Nuveen S&P 500 Dynamic Overwrite Fund NCSRS Certified semi-annual shareholder report (management investment company)

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		811-21809

Nuveen S&P 500 Dynamic Overwrite Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

LOGO

Closed-End Funds

30 June

2022

Nuveen

Closed-End Funds


BXMX		Nuveen S&P 500 Buy-Write Income Fund
DIAX		Nuveen Dow 30^SM Dynamic Overwrite Fund
SPXX		Nuveen S&P 500 Dynamic Overwrite Fund
QQQX		Nuveen Nasdaq 100 Dynamic Overwrite Fund
JCE		Nuveen Core Equity Alpha Fund

Semiannual Report

IMPORTANT DISTRIBUTION NOTICE

for Shareholders of the Nuveen S&P 500 Buy-Write Income Fund (BXMX) Nuveen Dow 30^SM 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)

Semiannual Shareholder Report for the period ending June 30, 2022

The Nuveen S&P 500 Buy-Write Income Fund (BXMX), Nuveen Dow 30^SM 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, $0.4934 and $0.3952 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.

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Table of Contents


Chair’s Letter to Shareholders			4

Important Notices			5

Common Share Information			6

Shareholder Meeting Report			9

Performance Overview and Holding Summaries			11

Portfolios of Investments			21

Statement of Assets and Liabilities			57

Statement of Operations			58

Statement of Changes in Net Assets			59

Financial Highlights			62

Notes to Financial Statements			66

Risk Considerations			77

Additional Fund Information			78

Glossary of Terms Used in this Report			79

Annual Investment Management Agreement Approval Process			81

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

The first half of 2022 was challenging for financial markets. While global economic activity began to slow from post-pandemic peaks as pent-up demand waned and crisis-era monetary and fiscal support programs were phased out, persistently high inflation and central banks’ response have contributed to heightened uncertainty about financial and economic conditions.

Inflation has surged partially due to supply chain bottlenecks and exacerbated by Russia’s war in Ukraine and recent lockdowns across China to contain a large-scale COVID-19 outbreak. This has necessitated more forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who now face an even more difficult task of slowing inflation without pulling their respective economies into recession. As anticipated, the Fed began the rate hiking cycle in March 2022, raising its short-term rate by 0.25% from near zero for the first time since the pandemic was declared two years ago. Larger increases of 0.50% in May and 0.75% in both June and July 2022 followed, bringing the target fed funds rate to a range of 2.25% to 2.50%. Additional rate hikes are expected in the remainder of this year, although Fed officials will closely monitor inflation data along with other economic measures and modify their rate setting policy based upon these factors. U.S. gross domestic product growth has now contracted for two consecutive quarters, according to preliminary government estimates, as consumer and business activity has slowed in part due to higher prices and borrowing costs. However, the still strong labor market suggests not all areas of the economy are weakening.

In the meantime, while markets will likely continue fluctuating with the daily headlines, we encourage investors to keep a long-term perspective. To learn more about how well your portfolio is aligned to your time horizon, risk tolerance and investment goals, consider reviewing it with your financial professional.

On behalf of the other members of the Nuveen Fund Board, I look forward to continuing to earn your trust in the months and years ahead.

LOGO

Terence J. Toth

Chair of the Board

August 22, 2022

Important Notices

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

Nuveen Dow 30^SM 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)

Portfolio Manager Commentaries in Semiannual Shareholder Reports

The Funds include portfolio manager commentary in their annual shareholder reports. For the Fund’s most recent annual portfolio manager discussion, please refer to the Portfolio Managers’ Comments section of the Fund’s December 31, 2021 annual shareholder report.

For current information on your Fund’s investment objectives, portfolio management team and average annual total returns please refer to the Fund’s website at www.nuveen.com.

For changes that occurred to your Fund both during and subsequent to this reporting period, please refer to the Notes to Financial Statements section of this report.

For average annual total returns as of the end of this reporting period, please refer to the Performance Overview and Holding Summaries section within this report.

Common Share Information

DISTRIBUTION INFORMATION

The following 19(a) Notice presents the Funds’ most current distribution information as of May 31, 2022 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.

DISTRIBUTION INFORMATION – AS OF MAY 31, 2022

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 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.

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.

Data as of May 31, 2022


					Estimated Per Share Sources of Distribution¹								Estimated Percentage of the Distribution¹
Fund	Inception Date		Per Share Distribution		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital		Net Investment Income			Long-Term Gains			Short-Term Gains			Return of Capital
BXMX (FYE 12/31)		Oct-2004
Current Quarter			$	0.2365	$	0.0186	$	0.0000	$	0.2179	$	0.0000		7.90	%		0.00	%		92.10	%		0.00	%
Fiscal YTD			$	0.4730	$	0.0371	$	0.0000	$	0.4359	$	0.0000		7.90	%		0.00	%		92.10	%		0.00	%
DIAX (FYE 12/31)		Apr-2005
Current Quarter			$	0.2867	$	0.0480	$	0.0000	$	0.2387	$	0.0000		16.80	%		0.00	%		83.20	%		0.00	%
Fiscal YTD			$	0.5734	$	0.0961	$	0.0000	$	0.4773	$	0.0000		16.80	%		0.00	%		83.20	%		0.00	%
SPXX (FYE 12/31)		Nov-2005
Current Quarter			$	0.2940	$	0.0270	$	0.0000	$	0.2670	$	0.0000		9.20	%		0.00	%		90.80	%		0.00	%
Fiscal YTD			$	0.5880	$	0.0540	$	0.0000	$	0.5340	$	0.0000		9.20	%		0.00	%		90.80	%		0.00	%
QQQX (FYE 12/31)		Jan-2007
Current Quarter			$	0.4934	$	0.0000	$	0.0000	$	0.4934	$	0.0000		0.00	%		0.00	%		100.00	%		0.00	%
Fiscal YTD			$	0.9868	$	0.0000	$	0.0000	$	0.9868	$	0.0000		0.00	%		0.00	%		100.00	%		0.00	%
JCE (FYE 12/31)		Mar-2007
Current Quarter			$	0.3952	$	0.3952	$	0.0000	$	0.0000	$	0.0000		100.00	%		0.00	%		0.00	%		0.00	%
Fiscal YTD			$	0.7904	$	0.7904	$	0.0000	$	0.0000	$	0.0000		100.00	%		0.00	%		0.00	%		0.00	%

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.

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 distributions.

Data as of May 31, 2022


									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	$	0.4730	$	13.69		6.31	%		6.91%		(9.01	)%		3.46%
DIAX		Apr-2005	$	0.2867	$	0.5734	$	16.79		6.17	%		6.83%		(5.68	)%		3.42%
SPXX		Nov-2005	$	0.2940	$	0.5880	$	16.55		7.68	%		7.11%		(10.06	)%		3.55%
QQQX		Jan-2007	$	0.4934	$	0.9868	$	23.96		9.10	%		8.24%		(17.69	)%		4.12%
JCE		Mar-2007	$	0.3952	$	0.7904	$	15.07		9.56	%		10.49%		(10.94	)%		5.24%

¹	As a percentage of 5/31/22 NAV.

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 Information (continued)

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

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


	SPXX			QQQX
Common shares sold through shelf offering		218,784			1,929,483
Weighted average premium to NAV per common share sold		1.31	%		2.13	%

Refer to Notes to Financial Statements, Note 5 – Fund Shares for further details of Shelf Offerings and each Fund’s respective transactions.

COMMON SHARE REPURCHASES

During August 2022 (subsequent to close of the reporting period), the Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding common shares.

During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of June 30, 2022, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding common shares as shown in the accompanying table.


	BXMX		DIAX		SPXX		QQQX		JCE
Common shares cumulatively repurchased and retired		460,238		0		383,763		0		449,800
Common shares authorized for repurchase		10,405,000		3,635,000		1,720,000		4,355,000		1,600,000

OTHER COMMON SHARE INFORMATION

As of June 30, 2022 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	$	12.73		$	15.83		$	15.34		$	22.02		$	13.51
Common share price	$	12.37		$	15.28		$	15.66		$	21.84		$	13.35
Premium/(Discount) to NAV		(2.83)	%		(3.47)	%		2.09	%		(0.82)	%		(1.18)	%
Average premium/(discount) to NAV		(2.56)	%		(4.71)	%		(1.48)	%		0.13	%		(0.91)	%

Shareholder

Meeting Report

The annual meeting of shareholders was held on April 8, 2022 for BXMX, DIAX, SPXX, QQQX and JCE. The meeting was held virtually due to public health concerns regarding the ongoing COVID-19 pandemic; at this meeting the shareholders were asked to elect Board members.


	BXMX		DIAX		SPXX		QQQX		JCE
	Common Shares		Common Shares		Common Shares		Common Shares		Common Shares
Approval of the Board Members was reached as follows:
William C. Hunter
For		86,857,786		29,372,785		13,532,642		33,818,900		13,276,806
Withhold		2,255,295		573,310		146,169		548,513		556,829
Total		89,113,081		29,946,095		13,678,811		34,367,413		13,833,635
Judith M. Stockdale
For		87,404,832		29,407,649		13,514,800		33,875,576		13,271,604
Withhold		1,708,249		538,446		164,011		491,837		562,031
Total		89,113,081		29,946,095		13,678,811		34,367,413		13,833,635
Carole E. Stone
For		87,379,934		29,429,356		13,522,661		33,886,861		13,294,191
Withhold		1,733,147		516,739		156,150		480,552		539,444
Total		89,113,081		29,946,095		13,678,811		34,367,413		13,833,635
Margaret L. Wolff
For		87,490,144		29,452,972		13,537,129		33,918,120		13,306,961
Withhold		1,622,937		493,123		141,682		449,293		526,674
Total		89,113,081		29,946,095		13,678,811		34,367,413		13,833,635

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BXMX

Nuveen S&P 500 Buy-Write Income Fund

Performance Overview and Holding Summaries as of June 30, 2022

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

Average Annual Total Returns as of June 30, 2022*


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
BXMX at Common Share NAV		(13.82)%		(8.52)%		5.03%		6.88%
BXMX at Common Share Price		(12.53)%		(8.21)%		4.80%		7.87%
Cboe S&P 500^® BuyWrite Index (BXM^SM)		(10.19)%		(2.62)%		4.09%		5.89%

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

Performance data shown represents past performance and does not predict or guarantee future results. Current 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

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%
Repurchase Agreements			3.8%
Other Assets Less Liabilities			(3.1)%
Net Assets			100%

Top Five Holdings

(% of total long-term investments)


Apple Inc			6.7%
Microsoft Corp			6.1%
Amazon.com Inc			3.0%
Alphabet Inc, Class A			2.4%
Tesla Inc			1.8%

Portfolio Composition¹

(% of total investments)


Software			8.8%
Technology Hardware, Storage & Peripherals			6.6%
Interactive Media & Services			5.2%
Semiconductors & Semiconductor Equipment			5.0%
Pharmaceuticals			4.7%
IT Services			4.4%
Oil, Gas & Consumable Fuels			3.8%
Banks			3.7%
Health Care Providers & Services			3.4%
Internet & Direct Marketing Retail			2.9%
Equity Real Estate Investment Trust			2.7%
Capital Markets			2.4%
Health Care Equipment & Supplies			2.3%
Insurance			2.3%
Biotechnology			2.2%
Automobiles			2.0%
Specialty Retail			1.9%
Hotels, Restaurants & Leisure			1.9%
Life Sciences Tools & Services			1.8%
Beverages			1.8%
Aerospace & Defense			1.7%
Diversified Financial Services			1.7%
Multi-Utilities			1.7%
Chemicals			1.6%
Household Products			1.6%
Machinery			1.6%
Food & Staples Retailing			1.5%
Other			15.0%
Repurchase Agreements			3.8%
Total			100%

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

DIAX

Nuveen Dow 30^SM Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

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

Average Annual Total Returns as of June 30, 2022*


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
DIAX at Common Share NAV		(9.46)%		(5.94)%		4.96%		7.78%
DIAX at Common Share Price		(10.90)%		(4.01)%		5.53%		8.59%
Dow Jones Industrial Average Index (DJIA)		(14.44)%		(9.05)%		9.98%		11.70%
DIAX Blended Benchmark		(9.67)%		(3.26)%		7.70%		8.33%

*	For purposes of Fund performance, relative results are measured against the DIAX Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 55% Chicago Board Options Exchange (Cboe) DJIA BuyWrite Index (BXD^SM) and 2) 45% Dow Jones Industrial Average Index (DJIA).

Daily Common Share NAV and Share Price

LOGO

Fund Allocation

(% of net assets)


Common Stocks			99.3%
Exchange-Traded Funds			3.1%
Repurchase Agreements			1.9%
Other Assets Less Liabilities			(4.3)%
Net Assets			100%

Top Five Holdings

(% of total long-term investments)


UnitedHealth Group Inc			10.7%
Goldman Sachs Group Inc			6.2%
Home Depot Inc			5.7%
Microsoft Corp			5.3%
McDonald’s Corp			5.1%

Portfolio Composition¹

(% of total investments)


Health Care Providers & Services			10.5%
Software			8.5%
IT Services			6.9%
Industrial Conglomerates			6.2%
Capital Markets			6.1%
Specialty Retail			5.6%
Pharmaceuticals			5.5%
Hotels, Restaurants & Leisure			5.0%
Biotechnology			5.0%
Machinery			3.6%
Insurance			3.4%
Food & Staples Retailing			3.2%
Oil, Gas & Consumable Fuels			3.0%
Household Products			2.9%
Consumer Finance			2.8%
Aerospace & Defense			2.8%
Technology Hardware, Storage & Peripherals			2.8%
Other			11.3%
Exchange-Traded Funds			3.0%
Repurchase Agreements			1.9%
Total			100%

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

SPXX

Nuveen S&P 500 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

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

Average Annual Total Returns as of June 30, 2022*


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
SPXX at Common Share NAV		(15.04)%		(7.96)%		6.28%		7.67%
SPXX at Common Share Price		(12.83)%		(7.98)%		7.35%		9.53%
S&P 500^® Index		(19.96)%		(10.62)%		11.31%		12.96%
SPXX Blended Benchmark		(14.66)%		(6.21)%		7.38%		9.09%

*	For purposes of Fund performance, relative results are measured against the SPXX Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 55% Chicago Board Options Exchange (Cboe) S&P 500^® BuyWrite Index (BXM^SM) and 2) 45% S&P 500^® Index

Performance prior to December 22, 2014, reflects the Fund’s performance under the management of a sub-adviser using an investment strategy that differed from those currently in place.

Daily Common Share NAV and Share Price

LOGO

Fund Allocation

(% of net assets)


Common Stocks			98.8%
Exchange-Traded Funds			3.0%
Investments Purchased with Collateral from Securities Lending			0.2%
Repurchase Agreements			2.1%
Other Assets Less Liabilities			(4.1)%
Net Asset			100%

Top Five Holdings

(% of total long-term investments)


Apple Inc			6.7%
Microsoft Corp			6.2%
Amazon.com Inc			3.0%
Vanguard Total Stock Market ETF			3.0%
Alphabet Inc, Class C			2.1%

Portfolio Composition

(% of total investments)¹


Software			8.8%
Technology Hardware, Storage & Peripherals			6.6%
Interactive Media & Services			5.4%
Pharmaceuticals			4.5%
Banks			4.5%
Semiconductors & Semiconductor Equipment			4.2%
Health Care Providers & Services			4.0%
IT Services			3.8%
Internet & Direct Marketing Retail			3.1%
Equity Real Estate Investment Trust			2.9%
Oil, Gas & Consumable Fuels			2.9%
Beverages			2.3%
Machinery			2.3%
Capital Markets			2.3%


Health Care Equipment & Supplies			2.2%
Specialty Retail			2.2%
Biotechnology			2.1%
Household Products			2.1%
Hotels, Restaurants & Leisure			1.9%
Insurance			1.9%
Automobiles			1.8%
Diversified Financial Services			1.8%
Chemicals			1.8%
Aerospace & Defense			1.7%
Other			17.8%
Exchange-Traded Funds			2.9%
Investments Purchased with Collateral from Securities Lending			0.2%
Repurchase Agreements			2.0%
Total			100%

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

QQQX

Nuveen Nasdaq 100 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

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

Average Annual Total Returns as of June 30, 2022*


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
QQQX at Common Share NAV		(22.72)%		(17.26)%		8.02%		11.15%
QQQX at Common Share Price		(25.83)%		(20.20)%		7.26%		11.27%
Nasdaq 100^® Index		(29.22)%		(20.38)%		16.37%		17.27%
QQQX Blended Benchmark		(21.82)%		(15.15)%		10.09%		11.23%

*	For purposes of Fund performance, relative results are measured against the QQQX Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 55% Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXN^SM) and 2) 45% Nasdaq 100^® Index.

Daily Common Share NAV and Share Price

LOGO

Fund Allocation

(% of net assets)


Common Stocks			99.3%
Exchange-Traded Funds			3.1%
Investments Purchased with Collateral from Securities Lending			0.4%
Repurchase Agreements			2.2%
Other Assets Less Liabilities			(5.0)%
Net Assets			100%

Top Five Holdings

(% of total long-term investments)


Microsoft Corp			12.8%
Apple Inc			12.6%
Amazon.com Inc			6.5%
Alphabet Inc, Class A			5.3%
Tesla Inc			3.9%

Portfolio Composition¹

(% of total investments)


Software			17.5%
Semiconductors & Semiconductor Equipment			13.3%
Technology Hardware, Storage & Peripherals			12.3%
Interactive Media & Services			12.1%
Internet & Direct Marketing Retail			8.2%
Biotechnology			4.7%
Automobiles			4.1%
Media			3.2%
Communications Equipment			2.5%
Beverages			2.0%
IT Services			1.8%
Health Care Equipment & Supplies			1.5%
Hotels, Restaurants & Leisure			1.4%
Food & Staples Retailing			1.2%
Food Products			1.2%
Other			7.6%
Exchange-Traded Funds			2.9%
Investments Purchased with Collateral from Securities Lending			0.4%
Repurchase Agreements			2.1%
Total			100%

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

JCE

Nuveen Core Equity Alpha Fund

Performance Overview and Holding Summaries as of June 30, 2022

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

Average Annual Total Returns as of June 30, 2022*


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
JCE at Common Share NAV		(17.82)%		(9.34)%		7.80%		10.36%
JCE at Common Share Price		(24.26)%		(8.11)%		8.73%		11.55%
S&P 500^® Index		(19.96)%		(10.62)%		11.31%		12.96%
JCE Blended Benchmark		(15.15)%		(6.61)%		7.74%		9.44%

*	For purposes of Fund performance, relative results are measured against the JCE Blended Benchmark. The Fund’s Blended Benchmark consists of: 1) 50% S&P 500^® Index and 2) 50% Chicago Board Options Exchange (Cboe) S&P 500^® BuyWrite Index (BXM^SM).

Daily Common Share NAV and Share Price

LOGO

Fund Allocation

(% of net assets)


Common Stocks			99.5%
Exchange-Traded Funds			0.5%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			3.0%
Other Assets Less Liabilities			(3.1)%
Net Asset			100%

Top Five Holdings

(% of total long-term investments)


Apple Inc			7.2%
Microsoft Corp			6.5%
Amazon.com Inc			2.5%
UnitedHealth Group Inc			2.2%
Alphabet Inc, Class C			2.2%

Portfolio Composition

(% of total investments)¹


Software			10.6%
Technology Hardware, Storage & Peripherals			7.0%
Interactive Media & Services			5.5%
Pharmaceuticals			5.0%
Oil, Gas & Consumable Fuels			4.2%
IT Services			4.2%
Semiconductors & Semiconductor Equipment			3.9%
Life Sciences Tools & Services			3.8%
Specialty Retail			3.4%
Health Care Providers & Services			3.0%
Health Care Equipment & Supplies			2.8%
Hotels, Restaurants & Leisure			2.4%


Internet & Direct Marketing Retail			2.4%
Banks			2.3%
Diversified Financial Services			2.3%
Household Products			2.1%
Multiline Retail			2.0%
Food & Staples Retailing			1.9%
Diversified Telecommunication Services			1.8%
Electrical Equipment			1.7%
Commercial Services & Supplies			1.6%
Building Products			1.6%
Industrial Conglomerates			1.6%
Road & Rail			1.6%
Other			17.9%
Exchange-Traded Funds			0.4%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			2.9%
Total			100%

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

BXMX

Nuveen S&P 500 Buy-Write
Income Fund

Portfolio of Investments June 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.3%

		COMMON STOCKS – 99.3% (2)

		Aerospace & Defense – 1.8%

	28,960	Boeing Co (3)	$	3,959,411
	9,566	HEICO Corp		1,254,294
	62,456	Howmet Aerospace Inc		1,964,241
	13,748	Northrop Grumman Corp		6,579,380
	99,428	Raytheon Technologies Corp		9,556,025
	4,597	Woodward Inc		425,177
		Total Aerospace & Defense		23,738,528

		Air Freight & Logistics – 0.6%

	40,842	United Parcel Service Inc, Class B		7,455,299

		Airlines – 0.1%

	47,025	United Airlines Holdings Inc (3)		1,665,625

		Auto Components – 0.1%

	50,606	Gentex Corp		1,415,450
	9,851	Goodyear Tire & Rubber Co (3)		105,504
		Total Auto Components		1,520,954

		Automobiles – 2.0%

	252,900	Ford Motor Co		2,814,777
	16,446	Harley-Davidson Inc		520,680
	35,247	Tesla Inc (3)		23,736,035
		Total Automobiles		27,071,492

		Banks – 3.8%

	81,507	Citigroup Inc		3,748,507
	26,341	Comerica Inc		1,932,902
	162,841	Fifth Third Bancorp		5,471,457
	101,208	First Horizon Corp		2,212,407
	132,821	JPMorgan Chase & Co		14,956,973
	165,652	KeyCorp		2,854,184
	14,051	M&T Bank Corp		2,239,589
	41,891	PNC Financial Services Group Inc		6,609,143
	195,504	Wells Fargo & Co		7,657,892
	55,583	Zions Bancorp NA		2,829,175
		Total Banks		50,512,229

		Beverages – 1.9%

	247,954	Coca-Cola Co		15,598,786
	104,662	Keurig Dr Pepper Inc		3,703,988
	56,712	Monster Beverage Corp (3)		5,257,203
		Total Beverages		24,559,977

		Biotechnology – 2.3%

	83,076	AbbVie Inc		12,723,920
	3,766	Alnylam Pharmaceuticals Inc (3)		549,271
	28,089	Amgen Inc		6,834,054
	9,647	Biogen Inc (3)		1,967,409
	9,243	BioMarin Pharmaceutical Inc (3)		765,968
	2,000	Exact Sciences Corp (3)		78,780
	67,257	Gilead Sciences Inc		4,157,155
	15,810	Moderna Inc (3)		2,258,459



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Biotechnology (continued)

	4,961	Seagen Inc (3)	$	877,799
		Total Biotechnology		30,212,815

		Building Products – 0.4%

	15,381	Allegion plc		1,505,800
	23,666	Fortune Brands Home & Security Inc		1,417,120
	43,726	Masco Corp		2,212,536
		Total Building Products		5,135,456

		Capital Markets – 2.4%

	83,608	Charles Schwab Corp		5,282,353
	23,102	CME Group Inc		4,728,979
	44,488	Intercontinental Exchange Inc		4,183,651
	53,398	Jefferies Financial Group Inc		1,474,853
	86,746	Morgan Stanley		6,597,901
	8,344	MSCI Inc		3,438,980
	19,659	S&P Global Inc		6,626,263
		Total Capital Markets		32,332,980

		Chemicals – 1.7%

	16,669	Chemours Co		533,741
	52,881	Corteva Inc		2,862,977
	53,214	Dow Inc		2,746,375
	42,507	DuPont de Nemours Inc		2,362,539
	34,775	Eastman Chemical Co		3,121,752
	30,588	Linde PLC		8,794,968
	20,651	Olin Corp		955,728
	14,399	RPM International Inc		1,133,489
		Total Chemicals		22,511,569

		Commercial Services & Supplies – 0.7%

	14,179	Waste Connections Inc		1,757,629
	47,435	Waste Management Inc		7,256,606
		Total Commercial Services & Supplies		9,014,235

		Communications Equipment – 0.9%

	13,699	Ciena Corp (3)		626,044
	220,344	Cisco Systems Inc		9,395,468
	5,140	Lumentum Holdings Inc (3)		408,219
	74,070	Viavi Solutions Inc (3)		979,946
		Total Communications Equipment		11,409,677

		Consumer Finance – 0.4%

	42,085	Discover Financial Services		3,980,399
	89,957	SLM Corp		1,433,915
		Total Consumer Finance		5,414,314

		Containers & Packaging – 0.5%

	13,574	Avery Dennison Corp		2,197,223
	20,677	Crown Holdings Inc		1,905,799
	15,364	Packaging Corp of America		2,112,550
	18,945	Sonoco Products Co		1,080,623
		Total Containers & Packaging		7,296,195

		Distributors – 0.2%

	51,888	LKQ Corp		2,547,182

		Diversified Financial Services – 1.8%

	86,707	Berkshire Hathaway Inc, Class B (3)		23,672,745


Shares		Description (1)	Value

		Diversified Telecommunication Services – 1.4%

	379,832	AT&T Inc	$	7,961,279
	207,579	Verizon Communications Inc		10,534,634
		Total Diversified Telecommunication Services		18,495,913

		Electric Utilities – 1.0%

	90,850	Alliant Energy Corp		5,324,718
	58,152	Evergy Inc		3,794,418
	52,512	OGE Energy Corp		2,024,863
	29,198	Pinnacle West Capital Corp		2,134,958
		Total Electric Utilities		13,278,957

		Electrical Equipment – 0.6%

	54,146	Emerson Electric Co		4,306,773
	8,860	Hubbell Inc		1,582,219
	13,511	Rockwell Automation Inc		2,692,877
		Total Electrical Equipment		8,581,869

		Electronic Equipment, Instruments & Components – 0.4%

	20,728	CDW Corp/DE		3,265,904
	86,143	Corning Inc		2,714,366
		Total Electronic Equipment, Instruments & Components		5,980,270

		Energy Equipment & Services – 0.4%

	72,910	Halliburton Co		2,286,458
	77,600	Schlumberger NV		2,774,976
		Total Energy Equipment & Services		5,061,434

		Entertainment – 1.1%

	22,085	Netflix Inc (3)		3,862,004
	1,091	Roku Inc (3)		89,615
	85,224	Walt Disney Co (3)		8,045,146
	146,699	Warner Bros Discovery Inc (3)		1,968,700
		Total Entertainment		13,965,465

		Equity Real Estate Investment Trust – 2.8%

	97,035	American Homes 4 Rent, Class A		3,438,920
	33,023	American Tower Corp		8,440,349
	17,121	Apartment Income REIT Corp		712,234
	73,114	Apartment Investment and Management Co, Class A (3)		467,930
	123,846	Brandywine Realty Trust		1,193,875
	75,722	CubeSmart		3,234,844
	51,595	Equity Commonwealth (3)		1,420,410
	84,268	Healthcare Realty Trust Inc		2,292,090
	159,619	Invitation Homes Inc		5,679,244
	19,823	LXP Industrial Trust		212,899
	51,162	Sabra Health Care REIT Inc		714,733
	15,931	Sun Communities Inc		2,538,764
	42,955	Welltower Inc		3,537,344
	94,015	Weyerhaeuser Co		3,113,777
		Total Equity Real Estate Investment Trust		36,997,413

		Food & Staples Retailing – 1.5%

	3,640	Casey’s General Stores Inc		673,327
	26,650	Costco Wholesale Corp		12,772,812
	73,551	Kroger Co		3,481,169
	34,540	Sysco Corp		2,925,883
	15,913	US Foods Holding Corp (3)		488,211
		Total Food & Staples Retailing		20,341,402

		Food Products – 1.0%

	71,353	Hormel Foods Corp		3,379,278



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Food Products (continued)

	133,397	Mondelez International Inc, Class A	$	8,282,620
	12,100	Post Holdings Inc (3)		996,435
		Total Food Products		12,658,333

		Gas Utilities – 0.1%

	12,873	Atmos Energy Corp		1,443,063
	2,933	National Fuel Gas Co		193,725
		Total Gas Utilities		1,636,788

		Health Care Equipment & Supplies – 2.4%

	98,976	Abbott Laboratories		10,753,742
	19,319	Alcon Inc		1,350,205
	7,646	Avanos Medical Inc (3)		209,042
	49,755	Baxter International Inc		3,195,764
	130,178	Boston Scientific Corp (3)		4,851,734
	8,009	IDEXX Laboratories Inc (3)		2,808,997
	89,338	Medtronic PLC		8,018,085
		Total Health Care Equipment & Supplies		31,187,569

		Health Care Providers & Services – 3.5%

	20,430	Cigna Corp		5,383,714
	8,265	Covetrus Inc (3)		171,499
	69,178	CVS Health Corp		6,410,033
	15,832	Elevance Health Inc		7,640,206
	20,595	HCA Healthcare Inc		3,461,196
	45,020	UnitedHealth Group Inc		23,123,623
		Total Health Care Providers & Services		46,190,271

		Health Care Technology – 0.1%

	6,414	Veeva Systems Inc, Class A (3)		1,270,229

		Hotels, Restaurants & Leisure – 1.9%

	2,484	Booking Holdings Inc (3)		4,344,491
	31,485	Marriott International Inc/MD, Class A		4,282,275
	41,884	McDonald’s Corp		10,340,322
	16,077	Restaurant Brands International Inc		806,261
	74,292	Starbucks Corp		5,675,166
		Total Hotels, Restaurants & Leisure		25,448,515

		Household Durables – 0.3%

	16,552	Garmin Ltd		1,626,234
	32,919	KB Home		936,875
	6,575	TopBuild Corp (3)		1,099,077
		Total Household Durables		3,662,186

		Household Products – 1.6%

	144,112	Procter & Gamble Co		20,721,864
	13,445	Spectrum Brands Holdings Inc		1,102,759
		Total Household Products		21,824,623

		Industrial Conglomerates – 1.2%

	38,682	3M Co		5,005,837
	50,397	General Electric Co		3,208,777
	40,807	Honeywell International Inc		7,092,665
		Total Industrial Conglomerates		15,307,279

		Insurance – 2.3%

	2,535	Alleghany Corp (3)		2,111,908
	28,004	Allstate Corp		3,548,947
	47,396	Arthur J Gallagher & Co		7,727,444
	37,130	CNO Financial Group Inc		671,682
	23,577	Fidelity National Financial Inc		871,406


Shares		Description (1)	Value

		Insurance (continued)

	16,078	Genworth Financial Inc, Class A (3)	$	56,755
	38,545	Hartford Financial Services Group Inc		2,521,999
	4,703	Kemper Corp		225,274
	33,540	Lincoln National Corp		1,568,666
	7,573	RenaissanceRe Holdings Ltd		1,184,190
	32,951	Travelers Cos Inc		5,573,003
	71,665	W R Berkley Corp		4,891,853
		Total Insurance		30,953,127

		Interactive Media & Services – 5.3%

	14,278	Alphabet Inc, Class A (3)		31,115,474
	9,974	Alphabet Inc, Class C (3)		21,817,626
	99,036	Meta Platforms Inc, Class (3)		15,969,555
	42,710	Twitter Inc (3)		1,596,927
		Total Interactive Media & Services		70,499,582

		Internet & Direct Marketing Retail – 3.0%

	370,359	Amazon.com Inc (3)		39,335,829
	5,685	JD.com Inc, ADR		365,091
		Total Internet & Direct Marketing Retail		39,700,920

		IT Services – 4.6%

	30,096	Accenture PLC, Class A		8,356,155
	20,604	Akamai Technologies Inc (3)		1,881,763
	34,973	Automatic Data Processing Inc		7,345,729
	15,971	Broadridge Financial Solutions Inc		2,276,666
	39,198	Fidelity National Information Services Inc		3,593,281
	41,235	Mastercard Inc, Class A		13,008,818
	60,946	PayPal Holdings Inc (3)		4,256,468
	9,442	Twilio Inc, Class A (3)		791,334
	17,828	VeriSign Inc (3)		2,983,159
	79,964	Visa Inc, Class A		15,744,112
		Total IT Services		60,237,485

		Leisure Products – 0.1%

	25,861	Mattel Inc (3)		577,476
	6,048	Polaris Inc		600,446
		Total Leisure Products		1,177,922

		Life Sciences Tools & Services – 1.9%

	36,475	Danaher Corp		9,247,142
	10,529	Illumina Inc (3)		1,941,126
	21,185	Thermo Fisher Scientific Inc		11,509,387
	7,519	Waters Corp (3)		2,488,639
		Total Life Sciences Tools & Services		25,186,294

		Machinery – 1.6%

	32,898	Caterpillar Inc		5,880,847
	15,389	Deere & Co		4,608,544
	31,851	Graco Inc		1,892,268
	39,784	Otis Worldwide Corp		2,811,535
	15,767	Parker-Hannifin Corp		3,879,470
	16,044	Stanley Black & Decker Inc		1,682,374
	10,383	Timken Co		550,818
		Total Machinery		21,305,856

		Media – 0.8%

	216,324	Comcast Corp, Class A		8,488,554
	17,899	New York Times Co, Class A		499,382
	78,489	News Corp, Class A		1,222,858
		Total Media		10,210,794



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Metals & Mining – 0.4%

	15,262	Arconic Corp (3)	$	428,099
	42,845	Newmont Corp		2,556,561
	20,588	Nucor Corp		2,149,593
		Total Metals & Mining		5,134,253

		Mortgage Real Estate Investment Trust – 0.0%

	26,802	Annaly Capital Management Inc		158,400

		Multiline Retail – 0.4%

	25,320	Macy’s Inc		463,862
	16,563	Nordstrom Inc		349,976
	31,203	Target Corp		4,406,800
		Total Multiline Retail		5,220,638

		Multi-Utilities – 1.7%

	80,101	Ameren Corp		7,237,926
	17,519	NorthWestern Corp		1,032,395
	105,501	Public Service Enterprise Group Inc		6,676,103
	81,221	WEC Energy Group Inc		8,174,082
		Total Multi-Utilities		23,120,506

		Oil, Gas & Consumable Fuels – 3.9%

	44,283	Cenovus Energy Inc		841,820
	12,521	Cheniere Energy Inc		1,665,669
	84,740	Chevron Corp		12,268,657
	9,675	CNX Resources Corp (3)		159,251
	81,811	ConocoPhillips		7,347,446
	15,719	Continental Resources Inc		1,027,237
	183,113	Exxon Mobil Corp		15,681,797
	29,828	Hess Corp		3,159,978
	42,055	Marathon Petroleum Corp		3,457,342
	17,934	Ovintiv Inc		792,503
	26,554	Phillips 66		2,177,162
	26,407	Suncor Energy Inc		926,093
	25,961	Valero Energy Corp		2,759,135
		Total Oil, Gas & Consumable Fuels		52,264,090

		Personal Products – 0.0%

	15,340	BellRing Brands Inc (3)		381,813

		Pharmaceuticals – 4.9%

	123,308	Bristol-Myers Squibb Co		9,494,716
	36,480	Eli Lilly & Co		11,827,910
	115,829	Johnson & Johnson		20,560,806
	112,570	Merck & Co Inc		10,263,007
	241,787	Pfizer Inc		12,676,892
		Total Pharmaceuticals		64,823,331

		Professional Services – 0.3%

	21,760	CoStar Group Inc (3)		1,314,522
	9,803	ManpowerGroup Inc		749,047
	23,554	TransUnion		1,884,084
		Total Professional Services		3,947,653

		Road & Rail – 0.9%

	30,324	Canadian Pacific Railway Ltd		2,117,828
	4,425	Lyft Inc, Class A (3)		58,764
	24,761	Norfolk Southern Corp		5,627,928
	15,787	Old Dominion Freight Line Inc		4,045,892
	31,571	Uber Technologies Inc (3)		645,943
		Total Road & Rail		12,496,355


Shares		Description (1)	Value

		Semiconductors & Semiconductor Equipment – 5.2%

	76,680	Advanced Micro Devices Inc (3)	$	5,863,720
	56,923	Applied Materials Inc		5,178,854
	21,360	Broadcom Inc		10,376,902
	7,284	Enphase Energy Inc (3)		1,422,128
	203,100	Intel Corp		7,597,971
	10,447	Lam Research Corp		4,451,989
	32,109	Marvell Technology Inc		1,397,705
	62,434	Micron Technology Inc		3,451,351
	111,295	NVIDIA Corp		16,871,209
	19,772	NXP Semiconductors NV		2,926,849
	32,082	ON Semiconductor Corp (3)		1,614,045
	56,144	QUALCOMM Inc		7,171,835
		Total Semiconductors & Semiconductor Equipment		68,324,558

		Software – 9.1%

	25,704	Adobe Inc (3)		9,409,206
	17,788	Autodesk Inc (3)		3,058,825
	16,990	Black Knight Inc (3)		1,110,976
	552	CDK Global Inc		30,233
	10,744	Check Point Software Technologies Ltd (3)		1,308,404
	48,865	Fortinet Inc (3)		2,764,782
	314,362	Microsoft Corp		80,737,592
	81,715	Oracle Corp		5,709,427
	3,109	Palo Alto Networks Inc (3)		1,535,659
	47,152	Salesforce Inc (3)		7,781,966
	12,353	ServiceNow Inc (3)		5,874,099
	6,422	VMware Inc, Class A		731,980
		Total Software		120,053,149

		Specialty Retail – 2.0%

	8,358	American Eagle Outfitters Inc		93,442
	24,636	Best Buy Co Inc		1,606,021
	4,047	Burlington Stores Inc (3)		551,323
	14,810	CarMax Inc (3)		1,340,009
	4,361	Five Below Inc (3)		494,668
	50,051	Home Depot Inc		13,727,488
	38,481	Lowe’s Cos Inc		6,721,476
	4,641	Ulta Beauty Inc (3)		1,789,013
		Total Specialty Retail		26,323,440

		Technology Hardware, Storage & Peripherals – 6.8%

	645,863	Apple Inc		88,302,390
	48,016	Dell Technologies Inc, Class C		2,218,819
		Total Technology Hardware, Storage & Peripherals		90,521,209

		Textiles, Apparel & Luxury Goods – 0.6%

	6,689	Kontoor Brands Inc		223,212
	3,315	Lululemon Athletica Inc (3)		903,702
	63,640	NIKE Inc, Class B		6,504,008
		Total Textiles, Apparel & Luxury Goods		7,630,922

		Thrifts & Mortgage Finance – 0.0%

	48,313	MGIC Investment Corp		608,744

		Tobacco – 0.6%

	175,892	Altria Group Inc		7,347,009
		Total Long-Term Investments (cost $584,362,523)		1,315,587,838



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments June 30, 2022

		(Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 3.8%

REPURCHASE AGREEMENTS – 3.8%

49,982

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 6/30/22, repurchase price $49,982,419,
collateralized by $43,831,600, U.S. Treasury Inflation Index Note,
0.500%, due 1/15/28, value $50,982,147

0.240%

7/01/22

49,982,419

Total Short-Term Investments (cost $49,982,419)

49,982,419

Total Investments (cost $634,344,942) – 103.1%

1,365,570,257

Other Assets Less Liabilities – (3.1)% (4)

(40,355,592

)

Net Assets – 100%

1,325,214,665

Investments in Derivatives

Options Written


Description (5)	Type		Number of Contracts			Notional Amount (6)			Exercise Price		Expiration Date		Value
S&P 500^® Index		Call		(382	)	$	(146,115,000	)	$	3,825		7/15/22	$	(2,227,060	)
S&P 500^® Index		Call		(382	)		(147,070,000	)		3,850		7/15/22		(1,808,770	)
S&P 500^® Index		Call		(381	)		(148,590,000	)		3,900		7/15/22		(1,133,475	)
S&P 500^® Index		Call		(382	)		(151,845,000	)		3,975		7/15/22		(490,870	)
S&P 500^® Index		Call		(382	)		(156,620,000	)		4,100		7/15/22		(115,555	)
S&P 500^® Index		Call		(383	)		(160,860,000	)		4,200		7/15/22		(35,428	)
S&P 500^® Index		Call		(382	)		(142,295,000	)		3,725		7/29/22		(5,730,000	)
S&P 500^® Index		Call		(383	)		(147,455,000	)		3,850		7/29/22		(3,102,300	)
S&P 500^® Index		Call		(382	)		(152,800,000	)		4,000		8/19/22		(1,831,690	)
Total Options Written (premiums received $35,322,334)				(3,439	)	$	(1,353,650,000	)					$	(16,475,148	)

For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	The Fund may designate up to 100% of its common stock investments to cover outstanding options written.

(3)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(4)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. Other assets less liabilities also includes the value of options as presented on the Statement of Assets and Liabilities.

(5)	Exchange-traded, unless otherwise noted.

(6)	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 accompanying notes to financial statements.

DIAX

Nuveen Dow 30^SM Dynamic
Overwrite Fund

Portfolio of Investments June 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 102.4%

		COMMON STOCKS – 99.3%

		Aerospace & Defense – 2.9%

	122,356	Boeing Co (2)	$	16,728,512

		Banks – 2.4%

	122,356	JPMorgan Chase & Co		13,778,509

		Beverages – 1.3%

	122,356	Coca-Cola Co		7,697,416

		Biotechnology – 5.2%

	122,356	Amgen Inc (3)		29,769,215

		Capital Markets – 6.3%

	122,356	Goldman Sachs Group Inc (3)		36,342,179

		Chemicals – 1.1%

	122,356	Dow Inc		6,314,793

		Communications Equipment – 0.9%

	122,356	Cisco Systems Inc		5,217,260

		Consumer Finance – 2.9%

	122,356	American Express Co		16,960,989

		Diversified Telecommunication Services – 1.1%

	122,356	Verizon Communications Inc		6,209,567

		Entertainment – 2.0%

	122,356	Walt Disney Co (2)		11,550,407

		Food & Staples Retailing – 3.4%

	122,356	Walgreens Boots Alliance Inc		4,637,292
	122,356	Walmart Inc		14,876,043
		Total Food & Staples Retailing		19,513,335

		Health Care Providers & Services – 10.9%

	122,356	UnitedHealth Group Inc		62,845,712

		Hotels, Restaurants & Leisure – 5.3%

	122,356	McDonald’s Corp		30,207,249

		Household Products – 3.1%

	122,356	Procter & Gamble Co		17,593,569

		Industrial Conglomerates – 6.4%

	122,356	3M Co		15,834,090
	122,356	Honeywell International Inc		21,266,696
		Total Industrial Conglomerates		37,100,786

		Insurance – 3.6%

	122,356	Travelers Cos Inc		20,694,070



DIAX		Nuveen Dow 30^SM Dynamic Overwrite Fund (continued)
DIAX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)					Value

		IT Services – 7.2%

	122,356	International Business Machines Corp					$	17,275,444
	122,356	Visa Inc, Class A						24,090,673
		Total IT Services						41,366,117

		Machinery – 3.8%

	122,356	Caterpillar Inc						21,872,359

		Oil, Gas & Consumable Fuels – 3.1%

	122,356	Chevron Corp						17,714,702

		Pharmaceuticals – 5.7%

	122,356	Johnson & Johnson						21,719,414
	122,356	Merck & Co Inc						11,155,196
		Total Pharmaceuticals						32,874,610

		Semiconductors & Semiconductor Equipment – 0.8%

	122,356	Intel Corp						4,577,338

		Software – 9.0%

	122,356	Microsoft Corp (3)						31,424,692
	122,356	Salesforce Inc (2)						20,193,634
		Total Software						51,618,326

		Specialty Retail – 5.8%

	122,356	Home Depot Inc						33,558,580

		Technology Hardware, Storage & Peripherals – 2.9%

	122,356	Apple Inc (3)						16,728,512

		Textiles, Apparel & Luxury Goods – 2.2%

	122,356	NIKE Inc, Class B						12,504,783
		Total Common Stocks (cost $262,115,223)						571,338,895

Shares		Description (1)					Value

		EXCHANGE-TRADED FUNDS – 3.1%

	95,000	Vanguard Total Stock Market ETF					$	17,918,900
		Total Exchange-Traded Funds (cost $18,634,470)						17,918,900
		Total Long-Term Investments (cost $280,749,693)						589,257,795

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 1.9%

		REPURCHASE AGREEMENTS – 1.9%

$	11,251	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $11,251,081, collateralized by $13,199,700, U.S. Treasury Note, 0.500%, due 10/31/27, value $11,476,120		0.240%		7/01/22	$	11,251,081
		Total Short-Term Investments (cost $11,251,081)						11,251,081
		Total Investments (cost $292,000,774) – 104.3%						600,508,876
		Other Assets Less Liabilities – (4.3)% (4)						(24,911,230	)
		Net Assets – 100%					$	575,597,646

Investments in Derivatives

Options Purchased


Description (5)	Type		Number of Contracts		Notional Amount (6)		Exercise Price		Expiration Date		Value
Cboe Volatility Index (premiums paid $21,465)		Put		300	$	660,000	$	22		7/20/22	$	750

Options Written


Description (5)	Type		Number of Contracts			Notional Amount (6)			Exercise Price		Expiration Date		Value
S&P 500® Index		Call		(800	)	$	(292,400,000	)	$	3,655		7/15/22	$	(13,260,000	)
S&P 500® Index		Call		(50	)		(18,375,000	)		3,675		7/15/22		(753,250	)
S&P 500® Index		Put		(65	)		(24,050,000	)		3,700		7/15/22		(293,150	)
Total Options Written (premiums received $10,997,433)				(915	)	$	(334,825,000	)					$	(14,306,400	)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(3)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(4)

(5)	Exchange-traded, unless otherwise noted.

(6)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.

Cboe	Chicago Board Options Exchange

ETF	Exchange-Traded Fund

S&P	Standard & Poor’s

See accompanying notes to financial statements.

SPXX

Nuveen S&P 500 Dynamic
Overwrite Fund

Portfolio of Investments June 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 101.8%

		COMMON STOCKS – 98.8%

		Aerospace & Defense – 1.8%

	5,621	Boeing Co (2)	$	768,503
	1,033	BWX Technologies Inc		56,908
	716	Curtiss-Wright Corp		94,555
	793	HEICO Corp		103,978
	3,921	Lockheed Martin Corp		1,685,873
	20,963	Raytheon Technologies Corp		2,014,754
	729	Woodward Inc		67,426
		Total Aerospace & Defense		4,791,997

		Air Freight & Logistics – 0.6%

	8,775	United Parcel Service Inc, Class B		1,601,789

		Airlines – 0.1%

	7,767	American Airlines Group Inc (2)		98,486
	5,123	JetBlue Airways Corp (2)		42,879
	2,159	Spirit Airlines Inc (2)		51,471
		Total Airlines		192,836

		Auto Components – 0.1%

	3,036	Gentex Corp		84,917
	8,235	Goodyear Tire & Rubber Co (2)		88,197
	519	Lear Corp		65,337
		Total Auto Components		238,451

		Automobiles – 1.9%

	37,389	Ford Motor Co		416,140
	1,133	Rivian Automotive Inc, Class A (2)		29,163
	6,938	Tesla Inc (2)		4,672,188
		Total Automobiles		5,117,491

		Banks – 4.7%

	13,874	Associated Banc-Corp		253,339
	69,901	Bank of America Corp		2,176,018
	906	Bank of Hawaii Corp		67,406
	1,569	Bank OZK		58,885
	1,508	BankUnited Inc		53,640
	1,063	BOK Financial Corp		80,342
	2,722	Cadence Bank		63,913
	2,384	Cathay General Bancorp		93,334
	24,364	Citigroup Inc		1,120,500
	1,411	Citizens Financial Group Inc		50,359
	5,340	Comerica Inc		391,849
	1,830	Commerce Bancshares Inc/MO		120,139
	1,323	Community Bank System Inc		83,719
	872	Cullen/Frost Bankers Inc		101,544
	2,667	CVB Financial Corp		66,168
	1,261	East West Bancorp Inc		81,713
	1,257	Enterprise Financial Services Corp		52,165
	74	First Citizens BancShares Inc/NC, Class A		48,380
	2,715	First Financial Bancorp		52,671
	7,166	First Hawaiian Inc		162,740
	9,948	First Horizon Corp		217,463
	21,881	FNB Corp/PA		237,628
	3,550	Fulton Financial Corp		51,297
	1,542	Glacier Bancorp Inc		73,122


Shares			Description (1)	Value

			Banks (continued)

	9,405		Hope Bancorp Inc	$	130,165
	730		Independent Bank Corp		57,984
	32,606		JPMorgan Chase & Co (3)		3,671,762
	18,999		Old National Bancorp/IN		280,995
	2,579	��	PacWest Bancorp		68,756
	1,012		Pinnacle Financial Partners Inc		73,178
	2,043		Popular Inc		157,168
	1,205		Renasant Corp		34,716
	658		SouthState Corp		50,765
	650		Texas Capital Bancshares Inc (2)		34,216
	2,690		Towne Bank/Portsmouth VA		73,034
	2,094		United Community Banks Inc/GA		63,218
	10,088		Valley National Bancorp		105,016
	1,329		Webster Financial Corp		56,017
	36,733		Wells Fargo & Co		1,438,832
	660		Western Alliance Bancorp		46,596
	8,676		Zions Bancorp NA		441,608
			Total Banks		12,542,360

			Beverages – 2.4%

	51,740		Coca-Cola Co		3,254,963
	19,878		PepsiCo Inc		3,312,868
			Total Beverages		6,567,831

			Biotechnology – 2.2%

	16,944		AbbVie Inc		2,595,143
	7,117		Amgen Inc		1,731,566
	1,457		Biogen Inc (2)		297,141
	661		BioMarin Pharmaceutical Inc (2)		54,777
	551		Horizon Therapeutics Plc (2)		43,948
	3,054		Moderna Inc (2)		436,264
	2,650		Vertex Pharmaceuticals Inc (2)		746,743
			Total Biotechnology		5,905,582

			Building Products – 0.2%

	563		Carlisle Cos Inc		134,337
	424		Lennox International Inc		87,594
	1,102		Owens Corning		81,890
	548		Simpson Manufacturing Co Inc		55,134
	397		Trex Co Inc (2)		21,605
	855		UFP Industries Inc		58,260
			Total Building Products		438,820

			Capital Markets – 2.4%

	771		Ares Management Corp, Class A		43,839
	975		Blackstone Inc		88,949
	1,778		Carlyle Group Inc		56,291
	16,181		Charles Schwab Corp		1,022,316
	4,910		CME Group Inc		1,005,077
	1,462		Federated Hermes Inc		46,477
	4,325		Goldman Sachs Group Inc		1,284,612
	492		Hamilton Lane Inc, Class A		33,053
	496		Houlihan Lokey Inc		39,149
	9,328		Intercontinental Exchange Inc		877,205
	1,228		Janus Henderson Group PLC		28,870
	1,763		Jefferies Financial Group Inc		48,694
	1,435		KKR & Co Inc		66,426
	1,234		Lazard Ltd, Class A		39,994
	546		LPL Financial Holdings Inc		100,726
	17,299		Morgan Stanley		1,315,762
	2,060		SEI Investments Co		111,281
	1,398		Stifel Financial Corp		78,316
	954		Tradeweb Markets Inc, Class A		65,111
			Total Capital Markets		6,352,148



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Chemicals – 1.8%

	722	Ashland Global Holdings Inc	$	74,402
	1,074	Avient Corp		43,046
	2,854	Axalta Coating Systems Ltd (2)		63,102
	337	Balchem Corp		43,722
	1,117	Cabot Corp		71,253
	10,837	Dow Inc		559,298
	5,047	Eastman Chemical Co		453,069
	3,516	Ecolab Inc		540,620
	2,357	Element Solutions Inc		41,955
	976	HB Fuller Co		58,765
	5,409	Linde PLC		1,555,250
	3,077	Mosaic Co		145,327
	152	NewMarket Corp		45,746
	1,562	Olin Corp		72,289
	1,353	RPM International Inc		106,508
	1,069	Sensient Technologies Corp		86,119
	4,312	Sherwin-Williams Co		965,500
	1,434	Valvoline Inc		41,342
		Total Chemicals		4,967,313

		Commercial Services & Supplies – 0.2%

	903	Casella Waste Systems Inc, Class A (2)		65,630
	638	Clean Harbors Inc (2)		55,933
	8,663	CoreCivic Inc (2)		96,246
	2,741	GEO Group Inc (2)		18,091
	409	MSA Safety Inc		49,518
	1,037	Stericycle Inc (2)		45,472
	383	Tetra Tech Inc		52,299
	258	UniFirst Corp/MA		44,422
		Total Commercial Services & Supplies		427,611

		Communications Equipment – 1.1%

	1,059	Ciena Corp (2)		48,396
	51,860	Cisco Systems Inc		2,211,310
	2,967	Motorola Solutions Inc		621,883
	4,298	Viavi Solutions Inc (2)		56,863
		Total Communications Equipment		2,938,452

		Construction & Engineering – 0.1%

	740	EMCOR Group Inc		76,190
	595	MasTec Inc (2)		42,638
	3,092	MDU Resources Group Inc		83,453
	275	Valmont Industries Inc		61,773
		Total Construction & Engineering		264,054

		Construction Materials – 0.0%

	546	Eagle Materials Inc		60,027

		Consumer Finance – 0.4%

	1,842	Ally Financial Inc		61,725
	7,538	American Express Co		1,044,918
		Total Consumer Finance		1,106,643

		Containers & Packaging – 0.4%

	1,196	AptarGroup Inc		123,439
	8,328	Ardagh Metal Packaging SA		50,801
	3,220	Avery Dennison Corp		521,221
	860	Berry Global Group Inc (2)		46,991
	1,261	Crown Holdings Inc		116,226
	4,826	Graphic Packaging Holding Co		98,933
	2,023	Silgan Holdings Inc		83,651
	2,568	Sonoco Products Co		146,479
		Total Containers & Packaging		1,187,741


Shares		Description (1)	Value

		Diversified Financial Services – 1.9%

	1,611	Apollo Global Management Inc	$	78,101
	17,656	Berkshire Hathaway Inc, Class B (2)		4,820,441
	3,318	Equitable Holdings Inc		86,500
	1,609	Voya Financial Inc		95,784
		Total Diversified Financial Services		5,080,826

		Diversified Telecommunication Services – 1.5%

	80,112	AT&T Inc		1,679,148
	45,978	Verizon Communications Inc		2,333,383
		Total Diversified Telecommunication Services		4,012,531

		Electric Utilities – 1.2%

	3,632	ALLETE Inc		213,489
	2,505	Avangrid Inc		115,531
	13,297	Duke Energy Corp		1,425,571
	4,531	Hawaiian Electric Industries Inc		185,318
	3,171	IDACORP Inc		335,872
	1,433	MGE Energy Inc		111,530
	4,414	OGE Energy Corp		170,204
	1,751	Otter Tail Corp		117,545
	5,647	PNM Resources Inc		269,814
	7,150	Portland General Electric Co		345,559
		Total Electric Utilities		3,290,433

		Electrical Equipment – 0.9%

	5,829	Eaton Corp PLC		734,396
	8,927	Emerson Electric Co		710,054
	744	Hubbell Inc		132,863
	4,452	nVent Electric PLC		139,481
	537	Regal Rexnord Corp		60,960
	2,492	Rockwell Automation Inc		496,681
	1,678	Sensata Technologies Holding PLC		69,318
		Total Electrical Equipment		2,343,753

		Electronic Equipment, Instruments & Components – 0.4%

	1,177	Arrow Electronics Inc (2)		131,930
	1,858	Avnet Inc		79,671
	914	Cognex Corp		38,863
	18,044	Corning Inc		568,566
	1,351	Jabil Inc		69,185
	422	Littelfuse Inc		107,205
	1,557	National Instruments Corp		48,625
	486	TD SYNNEX Corp		44,275
		Total Electronic Equipment, Instruments & Components		1,088,320

		Energy Equipment & Services – 0.4%

	1,887	ChampionX Corp		37,457
	1,072	Dril-Quip Inc (2)		27,658
	1,243	Helmerich & Payne Inc		53,524
	12,922	NOV Inc		218,511
	4,365	Patterson-UTI Energy Inc		68,792
	11,657	Schlumberger NV		416,854
	2,888	Technip Energies NV, ADR, (2),(4)		35,782
	8,230	TechnipFMC PLC (2)		55,388
	16,647	Transocean Ltd (2)		55,435
		Total Energy Equipment & Services		969,401

		Entertainment – 1.2%

	1,257	AMC Entertainment Holdings Inc, Class A (2),(4)		17,032
	4,361	Electronic Arts Inc		530,516
	1,168	Liberty Media Corp-Liberty Formula One, Class C (2)		74,133
	4,304	Netflix Inc (2)		752,640



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Entertainment (continued)

	16,984	Walt Disney Co (2)	$	1,603,290
	19,380	Warner Bros Discovery Inc (2)		260,080
		Total Entertainment		3,237,691

		Equity Real Estate Investment Trust – 3.1%

	7,301	Acadia Realty Trust		114,042
	1,995	Agree Realty Corp		143,899
	4,624	American Homes 4 Rent, Class A		163,875
	4,541	American Tower Corp		1,160,634
	1,674	Apartment Income REIT Corp		69,638
	5,269	Apple Hospitality REIT Inc		77,296
	4,774	Brandywine Realty Trust		46,021
	4,722	Brixmor Property Group Inc		95,432
	3,021	Broadstone Net Lease Inc		61,961
	1,563	Camden Property Trust		210,192
	3,338	Corporate Office Properties Trust		87,422
	2,572	Cousins Properties Inc		75,180
	4,593	Crown Castle International Corp		773,369
	601	EastGroup Properties Inc		92,752
	14,750	Empire State Realty Trust Inc, Class A		103,692
	947	Equinix Inc		622,198
	2,548	Equity Commonwealth		70,146
	2,806	Equity LifeStyle Properties Inc		197,739
	2,766	First Industrial Realty Trust Inc		131,330
	1,529	Gaming and Leisure Properties Inc		70,120
	2,811	Healthcare Realty Trust Inc		76,459
	3,146	Healthcare Trust of America Inc, Class A		87,805
	2,487	Highwoods Properties Inc		85,031
	1,750	Hudson Pacific Properties Inc		25,970
	144	Innovative Industrial Properties Inc		15,821
	5,001	Invitation Homes Inc		177,936
	2,704	JBG SMITH Properties		63,923
	1,482	Kilroy Realty Corp		77,553
	561	Lamar Advertising Co, Class A		49,351
	2,182	Life Storage Inc		243,642
	4,548	LXP Industrial Trust		48,845
	2,787	Macerich Co		24,275
	3,371	National Retail Properties Inc		144,953
	1,038	National Storage Affiliates Trust		51,973
	1,904	Omega Healthcare Investors Inc		53,674
	27,284	Paramount Group Inc		197,263
	6,410	Park Hotels & Resorts Inc		86,984
	7,431	Pebblebrook Hotel Trust		123,132
	7,410	Physicians Realty Trust		129,304
	5,697	Piedmont Office Realty Trust Inc, Class A		74,745
	694	PS Business Parks Inc		129,882
	7,659	Retail Opportunity Investments Corp		120,859
	2,204	Rexford Industrial Realty Inc		126,928
	3,073	RLJ Lodging Trust		33,895
	8,449	Sabra Health Care REIT Inc		118,033
	1,070	Seritage Growth Properties (2)		5,575
	2,605	Service Properties Trust		13,624
	4,261	SITE Centers Corp		57,396
	3,186	SL Green Realty Corp		147,034
	2,225	Spirit Realty Capital Inc		84,060
	2,613	STAG Industrial Inc		80,689
	2,447	STORE Capital Corp		63,818
	4,169	Summit Hotel Properties Inc (2)		30,309
	1,134	Sun Communities Inc		180,714
	1,471	Terreno Realty Corp		81,979
	4,316	Ventas Inc		221,972
	5,572	Veris Residential Inc (2)		73,773
	3,426	VICI Properties Inc		102,061
	2,890	WP Carey Inc		239,465
	2,214	Xenia Hotels & Resorts Inc (2)		32,169
		Total Equity Real Estate Investment Trust		8,149,812


Shares		Description (1)	Value

		Food & Staples Retailing – 0.7%

	362	Casey’s General Stores Inc	$	66,963
	15,426	Walmart Inc		1,875,493
		Total Food & Staples Retailing		1,942,456

		Food Products – 0.5%

	12,387	Archer-Daniels-Midland Co		961,231
	884	Bunge Ltd (2)		80,170
	3,774	Flowers Foods Inc		99,332
	2,671	Hostess Brands Inc (2)		56,652
	907	Ingredion Inc		79,961
	545	J & J Snack Foods Corp		76,115
	427	Lancaster Colony Corp		54,989
	880	Post Holdings Inc (2)		72,468
		Total Food Products		1,480,918

		Gas Utilities – 0.3%

	876	Chesapeake Utilities Corp		113,486
	1,299	National Fuel Gas Co		85,799
	2,125	New Jersey Resources Corp		94,626
	1,701	ONE Gas Inc		138,104
	860	Southwest Gas Holdings Inc		74,889
	2,325	Spire Inc		172,910
	3,872	UGI Corp		149,498
		Total Gas Utilities		829,312

		Health Care Equipment & Supplies – 2.3%

	19,910	Abbott Laboratories		2,163,221
	25,472	Boston Scientific Corp (2)		949,341
	3,220	Dexcom Inc (2)		239,987
	450	Enovis Corp (2)		24,750
	821	Globus Medical Inc, Class A (2)		46,091
	216	Insulet Corp (2)		47,075
	1,151	Integra LifeSciences Holdings Corp (2)		62,189
	4,778	Intuitive Surgical Inc (2)		958,992
	285	Masimo Corp (2)		37,241
	17,840	Medtronic PLC		1,601,140
	352	Omnicell Inc (2)		40,040
		Total Health Care Equipment & Supplies		6,170,067

		Health Care Providers & Services – 4.2%

	699	Acadia Healthcare Co Inc (2)		47,273
	149	Chemed Corp		69,939
	13,155	CVS Health Corp		1,218,942
	4,100	Elevance Health Inc		1,978,578
	989	Encompass Health Corp		55,434
	2,553	Humana Inc		1,194,983
	1,646	Laboratory Corp of America Holdings		385,757
	1,600	McKesson Corp		521,936
	321	Molina Healthcare Inc (2)		89,755
	1,213	Tenet Healthcare Corp (2)		63,755
	10,938	UnitedHealth Group Inc		5,618,085
		Total Health Care Providers & Services		11,244,437

		Health Care Technology – 0.0%

	2,831	Change Healthcare Inc (2)		65,283
	465	Veeva Systems Inc, Class A (2)		92,088
		Total Health Care Technology		157,371

		Hotels, Restaurants & Leisure – 2.0%

	344	Airbnb Inc (2)		30,643
	1,826	Aramark		55,930
	481	Booking Holdings Inc (2)		841,264



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure (continued)

	2,044	Caesars Entertainment Inc (2)	$	78,285
	714	Choice Hotels International Inc		79,704
	278	Churchill Downs Inc		53,245
	1,128	Hilton Grand Vacations Inc (2)		40,303
	980	Hyatt Hotels Corp, Class A (2)		72,432
	10,125	McDonald’s Corp		2,499,660
	3,463	Norwegian Cruise Line Holdings Ltd (2)		38,509
	1,730	Penn National Gaming Inc (2)		52,627
	2,213	Royal Caribbean Cruises Ltd (2)		77,256
	15,767	Starbucks Corp		1,204,441
	173	Vail Resorts Inc		37,723
	2,415	Wendy’s Co		45,595
	955	Wyndham Hotels & Resorts Inc		62,763
	1,140	Yum China Holdings Inc		55,290
		Total Hotels, Restaurants & Leisure		5,325,670

		Household Durables – 0.2%

	5,382	KB Home		153,172
	1,448	Leggett & Platt Inc		50,072
	491	Meritage Homes Corp (2)		35,598
	2,220	Taylor Morrison Home Corp (2)		51,859
	4,004	Tempur Sealy International Inc		85,565
	1,454	Toll Brothers Inc		64,848
	219	TopBuild Corp (2)		36,608
		Total Household Durables		477,722

		Household Products – 2.2%

	13,283	Colgate-Palmolive Co		1,064,500
	8,653	Kimberly-Clark Corp		1,169,453
	24,802	Procter & Gamble Co		3,566,279
	1,619	Reynolds Consumer Products Inc		44,150
		Total Household Products		5,844,382

		Independent Power & Renewable Electricity Producers – 0.1%

	617	Sunnova Energy International Inc (2)		11,371
	8,660	Vistra Corp		197,881
		Total Independent Power & Renewable Electricity Producers		209,252

		Industrial Conglomerates – 1.2%

	9,198	3M Co		1,190,313
	11,326	Honeywell International Inc		1,968,572
		Total Industrial Conglomerates		3,158,885

		Insurance – 1.9%

	226	Alleghany Corp (2)		188,281
	683	American Financial Group Inc/OH		94,807
	3,629	Arch Capital Group Ltd (2)		165,083
	5,688	Arthur J Gallagher & Co		927,372
	1,126	Axis Capital Holdings Ltd		64,283
	2,869	CNA Financial Corp		128,818
	3,671	CNO Financial Group Inc		66,408
	774	First American Financial Corp		40,960
	863	Hanover Insurance Group Inc		126,214
	134	Markel Corp (2)		173,295
	8,946	Marsh & McLennan Cos Inc		1,388,867
	6,140	Old Republic International Corp		137,290
	548	Primerica Inc		65,590
	1,511	Reinsurance Group of America Inc		177,225
	503	RenaissanceRe Holdings Ltd		78,654
	654	RLI Corp		76,250
	1,002	Selective Insurance Group Inc		87,114
	6,781	Travelers Cos Inc		1,146,871
	3,092	Unum Group		105,190
		Total Insurance		5,238,572


Shares		Description (1)	Value

		Interactive Media & Services – 5.6%

	2,629	Alphabet Inc, Class C (2), (3)	$	5,750,806
	2,553	Alphabet Inc, Class A (2), (3)		5,563,651
	21,101	Meta Platforms Inc, Class (2)		3,402,536
	6,642	Twitter Inc (2)		248,344
		Total Interactive Media & Services		14,965,337

		Internet & Direct Marketing Retail – 3.2%

	77,160	Amazon.com Inc (2), (3)		8,195,163
	9,207	eBay Inc		383,656
		Total Internet & Direct Marketing Retail		8,578,819

		IT Services – 3.9%

	6,194	Accenture PLC, Class A		1,719,764
	1,592	Amdocs Ltd		132,630
	411	Block Inc (2)		25,260
	9,519	Fidelity National Information Services Inc		872,607
	789	GoDaddy Inc, Class A (2)		54,883
	8,929	Mastercard Inc, Class A (3)		2,816,921
	1,008	Maximus Inc		63,010
	258	Okta Inc (2)		23,323
	11,603	PayPal Holdings Inc (2)		810,354
	151	Snowflake Inc, Class A (2)		20,998
	1,934	SS&C Technologies Holdings Inc		112,308
	2,401	VeriSign Inc (2)		401,759
	17,979	Visa Inc, Class A		3,539,885
	3,260	Western Union Co		53,692
		Total IT Services		10,647,394

		Leisure Products – 0.0%

	2,412	Mattel Inc (2)		53,860

		Life Sciences Tools & Services – 1.4%

	3,753	Agilent Technologies Inc		445,744
	1,708	Avantor Inc (2)		53,119
	869	Bio-Techne Corp		301,230
	1,004	Bruker Corp		63,011
	1,483	Illumina Inc (2)		273,406
	1,171	QIAGEN NV (2)		55,271
	4,185	Thermo Fisher Scientific Inc		2,273,627
	760	Waters Corp (2)		251,545
		Total Life Sciences Tools & Services		3,716,953

		Machinery – 2.4%

	697	AGCO Corp		68,794
	7,025	Caterpillar Inc		1,255,789
	864	Crane Holdings Co		75,652
	3,551	Cummins Inc		687,225
	4,362	Deere & Co		1,306,288
	1,802	Donaldson Co Inc		86,748
	450	Esab Corp (2)		19,687
	2,609	Federal Signal Corp		92,880
	1,391	Franklin Electric Co Inc		101,905
	2,070	Graco Inc		122,979
	7,660	Illinois Tool Works Inc		1,396,035
	1,649	ITT Inc		110,879
	1,020	Lincoln Electric Holdings Inc		125,827
	884	Nordson Corp		178,957
	833	Oshkosh Corp		68,423
	2,194	Snap-on Inc		432,284
	1,290	Timken Co		68,434
	1,321	Toro Co		100,119
	496	Watts Water Technologies Inc, Class A		60,929
		Total Machinery		6,359,834



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Media – 1.0%

	37	Cable One Inc	$	47,705
	52,511	Comcast Corp, Class A		2,060,531
	939	Liberty Broadband Corp, Class C (2)		108,586
	1,733	Liberty Media Corp-Liberty SiriusXM (2)		62,475
	369	Nexstar Media Group Inc		60,103
	15,383	Sirius XM Holdings Inc (4)		94,298
	7,195	TEGNA Inc		150,879
		Total Media		2,584,577

		Metals & Mining – 0.4%

	18,887	Freeport-McMoRan Inc		552,634
	555	Reliance Steel & Aluminum Co		94,272
	714	Royal Gold Inc		76,241
	2,973	Southern Copper Corp		148,085
	2,415	Steel Dynamics Inc		159,752
		Total Metals & Mining		1,030,984

		Mortgage Real Estate Investment Trust – 0.1%

	4,596	AGNC Investment Corp		50,878
	10,864	Annaly Capital Management Inc		64,206
	2,490	Starwood Property Trust Inc REIT		52,016
		Total Mortgage Real Estate Investment Trust		167,100

		Multiline Retail – 0.3%

	6,058	Target Corp		855,571

		Multi-Utilities – 0.4%

	3,870	Avista Corp		168,384
	1,438	Black Hills Corp		104,643
	7,261	Consolidated Edison Inc		690,521
	2,312	NorthWestern Corp		136,246
		Total Multi-Utilities		1,099,794

		Oil, Gas & Consumable Fuels – 3.0%

	4,761	Antero Midstream Corp		43,087
	2,207	Antero Resources Corp (2)		67,644
	1,087	Cheniere Energy Inc		144,604
	18,598	Chevron Corp		2,692,618
	4,084	CNX Resources Corp (2)		67,223
	5,980	Comstock Resources Inc (2)		72,238
	1,025	Continental Resources Inc		66,984
	7,795	Coterra Energy Inc		201,033
	5,230	Devon Energy Corp		288,225
	6,783	DHT Holdings Inc		41,580
	4,216	EOG Resources Inc		465,615
	1,982	EQT Corp		68,181
	4,475	Equitrans Midstream Corp		28,461
	4,410	Frontline Ltd/Bermuda (2)		39,073
	5,508	HF Sinclair Corp		248,741
	20,994	Marathon Oil Corp		471,945
	10,200	Marathon Petroleum Corp		838,542
	6,966	Murphy Oil Corp		210,303
	7,370	Occidental Petroleum Corp		433,946
	4,403	Ovintiv Inc		194,569
	5,237	PBF Energy Inc, Class A (2)		151,978
	2,566	PDC Energy Inc		158,091
	8,289	Phillips 66		679,615
	4,093	Range Resources Corp (2)		101,302
	2,100	Scorpio Tankers Inc		72,471
	2,040	SM Energy Co		69,748
	14,618	Southwestern Energy Co (2)		91,362
	2,864	Talos Energy Inc (2)		44,306
		Total Oil, Gas & Consumable Fuels		8,053,485


Shares		Description (1)	Value

		Paper & Forest Products – 0.0%

	658	Louisiana-Pacific Corp	$	34,486

		Personal Products – 0.0%

	1,115	BellRing Brands Inc (2)		27,752
	5,617	Olaplex Holdings Inc (2)		79,144
		Total Personal Products		106,896

		Pharmaceuticals – 4.7%

	7,744	Eli Lilly & Co		2,510,837
	1,326	Jazz Pharmaceuticals PLC (2)		206,869
	26,212	Johnson & Johnson (3)		4,652,892
	26,004	Merck & Co Inc		2,370,785
	55,221	Pfizer Inc (3)		2,895,237
	1,490	Royalty Pharma PLC, Class A		62,640
		Total Pharmaceuticals		12,699,260

		Professional Services – 0.2%

	558	ASGN Inc (2)		50,360
	969	Booz Allen Hamilton Holding Corp		87,559
	270	CACI International Inc, Class A (2)		76,081
	1,040	CoStar Group Inc (2)		62,826
	488	Exponent Inc		44,637
	1,196	KBR Inc		57,874
	596	Science Applications International Corp		55,488
	1,386	TransUnion		110,866
		Total Professional Services		545,691

		Real Estate Management & Development – 0.1%

	1,786	Anywhere Real Estate Inc (2)		17,556
	588	eXp World Holdings Inc (4)		6,921
	538	Howard Hughes Corp (2)		36,611
	654	Jones Lang LaSalle Inc (2)		114,358
	2,209	Kennedy-Wilson Holdings Inc		41,839
		Total Real Estate Management & Development		217,285

		Road & Rail – 0.9%

	121	AMERCO		57,866
	979	Knight-Swift Transportation Holdings Inc		45,318
	505	Landstar System Inc		73,437
	2,429	Schneider National Inc, Class B		54,361
	1,498	Uber Technologies Inc (2)		30,649
	9,444	Union Pacific Corp		2,014,216
	1,807	Werner Enterprises Inc		69,642
		Total Road & Rail		2,345,489

		Semiconductors & Semiconductor Equipment – 4.4%

	13,679	Advanced Micro Devices Inc (2)		1,046,033
	8,397	Analog Devices Inc		1,226,718
	196	ASML Holding NV		93,272
	580	Diodes Inc (2)		37,451
	1,112	Enphase Energy Inc (2)		217,107
	743	Entegris Inc		68,453
	1,162	GlobalFoundries Inc (2)		46,875
	40,583	Intel Corp		1,518,210
	741	Lattice Semiconductor Corp (2)		35,938
	1,025	Marvell Technology Inc		44,618
	9,964	Microchip Technology Inc		578,709
	650	MKS Instruments Inc		66,709
	360	Monolithic Power Systems Inc		138,254
	22,301	NVIDIA Corp (3)		3,380,609
	973	ON Semiconductor Corp (2)		48,952
	11,276	QUALCOMM Inc		1,440,396



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Semiconductors & Semiconductor Equipment (continued)

	644	Semtech Corp (2)	$	35,401
	352	Silicon Laboratories Inc (2)		49,357
	11,924	Texas Instruments Inc		1,832,123
		Total Semiconductors & Semiconductor Equipment		11,905,185

		Software – 9.1%

	3,169	Adobe Inc (2)		1,160,044
	249	Atlassian Corp PLC, Class A (2)		46,663
	2,833	Autodesk Inc (2)		487,163
	2,276	Black Knight Inc (2)		148,828
	499	Blackline Inc (2)		33,233
	5,008	CDK Global Inc		274,288
	330	Datadog Inc, Class A (2)		31,429
	365	DocuSign Inc (2)		20,944
	2,055	Dropbox Inc, Class A (2)		43,134
	866	Dynatrace Inc (2)		34,155
	135	Fair Isaac Corp (2)		54,121
	5,635	Fortinet Inc (2)		318,828
	721	Guidewire Software Inc (2)		51,184
	79	HubSpot Inc (2)		23,751
	2,352	Intuit Inc		906,555
	66,073	Microsoft Corp (3)		16,969,529
	55	MicroStrategy Inc, Class A (2), (4)		9,037
	16,855	Oracle Corp		1,177,659
	180	Palo Alto Networks Inc (2)		88,909
	592	Pegasystems Inc		28,321
	454	Rapid7 Inc (2)		30,327
	8,882	Salesforce Inc (2)		1,465,885
	1,962	ServiceNow Inc (2)		932,970
	558	Splunk Inc (2)		49,361
	1,105	Verint Systems Inc (2)		46,797
	474	Workday Inc, Class A (2)		66,161
	219	Zscaler Inc (2)		32,743
		Total Software		24,532,019

		Specialty Retail – 2.3%

	3,818	Best Buy Co Inc		248,896
	291	Burlington Stores Inc (2)		39,643
	113	Dick’s Sporting Goods Inc		8,517
	280	Five Below Inc (2)		31,760
	517	Floor & Decor Holdings Inc, Class A (2)		32,550
	11,249	Home Depot Inc		3,085,263
	8,430	Lowe’s Cos Inc		1,472,468
	542	Penske Automotive Group Inc		56,742
	19,493	TJX Cos Inc		1,088,684
	2,594	Urban Outfitters Inc (2)		48,404
		Total Specialty Retail		6,112,927

		Technology Hardware, Storage & Peripherals – 6.9%

	134,273	Apple Inc (3)		18,357,805
	1,850	Dell Technologies Inc, Class C		85,488
		Total Technology Hardware, Storage & Peripherals		18,443,293

		Textiles, Apparel & Luxury Goods – 0.5%

	896	Columbia Sportswear Co		64,136
	154	Deckers Outdoor Corp (2)		39,324
	1,936	Kontoor Brands Inc		64,604
	12,444	NIKE Inc, Class B		1,271,777
	1,536	Skechers USA Inc, Class A (2)		54,651
		Total Textiles, Apparel & Luxury Goods		1,494,492


Shares		Description (1)					Value

		Thrifts & Mortgage Finance – 0.1%

	2,768	MGIC Investment Corp					$	34,877
	10,698	New York Community Bancorp Inc						97,673
	440	PennyMac Financial Services Inc						19,232
	1,111	Radian Group Inc						21,831
	3,026	TFS Financial Corp						41,547
		Total Thrifts & Mortgage Finance						215,160

		Tobacco – 0.9%

	20,615	Altria Group Inc						861,089
	16,845	Philip Morris International Inc						1,663,275
		Total Tobacco						2,524,364

		Trading Companies & Distributors – 0.3%

	635	Applied Industrial Technologies Inc						61,068
	911	MSC Industrial Direct Co Inc, Class A						68,425
	271	SiteOne Landscape Supply Inc (2)						32,214
	394	Watsco Inc						94,095
	1,505	WW Grainger Inc						683,917
		Total Trading Companies & Distributors						939,719

		Water Utilities – 0.1%

	1,309	American States Water Co						106,697
	1,428	California Water Service Group						79,325
	3,897	Essential Utilities Inc						178,677
		Total Water Utilities						364,699

		Wireless Telecommunication Services – 0.0%

	1,094	United States Cellular Corp (2)						31,683
		Total Common Stocks (cost $124,460,910)						265,579,313

Shares		Description (1)					Value

		EXCHANGE-TRADED FUNDS – 3.0%

	43,000	Vanguard Total Stock Market ETF (4)					$	8,110,660
		Total Exchange-Traded Funds (cost $8,232,897)						8,110,660
		Total Long-Term Investments (cost $132,693,807)						273,689,973

Shares		Description (1)					Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.2%

		MONEY MARKET FUNDS – 0.2%

	447,227	State Street Navigator Securities Lending Government Money Market Portfolio (5)		1.540% (6)			$	447,227
		Total Investments Purchased with Collateral from Securities Lending (cost $447,227)						447,227

Principal Amount (000)		Description (1)	Coupon		Maturity		Value

		SHORT-TERM INVESTMENTS – 2.1%

		REPURCHASE AGREEMENTS – 2.1%

$	5,551	Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $5,550,958, collateralized by $4,867,900, U.S. Treasury Inflation Index Note, 0.500%, due 1/15/28, value $5,662,034		0.240%		7/01/22	$	5,550,958
		Total Short-Term Investments (cost $5,550,958)						5,550,958
		Total Investments (cost $138,691,992) – 104.1%						279,688,158
		Other Assets Less Liabilities – (4.1)% (7)						(10,952,684	)
		Net Assets – 100%					$	268,735,474



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments June 30, 2022

		(Unaudited)

Investments in Derivatives

Options Purchased


Description (8)	Type		Number of Contracts		Notional Amount (9)		Exercise Price		Expiration Date		Value
Cboe Volatility Index SPX Volatility Index		Put		150	$	330,000	$	22		7/20/22	$	375
Total Options Purchased (premiums paid $10,732)				150	$	330,000					$	375

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
S&P 500^® Index		Call		(370	)	$	(135,235,000	)	$	3,655		7/15/22	$	(6,132,750	)
S&P 500^® Index		Call		(25	)		(9,187,500	)		3,675		7/15/22		(376,625	)
S&P 500^® Index		Put		(30	)		(11,100,000	)		3,700		7/15/22		(135,300	)
Total Options Written (premiums received $5,130,392)				(425	)	$	(155,522,500	)					$	(6,644,675	)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(3)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(4)	Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $433,435.

(5)

The Fund may loan securities representing up to one third of the market value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The collateral maintained by the Fund shall have a market value, at the inception of each loan, equal to not less than 100% of the market value of the loaned securities. The cash collateral received by the Fund is invested in this money market fund.

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

(7)

(8)	Exchange-traded, unless otherwise noted.

(9)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.

ADR	American Depositary Receipt

Cboe	Chicago Board Options Exchange

ETF	Exchange-Traded Fund

REIT	Real Estate Investment Trust

S&P	Standard & Poor’s

See accompanying notes to financial statements.

QQQX

Nuveen Nasdaq 100 Dynamic
Overwrite Fund

Portfolio of Investments June 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 102.4%

		COMMON STOCKS – 99.3%

		Air Freight & Logistics – 0.1%

	2,647	FedEx Corp	$	600,101

		Airlines – 0.2%

	26,595	Delta Air Lines Inc (2)		770,457
	6,558	Ryanair Holdings PLC, Sponsored ADR (2)		441,025
	25,632	Southwest Airlines Co (2)		925,828
		Total Airlines		2,137,310

		Auto Components – 0.1%

	23,148	Gentex Corp		647,449
	4,110	Lear Corp		517,408
		Total Auto Components		1,164,857

		Automobiles – 4.3%

	101,941	Ford Motor Co		1,134,604
	110,670	Lucid Group Inc (2),(3)		1,899,097
	61,560	Tesla Inc (2)		41,455,735
		Total Automobiles		44,489,436

		Beverages – 2.1%

	28,086	Brown-Forman Corp, Class B		1,970,514
	5,525	Celsius Holdings Inc (2)		360,561
	114,738	Coca-Cola Co		7,218,168
	133,325	Monster Beverage Corp (2)		12,359,227
		Total Beverages		21,908,470

		Biotechnology – 4.9%

	90,324	Amgen Inc (4)		21,975,829
	176,343	Gilead Sciences Inc		10,899,761
	11,093	Ionis Pharmaceuticals Inc (2)		410,663
	42,980	Moderna Inc (2)		6,139,693
	18,035	Regeneron Pharmaceuticals Inc (2)		10,661,030
	3,808	United Therapeutics Corp (2)		897,317
		Total Biotechnology		50,984,293

		Capital Markets – 0.9%

	10,021	Moody’s Corp		2,725,411
	23,851	Morgan Stanley		1,814,107
	9,235	S&P Global Inc		3,112,749
	12,582	SEI Investments Co		679,680
	5,699	T Rowe Price Group Inc		647,463
		Total Capital Markets		8,979,410

		Chemicals – 0.3%

	6,204	Ecolab Inc		953,927
	9,155	Sherwin-Williams Co		2,049,896
		Total Chemicals		3,003,823

		Commercial Services & Supplies – 0.8%

	26,367	Copart Inc (2)		2,865,038
	8,008	IAA Inc (2)		262,422



QQQX		Nuveen Nasdaq 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Commercial Services & Supplies (continued)

	15,503	Tetra Tech Inc	$	2,116,935
	8,329	Waste Connections Inc		1,032,463
	10,605	Waste Management Inc		1,622,353
		Total Commercial Services & Supplies		7,899,211

		Communications Equipment – 2.6%

	608,345	Cisco Systems Inc		25,939,831
	5,262	F5 Inc (2)		805,296
		Total Communications Equipment		26,745,127

		Containers & Packaging – 0.1%

	20,014	Ball Corp		1,376,363

		Distributors – 0.3%

	9,398	Pool Corp		3,300,859

		Diversified Consumer Services – 0.3%

	42,126	Service Corp International/US		2,911,749

		Diversified Financial Services – 0.4%

	15,690	Berkshire Hathaway Inc, Class B (2)		4,283,684

		Electric Utilities – 0.2%

	29,062	NextEra Energy Inc		2,251,142
	26,822	PG&E Corp (2)		267,684
		Total Electric Utilities		2,518,826

		Electrical Equipment – 0.2%

	9,512	Rockwell Automation Inc		1,895,837

		Electronic Equipment, Instruments & Components – 0.2%

	10,486	Keysight Technologies Inc (2)		1,445,495
	12,059	National Instruments Corp		376,603
		Total Electronic Equipment, Instruments & Components		1,822,098

		Energy Equipment & Services – 0.0%

	5,484	Select Energy Services Inc, Class A (2)		37,401

		Entertainment – 0.0%

	41,180	AMC Entertainment Holdings Inc, Class A (2),(3)		557,989

		Equity Real Estate Investment Trust – 0.3%

	62,781	CubeSmart		2,682,004

		Food & Staples Retailing – 1.3%

	4,001	Casey’s General Stores Inc		740,105
	210,528	HF Foods Group Inc (2)		1,098,956
	44,413	Kroger Co		2,102,067
	22,661	Sysco Corp		1,919,613
	19,549	US Foods Holding Corp (2)		599,764
	56,581	Walmart Inc		6,879,118
		Total Food & Staples Retailing		13,339,623

		Food Products – 1.2%

	10,258	Archer-Daniels-Midland Co		796,021
	23,113	Beyond Meat Inc (2),(3)		553,325
	70,834	Bridgford Foods Corp (2)		933,592
	24,581	Hershey Co		5,288,848
	16,902	Hormel Foods Corp		800,479
	22,636	Laird Superfood Inc (2)		43,235
	49,425	McCormick & Co Inc/MD		4,114,631
	12,047	Vital Farms Inc (2)		105,411
		Total Food Products		12,635,542


Shares		Description (1)	Value

		Health Care Equipment & Supplies – 1.6%

	69,911	Abbott Laboratories	$	7,595,830
	3,843	Becton Dickinson and Co		947,415
	768	Embecta Corp (2)		19,446
	17,865	LENSAR Inc (2)		116,301
	47,589	NuVasive Inc (2)		2,339,475
	514	Shockwave Medical Inc (2)		98,262
	19,914	Stryker Corp		3,961,492
	62,738	Venus Concept Inc (2)		29,098
	10,688	Zimmer Biomet Holdings Inc		1,122,881
	3,702	Zimvie Inc (2)		59,269
		Total Health Care Equipment & Supplies		16,289,469

		Health Care Providers & Services – 0.5%

	4,308	McKesson Corp		1,405,313
	5,579	UnitedHealth Group Inc		2,865,542
	7,651	Universal Health Services Inc, Class B		770,532
		Total Health Care Providers & Services		5,041,387

		Hotels, Restaurants & Leisure – 1.5%

	6,648	Booking Holdings Inc (2)		11,627,286
	21,002	Darden Restaurants Inc		2,375,746
	28,119	Restaurant Brands International Inc		1,410,168
		Total Hotels, Restaurants & Leisure		15,413,200

		Household Durables – 0.1%

	43,730	KB Home		1,244,556

		Insurance – 0.1%

	23,048	Fidelity National Financial Inc		851,854

		Interactive Media & Services – 12.7%

	25,775	Alphabet Inc, Class A (2), (4)		56,170,426
	16,998	Alphabet Inc, Class C (2)		37,182,275
	17,171	IAC/InterActiveCorp (2)		1,304,481
	41,518	Match Group Inc (2)		2,893,389
	196,403	Meta Platforms Inc, Class (2)		31,669,984
	49,738	Twitter Inc (2)		1,859,704
	27,877	Vimeo Inc (2)		167,820
		Total Interactive Media & Services		131,248,079

		Internet & Direct Marketing Retail – 8.6%

	648,064	Amazon.com Inc (2),(4)		68,830,877
	476,707	eBay Inc		19,864,381
		Total Internet & Direct Marketing Retail		88,695,258

		IT Services – 1.9%

	18,183	BigCommerce Holdings Inc (2)		294,565
	9,762	Cloudflare Inc, Class A (2)		427,087
	42,378	Jack Henry & Associates Inc		7,628,888
	165,979	PayPal Holdings Inc (2)		11,591,973
		Total IT Services		19,942,513

		Leisure Products – 0.0%

	59,882	Peloton Interactive Inc, Class A (2)		549,717

		Life Sciences Tools & Services – 0.9%

	16,855	Agilent Technologies Inc		2,001,868
	8,892	Charles River Laboratories International Inc (2)		1,902,621
	21,697	Danaher Corp		5,500,624
		Total Life Sciences Tools & Services		9,405,113



QQQX		Nuveen Nasdaq 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Machinery – 0.2%

	10,028	Caterpillar Inc	$	1,792,605
	10,172	Fortive Corp		553,154
		Total Machinery		2,345,759

		Media – 3.3%

	2,283	Cable One Inc		2,943,518
	692,529	Comcast Corp, Class A		27,174,838
	168,489	comScore Inc (2)		347,087
	62,041	News Corp, Class B		985,832
	79,629	News Corp, Class A		1,240,620
	18,730	Paramount Global		462,256
	45,680	Saga Communications Inc, Class A		1,135,148
		Total Media		34,289,299

		Multiline Retail – 0.3%

	19,983	Target Corp		2,822,199

		Oil, Gas & Consumable Fuels – 0.3%

	311,284	Clean Energy Fuels Corp (2)		1,394,553
	37,282	Peabody Energy Corp (2)		795,225
	13,845	Ranger Oil Corp, Class A (2)		455,085
	123,234	Tellurian Inc (2)		367,237
		Total Oil, Gas & Consumable Fuels		3,012,100

		Personal Products – 0.0%

	126,539	NewAge Inc (2)		28,345

		Pharmaceuticals – 0.1%

	11,759	Bristol-Myers Squibb Co		905,443
	18,188	Rockwell Medical Inc (2),(3)		23,462
		Total Pharmaceuticals		928,905

		Professional Services – 0.3%

	11,037	ManpowerGroup Inc		843,337
	25,799	Robert Half International Inc		1,932,087
		Total Professional Services		2,775,424

		Semiconductors & Semiconductor Equipment – 13.9%

	166,423	Advanced Micro Devices Inc (2)		12,726,367
	123,009	Analog Devices Inc		17,970,385
	200,364	Applied Materials Inc		18,229,117
	2,109	Enphase Energy Inc (2)		411,761
	422,722	Intel Corp		15,814,030
	3,449	Monolithic Power Systems Inc		1,324,554
	229,467	NVIDIA Corp		34,784,902
	103,235	ON Semiconductor Corp (2)		5,193,753
	41,083	Power Integrations Inc		3,081,636
	190,701	QUALCOMM Inc		24,360,146
	26,956	Silicon Laboratories Inc (2)		3,779,770
	2,620	SiTime Corp (2)		427,138
	34,851	Skyworks Solutions Inc		3,228,597
	31,287	Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR (2)		2,557,712
	9,407	Wolfspeed Inc (2)		596,874
		Total Semiconductors & Semiconductor Equipment		144,486,742

		Software – 18.5%

	29,879	ANSYS Inc (2)		7,149,746
	55,282	Autodesk Inc (2)		9,506,293
	39,633	Black Knight Inc (2)		2,591,602
	11,614	CDK Global Inc		636,099
	14,396	Crowdstrike Holdings Inc, Class A (2)		2,426,590
	15,872	Datadog Inc, Class A (2)		1,511,649


Shares		Description (1)				Value

		Software (continued)

	67,810	Fortinet Inc (2)				$	3,836,690
	527,790	Microsoft Corp (4)					135,552,306
	115,511	Nutanix Inc, Class A (2)					1,689,926
	22,586	Open Text Corp					854,654
	67,979	Oracle Corp					4,749,693
	7,344	Palo Alto Networks Inc (2)					3,627,495
	41,179	PTC Inc (2)					4,378,975
	34,197	Salesforce Inc (2)					5,643,873
	3,480	ServiceNow Inc (2)					1,654,810
	2,398	Sprout Social Inc, Class A (2)					139,252
	88,342	Sumo Logic Inc (2)					661,681
	1,581	Tenable Holdings Inc (2)					71,793
	1,572	Trade Desk Inc, Class A (2)					65,851
	1,363	Zendesk Inc (2)					100,957
	44,126	Zoom Video Communications Inc, Class A (2)					4,764,284
		Total Software					191,614,219

		Specialty Retail – 0.6%

	4,707	Advance Auto Parts Inc					814,734
	940	AutoZone Inc (2)					2,020,173
	1,904	Bed Bath & Beyond Inc (2)					9,463
	20,239	CarMax Inc (2)					1,831,225
	20,411	Dick’s Sporting Goods Inc (3)					1,538,377
	17,348	Urban Outfitters Inc (2)					323,714
		Total Specialty Retail					6,537,686

		Technology Hardware, Storage & Peripherals – 12.9%

	974,531	Apple Inc (4)					133,237,879
	6,751	NetApp Inc					440,435
		Total Technology Hardware, Storage & Peripherals					133,678,314

		Textiles, Apparel & Luxury Goods – 0.1%

	2,284	PVH Corp					129,959
	18,741	Skechers USA Inc, Class A (2)					666,805
		Total Textiles, Apparel & Luxury Goods					796,764

		Wireless Telecommunication Services – 0.1%

	49,835	Gogo Inc (2)					806,829
	25,982	Spok Holdings Inc					163,686
		Total Wireless Telecommunication Services					970,515
		Total Common Stocks (cost $445,819,129)					1,028,241,430

Shares		Description (1)				Value

		EXCHANGE-TRADED FUNDS – 3.1%

	5,000	Invesco QQQ Trust Series 1 (3)				$	1,401,400
	160,000	Vanguard Total Stock Market ETF					30,179,200
		Total Exchange-Traded Funds (cost $32,185,915)					31,580,600
		Total Long-Term Investments (cost $478,005,044)					1,059,822,030

Shares		Description (1)	Coupon			Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.4%

		MONEY MARKET FUNDS – 0.4%

	4,521,847	State Street Navigator Securities Lending Government Money Market Portfolio (5)		1.540%	(6)	$	4,521,847
		Total Investments Purchased with Collateral from Securities Lending (cost $4,521,847)					4,521,847



QQQX		Nuveen Nasdaq 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments June 30, 2022
		(Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.2%

REPURCHASE AGREEMENTS – 2.2%

22,508

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $22,508,483, collateralized by $8,782,200, U.S. Treasury Note, 0.500%, due 10/31/27, value $7,635,445; collateralized by $17,698,100, U.S. Treasury Note, 0.375%, due 9/30/27, value $15,323,287

0.240%

7/01/22

22,508,483

Total Short-Term Investments (cost $22,508,483)

22,508,483

Total Investments (cost $505,035,374) – 105.0%

1,086,852,360

Other Assets Less Liabilities – (5.0)% (7)

(51,482,040

)

Net Assets – 100%

1,035,370,320

Investments in Derivatives

Options Purchased


Description (8)	Type		Number of Contracts		Notional Amount (9)		Exercise Price		Expiration Date		Value
Cboe Volatility Index (premiums paid $21,465)		Put		300	$	660,000	$	22		7/20/22	$	750

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
Invesco China Technology ETF (10)		Call		(500	)	$	(14,250,000	)	$	285		7/15/22	$	(262,223	)
Invesco China Technology ETF (10)		Call		(500	)		(14,500,000	)		290		7/15/22		(168,959	)
NASDAQ 100 Stock Index		Call		(450	)		(501,750,000	)		11,150		7/15/22		(22,731,750	)
NASDAQ 100 Stock Index		Call		(25	)		(28,125,000	)		11,250		7/15/22		(1,092,875	)
S&P 500^® Index		Put		(110	)		(40,700,000	)		3,700		7/15/22		(496,100	)
Total Options Written (premiums received $24,442,914)				(1,585	)	$	(599,325,000	)					$	(24,751,906	)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(3)	Investment, or 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 $4,365,284.

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(5)

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

(7)

(8)	Exchange-traded, unless otherwise noted.

(9)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.

(10)	For fair value measurement disclosure purposes, investment classified as Level 2.

ADR	American Depositary Receipt

Cboe	Chicago Board Options Exchange

ETF	Exchange-Traded Fund

S&P	Standard & Poor’s

See accompanying notes to financial statements.

JCE

Nuveen Core Equity
Alpha Fund

Portfolio of Investments June 30, 2022

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.0%

		COMMON STOCKS – 99.5%

		Aerospace & Defense – 1.0%

	5,060	Lockheed Martin Corp	$	2,175,598

		Air Freight & Logistics – 0.5%

	5,956	United Parcel Service Inc, Class B		1,087,208

		Automobiles – 1.3%

	4,060	Tesla Inc (2)		2,734,085

		Banks – 2.4%

	20,885	Bank of America Corp		650,150
	36,910	Citigroup Inc		1,697,491
	1,540	First Republic Bank/CA		222,068
	10,680	JPMorgan Chase & Co		1,202,675
	30,750	Truist Financial Corp		1,458,472
		Total Banks		5,230,856

		Beverages – 1.6%

	9,760	Coca-Cola Co		614,002
	16,760	PepsiCo Inc		2,793,221
		Total Beverages		3,407,223

		Biotechnology – 0.8%

	2,460	AbbVie Inc		376,774
	64,670	Exelixis Inc (2)		1,346,429
		Total Biotechnology		1,723,203

		Building Products – 1.6%

	22,510	Johnson Controls International plc		1,077,779
	15,460	Owens Corning		1,148,833
	10,220	Trane Technologies PLC		1,327,271
		Total Building Products		3,553,883

		Capital Markets – 1.5%

	23,884	Carlyle Group Inc		756,167
	26,320	Charles Schwab Corp		1,662,898
	1,360	CME Group Inc		278,392
	1,460	FactSet Research Systems Inc		561,472
	2,040	KKR & Co Inc		94,432
		Total Capital Markets		3,353,361

		Chemicals – 1.3%

	15,470	LyondellBasell Industries NV, Class A		1,353,006
	6,520	Sherwin-Williams Co		1,459,893
		Total Chemicals		2,812,899

		Commercial Services & Supplies – 1.6%

	3,700	Cintas Corp		1,382,061
	10,530	Republic Services Inc		1,378,061
	5,190	Waste Management Inc		793,966
		Total Commercial Services & Supplies		3,554,088

		Communications Equipment – 0.0%

	1,810	Cisco Systems Inc		77,178



JCE		Nuveen Core Equity Alpha Fund (continued)
JCE		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Consumer Finance – 0.8%

	11,970	American Express Co	$	1,659,281

		Containers & Packaging – 0.6%

	32,960	Westrock Co		1,313,126

		Diversified Financial Services – 2.4%

	16,240	Berkshire Hathaway Inc, Class B (2)		4,433,845
	27,100	Equitable Holdings Inc		706,497
		Total Diversified Financial Services		5,140,342

		Diversified Telecommunication Services – 1.9%

	77,630	AT&T Inc		1,627,125
	48,439	Verizon Communications Inc		2,458,279
		Total Diversified Telecommunication Services		4,085,404

		Electric Utilities – 1.1%

	9,950	Duke Energy Corp		1,066,740
	15,560	Eversource Energy		1,314,353
		Total Electric Utilities		2,381,093

		Electrical Equipment – 1.7%

	11,370	AMETEK Inc		1,249,449
	15,470	Emerson Electric Co		1,230,484
	41,350	nVent Electric PLC		1,295,496
		Total Electrical Equipment		3,775,429

		Electronic Equipment, Instruments & Components – 1.1%

	25,420	Avnet Inc		1,090,010
	9,210	Keysight Technologies Inc (2)		1,269,598
		Total Electronic Equipment, Instruments & Components		2,359,608

		Entertainment – 0.8%

	5,410	Electronic Arts Inc		658,126
	3,910	Walt Disney Co (2)		369,104
	56,437	Warner Bros Discovery Inc (2)		757,385
		Total Entertainment		1,784,615

		Equity Real Estate Investment Trust – 0.6%

	39,100	Weyerhaeuser Co		1,294,992

		Food & Staples Retailing – 2.0%

	39,640	Albertsons Cos Inc, Class A		1,059,181
	250	Costco Wholesale Corp		119,820
	14,880	Kroger Co		704,270
	20,039	Walmart Inc		2,436,342
		Total Food & Staples Retailing		4,319,613

		Health Care Equipment & Supplies – 2.9%

	23,860	Abbott Laboratories		2,592,389
	19,310	Boston Scientific Corp (2)		719,684
	3,670	IDEXX Laboratories Inc (2)		1,287,179
	3,120	Masimo Corp (2)		407,691
	13,090	QuidelOrtho Corp (2)		1,272,086
		Total Health Care Equipment & Supplies		6,279,029

		Health Care Providers & Services – 3.1%

	690	Centene Corp (2)		58,381
	6,820	Cigna Corp		1,797,206
	9,430	UnitedHealth Group Inc		4,843,531
		Total Health Care Providers & Services		6,699,118


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure – 2.5%

	11,390	Hilton Worldwide Holdings Inc	$	1,269,302
	12,690	Hyatt Hotels Corp, Class A (2)		937,918
	9,790	Marriott International Inc/MD, Class A		1,331,538
	690	McDonald’s Corp		170,347
	22,080	Starbucks Corp		1,686,691
		Total Hotels, Restaurants & Leisure		5,395,796

		Household Products – 2.1%

	11,070	Kimberly-Clark Corp		1,496,111
	21,850	Procter & Gamble Co		3,141,811
		Total Household Products		4,637,922

		Industrial Conglomerates – 1.6%

	12,280	3M Co		1,589,155
	11,160	Honeywell International Inc		1,939,719
		Total Industrial Conglomerates		3,528,874

		Insurance – 0.1%

	1,820	Marsh & McLennan Cos Inc		282,555
	150	Progressive Corp		17,441
		Total Insurance		299,996

		Interactive Media & Services – 5.7%

	2,150	Alphabet Inc, Class C (2)		4,703,017
	1,980	Alphabet Inc, Class A (2)		4,314,935
	21,050	Meta Platforms Inc, Class (2)		3,394,313
		Total Interactive Media & Services		12,412,265

		Internet & Direct Marketing Retail – 2.5%

	50,120	Amazon.com Inc (2)		5,323,245

		IT Services – 4.3%

	8,420	Accenture PLC, Class A		2,337,813
	16,190	Amdocs Ltd		1,348,789
	19,630	Cognizant Technology Solutions Corp, Class A		1,324,829
	7,770	Concentrix Corp		1,053,923
	14,860	Genpact Ltd		629,469
	81,318	Kyndryl Holdings Inc (2)		795,290
	2,061	Mastercard Inc, Class A		650,204
	2,290	PayPal Holdings Inc (2)		159,934
	5,310	Visa Inc, Class A		1,045,486
		Total IT Services		9,345,737

		Life Sciences Tools & Services – 4.0%

	3,170	Agilent Technologies Inc		376,501
	9,400	Danaher Corp		2,383,088
	420	Mettler-Toledo International Inc (2)		482,483
	16,890	Syneos Health Inc (2)		1,210,675
	5,173	Thermo Fisher Scientific Inc		2,810,388
	4,060	Waters Corp (2)		1,343,779
		Total Life Sciences Tools & Services		8,606,914

		Machinery – 1.2%

	21,000	Otis Worldwide Corp		1,484,070
	24,750	Pentair PLC		1,132,808
		Total Machinery		2,616,878

		Media – 0.1%

	6,460	Comcast Corp, Class A		253,490



JCE		Nuveen Core Equity Alpha Fund (continued)
JCE		Portfolio of Investments June 30, 2022
		(Unaudited)


Shares		Description (1)	Value

		Multiline Retail – 2.1%

	6,840	Dollar General Corp	$	1,678,810
	9,160	Dollar Tree Inc (2)		1,427,586
	9,669	Target Corp		1,365,553
		Total Multiline Retail		4,471,949

		Oil, Gas & Consumable Fuels – 4.3%

	4,590	Chevron Corp		664,540
	3,720	ConocoPhillips		334,093
	8,070	EOG Resources Inc		891,251
	44,720	Exxon Mobil Corp		3,829,821
	28,460	HF Sinclair Corp		1,285,254
	18,320	Phillips 66		1,502,057
	15,650	Targa Resources Corp		933,835
		Total Oil, Gas & Consumable Fuels		9,440,851

		Pharmaceuticals – 5.2%

	560	Eli Lilly & Co		181,569
	26,360	Johnson & Johnson		4,679,164
	33,601	Merck & Co Inc		3,063,403
	63,310	Pfizer Inc		3,319,343
		Total Pharmaceuticals		11,243,479

		Professional Services – 0.6%

	13,850	Booz Allen Hamilton Holding Corp		1,251,486

		Real Estate Management & Development – 1.1%
	17,840	CBRE Group Inc, Class A		1,313,202
	6,002	Jones Lang LaSalle Inc (2)		1,049,510
	27,280	Opendoor Technologies Inc (2), (3)		128,489
		Total Real Estate Management & Development		2,491,201

		Road & Rail – 1.6%

	6,390	Norfolk Southern Corp		1,452,383
	9,450	Union Pacific Corp		2,015,496
		Total Road & Rail		3,467,879

		Semiconductors & Semiconductor Equipment – 4.1%

	18,867	Advanced Micro Devices Inc (2)		1,442,759
	17,370	Applied Materials Inc		1,580,323
	330	Broadcom Inc		160,317
	17,930	Intel Corp		670,761
	2,570	Marvell Technology Inc		111,872
	10,340	NVIDIA Corp		1,567,441
	16,540	QUALCOMM Inc		2,112,820
	12,480	Skyworks Solutions Inc		1,156,147
		Total Semiconductors & Semiconductor Equipment		8,802,440

		Software – 10.9%

	6,090	Adobe Inc (2)		2,229,305
	9,410	Cadence Design Systems Inc (2)		1,411,782
	1,270	Dynatrace Inc (2)		50,089
	9,760	Manhattan Associates Inc (2)		1,118,496
	54,695	Microsoft Corp		14,047,317
	7,331	Salesforce Inc (2)		1,209,908
	8,170	Splunk Inc (2)		722,718
	1,270	Synopsys Inc (2)		385,699
	33,380	Teradata Corp (2)		1,235,394
	4,180	Workday Inc, Class A (2)		583,445
	8,290	Zendesk Inc (2)		614,040
	240	Zoom Video Communications Inc, Class A (2)		25,913
		Total Software		23,634,106

		Specialty Retail – 3.5%

	11,310	Home Depot Inc		3,101,994
	10,700	Lowe’s Cos Inc		1,868,969

Shares

Description (1)

Value

Specialty Retail (continued)

6,560

Tractor Supply Co

1,271,656

3,580

Ulta Beauty Inc (2)

1,380,018

Total Specialty Retail

7,622,637

Technology Hardware, Storage & Peripherals – 7.2%

114,118

Apple Inc (4)

15,602,213

Textiles, Apparel & Luxury Goods – 1.4%

17,404

NIKE Inc, Class B

1,778,689

38,870

Tapestry Inc

1,186,312

Total Textiles, Apparel & Luxury Goods

2,965,001

Wireless Telecommunication Services – 0.8%

13,441

T-Mobile US Inc (2)

1,808,352

Total Common Stocks (cost $211,017,002)

216,023,943

Shares

Description (1)

Value

EXCHANGE-TRADED FUNDS – 0.5%

2,600

iShares Core S&P 500 ETF

985,790

Total Exchange-Traded Funds (cost $928,587)

985,790

Total Long-Term Investments (cost $211,945,589)

217,009,733

Shares

Description (1)

Coupon

Value

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1%

MONEY MARKET FUNDS – 0.1%

135,181

State Street Navigator Securities Lending Government Money Market Portfolio (5)

1.540%

(6)

135,181

Total Investments Purchased with Collateral from Securities Lending (cost $135,181)

135,181

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 3.0%

REPURCHASE AGREEMENTS – 3.0%

6,576

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $6,575,581, collateralized by $7,013,400, U.S. Treasury Note, 2.250%, due 11/15/27, value $6,707,114

0.240%

7/01/22

6,575,581

Total Short-Term Investments (cost $6,575,581)

6,575,581

Total Investments (cost $218,656,351) – 103.1%

223,720,495

Other Assets Less Liabilities – (3.1)% (7)

(6,708,111

)

Net Assets – 100%

217,012,384



JCE		Nuveen Core Equity Alpha Fund (continued)
JCE		Portfolio of Investments June 30, 2022
		(Unaudited)

Investments in Derivatives

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
S&P 500^® Index		Call		(75	)	$	(30,000,000	)	$	4,000		7/15/22	$	(74,625	)
S&P 500^® Index		Call		(25	)		(10,250,000	)		4,100		7/15/22		(7,563	)
Total Options Written (premiums received $257,008)				(100	)	$	(40,250,000	)					$	(82,188	)

(1)	All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

(2)	Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(3)	Investment, or 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 $127,203.

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives.

(5)

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

(7)

(8)	Exchange-traded, unless otherwise noted.

(9)	For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.

ETF	Exchange-Traded Fund

S&P	Standard & Poor’s

See accompanying notes to financial statements.

Statement of Assets and Liabilities

June 30, 2022

(Unaudited)


	BXMX		DIAX		SPXX		QQQX		JCE
Assets
Long-term investments, at value (cost $584,362,523, $280,749,693, $132,693,807, $478,005,044 and $211,945,589, respectively)⁽¹⁾	$	1,315,587,838	$	589,257,795	$	273,689,973	$	1,059,822,030	$	217,009,733
Short-term investments, at value (cost approximates value)		49,982,419		11,251,081		5,550,958		22,508,483		6,575,581
Investments purchased with collateral from securities lending, at value (cost approximates value)		—		—		447,227		4,521,847		135,181
Cash		63,277		—		—		—		6,847
Cash collateral at brokers for investments in options contracts⁽²⁾		—		—		—		200,000		—
Options purchased, at value (cost $—, $21,465, $10,732, $21,465, and $—, respectively)		—		750		375		750		—
Receivable for:
Dividends		1,141,080		237,632		207,123		154,985		91,967
Interest		333		75		37		—		44
Reclaims		1,210		—		—		329		—
Shares sold		—		—		1,101,280		1,023,943		—
Deferred offering costs		—		—		189,793		67,568		—
Other assets		347,533		62,474		52,814		142,215		48,385
Total assets		1,367,123,690		600,809,807		281,239,580		1,088,442,150		223,867,738
Liabilities
Options written, at value (premiums received $35,322,334, $10,997,433, $5,130,392, $24,442,914 and $257,008, respectively)		16,475,148		14,306,400		6,644,675		24,751,906		82,188
Payable for:
Collateral from securities lending		—		—		447,227		4,521,847		135,181
Dividends		23,706,042		10,165,876		5,010,561		22,435,414		6,208,401
Options purchased		—		55,693		27,846		97,463		97,463
Accrued expenses:
Management fees		933,373		411,920		184,386		729,148		168,889
Trustees fees		311,610		51,202		50,095		120,020		40,615
Shelf offering costs		—		—		12,990		53,973		—
Other		482,852		221,070		126,326		362,059		122,617
Total liabilities		41,909,025		25,212,161		12,504,106		53,071,830		6,855,354
Net assets applicable to common shares	$	1,325,214,665	$	575,597,646	$	268,735,474	$	1,035,370,320	$	217,012,384
Common shares outstanding		104,086,837		36,366,913		17,515,356		47,019,341		16,061,944
Net asset value (“NAV”) per common share outstanding	$	12.73	$	15.83	$	15.34	$	22.02	$	13.51
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share	$	1,040,868	$	363,669	$	175,154	$	470,193	$	160,619
Paid-in-surplus		524,623,098		246,592,305		118,478,571		395,340,987		192,233,942
Total distributable earnings (loss)		799,550,699		328,641,672		150,081,749		639,559,140		24,617,823
Net assets applicable to common shares	$	1,325,214,665	$	575,597,646	$	268,735,474	$	1,035,370,320	$	217,012,384
Authorized common shares		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited

(1)	Includes securities loaned of $433,435, $4,365,284 and $127,203 for SPXX, ,QQQX and JCE, respectively.

(2)	Cash pledged to collateralize the net payment obligation for investments in derivatives is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments.

See accompanying notes to financial statements.

Statement of Operations

Six Months Ended June 30, 2022

(Unaudited)


	BXMX			DIAX			SPXX			QQQX			JCE
Investment Income
Dividends	$	10,772,479		$	6,406,411		$	2,354,512		$	4,973,946		$	1,940,948
Interest		8,199			337			197			—			134
Securities Lending Income, net		802			4,031			2,058			62,628			85
Foreign tax withheld on dividend income		(13,642	)		—			(776	)		(12,796	)		—
Total Investment Income		10,767,838			6,410,779			2,355,991			5,023,778			1,941,167
Expenses
Management fees		6,056,721			2,639,408			1,209,687			4,844,505			1,127,632
Interest expense		2,699			716			369			2,359			—
Custodian fees		64,850			37,881			28,993			62,917			29,339
Trustees fees		24,444			10,216			5,015			20,072			4,177
Professional fees		55,397			39,885			33,721			54,873			35,704
Shareholder reporting expenses		95,136			44,666			26,181			87,045			17,863
Shareholder servicing agent fees		676			297			88			342			104
Stock exchange listing fees		16,065			4,942			3,613			—			3,783
Investor relations expenses		110,397			49,350			26,498			94,104			17,182
Other		130,085			71,547			32,288			199,977			6,614
Total expenses		6,556,470			2,898,908			1,366,453			5,366,194			1,242,398
Net investment income (loss)		4,211,368			3,511,871			989,538			(342,416	)		698,769
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		15,030,444			(1,580,997	)		(438,978	)		1,563,368			(1,963,210	)
Options purchased		—			(123,063	)		(64,907	)		(146,848	)		13,408
Options written		78,044,640			38,857,648			18,589,054			101,740,706			2,607,679
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(334,776,494	)		(102,773,746	)		(67,532,382	)		(414,134,425	)		(50,189,254	)
Options purchased		(35,656,611	)		(6,926,528	)		(3,377,829	)		(17,664,543	)		(247,057	)
Options written		56,450,026			7,767,033			3,881,717			24,347,811			495,770
Net realized and unrealized gain (loss)		(220,907,995	)		(64,779,653	)		(48,943,325	)		(304,293,931	)		(49,282,664	)
Net increase (decrease) in net assets applicable to common shares from operations	$	(216,696,627	)	$	(61,267,782	)	$	(47,953,787	)	$	(304,636,347	)	$	(48,583,895	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	BXMX						DIAX
	Unaudited Six Months Ended 06/30/22			Year Ended 12/31/21			Unaudited Six Months Ended 06/30/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	4,211,368		$	4,675,828		$	3,511,871		$	6,196,640
Net realized gain (loss) from:
Investments and foreign currency		15,030,444			177,704,116			(1,580,997	)		32,201,967
Options purchased		—			—			(123,063	)		153,278
Options written		78,044,640			(116,624,336	)		38,857,648			(23,200,656	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(334,776,494	)		174,888,737			(102,773,746	)		79,804,076
Options purchased		(35,656,611	)		—			(6,926,528	)		5,632
Options written		56,450,026			8,560,570			7,767,033			(3,331,527	)
Net increase (decrease) in net assets applicable to common shares from operations		(216,696,627	)		249,204,915			(61,267,782	)		91,829,410
Distributions to Common Shareholders
Dividends		(49,233,074	)		(50,306,812	)		(20,852,788	)		(12,192,825	)
Return of capital		—			(39,207,868	)		—			(27,519,845	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(49,233,074	)		(89,514,680	)		(20,852,788	)		(39,712,670	)
Capital Share Transactions
Proceeds from shelf offering, net of offering costs		—			—			—			—
Net proceeds from common shares issued to shareholders due to reinvestment of distributions		—			—			—			—
Net increase (decrease) in net assets applicable to common shares from capital share transactions		—			—			—			—
Net increase (decrease) in net assets applicable to common shares		(265,929,701	)		159,690,235			(82,120,570	)		52,116,740
Net assets applicable to common shares at the beginning of period		1,591,144,366			1,431,454,131			657,718,216			605,601,476
Net assets applicable to common shares at the end of period	$	1,325,214,665		$	1,591,144,366		$	575,597,646		$	657,718,216

See accompanying notes to financial statements.

Statement of Changes in Net Assets (continued)


	SPXX						QQQX
	Unaudited Six Months Ended 06/30/22			Year Ended 12/31/21			Unaudited Six Months Ended 06/30/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	989,538		$	1,849,198		$	(342,416	)	$	(2,531,410	)
Net realized gain (loss) from:
Investments and foreign currency		(438,978	)		49,477,998			1,563,368			166,937,589
Options purchased		(64,907	)		79,037			(146,848	)		144,380
Options written		18,589,054			(10,788,646	)		101,740,706			(89,604,711	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(67,532,382	)		21,506,299			(414,134,425	)		151,243,357
Options purchased		(3,377,829	)		2,816			(17,664,543	)		5,632
Options written		3,881,717			(1,644,623	)		24,347,811			(6,565,544	)
Net increase (decrease) in net assets applicable to common shares from operations		(47,953,787	)		60,482,079			(304,636,347	)		219,629,293
Distributions to Common Shareholders
Dividends		(10,205,237	)		(12,176,538	)		(45,420,551	)		(33,913,718	)
Return of capital		—			(4,722,744	)		—			(44,002,163	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(10,205,237	)		(16,899,282	)		(45,420,551	)		(77,915,881	)
Capital Share Transactions
Proceeds from shelf offering, net of offering costs		3,479,060			1,804,279			49,356,154			99,137,676
Net proceeds from common shares issued to shareholders due to reinvestment of distributions		—			79,716			1,204,385			1,707,146
Net increase (decrease) in net assets applicable to common shares from capital share transactions		3,479,060			1,883,995			50,560,539			100,844,822
Net increase (decrease) in net assets applicable to common shares		(54,679,964	)		45,466,792			(299,496,359	)		242,558,234
Net assets applicable to common shares at the beginning of period		323,415,438			277,948,646			1,334,866,679			1,092,308,445
Net assets applicable to common shares at the end of period	$	268,735,474		$	323,415,438		$	1,035,370,320		$	1,334,866,679

See accompanying notes to financial statements.


	JCE
	Unaudited Six Months Ended 06/30/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	698,769		$	231,780
Net realized gain (loss) from:
Investments and foreign currency		(1,963,210	)		38,732,097
Options purchased		13,408			(50,655	)
Options written		2,607,679			(3,426,456	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(50,189,254	)		28,018,209
Options purchased		(247,057	)		—
Options written		495,770			(99,154	)
Net increase (decrease) in net assets applicable to common shares from operations		(48,583,895	)		63,405,821
Distributions to Common Shareholders
Dividends		(12,692,089	)		(29,461,455	)
Return of capital		—			—
Decrease in net assets applicable to common shares from distributions to common shareholders		(12,692,089	)		(29,461,455	)
Capital Share Transactions
Proceeds from shelf offering, net of offering costs		—			—
Net proceeds from common shares issued to shareholders due to reinvestment of distributions		244,280			310,105
Net increase (decrease) in net assets applicable to common shares from capital share transactions		244,280			310,105
Net increase (decrease) in net assets applicable to common shares		(61,031,704	)		34,254,471
Net assets applicable to common shares at the beginning of period		278,044,088			243,789,617
Net assets applicable to common shares at the end of period	$	217,012,384		$	278,044,088

See accompanying notes to financial statements.

Financial Highlights

Selected data for a common share outstanding throughout each period:



			Investment Operations									Less Distributions to Common Shareholders												Common Shares
	Beginning Common Share NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Shelf Offering Costs			Premium Per Shares Sold through Shelf Offering			Ending NAV		Ending Share Price

BXMX
Year Ended 12/31:
2022(d)	$	15.29	$	0.04		$	(2.13	)	$	(2.09	)	$	(0.47	)	$	—		$	—		$	(0.47	)	$	—		$	—		$	12.73	$	12.37
2021		13.75		0.04			2.36			2.40			(0.07	)		(0.41	)		(0.38	)		(0.86	)		—			—			15.29		14.65
2020		13.68		0.15			0.80			0.95			(0.12	)		—			(0.76	)		(0.88	)		—	*		—	*		13.75		12.88
2019		12.61		0.16			1.84			2.00			(0.16	)		—			(0.77	)		(0.93	)		—	*		—	*		13.68		13.75
2018		14.35		0.15			(0.91	)		(0.76	)		(0.16	)		(0.37	)		(0.45	)		(0.98	)		—	*		—	*		12.61		12.07
2017		13.52		0.16			1.58			1.74			(0.15	)		—			(0.76	)		(0.91	)		—			—			14.35		14.25

DIAX
Year Ended 12/31:
2022(d)		18.09		0.10			(1.79	)		(1.69	)		(0.57	)		—			—			(0.57	)		—			—			15.83		15.28
2021		16.65		0.17			2.36			2.53			(0.17	)		(0.16	)		(0.76	)		(1.09	)		—			—			18.09		17.77
2020		18.20		0.22			(0.66	)		(0.44	)		(0.22	)		(0.81	)		(0.08	)		(1.11	)		—	*		—	*		16.65		15.20
2019		16.90		0.27			2.21			2.48			(0.27	)		—			(0.91	)		(1.18	)		—	*		—	*		18.20		17.66
2018		19.05		0.25			(1.16	)		(0.91	)		(0.25	)		(0.22	)		(0.77	)		(1.24	)		—	*		—	*		16.90		16.12
2017		16.55		0.26			3.30			3.56			(0.26	)		—			(0.80	)		(1.06	)		—			—			19.05		18.84

SPXX
Year Ended 12/31:
2022(d)		18.70		0.06			(2.83	)		(2.77	)		(0.59	)		—			—			(0.59	)		—	*		—	*		15.34		15.66
2021		16.17		0.11			3.40			3.51			(0.11	)		(0.60	)		(0.27	)		(0.98	)		—	*		—	*		18.70		18.60
2020		16.27		0.15			0.75			0.90			(0.15	)		—			(0.85	)		(1.00	)		—	*		—	*		16.17		15.24
2019		14.42		0.17			2.74			2.91			(0.18	)		—			(0.88	)		(1.06	)		—	*		—	*		16.27		16.47
2018		16.47		0.18			(1.12	)		(0.94	)		(0.18	)		(0.03	)		(0.91	)		(1.12	)		—	*		0.01			14.42		14.04
2017		14.98		0.19			2.29			2.48			(0.19	)		—			(0.80	)		(0.99	)		—			—			16.47		17.31

QQQX
Year Ended 12/31:
2022(d)		29.63		(0.01	)		(6.63	)		(6.64	)		(0.99	)		—			—			(0.99	)		—	*		0.02			22.02		21.84
2021		26.32		(0.06	)		5.12			5.06			—			(0.78	)		(1.01	)		(1.79	)		—	*		0.04			29.63		30.65
2020		24.12		0.04			3.70			3.74			(0.01	)		—			(1.55	)		(1.56	)		—	*		0.02			26.32		26.01
2019		20.27		0.06			5.33			5.39			(0.05	)		—			(1.51	)		(1.56	)		—	*		0.02			24.12		24.05
2018		22.84		0.06			(0.98	)		(0.92	)		(0.06	)		(1.37	)		(0.25	)		(1.68	)		—	*		0.03			20.27		20.00
2017		19.58		0.04			4.66			4.70			(0.04	)		(0.50	)		(0.90	)		(1.44	)		—			—			22.84		24.21


						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns								Ratios to Average Net Assets
Based on NAV(b)			Based on Share Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(c)



	(13.82	)%		(12.53	)%	$	1,325,215		0.90	%**		0.58	%**		2	%
	17.80			20.75			1,591,144		0.89			0.31			7
	7.92			1.16			1,431,454		0.91			1.14			22
	16.16			22.08			1,422,672		0.91			1.18			4
	(5.56	)		(8.88	)		1,307,669		0.89			1.10			5
	13.21			19.59			1,486,003		0.91			1.12			2



	(9.46	)%		(10.90	)%		575,598		0.93	**		1.13	**		4
	15.45			24.60			657,718		0.92			0.96			8
	(1.49	)		(6.73	)		605,601		0.94			1.40			27
	14.94			17.07			661,255		0.95			1.49			6
	(5.01	)		(8.27	)		610,220		0.92			1.37			9
	22.12			33.65			687,579		0.93			1.47			5



	(15.04	)%		(12.83	)%		268,735		0.92	**		0.67	**		4
	22.15			29.03			323,415		0.90			0.61			26
	6.60			(0.24	)		277,949		0.93			1.03			20
	20.62			25.40			275,280		0.99			1.11			8
	(6.03	)		(12.99	)		238,344		0.91			1.08			16
	16.91			27.91			266,065		0.92			1.18			11



	(22.72	)		(25.83	)		1,035,370		0.92	**		(0.06	)**		10
	19.85			25.39			1,334,867		0.90			(0.21	)		32
	16.61			15.66			1,092,308		0.94			0.15			20
	27.33			28.73			951,945		0.91			0.25			11
	(4.39	)		(11.15	)		766,930		0.91			0.25			23
	24.63			39.24			836,161		0.93			0.17			17

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

(c)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(d)	Unaudited. For the six months ended June 30, 2022.

*	Value rounded to zero.

**	Annualized.

See accompanying notes to financial statements.

Financial Highlights (Unaudited) (continued)

Selected data for a common share outstanding throughout each period:



			Investment Operations								Less Distributions to Common Shareholders												Common Shares
	Beginning Common Share NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			From Net Investment Income			From Accumulated Net Realized Gains			Return of Capital			Total			Shelf Offering Costs		Premium Per Shares Sold through Shelf Offering			Ending NAV		Ending Share Price

JCE
Year Ended 12/31:
2022(e)	$	17.33	$	0.04	$	(3.07	)	$	(3.03	)	$	(0.79	)	$	—		$	—		$	(0.79	)	$	—	$	—		$	13.51	$	13.35
2021		15.21		0.01		3.95			3.96			(0.07	)		(1.77	)		—			(1.84	)		—		—			17.33		18.58
2020		15.04		0.14		0.96			1.10			(0.10	)		(0.83	)		—			(0.93	)		—		—	*		15.21		14.07
2019		12.68		0.09		3.27			3.36			(0.10	)		(0.55	)		(0.35	)		(1.00	)		—		—			15.04		14.62
2018		14.76		0.07		(1.04	)		(0.97	)		(0.07	)		(1.04	)		—			(1.11	)		—		—			12.68		12.03
2017		14.27		0.18		2.84			3.02			(0.17	)		(2.36	)		—			(2.53	)		—		—			14.76		14.60


						Common Share Supplemental Data/ Ratios Applicable to Common Shares
Common Share Total Returns								Ratios to Average Net Assets
Based on NAV(b)			Based on Share Price(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(c)



	(17.82	)%		(24.26	)%	$	217,012		1.00	%**		0.56	%**		46
	26.91			47.15			278,044		0.98			0.09			104
	8.42			3.62			243,790		1.17	(d)		1.00	(d)		169
	26.96			30.26			241,024		1.01			0.64			35
	(7.17	)		(10.86	)		203,322		1.01			0.47			121
	21.72			31.85			236,475		1.02			1.18			159

(a)	Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)	Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.

(d)

During the period ended December 31, 2020, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows:


Ratios to Average Net Assets
	Expenses		Net Investment Income (Loss)
Year Ended 12/31:
2020	1.23	%	0.94	%

(e)	Unaudited. For the six months ended June 30, 2022.

*	Value rounded to zero.

**	Annualized.

See accompanying notes to financial statements.

Notes to Financial Statements

(Unaudited)

1. General Information

Fund Information

The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) or Nasdaq National Market (“Nasdaq”) symbols are as follows (each a “Fund” and collectively, the “Funds”):

•

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

•

Nuveen Dow 30^SM Dynamic Overwrite Fund (DIAX)

•

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)

•

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)

•

Nuveen Core Equity Alpha Fund (JCE)

The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as diversified (non-diversified for DIAX and QQQX) closed-end management investment companies. Shares of BXMX, DIAX, SPXX and JCE are traded on the NYSE while shares of QQQX are traded on the Nasdaq. BXMX, DIAX, SPXX, QQQX and JCE were organized as Massachusetts business trusts on July 23, 2004, May 20, 2014, November 11, 2004, May 20, 2014 and January 9, 2007, respectively.

Current Fiscal Period

The end of the reporting period for the Funds is June 30, 2022, and the period covered by these Notes to Financial Statements is the six months ended June 30, 2022 (the “current fiscal period”).

Investment Adviser and Sub-Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Gateway Investment Advisers, LLC (“Gateway”), under which Gateway manages BXMX’s investment portfolio and Nuveen Asset Management, LLC (“NAM”), a subsidiary of the Adviser, under which NAM manages the investment portfolios of DIAX, SPXX, QQQX and JCE.

Developments Regarding the Funds’ Control Share By-Law

On October 5, 2020, the Funds and certain other closed-end funds in the Nuveen fund complex amended their by-laws. Among other things, the amended by-laws included provisions pursuant to which, in summary, a shareholder who obtains beneficial ownership of common shares in a Control Share Acquisition (as defined in the by-laws) shall have the same voting rights as other common shareholders only to the extent authorized by the other disinterested shareholders (the “Control Share By-Law”). On January 14, 2021, a shareholder of certain Nuveen closed-end funds filed a civil complaint in the U.S. District Court for the Southern District of New York (the “District Court”) against certain Nuveen funds and their trustees, seeking a declaration that such funds’ Control Share By-Laws violate the 1940 Act, rescission of such fund’s Control Share By-Laws and a permanent injunction against such funds applying the Control Share By-Laws. On February 18, 2022, the District Court granted judgment in favor of the plaintiff’s claim for rescission of such funds’ Control Share By-Laws and the plaintiff’s declaratory judgment claim, and declared that such funds’ Control Share By-Laws violate Section 18(i) of the 1940 Act. Following review of the judgment of the District Court, on February 22, 2022, the Board of Trustees (the “Board”) amended the Funds’ by-laws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Funds’ Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the second circuit.

Other Matters

The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows the accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services – Investment Companies. The net asset value (“NAV”) for financial reporting purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation

The Funds pay no compensation directly to those of its trustees or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Common Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Each Fund makes quarterly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Board, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund’s investment strategy through regular quarterly distributions (a “Managed Distribution Program”). Total distributions during a calendar year generally will be made from each Fund’s net investment income, net realized capital gains and net unrealized capital gains in the Fund’s portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund’s assets and is treated by shareholders as a nontaxable distribution (“return of capital”) for tax purposes. In the event that total distributions during a calendar year exceed a Fund’s total return on NAV, the difference will reduce NAV per share. If a Fund’s total return on NAV exceeds total distributions during a calendar year, the excess will be reflected as an increase in NAV per share. The final determination of the source and character of all distributions paid by a Fund during the fiscal year is made after the end of the fiscal year and is reflected in the financial statements contained in the annual report as of December 31 each year.

Foreign Currency Transactions and Translation

To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from investments and foreign currency” on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.

Indemnifications

Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

Notes to Financial Statements (continued)

Investments and Investment Income

Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income is recorded on an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 – Portfolio Securities and Investments in Derivatives.

New Accounting Pronouncements and Rule Issuances

Reference Rate Reform

In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.

Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework

In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized and these securities are generally classified as Level 2.

Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.

Purchased and written options traded and listed on a national market or exchange are valued at the mean of the closing bid and asked prices and are generally classified as Level 1.

Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


BXMX	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,315,587,838		$	—	$	—	$	1,315,587,838

Short-Term Investments:
Repurchase Agreements		—			49,982,419		—		49,982,419

Investment in Derivatives:
Options Written		(16,475,148	)		—		—		(16,475,148	)
Total	$	1,299,112,690		$	49,982,419	$	—	$	1,349,095,109
DIAX
Long-Term Investments*:
Common Stocks	$	571,338,895		$	—	$	—	$	571,338,895
Exchange-Traded Funds		17,918,900			—		—		17,918,900

Short-Term Investments:
Repurchase Agreements		—			11,251,081		—		11,251,081

Investment in Derivatives:
Options Purchased		750			—		—		750
Options Written		(14,306,400	)		—		—		(14,306,400	)
Total	$	574,952,145		$	11,251,081	$	—	$	586,203,226
SPXX
Long-Term Investments*:
Common Stocks	$	265,579,313		$	—	$	—	$	265,579,313
Exchange-Traded Funds		8,110,660			—		—		8,110,660
Investments Purchased with Collateral from Securities Lending		447,227			—		—		447,227

Short-Term Investments:
Repurchase Agreements		—			5,550,958		—		5,550,958

Investment in Derivatives:
Options Purchased		375			—		—		375
Options Written		(6,644,675	)		—		—		(6,644,675	)
Total	$	267,492,900		$	5,550,958	$	—	$	273,043,858

Notes to Financial Statements (continued)


QQQX	Level 1			Level 2			Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,028,241,430		$	—		$	—	$	1,028,241,430
Exchange-Traded Funds		31,580,600			—			—		31,580,600
Investments Purchased with Collateral from Securities Lending		4,521,847			—			—		4,521,847

Short-Term Investments:
Repurchase Agreements		—			22,508,483			—		22,508,483

Investment in Derivatives:
Options Purchased		750			—			—		750
Options Written		(24,320,724	)		(431,182	)		—		(24,751,906	)
Total	$	1,040,023,903		$	22,077,301		$	—	$	1,062,101,204
JCE
Long-Term Investments*:
Common Stocks	$	216,023,943		$	—		$	—	$	216,023,943
Exchange-Traded Funds		985,790			—			—		985,790
Investments Purchased with Collateral from Securities Lending		135,181			—			—		135,181

Short-Term Investments:
Repurchase Agreements		—			6,575,581			—		6,575,581

Investment in Derivatives:
Options Written		(82,188	)		—			—		(82,188	)
Total	$	217,062,726		$	6,575,581		$	—	$	223,638,307

*	Refer to the Fund’s Portfolio of Investments for industry/sector classifications, when applicable.

4. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Repurchase Agreements

In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.


Fund	Counterparty	Short-Term Investments, at Value		Collateral Pledged (From) Counterparty
BXMX	Fixed Income Clearing Corporation	$	49,982,419	$	(50,982,147	)
DIAX	Fixed Income Clearing Corporation		11,251,081		(11,476,120	)
SPXX	Fixed Income Clearing Corporation		5,550,958		(5,662,034	)
QQQX	Fixed Income Clearing Corporation		22,508,483		(22,958,732	)
JCE	Fixed Income Clearing Corporation		6,575,581		(6,707,114	)

Securities Lending

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions in order to generate additional income. When loaning securities, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the reporting period, the total value of the loaned securities and the total value of collateral received were as follows:


Fund	Asset Class out on Loan	Long-Term Investments, at Value		Total Collateral Received
SPXX	Common Stocks	$	131,643	$	135,906
	Exchange-Traded Funds		301,792		311,321
Total		$	433,435	$	447,227
QQQX	Common Stocks		3,051,612		3,164,961
	Exchange-Traded Funds		1,313,672		1,356,886
Total		$	4,365,284	$	4,521,847
JCE	Common Stocks	$	127,203	$	135,181

Investment Transactions

Long-term purchases and sales (excluding investments purchased with collateral from securities lending and derivative transactions, where applicable) during the current reporting period were as follows:


	BXMX		DIAX		SPXX		QQQX		JCE
Purchases	$	82,271,798	$	50,274,649	$	26,335,764	$	235,320,838	$	115,756,742
Sales		31,681,965		24,662,610		12,055,881		119,775,417		124,241,471

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Options Transactions

The purchase of options involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options is limited to the premium paid. The counterparty credit risk of purchasing options, however, needs to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options purchased, at value” on the Statement of Asset and Liabilities. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options purchased and/or written” on the Statement of Operations. When an option is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received, and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from options purchased and/or written” on the Statement of Operations. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the current fiscal period, BXMX wrote call options on equity indices as per its stated strategy, with the notional amount of these options averaging 99% of the Fund’s assets.

During the current fiscal period, DIAX, SPXX and QQQX, each wrote call options on equity indices as per its stated dynamic overwriting strategy with the notional amounts of these options ranging from approximately 35-75% of each Fund’s assets. DIAX, SPXX and QQQX also wrote put and call options and purchased put and call options as part of their overwrite strategy.

During the current fiscal period, JCE continued to write call options on equity indexes, while investing in a portfolio that included equities to enhance returns while foregoing some upside potential of its equity portfolio.

Notes to Financial Statements (continued)

The average notional amount of outstanding options purchased and options written during the current fiscal period, was as follows:


							DIAX			SPXX			QQQX
Average notional amount of outstanding call options purchased*							$	900,000		$	450,000		$	900,000

	BXMX			DIAX			SPXX			QQQX			JCE
Average notional amount of outstanding call options written*	$	(1,481,521,667	)	$	(358,150,000	)	$	(171,660,833	)	$	(521,280,000	)	$	(71,573,333	)

							DIAX			SPXX			QQQX
Average notional amount of outstanding put options purchased*							$	220,000		$	110,000		$	220,000

							DIAX			SPXX			QQQX
Average notional amount of outstanding put options written*							$	(8,016,667	)	$	(3,700,000	)	$	(13,566,667	)

*	The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the fair value of all options purchased and options written by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.


		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
BXMX
Equity price	Options	—	$	—	Options written, at value		$(16,475,148)
DIAX
Equity price	Options	Option purchased, at value	$	750	Options written, at value	$	(14,306,400	)
SPXX
Equity price	Options	Options purchased, at value	$	375	Options written, at value	$	(6,644,675	)
QQQX
Equity price	Options	Options purchased, at value	$	750	Options written, at value	$	(24,751,906	)
JCE
Equity price	Options	—	$	—	Options written, at value	$	(82,188	)

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on options purchased and options written on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.


Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Options Purchased/Written			Change in Net Unrealized Appreciation (Depreciation) of Options Purchased/Written
BXMX	Equity price	Options purchased	$	—		$	(35,656,611	)
BXMX	Equity price	Options written		78,044,640			56,450,026
DIAX	Equity price	Options purchased		(123,063	)		(6,926,528	)
DIAX	Equity price	Options written		38,857,648			7,767,033
SPXX	Equity price	Options purchased		(64,907	)		(3,377,829	)
SPXX	Equity price	Options written		18,589,054			3,881,717
QQQX	Equity price	Options purchased		(146,848	)		(17,664,543	)
QQQX	Equity price	Options written		101,740,706			24,347,811
JCE	Equity price	Options purchased		13,408			(247,057	)
JCE	Equity price	Options written		2,607,679			495,770

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk,

consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

5. Fund Shares

Common Shares

Common Share Equity Shelf Programs and Offering Costs

SPXX and QQQX have each filed registration statements with the SEC authorizing each Fund to issue additional shares through one or more equity shelf program (“Shelf Offering”), which became effective with the SEC during a prior fiscal period.

Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event each Fund’s Shelf Offering registration statement is no longer current, the Funds may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.

Additional authorized common shares, common shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Funds’ current and prior fiscal period were as follows:


	SPXX					QQQX
	Six months Ended 06/30/22		Year Ended 12/31/21			Six months Ended 06/30/22		Year Ended 12/31/21
Maximum aggregate offering		4,993,317		4,993,317	*		Unlimited		Unlimited	**
Common shares sold		218,784		100,336			1,929,483		3,478,731
Offering proceeds, net of offering costs	$	3,479,060	$	1,804,279		$	49,356,154	$	99,137,676

*	Represents maximum aggregate offering for the period July 28, 2021 through December 31, 2021.

**	Represents maximum aggregate offering for the period April 30, 2021 through December 31, 2021.

Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining after the effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Other Expenses” on the Statement of Operations.

Common Share Transactions

Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:


	SPXX						QQQX						JCE
	Six Months Ended 6/30/22			Year Ended 12/31/21			Six Months Ended 6/30/22			Year Ended 12/31/21			Six Months Ended 6/30/22			Year Ended 12/31/21
Common shares:
Issued to shareholders due to reinvestment of distributions		—			4,478			42,339			60,886			14,342			18,321
Sold through shelf offering		218,784			100,336			1,929,483			3,478,731			—			—
Weighted average common share:
Premium to NAV per shelf offering sold		1.31	%		1.23	%		2.13	%		1.90	%		—	%		—	%

Notes to Financial Statements (continued)

6. Income Tax Information

Each Fund is a seperate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes was as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
BXMX	$	618,482,923	$	757,246,203	$	(26,634,017	)	$	730,612,186
DIAX		278,214,730		326,773,956		(18,785,460	)		307,988,496
SPXX		132,349,958		152,567,877		(11,873,977	)		140,693,900
QQQX		486,286,588		619,561,064		(43,746,448	)		575,814,616
JCE		218,980,876		22,558,621		(17,901,190	)		4,657,431

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Unrealized Appreciation (Depreciation)		Capital Loss Carryforwards		Late-Year Loss Deferrals		Other Book-to-Tax Differences			Total
BXMX	$	—	$	—	$	1,065,480,400	$	—	$	—	$	—		$	1,065,480,400
DIAX		—		—		410,762,242		—		—		—			410,762,242
SPXX		—		—		208,240,773		—		—		—			208,240,773
QQQX		—		—		989,616,038		—		—		—			989,616,038
JCE		26,089,394		4,996,407		54,851,624		—		—		(43,618	)		85,893,807

7. Management Fees

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Gateway and NAM are compensated for their services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:


Average Daily Managed Assets*	BXMX			DIAX			SPXX			QQQX			JCE
For the first $500 million		0.7000	%		0.7000	%		0.6600	%		0.6900	%		0.7500	%
For the next $500 million		0.6750			0.6750			0.6350			0.6650			0.7250
For the next $500 million		0.6500			0.6500			0.6100			0.6400			0.7000
For the next $500 million		0.6250			0.6250			0.5850			0.6150			0.6750
For managed assets over $2 billion		0.6000			0.6000			0.5600			0.5900			0.6500

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by each Fund’s daily managed assets:


Complex-Level Eligible Asset Breakpoint Level*	Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do not include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. As of June 30, 2022, the complex-level fee for each Fund was 0.1571%.

Other Transactions with Affiliates

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser (“Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board (“cross-trade”). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the following Funds engaged in cross-trades pursuant to these procedures as follows:


Cross-Trades	SPXX		QQQX		JCE
Purchases	$	898,313	$	10,333,726	$	2,132,771
Sales		—		4,342,623		5,261,689
Realized gain(loss)		—		3,632,761		(136,317	)

8. Borrowing Arrangements

Inter-Fund Borrowing and Lending

The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-

Notes to Financial Statements (continued)

fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.

The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.

During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.

Risk Considerations

(Unaudited)

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.

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

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Common stock returns often have experienced significant volatility. The Fund may not participate in any appreciation of its equity portfolio as fully as it would if the Fund did not sell call options. In addition, the Fund will continue to bear the risk of declines in the value of the equity portfolio. Because index options are settled in cash, sellers of index call options, such as the Fund, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. For these and other risks, including tax risk, please see the Fund’s web page at www.nuveen.com/BXMX.

Nuveen Dow 30^SM Dynamic Overwrite Fund (DIAX)

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)

Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Common stock returns often have experienced significant volatility. The Fund may not participate in any appreciation of its equity portfolio as fully as it would if the Fund did not sell call options. In addition, the Fund will continue to bear the risk of declines in the value of the equity portfolio. Because index options are settled in cash, sellers of index call options, such as the Fund, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities. For these and other risks, including tax risk, please see the Fund’s web page at www.nuveen.com/QQQX.

Nuveen Core Equity Alpha Fund (JCE)

Additional Fund Information (Unaudited)


Board of Trustees
Jack B. Evans	William C. Hunter	Amy B. R. Lancellotta	Joanne T. Medero	Albin F. Moschner	John K. Nelson
Judith M. Stockdale	Carole E. Stone	Matthew Thornton III	Terence J. Toth	Margaret L. Wolff	Robert L. Young

Investment Adviser

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

One Lincoln Street

Boston, MA 02111

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

One North Wacker Drive

Chicago, IL 60606

Transfer Agent and

Shareholder Services

Computershare Trust Company, N.A.

150 Royall Street

Canton, MA 02021

(800) 257-8787

Portfolio of Investments Information

The Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.

Nuveen Funds’ Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Repurchases

Each Fund intends to repurchase through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported in the next annual or semi-annual report.


	BXMX		DIAX		SPXX		QQQX		JCE
Common Shares repurchased		0		0		0		0		0

FINRA BrokerCheck

The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FlNRA.org.

Glossary of Terms Used in this Report

(Unaudited)

∎

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) overthe time period being considered.

∎

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

∎

Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXN^SM): An index designed to measure the performance of a hypothetical buy-write strategy on the Nasdaq 100^® Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

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

∎

Chicago Board Options Exchange (Cboe) Volatility Index^® (VIX^®): An index that is a key measure of market expectations of near-term volatility conveyed by S&P 500^® option prices. Since its introduction in 1993, VIX has been considered by many to be the world’s premier barometer of investor sentiment and market volatility (www.cboe.com). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

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

∎

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

∎

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

∎

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

∎

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.

∎

QQQX Blended Benchmark: Consists of: 1) 55% Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXN^SM) (defined herein), and 2) 45% Nasdaq 100^® Index (defined herein). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

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

Glossary of Terms Used in this Report (continued)

(Unaudited)

∎

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

Annual Investment Management Agreement Approval Process

(Unaudited)

At a meeting held on May 23-25, 2022 (the “May Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds, which are comprised entirely of Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for their respective Fund, the renewal of the management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”), pursuant to which the Adviser serves as the investment adviser to such Fund and the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with (a) in the case of Nuveen S&P 500 Buy-Write Income Fund (the “S&P Buy-Write Fund”), Gateway Investment Advisers, LLC (“Gateway”), pursuant to which Gateway serves as the investment sub-adviser to such Fund; and (b) in the case of Nuveen Dow 30^smDynamic Overwrite Fund (the “Dow Fund”), Nuveen S&P 500 Dynamic Overwrite Fund (the “S&P Dynamic Fund”), Nuveen Nasdaq 100 Dynamic Overwrite Fund (the “Nasdaq Fund”) and Nuveen Core Equity Alpha Fund (the “Core Equity Alpha Fund”), Nuveen Asset Management, LLC (“NAM,” and Gateway and NAM are each, a “Sub-Adviser”), pursuant to which NAM serves as the investment sub-adviser to each such Fund, for an additional one-year term. As the Board is comprised of all Independent Board Members, the references to the Board and the Independent Board Members are interchangeable.

Following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Advisers are collectively, the “Fund Advisers” and each, a “Fund Adviser.” The Board has established various standing committees composed of various Independent Board Members that are assigned specific responsibilities to enhance the effectiveness of the Board’s oversight and decision making. Throughout the year, the Board and its committees meet regularly and, at these meetings, receive regular and/or special reports that cover an extensive array of topics and information that are relevant to the Board’s annual consideration of the renewal of the advisory agreements for the Nuveen funds. Such information may address, among other things, fund performance and risk information; the Adviser’s strategic plans; product initiatives for various funds; the review of the funds and investment teams; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers to the Nuveen funds; management of distributions; valuation of securities; fund expenses; securities lending; liquidity management; overall market and regulatory developments; and with respect to closed-end funds, capital management initiatives, institutional ownership, management of leverage financing and the secondary market trading of the closed-end funds and any actions to address discounts. The Board also seeks to meet periodically with the Nuveen funds’ sub-advisers and/or portfolio teams, when feasible. The Board further meets, among other things, to specifically consider the annual renewal of the advisory agreements for the Nuveen funds.

In connection with its annual consideration of the advisory agreements for the Nuveen funds, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of such advisory agreements by the Adviser and by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. The materials cover a wide range of topics including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of product actions taken during 2021 (such as mergers, liquidations, fund launches, changes to investment teams, and changes to investment policies); a review of each sub-adviser to the Nuveen funds and/or the applicable investment teams; an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a review of management fee schedules; a description of portfolio manager compensation; an overview of the secondary market trading of shares of the Nuveen closed-end funds (including, among other things, an analysis of secondary market performance and commentary regarding the leverage management, share repurchase and shelf offering programs of Nuveen closed-end funds); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued in 2021 and 2022 for the benefit of particular fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Adviser and the sub-advisers as a result of their relationships with the Nuveen funds. The information prepared specifically for the annual review

Annual Investment Management Agreement Approval Process (continued)

(Unaudited)

supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the advisory agreements for the Nuveen funds is based on all the information provided to the Board and its committees throughout the year as well as the information prepared specifically with respect to the annual review of such advisory agreements.

In continuing its practice, the Board met prior to the May Meeting to begin its considerations of the renewal of the Advisory Agreements. Accordingly, on April 13-14, 2022 (the “April Meeting”), the Board met to review and discuss, in part, the performance of the Nuveen funds and the Adviser’s evaluation of each sub-adviser to the Nuveen funds and/or its investment teams. At the April Meeting, the Board Members asked questions and requested additional information that was provided for the May Meeting.

The Independent Board Members considered the review of the advisory agreements for the Nuveen funds to be an ongoing process and employed the accumulated information, knowledge and experience the Board Members had gained during their tenure on the boards governing the Nuveen funds and working with the Adviser and sub-advisers in their review of the advisory agreements. The contractual arrangements are a result of multiple years of review, negotiation and information provided in connection with the boards’ annual review of the Nuveen funds’ advisory arrangements and oversight of the Nuveen funds.

The Independent Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives from the Adviser or the Sub-Advisers were present. In connection with their annual review, the Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

The Board’s decision to renew the Advisory Agreements was not based on a single identified factor, but rather the decision reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the renewal process. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process and may place different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund with particular focus on the services and enhancements to such services provided during the last year. The Independent Board Members considered the Investment Management Agreements and the Sub-Advisory Agreements separately in the course of their review. With this approach, they considered the respective roles of the Adviser and the Sub-Advisers in providing services to the applicable Fund(s).

The Board recognized that the Nuveen funds operate in a highly regulated industry and, therefore, the Adviser has provided a wide array of management, oversight and administrative services to manage and operate the funds, and the scope and complexity of these services have expanded over time as a result of, among other things, regulatory, market and other developments. The Board accordingly considered the Adviser’s dedication of extensive resources, time, people and capital employed to support and manage the Nuveen funds as well as the Adviser’s continued program of developing improvements and innovations for the benefit of the funds and shareholders and to meet the ever increasing regulatory requirements applicable to the funds. In this regard, the Board received and reviewed information regarding, among other things, the Adviser’s investment oversight responsibilities, regulatory and compliance services, administrative duties and other services. The Board considered the Adviser’s investment oversight team’s extensive services in overseeing the various sub-advisers to the Nuveen funds; evaluating fund performance; and preparing reports to the Board addressing, among other things, fund performance, market conditions, investment team matters, product developments and management proposals. The Board further recognized the range of services the various teams of the Adviser provided including, but not limited to, overseeing operational and risk management; managing liquidity; overseeing the daily valuation process and managing distributions in seeking to deliver long-term fund earnings to shareholders consistent with the respective Nuveen fund’s product design and

positioning. The Board also considered the structure of investment personnel compensation of each Fund Adviser and whether the structure provides appropriate incentives to attract and maintain qualified personnel and to act in the best interests of the respective Nuveen fund.

The Board further recognized that the Adviser’s compliance and regulatory functions were integral to the investment management of the Nuveen funds. The Board recognized such services included, but were not limited to, managing compliance policies; monitoring compliance with applicable policies, law and regulations; devising internal compliance programs and a framework to review and assess compliance programs; overseeing sub-adviser compliance testing; preparing compliance training materials; and responding to regulatory requests. The Board further considered information regarding the Adviser’s business continuity and disaster recovery plans as well as information regarding its information security program, including presentations of such program provided at a site visit in 2022, to help identify and manage information security risks.

In addition to the above functions, the Board considered that the Adviser also provides, among other things, fund administration services (such as preparing fund tax returns and other tax compliance services; preparing regulatory filings; interacting with the Nuveen funds’ independent public accountants and overseeing other service providers; and managing fund budgets and expenses); product management services (such as evaluating and enhancing products and strategies); legal services (such as helping to prepare and file registration statements and proxy statements; overseeing fund activities and providing legal interpretations regarding such activities; maintaining regulatory registrations and negotiating agreements with other fund service providers; and monitoring changes in regulatory requirements and commenting on rule proposals impacting investment companies); oversight of shareholder services and transfer agency functions (such as overseeing transfer agent service providers which include registered shareholder customer service and transaction processing; overseeing proxy solicitation and tabulation services; and overseeing the production and distribution of financial reports by service providers); and with respect to the Nuveen closed-end funds, managing leverage, monitoring asset coverage and seeking to promote an orderly secondary market.

The Board also considered the quality of support services and communications the Adviser provided the Board, including, in part, organizing and administrating Board meetings and supporting Board committees; preparing regular and ad hoc reports on fund performance, market conditions and investment team matters; providing due diligence reports addressing product development and management proposals; and coordinating site visits of the Board and presentations by investment teams and senior management.

In addition to the services provided, the Board considered the financial resources of the Adviser and its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the Nuveen funds, including maintaining a seed capital budget to support new or existing funds and/or facilitate changes for a respective fund. Further, the Board noted the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, expertise and resources available to navigate and support the Nuveen funds including during stressed times. The Board recognized the overall reputation and capabilities of the Adviser and its affiliates, the Adviser’s continuing commitment to provide high quality services, its willingness to implement operational or organizational changes in seeking, among other things, to enhance efficiencies and services to the Nuveen funds and its responsiveness to the Board’s questions and/or concerns raised throughout the year and during the annual review of advisory agreements. The Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring new funds and ongoing risks with managing the funds such as investment, operational, reputational, regulatory, compliance and litigation risks.

In evaluating services, the Board reviewed various highlights of the initiatives the Adviser and its affiliates have undertaken or continued in 2021 and 2022 to benefit the Nuveen complex and/or particular Nuveen funds and meet the requirements of an increasingly complex regulatory environment including, but not limited to:

•

Centralization of Functions – ongoing initiatives to centralize investment leadership and create a more cohesive market approach and centralized shared support model (including through the consolidation of certain affiliated sub-advisers) in seeking to operate more effectively and enhance the research capabilities and services to the Nuveen funds;

Annual Investment Management Agreement Approval Process (continued)

(Unaudited)

•

Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to continually improve product platforms and investment strategies to better serve shareholders through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new funds; reviewing and updating investment policies and benchmarks; soft closing certain funds; modifying the conversion periods on certain share classes; and evaluating and adjusting portfolio management teams as appropriate for various funds;

•

Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to support existing funds;

•

Compliance Program Initiatives – continuing efforts to mitigate compliance risk with a focus on environmental, social and governance (“ESG”) controls and processes, increase operating efficiencies, implement enhancements to strengthen ongoing execution of key compliance program elements, support international business growth and facilitate integration of Nuveen’s operating model;

•

Investment Oversight – preparing reports to the Board addressing, among other things, fund performance; market conditions; investment team matters; product developments; changes to mandates, policies and benchmarks; and other management proposals as well as preparing and coordinating investment presentations to the Board;

•

Risk Management and Valuation Services – continuing to oversee and manage risk including, among other things, conducting ongoing calculations and monitoring of risk measures across the Nuveen funds, instituting investment risk controls, providing risk reporting throughout Nuveen, participating in internal oversight committees, dedicating the resources and time to develop the processes necessary to help address fund compliance with the new derivatives rule and continuing to implement an operational risk framework that seeks to provide greater transparency of operational risk matters across the complex as well as provide multiple other risk programs that seek to provide a more disciplined and consistent approach to identifying and mitigating Nuveen’s operational risks. Further, the securities valuation team continues, among other things, to oversee the daily valuation process of the portfolio securities of the funds, maintain the valuation policies and procedures, facilitate valuation committee meetings, manage relationships with pricing vendors, prepare relevant valuation reports and design methods to simplify and enhance valuation workflow within the organization and implement processes and procedures to help address compliance with the new valuation rule applicable to the funds;

•

Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of Nuveen and/or the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams;

•

Government Relations – continuing efforts of various Nuveen teams and Nuveen’s affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented;

•

Business Continuity, Disaster Recovery and Information Security – continuing efforts of Nuveen to periodically test and update business continuity and disaster recovery plans and, together with its affiliates, to maintain an information security program that seeks to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports;

•

Distribution Management Services – continuing to manage the distributions among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and positioning in striving to deliver those earnings to shareholders in a relatively consistent manner over time as well as assisting in the development of new products or the restructuring of existing funds; and

•

with respect specifically to closed-end funds, such continuing services also included:

•

Leverage Management Services – continuing to actively manage the various forms of leverage utilized across the complex, including through committing resources and focusing on sourcing/structure development and bank provider management;

•

Capital Management, Market Intelligence and Secondary Market Services – ongoing capital management efforts which may include at times shelf offerings, tender offers, capital return programs and share repurchases as well as providing market data analysis to help understand closed-end fund ownership cycles and their impact on secondary market trading as well as to improve proxy solicitation efforts; and

•

Closed-end Fund Investor Relations Program – maintaining the closed-end fund investor relations program which, among other things, raises awareness, provides educational materials and cultivates advocacy for closed-end funds and the Nuveen closed-end fund product line.

The Board further considered the division of responsibilities between the Adviser and the respective Sub-Adviser and recognized that each Sub-Adviser and its investment personnel generally are responsible for the management of each applicable Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of each Sub-Adviser provided by the Adviser which included, among other things, information regarding the assets under management of the Sub-Adviser or applicable investment team and changes thereto, a summary of the applicable investment team and changes thereto, the investment process and philosophy of the applicable investment team, the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time and a summary of any significant policy and/or other changes to the Nuveen funds sub-advised by the Sub-Adviser. The Board further considered at the May Meeting or prior meetings evaluations of each Sub-Adviser’s compliance programs and trade execution. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also received and considered a variety of investment performance data of the Nuveen funds they advise. In evaluating performance, the Board recognized that performance data may differ significantly depending on the ending date selected, particularly during periods of market volatility, and therefore considered the broader perspective of performance over a variety of time periods that may include full market cycles. In this regard, the Board reviewed, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2021 and March 31, 2022. The performance data prepared for the annual review of the advisory agreements for the Nuveen funds supplemented the fund performance data that the Board received throughout the year at its meetings representing differing time periods. In its review, the Board took into account the discussions with representatives of the Adviser; the Adviser’s analysis regarding fund performance that occurred at these Board meetings with particular focus on funds that were considered performance outliers (both overperformance and underperformance); the factors contributing to the performance; and any recommendations or steps taken to address performance concerns. Regardless of the time period reviewed by the Board, the Board recognized that shareholders may evaluate performance based on their own holding periods which may differ from the periods reviewed by the Board and lead to differing results.

In its review, the Board reviewed both absolute and relative fund performance during the annual review over the various time periods. With respect to the latter, the Board considered fund performance in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For Nuveen funds that had changes in portfolio managers or other significant changes to their investment strategies or policies since March 2019, the Board reviewed certain tracking performance data comparing the performance of such funds before and after such changes. With respect to certain Nuveen option overwrite funds, including the S&P Dynamic Fund, the Dow Fund, the Nasdaq Fund and the Core Equity Alpha Fund, the Board recognized, as applicable, the portfolio management and/or investment strategy changes adopted by such funds and considered the respective fund’s performance relative to its blended benchmark as well as the performance attributed to the equity portion

Annual Investment Management Agreement Approval Process (continued)

(Unaudited)

and the options portion of the fund’s portfolio for the trailing one-year periods ended December 31, 2021 and March 31, 2022. In addition, with respect to the S&P Buy-Write Fund, the Board reviewed data reflecting the performance of the Fund relative to its benchmark as well as the performance attributed to the equity portion and options portion of the Fund’s portfolio for the trailing one-year period ended March 31, 2022.

In considering performance data, the Board is aware of certain inherent limitations with such data, including that differences between the objective(s), strategies and other characteristics of the Nuveen funds compared to the respective Performance Peer Group and/or benchmark(s); differences in the composition of the Performance Peer Group over time; and differences in the types and/or levels of any leverage and related costs with that of the Performance Peer Group would all necessarily contribute to differences in performance results and limit the value of the comparative information. Further, the Board recognized the inherent limitations in comparing the performance of an actively managed fund to a benchmark index due to the fund’s pursuit of an investment strategy that does not directly follow the index. To assist the Board in its review of the comparability of the relative performance, the Adviser has ranked the relevancy of the peer group to the Funds as low, medium or high.

The Board also evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. In relation to general market conditions, the Board had recognized the recent periods in 2022 of general market volatility and underperformance. In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. Further, the Board recognized that the market and economic conditions may significantly impact a fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Accordingly, depending on the facts and circumstances including any differences between the respective Nuveen fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark or peer group for certain periods. However, with respect to any Nuveen funds for which the Board has identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any steps undertaken.

The secondary market trading of shares of the Nuveen closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore the Board and/or its Closed-end Fund committee reviews certain performance data reflecting, among other things, the premiums and discounts at which the shares of the closed-end funds have traded over specified periods throughout the year. In its review, the Board considers, among other things, changes to investment mandates and guidelines, distribution policies, leverage levels and types; share repurchases and similar capital market actions; and effective communications programs to build greater awareness and deepen understanding of closed-end funds.

The Board’s determinations with respect to each Fund are summarized below.

For the S&P Buy-Write Fund, the Board noted that although the Fund’s performance was below the performance of its benchmark for the one-year periods ended December 31, 2021 and March 31, 2022, the Fund outperformed its benchmark for the three- and five-year periods ended December 31, 2021 and March 31, 2022. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2021 and March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For the Dow Fund, the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2021 and the Fund ranked in the fourth quartile of its Performance Peer Group for the three-year period ended December 31, 2021, the Fund ranked in the third quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2021. The Fund’s performance also was below the performance of its blended benchmark for the one-, three- and five-year periods ended March 31, 2022 and although the Fund ranked in the fourth quartile of its Performance Peer Group for the one- and three-year periods ended March 31, 2022, the Fund ranked in the third quartile of its Performance Peer Group for the five-year period ended March 31, 2022. In considering performance, the Board recognized that the Performance Peer Group was classified as low for relevancy.

The Board also noted the changes to the Fund’s portfolio management team in 2020 and considered the performance of the Fund, its equity portfolio and its options portfolio since such changes for the trailing one-year period as of March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For the S&P Dynamic Fund, the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended December 31, 2021, the Fund ranked in the second quartile of its Performance Peer Group for such periods. Further, although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended March 31, 2022, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period ended March 31, 2022 and second quartile for the three- and five-year periods ended March 31, 2022. The Board also noted the changes to the Fund’s portfolio management team in 2020 and considered the performance of the Fund, its equity portfolio and its options portfolio since such changes for the trailing one-year period as of March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For the Nasdaq Fund, the Board noted that although the Fund’s performance was below the performance of its blended benchmark for the three- and five-year periods ended December 31, 2021, the Fund outperformed its blended benchmark for the one-year period ended December 31, 2021 and ranked in the second quartile of its Performance Peer Group for the one-year period ended December 31, 2021 and first quartile for the three- and five-year periods ended December 31, 2021. Further, although the Fund’s performance was below the performance of its blended benchmark for the one-, three- and five-year periods ended March 31, 2022, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period ended March 31, 2022 and first quartile of its Performance Peer Group for the three- and five-year periods ended March 31, 2022. In considering performance, the Board recognized that the Performance Peer Group was classified as low for relevancy. The Board also noted the changes to the Fund’s portfolio management team in 2020 and considered the performance of the Fund, its equity portfolio and its options portfolio since such changes for the trailing one-year period as of March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

For the Core Equity Alpha Fund, the Board noted that the Fund outperformed its blended benchmark for the one-, three- and five-year periods ended December 31, 2021 and ranked in the first quartile of its Performance Peer Group for such periods. The Board further noted that although the Fund’s performance was below the performance of its blended benchmark for the one-year period ended March 31, 2022, the Fund outperformed its blended benchmark for the three- and five-year periods ended March 31, 2022 and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended March 31, 2022. The Board further recognized the changes to the portfolio management team and strategy of the Fund effective October 26, 2020 and considered the Fund’s performance as well as the performance attributed to the equity portfolio and options portfolio of the Fund for the trailing one-year period ended March 31, 2022. Based on its review, the Board was generally satisfied with the Fund’s overall performance.

Fees, Expenses and Profitability

Fees and Expenses

As part of its annual review, the Board considered the contractual management fee and net management fee (the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Nuveen fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also considered the total operating expense ratio of a fund before and after any fee waivers and/or expense reimbursements. More specifically, the Independent Board Members reviewed, among other things, each fund’s gross and net management fee rates (i.e., before and after expense reimbursements and/or fee waivers, if any) and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”) established by Broadridge (subject to certain exceptions). The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe as well as changes to the composition of the Peer Universe from year to year may limit some of the value of the comparative data. The Independent Board Members take these limitations and differences into account when reviewing comparative peer data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund.

Annual Investment Management Agreement Approval Process (continued)

(Unaudited)

In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage) of six basis points or higher compared to that of its peer average (each, an “Expense Outlier Fund”) and an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) for certain of the closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Independent Board Members also considered, in relevant part, a fund’s net management fee and net total expense ratio in light of its performance history.

In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board noted that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by approximately $72.5 million and fund-level breakpoints reduced fees by approximately $89.1 million in 2021.

With respect to each Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund and comparative data of the fees the Sub-Adviser charges to other clients, if any. In its review, the Board recognized that the compensation paid to each Sub-Adviser is the responsibility of the Adviser, not the applicable Fund(s).

The Independent Board Members noted that each Fund had a net management fee and a net expense ratio that were below the respective peer averages.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

Comparisons with the Fees of Other Clients

In determining the appropriateness of fees, the Board also considered information regarding the fee rates the respective Fund Advisers charged to certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or NAM, such other clients may include: retail and institutional managed accounts advised by such Sub-Adviser; hedge funds or other structured products managed by such Sub-Adviser; investment companies offered outside the Nuveen family and sub-advised by such Sub-Adviser; foreign investment companies offered by Nuveen and sub-advised by such Sub-Adviser; and collective investment trusts sub-advised by such Sub-Adviser. The Board further noted that the Adviser also advised, and NAM sub-advised, certain exchange-traded funds (“ETFs”) sponsored by Nuveen. The Board recognized that NAM was an affiliated sub-adviser and, with respect to affiliated sub-advisers, the Board reviewed, among other things, the range of fees assessed for managed accounts, hedge funds (along with their performance fee), foreign investment companies and ETFs offered by Nuveen, as applicable. The Board also reviewed the fee range and average fee rate of certain selected investment strategies offered in retail and institutional managed accounts advised by NAM, the hedge funds advised by NAM (along with their performance fee) and non-Nuveen investment companies sub-advised by certain affiliated sub-advisers.

In considering the fee data of other clients, the Board recognized, among other things, that differences in the amount, type and level of services provided to the Nuveen funds relative to other types of clients as well as any differences in portfolio investment policies, the types of assets managed and related complexities in managing such assets, the entrepreneurial and other risks associated with a particular strategy, investor profiles, account sizes and regulatory requirements will contribute to the variations in the fee schedules. The Board recognized the breadth of services the Adviser had provided to the Nuveen funds compared to these other types of clients as the funds operate in a highly regulated industry with increasing regulatory requirements as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. Similarly, with respect to foreign funds, the Board recognized that the differences in the client base, governing bodies, distribution jurisdiction and operational complexities would also contribute to variations in management

fees of the Nuveen funds compared to those of the foreign funds. Further, with respect to ETFs, the Board considered that certain Nuveen ETFs were passively managed compared to the active management of other Nuveen funds which also contributed to the differences in fee levels between such Nuveen ETFs and the actively-managed funds. In general, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that NAM’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company.

The Board recognized that Gateway was an unaffiliated sub-adviser. With respect to Gateway, the Independent Board Members reviewed the average fee rates that such Sub-Adviser charges for other clients. The Independent Board Members noted that the Sub-Advisory Agreement with Gateway, including the fees thereunder, was the result of arm’s length negotiations and that Gateway’s fees were reasonable in relation to the fees it assessed other clients.

Profitability of Fund Advisers

In their review, the Independent Board Members considered information regarding Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2021 and 2020. The Board reviewed, among other things, the net margins (pre-tax) for Nuveen Investments, Inc. (“Nuveen Investments”), the gross and net revenue margins (pre- and post-tax and excluding distribution) and the revenues, expenses and net income (pre- and post-tax and before distribution expenses) of Nuveen Investments from the Nuveen funds only; and comparative profitability data comparing the operating margins of Nuveen Investments compared to the adjusted operating margins of certain peers that had publicly available data and with the most comparable assets under management (based on asset size and asset composition) for each of the last two calendar years. The Board also reviewed the revenues, expenses and operating margin (pre- and post-tax) the Adviser derived from its ETF product line for the 2021 and 2020 calendar years.

In reviewing the profitability data, the Independent Board Members recognized the subjective nature of calculating profitability as the information is not audited and is dependent on cost allocation methodologies to allocate corporate-wide overhead/shared service expenses, TIAA (defined below) corporate-wide overhead expenses and partially fund related expenses to the Nuveen complex and its affiliates and to further allocate such expenses between the Nuveen fund and non-fund businesses. The Independent Board Members reviewed a description of the cost allocation methodologies employed to develop the financial information, a summary of the history of changes to the methodology over the years from 2010 to 2021, and the net revenue margins derived from the Nuveen funds (pre-tax and including and excluding distribution) and total company margins from Nuveen Investments compared to the firm-wide adjusted operating margins of the peers for each calendar year from 2012 to 2021.

The Board had also appointed four Independent Board Members to serve as the Board’s liaisons, with the assistance of independent counsel, to review the development of the profitability data and to report to the full Board. In its evaluation, the Board, however, recognized that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results. The Independent Board Members also reviewed a summary of the key drivers that affected Nuveen’s revenues and expenses impacting profitability in 2021 versus 2020.

In reviewing the comparative peer data noted above, the Board considered that the operating margins of Nuveen Investments compared favorably to the peer group range of operating margins; however, the Independent Board Members also recognized the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.

Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). Accordingly, the Board also reviewed

Annual Investment Management Agreement Approval Process (continued)

(Unaudited)

a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2021 and 2020 calendar years to consider the financial strength of TIAA. The Board recognized the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also noted the reinvestments Nuveen, its parent and/or other affiliates made into its business through, among other things, the investment of seed capital in certain Nuveen funds and continued investments in enhancements to technological capabilities.

In addition to Nuveen, the Independent Board Members considered the profitability of each Sub-Adviser from its relationships with the Nuveen funds. In this regard, with respect to NAM, the Independent Board Members reviewed, among other things, NAM’s revenues, expenses and net revenue margins (pre- and post-tax) for its advisory activities to the respective funds for the calendar years ended December 31, 2021 and December 31, 2020. With respect to NAM, the Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for such Sub-Adviser for the calendar years ending December 31, 2021 and December 31, 2020 and the pre- and post-tax revenue margins from 2021 and 2020. With respect to Gateway, the Independent Board Members considered a profitability and margin analysis for such Sub-Adviser, generally including revenues, expenses and operating margins for the calendar years 2021 and 2020.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.

Based on a consideration of all the information provided, the Board noted that Nuveen’s and each Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.

Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds and whether these economies of scale have been appropriately shared with the funds. The Board recognized that although economies of scale are difficult to measure and certain expenses may not decline with a rise in assets, there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of Nuveen funds at scale at inception and investments in Nuveen’s business which can enhance the services provided to the funds for the fees paid. The Board noted that Nuveen generally has employed these various methods, and the Board considered the extent to which the Nuveen funds will benefit from economies of scale as their assets grow. In this regard, the Board recognized that the management fee of the Adviser is generally comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. The Board reviewed the fund-level and complex-level fee schedules. The Board considered that the fund-level breakpoint schedules are designed to share economies of scale with shareholders if the particular fund grows, and the complex-level breakpoint schedule is designed to deliver the benefits of economies of scale to shareholders when the eligible assets in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined. Further, with respect to the Nuveen closed-end funds, the Independent Board Members noted that, although such funds may from time to time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. As noted above, the Independent Board Members also recognized the continued reinvestment in Nuveen’s business.

Based on its review, the Board concluded that the current fee arrangements together with the reinvestment in Nuveen’s business appropriately shared any economies of scale with shareholders.

Indirect Benefits

The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Board considered the compensation that an affiliate of the Adviser received for serving as co-manager in the initial public offerings of new closed-end funds and for serving as an underwriter on shelf offerings of existing closed-end funds.

In addition, the Independent Board Members also noted that various sub-advisers (including NAM) may engage in soft dollar transactions pursuant to which they may receive the benefit of research products and other services provided by broker-dealers executing portfolio transactions on behalf of the applicable Nuveen funds. The Board noted, however, that NAM reimburses the equity funds that it sub-advises (subject to certain exceptions) for the research-related component of soft dollar commissions. In addition, the Board noted that any benefits for a sub-adviser when transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions.

The Board noted that Gateway does not participate in soft dollar arrangements with respect to Nuveen fund portfolio transactions.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the applicable Fund(s) were reasonable and within acceptable parameters.

Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

LOGO

Nuveen:

Serving Investors for Generations

Since 1898, financial professionals and their clients have relied on Nuveen to provide
dependable investment solutions through continued adherence to proven, long-term investing
principles. Today, we offer a range of high quality solutions designed to
be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.

Find out how we can help you.

To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial professional, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.

Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds


Nuveen Securities, LLC, member FINRA and SIPC \| 333 West Wacker Drive Chicago, IL 60606 \| www.nuveen.com				ESA-A-0622D 2329982-INV-B-08/23

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

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

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen S&P 500 Dynamic Overwrite Fund


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

Date: September 6, 2022

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


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

Date: September 6, 2022


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

Date: September 6, 2022

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) N-CSRSCertified semi-annual shareholder report (management investment company)