        $24.68        35.03%        11.69%        6.81%  

JCE

     Mar-2007        $13.28        21.68%        11.94%        9.64%  

 

 

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.

 

     SPXX      QQQX  

 

 

Maximum aggregate offering

     4,993,317          Unlimited  

 

 

 

12


 

 

During the current reporting period, QQQX sold common shares through its Shelf Offering at a weighted average premium to their NAV per common share as shown in the accompanying table.

 

     QQQX  

 

 

Common shares sold through shelf offering

     297,524  

Weighted average premium to NAV per common share sold

     3.84%  

 

 

Refer to Notes to Financial Statements, for further details of Shelf Offerings and each Fund’s transactions.

COMMON SHARE REPURCHASES

The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of December 31, 2023, (and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding common shares as shown in the accompanying table.

 

     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        4,845,000        1,605,000  

 

 

OTHER COMMON SHARE INFORMATION

As of December 31, 2023, the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

 

     BXMX      DIAX      SPXX      QQQX      JCE  

 

 

Common share NAV

     $13.94           $16.22           $16.29           $24.68           $13.28  

Common share price

     $12.83        $14.00        $15.04        $23.15        $13.55  

Premium/(Discount) to NAV

     (7.96)%        (13.69)%        (7.67)%        (6.20)%        2.03%  

Average premium/(discount) to NAV

     (3.40)%        (9.51)%        (3.29)%        0.72%        (1.25)%  

 

 

 

13


About the Funds’ Benchmarks   

 

Chicago Board Options Exchange (Cboe) Dow Jones Industrial Average (DJIA) BuyWrite Index (BXDSM): 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 (BXNSM): 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 (BXMSM): An index designed to measure the performance of a hypothetical buy-write strategy on the S&P 500® Index. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

DIAX Blended Benchmark: Consists of: 1) 55% Chicago Board Options Exchange (Cboe) DJIA BuyWrite Index (BXDSM) (defined herein), and 2) 45% Dow Jones Industrial Average Index (DJIA) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Dow Jones Industrial Average Index (DJIA): An index designed to measure the performance of 30 actively traded U.S. large cap stocks. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

JCE Blended Benchmark: Consists of: 1) 50% S&P 500® Index (defined herein), and 2) 50% Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM) (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Nasdaq 100® Index: An index that includes 100 of the largest domestic and international non-financial equity securities listed on the Nasdaq Stock Market based on market capitalization. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

QQQX Blended Benchmark: Consists of: 1) 55% Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXNSM) (defined herein), and 2) 45% Nasdaq 100® Index (defined herein). Index returns assume reinvestment of distributions, but

do not reflect any applicable sales charges or management fees.

S&P 500® Index: An index generally considered representative of the U.S. equity market. The index includes 500 leading companies and covers approximately 80% of available market capitalization. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

SPXX Blended Benchmark: Consists of: 1) 55% Chicago Board Options Exchange (Cboe) S&P 500® BuyWrite Index (BXMSM) (defined herein), and 2) 45% S&P 500® Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

 

14


 

 

 

 

[This page intentionally left blank.]

 

 

 

15


BXMX   

Nuveen S&P 500 Buy-Write Income Fund

Performance Overview and Holding Summaries December 31, 2023

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Fund Performance*

 

         

Total Returns as of

December 31, 2023

         

Average Annual

    

Inception

Date

      1-Year       5-Year      10-Year

 

BXMX at Common Share NAV

   10/26/04    18.84%    9.17%    7.24%

 

BXMX at Common Share Price

   10/26/04    9.05%    8.60%    7.67%

 

Cboe S&P 500® BuyWrite Index (BXMSM)

      11.82%    6.08%    5.58%

 

*For purposes of Fund performance, relative results are measured against the Cboe S&P 500® BuyWrite Index (BXMSM).

Performance data shown 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.

Daily Common Share NAV and Share Price

 

LOGO

Growth of an Assumed $10,000 Investment as of December 31, 2023 - Common Share Price

 

LOGO

 

16


 

Holdings Summaries as of December 31, 2023

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

 

Fund Allocation

(% of net assets)

Common Stocks    99.6%

Investments Purchased with
Collateral from Securities Lending

   0.0%
Repurchase Agreements    4.3%
Other Assets & Liabilities, Net    (3.9)%
Net Assets    100%

Portfolio Composition

(% of total investments)

Software & Services    11.2%
Technology Hardware & Equipment    8.4%
Semiconductors & Semiconductor Equipment    7.8%
Financial Services    7.8%
Media & Entertainment    7.7%
Pharmaceuticals, Biotechnology & Life Sciences    7.0%
Consumer Discretionary Distribution & Retail    5.8%
Capital Goods    5.4%
Health Care Equipment & Services    5.2%
Energy    3.6%
Banks    3.3%
Food, Beverage & Tobacco    2.5%
Materials    2.5%
Utilities    2.2%
Automobiles & Components    2.0%
Equity Real Estate Investment Trusts (REITs)    1.9%
Insurance    1.9%
Consumer Services    1.9%
Consumer Staples Distribution & Retail    1.8%
Commercial & Professional Services    1.5%
Transportation    1.4%
Household & Personal Products    1.4%
Consumer Durables & Apparel    0.9%
Telecommunication Services    0.7%

Investments Purchased with
Collateral from Securities Lending

   0.0%
Repurchase Agreements    4.2%
Total    100%

Top Five Common Stock Holdings

(% of net assets)

Microsoft Corp    7.2%
Apple Inc    7.2%
Amazon.com Inc    3.6%
NVIDIA Corp    3.2%
Alphabet Inc, Class A    2.2%
 

 

17


DIAX   

Nuveen Dow 30SM Dynamic Overwrite Fund

Performance Overview and Holding Summaries December 31, 2023

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Fund Performance*

 

         

Total Returns as of

December 31, 2023

         

Average Annual

     Inception
Date
      1-Year       5-Year      10-Year

 

DIAX at Common Share NAV

   4/29/05    7.67%    6.22%    6.62%

 

DIAX at Common Share Price

   4/29/05    (2.18)%    4.60%    6.21%

 

Dow Jones Industrial Average Index (DJIA)

      16.18%    12.47%    11.08%

 

DIAX Blended Benchmark

      12.42%    9.23%    8.01%

 

* 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 (BXDSM) and 2) 45% Dow Jones Industrial Average Index (DJIA).

Performance data shown 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.

Daily Common Share NAV and Share Price

 

LOGO

Growth of an Assumed $10,000 Investment as of December 31, 2023 - Common Share Price

 

LOGO

 

18


 

Holdings Summaries as of December 31, 2023

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

 

Fund Allocation

(% of net assets)

Common Stocks    99.7%
Exchange-Traded Funds    1.3%
Options Purchased    0.0%

Investments Purchased with
Collateral from Securities Lending

   0.1%
Repurchase Agreements    0.2%
Other Assets & Liabilities, Net    (1.3)%
Net Assets    100%

Portfolio Composition1

(% of total investments)

Capital Goods    15.1%
Financial Services    14.3%
Software & Services    13.8%
Pharmaceuticals, Biotechnology & Life Sciences    9.5%
Health Care Equipment & Services    9.1%
Consumer Discretionary Distribution & Retail    6.0%
Consumer Services    5.1%
Technology Hardware & Equipment    4.2%
Insurance    3.3%
Consumer Staples Distribution & Retail    3.2%
Banks    2.9%
Energy    2.6%
Household & Personal Products    2.5%
Consumer Durables & Apparel    1.9%
Media & Entertainment    1.5%
Other    3.4%
Exchange-Traded Funds    1.3%
Options Purchased    0.0%

Investments Purchased with
Collateral from Securities Lending

   0.1%
Repurchase Agreements    0.2%
Total Investments    100%

Top Five Common Stock Holdings

(% of net assets)

UnitedHealth Group Inc    9.2%
Goldman Sachs Group Inc/The    6.7%
Microsoft Corp    6.6%
Home Depot Inc/The    6.0%
McDonald’s Corp    5.2%
 

 

 

 

1

See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

 

19


SPXX   

Nuveen S&P 500 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of December 31, 2023

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Fund Performance*

 

         

Total Returns as of

December 31, 2023

         

Average Annual

     Inception
Date
      1-Year       5-Year      10-Year

 

SPXX at Common Share NAV

   11/22/05    18.45%    9.67%    7.38%

 

SPXX at Common Share Price

   11/22/05    0.75%    8.71%    7.95%

 

S&P 500® Index

      26.29%    15.69%    12.03%

 

SPXX Blended Benchmark

      18.24%    10.42%    8.52%

 

*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 (BXMSM) and 2) 45% S&P 500® Index.

Performance data shown 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.

Daily Common Share NAV and Share Price

 

LOGO

 

20


 

Growth of an Assumed $10,000 Investment as of December 31, 2023 - Common Share Price

 

LOGO

 

21


Performance Overview and Holdings Summaries December 31, 2023 (continued)

 

Holdings Summaries as of December 31, 2023

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

 

Fund Allocation

(% of net assets)

     

Common Stocks

   99.3%

Exchange-Traded Funds

   1.5%

Options Purchased

   0.0%

Investments Purchased with Collateral from Securities Lending

   1.0%

Repurchase Agreements

   0.2%

Other Assets & Liabilities, Net

   (2.0)%

Net Assets

   100%

Portfolio Composition1

(% of total investments)

     

Software & Services

   10.4%
Technology Hardware & Equipment    8.2%
Financial Services    8.1%
Media & Entertainment    7.8%
Semiconductors & Semiconductor Equipment    7.6%
Pharmaceuticals, Biotechnology & Life Sciences    7.3%
Health Care Equipment & Services    5.6%
Capital Goods    5.6%
Consumer Discretionary Distribution & Retail    5.4%
Energy    3.9%
Banks    3.4%
Food, Beverage & Tobacco    2.9%
Equity Real Estate Investment Trusts (REITs)    2.7%
Utilities    2.6%
Insurance    2.3%
Consumer Services    2.2%
Consumer Staples Distribution & Retail    2.1%
Materials    2.1%
Automobiles & Components    2.1%
Transportation    1.6%
Household & Personal Products    1.1%
Consumer Durables & Apparel    1.1%
Commercial & Professional Services    0.6%

Other

   0.6%

Exchange-Traded Funds

   1.5%

Options Purchased

   0.0%

Investments Purchased with Collateral from Securities Lending

   1.0%

Repurchase Agreements

   0.2%

Total

   100%

Top Five Common Stock Holdings

(% of net assets)

     

Apple Inc

   7.2%

Microsoft Corp

   7.1%

Amazon.com Inc

   3.5%

NVIDIA Corp

   3.1%

Alphabet Inc, Class A

   2.1%
 

 

1 

See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

 

22


QQQX    Nuveen Nasdaq 100 Dynamic Overwrite Fund
   Performance Overview and Holding Summaries as of December 31, 2023

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Fund Performance*

 

            Total Returns as of
December 31, 2023
            Average Annual
      Inception
Date
       1-Year        5-Year        10-Year

QQQX at Common Share NAV

     1/30/07        35.03%        11.69%      10.46%

QQQX at Common Share Price

     1/30/07        21.78%        10.62%      10.32%

Nasdaq 100® Index

            55.13%        22.66%      17.91%

QQQX Blended Benchmark

            37.22%        14.11%      11.86%

* 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 (BXNSM) and 2) 45% Nasdaq 100® Index.

Performance data shown 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.

Daily Common Share NAV and Share Price

 

LOGO

 

23


 

Growth of an Assumed $10,000 Investment as of December 31, 2023 - Common Share Price

 

LOGO

 

24


 

Holdings Summaries as of December 31, 2023

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

 

Fund Allocation

(% of net assets)

     

Common Stocks

   100.0%

Exchange-Traded Funds

   1.2%

Options Purchased

   0.0%

Investments Purchased with Collateral from Securities Lending

   0.1%

Repurchase Agreements

   0.1%

Other Assets & Liabilities, Net

   (1.4)%

Net Assets

   100%

Portfolio Composition1

(% of total investments)

     
Semiconductors & Semiconductor Equipment    19.2%
Media & Entertainment    16.6%
Software & Services    15.7%
Technology Hardware & Equipment    13.9%
Consumer Discretionary Distribution & Retail    6.8%
Pharmaceuticals, Biotechnology & Life Sciences    4.9%
Automobiles & Components    3.5%
Food, Beverage & Tobacco    3.1%
Consumer Services    3.1%
Financial Services    2.3%
Consumer Staples Distribution & Retail    2.1%
Health Care Equipment & Services    1.8%
Capital Goods    1.3%
Utilities    1.2%
Transportation    0.7%
Commercial & Professional Services    0.6%
Telecommunication Services    0.4%
Consumer Durables & Apparel    0.4%

Energy

   0.3%

Materials

   0.3%

Household & Personal Products

   0.2%
Equity Real Estate Investment Trusts (REITs)    0.2%

Other

   0.0%

Exchange-Traded Funds

   1.2%

Options Purchased

   0.0%

Investments Purchased with Collateral from Securities Lending

   0.1%

Repurchase Agreements

   0.1%

Total

   100%

Top Five Common Stock Holdings

(% of net assets)

     

Apple Inc

   11.9%

Microsoft Corp

   11.4%

Alphabet Inc, Class A

   5.1%

Amazon.com Inc

   5.0%

Meta Platforms Inc

   4.7%
 

 

1 

See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

 

25


JCE    Nuveen Core Equity Alpha Fund
   Performance Overview and Holding Summaries as of December 31, 2023

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Fund Performance*

 

            Total Returns as of
December 31, 2023
 
            Average Annual  
      Inception
Date
       1-Year        5-Year        10-Year  

JCE at Common Share NAV

     3/27/07        21.68%        11.94%        8.85%  

JCE at Common Share Price

     3/27/07        10.60%        13.60%        9.93%  

S&P 500® Index

            26.29%        15.69%        12.03%  

JCE Blended Benchmark

            18.96%        10.90%        8.84%  

*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 (BXMSM).

Performance data shown 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.

Daily Common Share NAV and Share Price

 

LOGO

 

26


 

Growth of an Assumed $10,000 Investment as of December 31, 2023 - Common Share Price

 

LOGO

 

27


Performance Overview and Holdings Summaries December 31, 2023 (continued)

 

Holdings Summaries as of December 31, 2023

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

 

Fund Allocation

(% of net assets)

     

Common Stocks

   99.6%

Exchange-Traded Funds

   0.5%

Options Purchased

   0.0%

Repurchase Agreements

   0.2%

Other Assets & Liabilities, Net

   (0.3)%

Net Assets

   100%

Portfolio Composition1

(% of total investments)

     
Software & Services    12.3%
Capital Goods    10.1%
Technology Hardware & Equipment    9.2%
Pharmaceuticals, Biotechnology & Life Sciences    7.9%
Media & Entertainment    7.5%
Financial Services    7.3%
Consumer Discretionary Distribution & Retail    7.2%
Semiconductors & Semiconductor Equipment    5.9%
Health Care Equipment & Services    5.6%
Energy    3.8%
Food, Beverage & Tobacco    3.2%
Consumer Staples Distribution & Retail    2.2%
Commercial & Professional Services    2.2%
Household & Personal Products    1.9%
Banks    1.9%
Materials    1.8%
Insurance    1.8%

Consumer Services

   1.7%

Utilities

   1.5%

Consumer Durables & Apparel

   1.5%
Equity Real Estate Investment Trusts (REITs)    1.2%

Automobiles & Components

   1.1%
Real Estate Management & Development    0.2%

Other

   0.3%

Exchange-Traded Funds

   0.5%

Options Purchased

   0.0%

Repurchase Agreements

   0.2%

Total

   100%

Top Five Common Stock Holdings

(% of net assets)

     

Apple Inc

   7.8%

Microsoft Corp

   7.8%

Amazon.com Inc

   4.1%

NVIDIA Corp

   3.8%

Alphabet Inc, Class C

   2.4%
 

 

1 

See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.

 

28


Report of Independent Registered

Public Accounting Firm

 

To the Board of Trustees and Shareholders of Nuveen S&P 500 Buy-Write Income Fund, Nuveen Dow 30SM Dynamic Overwrite Fund, Nuveen S&P 500 Dynamic Overwrite Fund, Nuveen Nasdaq 100 Dynamic Overwrite Fund and Nuveen Core Equity Alpha Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen S&P 500 Buy-Write Income Fund, Nuveen Dow 30SM Dynamic Overwrite Fund, Nuveen S&P 500 Dynamic Overwrite Fund, Nuveen Nasdaq 100 Dynamic Overwrite Fund and Nuveen Core Equity Alpha Fund (hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2024

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

 

29


BXMX    Nuveen S&P 500 Buy-Write Income Fund
   Portfolio of Investments December 31, 2023

 

Shares        

Description (a)

   Value
    

LONG-TERM INVESTMENTS - 99.6%

  
    

COMMON STOCKS - 99.6% (b)

  
    

Automobiles & Components - 2.1%

  

277,036

    

Ford Motor Co

   $ 3,377,069  

50,606

    

Gentex Corp

     1,652,792  

9,851

   (c)  

Goodyear Tire & Rubber Co/The

     141,066  

103,640

   (c)  

Tesla Inc

        25,752,467  
    

Total Automobiles & Components

     30,923,394  
    

 

 

    

Banks - 3.4%

  

319,502

    

Bank of America Corp

     10,757,632  

90,578

    

Citigroup Inc

     4,659,332  

26,341

    

Comerica Inc

     1,470,091  

106,516

    

Fifth Third Bancorp

     3,673,737  

51,859

    

First Horizon Corp

     734,324  

128,335

    

JPMorgan Chase & Co

     21,829,784  

148,632

    

KeyCorp

     2,140,301  

18,266

    

M&T Bank Corp

     2,503,903  

31,763

      

Zions Bancorp NA

     1,393,443  
    

Total Banks

     49,162,547  
    

 

 

    

Capital Goods - 5.6%

  

17,715

    

Allegion plc

     2,244,313  

31,219

   (c)  

Boeing Co/The

     8,137,545  

29,025

    

Caterpillar Inc

     8,581,822  

64,570

    

CNH Industrial NV

     786,463  

46,441

    

Emerson Electric Co

     4,520,102  

8,843

    

Ferguson PLC

     1,707,318  

5,450

    

Fortune Brands Innovations Inc

     414,963  

44,459

    

General Electric Co

     5,674,302  

31,851

    

Graco Inc

     2,763,393  

9,566

    

HEICO Corp

     1,711,070  

44,930

    

Honeywell International Inc

     9,422,270  

8,860

    

Hubbell Inc

     2,914,320  

43,726

    

Masco Corp

     2,928,767  

9,120

    

Northrop Grumman Corp

     4,269,437  

51,863

    

Otis Worldwide Corp

     4,640,183  

15,767

    

Parker-Hannifin Corp

     7,263,857  

99,428

    

Raytheon Technologies Corp

     8,365,872  

10,242

    

Rockwell Automation Inc

     3,179,936  

10,383

    

Timken Co/The

     832,197  

4,597

      

Woodward Inc

     625,790  
    

Total Capital Goods

     80,983,920  
    

 

 

    

Commercial & Professional Services - 1.5%

  

28,578

    

Automatic Data Processing Inc

     6,657,817  

9,115

    

Booz Allen Hamilton Holding Corp

     1,165,900  

29,484

   (c)  

CoStar Group Inc

     2,576,607  

9,803

    

ManpowerGroup Inc

     779,044  

15,652

    

SS&C Technologies Holdings Inc

     956,494  

11,679

    

TransUnion

     802,464  

14,343

    

Waste Connections Inc

     2,140,979  

37,983

      

Waste Management Inc

     6,802,755  
    

Total Commercial & Professional Services

     21,882,060  
    

 

 

 

30


 

Shares         Description (a)    Value
     Consumer Discretionary Distribution & Retail - 6.0%   

345,650

   (c)   Amazon.com Inc    $ 52,518,061  

8,358

     American Eagle Outfitters Inc      176,855  

37,972

     Best Buy Co Inc      2,972,448  

2,461

   (c)   Burlington Stores Inc      478,615  

4,252

     Dick’s Sporting Goods Inc      624,832  

4,736

   (c)   Five Below Inc      1,009,526  

50,051

     Home Depot Inc/The         17,345,174  

15,200

     JD.com Inc, ADR      439,128  

41,932

     LKQ Corp      2,003,930  

29,953

     Lowe’s Cos Inc      6,666,040  

12,760

     Macy’s Inc      256,731  

173

   (c)   MercadoLibre Inc      271,877  

16,563

     Nordstrom Inc      305,587  

4,728

   (c)   Ulta Beauty Inc      2,316,673  
     Total Consumer Discretionary Distribution & Retail      87,385,477  
    

 

 

     Consumer Durables & Apparel - 1.0%   

32,919

     KB Home      2,056,121  

6,689

     Kontoor Brands Inc      417,527  

5,984

   (c)   Lululemon Athletica Inc      3,059,559  

25,861

   (c)   Mattel Inc      488,256  

46,591

     NIKE Inc, Class B      5,058,385  

6,048

     Polaris Inc      573,169  

6,575

   (c)   TopBuild Corp      2,460,759  
     Total Consumer Durables & Apparel      14,113,776  
    

 

 

     Consumer Services - 2.0%   

2,100

   (c)   Booking Holdings Inc      7,449,162  

29,264

     Marriott International Inc/MD, Class A      6,599,325  

28,877

     McDonald’s Corp      8,562,319  

16,077

     Restaurant Brands International Inc      1,256,096  

51,807

     Starbucks Corp      4,973,990  

7,792

       Yum China Holdings Inc      330,615  
     Total Consumer Services      29,171,507  
    

 

 

     Consumer Staples Distribution & Retail - 1.9%   

4,507

     Casey’s General Stores Inc      1,238,253  

22,194

     Costco Wholesale Corp      14,649,816  

33,364

     Target Corp      4,751,701  

15,913

   (c)   US Foods Holding Corp      722,609  

34,973

       Walmart Inc      5,513,493  
     Total Consumer Staples Distribution & Retail      26,875,872  
    

 

 

     Energy - 3.8%   

44,283

     Cenovus Energy Inc      737,312  

8,394

     Cheniere Energy Inc      1,432,940  

77,267

     Chevron Corp      11,525,146  

9,675

   (c)   CNX Resources Corp      193,500  

64,103

     ConocoPhillips      7,440,435  

3,176

     Enbridge Inc      114,399  

166,691

     Exxon Mobil Corp      16,665,766  

82,234

     Halliburton Co      2,972,759  

25,709

     Hess Corp      3,706,209  

30,656

     Marathon Petroleum Corp      4,548,124  

21,104

     Ovintiv Inc      926,888  

77,600

     Schlumberger NV      4,038,304  

19,719

       TC Energy Corp      770,816  
     Total Energy      55,072,598  
    

 

 

 

31


BXMX    Nuveen S&P 500 Buy-Write Income Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares         Description (a)    Value
     Equity Real Estate Investment Trusts (REITs) - 2.0%   

123,237

     American Homes 4 Rent, Class A    $ 4,431,603  

29,177

     American Tower Corp      6,298,731  

17,121

     Apartment Income REIT Corp      594,612  

23,114

   (c)   Apartment Investment and Management Co, Class A      180,983  

55,269

     CubeSmart      2,561,718  

41,595

     Equity Commonwealth      798,624  

76,284

     Gaming and Leisure Properties Inc      3,764,615  

115,870

     Invitation Homes Inc      3,952,326  

19,823

     LXP Industrial Trust      196,644  

8,339

     Sabra Health Care REIT Inc      118,998  

11,688

     Sun Communities Inc      1,562,101  

142,164

       Weyerhaeuser Co      4,943,042  
     Total Equity Real Estate Investment Trusts (REITs)         29,403,997  
    

 

 

     Financial Services - 8.1%   

26,095

     Annaly Capital Management Inc      505,460  

81,706

   (c)   Berkshire Hathaway Inc, Class B      29,141,262  

20,528

   (c)   Block Inc      1,587,841  

53,704

     Brookfield Corp      2,154,604  

71,247

     Charles Schwab Corp/The      4,901,794  

23,102

     CME Group Inc      4,865,281  

42,085

     Discover Financial Services      4,730,354  

44,488

     Intercontinental Exchange Inc      5,713,594  

53,398

     Jefferies Financial Group Inc      2,157,813  

27,800

     KKR & Co Inc      2,303,230  

4,247

     LPL Financial Holdings Inc      966,702  

27,428

     Mastercard Inc, Class A      11,698,316  

48,313

     MGIC Investment Corp      931,958  

63,058

     Morgan Stanley      5,880,159  

2,104

     Morningstar Inc      602,249  

8,344

     MSCI Inc      4,719,784  

72,467

   (c)   PayPal Holdings Inc      4,450,198  

19,659

     S&P Global Inc      8,660,183  

89,957

     SLM Corp      1,719,978  

75,786

       Visa Inc, Class A      19,730,885  
     Total Financial Services      117,421,645  
    

 

 

     Food, Beverage & Tobacco - 2.6%   

107,234

     Altria Group Inc      4,325,819  

13,365

     British American Tobacco PLC, Sponsored ADR      391,461  

229,003

     Coca-Cola Co/The      13,495,147  

33,408

     Coca-Cola Europacific Partners PLC      2,229,650  

21,845

     Hormel Foods Corp      701,443  

51,527

     Keurig Dr Pepper Inc      1,716,880  

132,012

     Mondelez International Inc, Class A      9,561,629  

80,074

   (c)   Monster Beverage Corp      4,613,063  

12,100

   (c)   Post Holdings Inc      1,065,526  
     Total Food, Beverage & Tobacco      38,100,618  
    

 

 

     Health Care Equipment & Services - 5.4%   

96,418

     Abbott Laboratories      10,612,729  

30,067

     Alcon Inc      2,348,834  

116,361

   (c)   Boston Scientific Corp      6,726,829  

18,081

     Cigna Group/The      5,414,355  

54,401

     CVS Health Corp      4,295,503  

14,592

     Elevance Health Inc      6,881,004  

34,740

     GE HealthCare Technologies Inc      2,686,097  

16,250

     HCA Healthcare Inc      4,398,550  

 

32


Shares         Description (a)    Value
     Health Care Equipment & Services (continued)   

8,853

   (c)   IDEXX Laboratories Inc    $ 4,913,858  

99,846

     Medtronic PLC      8,225,313  

40,367

     UnitedHealth Group Inc      21,252,015  

638

   (c)   Veeva Systems Inc, Class A      122,828  
     Total Health Care Equipment & Services      77,877,915  
    

 

 

     Household & Personal Products - 1.4%   

15,340

   (c)   BellRing Brands Inc      850,296  

131,517

     Procter & Gamble Co/The      19,272,501  

6,327

       Spectrum Brands Holdings Inc      504,705  
     Total Household & Personal Products      20,627,502  
    

 

 

     Insurance - 2.0%   

28,004

     Allstate Corp/The      3,920,000  

34,937

     Arthur J Gallagher & Co      7,856,633  

37,130

     CNO Financial Group Inc      1,035,927  

23,577

     Fidelity National Financial Inc      1,202,898  

38,545

     Hartford Financial Services Group Inc/The      3,098,247  

9,393

     Lincoln National Corp      253,329  

3,360

     RenaissanceRe Holdings Ltd      658,560  

32,951

     Travelers Cos Inc/The      6,276,836  

71,665

       W R Berkley Corp      5,068,149  
     Total Insurance      29,370,579  
    

 

 

     Materials - 2.6%   

9,313

     Avery Dennison Corp      1,882,716  

74,375

     Barrick Gold Corp      1,345,444  

16,669

     Chemours Co/The      525,740  

52,881

     Corteva Inc      2,534,057  

7,888

     Crown Holdings Inc      726,406  

93,269

     Dow Inc      5,114,872  

23,362

     Eastman Chemical Co      2,098,375  

23,857

     Linde PLC      9,798,308  

8,265

     Martin Marietta Materials Inc      4,123,491  

20,588

     Nucor Corp      3,583,136  

14,196

     Nutrien Ltd      799,661  

10,656

     Olin Corp      574,891  

8,167

     Rio Tinto PLC, Sponsored ADR      608,115  

14,399

     RPM International Inc      1,607,360  

18,945

     Sonoco Products Co      1,058,457  

87,016

       Vale SA, Sponsored ADR      1,380,074  
     Total Materials      37,761,103  
    

 

 

     Media & Entertainment - 8.0%   

230,317

   (c)   Alphabet Inc, Class A         32,172,982  

186,111

   (c)   Alphabet Inc, Class C      26,228,623  

1,834

   (c)   Baidu Inc, Sponsored ADR      218,411  

190,443

     Comcast Corp, Class A      8,350,925  

84,081

   (c)   Meta Platforms Inc      29,761,311  

19,486

   (c)   Netflix Inc      9,487,344  

17,899

     New York Times Co/The, Class A      876,872  

78,489

     News Corp, Class A      1,926,905  

1,091

   (c)   Roku Inc      100,001  

100,097

   (d)   Sirius XM Holdings Inc      547,531  

71,398

       Walt Disney Co/The      6,446,525  
     Total Media & Entertainment      116,117,430  
    

 

 

 

33


BXMX    Nuveen S&P 500 Buy-Write Income Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares         Description (a)    Value
     Pharmaceuticals, Biotechnology & Life Sciences - 7.2%   

78,698

     AbbVie Inc    $ 12,195,829  

8,436

   (c)   Alnylam Pharmaceuticals Inc      1,614,735  

25,823

     Amgen Inc      7,437,540  

56,490

   (c)   Avantor Inc      1,289,667  

9,243

   (c)   BioMarin Pharmaceutical Inc      891,210  

97,561

     Bristol-Myers Squibb Co      5,005,855  

33,021

     Eli Lilly & Co      19,248,601  

2,000

   (c)   Exact Sciences Corp      147,960  

67,257

     Gilead Sciences Inc      5,448,490  

7,173

   (c)   ICON PLC      2,030,461  

109,458

     Johnson & Johnson      17,156,447  

112,570

     Merck & Co Inc      12,272,381  

241,787

     Pfizer Inc      6,961,048  

28,283

   (c)   Teva Pharmaceutical Industries Ltd,      295,275  
     Sponsored ADR   

24,976

       Thermo Fisher Scientific Inc      13,257,011  
     Total Pharmaceuticals, Biotechnology & Life Sciences         105,252,510  
    

 

 

     Semiconductors & Semiconductor Equipment - 8.1%   

69,056

   (c)   Advanced Micro Devices Inc      10,179,545  

56,923

     Applied Materials Inc      9,225,511  

1,597

     ASML Holding NV      1,208,801  

17,958

     Broadcom Inc      20,045,617  

13,344

     Entegris Inc      1,598,878  

9,062

     Lam Research Corp      7,097,902  

32,109

     Marvell Technology Inc      1,936,494  

62,434

     Micron Technology Inc      5,328,118  

92,957

     NVIDIA Corp      46,034,166  

22,437

     NXP Semiconductors NV      5,153,330  

36,779

   (c)   ON Semiconductor Corp      3,072,150  

50,975

       QUALCOMM Inc      7,372,514  
     Total Semiconductors & Semiconductor Equipment      118,253,026  
    

 

 

     Software & Services - 11.7%   

23,674

     Accenture PLC, Class A      8,307,443  

21,139

   (c)   Adobe Inc      12,611,527  

20,604

   (c)   Akamai Technologies Inc      2,438,483  

18,415

   (c)   Autodesk Inc      4,483,684  

10,744

   (c)   Check Point Software Technologies Ltd      1,641,576  

278,614

     Microsoft Corp      104,770,009  

81,715

     Oracle Corp      8,615,213  

46,556

   (c)   Salesforce Inc      12,250,746  

10,782

   (c)   ServiceNow Inc      7,617,375  

6,661

   (c)   Shopify Inc, Class A      518,892  

14,844

   (c)   VeriSign Inc      3,057,270  

5,378

   (c)   Workday Inc, Class A      1,484,651  

25,308

   (c)   Zoom Video Communications Inc, Class A      1,819,899  
     Total Software & Services      169,616,768  
    

 

 

     Technology Hardware & Equipment - 8.7%   

539,902

     Apple Inc      103,947,332  

20,728

     CDW Corp/DE      4,711,889  

19,049

   (c)   Ciena Corp      857,395  

220,344

     Cisco Systems Inc      11,131,779  

123,423

     Corning Inc      3,758,230  

6,851

     Dell Technologies Inc, Class C      524,102  

34,963

   (c)   Flex Ltd      1,064,973  

5,140

   (c)   Lumentum Holdings Inc      269,439  
     Total Technology Hardware & Equipment      126,265,139  
    

 

 

 

34


 

Shares         Description (a)                  Value

 

 

      Telecommunication Services - 0.7%         

262,068

      Verizon Communications Inc          $ 9,879,964   

 

 

      Total Telecommunication Services            9,879,964   
     

 

 

      Transportation - 1.5%         

68,557

   (c)    American Airlines Group Inc            941,973   

12,697

      Canadian National Railway Co            1,595,124   

23,404

      Canadian Pacific Railway Ltd            1,850,320   

4,425

   (c)    Lyft Inc, Class A            66,331   

21,947

      Norfolk Southern Corp            5,187,832   

15,588

   (c)    Uber Technologies Inc            959,753   

36,282

   (c)    United Airlines Holdings Inc            1,496,995   

57,728

      United Parcel Service Inc, Class B            9,076,574   

 

 

      Total Transportation            21,174,902   
     

 

 

      Utilities - 2.3%         

64,656

      Ameren Corp            4,677,215   

33,294

      Atmos Energy Corp            3,858,774   

114,508

      Evergy Inc            5,977,317   

2,933

      National Fuel Gas Co            147,149   

67,111

      NextEra Energy Inc            4,076,322   

17,519

      Northwestern Energy Group Inc            891,542   

74,176

      OGE Energy Corp            2,590,968   

29,198

      Pinnacle West Capital Corp            2,097,584   

103,939

      WEC Energy Group Inc            8,748,546   

 

 

      Total Utilities            33,065,417   
     

 

 

      Total Common Stocks
(cost $472,674,465)
           1,445,759,666   
     

 

 

      Total Long-Term Investments
(cost $472,674,465)
           1,445,759,666   
     

 

 

Shares

      Description (a)      Coupon           Value  

 

 

      INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%

 

571,823

   (e)    State Street Navigator Securities Lending Government Money Market Portfolio      5.360%(f)         $ 571,823   

 

 

      Total Investments Purchased with Collateral from Securities Lending
(cost $571,823)

 

        571,823   
     

 

 

Principal

Amount (000)

      Description (a)      Coupon          Maturity        Value  

 

 

      SHORT-TERM INVESTMENTS - 4.3%         
      REPURCHASE AGREEMENTS - 4.3%         

$    62,475

   (g)    Fixed Income Clearing Corp (FICC)      5.310%        1/02/24      $ 62,475,000   

 

 

      Total Repurchase Agreements (cost $62,475,000)            62,475,000   
     

 

 

      Total Short-Term Investments
(cost $62,475,000)
           62,475,000   
     

 

 

      Total Investments (cost $535,721,288) - 103.9%            1,508,806,489   
     

 

 

      Other Assets & Liabilities, Net - (3.9)%            (56,415,888)  
     

 

 

      Net Assets Applicable to Common Shares - 100%          $  1,452,390,601   
     

 

 

 

35


BXMX    Nuveen S&P 500 Buy-Write Income Fund (continued)
   Portfolio of Investments December 31, 2023

 

Investments in Derivatives

Options Written

 

 Type    Description(h)   

Number of

Contracts

    

Notional

Amount (i)

      

Exercise

Price

     Expiration Date     Value

 Call

   S&P 500 Index      (333      $(154,845,000        $4,650        1/31/24     $(5,341,320)

 Call

   S&P 500 Index      (333      (156,510,000        4,700        1/31/24     (4,009,320)

 Call

   S&P 500 Index      (333      (154,845,000        4,650        2/16/24     (6,078,915)

 Call

   S&P 500 Index      (334      (160,320,000        4,800        2/16/24     (2,571,800)

 Call

   S&P 500 Index      (334      (160,320,000        4,800        3/15/24     (3,672,330)

 Call

   S&P 500 Index      (334      (161,990,000        4,850        3/15/24     (2,743,810)

 Call

   S&P 500 Index      (334      (163,660,000        4,900        3/15/24     (1,975,610)

 Call

   S&P 500 Index      (333      (164,835,000        4,950        3/28/24     (1,751,580)

 Call

   S&P 500 Index      (334      (167,000,000        5,000        3/28/24     (1,227,450)

Total Options Written (premiums received $18,134,727)

     (3,002      $(1,444,325,000                       $(29,372,135)

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 $542,055.

(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, 5.310% dated 12/29/23 to be repurchased at $62,511,860 on 1/2/24, collateralized by Government Agency Securities, with coupon rate 2.375% and maturity date 2/15/42, valued at $63,724,519.

(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

REIT

Real Estate Investment Trust

S&P

Standard & Poor’s

See Notes to Financial Statements

 

36


DIAX    Nuveen Dow 30SM Dynamic Overwrite Fund
   Portfolio of Investments December 31, 2023

 

Shares         

Description (a)

   Value  
     

LONG-TERM INVESTMENTS - 101.0%

  
     

COMMON STOCKS - 99.7%

  
     

Banks - 3.0%

  

102,812

       

JPMorgan Chase & Co

   $ 17,488,321  
     

Total Banks

        17,488,321  
     

 

 
     

Capital Goods - 15.3%

  

102,812

     

3M Co

     11,239,408  

102,812

   (b)   

Boeing Co/The

     26,798,976  

102,812

     

Caterpillar Inc

     30,398,424  

102,812

       

Honeywell International Inc

     21,560,704  
     

Total Capital Goods

     89,997,512  
     

 

 
     

Consumer Discretionary Distribution & Retail - 6.0%

  

102,812

        Home Depot Inc/The      35,629,499  
     

Total Consumer Discretionary Distribution & Retail

     35,629,499  
     

 

 
     

Consumer Durables & Apparel - 1.9%

  

102,812

       

NIKE Inc, Class B

     11,162,299  
     

Total Consumer Durables & Apparel

     11,162,299  
     

 

 
     

Consumer Services - 5.2%

  

102,812

       

McDonald’s Corp

     30,484,786  
     

Total Consumer Services

     30,484,786  
     

 

 
     

Consumer Staples Distribution & Retail - 3.2%

  

102,812

     

Walgreens Boots Alliance Inc

     2,684,421  

102,812

       

Walmart Inc

     16,208,312  
     

Total Consumer Staples Distribution & Retail

     18,892,733  
     

 

 
     

Energy - 2.6%

  

102,812

       

Chevron Corp

     15,335,438  
     

Total Energy

     15,335,438  
     

 

 
     

Financial Services - 14.5%

  

102,812

   (c)   

American Express Co

     19,260,800  

102,812

   (c)   

Goldman Sachs Group Inc/The

     39,661,786  

102,812

       

Visa Inc, Class A

     26,767,104  
     

Total Financial Services

     85,689,690  
     

 

 
     

Food, Beverage & Tobacco - 1.0%

  

102,812

       

Coca-Cola Co/The

     6,058,711  
     

Total Food, Beverage & Tobacco

     6,058,711  
     

 

 
     

Health Care Equipment & Services - 9.2%

  

102,812

       

UnitedHealth Group Inc

     54,127,434  
     

Total Health Care Equipment & Services

     54,127,434  
     

 

 
     

Household & Personal Products - 2.5%

  

102,812

       

Procter & Gamble Co/The

     15,066,070  
     

Total Household & Personal Products

     15,066,070  
     

 

 
     

Insurance - 3.3%

  

102,812

       

Travelers Cos Inc/The

     19,584,658  
     

Total Insurance

     19,584,658  
     

 

 

 

37


DIAX    Nuveen Dow 30SM Dynamic Overwrite Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares          Description (a)            Value  
      Materials - 1.0%      

102,812

        Dow Inc             $ 5,638,210  
      Total Materials         5,638,210  
     

 

 
      Media & Entertainment - 1.6%      

102,812

        Walt Disney Co/The               9,282,895  
      Total Media & Entertainment         9,282,895  
     

 

 
      Pharmaceuticals, Biotechnology & Life Sciences - 9.6%

 

102,812

   (c)    Amgen Inc         29,611,912  

102,812

      Johnson & Johnson         16,114,753  

102,812

        Merck & Co Inc               11,208,564  
      Total Pharmaceuticals, Biotechnology & Life Sciences

 

     56,935,229  
     

 

 
      Semiconductors & Semiconductor Equipment - 0.9%

 

102,812

        Intel Corp               5,166,303  
      Total Semiconductors & Semiconductor Equipment

 

     5,166,303  
     

 

 
      Software & Services - 14.0%      

102,812

      International Business Machines Corp

 

     16,814,903  

102,812

      Microsoft Corp         38,661,424  

102,812

   (b)    Salesforce Inc               27,053,950  
      Total Software & Services         82,530,277  
     

 

 
      Technology Hardware & Equipment - 4.2%

 

  

102,812

   (c)    Apple Inc         19,794,395  

102,812

        Cisco Systems Inc               5,194,062  
      Total Technology Hardware & Equipment

 

     24,988,457  
     

 

 
      Telecommunication Services - 0.7%

 

  

102,812

        Verizon Communications Inc               3,876,012  
      Total Telecommunication Services         3,876,012  
     

 

 
     

Total Common Stocks

(cost $212,750,833)

          587,934,534  
     

 

 
Shares          Description (a)            Value  
      EXCHANGE-TRADED FUNDS - 1.3b%

 

  

2,450

      SPDR Dow Jones Industrial Average ETF Trust

 

   $ 923,331  

27,500

   (d)    Vanguard Total Stock Market ETF               6,523,550  
      Total Exchange-Traded Funds
(cost $7,048,149)
        7,446,881  
     

 

 

 

Type          Description (e)    Number of
Contracts
     Notional
Amount (f)
     Exercise
Price
     Expiration
Date
     Value  
      OPTIONS PURCHASED - 0.0%               

Put

        S&P 500 Index      35      $  14,700,000      $ 4200        1/19/24      $ 4,463  
     

Total Options Purchased

(cost $13,733)

     35      $ 14,700,000              4,463  
     

 

 
     

Total Long-Term Investments

(cost $219,812,715)

                   595,385,878  
     

 

 
       Shares          Description (a)                    Coupon              Value  
      INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

 

  

910,821

      (g)      State Street Navigator Securities Lending Government Money Market Portfolio

 

              5.360%(h)               $ 910,821  
     

Total Investments Purchased with Collateral from Securities Lending

(cost $910,821)

 

 

        910,821  
     

 

 

 

38


 

Principal

Amount (000)

         Description (a)    Coupon      Maturity      Value
      SHORT-TERM INVESTMENTS - 0.2%         
      REPURCHASE AGREEMENTS - 0.2%         

$    1,029

   (i)    Fixed Income Clearing Corp (FICC)      1.600      1/02/24      $ 1,028,999  
     

Total Repurchase Agreements

(cost $1,028,999)

           1,028,999  
     

 

 

     

Total Short-Term Investments

(cost $1,028,999)

           1,028,999  
     

 

 

      Total Investments (cost $221,752,535) - 101.3%            597,325,698  
     

 

 

      Other Assets & Liabilities, Net - (1.3)%            (7,628,282
     

 

 

      Net Assets Applicable to Common Shares - 100%          $   589,697,416  
     

 

 

Investments in Derivatives

Options Written

 

 Type    Description(e)    Number of
Contracts
   

Notional

  Amount (f)

       Exercise
Price
     Expiration Date      Value  

 

 

  Call

    S&P 500 Index      (50     $(23,000,000     $4,600        1/05/24        $(874,250)  

  Call

    S&P 500 Index      (100     (46,000,000     4,600        1/12/24        (1,821,500)  

  Call

    Russell 2000 Index      (40     (8,200,000     2,050        1/19/24        (110,200)  

  Call

    S&P 500 Index      (100     (46,750,000     4,675        1/19/24        (1,221,000)  

  Call

    S&P 500 Index      (70     (32,900,000     4,700        1/19/24        (710,150)  

  Call

    S&P 500 Index      (50     (23,625,000     4,725        1/19/24        (411,000)  

  Call

    S&P 500 Index      (80     (38,200,000     4,775        1/19/24        (392,400)  

  Call

    S&P 500 Index      (35     (16,800,000     4,800        1/19/24        (126,350)  

  Call

    S&P 500 Index      (120     (57,600,000     4,800        1/31/24        (659,400)  

 

 

Total Options Written (premiums received $3,539,608)

     (645     $(293,075,000           $(6,326,250)  

 

 

 

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)

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 $880,798.

(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.

(g)

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.

(h)

The rate shown is the one-day yield as of the end of the reporting period.

(i)

Agreement with Fixed Income Clearing Corporation, 1.600% dated 12/29/23 to be repurchased at $1,029,182 on 1/2/24, collateralized by Government Agency Securities, with coupon rate 2.875% and maturity date 5/15/32, valued at $1,049,636.

 

ETF

Exchange-Traded Fund

S&P

Standard & Poor’s

SPDR

Standard & Poor’s Depositary Receipt

See Notes to Financial Statements

 

39


SPXX    Nuveen S&P 500 Dynamic Overwrite Fund
   Portfolio of Investments December 31, 2023

 

Shares            Description (a)    Value
        LONG-TERM INVESTMENTS - 100.8%   
        COMMON STOCKS - 99.3%   
        Automobiles & Components - 2.1%   

1,864

     (b)    Adient PLC    $ 67,775  

5,520

     (b),(c)    Fisker Inc      9,660  

699

     (b)    Fox Factory Holding Corp      47,169  

5,866

        Gentex Corp      191,584  

2,285

     (b)    Goodyear Tire & Rubber Co/The      32,721  

2,305

        Harley-Davidson Inc      84,916  

2,628

        Lear Corp      371,099  

1,133

     (b)    Rivian Automotive Inc, Class A      26,580  

20,298

     (b)    Tesla Inc      5,043,648  

1,213

        Thor Industries Inc      143,437  

742

     (b)    Visteon Corp      92,676  
        Total Automobiles & Components          6,111,265  
       

 

 

        Banks - 3.5%   

58,413

        Bank of America Corp      1,966,766  

22,776

        Citigroup Inc      1,171,597  

5,317

        Columbia Banking System Inc      141,858  

1,248

        Cullen/Frost Bankers Inc      135,396  

85

        First Citizens BancShares Inc/NC, Class A      120,612  

4,948

        First Horizon Corp      70,064  

24,521

        JPMorgan Chase & Co      4,171,021  

4,716

        New York Community Bancorp Inc      48,245  

4,203

        Synovus Financial Corp      158,243  

1,914

     (b)    Texas Capital Bancshares Inc      123,702  

3,622

        Webster Financial Corp      183,853  

32,799

        Wells Fargo & Co      1,614,367  

2,675

          Wintrust Financial Corp      248,106  
        Total Banks      10,153,830  
       

 

 

        Capital Goods - 5.6%   

506

        Acuity Brands Inc      103,644  

1,294

        AGCO Corp      157,105  

4,907

     (b)    Boeing Co/The      1,279,059  

2,021

        BWX Technologies Inc      155,071  

563

        Carlisle Cos Inc      175,898  

4,996

        Caterpillar Inc      1,477,167  

1,029

        Curtiss-Wright Corp      229,251  

3,017

        Deere & Co      1,206,408  

5,038

        Eaton Corp PLC      1,213,251  

740

        EMCOR Group Inc      159,418  

930

        Esab Corp      80,557  

2,181

        Fortune Brands Innovations Inc      166,061  

5,399

        Graco Inc      468,417  

1,527

        HEICO Corp      273,134  

8,713

        Honeywell International Inc      1,827,203  

6,141

        Illinois Tool Works Inc      1,608,573  

936

        Lennox International Inc      418,880  

1,101

        Lincoln Electric Holdings Inc      239,423  

2,947

        Lockheed Martin Corp      1,335,698  

595

     (b)    MasTec Inc      45,053  

1,258

     (b)    Middleby Corp/The      185,140  

1,377

        Oshkosh Corp      149,281  

2,476

        Owens Corning      367,017  

4,993

     (b),(c)    Plug Power Inc      22,469  

16,125

        Raytheon Technologies Corp      1,356,758  

 

40


 

Shares          Description (a)    Value
      Capital Goods (continued)   

2,981

      Sensata Technologies Holding PLC    $ 111,996  

2,008

      Timken Co/The      160,941  

1,360

      Toro Co/The      130,546  

914

   (b)    Trex Co Inc      75,670  

511

      Valmont Industries Inc      119,324  

637

      Watsco Inc      272,935  

686

      WESCO International Inc      119,282  

3,189

   (b)    WillScot Mobile Mini Holdings Corp      141,911  

927

        WW Grainger Inc      768,196  
      Total Capital Goods         16,600,737  
     

 

 

      Commercial & Professional Services - 0.6%   

3,554

   (b)    ARAMARK Uniform Services      75,132  

3,007

      Booz Allen Hamilton Holding Corp      384,624  

425

   (b)    CACI International Inc, Class A      137,641  

6,728

   (b)    Clarivate PLC      62,301  

786

   (b)    Clean Harbors Inc      137,165  

637

      Concentrix Corp      62,560  

2,600

   (b)    ExlService Holdings Inc      80,210  

318

   (b)    FTI Consulting Inc      63,330  

2,741

   (b)    GEO Group Inc/The      29,685  

2,665

      KBR Inc      147,668  

1,061

      RB Global Inc      70,970  

1,108

      Science Applications International Corp      137,747  

4,200

      SS&C Technologies Holdings Inc      256,661  

998

        TransUnion      68,573  
      Total Commercial & Professional Services      1,714,267  
     

 

 

      Consumer Discretionary Distribution & Retail - 5.4%   

67,878

   (b),(d)    Amazon.com Inc      10,313,383  

839

   (b)    AutoNation Inc      126,001  

1,137

      Dick’s Sporting Goods Inc      167,082  

515

   (b)    Five Below Inc      109,777  

9,671

      Home Depot Inc/The      3,351,486  

343

      Lithia Motors Inc      112,943  

7,215

      Lowe’s Cos Inc      1,605,698  

3,604

      Macy’s Inc      72,512  

38

   (b)    MercadoLibre Inc      59,719  

303

      Murphy USA Inc      108,038  

392

   (b)    PDD Holdings Inc ADR      57,354  

372

   (b)    RH      108,431  

753

   (b)    Wayfair Inc, Class A      46,460  

627

        Williams-Sonoma Inc      126,516  
      Total Consumer Discretionary Distribution & Retail      16,365,400  
     

 

 

      Consumer Durables & Apparel - 1.1%   

1,316

   (b)    Capri Holdings Ltd      66,116  

233

   (b)    Deckers Outdoor Corp      155,744  

8,589

      KB Home      536,470  

5,953

      Leggett & Platt Inc      155,790  

3,702

   (b)    Mattel Inc      69,894  

1,396

      Meritage Homes Corp      243,183  

12,271

      NIKE Inc, Class B      1,332,262  

4,109

   (b)    Sonos Inc      70,428  

4,744

   (b)    Taylor Morrison Home Corp      253,092  

4,723

      Tempur Sealy International Inc      240,731  

11,692

   (b)    Under Armour Inc, Class A      102,773  
      Total Consumer Durables & Apparel      3,226,483  
     

 

 

 

41


SPXX    Nuveen S&P 500 Dynamic Overwrite Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares          Description (a)    Value
      Consumer Services - 2.3%   

3,882

      Aramark    $ 109,084  

331

   (b)    Booking Holdings Inc      1,174,130  

2,995

      Boyd Gaming Corp      187,517  

555

   (b)    Bright Horizons Family Solutions Inc      52,303  

979

   (b)    DoorDash Inc, Class A      96,813  

2,395

   (b)    DraftKings Inc, Class A      84,424  

2,846

      Hyatt Hotels Corp      371,147  

1,038

      Marriott Vacations Worldwide Corp      88,116  

8,883

      McDonald’s Corp      2,633,898  

1,641

   (b)    Planet Fitness Inc      119,793  

1,485

      Service Corp International/US      101,648  

2,073

   (b)    Six Flags Entertainment Corp      51,991  

12,028

      Starbucks Corp      1,154,808  

3,429

      Travel + Leisure Co      134,040  

7,284

        Wendy’s Co/The      141,892  
      Total Consumer Services      6,501,604  
     

 

 

      Consumer Staples Distribution & Retail - 2.2%   

4,784

      Albertsons Cos Inc, Class A      110,032  

2,512

   (b)    BJ’s Wholesale Club Holdings Inc      167,450  

410

      Casey’s General Stores Inc      112,643  

3,962

      Costco Wholesale Corp      2,615,237  

1,590

   (b)    Performance Food Group Co      109,949  

5,221

      Target Corp      743,575  

2,961

   (b)    US Foods Holding Corp      134,459  

13,662

        Walmart Inc      2,153,814  
      Total Consumer Staples Distribution & Retail      6,147,159  
     

 

 

      Energy - 4.0%   

4,259

   (b)    Antero Resources Corp      96,594  

3,476

      ChampionX Corp      101,534  

1,457

      Cheniere Energy Inc      248,724  

2,132

      Chesapeake Energy Corp      164,036  

19,083

      Chevron Corp      2,846,420  

838

      Chord Energy Corp      139,301  

1,493

      Civitas Resources Inc      102,091  

4,421

   (b)    CNX Resources Corp      88,420  

3,448

      Comstock Resources Inc      30,515  

12,889

      ConocoPhillips      1,496,026  

2,931

   (b)    Dril-Quip Inc      68,204  

4,475

      Equitrans Midstream Corp      45,556  

34,642

      Exxon Mobil Corp      3,463,507  

1,270

      HF Sinclair Corp      70,574  

4,787

      Liberty Energy Inc      86,836  

9,638

      Magnolia Oil & Gas Corp, Class A      205,193  

6,358

      Marathon Petroleum Corp      943,273  

4,582

      Murphy Oil Corp      195,468  

11,967

      NOV Inc      242,692  

5,586

      Ovintiv Inc      245,337  

4,978

      Permian Resources Corp      67,701  

4,093

      Range Resources Corp      124,591  

3,108

      SM Energy Co      120,342  

14,618

   (b)    Southwestern Energy Co      95,748  

8,230

      TechnipFMC PLC      165,752  

52

      Texas Pacific Land Corp      81,767  

16,647

   (b)    Transocean Ltd      105,708  
      Total Energy         11,641,910  
     

 

 

 

42


 

Shares          Description (a)    Value
      Equity Real Estate Investment Trusts (REITs) - 2.8%   

5,517

      Agree Realty Corp    $ 347,295  

6,767

      American Homes 4 Rent, Class A      243,341  

5,198

      Americold Realty Trust Inc      157,343  

17,428

      Brandywine Realty Trust      94,111  

15,872

      Brixmor Property Group Inc      369,341  

7,025

      Cousins Properties Inc      171,059  

3,215

      CubeSmart      149,015  

1,929

      EastGroup Properties Inc      354,049  

6,011

      Equity LifeStyle Properties Inc      424,016  

2,673

      Extra Space Storage Inc      428,562  

10,582

      First Industrial Realty Trust Inc      557,354  

5,928

      Gaming and Leisure Properties Inc      292,547  

10,252

      Healthcare Realty Trust Inc      176,641  

3,292

      Hudson Pacific Properties Inc      30,649  

10,680

      Independence Realty Trust Inc      163,404  

464

      Innovative Industrial Properties Inc      46,780  

2,264

      Lamar Advertising Co, Class A      240,618  

3,983

      Macerich Co/The      61,458  

8,080

      Medical Properties Trust Inc      39,673  

2,140

   (b)    NET Lease Office Properties      39,547  

8,772

      NNN REIT Inc      378,074  

5,266

      Omega Healthcare Investors Inc      161,456  

3,825

      Outfront Media Inc      53,397  

5,255

      Pebblebrook Hotel Trust      83,975  

7,163

      Phillips Edison & Co Inc      261,306  

2,626

      PotlatchDeltic Corp      128,937  

10,701

      Prologis Inc          1,426,444  

3,334

      Rexford Industrial Realty Inc      187,037  

9,345

      RLJ Lodging Trust      109,523  

1,110

      Ryman Hospitality Properties Inc      122,167  

4,775

      Service Properties Trust      40,779  

13,021

      SITE Centers Corp      177,476  

965

      SL Green Realty Corp      43,589  

11,317

      Summit Hotel Properties Inc      76,050  

1,074

      Sun Communities Inc      143,540  

2,836

      WP Carey Inc      183,801  

6,435

        Xenia Hotels & Resorts Inc      87,645  
      Total Equity Real Estate Investment Trusts (REITs)      8,051,999  
     

 

 

      Financial Services - 8.2%   

890

   (b)    Affirm Holdings Inc      43,735  

2,624

      Ally Financial Inc      91,630  

6,384

      American Express Co      1,195,978  

6,647

      Annaly Capital Management Inc      128,752  

15,838

   (b),(d)    Berkshire Hathaway Inc, Class B      5,648,781  

1,444

      BlackRock Inc      1,172,239  

1,558

   (b)    Block Inc      120,511  

13,049

      Charles Schwab Corp/The      897,771  

304

   (b)    Coinbase Global Inc, Class A      52,872  

4,161

      Corebridge Financial Inc      90,127  

5,499

      Equitable Holdings Inc      183,117  

3,860

      Goldman Sachs Group Inc/The      1,489,072  

1,068

      Interactive Brokers Group Inc, Class A      88,537  

8,753

      Intercontinental Exchange Inc      1,124,148  

3,908

      KKR & Co Inc      323,778  

508

      LPL Financial Holdings Inc      115,631  

7,480

      Mastercard Inc, Class A      3,190,295  

7,780

      MGIC Investment Corp      150,076  

14,535

      Morgan Stanley      1,355,389  

10,922

   (b)    PayPal Holdings Inc      670,720  

684

      PennyMac Financial Services Inc      60,445  

 

43


SPXX    Nuveen S&P 500 Dynamic Overwrite Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares          Description (a)    Value
      Financial Services (continued)   

4,239

      Radian Group Inc    $ 121,023  

3,649

   (b)    Robinhood Markets Inc, Class A      46,488  

4,781

   (b)    Rocket Cos Inc, Class A      69,229  

3,398

      S&P Global Inc      1,496,887  

6,607

   (b)    SoFi Technologies Inc      65,740  

1,592

   (b)    Toast Inc, Class A      29,070  

1,119

      Tradeweb Markets Inc, Class A      101,695  

14,045

      Visa Inc, Class A      3,656,616  

5,055

      Voya Financial Inc      368,813  

8,999

        Western Union Co/The      107,268  
      Total Financial Services         24,256,433  
     

 

 

      Food, Beverage & Tobacco - 2.9%   

188

   (b)    Boston Beer Co Inc/The, Class A      64,971  

846

      Cal-Maine Foods Inc      48,552  

46,630

      Coca-Cola Co/The      2,747,906  

1,222

   (b)    Darling Ingredients Inc      60,904  

22,961

      Flowers Foods Inc      516,853  

646

   (b)    Freshpet Inc      56,047  

2,959

      Ingredion Inc      321,140  

485

      Lancaster Colony Corp      80,699  

16,493

      PepsiCo Inc      2,801,171  

13,855

      Philip Morris International Inc      1,303,478  

5,129

   (b)    Pilgrim’s Pride Corp      141,868  

4,453

   (b)    Post Holdings Inc      392,132  

2,100

   (b)    Simply Good Foods Co/The      83,160  

1,601

   (b)    TreeHouse Foods Inc      66,361  
      Total Food, Beverage & Tobacco      8,685,242  
     

 

 

      Health Care Equipment & Services - 5.8%   

18,190

      Abbott Laboratories      2,002,173  

1,223

   (b)    Acadia Healthcare Co Inc      95,100  

655

   (b)    Amedisys Inc      62,264  

23,584

   (b)    Boston Scientific Corp      1,363,391  

279

      Chemed Corp      163,145  

1,373

      CONMED Corp      150,357  

11,075

      CVS Health Corp      874,482  

1,637

   (b)    Doximity Inc, Class A      45,901  

2,725

      Elevance Health Inc      1,285,002  

2,253

      Encompass Health Corp      150,320  

1,716

   (b)    Enhabit Inc      17,761  

2,404

   (b)    Enovis Corp      134,672  

5,911

   (b)    Envista Holdings Corp      142,219  

2,780

   (b)    Globus Medical Inc, Class A      148,146  

757

   (b)    Haemonetics Corp      64,731  

1,783

      Humana Inc      816,275  

639

   (b)    ICU Medical Inc      63,734  

767

   (b)    Inari Medical Inc      49,794  

481

   (b)    Inspire Medical Systems Inc      97,850  

3,572

   (b)    Intuitive Surgical Inc      1,205,050  

697

   (b)    Lantheus Holdings Inc      43,214  

1,911

      McKesson Corp      884,755  

15,485

      Medtronic PLC      1,275,654  

1,383

   (b)    Merit Medical Systems Inc      105,053  

5,175

   (b)    Neogen Corp      104,069  

1,008

   (b)    Omnicell Inc      37,931  

2,090

   (b)    Option Care Health Inc      70,412  

433

   (b)    Penumbra Inc      108,917  

689

   (b)    QuidelOrtho Corp      50,779  

162

   (b)    Shockwave Medical Inc      30,871  

725

   (b)    STAAR Surgical Co      22,627  

 

44


 

Shares          Description (a)    Value
      Health Care Equipment & Services (continued)   

1,122

   (b)    Tandem Diabetes Care Inc    $ 33,189  

3,394

   (b)    Teladoc Health Inc      73,141  

1,806

   (b)    Tenet Healthcare Corp      136,479  

8,873

      UnitedHealth Group Inc      4,671,369  

1,340

   (b)    Veeva Systems Inc, Class A      257,977  
      Total Health Care Equipment & Services         16,838,804  
     

 

 

      Household & Personal Products - 1.1%   

1,282

   (b)    BellRing Brands Inc      71,061  

22,455

        Procter & Gamble Co/The      3,290,556  
      Total Household & Personal Products      3,361,617  
     

 

 

      Insurance - 2.4%   

2,124

      American Equity Investment Life Holding Co      118,519  

1,883

      American Financial Group Inc/OH      223,870  

5,688

      Arthur J Gallagher & Co      1,279,117  

2,593

   (b)    Brighthouse Financial Inc      137,222  

4,942

      Fidelity National Financial Inc      252,141  

1,586

      Hanover Insurance Group Inc/The      192,572  

196

      Kinsale Capital Group Inc      65,642  

177

   (b)    Markel Group Inc      251,322  

8,946

      Marsh & McLennan Cos Inc      1,694,998  

9,595

      Old Republic International Corp      282,093  

1,422

      Primerica Inc      292,591  

1,161

      Reinsurance Group of America Inc      187,827  

436

      RenaissanceRe Holdings Ltd      85,456  

1,346

      RLI Corp      179,180  

1,755

      Selective Insurance Group Inc      174,587  

6,012

      Travelers Cos Inc/The      1,145,226  

7,525

        Unum Group      340,281  
      Total Insurance      6,902,644  
     

 

 

      Materials - 2.2%   

2,176

      Alcoa Corp      73,984  

2,733

      Ashland Inc      230,419  

7,632

   (b)    Axalta Coating Systems Ltd      259,259  

3,411

      Berry Global Group Inc      229,867  

2,824

      Cabot Corp      235,804  

4,941

      Chemours Co/The      155,839  

4,597

   (b)    Cleveland-Cliffs Inc      93,871  

4,146

      Crown Holdings Inc      381,805  

12,941

      Element Solutions Inc      299,455  

10,647

      Graphic Packaging Holding Co      262,449  

3,334

      HB Fuller Co      271,421  

14,773

      Hecla Mining Co      71,058  

11,656

      Huntsman Corp      292,915  

1,271

   (b)    Ingevity Corporation      60,017  

1,550

      Louisiana-Pacific Corp      109,787  

1,379

      Minerals Technologies Inc      98,336  

2,400

   (b)    MP Materials Corp      47,640  

225

      NewMarket Corp      122,812  

3,302

      Olin Corp      178,143  

555

      Reliance Steel & Aluminum Co      155,222  

2,738

      Royal Gold Inc      331,189  

3,446

      RPM International Inc      384,677  

1,203

      Scotts Miracle-Gro Co/The      76,691  

1,986

      Sensient Technologies Corp      131,076  

4,526

      Silgan Holdings Inc      204,802  

4,146

      Sonoco Products Co      231,637  

 

45


SPXX    Nuveen S&P 500 Dynamic Overwrite Fund (continued)
   Portfolio of Investments December 31, 2023

 

Shares          Description (a)    Value  
      Materials (continued)   

2,718

      Southern Copper Corp    $ 233,938  

5,367

      SSR Mining Inc      57,749  

1,068

      Stepan Co      100,979  

8,818

      Tronox Holdings PLC      124,863  

3,022

      United States Steel Corp      147,020  

6,256

      Valvoline Inc      235,100  

1,794

        Westlake Corp      251,088  
      Total Materials      6,140,912  
     

 

 
      Media & Entertainment - 7.9%   

44,594

   (b),(d)    Alphabet Inc, Class A      6,229,336  

37,014

   (b),(d)    Alphabet Inc, Class C      5,216,383  

3,071

   (b)    Atlanta Braves Holdings Inc, Class C      121,550  

109

      Cable One Inc      60,668  

40,347

      Comcast Corp, Class A      1,769,215  

1,498

   (b)    IAC Inc      78,465  

2,501

   (b)    Liberty Broadband Corp, Class A      201,681  

1,107

   (b)    Liberty Media Corp-Liberty Formula One, Class A      64,184  

1,131

   (b)    Liberty Media Corp-Liberty Live, Class A      41,338  

16,581

   (b)    Meta Platforms Inc      5,869,011  

3,464

   (b)    Netflix Inc      1,686,553  

2,539

   (b)    Pinterest Inc, Class A      94,045  

1,382

   (b)    ROBLOX Corp, Class A      63,185  

641

   (b)    Roku Inc      58,754  

29,033

   (c)    Sirius XM Holdings Inc      158,811  

721

   (b)    Spotify Technology SA      135,483  

704

   (b)    TKO Group Holdings Inc      57,432  

2,279

   (b)    TripAdvisor Inc      49,067  

14,897

        Walt Disney Co/The      1,345,050  
      Total Media & Entertainment         23,300,211  
     

 

 
      Pharmaceuticals, Biotechnology & Life Sciences - 7.4%   

15,731

      AbbVie Inc      2,437,833  

2,527

   (b)    Alkermes PLC      70,099  

5,222

   (d)    Amgen Inc      1,504,040  

913

   (b)    BioMarin Pharmaceutical Inc      88,031  

19,264

      Bristol-Myers Squibb Co      988,436  

1,543

      Bruker Corp      113,380  

5,786

      Danaher Corp      1,338,533  

5,649

   (b)    Elanco Animal Health Inc      84,170  

6,385

      Eli Lilly & Co      3,721,943  

1,149

   (b)    Exact Sciences Corp      85,003  

4,414

   (b)    Exelixis Inc      105,892  

1,972

   (b)    Halozyme Therapeutics Inc      72,885  

1,132

   (b)    Ionis Pharmaceuticals Inc      57,268  

1,034

   (b)    Jazz Pharmaceuticals PLC      127,182  

19,612

      Johnson & Johnson      3,073,985  

395

   (b)    Medpace Holdings Inc      121,079  

23,887

      Merck & Co Inc      2,604,161  

462

   (b)    Mirati Therapeutics Inc      27,143  

3,026

   (b)    Mural Oncology PLC      17,914  

904

   (b)    Neurocrine Biosciences Inc      119,111  

50,011

      Pfizer Inc      1,439,817  

3,594

   (b)    QIAGEN NV      156,087  

186

   (b)    Repligen Corp      33,443  

5,318

      Royalty Pharma PLC      149,383  

399

   (b)    Sarepta Therapeutics Inc      38,476  

3,729

      Thermo Fisher Scientific Inc      1,979,316  

798

   (b)    United Therapeutics Corp      175,472  

 

46


 

Shares          Description (a)    Value
      Pharmaceuticals, Biotechnology & Life Sciences (continued)   

2,534

   (b)    Vertex Pharmaceuticals Inc    $ 1,031,059  
      Total Pharmaceuticals, Biotechnology & Life Sciences      21,761,141  
     

 

 

      Real Estate Management & Development - 0.1%   

1,786

   (b)    Anywhere Real Estate Inc      14,484  

1,600

   (c)    eXp World Holdings Inc      24,832  

1,231

   (b)    Jones Lang LaSalle Inc      232,499  

2,648

   (b)    Seritage Growth Properties, Class A      24,759  

1,785

   (b)    Zillow Group Inc, Class C      103,280  
      Total Real Estate Management & Development      399,854  
     

 

 

      Semiconductors & Semiconductor Equipment - 7.8%   

5,912

      Analog Devices Inc      1,173,887  

11,856

      Applied Materials Inc      1,921,502  

3,687

      Broadcom Inc      4,115,614  

34,415

      Intel Corp      1,729,354  

861

   (b)    Lattice Semiconductor Corp      59,400  

3,050

      Marvell Technology Inc      183,946