Certified Annual Shareholder Report for Management Investment Companies (n-csr)

Share Name	Share Symbol	Market	Type
Nuveen S&P 500 Buy Write Income Fund	NYSE:BXMX	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	0.02	0.14%	13.99	14.04	13.96	14.00	116,793	22:00:04

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		811-21619

Nuveen S&P 500 Buy-Write Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 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 policymaking roles.

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

ITEM 1. REPORTS TO STOCKHOLDERS.

LOGO

Closed-End Funds

December 31,

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

Annual 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)

Annual Shareholder Report for the period ending December 31, 2022

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

Each Fund pays quarterly common share distributions that seek to convert the Fund’s expected long-term total return potential into regular cash flow. As a result, the Funds’ regular common share distributions (presently $0.2365, $0.2867, $0.2940, $0.4934 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.

LOGO

Table of Contents


Chair’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Common Share Information			11

Performance Overview and Holding Summaries			15

Report of Independent Registered Public Accounting Firm			25

Portfolios of Investments			26

Statement of Assets and Liabilities			62

Statement of Operations			63

Statement of Changes in Net Assets			64

Financial Highlights			68

Notes to Financial Statements			72

Shareholder Update			84

Important Tax Information			112

Additional Fund Information			114

Glossary of Terms Used in this Report			115

Board Members & Officers			116

Chair’s Letter to Shareholders

LOGO

Dear Shareholders,

With more economic indicators pointing to a broadening contraction across the world’s economies, the conversation has shifted from debating whether a global recession would happen to considering how long and severe a recession would be. Higher than expected inflation has made the outcome more unpredictable, as it has dampened consumer sentiment, pushed central banks into raising interest rates more aggressively and contributed to considerable turbulence in the markets over the past year.

Inflation has surged partially due to pandemic-related supply chain bottlenecks, exacerbated by Russia’s war in Ukraine and China’s recurring COVID-19 lockdowns throughout the year until China’s zero-COVID policy effectively ended in December 2022. This necessitated forceful responses from the U.S. Federal Reserve (Fed) and other central banks, who signaled their intentions to slow inflation even if it meant tolerating materially slower economic growth and some softening in the labor market. In March 2022, the Fed began the fastest interest rate hiking cycle in its history, raising the target fed funds rate by 4.50% over a ten-month span to a range of 4.50% to 4.75% by January 2023. While inflation began to ease over the second half of 2022, it remains far higher than the Fed’s inflation target. Fed officials are closely monitoring inflation data and other economic measures to modify their rate setting policy based upon these factors and has more recently slowed the pace of monetary tightening. But additional rate hikes are expected until the Fed sees sustainable progress toward its inflation goals. Despite contracting in the first half of 2022, U.S. gross domestic product grew 2.1% in the year overall compared to 2021. Consumer spending remained relatively resilient in 2022, supported by a surprisingly strong labor market that suggested not all areas of the economy were weakening in unison.

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, we look forward to continuing to earn your trust in the months and years ahead.

LOGO

Terence J. Toth

Chair of the Board

February 23, 2023

Portfolio Managers’ Comments

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 Nuveen S&P 500 Buy-Write Income Fund (BXMX) features portfolio management by Gateway Investment Advisers, LLC (Gateway). The Fund’s portfolio managers are Kenneth H. Toft, Michael T. Buckius and Daniel M. Ashcraft. The Nuveen Dow 30^SM Dynamic Overwrite Fund (DIAX), Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Funds’ investment adviser. The Funds’ portfolio managers are David A. Friar, Phillip James (Jim) Campagna, CFA, Lei Liao, CFA and Darren Tran, CFA. The Nuveen Core Equity Fund (JCE) features portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser. The Fund’s portfolio managers are David A. Friar, Max A. Kozlov, CFA, and Pei Chen.

Here the Funds’ portfolio management teams review U.S. economic and financial market conditions, key investment strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2022. For more information on the Funds’ investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

What factors affected the U.S. economy and financial markets during the twelve-month reporting period ended December 31, 2022?

In 2022, the U.S. economy grew at a pace of 2.1%, normalizing from its rapid post-pandemic recovery in 2021 when it expanded 5.9%, according to the U.S. Bureau of Economic Analysis. Although a moderation was largely expected, gross domestic product (GDP) unexpectedly contracted in the first half of the year. China’s Zero-COVID restrictions (later lifted in December 2022) and the Russia-Ukraine war worsened existing pandemic-related supply chain disruptions and drove food and energy prices higher. Inflation rose more than expected over much of 2022, which pressured global central banks to respond with more aggressive measures and increased recession risks.

Beginning in March 2022, the U.S. Federal Reserve (Fed) raised its target fed funds rate seven times during the reporting period, bringing it from near zero at the start of the year to a range of 4.25% to 4.50%. In early 2023, after the close of the reporting period, the Fed raised its rate by 0.25% to a range of 4.50% to 4.75%. The Fed’s activity led to significant volatility in bond and stock markets in 2022. In addition, it contributed to a surge in the U.S. dollar’s value

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

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

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

Portfolio Managers’ Comments (continued)

relative to major world currencies, which acts as a headwind to the profits of international companies and U.S. domestic companies with overseas earnings. Global currency and bond markets were further roiled in September 2022 by an unpopular fiscal spending proposal in the U.K. but recovered after the plans were abandoned.

Inflation and higher borrowing costs weighed on consumer confidence and spending and notably cooled the housing market in 2022. However, the labor market, another key gauge of the economy’s health, remained resilient. By July 2022, the economy had recovered the 22 million jobs lost since the beginning of the pandemic. As of December 2022, the unemployment rate remained near its pre-pandemic low of 3.5%, although monthly job growth appeared to be slowing. The strong labor market and wage gains helped U.S. GDP return to expansion in the third and fourth quarters of 2022, growing at an annualized rate of 3.2% and 2.9%, respectively.

Inflation, the Russia-Ukraine war and rising interest rates all contributed to equity market losses during the reporting period. 2022 ranks as the fourth-worst calendar-year return for the S&P 500^® Index over the last 85 years. The S&P 500^® Index posted three consecutive losing quarters and ended 2022 with a partial recovery. Concerns over the pace and extent of monetary tightening were a key driver of each market decline, while rallies were mostly ignited by investor hopes of a Fed policy pivot towards a less hawkish, if not dovish, approach to achieving lower inflation without tipping the economy into recession. The year also ranked as one of the most volatile on record. Despite beginning the reporting period at a low of 16.60 on January 3, 2022, average implied volatility, as measured by the Cboe^® Volatility Index (the VIX^®), was 25.64, the sixth highest annual average since its 1990 inception.

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

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?

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

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

During the reporting period, the portfolio management team focused on opportunities in the written index call option portfolio. The team took advantage of elevated implied volatility levels to enhance cash flow potential, helping to offset a material portion of losses during equity market declines.

How did the Fund perform during the twelve-month reporting period ended December 31, 2022?

For the twelve-month reporting period ended December 31, 2022, BXMX performed in line with the Chicago Board Options Exchange (Cboe) S&P 500^® BuyWrite Index (BXM^SM). For purposes of this Performance Commentary, references to relative performance are in comparison to the BXM^SM.

The Fund’s equity portfolio performed in line with the equity component of the BXM^SM during the reporting period. Favorable sector allocation and stock selection in the financial and health care sectors contributed to the outperformance, while unfavorable stock selection in information technology sector detracted from performance. Similarly, the Fund’s options portfolio performed in line with the options component of the BXM^SM during the reporting period. The Fund’s active index call writing approach outperformed later in the reporting period, largely offsetting the

underperformance at the beginning of the reporting period. The active index call writing approach was particularly beneficial during periods when the equity market outperformed the BXM^SM. Specifically, during the equity market’s climb from mid-June through mid-August 2022, the Fund significantly outperformed the BXM^SM. Active adjustments to the Fund’s index call option portfolio were also beneficial relative to the BXM^SM during the equity market advance from mid-October through the end of November 2022.

Nuveen Dow 30^SM Dynamic Overwrite Fund (DIAX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?

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

Generally, if the portfolio management team expects the equity market to appreciate, the option overwrite percentage will be reduced to offer more potential upside capture. Likewise, if the portfolio management team expects equity markets to be flat or to decline, the option overwrite percentage may be increased, thus managing the Fund to potentially receive additional cash flow from higher sales of call options. This dynamic option overwrite approach offers the potential for greater equity market upside capture than the full option overwrite approach, while still offering a measure of downside risk management. The Fund currently expects to carry out its principal investment strategy by emphasizing options on broad-based indexes, individual stocks in the DJIA, and options on custom baskets of stocks, in addition to exchange-traded funds (ETFs). The Fund also has the opportunity to utilize call spread strategies and sell put options on a portion of the underlying equity portfolio.

During the reporting period, the portfolio management team varied the core option overwrite level between 38% and 72%. The average option overwrite level during the reporting period, which consisted primarily of calls written on the S&P 500^® Index, was in line with its long-term target.

How did the Fund perform during the twelve-month reporting period ended December 31, 2022?

For the twelve-month reporting period ended December 31, 2022, the Fund outperformed the DIAX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) DJIA BuyWrite Index (BXD^SM) and 2) 45% Dow Jones Industrial Average Index (DJIA). For purposes of this Performance Commentary, references to relative performance are in comparison to the DIAX Blended Benchmark.

The primary contributor to the Fund’s relative performance was call options sold on the S&P 500^® Index. The BXD^SM, which is a component of the DIAX Blended Benchmark, sells index call options on the DJIA. Because of its investment policies, the Fund is precluded from selling index call options on the DJIA and instead primarily sold call options on the S&P 500^® Index. This combination contributed to the Fund’s relative performance because the S&P 500^® Index significantly underperformed the DJIA for the reporting period. Lastly, single name options added to performance, including short positions in Salesforce Inc. and long positions in General Mills, Inc. and Lockheed Martin Corp.

The portfolio management team sold calls on the Russell 2000^® Index, sold put options on the S&P 500^® Index, bought and sold single name call options and bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX^®), however the impact of these positions on performance was minimal.

Portfolio Managers’ Comments (continued)

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?

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

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

During the reporting period, the portfolio management team varied the core option overwrite level between 38% and 66%. The average option overwrite level during the reporting period, which consisted primarily of calls written on the S&P 500^® Index, was in line with its long-term target. The portfolio management team also sold calls on the Russell 2000^® Index, sold put options on the S&P 500^® Index, bought and sold single name call options and bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX^®).

How did the Fund perform during the twelve-month reporting period ended December 31, 2022?

For the twelve-month reporting period ended December 31, 2022, the Fund underperformed the SPXX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) S&P 500^® BuyWrite Index (BXM^SM) and 2) 45% S&P 500^® Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the SPXX Blended Benchmark.

The primary detractor from the Fund’s relative performance was the variance in the option overwrite percentage. The underperformance occurred mostly in the first and third quarters, during which time the market’s declines were followed by sharp short-term market rallies. The portfolio management team sold calls on the Russell 2000^® Index, sold put options on the S&P 500^® Index, bought and sold single name call options, and bought puts and calls on the Chicago Board Options Exchange (Cboe) Volatility Index (the VIX^®), however the impact of these positions on performance was minimal.

Partially offsetting the Fund’s underperformance was the equity portfolio’s return. The outperformance of the equity portfolio was primarily driven by favorable stock selection in the healthcare and industrial sectors.

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?

QQQX seeks attractive total return with less volatility than the Nasdaq 100^® Index by investing in an equity portfolio that seeks to substantially replicate the price movements of the Nasdaq 100^® Index, as well as selling call options on

35% to 75% of the notional value of the Fund’s equity portfolio, with a long-run target of 55% in an effort to enhance the Fund’s risk-adjusted returns. The portfolio management team uses its proprietary view of the market’s return and volatility profile to dynamically adjust the option overwrite percentage and other factors. The strategy will consider the Fund’s tax position and employ techniques to improve after-tax shareholder outcomes.

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

During the reporting period, the portfolio management team varied the core option overwrite level between 35% and 63%. The average option overwrite during the reporting period, which consisted primarily of calls written on the Nasdaq 100^® Index, was in line with its long-term target.

How did the Fund perform during the twelve-month reporting period ended December 31, 2022?

For the twelve-month reporting period ended December 31, 2022, the Fund underperformed the QQQX Blended Benchmark, which is a blended return consisting of 1) 55% Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index (BXN^SM) and 2) 45% Nasdaq 100^® Index. For the purposes of this Performance Commentary, references to relative performance are in comparison to the QQQX Blended Benchmark.

The primary detractor from the Fund’s relative performance was the equity portfolio’s return, led by unfavorable stock selection in the communication, consumer staples, and industrials sectors, particularly a lack of exposure to T-Mobile, Pepsi, and Honeywell. In addition, the variance in the option overwrite percentage in the Fund detracted from relative performance.

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

Nuveen Core Equity Alpha Fund (JCE)

What key strategies were used to manage the Fund during the twelve-month reporting period ended December 31, 2022?

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

Portfolio Managers’ Comments (continued)

How did the Fund perform during the twelve-month reporting period ended December 31, 2022?

For the twelve-month reporting period ended December 31, 2022, the Fund underperformed the JCE Blended Benchmark, which is a blend of returns consisting of 1) 50% S&P 500^® Index and 2) 50% Chicago Board Options Exchange (Cboe) S&P 500^® BuyWrite Index (BXM^SM). For purposes of this Performance Commentary, references to relative performance are in comparison to the JCE Blended Benchmark.

The primary detractor from the Fund’s relative performance was the Fund’s option overwrite level, which was less than that of the JCE Blended Benchmark during the reporting period. The lower average overwrite percentage detracted from benchmark relative performance as equity markets declined during the reporting period.

The Fund’s underperformance was partially offset by the equity portfolio’s return, which outperformed the S&P 500^® Index. Underweight positions in Tesla Inc., Dow Inc. and Netflix Inc. all contributed to relative performance. As part of the model-driven security selection process, which is designed to select constituents from the S&P 500^® Index and the Russell 1000^® Index, the portfolio management team seeks to minimize tracking error while adhering to tax and concentration rules. The Fund utilized equity futures for cash management purposes during the reporting period, which had a negligible impact on relative performance.

Common Share Information

DISTRIBUTION INFORMATION

The following 19(a) Notice presents the Funds’ most current distribution information as of November 30, 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 NOVEMBER 30, 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 following table provides estimates of the Funds’ distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Funds attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year. It is estimated that DIAX, SPXX, QQQX and JCE have distributed more than their income and net realized capital gains; therefore, a portion of the distributions may be (and is shown below as being estimated to be) a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

The amounts and sources of distributions set forth below are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. Each Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. More details about the Funds’ distributions and the basis for these estimates are available on www.nuveen.com/cef.

Common Share Information (continued)

Data as of November 30, 2022*


			Estimated Per Share Sources of Distribution¹								Estimated Percentage of the Distribution¹
Fund	Per Share Distribution		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital		Net Investment Income			Long-Term Gains			Short-Term Gains			Return of Capital
BXMX (FYE 12/31)
Current Quarter	$	0.2365	$	0.0239	$	0.0224	$	0.1902	$	0.0000		10.1	%		9.5	%		80.4	%		0.0	%
Fiscal YTD	$	0.9460	$	0.0956	$	0.0897	$	0.7608	$	0.0000		10.1	%		9.5	%		80.4	%		0.0	%
DIAX (FYE 12/31)
Current Quarter	$	0.2867	$	0.0537	$	0.0405	$	0.0752	$	0.1173		18.7	%		14.1	%		26.2	%		40.9	%
Fiscal YTD	$	1.1468	$	0.2148	$	0.1619	$	0.3008	$	0.4693		18.7	%		14.1	%		26.2	%		40.9	%
SPXX (FYE 12/31)
Current Quarter	$	0.2940	$	0.0316	$	0.2407	$	0.0000	$	0.0217		10.7	%		81.9	%		0.0	%		7.4	%
Fiscal YTD	$	1.1760	$	0.1263	$	0.9629	$	0.0000	$	0.0868		10.7	%		81.9	%		0.0	%		7.4	%
QQQX (FYE 12/31)
Current Quarter	$	0.4934	$	0.0029	$	0.1721	$	0.2932	$	0.0252		0.6	%		34.9	%		59.4	%		5.1	%
Fiscal YTD	$	1.9736	$	0.0116	$	0.6883	$	1.1728	$	0.1009		0.6	%		34.9	%		59.4	%		5.1	%
JCE (FYE 12/31)
Current Quarter	$	0.3952	$	0.0235	$	0.0000	$	0.2963	$	0.0753		6.0	%		0.0	%		75.0	%		19.1	%
Fiscal YTD	$	1.5808	$	0.0942	$	0.0000	$	1.1854	$	0.3013		6.0	%		0.0	%		75.0	%		19.1	%

^*	Amounts may not total due to rounding.

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 November 30, 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	$	0.9460	$	13.19		5.01	%		7.17%		(8.99	)%		7.17%
DIAX	Apr-2005	$	0.2867	$	1.1468	$	16.80		4.33	%		6.83%		(2.04	)%		6.83%
SPXX	Nov-2005	$	0.2940	$	1.1760	$	15.63		5.69	%		7.52%		(11.68	)%		7.52%
QQQX	Jan-2007	$	0.4934	$	1.9736	$	21.46		5.75	%		9.20%		(22.80	)%		9.20%
JCE	Mar-2007	$	0.3952	$	1.5808	$	13.05		6.93	%		12.11%		(13.21	)%		12.11%

¹	As a percentage of 11/30/22 NAV.

DISTRIBUTION INFORMATION – AS OF DECEMBER 31, 2022

The following tables provide information regarding the Funds’ common share distributions and total return performance for the fiscal year ended December 31, 2022. This information is intended to help you better understand whether the Funds’ returns for the specified time period were sufficient to meet its distributions.

Data as of December 31, 2022


	Per Share Sources of Distribution										Percentage of the Distribution
Fund	Per Share Distribution		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital¹		Net Investment Income		Long-Term Gains		Short-Term Gains		Return of Capital¹
BXMX
Fiscal YTD		$0.9460		$0.0947		$0.5898		$0.2615		$0.0000		10.01%		62.35%		27.64%		0.00%
DIAX
Fiscal YTD		$1.1468		$0.1993		$0.6305		$0.2796		$0.0374		17.38%		54.98%		24.38%		3.26%
SPXX
Fiscal YTD		$1.1760		$0.1259		$1.0501		$0.0000		$0.0000		10.71%		89.29%		0.00%		0.00%
QQQX
Fiscal YTD		$1.9736		$0.0095		$1.5899		$0.3742		$0.0000		0.48%		80.56%		18.96%		0.00%
JCE
Fiscal YTD		$2.3311		$0.0986		$0.3112		$1.6241		$0.2972		4.23%		13.35%		69.67%		12.75%

Data as of December 31, 2022


				Annualized
Fund	Inception Date	Net Asset Value (NAV)		1-Year Return on NAV			5-Year Return on NAV			Fiscal YTD Dist Rate on NAV
BXMX	Oct-2004	$	12.57		(11.63	)%		4.27	%		7.53	%
DIAX	Apr-2005	$	16.19		(3.92	)%		3.59	%		7.08	%
SPXX	Nov-2005	$	14.80		(14.70	)%		4.71	%		7.95	%
QQQX	Jan-2007	$	19.61		(27.68	)%		4.23	%		10.06	%
JCE	Mar-2007	$	12.04		(17.30	)%		6.05	%		13.13	%

Return of Capital may represent unrealized gains, return of shareholder’s principal, or both. In certain circumstances, all or a portion of the return of capital may be characterized as ordinary income under federal tax law. The actual tax characterization will be provided to shareholders on Form 1099-DIV shortly after calendar year-end.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information, shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, SPXX and QQQX were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at

Common Share Information (continued)

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		639,749			3,280,964
Weighted average premium to NAV per common share sold		1.77	%		2.37	%

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, 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 December 31, 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		1,780,000		4,780,000		1,605,000

OTHER COMMON SHARE INFORMATION

As of December 31, 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	$	12.57		$	16.19		$	14.80		$	19.61		$	12.04
Common share price	$	12.65		$	15.51		$	16.12		$	20.43		$	13.54
Premium/(Discount) to NAV		0.64	%		(4.20	)%		8.92	%		4.18	%		12.46	%
Average premium/(discount) to NAV		(0.46	)%		(4.27	)%		2.59	%		2.20	%		2.47	%

BXMX

Nuveen S&P 500 Buy-Write Income Fund

Performance Overview and Holding Summaries as of December 31, 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 December 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
BXMX at Common Share NAV		(11.63)%		4.27%		6.78%
BXMX at Common Share Price		(7.09)%		4.79%		8.29%
Cboe S&P 500^® BuyWrite Index (BXM^SM)		(11.37)%		2.73%		5.71%

*	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 Stock			99.8%
Investments Purchased with Collateral from Securities Lending			0.0%
Repurchase Agreements			2.0%
Other Assets Less Liabilities			(1.8)%
Net Assets			100%

Top Five Common Stock Holdings

(% of total investments)


Apple Inc			6.1%
Microsoft Corp			5.6%
Alphabet Inc			3.2%
Amazon.com Inc			2.3%
Berkshire Hathaway Inc			2.2%

Portfolio Composition¹

(% of total investments)


Software			8.3%
Technology Hardware, Storage & Peripherals			6.2%
Pharmaceuticals			5.0%
Semiconductors & Semiconductor Equipment			5.0%
Oil, Gas & Consumable Fuels			4.7%
IT Services			4.5%
Interactive Media & Services			4.0%
Banks			3.8%
Health Care Providers & Services			3.6%
Capital Markets			2.6%
Biotechnology			2.5%
Internet & Direct Marketing Retail			2.4%
Health Care Equipment & Supplies			2.3%
Equity Real Estate Investment Trusts			2.3%
Specialty Retail			2.3%
Insurance			2.2%
Diversified Financial Services			2.2%
Hotels, Restaurants & Leisure			2.1%
Life Sciences Tools & Services			2.0%
Beverages			2.0%
Aerospace & Defense			1.9%
Machinery			1.8%
Chemicals			1.7%
Household Products			1.7%
Multi-Utilities			1.7%
Food & Staples Retailing			1.5%
Other			17.7%
Investments Purchased with Collateral from Securities Lending			0.0%
Repurchase Agreement			2.0%
Total			100%

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

DIAX

Nuveen Dow 30^SM Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of December 31, 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 December 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
DIAX at Common Share NAV		(3.92)%		3.59%		8.13%
DIAX at Common Share Price		(5.93)%		3.28%		8.94%
Dow Jones Industrial Average Index (DJIA)		(6.86)%		8.38%		12.30%
DIAX Blended Benchmark		(5.72)%		6.29%		8.66%

*	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 Stock			99.9%
Exchange-Traded Funds			0.7%
Repurchase Agreements			0.3%
Other Assets Less Liabilities			(0.9)%
Net Assets			100%

Top Five Common Stock Holdings

(% of total investments)


UnitedHealth Group Inc			10.4%
Goldman Sachs Group Inc/The			6.8%
Home Depot Inc/The			6.2%
McDonald’s Corp			5.2%
Amgen Inc			5.2%

Portfolio Composition¹

(% of total investments)


Health Care Providers & Services			10.4%
Software			7.3%
IT Services			6.9%
Capital Markets			6.8%
Industrial Conglomerates			6.6%
Specialty Retail			6.2%
Pharmaceuticals			5.7%
Hotels, Restaurants & Leisure			5.2%
Biotechnology			5.2%
Machinery			4.7%
Aerospace & Defense			3.8%
Insurance			3.7%
Oil, Gas & Consumable Fuels			3.5%
Food & Staples Retailing			3.5%
Household Products			3.0%
Consumer Finance			2.9%
Banks			2.6%
Technology Hardware, Storage & Peripherals			2.6%
Textiles, Apparel & Luxury Goods			2.3%
Entertainment			1.7%
Other			4.4%
Exchange-Traded Funds			0.7%
Repurchase Agreements			0.3%
Total			100%

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

SPXX

Nuveen S&P 500 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of December 31, 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 December 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
SPXX at Common Share NAV		(14.70)%		4.71%		7.29%
SPXX at Common Share Price		(6.79)%		5.56%		9.69%
S&P 500^® Index		(18.11)%		9.42%		12.56%
SPXX Blended Benchmark		(14.31)%		5.81%		8.82%

*	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 Stock			99.3%
Exchange-Traded Funds			1.1%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			0.4%
Other Assets Less Liabilities			(0.9)%
Net Assets			100%

Top Five Common Stock Holdings

(% of total investments)


Apple Inc			6.2%
Microsoft Corp			5.8%
Alphabet Inc			3.3%
Amazon.com Inc			2.4%
Berkshire Hathaway Inc			1.9%

Portfolio Composition¹

(% of total investments)


Software			8.6%
Technology Hardware, Storage & Peripherals			6.3%
Semiconductors & Semiconductor Equipment			5.1%
Pharmaceuticals			5.0%
Oil, Gas & Consumable Fuels			4.7%
Interactive Media & Services			4.3%
IT Services			4.2%
Banks			3.7%
Health Care Providers & Services			3.6%
Capital Markets			3.5%
Health Care Equipment & Supplies			2.9%
Equity Real Estate Investment Trusts			2.5%
Internet & Direct Marketing Retail			2.4%
Specialty Retail			2.4%
Biotechnology			2.4%
Beverages			2.2%
Hotels, Restaurants & Leisure			2.2%
Machinery			2.2%
Insurance			2.2%
Electric Utilities			2.1%
Diversified Financial Services			2.0%
Household Products			1.8%
Aerospace & Defense			1.8%
Life Sciences Tools & Services			1.7%
Food & Staples Retailing			1.7%
Other			16.9%
Exchange-Traded Funds			1.1%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			0.4%
Total			100%

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

QQQX

Nuveen Nasdaq 100 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of December 31, 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 December 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
QQQX at Common Share NAV		(27.68)%		4.23%		10.16%
QQQX at Common Share Price		(27.25)%		3.86%		10.77%
Nasdaq 100^® Index		(32.38)%		12.36%		16.45%
QQQX Blended Benchmark		(25.05)%		6.93%		10.84%

*	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 Stock			100.0%
Exchange-Traded Funds			0.5%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			0.1%
Other Assets Less Liabilities			(0.7)%
Net Assets			100%

Top Five Common Stock Holdings

(% of total investments)


Microsoft Corp			13.3%
Apple Inc			12.7%
Alphabet Inc			8.0%
Amazon.com Inc			6.2%
NVIDIA Corp			3.7%

Portfolio Composition¹

(% of total investments)


Software			19.2%
Semiconductors & Semiconductor Equipment			13.5%
Technology Hardware, Storage & Peripherals			12.7%
Interactive Media & Services			10.6%
Internet & Direct Marketing Retail			6.8%
Biotechnology			5.3%
Automobiles			2.9%
Communications Equipment			2.9%
Beverages			2.7%
Media			2.6%
Hotels, Restaurants & Leisure			2.6%
IT Services			2.3%
Food Products			1.8%
Other			13.4%
Exchange-Traded Funds			0.5%
Investments Purchased with Collateral from Securities Lending			0.1%
Repurchase Agreements			0.1%
Total			100%

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

JCE

Nuveen Core Equity Alpha Fund

Performance Overview and Holding Summaries as of December 31, 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 December 31, 2022*


	Average Annual
	1-Year		5-Year		10-Year
JCE at Common Share NAV		(17.30)%		6.05%		9.74%
JCE at Common Share Price		(14.07)%		8.78%		12.46%
S&P 500^® Index		(18.11)%		9.42%		12.56%
JCE Blended Benchmark		(14.65)%		6.15%		9.17%

*	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 Stock			99.0%
Exchange-Traded Funds			0.6%
Investments Purchased with Collateral from Securities Lending			0.3%
Repurchase Agreements			0.2%
Other Assets Less Liabilities			(0.1)%
Net Assets			100%

Top Five Common Stock Holdings

(% of total investments)


Apple Inc			6.6%
Microsoft Corp			5.8%
Alphabet Inc			3.3%
Amazon.com Inc			2.7%
Berkshire Hathaway Inc			2.4%

Portfolio Composition¹

(% of total investments)


Software			10.9%
Technology Hardware, Storage & Peripherals			6.6%
Oil, Gas & Consumable Fuels			5.8%
Health Care Providers & Services			5.4%
Interactive Media & Services			4.5%
IT Services			4.4%
Pharmaceuticals			4.1%
Life Sciences Tools & Services			3.8%
Health Care Equipment & Supplies			3.6%
Banks			3.3%
Semiconductors & Semiconductor Equipment			2.9%
Food & Staples Retailing			2.9%
Specialty Retail			2.8%
Internet & Direct Marketing Retail			2.7%
Hotels, Restaurants & Leisure			2.5%
Diversified Financial Services			2.5%
Electric Utilities			2.3%
Insurance			2.2%
Capital Markets			2.0%
Road & Rail			1.9%
Beverages			1.8%
Electronic Equipment, Instruments & Components			1.7%
Commercial Services & Supplies			1.7%
Other			16.6%
Exchange-Traded Funds			0.6%
Investments Purchased with Collateral from Securities Lending			0.3%
Repurchase Agreements			0.2%
Total			100%

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of

Nuveen S&P 500 Buy-Write Income Fund,

Nuveen Dow 30^SM Dynamic Overwrite Fund,

Nuveen S&P 500 Dynamic Overwrite Fund,

Nuveen Nasdaq 100 Dynamic Overwrite Fund and

Nuveen Core Equity Alpha Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen S&P 500 Buy-Write Income Fund, Nuveen Dow 30^SM Dynamic Overwrite Fund, Nuveen S&P 500 Dynamic Overwrite Fund, Nuveen Nasdaq 100 Dynamic Overwrite Fund and Nuveen Core Equity Alpha Fund (hereafter collectively referred to as the “Funds”) as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

February 28, 2023

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

BXMX

Nuveen S&P 500 Buy-Write
Income Fund

Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.8%

		COMMON STOCKS – 99.8% (2)

		Aerospace & Defense – 2.0%

	28,960	Boeing Co/The (3)	$	5,516,590
	9,566	HEICO Corp		1,469,720
	62,456	Howmet Aerospace Inc		2,461,391
	10,463	Northrop Grumman Corp		5,708,718
	99,428	Raytheon Technologies Corp		10,034,274
	4,597	Woodward Inc		444,116
		Total Aerospace & Defense		25,634,809

		Air Freight & Logistics – 0.7%

	8,966	FedEx Corp		1,552,911
	40,842	United Parcel Service Inc, Class B		7,099,973
		Total Air Freight & Logistics		8,652,884

		Airlines – 0.2%

	68,557	American Airlines Group Inc (3)		872,045
	47,025	United Airlines Holdings Inc (3)		1,772,842
		Total Airlines		2,644,887

		Auto Components – 0.1%

	50,606	Gentex Corp		1,380,025
	9,851	Goodyear Tire & Rubber Co (3)		99,988
		Total Auto Components		1,480,013

		Automobiles – 1.3%

	211,763	Ford Motor Co		2,462,804
	16,446	Harley-Davidson Inc		684,154
	110,669	Tesla Inc (3)		13,632,207
		Total Automobiles		16,779,165

		Banks – 3.9%

	81,507	Citigroup Inc		3,686,562
	26,341	Comerica Inc		1,760,896
	162,841	Fifth Third Bancorp		5,342,813
	51,859	First Horizon Corp		1,270,545
	132,821	JPMorgan Chase & Co		17,811,296
	165,652	KeyCorp		2,885,658
	14,051	M&T Bank Corp		2,038,238
	41,891	PNC Financial Services Group Inc/The		6,616,265
	195,504	Wells Fargo & Co		8,072,360
	31,763	Zions Bancorp NA		1,561,469
		Total Banks		51,046,102

		Beverages – 2.0%

	265,212	Coca-Cola Co		16,870,135
	134,640	Keurig Dr Pepper Inc		4,801,263
	47,494	Monster Beverage Corp (3)		4,822,066
		Total Beverages		26,493,464

		Biotechnology – 2.5%

	78,698	AbbVie Inc		12,718,384
	1,757	Alnylam Pharmaceuticals Inc (3)		417,551
	28,228	Amgen Inc		7,413,802
	9,647	Biogen Inc (3)		2,671,447
	9,243	BioMarin Pharmaceutical Inc (3)		956,558


Shares		Description (1)	Value

		Biotechnology (continued)

	2,000	Exact Sciences Corp (3)	$	99,020
	67,257	Gilead Sciences Inc		5,774,014
	15,810	Moderna Inc (3)		2,839,792
	3,237	Seagen Inc (3)		415,987
		Total Biotechnology		33,306,555

		Building Products – 0.4%

	15,381	Allegion plc		1,619,004
	23,666	Fortune Brands Innovations Inc		1,351,565
	43,726	Masco Corp		2,040,693
	23,666	MasterBrand Inc (3)		178,678
		Total Building Products		5,189,940

		Capital Markets – 2.7%

	83,608	Charles Schwab Corp/The		6,961,202
	23,102	CME Group Inc		3,884,832
	44,488	Intercontinental Exchange Inc		4,564,024
	53,398	Jefferies Financial Group Inc		1,830,483
	86,746	Morgan Stanley		7,375,145
	8,344	MSCI Inc		3,881,379
	19,659	S&P Global Inc		6,584,586
		Total Capital Markets		35,081,651

		Chemicals – 1.8%

	16,669	Chemours Co/The		510,405
	52,881	Corteva Inc		3,108,345
	53,214	Dow Inc		2,681,453
	42,507	DuPont de Nemours Inc		2,917,255
	23,362	Eastman Chemical Co		1,902,601
	30,588	Linde PLC		9,977,194
	10,656	Olin Corp		564,129
	14,399	RPM International Inc		1,403,183
		Total Chemicals		23,064,565

		Commercial Services & Supplies – 0.7%

	20,246	Waste Connections Inc		2,683,810
	37,983	Waste Management Inc		5,958,773
		Total Commercial Services & Supplies		8,642,583

		Communications Equipment – 1.0%

	19,049	Ciena Corp (3)		971,118
	220,344	Cisco Systems Inc		10,497,188
	5,140	Lumentum Holdings Inc (3)		268,154
	74,070	Viavi Solutions Inc (3)		778,476
		Total Communications Equipment		12,514,936

		Consumer Finance – 0.4%

	42,085	Discover Financial Services		4,117,176
	89,957	SLM Corp		1,493,286
		Total Consumer Finance		5,610,462

		Containers & Packaging – 0.5%

	9,313	Avery Dennison Corp		1,685,653
	20,677	Crown Holdings Inc		1,699,856
	15,364	Packaging Corp of America		1,965,209
	18,945	Sonoco Products Co		1,150,151
		Total Containers & Packaging		6,500,869

		Distributors – 0.2%

	51,888	LKQ Corp		2,771,338



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Diversified Financial Services – 2.2%

	93,321	Berkshire Hathaway Inc, Class B (3)	$	28,826,857

		Diversified Telecommunication Services – 1.2%

	379,832	AT&T Inc		6,992,707
	207,579	Verizon Communications Inc		8,178,613
		Total Diversified Telecommunication Services		15,171,320

		Electric Utilities – 1.2%

	90,850	Alliant Energy Corp		5,015,829
	22,757	Constellation Energy Corp		1,961,881
	58,152	Evergy Inc		3,659,505
	74,176	OGE Energy Corp		2,933,661
	29,198	Pinnacle West Capital Corp		2,220,216
		Total Electric Utilities		15,791,092

		Electrical Equipment – 0.8%

	54,146	Emerson Electric Co		5,201,264
	8,860	Hubbell Inc		2,079,265
	10,242	Rockwell Automation Inc		2,638,032
		Total Electrical Equipment		9,918,561

		Electronic Equipment, Instruments & Components – 0.5%

	20,728	CDW Corp/DE		3,701,606
	86,143	Corning Inc		2,751,408
		Total Electronic Equipment, Instruments & Components		6,453,014

		Energy Equipment & Services – 0.5%

	72,910	Halliburton Co		2,869,008
	77,600	Schlumberger Ltd		4,148,496
		Total Energy Equipment & Services		7,017,504

		Entertainment – 1.2%

	22,085	Netflix Inc (3)		6,512,425
	1,091	Roku Inc (3)		44,404
	85,224	Walt Disney Co (3)		7,404,261
	146,699	Warner Bros Discovery Inc (3)		1,390,706
		Total Entertainment		15,351,796

		Equity Real Estate Investment Trusts (Reits) – 2.4%

	97,035	American Homes 4 Rent, Class A		2,924,635
	30,488	American Tower Corp		6,459,188
	17,121	Apartment Income REIT Corp		587,422
	73,114	Apartment Investment and Management Co, Class A		520,572
	123,846	Brandywine Realty Trust		761,653
	55,269	CubeSmart		2,224,577
	51,595	Equity Commonwealth		1,288,327
	84,268	Healthcare Realty Trust Inc, Class A		1,623,844
	159,619	Invitation Homes Inc		4,731,107
	19,823	LXP Industrial Trust		198,626
	51,162	Sabra Health Care REIT Inc		635,944
	16,725	Sun Communities Inc		2,391,675
	59,317	Welltower Inc		3,888,229
	94,015	Weyerhaeuser Co		2,914,465
		Total Equity Real Estate Investment Trusts (Reits)		31,150,264

		Food & Staples Retailing – 1.5%

	4,507	Casey’s General Stores Inc		1,011,145
	24,465	Costco Wholesale Corp		11,168,272
	73,551	Kroger Co/The		3,278,904
	47,866	Sysco Corp		3,659,356
	15,913	US Foods Holding Corp (3)		541,360
		Total Food & Staples Retailing		19,659,037


Shares		Description (1)	Value

		Food Products – 1.0%

	71,353	Hormel Foods Corp	$	3,250,129
	133,397	Mondelez International Inc, Class A		8,890,910
	12,100	Post Holdings Inc (3)		1,092,146
		Total Food Products		13,233,185

		Gas Utilities – 0.2%

	23,637	Atmos Energy Corp		2,648,998
	2,933	National Fuel Gas Co		185,659
		Total Gas Utilities		2,834,657

		Health Care Equipment & Supplies – 2.4%

	98,976	Abbott Laboratories		10,866,575
	19,319	Alcon Inc		1,324,318
	7,646	Avanos Medical Inc (3)		206,901
	49,755	Baxter International Inc		2,536,012
	130,178	Boston Scientific Corp (3)		6,023,336
	8,009	IDEXX Laboratories Inc (3)		3,267,352
	89,338	Medtronic PLC		6,943,349
		Total Health Care Equipment & Supplies		31,167,843

		Health Care Providers & Services – 3.7%

	20,430	Cigna Corp		6,769,276
	69,178	CVS Health Corp		6,446,698
	15,832	Elevance Health Inc		8,121,341
	16,250	HCA Inc		3,899,350
	43,595	UnitedHealth Group Inc		23,113,197
		Total Health Care Providers & Services		48,349,862

		Health Care Technology – 0.1%

	6,414	Veeva Systems Inc, Class A (3)		1,035,091

		Hotels, Restaurants & Leisure – 2.1%

	2,484	Booking Holdings Inc (3)		5,005,955
	31,485	Marriott International Inc/MD, Class A		4,687,802
	39,518	McDonald’s Corp		10,414,178
	16,077	Restaurant Brands International Inc		1,039,700
	67,125	Starbucks Corp		6,658,800
		Total Hotels, Restaurants & Leisure		27,806,435

		Household Durables – 0.3%

	16,552	Garmin Ltd		1,527,584
	32,919	KB Home		1,048,470
	6,575	TopBuild Corp (3)		1,028,922
		Total Household Durables		3,604,976

		Household Products – 1.7%

	144,112	Procter & Gamble Co/The		21,841,615
	13,445	Spectrum Brands Holdings Inc		819,069
		Total Household Products		22,660,684

		Industrial Conglomerates – 1.4%

	38,682	3M Co		4,638,745
	60,545	General Electric Co		5,073,066
	40,807	Honeywell International Inc		8,744,940
		Total Industrial Conglomerates		18,456,751

		Insurance – 2.3%

	28,004	Allstate Corp/The		3,797,342
	37,438	Arthur J Gallagher & Co		7,058,560
	37,130	CNO Financial Group Inc		848,420
	1,603	F&G Annuities & Life Inc (3)		32,076
	23,577	Fidelity National Financial Inc		886,967



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Insurance (continued)

	16,078	Genworth Financial Inc, Class A (3)	$	85,053
	38,545	Hartford Financial Services Group Inc/The		2,922,867
	4,703	Kemper Corp		231,388
	33,540	Lincoln National Corp		1,030,349
	7,573	RenaissanceRe Holdings Ltd		1,395,174
	32,951	Travelers Cos Inc/The		6,177,983
	71,665	W R Berkley Corp		5,200,729
		Total Insurance		29,666,908

		Interactive Media & Services – 4.1%

	268,491	Alphabet Inc, Class A (3)		23,688,961
	209,307	Alphabet Inc, Class C (3)		18,571,810
	93,805	Meta Platforms Inc (3)		11,288,494
		Total Interactive Media & Services		53,549,265

		Internet & Direct Marketing Retail – 2.4%

	371,437	Amazon.com Inc (3)		31,200,708
	5,685	JD.com Inc, ADR		319,099
		Total Internet & Direct Marketing Retail		31,519,807

		IT Services – 4.5%

	34,892	Accenture PLC, Class A		9,310,581
	20,604	Akamai Technologies Inc (3)		1,736,917
	28,578	Automatic Data Processing Inc		6,826,141
	15,971	Broadridge Financial Solutions Inc		2,142,190
	39,198	Fidelity National Information Services Inc		2,659,584
	39,289	Mastercard Inc		13,661,964
	55,304	PayPal Holdings Inc (3)		3,938,751
	9,442	Twilio Inc, Class A (3)		462,280
	14,844	VeriSign Inc (3)		3,049,552
	75,786	Visa Inc, Class A		15,745,300
		Total IT Services		59,533,260

		Leisure Products – 0.1%

	25,861	Mattel Inc (3)		461,360
	6,048	Polaris Inc		610,848
		Total Leisure Products		1,072,208

		Life Sciences Tools & Services – 2.0%

	38,822	Danaher Corp		10,304,135
	10,529	Illumina Inc (3)		2,128,964
	21,185	Thermo Fisher Scientific Inc		11,666,368
	7,519	Waters Corp (3)		2,575,859
		Total Life Sciences Tools & Services		26,675,326

		Machinery – 1.9%

	29,025	Caterpillar Inc		6,953,229
	13,565	Deere & Co		5,816,130
	31,851	Graco Inc		2,142,298
	39,784	Otis Worldwide Corp		3,115,485
	15,767	Parker-Hannifin Corp		4,588,197
	16,044	Stanley Black & Decker Inc		1,205,225
	10,383	Timken Co/The		733,767
		Total Machinery		24,554,331

		Media – 0.7%

	216,324	Comcast Corp, Class A		7,564,850
	17,899	New York Times Co/The, Class A		581,002
	78,489	News Corp, Class A		1,428,500
		Total Media		9,574,352

		Metals & Mining – 0.4%

	15,262	Arconic Corp (3)		322,944


Shares		Description (1)	Value

		Metals & Mining (continued)

	42,845	Newmont Corp	$	2,022,284
	20,588	Nucor Corp		2,713,704
		Total Metals & Mining		5,058,932

		Mortgage Real Estate Investment Trusts (REITs) – 0.0%

	6,700	Annaly Capital Management Inc		141,236

		Multiline Retail – 0.4%

	25,320	Macy’s Inc		522,858
	16,563	Nordstrom Inc (4)		267,327
	31,203	Target Corp		4,650,495
		Total Multiline Retail		5,440,680

		Multi-Utilities – 1.7%

	80,101	Ameren Corp		7,122,581
	17,519	NorthWestern Corp		1,039,578
	105,501	Public Service Enterprise Group Inc		6,464,046
	81,221	WEC Energy Group Inc		7,615,281
		Total Multi-Utilities		22,241,486

		Oil, Gas & Consumable Fuels – 4.8%

	44,283	Cenovus Energy Inc		859,533
	8,394	Cheniere Energy Inc		1,258,764
	84,740	Chevron Corp		15,209,983
	9,675	CNX Resources Corp (3)		162,927
	81,811	ConocoPhillips		9,653,698
	183,113	Exxon Mobil Corp		20,197,364
	25,709	Hess Corp		3,646,050
	30,656	Marathon Petroleum Corp		3,568,052
	17,934	Ovintiv Inc		909,433
	26,554	Phillips 66		2,763,740
	26,407	Suncor Energy Inc		837,894
	25,961	Valero Energy Corp		3,293,413
		Total Oil, Gas & Consumable Fuels		62,360,851

		Personal Products – 0.0%

	15,340	BellRing Brands Inc (3)		393,318

		Pharmaceuticals – 5.1%

	105,941	Bristol-Myers Squibb Co		7,622,455
	36,480	Eli Lilly & Co		13,345,843
	115,829	Johnson & Johnson		20,461,193
	112,570	Merck & Co Inc		12,489,641
	241,787	Pfizer Inc		12,389,166
		Total Pharmaceuticals		66,308,298

		Professional Services – 0.3%

	29,484	CoStar Group Inc (3)		2,278,524
	9,803	ManpowerGroup Inc		815,708
	23,554	TransUnion		1,336,689
		Total Professional Services		4,430,921

		Road & Rail – 0.9%

	30,324	Canadian Pacific Railway Ltd		2,261,867
	4,425	Lyft Inc, Class A (3)		48,763
	21,947	Norfolk Southern Corp		5,408,180
	11,774	Old Dominion Freight Line Inc		3,341,226
	31,571	Uber Technologies Inc (3)		780,751
		Total Road & Rail		11,840,787

		Semiconductors & Semiconductor Equipment – 5.1%

	82,790	Advanced Micro Devices Inc (3)		5,362,308
	56,923	Applied Materials Inc		5,543,162
	20,036	Broadcom Inc		11,202,729



BXMX		Nuveen S&P 500 Buy-Write Income Fund (continued)
BXMX		Portfolio of Investments December 31, 2022


Shares		Description (1)			Value

		Semiconductors & Semiconductor Equipment (continued)

	7,284	Enphase Energy Inc (3)			$	1,929,969
	203,100	Intel Corp				5,367,933
	10,447	Lam Research Corp				4,390,874
	32,109	Marvell Technology Inc				1,189,317
	62,434	Micron Technology Inc				3,120,451
	111,295	NVIDIA Corp				16,264,651
	23,765	NXP Semiconductors NV				3,755,583
	36,779	ON Semiconductor Corp (3)				2,293,906
	53,276	QUALCOMM Inc				5,857,164
		Total Semiconductors & Semiconductor Equipment				66,278,047

		Software – 8.5%

	23,165	Adobe Inc (3)				7,795,717
	15,194	Autodesk Inc (3)				2,839,303
	16,990	Black Knight Inc (3)				1,049,132
	10,744	Check Point Software Technologies Ltd (3)				1,355,463
	48,865	Fortinet Inc (3)				2,389,010
	313,964	Microsoft Corp				75,294,846
	81,715	Oracle Corp				6,679,384
	9,327	Palo Alto Networks Inc (3)				1,301,490
	47,152	Salesforce Inc (3)				6,251,884
	12,353	ServiceNow Inc (3)				4,796,299
	9,651	VMware Inc, Class A				1,184,757
		Total Software				110,937,285

		Specialty Retail – 2.3%

	8,358	American Eagle Outfitters Inc				116,678
	24,636	Best Buy Co Inc				1,976,053
	4,047	Burlington Stores Inc (3)				820,570
	14,810	CarMax Inc (3)				901,781
	4,736	Five Below Inc (3)				837,656
	50,051	Home Depot Inc/The				15,809,109
	38,481	Lowe’s Cos Inc				7,666,954
	4,641	Ulta Beauty Inc (3)				2,176,954
		Total Specialty Retail				30,305,755

		Technology Hardware, Storage & Peripherals – 6.3%

	630,066	Apple Inc				81,864,476
	26,933	Dell Technologies Inc, Class C				1,083,245
		Total Technology Hardware, Storage & Peripherals				82,947,721

		Textiles, Apparel & Luxury Goods – 0.7%

	6,689	Kontoor Brands Inc				267,493
	3,315	Lululemon Athletica Inc (3)				1,062,060
	72,500	NIKE Inc, Class B				8,483,225
		Total Textiles, Apparel & Luxury Goods				9,812,778

		Thrifts & Mortgage Finance – 0.0%

	48,313	MGIC Investment Corp				628,069

		Tobacco – 0.5%

	148,308	Altria Group Inc				6,779,159
		Total Long-Term Investments (cost $582,187,510)				1,305,953,932

Shares		Description (1)	Coupon		Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.0 %

		MONEY MARKET FUNDS – 0.0%

	12,408	State Street Navigator Securities Lending Government Money Market Portfolio (5)		4.340% (6)	$	12,408
		Total Investments Purchased with Collateral from Securities Lending (cost $12,408)				12,408

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 2.0%

REPURCHASE AGREEMENTS – 2.0%

26,896

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 12/30/22, repurchase price $26,900,320,
collateralized by $26,631,400, U.S. Treasury Notes,
4.25% due 11/15/40, value $27,434,497

1.280%

1/03/23

26,896,495

Total Short-Term Investments (cost $26,896,495)

26,896,495

Total Investments (cost $609,096,413) – 101.8%

1,332,862,835

Other Assets Less Liabilities – (1.8)% (7)

(24,106,443

)

Net Assets Applicable to Common Shares – 100%

1,308,756,392

Investments in Derivatives

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
S&P 500^® Index		Call		(374	)	$	(143,990,000	)	$	3,850		1/20/23	$	(2,690,930	)
S&P 500^® Index		Call		(378	)		(154,035,000	)		4,075		1/20/23		(232,470	)
S&P 500^® Index		Call		(377	)		(154,570,000	)		4,100		1/20/23		(162,110	)
S&P 500^® Index		Call		(378	)		(148,365,000	)		3,925		1/31/23		(1,999,620	)
S&P 500^® Index		Call		(374	)		(143,055,000	)		3,825		2/17/23		(5,063,960	)
S&P 500^® Index		Call		(378	)		(147,420,000	)		3,900		2/17/23		(3,598,560	)
S&P 500^® Index		Call		(370	)		(146,150,000	)		3,950		2/17/23		(2,689,900	)
S&P 500^® Index		Call		(373	)		(148,267,500	)		3,975		2/17/23		(2,348,035	)
S&P 500^® Index		Call		(373	)		(145,470,000	)		3,900		3/17/23		(4,910,545	)
Total Options Written (premiums received $39,360,041)				(3,375	)	$	(1,331,322,500	)					$	(23,696,130	)

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)	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 $12,137.

(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)

Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, 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.

(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

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 December 31, 2022


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.6%

		COMMON STOCKS – 99.9%

		Aerospace & Defense – 3.8%

	116,972	Boeing Co/The (2)	$	22,281,996

		Banks – 2.7%

	116,972	JPMorgan Chase & Co		15,685,945

		Beverages – 1.3%

	116,972	Coca-Cola Co		7,440,589

		Biotechnology – 5.2%

	116,972	Amgen Inc (3)		30,721,526

		Capital Markets – 6.8%

	116,972	Goldman Sachs Group Inc/The (3)		40,165,845

		Chemicals – 1.0%

	116,972	Dow Inc		5,894,219

		Communications Equipment – 1.0%

	116,972	Cisco Systems Inc		5,572,546

		Consumer Finance – 2.9%

	116,972	American Express Co		17,282,613

		Diversified Telecommunication Services – 0.8%

	116,972	Verizon Communications Inc		4,608,697

		Entertainment – 1.7%

	116,972	Walt Disney Co (2)		10,162,528

		Food & Staples Retailing – 3.6%

	116,972	Walgreens Boots Alliance Inc		4,370,074
	116,972	Walmart Inc		16,585,460
		Total Food & Staples Retailing		20,955,534

		Health Care Providers & Services – 10.5%

	116,972	UnitedHealth Group Inc		62,016,215

		Hotels, Restaurants & Leisure – 5.2%

	116,972	McDonald’s Corp (3)		30,825,631

		Household Products – 3.0%

	116,972	Procter & Gamble Co/The		17,728,276

		Industrial Conglomerates – 6.6%

	116,972	3M Co		14,027,282
	116,972	Honeywell International Inc		25,067,100
		Total Industrial Conglomerates		39,094,382

		Insurance – 3.7%

	116,972	Travelers Cos Inc/The		21,931,080

		IT Services – 6.9%

	116,972	International Business Machines Corp		16,480,185


Shares		Description (1)					Value

		IT Services (continued)

	116,972	Visa Inc, Class A					$	24,302,103
		Total IT Services						40,782,288

		Machinery – 4.8%

	116,972	Caterpillar Inc						28,021,812

		Oil, Gas & Consumable Fuels – 3.6%

	116,972	Chevron Corp						20,995,304

		Pharmaceuticals – 5.7%

	116,972	Johnson & Johnson						20,663,104
	116,972	Merck & Co Inc						12,978,043
		Total Pharmaceuticals						33,641,147

		Semiconductors & Semiconductor Equipment – 0.5%

	116,972	Intel Corp						3,091,570

		Software – 7.4%

	116,972	Microsoft Corp (3)						28,052,225
	116,972	Salesforce Inc (2)						15,509,318
		Total Software						43,561,543

		Specialty Retail – 6.3%

	116,972	Home Depot Inc/The						36,946,776

		Technology Hardware, Storage & Peripherals – 2.6%

	116,972	Apple Inc (3)						15,198,172

		Textiles, Apparel & Luxury Goods – 2.3%

	116,972	NIKE Inc, Class B						13,686,894
		Total Common Stocks (cost $244,397,058)						588,293,128

Shares		Description (1)					Value

		EXCHANGE-TRADED FUNDS – 0.7%

	20,000	Vanguard Total Stock Market ETF						3,823,800
		Total Exchange-Traded Funds (cost $3,801,566)						3,823,800
		Total Long-Term Investments (cost $248,198,624)						592,116,928

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

		SHORT-TERM INVESTMENTS – 0.3%

		REPURCHASE AGREEMENTS – 0.3%

$	1,891,323	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $1,891,592, collateralized by $1,872,700, U.S. Treasury Note, 4.25%, due 11/15/40, value $1,929,173		1.280%		1/03/23	$	1,891,323
		Total Short-Term Investments (cost $1,891,323)						1,891,323
		Total Investments (cost $250,089,947) – 100.9%						594,008,251
		Other Assets Less Liabilities – (0.9)% (4)						(5,298,132	)
		Net Assets Applicable to Common Shares – 100%					$	588,710,119



DIAX		Nuveen Dow 30^SM Dynamic Overwrite Fund (continued)
DIAX		Portfolio of Investments December 31, 2022

Investments in Derivatives

Options Purchased


Description (5)	Type		Number of Contracts		Notional Amount (6)		Exercise Price		Expiration Date		Value
CBOE Volatility Index		Call		100	$	300,000	$	30		1/18/23	$	4,000
Fidelity National Information Services Inc		Call		100		850,000		85		1/20/23		250
Amazon.com Inc		Call		100		1,100,000		110		1/20/23		550
Total Options Purchased (premiums paid $22,263)				300	$	2,250,000					$	4,800

Options Written


Description (5)	Type		Number of Contracts			Notional Amount (6)			Exercise Price		Expiration Date		Value
Merck & Co Inc		Call		(100	)	$	(1,150,000	)	$	115		1/20/23	$	(6,950	)
McDonald’s Corp		Call		(70	)		(2,030,000	)		290		1/20/23		(525	)
S&P 500^® Index		Call		(660	)		(254,100,000	)		3,850		1/20/23		(4,748,700	)
S&P 500^® Index		Call		(40	)		(16,000,000	)		4,000		1/20/23		(66,200	)
Total Options Written (premiums received $6,700,474)				(870	)	$	(273,280,000	)					$	(4,822,375	)

(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 December 31, 2022


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.4%

		COMMON STOCKS – 99.3%

		Aerospace & Defense – 1.8%

	243	Axon Enterprise Inc (2)	$	40,321
	6,047	Boeing Co/The (2)		1,151,893
	1,033	BWX Technologies Inc		59,997
	341	Curtiss-Wright Corp		56,944
	2,029	HEICO Corp		311,735
	2,947	Lockheed Martin Corp		1,433,686
	16,848	Raytheon Technologies Corp		1,700,300
		Total Aerospace & Defense		4,754,876

		Air Freight & Logistics – 0.7%

	453	Atlas Air Worldwide Holdings Inc (2)		45,662
	935	GXO Logistics Inc (2)		39,915
	9,091	United Parcel Service Inc, Class B		1,580,379
	2,805	XPO Inc (2)		93,379
		Total Air Freight & Logistics		1,759,335

		Airlines – 0.1%

	942	Copa Holdings SA, Class A (2)		78,346
	3,101	Frontier Group Holdings Inc (2)		31,847
	5,123	JetBlue Airways Corp (2)		33,197
	3,683	Spirit Airlines Inc		71,745
		Total Airlines		215,135

		Auto Components – 0.2%

	890	Adient PLC (2)		30,874
	606	Fox Factory Holding Corp (2)		55,285
	1,876	Goodyear Tire & Rubber Co (2)		19,041
	2,778	Lear Corp		344,528
	742	Visteon Corp (2)		97,076
		Total Auto Components		546,804

		Automobiles – 1.0%

	5,520	Fisker Inc (2),(3)		40,130
	2,305	Harley-Davidson Inc		95,888
	5,385	Lucid Group Inc (2),(3)		36,780
	1,133	Rivian Automotive Inc, Class A (2)		20,881
	18,449	Tesla Inc (2)		2,272,548
	1,369	Thor Industries Inc		103,346
		Total Automobiles		2,569,573

		Banks – 3.7%

	66,289	Bank of America Corp		2,195,492
	24,922	Citigroup Inc		1,127,222
	1,105	Cullen/Frost Bankers Inc		147,738
	262	First Citizens BancShares Inc/NC, Class A		198,690
	13,281	First Horizon Corp		325,385
	28,382	JPMorgan Chase & Co		3,806,026
	1,034	Popular Inc		68,575
	1,205	Renasant Corp		45,296
	1,095	Synovus Financial Corp		41,117
	650	Texas Capital Bancshares Inc (2)		39,202
	2,094	United Community Banks Inc/GA		70,777
	2,227	Webster Financial Corp		105,426
	35,245	Wells Fargo & Co		1,455,266
	1,431	Western Alliance Bancorp		85,230



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Banks (continued)

	1,884	Wintrust Financial Corp	$	159,236
		Total Banks		9,870,678

		Beverages – 2.3%

	188	Boston Beer Co Inc/The, Class A (2)		61,950
	46,630	Coca-Cola Co		2,966,134
	16,493	PepsiCo Inc		2,979,625
		Total Beverages		6,007,709

		Biotechnology – 2.4%

	16,944	AbbVie Inc		2,738,320
	2,527	Alkermes PLC (2)		66,030
	6,353	Amgen Inc (4)		1,668,552
	1,713	Exact Sciences Corp (2)		84,811
	4,414	Exelixis Inc (2)		70,801
	1,972	Halozyme Therapeutics Inc (2)		112,207
	551	Horizon Therapeutics Plc (2)		62,704
	787	Ionis Pharmaceuticals Inc (2)		29,725
	253	Karuna Therapeutics Inc (2)		49,714
	462	Mirati Therapeutics Inc (2)		20,933
	1,283	Neurocrine Biosciences Inc (2)		153,241
	632	Sarepta Therapeutics Inc (2)		81,895
	790	Seagen Inc (2)		101,523
	502	United Therapeutics Corp (2)		139,601
	3,439	Vertex Pharmaceuticals Inc (2)		993,114
		Total Biotechnology		6,373,171

		Building Products – 0.4%

	726	Advanced Drainage Systems Inc		59,510
	1,139	Carlisle Cos Inc		268,405
	1,359	Lennox International Inc		325,114
	2,476	Owens Corning		211,203
	548	Simpson Manufacturing Co Inc		48,586
	397	Trex Co Inc (2)		16,805
		Total Building Products		929,623

		Capital Markets – 3.5%

	713	Affiliated Managers Group Inc		112,961
	1,880	BlackRock Inc		1,332,224
	15,100	Charles Schwab Corp/The		1,257,226
	4,266	CME Group Inc		717,370
	820	Coinbase Global Inc, Class A (2)		29,020
	1,462	Federated Hermes Inc		53,085
	4,325	Goldman Sachs Group Inc/The		1,485,118
	492	Hamilton Lane Inc, Class A		31,429
	496	Houlihan Lokey Inc		43,231
	962	Interactive Brokers Group Inc, Class A		69,601
	8,753	Intercontinental Exchange Inc		897,970
	1,228	Janus Henderson Group PLC		28,883
	5,343	KKR & Co Inc		248,022
	1,234	Lazard Ltd, Class A		42,783
	269	LPL Financial Holdings Inc		58,150
	15,489	Morgan Stanley		1,316,875
	3,649	Robinhood Markets Inc, Class A (2)		29,703
	4,479	S&P Global Inc		1,500,196
		Total Capital Markets		9,253,847

		Chemicals – 1.1%

	1,939	Ashland Inc		208,501
	1,074	Avient Corp		36,258
	337	Balchem Corp		41,151
	4,387	Cabot Corp		293,227
	7,188	Chemours Co/The		220,096
	15,298	Element Solutions Inc		278,271
	3,334	HB Fuller Co		238,781


Shares		Description (1)	Value

		Chemicals (continued)

	1,130	Ingevity Corporation (2)	$	79,597
	2,479	Livent Corp (2)		49,258
	765	Minerals Technologies Inc		46,451
	152	NewMarket Corp		47,289
	5,989	Olin Corp		317,058
	5,603	RPM International Inc		546,012
	3,550	Scotts Miracle-Gro Co/The		172,494
	1,517	Sensient Technologies Corp		110,620
	577	Stepan Co		61,427
	8,818	Tronox Holdings PLC		120,895
	1,434	Valvoline Inc		46,820
		Total Chemicals		2,914,206

		Commercial Services & Supplies – 0.1%

	638	Clean Harbors Inc (2)		72,809
	2,741	GEO Group Inc/The (2),(3)		30,014
	2,022	IAA Inc (2)		80,880
	1,037	Stericycle Inc (2)		51,736
	258	UniFirst Corp/MA		49,791
		Total Commercial Services & Supplies		285,230

		Communications Equipment – 1.1%

	45,597	Cisco Systems Inc		2,172,241
	851	Lumentum Holdings Inc (2)		44,397
	2,450	Motorola Solutions Inc		631,389
		Total Communications Equipment		2,848,027

		Construction & Engineering – 0.1%

	740	EMCOR Group Inc		109,602
	595	MasTec Inc (2)		50,771
	54	Valmont Industries Inc		17,856
	3,189	WillScot Mobile Mini Holdings Corp (2)		144,047
		Total Construction & Engineering		322,276

		Consumer Finance – 0.4%

	6,691	American Express Co		988,595
	12,265	SoFi Technologies Inc (2)		56,542
		Total Consumer Finance		1,045,137

		Containers & Packaging – 0.4%

	438	AptarGroup Inc		48,171
	860	Berry Global Group Inc		51,970
	5,526	Crown Holdings Inc		454,293
	10,647	Graphic Packaging Holding Co		236,896
	974	Silgan Holdings Inc		50,492
	2,568	Sonoco Products Co		155,903
		Total Containers & Packaging		997,725

		Diversified Consumer Services – 0.0%

	477	Bright Horizons Family Solutions Inc (2)		30,099
	1,227	Service Corp International/US		84,835
		Total Diversified Consumer Services		114,934

		Diversified Financial Services – 2.1%

	16,125	Berkshire Hathaway Inc, Class B (2)		4,981,013
	8,363	Equitable Holdings Inc		240,018
	5,055	Voya Financial Inc		310,832
		Total Diversified Financial Services		5,531,863

		Diversified Telecommunication Services – 1.0%

	64,987	AT&T Inc		1,196,411
	36,333	Verizon Communications Inc		1,431,520
		Total Diversified Telecommunication Services		2,627,931



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Electric Utilities – 2.1%

	1,162	ALLETE Inc	$	74,961
	18,646	Duke Energy Corp		1,920,352
	2,579	IDACORP Inc		278,145
	24,479	NextEra Energy Inc		2,046,444
	18,829	OGE Energy Corp		744,687
	730	Otter Tail Corp		42,858
	7,972	Portland General Electric Co		390,628
		Total Electric Utilities		5,498,075

		Electrical Equipment – 0.8%

	221	Acuity Brands Inc		36,600
	6,072	Eaton Corp PLC		953,000
	8,927	Emerson Electric Co		857,528
	744	Hubbell Inc		174,602
	2,012	Plug Power Inc (2),(3)		24,889
	2,872	Sensata Technologies Holding PLC		115,971
		Total Electrical Equipment		2,162,590

		Electronic Equipment, Instruments & Components – 0.2%

	1,329	Arrow Electronics Inc (2)		138,974
	311	Avnet Inc		12,931
	914	Cognex Corp		43,059
	2,269	Coherent Corp (2)		79,642
	414	IPG Photonics Corp (2)		39,193
	3,219	Jabil Inc		219,536
		Total Electronic Equipment, Instruments & Components		533,335

		Energy Equipment & Services – 0.4%

	1,887	ChampionX Corp		54,704
	1,072	Dril-Quip Inc (2)		29,126
	4,568	NOV Inc		95,426
	14,792	Schlumberger Ltd		790,780
	2,888	Technip Energies NV (2),(3)		45,216
	8,230	TechnipFMC PLC (2)		100,324
	16,647	Transocean Ltd (2)		75,910
		Total Energy Equipment & Services		1,191,486

		Entertainment – 1.2%

	1,257	AMC Entertainment Holdings Inc, Class A (2),(3)		5,116
	1,107	Liberty Media Corp-Liberty Formula One, Class A (2)		59,147
	4,304	Netflix Inc (2)		1,269,163
	1,382	ROBLOX Corp, Class A (2)		39,332
	1,622	Roku Inc (2)		66,015
	1,223	Spotify Technology SA (2)		96,556
	18,144	Walt Disney Co (2)		1,576,351
		Total Entertainment		3,111,680

		Equity Real Estate Investment Trusts – 2.5%

	5,517	Agree Realty Corp		391,321
	5,198	Americold Realty Trust Inc		147,155
	5,269	Apple Hospitality REIT Inc		83,145
	4,774	Brandywine Realty Trust		29,360
	15,872	Brixmor Property Group Inc		359,818
	3,021	Broadstone Net Lease Inc		48,970
	4,246	Cousins Properties Inc		107,381
	2,341	EastGroup Properties Inc		346,608
	6,198	Empire State Realty Trust Inc, Class A		41,775
	8,817	Equity LifeStyle Properties Inc		569,578
	13,690	First Industrial Realty Trust Inc		660,679
	7,702	Gaming and Leisure Properties Inc		401,197
	98	Healthcare Realty Trust Inc, Class A		1,888
	2,856	Highwoods Properties Inc		79,911
	1,750	Hudson Pacific Properties Inc		17,028
	7,923	Independence Realty Trust Inc		133,582


Shares		Description (1)	Value

		Equity Real Estate Investment Trusts (continued)

	144	Innovative Industrial Properties Inc	$	14,594
	2,825	Lamar Advertising Co, Class A		266,680
	2,987	Life Storage Inc		294,220
	2,787	Macerich Co/The		31,382
	8,772	National Retail Properties Inc		401,407
	1,038	National Storage Affiliates Trust		37,493
	5,266	Omega Healthcare Investors Inc		147,185
	1,895	Outfront Media Inc		31,419
	6,410	Park Hotels & Resorts Inc		75,574
	1,633	Pebblebrook Hotel Trust		21,866
	7,163	Phillips Edison & Co Inc		228,070
	1,742	PotlatchDeltic Corp		76,631
	12,178	Prologis Inc		1,372,826
	3,073	RLJ Lodging Trust		32,543
	940	Ryman Hospitality Properties Inc		76,873
	1,070	Seritage Growth Properties (2)		12,658
	2,605	Service Properties Trust		18,990
	4,261	SITE Centers Corp		58,205
	468	SL Green Realty Corp		15,781
	4,169	Summit Hotel Properties Inc		30,100
	2,214	Xenia Hotels & Resorts Inc		29,181
		Total Equity Real Estate Investment Trusts		6,693,074

		Food & Staples Retailing – 1.7%

	1,493	BJ’s Wholesale Club Holdings Inc (2)		98,777
	362	Casey’s General Stores Inc		81,214
	4,856	Costco Wholesale Corp		2,216,764
	826	Performance Food Group Co (2)		48,230
	2,236	US Foods Holding Corp (2)		76,069
	13,662	Walmart Inc		1,937,135
		Total Food & Staples Retailing		4,458,189

		Food Products – 0.8%

	8,727	Archer-Daniels-Midland Co		810,302
	1,783	Bunge Ltd (2)		177,890
	605	Cal-Maine Foods Inc		32,942
	1,429	Darling Ingredients Inc (2)		89,441
	12,862	Flowers Foods Inc		369,654
	646	Freshpet Inc (2)		34,089
	2,288	Hain Celestial Group Inc/The (2)		37,020
	4,040	Hostess Brands Inc (2)		90,658
	427	Lancaster Colony Corp		84,247
	1,393	Pilgrim’s Pride Corp (2)		33,056
	2,590	Post Holdings Inc (2)		233,773
	1,554	Simply Good Foods Co/The (2)		59,099
		Total Food Products		2,052,171

		Gas Utilities – 0.1%

	1,299	National Fuel Gas Co		82,227
	2,125	New Jersey Resources Corp		105,442
	860	Southwest Gas Holdings Inc		53,217
	707	Spire Inc		48,684
		Total Gas Utilities		289,570

		Health Care Equipment & Supplies – 2.9%

	19,910	Abbott Laboratories		2,185,919
	763	Axonics Inc (2)		47,710
	28,668	Boston Scientific Corp (2)		1,326,468
	1,373	CONMED Corp		121,703
	450	Enovis Corp (2)		24,084
	5,911	Envista Holdings Corp (2)		199,023
	3,598	Globus Medical Inc, Class A (2)		267,223
	581	Haemonetics Corp (2)		45,696
	885	ICU Medical Inc (2)		139,370
	767	Inari Medical Inc (2)		48,751



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Health Care Equipment & Supplies (continued)

	4,778	Intuitive Surgical Inc (2)	$	1,267,842
	697	Lantheus Holdings Inc (2)		35,519
	285	Masimo Corp (2)		42,166
	18,956	Medtronic PLC		1,473,260
	1,111	Merit Medical Systems Inc (2)		78,459
	11,229	Neogen Corp (2)		171,018
	352	Omnicell Inc (2)		17,748
	433	Penumbra Inc (2)		96,325
	689	QuidelOrtho Corp (2)		59,027
	217	Shockwave Medical Inc (2)		44,617
	428	STAAR Surgical Co (2)		20,775
	1,122	Tandem Diabetes Care Inc (2)		50,434
		Total Health Care Equipment & Supplies		7,763,137

		Health Care Providers & Services – 3.7%

	699	Acadia Healthcare Co Inc (2)		57,542
	655	Amedisys Inc (2)		54,719
	524	AMN Healthcare Services Inc (2)		53,878
	13,685	CVS Health Corp		1,275,305
	2,682	Elevance Health Inc		1,375,785
	2,253	Encompass Health Corp		134,752
	494	Enhabit Inc (2)		6,501
	1,783	Humana Inc		913,235
	2,513	McKesson Corp		942,676
	1,588	Option Care Health Inc (2)		47,783
	1,410	Signify Health Inc, Class A (2)		40,410
	2,273	Tenet Healthcare Corp (2)		110,900
	8,873	UnitedHealth Group Inc		4,704,287
		Total Health Care Providers & Services		9,717,773

		Health Care Technology – 0.1%

	1,637	Doximity Inc, Class A (2)		54,938
	512	Inspire Medical Systems Inc (2)		128,962
	3,394	Teladoc Health Inc (2)		80,268
		Total Health Care Technology		264,168

		Hotels, Restaurants & Leisure – 2.2%

	344	Airbnb Inc (2)		29,412
	3,034	Aramark		125,426
	481	Booking Holdings Inc (2)		969,350
	2,536	Boyd Gaming Corp		138,288
	4,245	DraftKings Inc (2),(3)		48,351
	1,128	Hilton Grand Vacations Inc (2)		43,473
	3,523	Hyatt Hotels Corp (2)		318,655
	972	Marriott Vacations Worldwide Corp		130,822
	8,883	McDonald’s Corp		2,340,937
	1,730	Penn Entertainment Inc (2)		51,381
	1,641	Planet Fitness Inc (2)		129,311
	746	SeaWorld Entertainment Inc (2)		39,918
	2,073	Six Flags Entertainment Corp (2)		48,197
	13,527	Starbucks Corp		1,341,878
	855	Travel + Leisure Co		31,122
	173	Vail Resorts Inc		41,235
	4,542	Wendy’s Co/The		102,785
		Total Hotels, Restaurants & Leisure		5,930,541

		Household Durables – 0.3%

	10,067	KB Home		320,634
	1,448	Leggett & Platt Inc		46,669
	491	Meritage Homes Corp (2)		45,270
	610	Skyline Champion Corp (2)		31,421
	4,109	Sonos Inc (2)		69,442
	4,602	Taylor Morrison Home Corp (2)		139,671
	6,710	Tempur Sealy International Inc		230,354


Shares		Description (1)	Value

		Household Durables (continued)

	219	TopBuild Corp (2)	$	34,272
		Total Household Durables		917,733

		Household Products – 1.9%

	10,458	Colgate-Palmolive Co		823,986
	5,225	Kimberly-Clark Corp		709,293
	22,455	Procter & Gamble Co/The		3,403,280
		Total Household Products		4,936,559

		Independent Power And Renewable Electricity Producers – 0.2%

	2,908	Brookfield Renewable Corp, Class A		80,086
	5,568	Clearway Energy Inc, Class C		177,452
	617	Sunnova Energy International Inc (2)		11,112
	8,660	Vistra Corp		200,912
		Total Independent Power And Renewable Electricity Producers		469,562

		Industrial Conglomerates – 0.9%

	11,326	Honeywell International Inc		2,427,162

		Insurance – 2.2%
	3,357	American Equity Investment Life Holding Co		153,146
	1,449	American Financial Group Inc/OH		198,919
	9,746	Arch Capital Group Ltd (2)		611,854
	5,688	Arthur J Gallagher & Co		1,072,416
	1,126	Axis Capital Holdings Ltd		60,995
	2,593	Brighthouse Financial Inc (2)		132,943
	774	First American Financial Corp		40,511
	863	Hanover Insurance Group Inc/The		116,617
	196	Kinsale Capital Group Inc		51,258
	8,946	Marsh & McLennan Cos Inc		1,480,384
	1,650	Primerica Inc		234,003
	943	Reinsurance Group of America Inc		133,991
	654	RLI Corp		85,851
	1,002	Selective Insurance Group Inc		88,787
	6,012	Travelers Cos Inc/The		1,127,190
	6,369	Unum Group		261,320
		Total Insurance		5,850,185

		Interactive Media & Services – 4.3%

	51,060	Alphabet Inc, Class A (2)		4,505,024
	46,619	Alphabet Inc, Class C (2)		4,136,504
	1,216	IAC Inc (2)		53,990
	21,025	Meta Platforms Inc (2)		2,530,149
	5,089	Pinterest Inc, Class A (2)		123,561
	1,337	TripAdvisor Inc (2)		24,039
	412	Ziff Davis Inc (2)		32,589
	1,991	ZoomInfo Technologies Inc (2)		59,949
		Total Interactive Media & Services		11,465,805

		Internet & Direct Marketing Retail – 2.5%

	77,160	Amazon.com Inc (2),(4)		6,481,440
	979	DoorDash Inc, Class A (2)		47,795
	902	Wayfair Inc, Class A (2)		29,667
		Total Internet & Direct Marketing Retail		6,558,902

		IT Services – 4.2%

	1,672	Affirm Holdings Inc (2),(3)		16,168
	2,579	Amdocs Ltd		234,431
	4,506	Automatic Data Processing Inc		1,076,303
	411	Block Inc (2)		25,827
	805	Cloudflare Inc, Class A (2)		36,394
	343	Concentrix Corp		45,674
	857	Euronet Worldwide Inc (2)		80,884
	185	ExlService Holdings Inc (2)		31,345



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		IT Services (continued)

	9,519	Fidelity National Information Services Inc	$	645,864
	340	Globant SA (2)		57,174
	2,561	GoDaddy Inc, Class A (2)		191,614
	8,292	International Business Machines Corp		1,168,260
	8,329	Mastercard Inc		2,896,243
	421	MongoDB Inc (2)		82,870
	258	Okta Inc (2)		17,629
	12,890	PayPal Holdings Inc (2)		918,026
	151	Snowflake Inc, Class A (2)		21,675
	1,592	Toast Inc, Class A (2)		28,704
	1,577	Twilio Inc, Class A (2)		77,210
	16,613	Visa Inc, Class A		3,451,517
	3,260	Western Union Co/The		44,890
	410	Wix.com Ltd (2)		31,500
		Total IT Services		11,180,202

		Leisure Products – 0.0%

	2,412	Mattel Inc (2)		43,030

		Life Sciences Tools & Services – 1.8%

	1,708	Avantor Inc (2)		36,022
	2,547	Bruker Corp		174,088
	7,053	Danaher Corp		1,872,007
	557	Medpace Holdings Inc (2)		118,312
	471	Repligen Corp (2)		79,745
	2,153	Syneos Health Inc (2)		78,972
	4,185	Thermo Fisher Scientific Inc		2,304,638
		Total Life Sciences Tools & Services		4,663,784

		Machinery – 2.2%

	967	AGCO Corp		134,113
	5,593	Caterpillar Inc		1,339,859
	298	Chart Industries Inc (2)		34,339
	3,551	Cummins Inc		860,372
	3,017	Deere & Co		1,293,569
	450	Esab Corp		21,114
	4,172	Graco Inc		280,609
	6,761	Illinois Tool Works Inc		1,489,448
	1,070	ITT Inc		86,777
	1,095	Middleby Corp/The (2)		146,620
	1,377	Oshkosh Corp		121,438
	731	Timken Co/The		51,660
		Total Machinery		5,859,918

		Media – 0.8%

	37	Cable One Inc		26,339
	46,008	Comcast Corp, Class A		1,608,900
	2,501	Liberty Broadband Corp, Class A		189,701
	4,866	Liberty Media Corp-Liberty SiriusXM		191,282
		Total Media		2,016,222

		Metals & Mining – 0.5%

	2,176	Alcoa Corp		98,943
	4,597	Cleveland-Cliffs Inc (2)		74,058
	14,773	Hecla Mining Co		82,138
	2,400	MP Materials Corp (2)		58,272
	555	Reliance Steel & Aluminum Co		112,354
	3,190	Royal Gold Inc		359,577
	2,973	Southern Copper Corp		179,539
	5,367	SSR Mining Inc		84,101
	1,173	Steel Dynamics Inc		114,602
	3,022	United States Steel Corp		75,701
		Total Metals & Mining		1,239,285


Shares		Description (1)	Value

		Mortgage Real Estate Investment Trusts – 0.0%

	4,596	AGNC Investment Corp	$	47,569
	4,129	Starwood Property Trust Inc		75,684
		Total Mortgage Real Estate Investment Trusts (Reits)		123,253

		Multiline Retail – 0.3%

	3,604	Macy’s Inc		74,422
	5,646	Target Corp		841,480
		Total Multiline Retail		915,902

		Multi-Utilities – 0.7%

	3,388	Black Hills Corp		238,312
	15,920	Consolidated Edison Inc		1,517,335
	3,208	NorthWestern Corp		190,363
		Total Multi-Utilities		1,946,010

		Oil, Gas & Consumable Fuels – 4.8%

	4,761	Antero Midstream Corp		51,371
	2,150	Antero Resources Corp (2)		66,628
	326	Cheniere Energy Inc		48,887
	999	Chesapeake Energy Corp		94,276
	18,163	Chevron Corp		3,260,077
	4,084	CNX Resources Corp (2)		68,775
	175	Comstock Resources Inc		2,399
	13,367	ConocoPhillips		1,577,306
	555	Denbury Inc (2)		48,296
	12,492	Devon Energy Corp		768,383
	4,475	Equitrans Midstream Corp		29,983
	39,104	Exxon Mobil Corp		4,313,171
	1,940	Magnolia Oil & Gas Corp, Class A		45,493
	10,200	Marathon Petroleum Corp		1,187,178
	1,119	Matador Resources Co		64,052
	1,550	Murphy Oil Corp		66,665
	2,767	Ovintiv Inc		140,315
	826	PDC Energy Inc		52,434
	3,926	Permian Resources Corp		36,904
	4,795	Phillips 66		499,064
	4,093	Range Resources Corp		102,407
	902	SM Energy Co		31,417
	14,618	Southwestern Energy Co (2)		85,515
		Total Oil, Gas & Consumable Fuels		12,640,996

		Paper & Forest Products – 0.0%

	1,873	Louisiana-Pacific Corp		110,882

		Personal Products – 0.0%

	1,115	BellRing Brands Inc (2)		28,589

		Pharmaceuticals – 5.1%

	20,156	Bristol-Myers Squibb Co		1,450,224
	5,649	Elanco Animal Health Inc (2)		69,031
	6,826	Eli Lilly & Co		2,497,224
	512	Jazz Pharmaceuticals PLC (2)		81,567
	23,030	Johnson & Johnson		4,068,249
	23,887	Merck & Co Inc		2,650,263
	50,011	Pfizer Inc		2,562,563
	1,490	Royalty Pharma PLC		58,885
		Total Pharmaceuticals		13,438,006

		Professional Services – 0.2%

	558	ASGN Inc (2)		45,466
	1,292	Booz Allen Hamilton Holding Corp		135,040
	270	CACI International Inc, Class A (2)		81,159
	6,728	Clarivate PLC (2)		56,112
	488	Exponent Inc		48,356



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Professional Services (continued)

	2,665	KBR Inc	$	140,712
	596	Science Applications International Corp		66,114
		Total Professional Services		572,959

		Real Estate Management & Development – 0.1%

	1,786	Anywhere Real Estate Inc (2)		11,413
	588	eXp World Holdings Inc (3)		6,515
	538	Howard Hughes Corp/The (2)		41,114
	1,231	Jones Lang LaSalle Inc (2)		196,184
	2,209	Kennedy-Wilson Holdings Inc		34,748
	3,107	Zillow Group Inc, Class C (2)		100,076
		Total Real Estate Management & Development		390,050

		Road & Rail – 0.8%

	183	Avis Budget Group Inc (2)		29,999
	979	Knight-Swift Transportation Holdings Inc		51,309
	3,979	Lyft Inc, Class A (2)		43,849
	463	Saia Inc (2)		97,082
	1,498	Uber Technologies Inc (2)		37,045
	8,439	Union Pacific Corp		1,747,464
		Total Road & Rail		2,006,748

		Semiconductors & Semiconductor Equipment – 5.1%

	7,908	Analog Devices Inc		1,297,149
	16,232	Applied Materials Inc		1,580,672
	3,862	Broadcom Inc		2,159,360
	64	First Solar Inc (2)		9,587
	41,460	Intel Corp		1,095,788
	741	Lattice Semiconductor Corp (2)		48,076
	1,025	Marvell Technology Inc		37,966
	10,021	Microchip Technology Inc		703,975
	2,390	MKS INSTRUMENTS INC		202,505
	23,078	NVIDIA Corp		3,372,619
	11,276	QUALCOMM Inc		1,239,683
	644	Semtech Corp (2)		18,476
	352	Silicon Laboratories Inc (2)		47,756
	10,681	Texas Instruments Inc		1,764,715
	521	Universal Display Corp		56,289
	597	Wolfspeed Inc (2)		41,217
		Total Semiconductors & Semiconductor Equipment		13,675,833

		Software – 8.6%

	4,769	Adobe Inc (2)		1,604,912
	791	Altair Engineering Inc, Class A (2)		35,967
	249	Atlassian Corp Ltd, Class A (2)		32,041
	2,833	Autodesk Inc (2)		529,403
	387	Bill.com Holdings Inc (2)		42,167
	1,395	Black Knight Inc (2)		86,141
	499	Blackline Inc (2)		33,568
	1,466	Box Inc, Class A (2)		45,637
	791	Coupa Software Inc (2)		62,623
	1,058	Crowdstrike Holdings Inc, Class A (2)		111,397
	330	Datadog Inc, Class A (2)		24,255
	365	DocuSign Inc (2)		20,228
	2,055	Dropbox Inc, Class A (2)		45,991
	866	Dynatrace Inc (2)		33,168
	515	Elastic NV (2)		26,522
	142	Fair Isaac Corp (2)		84,998
	1,172	Five9 Inc (2)		79,532
	721	Guidewire Software Inc (2)		45,106
	79	HubSpot Inc (2)		22,841
	2,810	Intuit Inc		1,093,708
	537	Manhattan Associates Inc (2)		65,192
	64,364	Microsoft Corp (4)		15,435,774
	55	MicroStrategy Inc, Class A (2),(3)		7,786


Shares		Description (1)	Value

		Software (continued)

	2,273	Nutanix Inc, Class A (2)	$	59,212
	15,047	Oracle Corp		1,229,942
	8,904	Palantir Technologies Inc, Class A (2)		57,164
	1,366	Palo Alto Networks Inc (2)		190,612
	281	Paylocity Holding Corp (2)		54,587
	592	Pegasystems Inc		20,270
	291	Qualys Inc (2)		32,659
	454	Rapid7 Inc (2)		15,427
	1,278	RingCentral Inc, Class A (2)		45,241
	9,236	Salesforce Inc (2)		1,224,601
	1,619	Splunk Inc (2)		139,380
	1,110	Teradata Corp (2)		37,363
	632	Trade Desk Inc/The, Class A (2)		28,333
	3,502	UiPath Inc, Class A (2)		44,510
	1,252	Unity Software Inc (2)		35,795
	1,105	Verint Systems Inc (2)		40,089
	1,985	Zoom Video Communications Inc, Class A (2)		134,464
	219	Zscaler Inc (2)		24,506
		Total Software		22,983,112

		Specialty Retail – 2.4%

	839	AutoNation Inc (2)		90,025
	291	Burlington Stores Inc (2)		59,003
	1,137	Dick’s Sporting Goods Inc		136,770
	280	Five Below Inc (2)		49,523
	517	Floor & Decor Holdings Inc, Class A (2)		35,999
	9,955	Home Depot Inc/The		3,144,386
	343	Lithia Motors Inc		70,226
	7,792	Lowe’s Cos Inc		1,552,478
	5	Murphy USA Inc		1,398
	542	Penske Automotive Group Inc		62,292
	512	RH (2)		136,801
	13,766	TJX Cos Inc/The		1,095,774
	627	Williams-Sonoma Inc		72,055
		Total Specialty Retail		6,506,730

		Technology Hardware, Storage & Peripherals – 6.3%

	127,076	Apple Inc (4)		16,510,984
	4,805	Dell Technologies Inc, Class C		193,257
	3,243	Pure Storage Inc, Class A (2)		86,783
		Total Technology Hardware, Storage & Peripherals		16,791,024

		Textiles, Apparel & Luxury Goods – 0.7%

	1,164	Capri Holdings Ltd (2)		66,720
	233	Deckers Outdoor Corp (2)		93,004
	13,368	NIKE Inc, Class B		1,564,190
	11,692	Under Armour Inc, Class A (2)		118,791
		Total Textiles, Apparel & Luxury Goods		1,842,705

		Thrifts & Mortgage Finance – 0.1%

	2,768	MGIC Investment Corp		35,984
	4,106	New York Community Bancorp Inc		35,311
	440	PennyMac Financial Services Inc		24,930
	1,111	Radian Group Inc		21,187
	13,006	Rocket Cos Inc, Class A		91,042
	3,026	TFS Financial Corp		43,605
		Total Thrifts & Mortgage Finance		252,059

		Tobacco – 0.8%

	17,306	Altria Group Inc		791,057
	13,855	Philip Morris International Inc		1,402,265
		Total Tobacco		2,193,322



SPXX		Nuveen S&P 500 Dynamic Overwrite Fund (continued)
SPXX		Portfolio of Investments December 31, 2022

Shares

Description (1)

Value

Trading Companies & Distributors – 0.4%

271

SiteOne Landscape Supply Inc (2)

31,794

1,913

Univar Solutions Inc (2)

60,833

1,031

Watsco Inc

257,131

686

WESCO International Inc (2)

85,887

1,331

WW Grainger Inc

740,369

Total Trading Companies & Distributors

1,176,014

Water Utilities – 0.0%

480

American States Water Co

44,424

Wireless Telecommunication Services – 0.0%

1,094

United States Cellular Corp (2)

22,810

Total Common Stocks (cost $128,473,232)

263,923,646

Shares

Description (1)

Value

EXCHANGE-TRADED FUNDS – 1.1%

15,000

Vanguard Total Stock Market ETF

2,867,850

Total Exchange-Traded Funds (cost $2,851,175)

2,867,850

Total Long-Term Investments (cost $131,324,407)

266,791,496

Shares

Description (1)

Coupon

Value

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1 %

MONEY MARKET FUNDS – 0.1%

259,831

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

4.340%

(6)

259,831

Total Investments Purchased with Collateral from Securities Lending (cost $259,831)

259,831

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.4%

REPURCHASE AGREEMENTS – 0.4%

1,046,283

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 12/30/22, repurchase price $1,046,432,
collateralized by $1,036,000, U.S. Treasury Note,
4.25%, due 11/15/40, value $1,067,242

1.280%

1/03/23

1,046,283

Total Short-Term Investments (cost $1,046,283)

1,046,283

Total Investments (cost $132,630,521) – 100.9%

268,097,610

Other Assets Less Liabilities – (0.9)% (7)

(2,337,261

)

Net Assets Applicable to Common Shares – 100%

265,760,349

Investments in Derivatives

Options Purchased


Description (8)	Type		Number of Contracts		Notional Amount (9)		Exercise Price		Expiration Date		Value
CBOE Volatility Index		Call		50	$	150,000	$	30		1/18/23	$	2,000
Fidelity National Information Services Inc		Call		50		425,000		85		1/20/23		125
Amazon.com Inc		Call		50		550,000		110		1/20/23		275
Total Options Purchased (premiums paid $11,132)				150	$	1,125,000					$	2,400

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
Merck & Co Inc		Call		(50	)	$	(575,000	)	$	115		1/20/23	$	(3,475	)
McDonald’s Corp		Call		(35	)		(1,015,000	)		290		1/20/23		(263	)
S&P 500^® Index		Call		(300	)		(115,500,000	)		3,850		1/20/23		(2,158,500	)
S&P 500^® Index		Call		(20	)		(8,000,000	)		4,000		1/20/23		(33,100	)
Total Options Written (premiums received $3,055,250)				(405	)	$	(125,090,000	)					$	(2,195,338	)

(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 $251,027.

(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.

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 Dynamic
Overwrite Fund

Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 100.5%

		COMMON STOCKS – 100.0%

		Air Freight & Logistics – 0.1%

	228	FedEx Corp	$	39,490
	3,591	United Parcel Service Inc, Class B		624,259
		Total Air Freight & Logistics		663,749

		Airlines – 0.1%

	26,595	Delta Air Lines Inc (2)		873,912

		Auto Components – 0.1%

	4,110	Lear Corp		509,722

		Automobiles – 3.0%

	40,233	Ford Motor Co		467,910
	97,240	Lucid Group Inc (2),(3)		664,149
	219,362	Tesla Inc (2)		27,021,011
		Total Automobiles		28,153,070

		Beverages – 2.7%

	28,086	Brown-Forman Corp, Class B		1,844,688
	12,636	Celsius Holdings Inc (2)		1,314,649
	129,962	Coca-Cola Co		8,266,883
	7,494	Constellation Brands Inc, Class A		1,736,735
	124,373	Monster Beverage Corp (2)		12,627,591
		Total Beverages		25,790,546

		Biotechnology – 5.4%

	74,601	Amgen Inc		19,593,207
	175,161	Gilead Sciences Inc		15,037,572
	38,123	Moderna Inc (2)		6,847,653
	13,272	Regeneron Pharmaceuticals Inc (2)		9,575,615
		Total Biotechnology		51,054,047

		Capital Markets – 0.9%

	7,537	Charles Schwab Corp/The		627,531
	8,682	Moody’s Corp		2,418,979
	19,418	Morgan Stanley		1,650,918
	9,235	S&P Global Inc		3,093,171
	12,582	SEI Investments Co		733,530
		Total Capital Markets		8,524,129

		Chemicals – 0.3%

	3,021	Albemarle Corp		655,134
	4,584	Linde PLC		1,495,209
	3,839	Sherwin-Williams Co/The		911,110
		Total Chemicals		3,061,453

		Commercial Services & Supplies – 0.7%

	52,734	Copart Inc (2)		3,210,973
	4,378	Tetra Tech Inc		635,642
	8,329	Waste Connections Inc		1,104,092
	10,605	Waste Management Inc		1,663,713
		Total Commercial Services & Supplies		6,614,420

		Communications Equipment – 2.9%

	585,200	Cisco Systems Inc		27,878,928


Shares		Description (1)	Value

		Containers & Packaging – 0.0%

	8,207	Ball Corp	$	419,706

		Distributors – 0.4%

	10,718	Genuine Parts Co		1,859,680
	7,621	Pool Corp		2,304,057
		Total Distributors		4,163,737

		Diversified Consumer Services – 0.1%

	10,345	Service Corp International/US		715,253

		Diversified Financial Services – 0.5%

	15,690	Berkshire Hathaway Inc, Class B (2)		4,846,641

		Diversified Telecommunication Services – 0.1%

	15,406	Verizon Communications Inc		606,996

		Electric Utilities – 1.3%

	42,737	Constellation Energy Corp		3,684,357
	58,187	NextEra Energy Inc		4,864,433
	69,334	PG&E Corp (2)		1,127,371
	31,804	Southern Co/The		2,271,123
		Total Electric Utilities		11,947,284

		Electrical Equipment – 0.2%

	7,632	Rockwell Automation Inc		1,965,774

		Electronic Equipment, Instruments & Components – 0.2%

	10,486	Keysight Technologies Inc (2)		1,793,840

		Energy Equipment & Services – 0.0%

	5,484	Select Energy Services Inc, Class A		50,672

		Entertainment – 0.6%

	12,831	Roku Inc (2)		522,222
	42,950	Walt Disney Co (2)		3,731,496
	17,168	World Wrestling Entertainment Inc, Class A		1,176,351
		Total Entertainment		5,430,069

		Equity Real Estate Investment Trusts – 0.2%

	55,254	CubeSmart		2,223,974

		Food & Staples Retailing – 1.1%

	15,398	BJ’s Wholesale Club Holdings Inc (2)		1,018,732
	2,304	Casey’s General Stores Inc		516,902
	210,528	HF Foods Group Inc (2)		854,744
	24,681	Kroger Co/The		1,100,279
	22,661	Sysco Corp		1,732,433
	39,228	Walmart Inc		5,562,138
		Total Food & Staples Retailing		10,785,228

		Food Products – 1.8%

	10,258	Archer-Daniels-Midland Co		952,455
	70,834	Bridgford Foods Corp (2)		848,592
	33,085	General Mills Inc		2,774,177
	28,123	Hershey Co/The		6,512,443
	16,902	Hormel Foods Corp		769,886
	22,636	Laird Superfood Inc (2)		19,014
	15,737	Lamb Weston Holdings Inc		1,406,259
	49,425	McCormick & Co Inc/MD		4,096,838
		Total Food Products		17,379,664

		Health Care Equipment & Supplies – 1.0%

	26,882	Abbott Laboratories		2,951,375



QQQX		Nuveen Nasdaq Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Health Care Equipment & Supplies (continued)

	2,838	Becton Dickinson and Co	$	721,703
	768	Embecta Corp		19,423
	17,865	LENSAR Inc (2)		52,880
	12,868	NuVasive Inc (2)		530,676
	514	Shockwave Medical Inc (2)		105,684
	19,914	Stryker Corp		4,868,774
	62,738	Venus Concept Inc (2)		20,076
		Total Health Care Equipment & Supplies		9,270,591

		Health Care Providers & Services – 0.5%

	4,308	McKesson Corp		1,616,017
	5,579	UnitedHealth Group Inc		2,957,874
		Total Health Care Providers & Services		4,573,891

		Hotels, Restaurants & Leisure – 2.6%

	6,160	Booking Holdings Inc (2)		12,414,125
	1,740	Chipotle Mexican Grill Inc (2)		2,414,233
	21,002	Darden Restaurants Inc		2,905,207
	26,996	Hilton Worldwide Holdings Inc		3,411,214
	14,066	McDonald’s Corp		3,706,813
		Total Hotels, Restaurants & Leisure		24,851,592

		Household Products – 0.1%

	6,917	Procter & Gamble Co/The		1,048,341

		Industrial Conglomerates – 0.2%

	25,725	General Electric Co		2,155,498

		Interactive Media & Services – 10.7%

	489,402	Alphabet Inc, Class A (2)		43,179,938
	370,290	Alphabet Inc, Class C (2)		32,855,832
	37,991	Match Group Inc (2)		1,576,247
	201,081	Meta Platforms Inc (2)		24,198,087
		Total Interactive Media & Services		101,810,104

		Internet & Direct Marketing Retail – 6.9%

	701,915	Amazon.com Inc (2)		58,960,860
	155,880	eBay Inc		6,464,344
		Total Internet & Direct Marketing Retail		65,425,204

		IT Services – 2.3%

	9,093	Accenture PLC, Class A		2,426,376
	9,762	Cloudflare Inc, Class A (2)		441,340
	11,527	Jack Henry & Associates Inc		2,023,680
	8,130	Mastercard Inc		2,827,045
	143,943	PayPal Holdings Inc (2)		10,251,621
	2,959	Snowflake Inc, Class A (2)		424,735
	17,825	Visa Inc, Class A		3,703,322
		Total IT Services		22,098,119

		Life Sciences Tools & Services – 0.8%

	16,855	Agilent Technologies Inc		2,522,351
	5,019	Charles River Laboratories International Inc (2)		1,093,640
	16,193	Danaher Corp		4,297,946
		Total Life Sciences Tools & Services		7,913,937

		Machinery – 0.4%

	9,138	Caterpillar Inc		2,189,099
	3,467	Deere & Co		1,486,511
	7,764	Fortive Corp		498,837
		Total Machinery		4,174,447


Shares		Description (1)	Value

		Media – 2.6%

	642,116	Comcast Corp, Class A	$	22,454,796
	136,917	comScore Inc (2)		158,824
	34,591	Liberty Media Corp-Liberty SiriusXM		1,359,772
	6,270	News Corp, Class B		115,619
	45,680	Saga Communications Inc, Class A		1,078,048
		Total Media		25,167,059

		Multiline Retail – 0.6%

	14,351	Dollar General Corp		3,533,934
	17,439	Target Corp		2,599,108
		Total Multiline Retail		6,133,042

		Multi-Utilities – 0.1%

	4,315	Sempra Energy		666,840

		Oil, Gas & Consumable Fuels – 0.0%

	4,902	Clean Energy Fuels Corp (2)		25,490

		Personal Products – 0.2%

	7,133	Estee Lauder Cos Inc/The, Class A		1,769,769

		Pharmaceuticals – 0.0%

	18,188	Rockwell Medical Inc (2)		18,461

		Professional Services – 0.2%

	20,689	Robert Half International Inc		1,527,469

		Road & Rail – 0.5%

	4,575	JB Hunt Transport Services Inc		797,697
	2,687	Norfolk Southern Corp		662,130
	33,792	Uber Technologies Inc (2)		835,676
	10,994	Union Pacific Corp		2,276,528
		Total Road & Rail		4,572,031

		Semiconductors & Semiconductor Equipment – 13.6%

	166,423	Advanced Micro Devices Inc (2)		10,779,218
	105,499	Analog Devices Inc		17,305,001
	165,056	Applied Materials Inc		16,073,153
	9,301	Axcelis Technologies Inc (2)		738,127
	14,027	Enphase Energy Inc (2)		3,716,594
	6,555	First Solar Inc (2)		981,874
	420,372	Intel Corp		11,110,432
	37,130	Lattice Semiconductor Corp (2)		2,408,994
	6,123	Monolithic Power Systems Inc		2,165,154
	242,262	NVIDIA Corp		35,404,169
	65,113	ON Semiconductor Corp (2)		4,061,098
	33,195	Power Integrations Inc		2,380,745
	140,959	QUALCOMM Inc		15,497,033
	12,461	Silicon Laboratories Inc (2)		1,690,584
	2,620	SiTime Corp (2)		266,244
	20,407	Skyworks Solutions Inc		1,859,690
	25,925	Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR (2)		1,931,153
	9,407	Wolfspeed Inc (2)		649,459
		Total Semiconductors & Semiconductor Equipment		129,018,722

		Software – 19.3%

	27,289	ANSYS Inc (2)		6,592,750
	52,492	Autodesk Inc (2)		9,809,180
	32,603	Black Knight Inc (2)		2,013,235
	26,987	Crowdstrike Holdings Inc, Class A (2)		2,841,461
	31,894	Datadog Inc, Class A (2)		2,344,209
	115,037	Fortinet Inc (2)		5,624,159
	528,819	Microsoft Corp (4)		126,821,373



QQQX		Nuveen Nasdaq Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments December 31, 2022


Shares		Description (1)				Value

		Software (continued)

	80,151	Nutanix Inc, Class A (2)				$	2,087,934
	64,056	Oracle Corp					5,235,937
	27,036	Palo Alto Networks Inc (2)					3,772,603
	3,987	Paycom Software Inc (2)					1,237,206
	3,738	Paylocity Holding Corp (2)					726,144
	34,254	PTC Inc (2)					4,111,850
	34,197	Salesforce Inc (2)					4,534,180
	6,953	ServiceNow Inc (2)					2,699,641
	4,592	Sprout Social Inc, Class A (2)					259,264
	727	Sumo Logic Inc (2)					5,889
	6,627	Tenable Holdings Inc (2)					252,820
	14,832	Trade Desk Inc/The, Class A (2)					664,919
	23,550	Zoom Video Communications Inc, Class A (2)					1,595,277
		Total Software					183,230,031

		Specialty Retail – 0.8%

	940	AutoZone Inc (2)					2,318,209
	1,904	Bed Bath & Beyond Inc (2),(3)					4,779
	8,039	Dick’s Sporting Goods Inc					967,011
	2,826	Home Depot Inc/The					892,621
	4,325	Lowe’s Cos Inc					861,713
	24,710	TJX Cos Inc/The					1,966,916
	2,331	Ulta Beauty Inc (2)					1,093,402
		Total Specialty Retail					8,104,651

		Technology Hardware, Storage & Peripherals – 12.8%

	933,034	Apple Inc (4)					121,229,109

		Textiles, Apparel & Luxury Goods – 0.5%

	2,696	Deckers Outdoor Corp (2)					1,076,135
	27,957	NIKE Inc, Class B					3,271,249
		Total Textiles, Apparel & Luxury Goods					4,347,384

		Trading Companies & Distributors – 0.3%

	4,996	United Rentals Inc (2)					1,775,678
	1,390	WW Grainger Inc					773,188
		Total Trading Companies & Distributors					2,548,866

		Wireless Telecommunication Services – 0.3%

	75,434	Gogo Inc (2)					1,113,406
	34,287	Spok Holdings Inc					280,811
	52,556	Telephone and Data Systems Inc					551,312
	38,671	United States Cellular Corp (2)					806,290
		Total Wireless Telecommunication Services					2,751,819
		Total Common Stocks (cost $449,258,183)					949,885,281

Shares		Description (1)				Value

		EXCHANGE-TRADED FUNDS – 0.5%

	25,000	Vanguard Total Stock Market ETF				$	4,779,750
		Total Exchange-Traded Funds (cost $4,649,611)					4,779,750
		Total Long-Term Investments (cost $453,907,794)					954,665,031

Shares		Description (1)	Coupon			Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.1 %

		MONEY MARKET FUNDS – 0.1%

	686,986	State Street Navigator Securities Lending Government Money Market Portfolio (5)		4.340%	(6)	$	686,986
		Total Investments Purchased with Collateral from Securities Lending (cost $686,986)					686,986

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.1%

REPURCHASE AGREEMENTS – 0.1%

874,968

Repurchase Agreement with Fixed Income Clearing Corporation,
dated 12/30/22, repurchase price $875,092,
collateralized by $866,400, U.S. Treasury Note,
4.25%, due 11/15/40, value $892,527

1.280%

1/03/23

874,968

Total Short-Term Investments (cost $874,968)

874,968

Total Investments (cost $455,469,748) – 100.7%

956,226,985

Other Assets Less Liabilities – (0.7)% (7)

(6,509,253

)

Net Assets Applicable to Common Shares – 100%

949,717,732

Investments in Derivatives

Options Purchased


Description (8)	Type		Number of Contracts		Notional Amount (9)		Exercise Price		Expiration Date		Value
CBOE Volatility Index		Call		100	$	300,000	$	30		1/18/23	$	4,000
Fidelity National Information Services Inc		Call		100		850,000		85		1/20/23		250
Amazon.com Inc		Call		100		1,100,000		110		1/20/23		550
Total Options Purchased (premiums paid $22,263)				300	$	2,250,000					$	4,800

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
Invesco China Technology ETF		Call		(1,000	)	$	(27,500,000	)	$	275		1/20/23	$	(338,802	)
McDonald’s Corp		Call		(70	)		(2,030,000	)		290		1/20/23		(525	)
S&P 500® Index		Call		(70	)		(28,000,000	)		4,000		1/20/23		(115,850	)
NASDAQ 100® Stock Index		Call		(355	)		(400,262,500	)		11,275		1/20/23		(5,032,125	)
Total Options Written (premiums received $12,922,169)				(1,495	)	$	(457,792,500	)					$	(5,487,302	)

(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 $662,232.

(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.

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 December 31, 2022


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 99.6%

		COMMON STOCKS – 99.0%

		Aerospace & Defense – 1.1%

	4,230	Lockheed Martin Corp	$	2,057,853

		Airlines – 0.5%

	30,640	Southwest Airlines Co (2)		1,031,649

		Automobiles – 0.6%

	9,630	Tesla Inc (2)		1,186,223

		Banks – 3.3%

	10,895	Bank of America Corp		360,842
	36,910	Citigroup Inc		1,669,439
	10,680	JPMorgan Chase & Co		1,432,188
	32,390	Truist Financial Corp		1,393,742
	33,870	US Bancorp		1,477,071
		Total Banks		6,333,282

		Beverages – 1.8%

	9,760	Coca-Cola Co		620,834
	15,710	PepsiCo Inc		2,838,168
		Total Beverages		3,459,002

		Biotechnology – 0.2%

	2,460	AbbVie Inc		397,561

		Building Products – 0.7%

	19,780	Johnson Controls International plc		1,265,920
	530	Trane Technologies PLC		89,088
		Total Building Products		1,355,008

		Capital Markets – 2.0%

	15,320	Charles Schwab Corp/The		1,275,543
	2,130	CME Group Inc		358,181
	22,340	KKR & Co Inc		1,037,023
	18,550	Tradeweb Markets Inc, Class A		1,204,451
		Total Capital Markets		3,875,198

		Chemicals – 0.8%

	6,520	Sherwin-Williams Co/The		1,547,392

		Commercial Services & Supplies – 1.7%

	2,180	Cintas Corp		984,532
	290	MSA Safety Inc		41,815
	5,780	Republic Services Inc		745,562
	27,460	Rollins Inc		1,003,389
	2,980	Tetra Tech Inc		432,666
		Total Commercial Services & Supplies		3,207,964

		Communications Equipment – 1.3%

	52,750	Cisco Systems Inc		2,513,010

		Consumer Finance – 0.9%

	12,070	American Express Co		1,783,343


Shares		Description (1)	Value

		Containers & Packaging – 0.7%

	2,690	Berry Global Group Inc	$	162,557
	32,960	Westrock Co		1,158,873
		Total Containers & Packaging		1,321,430

		Diversified Financial Services – 2.5%

	3,460	Apollo Global Management Inc		220,713
	15,190	Berkshire Hathaway Inc, Class B (2)		4,692,191
		Total Diversified Financial Services		4,912,904

		Diversified Telecommunication Services – 1.1%

	52,870	Verizon Communications Inc		2,083,078

		Electric Utilities – 2.3%

	21,970	Alliant Energy Corp		1,212,964
	13,780	Avangrid Inc (3)		592,264
	13,630	Evergy Inc		857,736
	32,840	Exelon Corp		1,419,673
	6,270	Southern Co/The		447,741
		Total Electric Utilities		4,530,378

		Electrical Equipment – 1.3%

	9,720	AMETEK Inc		1,358,078
	1,430	Eaton Corp PLC		224,438
	25,980	nVent Electric PLC		999,451
		Total Electrical Equipment		2,581,967

		Electronic Equipment, Instruments & Components – 1.7%

	4,890	Arrow Electronics Inc (2)		511,347
	7,530	CDW Corp/DE		1,344,707
	8,780	Keysight Technologies Inc (2)		1,501,995
		Total Electronic Equipment, Instruments & Components		3,358,049

		Energy Equipment & Services – 0.1%

	3,230	Schlumberger Ltd		172,676

		Entertainment – 0.2%

	590	Live Nation Entertainment Inc (2)		41,147
	2,930	Walt Disney Co (2)		254,558
		Total Entertainment		295,705

		Equity Real Estate Investment Trusts – 2.1%

	44,380	Brixmor Property Group Inc		1,006,095
	24,760	Host Hotels & Resorts Inc		397,398
	8,560	Kilroy Realty Corp		331,015
	18,250	National Retail Properties Inc		835,120
	29,460	Ventas Inc		1,327,173
		Total Equity Real Estate Investment Trusts		3,896,801

		Food & Staples Retailing – 2.9%

	44,380	Albertsons Cos Inc, Class A		920,441
	14,990	BJ’s Wholesale Club Holdings Inc (2)		991,738
	250	Costco Wholesale Corp		114,125
	29,930	Kroger Co/The		1,334,279
	15,879	Walmart Inc		2,251,484
		Total Food & Staples Retailing		5,612,067

		Food Products – 0.7%

	73	Seaboard Corp		275,590
	17,690	Tyson Foods Inc, Class A (2)		1,101,203
		Total Food Products		1,376,793



JCE		Nuveen Core Equity Alpha Fund (continued)
JCE		Portfolio of Investments December 31, 2022


Shares		Description (1)	Value

		Health Care Equipment & Supplies – 3.6%

	11,440	Abbott Laboratories	$	1,255,998
	11,310	Dexcom Inc (2)		1,280,744
	17,170	Edwards Lifesciences Corp (2)		1,281,054
	3,670	IDEXX Laboratories Inc (2)		1,497,213
	21,060	Medtronic PLC		1,636,783
	430	Zimmer Biomet Holdings Inc		54,825
		Total Health Care Equipment & Supplies		7,006,617

		Health Care Providers & Services – 5.4%

	7,090	AmerisourceBergen Corp		1,174,884
	15,080	Centene Corp (2)		1,236,711
	5,910	Cigna Corp		1,958,219
	9,290	CVS Health Corp		865,735
	470	Elevance Health Inc		241,096
	2,380	HCA Inc		571,105
	250	Humana Inc		128,047
	8,120	UnitedHealth Group Inc		4,305,062
		Total Health Care Providers & Services		10,480,859

		Hotels, Restaurants & Leisure – 2.5%

	2,920	Airbnb Inc (2)		249,660
	7,390	Aramark		305,502
	11,710	Hilton Worldwide Holdings Inc		1,479,676
	9,930	Marriott International Inc/MD, Class A		1,478,478
	5,230	McDonald’s Corp		1,378,262
		Total Hotels, Restaurants & Leisure		4,891,578

		Household Products – 1.3%

	20,690	Colgate-Palmolive Co		1,630,165
	6,380	Procter & Gamble Co/The		966,953
		Total Household Products		2,597,118

		Insurance – 2.2%

	21,250	American International Group Inc		1,343,850
	450	Chubb Ltd		99,270
	18,720	F&G Annuities & Life Inc (2)		374,587
	6,420	Marsh & McLennan Cos Inc		1,062,382
	11,280	Progressive Corp/The		1,463,129
		Total Insurance		4,343,218

		Interactive Media & Services – 4.5%

	33,700	Alphabet Inc, Class A (2)		2,973,351
	38,400	Alphabet Inc, Class C (2)		3,407,232
	19,460	Meta Platforms Inc (2)		2,341,816
		Total Interactive Media & Services		8,722,399

		Internet & Direct Marketing Retail – 2.7%
	61,480	Amazon.com Inc (2)		5,164,320

		IT Services – 4.4%

	8,420	Accenture PLC, Class A		2,246,793
	21,070	Cognizant Technology Solutions Corp, Class A		1,204,993
	8,330	Concentrix Corp		1,109,223
	11,380	Fidelity National Information Services Inc		772,133
	11,970	Global Payments Inc		1,188,860
	2,061	Mastercard Inc		716,671
	3,640	PayPal Holdings Inc (2)		259,241
	4,660	Visa Inc, Class A		968,162
		Total IT Services		8,466,076

		Life Sciences Tools & Services – 3.8%

	8,910	Danaher Corp		2,364,892
	1,080	Mettler-Toledo International Inc (2)		1,561,086


Shares		Description (1)	Value

		Life Sciences Tools & Services (continued)

	21,460	Syneos Health Inc (2)	$	787,153
	4,773	Thermo Fisher Scientific Inc		2,628,443
		Total Life Sciences Tools & Services		7,341,574

		Machinery – 0.6%

	7,930	AGCO Corp		1,099,812

		Media – 0.6%

	17,530	Comcast Corp, Class A		613,024

	17,550	New York Times Co/The, Class A		569,673
		Total Media		1,182,697

		Multiline Retail – 0.0%

	70	Dollar General Corp		17,238

		Oil, Gas & Consumable Fuels – 5.8%

	17,830	Chevron Corp		3,200,307
	11,340	ConocoPhillips		1,338,120
	11,130	EOG Resources Inc		1,441,557
	37,580	Exxon Mobil Corp		4,145,074
	22,930	HF Sinclair Corp		1,189,838
		Total Oil, Gas & Consumable Fuels		11,314,896

		Pharmaceuticals – 4.1%

	900	Eli Lilly & Co		329,256
	22,180	Johnson & Johnson		3,918,097
	6,691	Merck & Co Inc		742,366
	57,290	Pfizer Inc		2,935,540
		Total Pharmaceuticals		7,925,259

		Professional Services – 1.4%

	9,760	Booz Allen Hamilton Holding Corp		1,020,115
	43,550	Clarivate PLC (2)		363,207
	960	KBR Inc		50,688
	12,850	Leidos Holdings Inc		1,351,692
		Total Professional Services		2,785,702

		Road & Rail – 1.9%

	50,980	CSX Corp		1,579,361
	1,530	Schneider National Inc, Class B		35,802
	9,530	Union Pacific Corp		1,973,377
		Total Road & Rail		3,588,540

		Semiconductors & Semiconductor Equipment – 2.9%

	120	Broadcom Inc		67,096
	1,230	Enphase Energy Inc (2)		325,901
	2,220	Intel Corp		58,674
	18,600	Lattice Semiconductor Corp (2)		1,206,768
	6,900	NVIDIA Corp		1,008,366
	16,540	QUALCOMM Inc		1,818,408
	13,050	Skyworks Solutions Inc		1,189,246
		Total Semiconductors & Semiconductor Equipment		5,674,459

		Software – 10.9%

	6,640	Adobe Inc (2)		2,234,559
	840	ANSYS Inc (2)		202,936
	9,410	Cadence Design Systems Inc (2)		1,511,622
	23,700	Fortinet Inc (2)		1,158,693
	9,760	Manhattan Associates Inc (2)		1,184,864
	46,645	Microsoft Corp		11,186,404
	5,511	Salesforce Inc (2)		730,703
	4,440	Synopsys Inc (2)		1,417,648



JCE		Nuveen Core Equity Alpha Fund (continued)
JCE		Portfolio of Investments December 31, 2022


Shares		Description (1)						Value

		Software (continued)

	31,120	Teradata Corp (2)						$	1,047,499
	2,500	VMware Inc, Class A							306,900
	1,390	Zscaler Inc (2)							155,541
		Total Software							21,137,369

		Specialty Retail – 2.8%

	10,240	Home Depot Inc/The							3,234,406
	10,320	Lowe’s Cos Inc							2,056,157
	210	Tractor Supply Co							47,244
		Total Specialty Retail							5,337,807

		Technology Hardware, Storage & Peripherals – 6.6%

	98,638	Apple Inc (4)							12,816,035

		Textiles, Apparel & Luxury Goods – 0.5%

	2,730	Lululemon Athletica Inc (2)							874,637
		Total Common Stocks (cost $184,162,131)							191,657,543

Shares		Description (1)						Value

		EXCHANGE-TRADED FUNDS – 0.6%

	2,800	iShares Core S&P 500 ETF						$	1,075,788
		Total Exchange-Traded Funds (cost $1,003,547)							1,075,788
		Total Long-Term Investments (cost $185,165,678)							192,733,331

Shares		Description (1)	Coupon					Value

		INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.3%

		MONEY MARKET FUNDS – 0.3%

	607,566	State Street Navigator Securities Lending Government Money Market Portfolio (5)		4.340%	(6)			$	607,566
		Total Investments Purchased with Collateral from Securities Lending (cost $607,566)							607,566

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

		SHORT-TERM INVESTMENTS – 0.2%

		REPURCHASE AGREEMENTS – 0.2%

$	352,120	Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/22, repurchase price $352,170, collateralized by $467,100, U.S. Treasury Bond, 4.25%, due 2/15/42, value $359,211		1.280%			1/03/23	$	352,120
		Total Short-Term Investments (cost $352,120)							352,120
		Total Investments (cost $186,125,364) – 100.1%							193,693,017
		Other Assets Less Liabilities – (0.1)% (7)							(124,725	)
		Net Assets Applicable to Common Shares – 100%						$	193,568,292

Investments in Derivatives

Options Written


Description (8)	Type		Number of Contracts			Notional Amount (9)			Exercise Price		Expiration Date		Value
S&P 500® Index		Call		(30	)	$	(12,000,000	)	$	4,000		1/20/23	$	(49,650	)
S&P 500® Index		Call		(55	)		(22,550,000	)		4,100		1/20/23		(23,650	)
S&P 500® Index		Call		(55	)		(22,825,000	)		4,150		1/20/23		(11,688	)
Total Options Written (premiums received $370,835)				(140	)	$	(57,375,000	)					$	(84,988	)

(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 $586,333.

(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

December 31, 2022


	BXMX		DIAX		SPXX		QQQX		JCE
Assets
Long-term investments, at value (cost $582,187,510, $248,198,624, $131,324,407, $453,907,794 and $185,165,678, respectively)⁽¹⁾		1,305,953,932		592,116,928		266,791,496		954,665,031		192,733,331
Short-term investments, at value (cost approximates value)		26,896,495		1,891,323		1,046,283		874,968		352,120
Investments purchased with collateral from securities lending, at value (cost approximates value)		12,408		—		259,831		686,986		607,566
Cash		—		—		791		—		6,847
Cash collateral at brokers for investments in options contracts⁽²⁾		—		—		—		450,000		—
Cash collateral at brokers for investments in futures contracts		—		—		—		—		373,366
Options purchased, at value (cost $—, $22,263, $11,132, $22,263, and $—, respectively)		—		4,800		2,400		4,800		—
Receivable for:
Dividends		963,553		152,190		197,577		253,344		431,340
Interest		1,913		135		74		62		25
Investments sold		—		234		1,661		12,026		21
Options terminated in closing purchase transactions		6,782,928		—		—		—		—
Reclaims		1,210		—		—		329		—
Deferred offering costs		—		—		219,738		42,208		—
Other assets		294,500		48,262		47,346		178,019		39,317
Total assets		1,340,906,939		594,213,872		268,567,197		957,167,773		194,543,933
Liabilities
Cash overdraft		6,773,724		—		—		—		—
Options written, at value (premiums received $39,360,041, $6,700,474, $3,055,250, $12,922,169, and $370,835, respectively)		23,696,130		4,822,375		2,195,338		5,487,302		84,988
Payable for:
Collateral from securities lending		12,408		—		259,831		686,986		607,566
Accrued expenses:
Management fees		946,677		432,048		188,436		702,857		154,026
Trustees fees		302,948		51,947		49,080		119,859		39,712
Shelf offering costs		—		—		—		47,505		—
Other		418,660		197,383		114,163		405,532		89,349
Total liabilities		32,150,547		5,503,753		2,806,848		7,450,041		975,641
Net assets applicable to common shares	$	1,308,756,392	$	588,710,119	$	265,760,349	$	949,717,732	$	193,568,292
Common shares outstanding		104,086,837		36,366,913		17,951,159		48,437,773		16,072,627
Net asset value (“NAV”) per common share outstanding	$	12.57	$	16.19	$	14.80	$	19.61	$	12.04
Net assets applicable to common shares consist of:
Common shares, $0.01 par value per share	$	1,040,868	$	363,669	$	179,512	$	484,378	$	160,726
Paid-in-surplus		524,623,098		245,232,611		125,400,276		428,770,685		187,612,349
Total distributable earnings (loss)		783,092,426		343,113,839		140,180,561		520,462,669		5,795,217
Net assets applicable to common shares	$	1,308,756,392	$	588,710,119	$	265,760,349	$	949,717,732	$	193,568,292
Authorized common shares		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited

(1)	Includes securities loaned of $12,137, $251,027, $662,232 and $586,333 for BXMX, 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

Year Ended December 31, 2022


	BXMX			DIAX			SPXX			QQQX			JCE
Investment Income
Dividends	$	22,276,144		$	12,799,794		$	4,855,510		$	10,365,130		$	3,839,711
Interest		140,722			6,029			3,529			7,983			4,391
Securities Lending Income, net		952			46,602			12,566			230,102			148
Foreign tax withheld on dividend income		(28,856	)		—			(1,182	)		(22,289	)		—
Total Investment Income		22,388,962			12,852,425			4,870,423			10,580,926			3,844,250
Expenses
Management fees		11,693,671			5,136,873			2,340,990			9,229,539			2,101,776
Interest expense		1,086			408			218			1,101			—
Custodian fees		126,190			76,306			60,460			129,790			55,413
Trustees fees		50,250			21,188			10,263			40,220			8,318
Professional fees		129,352			86,218			74,317			136,037			72,087
Shareholder reporting expenses		170,233			79,915			48,057			157,394			31,851
Shareholder servicing agent fees		1,010			479			175			630			199
Stock exchange listing fees		31,523			10,342			7,420			—			7,406
Investor relations expenses		118,430			55,698			37,960			128,670			22,727
Other		238,560			136,608			62,674			353,980			10,432
Total expenses		12,560,305			5,604,035			2,642,534			10,177,361			2,310,209
Net investment income (loss)		9,828,657			7,248,390			2,227,889			403,565			1,534,041
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments and foreign currency		38,860,250			8,806,457			11,187,459			22,330,123			(2,549,464	)
Futures contracts		—			—			—			—			(8,968	)
Options purchased		—			(169,111	)		(87,930	)		(221,017	)		13,408
Options written		92,014,514			18,144,464			9,550,235			82,240,122			907,627
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(342,235,387	)		(67,363,544	)		(73,061,459	)		(495,194,174	)		(47,685,745	)
Options purchased		—			(17,463	)		(8,732	)		(17,463	)		—
Options written		17,610,140			6,048,286			2,888,440			14,447,843			359,740
Net realized and unrealized gain (loss)		(193,750,483	)		(34,550,911	)		(49,531,987	)		(376,414,566	)		(48,963,402	)
Net increase (decrease) in net assets applicable to common shares from operations		(183,921,826	)		(27,302,521	)		(47,304,098	)		(376,011,001	)		(47,429,361	)

See accompanying notes to financial statements.

Statement of Changes in Net Assets


	BXMX						DIAX
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	9,828,657		$	4,675,828		$	7,248,390		$	6,196,640
Net realized gain (loss) from:
Investments and foreign currency		38,860,250			177,704,116			8,806,457			32,201,967
Futures contracts		—			—			—			—
Options purchased		—			—			(169,111	)		153,278
Options written		92,014,514			(116,624,336	)		18,144,464			(23,200,656	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(342,235,387	)		174,888,737			(67,363,544	)		79,804,076
Options purchased		—			—			(17,463	)		5,632
Options written		17,610,140			8,560,570			6,048,286			(3,331,527	)
Net increase (decrease) in net assets applicable to common shares from operations		(183,921,826	)		249,204,915			(27,302,521	)		91,829,410
Distributions to Common Shareholders
Dividends		(98,466,148	)		(50,306,812	)		(40,345,882	)		(12,192,825	)
Return of capital		—			(39,207,868	)		(1,359,694	)		(27,519,845	)
Decrease in net assets applicable to common shares from distributions to common shareholders		(98,466,148	)		(89,514,680	)		(41,705,576	)		(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		(282,387,974	)		159,690,235			(69,008,097	)		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	$	1,308,756,392		$	1,591,144,366		$	588,710,119		$	657,718,216

See accompanying notes to financial statements.


	SPXX						QQQX
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	2,227,889		$	1,849,198		$	403,565		$	(2,531,410	)
Net realized gain (loss) from:
Investments and foreign currency		11,187,459			49,477,998			22,330,123			166,937,589
Futures contracts		—			—			—			—
Options purchased		(87,930	)		79,037			(221,017	)		144,380
Options written		9,550,235			(10,788,646	)		82,240,122			(89,604,711	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(73,061,459	)		21,506,299			(495,194,174	)		151,243,357
Options purchased		(8,732	)		2,816			(17,463	)		5,632
Options written		2,888,440			(1,644,623	)		14,447,843			(6,565,544	)
Net increase (decrease) in net assets applicable to common shares from operations		(47,304,098	)		60,482,079			(376,011,001	)		219,629,293
Distributions to Common Shareholders
Dividends		(20,756,114	)		(12,176,538	)		(93,184,576	)		(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		(20,756,114	)		(16,899,282	)		(93,184,576	)		(77,915,881	)
Capital Share Transactions
Proceeds from shelf offering, net of offering costs		10,181,265			1,804,279			81,420,803			99,137,676
Net proceeds from common shares issued to shareholders due to reinvestment of distributions		223,858			79,716			2,625,827			1,707,146
Net increase (decrease) in net assets applicable to common shares from capital share transactions		10,405,123			1,883,995			84,046,630			100,844,822
Net increase (decrease) in net assets applicable to common shares		(57,655,089	)		45,466,792			(385,148,947	)		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	$	265,760,349		$	323,415,438		$	949,717,732		$	1,334,866,679

See accompanying notes to financial statements.

Statement of Changes in Net Assets (continued)


	JCE
	Year Ended 12/31/22			Year Ended 12/31/21
Operations
Net investment income (loss)	$	1,534,041		$	231,780
Net realized gain (loss) from:
Investments and foreign currency		(2,549,464	)		38,732,097
Futures contracts		(8,968	)		—
Options purchased		13,408			(50,655	)
Options written		907,627			(3,426,456	)
Change in net unrealized appreciation (depreciation) of:
Investments and foreign currency		(47,685,745	)		28,018,209
Options purchased		—			—
Options written		359,740			(99,154	)
Net increase (decrease) in net assets applicable to common shares from operations		(47,429,361	)		63,405,821
Distributions to Common Shareholders
Dividends		(32,669,229	)		(29,461,455	)
Return of capital		(4,773,720	)		—
Decrease in net assets applicable to common shares from distributions to common shareholders		(37,442,949	)		(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		396,514			310,105
Net increase (decrease) in net assets applicable to common shares from capital share transactions		396,514			310,105
Net increase (decrease) in net assets applicable to common shares		(84,475,796	)		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	$	193,568,292		$	278,044,088

See accompanying notes to financial statements.

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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	$	15.29	$	0.09		$	(1.86	)	$	(1.77	)	$	(0.10	)	$	(0.85	)	$	—		$	(0.95	)	$	—		$	—		$	12.57	$	12.65
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

DIAX
Year Ended 12/31:
2022		18.09		0.20			(0.95	)		(0.75	)		(0.20	)		(0.91	)		(0.04	)		(1.15	)		—			—			16.19		15.51
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

SPXX
Year Ended 12/31:
2022		18.70		0.13			(2.85	)		(2.72	)		(0.13	)		(1.05	)		—			(1.18	)		—			—			14.80		16.12
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

QQQX
Year Ended 12/31:
2022		29.63		0.01			(8.06	)		(8.05	)		(0.01	)		(1.96	)		—			(1.97	)		—			—			19.61		20.43
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


						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)



	(11.63	)%		(7.09	)%	$	1,308,756		0.89	%		0.70	%		6	%
	17.80			20.75			1,591,144		0.89			0.31			7
	7.92			1.16			1,431,454		0.91			1.14			22
	16.16			22.08			1,422,672		0.91			1.18			4
	(5.56	)		(8.88	)		1,307,669		0.89			1.10			5



	(3.92	)		(5.93	)		588,710		0.93	%		1.20	%		15	%
	15.45			24.60			657,718		0.92			0.96			8
	(1.49	)		(6.73	)		605,601		0.94			1.40			27
	14.94			17.07			661,255		0.95			1.49			6
	(5.01	)		(8.27	)		610,220		0.92			1.37			9



	(14.70	)		(6.79	)		265,760		0.92	%		0.78	%		32	%
	22.15			29.03			323,415		0.90			0.61			26
	6.60			(0.24	)		277,949		0.93			1.03			20
	20.62			25.40			275,280		0.99			1.11			8
	(6.03	)		(12.99	)		238,344		0.91			1.08			16



	(27.68	)		(27.25	)		949,718		0.92	%		0.04	%		36	%
	19.85			25.39			1,334,867		0.90			(0.21	)		32
	16.61			15.66			1,092,308		0.94			0.15			20
	27.33			28.73			951,945		0.91			0.25			11
	(4.39	)		(11.15	)		766,930		0.91			0.25			23

(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.

*	Value rounded to zero.

See accompanying notes to financial statements.

Financial Highlights (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	$	17.33	$	0.10	$	(3.06	)	$	(2.96	)	$	(0.10	)	$	(1.93	)	$	(0.30	)	$	(2.33	)	$	—	$	—		$	12.04	$	13.54
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


						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)



	(17.30	)%		(14.07	)%	$	193,568		1.00	%		0.66	%		92	%
	26.91			47.15			278,044		0.98			0.09			104
	8.42			3.62			243,790		1.17	(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

(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	%

*	Value rounded to zero.

See accompanying notes to financial statements.

Notes to Financial Statements

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 December 31, 2022, and the period covered by these Notes to Financial Statements is the fiscal year ended December 31, 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.

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.

Foreign Taxes

The Funds may be subject to foreign taxes on income, gains, on investments or foreign currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which the Funds invest.

Indemnifications

Under the Funds’ organizational documents, their officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and 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. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are presented in the Funds’ Portfolio of Investments or Statements of Assets and Liabilities.

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. In December 2022, FASB deferred ASU 2022-04 and issued ASU 2022-06, Reference Rate Reform: Deferral of the Sunset Date of Topic 848, which extends the application of the amendments through December 31, 2024. Management has not yet elected to apply the amendments, is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds’ investments and has currently determined that it is unlikely the ASU’s adoption will have a significant impact on the Funds’ financial statements and various filings.

New Rules to Modernize Fund Valuation Framework Take Effect

A new rule adopted by the Securities and Exchange Commission (the “SEC”) governing fund valuation practices, Rule 2a-5 under the 1940 Act, has established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits 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. Separately, new SEC Rule 31a-4 under the 1940 Act sets forth the recordkeeping requirements associated with fair value determinations. The Funds adopted a valuation policy conforming to the new rules, effective September 1, 2022, and there was no material impact to the Funds.

FASB issues ASU 2022-03 – Fair Value Measurement (Topic 820), Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”)

In June 2022, the FASB issued ASU 2022-03 to clarify the guidance in Topic 820, Fair Value Measurement (“Topic 820”). The amendments in ASU 2022-03 affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 (1) clarifies the guidance in Topic 820, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) amends a related illustrative example, and (3) introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in ASU 2022-03 are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. Management is currently assessing the impact of these provisions on the Funds’ financial statements.

3. Investment Valuation and Fair Value Measurements

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


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

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

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price or official closing price, these securities are generally classified as Level 2.

Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or an evaluated price provided by the 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.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date 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.

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

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


BXMX	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	1,305,953,932		$	—	$	—	$	1,305,953,932
Investments Purchased with Collateral from Securities Lending		12,408			—		—		12,408

Short-Term Investments:
Repurchase Agreements		—			26,896,495		—		26,896,495

Investment in Derivatives:
Options Written		(23,696,130	)		—		—		(23,696,130	)
Total	$	1,282,270,210		$	26,896,495	$	—	$	1,309,166,705

Notes to Financial Statements (continued)


DIAX	Level 1			Level 2		Level 3		Total
Long-Term Investments*:
Common Stocks	$	588,293,128		$	—	$	—	$	588,293,128
Exchange-Traded Funds		3,823,800			—		—		3,823,800

Short-Term Investments:
Repurchase Agreements		—			1,891,323		—		1,891,323

Investment in Derivatives:
Options Purchased		4,800			—		—		4,800
Options Written		(4,822,375	)		—		—		(4,822,375	)
Total	$	587,299,353		$	1,891,323	$	—	$	589,190,676
SPXX
Long-Term Investments*:
Common Stocks	$	263,923,646		$	—	$	—	$	263,923,646
Exchange-Traded Funds		2,867,850			—		—		2,867,850
Investments Purchased with Collateral from Securities Lending		259,831			—		—		259,831

Short-Term Investments:
Repurchase Agreements		—			1,046,283		—		1,046,283

Investment in Derivatives:
Options Purchased		2,400			—		—		2,400
Options Written		(2,195,338	)		—		—		(2,195,338	)
Total	$	264,858,389		$	1,046,283	$	—	$	265,904,672
QQQX
Long-Term Investments*:
Common Stocks	$	949,885,281		$	—	$	—	$	949,885,281
Exchange-Traded Funds		4,779,750			—		—		4,779,750
Investments Purchased with Collateral from Securities Lending		686,986			—		—		686,986

Short-Term Investments:
Repurchase Agreements		—			874,968		—		874,968

Investment in Derivatives:
Options Purchased		4,800			—		—		4,800
Options Written		(5,487,302	)		—		—		(5,487,302	)
Total	$	949,869,515		$	874,968	$	—	$	950,744,483
JCE
Long-Term Investments*:
Common Stocks	$	191,657,543		$	—	$	—	$	191,657,543
Exchange-Traded Funds		1,075,788			—		—		1,075,788
Investments Purchased with Collateral from Securities Lending		607,566			—		—		607,566

Short-Term Investments:
Repurchase Agreements		—			352,120		—		352,120

Investment in Derivatives:
Options Written		(84,988	)		—		—		(84,988	)
Total	$	193,255,909		$	352,120	$	—	$	193,608,029

*	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	$	26,896,495	$	(27,434,497	)
DIAX	Fixed Income Clearing Corporation		1,891,323		(1,929,173	)
SPXX	Fixed Income Clearing Corporation		1,046,283		(1,067,242	)
QQQX	Fixed Income Clearing Corporation		874,968		(892,527	)
JCE	Fixed Income Clearing Corporation		352,120		(359,211	)

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 current 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
BXMX	Common Stocks	$	12,137	$	12,408
SPXX	Common Stocks		251,027		259,831
QQQX	Common Stocks		662,232		686,986
JCE	Common Stocks		586,333		607,566

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	$	111,736,347	$	91,234,128	$	113,576,583	$	455,705,350	$	213,940,717
Sales		87,101,532		108,560,614		112,403,961		385,734,752		248,618,002

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.

Notes to Financial Statements (continued)

Futures Contracts

Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers for investments in futures contracts” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.

During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.

Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.

During the current fiscal period, JCE used equity futures for cash management purposes. The average notional amount of futures contracts outstanding during the current fiscal period was as follows:


Fund	Average Notional Amount of Futures Contracts Outstanding*
JCE	$	—

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each quarter within the current fiscal period. The Fund did not hold any open futures contracts at the end of any fiscal quarter within the current fiscal period.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts 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 Futures
Contracts

Change in Net
Unrealized
Appreciation
(Depreciation)
of Futures
Contracts

JCE

Equity

Future Contracts

(8,968

)

—

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 purchased put and call options as part of their overwrite strategy.

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

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


				DIAX			SPXX			QQQX			JCE
Average notional amount of outstanding call options purchased*				$	840,000		$	420,000		$	840,000		$	—

	BXMX			DIAX			SPXX			QQQX			JCE
Average notional amount of outstanding call options written*	$	(1,420,496,500	)	$	(328,178,000	)	$	(156,559,500	)	$	(603,551,500	)	$	(64,679,000	)

							DIAX			SPXX			QQQX
Average notional amount of outstanding put options purchased*							$	228,000		$	114,000		$	228,000

							DIAX			SPXX			QQQX
Average notional amount of outstanding put options written*							$	(9,360,000	)	$	(4,320,000	)	$	(15,840,000	)

The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each quarter within the current fiscal period. JCE did not hold any call options purchased at the end of any 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	$	(23,696,130	)
DIAX
Equity price	Options	Option purchased, at value	$	4,800	Options written, at value	$	(4,822,375	)
SPXX
Equity price	Options	Options purchased, at value	$	2,400	Options written, at value	$	(2,195,338	)
QQQX
Equity price	Options	Options purchased, at value	$	4,800	Options written, at value	$	(5,487,302	)
JCE
Equity price	Options	—	$	—	Options written, at value	$	(84,988	)

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	$	—		$	—
BXMX	Equity price	Options written		92,014,514			17,610,140
DIAX	Equity price	Options purchased		(169,111	)		(17,463	)
DIAX	Equity price	Options written		18,144,464			6,048,286
SPXX	Equity price	Options purchased		(87,930	)		(8,732	)
SPXX	Equity price	Options written		9,550,235			2,888,440
QQQX	Equity price	Options purchased		(221,017	)		(17,463	)
QQQX	Equity price	Options written		82,240,122			14,447,843
JCE	Equity price	Options purchased		13,408			—
JCE	Equity price	Options written		907,627			359,740

Notes to Financial Statements (continued)

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

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

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
	Year Ended 12/31/22		Year Ended 12/31/21			Year Ended 12/31/22		Year Ended 12/31/21
Maximum aggregate offering		4,993,317		4,993,317	*		Unlimited		Unlimited	**
Common shares sold		639,749		100,336			3,280,964		3,478,731
Offering proceeds, net of offering costs	$	10,181,265	$	1,804,279		$	81,420,803	$	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
	Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22			Year Ended 12/31/21			Year Ended 12/31/22		Year Ended 12/31/21
Common shares:
Issued to shareholders due to reinvestment of distributions		14,838			4,478			109,290			60,886			25,025		18,321
Sold through shelf offering		639,749			100,336			3,280,964			3,478,731			—		—
Weighted average common share:
Premium to NAV per shelf offering sold		1.77	%		1.23	%		2.37	%		1.90	%		—		—

6. Income Tax Information

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

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

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to distribution reallocations, foreign currency transactions, nondeductible offering costs, and return of capital and long-term capital gain distributions received from portfolio investments. Temporary and permanent differences have no impact on a Fund’s net assets.

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


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
BXMX	$	585,897,149	$	760,950,520	$	(37,680,964	)	$	723,269,556
DIAX		246,076,837		363,443,554		(20,329,715	)		343,113,839
SPXX		130,759,686		143,034,612		(7,889,626	)		135,144,986
QQQX		456,664,951		549,643,963		(55,564,431	)		494,079,532
JCE		186,289,875		22,550,776		(15,232,622	)		7,318,154

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 year 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	$	18,370,943	$	41,451,927	$	723,269,556	$	—		$	—	$	—		$	783,092,426
DIAX		—		—		343,113,839		—			—		—			343,113,839
SPXX		—		5,035,575		135,144,986		—			—		—			140,180,561
QQQX		5,025,099		21,358,038		494,079,532		—			—		—			520,462,669
JCE		—		—		7,318,154		(1,485,191	)		—		(37,746	)		5,795,217

The tax character of distributions paid was as follows:


	12/31/2022						12/31/2021
Fund	Ordinary Income		Long-Term Capital Gains		Return of Capital		Ordinary Income		Long-Term Capital Gains		Return of Capital
BXMX	$	37,065,603	$	61,400,545	$	—	$	7,941,118	$	42,365,694	$	39,207,868
DIAX		17,416,496		22,929,386		1,359,694		6,196,646		5,996,179		27,519,845
SPXX		2,223,255		18,532,859		—		1,822,067		10,354,471		4,722,744
QQQX		18,109,242		75,075,334		—		—		33,913,718		44,002,163
JCE		27,672,785		4,996,444		4,773,720		4,883,323		24,578,132		—

As of year end, the Funds had capital loss carryforwards, which will not expire:


Fund	Short-Term		Long-Term		Total
BXMX	$	—	$	—	$	—
DIAX		—		—		—
SPXX		—		—		—
QQQX		—		—		—
JCE		1,485,191		—		1,485,191

Notes to Financial Statements (continued)

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 December 31, 2022, the complex-level fee for each Fund was 0.1590%.

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	DIAX		SPXX		QQQX		JCE
Purchases	$	—	$	5,123,979	$	28,727,398	$	11,888,018
Sales		3,112,821		5,858,785		12,808,549		16,741,218
Realized gain(loss)		1,726,248		1,018,916		2,092,701		(366,622	)

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-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.

Shareholder Update

(Unaudited)

CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS

NUVEEN S&P 500 BUY-WRITE INCOME FUND (BXMX)

Investment Objective

The Fund’s investment objective is to seek attractive total return with less volatility than the S&P 500 Index.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in a diversified equity portfolio made up of securities comprising the S&P 500 Index (or securities that have economic characteristics that are similar to those securities comprising the S&P 500 Index) that seeks to substantially replicate price movements of the S&P 500 Index and is designed to support the Fund’s option strategy.

Under normal circumstances, the Fund expects to invest substantially all (at least 90%) of its Managed Assets (as defined below) in its equity portfolio or otherwise in pursuit of its investment objective.

The Fund employs a constant “buy-write” option strategy whereby the Fund’s sub-adviser sells (writes) index call options on a continuous basis on substantially the full value of the Fund’s equity portfolio. The Fund targets a constant overwrite level (i.e., the ratio of the notional value of index call options sold by the Fund to the market value of the Fund’s equity portfolio) of 100% of the value of its equity portfolio. The Fund’s use of a buy-write strategy, which is also commonly referred to as a buy-write income strategy, is intended to produce cash flow for the Fund in the form of premiums on the options written. In exchange for this cash flow (the income component of a buy-write strategy), the Fund’s total return may be reduced relative to the S&P 500 Index in rising markets and may be enhanced relative to the S&P 500 Index in flat or declining markets, in each case consistent with the Fund’s investment objective to seek attractive total return with less volatility than the S&P 500 Index.

“Assets” means net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Under normal market conditions:

•

The Fund may invest no more than 10% of its Managed Assets in short-term, high quality fixed-income securities.

•

The Fund may invest up to 20% of its Managed Assets in securities of non-U.S. issuers that are U.S. dollar denominated, which may include securities of issuers located, or conducting their business, in emerging market countries.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in its equity portfolio, such policy may not be changed without 60 days’ prior written notice to Common Shareholders.

Portfolio Contents

The Fund expects to invest in a portfolio of individual common stocks designed to replicate the risk and return profile, and thereby substantially replicate price movements, of the S&P 500 Index. The Fund may also invest in other investment companies, including exchange-traded fund (“ETFs”), that provide similar exposure to individual common stocks consistent with the Fund’s investment objective. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

In carrying out its option strategy, the Fund may write index call options on the S&P 500 Index and other broad-based indices and may, if the Fund’s sub-adviser deems conditions appropriate, write call options on a variety of other equity market indices. As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

The Fund may invest in U.S. Government securities. U.S. Government securities include (1) U.S. Treasury obligations, which differ in their interest rates, maturities and times of issuance: U.S. Treasury bills (maturities of one year or less), U.S. Treasury notes (maturities of one year to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years) and (2) obligations issued or guaranteed by U.S. Government agencies and instrumentalities that are supported by any of the following: (i) the full faith and credit of the U.S. Treasury, (ii) the right of the issuer to borrow an amount limited to a specific line of credit from the U.S. Treasury, (iii) discretionary authority of the U.S. Government to purchase certain obligations of the U.S. Government agency or instrumentality or (iv) the credit of the agency or instrumentality.

The Fund also may invest in any other security or agreement collateralized or otherwise secured by U.S. Government securities. Agencies and instrumentalities of the U.S. Government include but are not limited to: Federal Land Banks, Federal Financing Banks, Banks for Cooperatives, Federal Intermediate Credit Banks, Farm Credit Banks, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Government National Mortgage Association, Student Loan Marketing Association, U.S. Postal Service, Small Business Administration, Tennessee Valley Authority and any other enterprise established or sponsored by the U.S. Government. Because the U.S. Government generally is not obligated to provide support to its instrumentalities, the Fund will invest in obligations issued by these instrumentalities only if its sub-adviser determines that the credit risk with respect to such obligations is minimal.

The Fund may invest in commercial paper. Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies and finance companies.

The Fund may enter into repurchase agreements (the purchase of a security coupled with an agreement to resell that security at a higher price) with respect to its permitted investments. The Fund’s repurchase agreements will provide that the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the agreement, and will be marked-to-market daily.

The Fund may invest in securities of non-U.S. issuers that are U.S. dollar-denominated, which may include securities of issuers located, or conducting their business, in emerging market countries. The Fund will classify an issuer of a security as being a U.S. or non-U.S. issuer based on the determination of an unaffiliated, recognized financial data provider. Such determinations are based on a number of criteria, such as the issuer’s country of domicile, the primary exchange on which the security predominately trades, the location from which the majority of the issuer’s revenue comes, and the issuer’s reporting currency. Furthermore, a country is considered to be an “emerging market” if it has a relatively low gross national product per capita compared to the world’s major economies and the potential for rapid economic growth. The Fund considers a country an emerging market country based on the determination of an international organization, such as the IMF, or an unaffiliated, recognized financial data provider.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days.

The Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments in securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts and options thereon, swaps (with varying terms, including interest rate swaps and credit default swaps), options on interest rates, options on indices, options on swaps, options on currencies and other fixed-income derivative instruments that may have the economic effect of leverage.

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940 Act, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).

The Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other institutions to generate additional income. When the Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to at least 102% of the value of the loaned securities. Under the Fund’s securities lending agreement, the securities lending agent will generally bear the risk that a borrower may default on its obligation to return loaned securities. The Fund, however, will be responsible for the risks associated with the investment of cash collateral. The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet its obligations to the borrower.

Use of Leverage

As a non-fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as the issuance of preferred shares of beneficial interest (“Preferred Shares”) or debt instruments. However, the Fund may borrow for temporary or emergency purposes and may enter into certain derivatives transactions that have the economic effect of leverage.

Shareholder Update (continued)

(Unaudited)

Temporary Defensive Periods

During temporary defensive periods the Fund may deviate from its investment objective and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest any portion of its Managed Assets in investment grade debt securities, including obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities. The Fund may not achieve its investment objectives during such periods.

NUVEEN DOW 30^SM DYNAMIC OVERWRITE FUND (DIAX)

Investment Objective

The Fund’s investment objective is to seek attractive total return with less volatility than the Dow Jones Industrial Average (the “DJIA”).

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in the thirty stocks included in the DJIA in approximately the amount such stocks are weighted in the DJIA and/or in other securities or financial instruments with economic characteristics that are similar to the thirty stocks included in the DJIA that are intended to correlate with the price movements of the DJIA.

The Fund’s sub-adviser constructs the Fund’s equity portfolio by purchasing the common stock of each company included in the DJIA in approximately the amounts stocks are weighted in the DJIA. The Fund will periodically rebalance its holdings of DJIA stocks in order to more closely approximate each stock’s weighting in the DJIA. The Fund’s sub-adviser will consider the tax consequences of certain transactions within the Fund’s equity portfolio and intends to manage the portfolio in a tax-efficient manner by taking, for example, capital losses when possible to offset realized capital gains. The Fund’s sub-adviser will rebalance and adjust the Fund’s equity portfolio as necessary for tracking and tax management purposes.

The Fund employs a dynamic options “overwrite” strategy whereby the Fund’s sub-adviser sells (writes) call options on a varying percentage of the market value of the Fund’s equity portfolio based on its market outlook. Pursuant to this option strategy, under normal circumstances, the Fund sells (writes) index call options, call options on custom baskets of securities, and call options on individual securities. In addition to a primary emphasis on writing call options to reduce downside risk and volatility of the Fund’s equity portfolio, the Fund’s option strategy as a secondary emphasis seeks additional return opportunities by capitalizing on inefficiencies in the options market through a variety of means including the use of call spreads, purchasing call options, and selling put options.

The Fund targets an overwrite level (i.e., the ratio of the notional value of call options sold by the Fund to the market value of the Fund’s equity portfolio) of 55% of the value of its equity portfolio over time, and the overwrite level will vary, based on market conditions, between 35% to 75% of the value of its equity portfolio.

Under normal market conditions:

•

As a fundamental policy, the Fund may not invest more than 25% of its total assets in securities of issuers in any one industry, except that if 25% or more of the securities in the DIJA are issued by companies in one industry, the Fund would concentrate in that industry unless the Fund would need to avoid concentration in order to implement its investment strategy as it relates to avoiding the adverse tax treatment associated with straddle positions (Industry Concentration Policy).

•

The Fund may invest no more than 10% of its Managed Assets in short-term, high quality fixed-income securities.

•

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

However, the Fund’s fundamental Industry Concentration Policy may not be changed without the approval of the holders of a majority of the outstanding common shares and Preferred Shares voting together as a single class, and the approval of the holders of a majority of the outstanding Preferred Shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Shareholder Update (continued)

(Unaudited)

Portfolio Contents

The Fund will invest in the thirty common stocks included in the DJIA in approximately the amount such stocks are weighted in the DJIA. The Fund may also invest in other securities or financial instruments with economic characteristics that are similar to the thirty stocks included in the DJIA that are intended to correlate with the price movements of the DJIA. The Fund may also invest in other investment companies, including ETFs, that provide similar exposure to individual common stocks consistent with the Fund’s investment objective. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

As part of its option strategy, the Fund sells (writes) index call options, call options on custom baskets of securities, and covered or uncovered call options on individual securities. An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the over-the-counter (“OTC”) market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller but are subject to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited.

In carrying out its option strategy, the Fund may write index call options on the DJIA and other broad-based indices and may, if the Fund’s sub-adviser deems conditions appropriate, write call options on a variety of other equity market indices. As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

The Fund may also write call options on custom baskets of securities. A custom basket call option is an OTC option with a counterparty whose value is linked to the market value of a portfolio of underlying securities and is collateralized by a portion of the Fund’s equity portfolio. In designing the custom basket call options, the Fund’s sub-adviser will primarily select assets not held by the Fund. In order to minimize the difference between the returns of the underlying securities in the custom basket (commonly referred to as a tracking error), the Fund’s sub-adviser will use optimization calculations when selecting the individual securities for inclusion in the custom basket.

The Fund may also write single name call options, both covered and “naked” or uncovered, on individual stocks. A call option written by the Fund on an individual security is “covered” if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration. The Fund, in effect, sells the potential appreciation in the value of the security subject to the call option in exchange for the premium. The Fund may execute a closing purchase transaction with respect to an option it has sold and sell another option (with either a different exercise price or expiration date or both). The Fund’s objective in entering into such a closing transaction will be to optimize net index option premiums. The cost of a closing transaction may reduce the net option premiums realized from the sale of the option. This reduction could be offset, at least in part, by appreciation in the value of the underlying security held in the Fund’s equity portfolio, and by the opportunity to realize additional premium income from selling a new option.

The Fund may also purchase call options. A call option entitles the purchaser, in return for the premium paid, to purchase specified securities at a specified price during the option period. Because the premium paid for a call option is typically a small fraction of the price of the underlying security, a given amount of funds will purchase call options covering a much larger quantity of such security than could be purchased directly. By purchasing call options, the Fund could benefit from any significant increase in the price of the underlying security to a greater extent than if it had invested the same amount in the security directly.

The Fund may also use call spreads as part of its option strategy. A call spread involves the sale of a call option and the corresponding purchase of a call option on the same underlying instrument with the same expiration date but with different exercise prices. The call spreads utilized by the Fund generally will generate less net option premium than writing calls, but limit the overall risk of the strategy by capping the Fund’s liability from the written call while simultaneously allowing for additional upside above the strike price of the purchased call.

The Fund may also use put options as part of its option strategy. A put option gives the purchaser of the option the right (but not the obligation) to sell, and the writer of the option the obligation to buy, the underlying instrument (or the cash value of the index) at a stated price (the “exercise price”) at any time before the option expires. The purchase price for a put option is the “premium” paid by the purchaser for the right to sell. When the Fund sells a put option on an underlying instrument and the underlying instrument decreases in value, the purchaser of the put option has the right to exercise the option, obligating the Fund to purchase the underlying instrument at an exercise price that is higher than the prevailing market price. The Fund collects option premium income when it sells the put option. If the underlying instrument increases in value, the purchaser of the put option is unlikely to exercise the option since the prevailing market price will be higher than the exercise price. Accordingly, the Fund retains all put premium income collected during market advances.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

Shareholder Update (continued)

(Unaudited)

Use of Leverage

As a non-fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as the issuance of Preferred Shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes and may enter into certain derivatives transactions that have the economic effect of leverage.

Temporary Defensive Periods

NUVEEN S&P 500 DYNAMIC OVERWRITE FUND (SPXX)

Investment Objective

The Fund’s investment objective is to seek attractive total return with less volatility than the S&P 500 Index.

Investment Policies

The Fund’s sub-adviser uses a multi-factor quantitative model, which will consider opportunities to engage in tax-loss harvesting (i.e., periodically selling positions that have depreciated in value to realize capital losses that can be used to offset capital gains realized by the Fund) and other tax management considerations to improve after-tax shareholder outcomes, to construct the Fund’s equity portfolio.

Under normal market conditions:

•

As a fundamental policy, the Fund may not invest more than 25% of its total assets in securities of issuers in any one industry, except that if 25% or more of the securities in the S&P 500 Index are issued by companies in one industry, the Fund would concentrate in that industry unless the Fund would need to avoid concentration in order to implement its investment strategy as it relates to avoiding the adverse tax treatment associated with straddle positions (Industry Concentration Policy).

•

The Fund may invest no more than 10% of its Managed Assets in short-term, high quality fixed-income securities.

•

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in its equity portfolio, such policies may not be changed without 60 days’ prior written notice to shareholders.

Portfolio Contents

The Fund will invest in a portfolio of individual common stocks designed to replicate the risk and return profile, and thereby substantially replicate price movements of the S&P 500 Index. The Fund may also invest in other investment companies, including ETFs, that provide similar exposure to individual

common stocks consistent with the Fund’s investment objective. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity

Shareholder Update (continued)

(Unaudited)

securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

As part of its option strategy, the Fund sells (writes) index call options, call options on custom baskets of securities, and covered or uncovered call options on individual securities. An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller but are subject to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

The Fund may lose money on its investment of cash collateral or may fail to earn sufficient income on its investment to meet its obligations to the borrower.

Use of Leverage

Shareholder Update (continued)

(Unaudited)

Temporary Defensive Periods

NUVEEN NASDAQ 100 DYNAMIC OVERWRITE FUND (QQQX)

Investment Objective

The Fund’s investment objective is to seek attractive total return with less volatility than the Nasdaq 100 Index.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in an equity portfolio made up of securities comprising the Nasdaq 100 Index (or securities that have economic characteristics that are similar to those securities comprising the Nasdaq 100 Index) that seeks to substantially replicate price movements of the Nasdaq 100 Index and is designed to support the Fund’s option strategy.

Under normal market conditions:

•

As a fundamental policy, the Fund may not invest more than 25% of its total assets in securities of issuers in any one industry, except that if 25% or more of the securities in the Nasdaq 100 Index are issued by companies in one industry, the Fund would concentrate in that industry unless the Fund would need to avoid concentration in order to implement its investment strategy as it relates to avoiding the adverse tax treatment associated with straddle positions (Industry Concentration Policy).

•

The Fund may invest no more than 10% of its Managed Assets in short-term, high quality fixed-income securities.

•

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in the equity portfolio, such policy may not be changed without 60 days’ prior written notice to shareholders.

However, the Fund’s fundamental Industry Concentration Policy may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund will invest in a portfolio of individual common stocks designed to replicate the risk and return profile, and thereby substantially replicate price movements of the Nasdaq 100 Index. The Fund may also invest in other investment companies, including ETFs, that provide similar exposure to individual common stocks consistent with the Fund’s investment objective. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity

Shareholder Update (continued)

(Unaudited)

As part of its option strategy, the Fund sells (writes) index call options, call options on custom baskets of securities, and covered or uncovered call options on individual securities. An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller but are subject to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited.

In carrying out its option strategy, the Fund may write index call options on the Nasdaq 100 Index and other broad-based indices and may, if the Fund’s sub-adviser deems conditions appropriate, write call options on a variety of other equity market indices. As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may also invest in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the SEC.

Use of Leverage

Shareholder Update (continued)

(Unaudited)

Temporary Defensive Periods

NUVEEN CORE EQUITY ALPHA FUND (JCE)

Investment Objective

The Fund’s investment objective is to provide an attractive level of total return. The Fund seeks to achieve its investment objective primarily through long term capital appreciation and secondarily through income and gains.

Investment Policies

Under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in the Equity Portfolio (as defined below).

The Fund invests in a portfolio of actively managed large capitalization U.S. common stocks, using the sub-adviser’s proprietary quantitative process designed to provide the potential for long-term outperformance (the “Equity Portfolio”). Additionally, the Fund seeks to reduce the volatility of its returns relative to the returns of the Equity Portfolio over extended periods by writing (selling) index call options and/or call options on custom baskets of securities (the “Options Strategy”).

Under normal market conditions:

•

The notional value of the call options written by the Fund under its Options Strategy may be up to 50% of the value of the Fund’s Managed Assets.

•

The Fund intends to limit the overlap between the stocks held in the Equity Portfolio and the stocks underlying the Fund’s call options to less than 70% (generally based on the value of such components).

•

The Fund may invest up to 10% of is Managed Assets in securities of other open- or closed-end investment companies (including ETFs) that invest primarily in securities of the types in which the Fund may invest directly. In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in securities of the types in which the Fund may invest directly.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, with respect to the Fund’s policy of investing at least 80% of its Assets in the Equity Portfolio, such policy may not be changed without 60 days’ prior written notice to shareholders.

Portfolio Contents

The Fund generally invests in a portfolio of common stocks. Common stock generally represents an equity ownership interest in an issuer, without preference over and with a lower priority than any other class of securities, including such issuer’s debt securities, preferred stock and other senior equity securities. Common stocks usually carry voting rights and earn dividends. Common stocks fluctuate in price in response to many factors including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity, as such the company may or may not pay dividends. Dividends on common stocks are declared at the discretion of the company’s board. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company’s stock price.

The Fund implements its Option Strategy by writing (selling) index call options and call options on custom baskets of securities.

An option contract is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the index) at a specified exercise price at any time during the term of the option. The writer of an option on a security has the obligation upon exercise of the option to deliver the reference instrument (or the cash) upon payment of the exercise price or to pay the exercise price upon delivery of the reference instrument (or the cash). Upon exercise of an index option, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. Options may be “covered,” meaning that the party required to deliver the reference instrument if the option is exercised owns that instrument (or has set aside sufficient assets to meet its obligation to deliver the instrument). Options may be listed on an exchange or traded in the OTC market. In general, exchange-traded options have standardized exercise prices and expiration dates and may require the parties to post margin against their obligations, and the performance of the parties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation. OTC options have more flexible terms negotiated between the buyer and the seller, but generally are subject

Shareholder Update (continued)

(Unaudited)

to counterparty risk. The ability of the Fund to transact business with any one or any number of counterparties, the lack of any independent evaluation of the counterparties or their financial capabilities, and the absence of a regulated market to facilitate settlement, may increase the potential for losses to the Fund. OTC options also involve greater liquidity risk. This risk may be increased in times of financial stress, if the trading market for OTC derivative contracts becomes limited. The staff of the SEC takes the position that certain purchased OTC options, and assets used as cover for certain written OTC options, are illiquid.

The Fund writes index call options on broad-based indices and may, if the sub-adviser deems conditions appropriate, write call options on a variety of other equity market indices. As the seller of an index call option, the Fund receives a premium from the purchaser. The purchaser of the index call option has the right to any appreciation in the value of the index over the exercise price upon the exercise of the call option or the expiration date. If, at expiration, the purchaser exercises the index option sold by the Fund, the Fund will pay the purchaser the difference between the cash value of the index and the exercise price of the index option. The premium, the exercise price and the market value of the index determine the gain or loss realized by the Fund as the seller of the index call option.

The Fund may also write call options on custom baskets of securities. A custom basket call option is an OTC option with a counterparty whose value is linked to the market value of a portfolio of underlying securities and is collateralized by a portion of the Fund’s Equity Portfolio. In order to minimize the difference between the returns of the underlying securities in the custom basket (commonly referred to as a tracking error), the sub-adviser will use optimization calculations when selecting the individual securities for inclusion in the custom basket.

In addition to the use of call options as described above, the Fund may enter into certain derivative instruments in pursuit of its investment objective, including to seek to enhance return, to hedge certain risks of its investments or as a substitute for a position in the underlying asset. Such instruments include options, futures contracts, index futures and total return swaps. In addition, the Fund may invest in other types of derivative instruments that are currently non-principal investments, including forward contracts, interest rate swaps, caps, collars and floors, credit default swaps, and swap options.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the 1933 Act, and repurchase agreements with maturities in excess of seven days.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

Use of Leverage

As a non-fundamental policy, the Fund will not leverage its capital structure by issuing senior securities such as the issuance of Preferred Shares or debt instruments. The Fund may, however, borrow up to 7.5% of its Managed Assets for cash management purposes. In addition, the Fund may borrow for temporary or emergency purposes and may enter into certain derivatives transactions that have the economic effect of leverage by creating additional investment exposure.

Temporary Defensive Periods

During temporary defensive periods the Fund may deviate from its investment objective and policies, and in order to keep the Fund’s cash fully invested, the Fund may invest up to 100% of its Managed Assets in investment grade debt securities, including obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities. The Fund may not achieve its investment objective during such periods.

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PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.


Risk	Nuveen S&P 500 Buy-Write Income Fund (BXMX)	Nuveen Dow 30^SMDynamic 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 Level Risks*

Call Option Risk	X	X	X	X	X
Call Spreads Risk	X	X	X	X	—
Common Stock Risk	X	X	X	X	X
Counterparty Risk	X	X	X	X	X
Deflation Risk	X	X	X	X	X
Derivatives Risk	X	X	X	X	X
Dividend Income Risk	X	X	X	X	X
Frequent Trading Risk	—	—	—	—	X
Hedging Risk	X	X	X	X	X
Illiquid Investments Risk	X	X	X	X	—
Inflation Risk	X	X	X	X	X
Information Technology Sector Risk	X	—	X	—	—
Large-Cap Company Risk	X	X	X	X	X
Non-U.S. Securities Risk	X	X	X	X	—
Option Strategy Risk	X	X	X	X	X
Other Investment Companies Risk	X	X	X	X	X
Put Option Risk	X	X	X	X	—
Quantitative Analysis Risk	—	—	—	—	X
Swap Transactions Risk	X	X	X	X	X
Technology Company Investment Risk	—	—	—	X	—
Valuation Risk	X	X	X	X	X

*Fund Level and Other Risks*

Anti-Takeover Provisions	X	X	X	X	X
Borrowing Risk	X	X	X	X	X
Cybersecurity Risk	X	X	X	X	X
Global Economic Risk	X	X	X	X	X
Investment and Market Risk	X	X	X	X	X
Legislation and Regulatory Risk	X	X	X	X	X
Market Discount from Net Asset Value	X	X	X	X	X
Non-Diversified Status Risk	—	X	—	X	—
Not an Index Fund	X	X	X	X	—
Recent Market Conditions	X	X	X	X	X
Tax Risk	X	X	X	X	X

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Shareholder Update (continued)

(Unaudited)

Portfolio Level Risks:

Call Option Risk. As the writer of a call option, the Fund foregoes, during the option’s life, the opportunity to profit from increases in the market value of the instrument underlying the call option above the sum of the premium and the strike price of the option, but will retain the risk of loss should the market value of the instrument underlying the call option decline. The purchaser of the call option has the right to any appreciation in the value of the underlying instrument over the exercise price upon the exercise of the call option or the expiration date. As the Fund increases the option overlay percentage, its ability to benefit from capital appreciation becomes more limited and the risk of NAV erosion increases. If the Fund experiences NAV erosion, which itself may have a negative effect on the market price of the Fund’s shares, the Fund will have a reduced asset base over which to write call options, which may eventually lead to reduced distributions to shareholders.

In addition, because the exercise of index options is 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. The Fund bears a risk that the value of the securities held by the Fund will vary from the value of the underlying index and relative to the written index call option positions. Accordingly, the Fund may incur losses on the index call options that it has sold that exceed gains on the Fund’s equity portfolio. The value of index options written by the Fund, which will be priced daily, will be affected by changes in the value of and dividend rates of the underlying common stocks in the index, changes in the actual or perceived volatility of the stock market and the remaining time to the options’ expiration. The value of the index options also may be adversely affected if the market for the index options becomes less liquid or smaller.

Call Spreads Risk. The Fund may enter into call spreads. A call spread involves the sale of a call option and the corresponding purchase of a call option on the same underlying instrument with the same expiration date but with different strike prices. The Fund may not be able to enter into (or close out of) these transactions, at times or in the quantities desired by the sub-adviser. The Fund also may not be able to enter into (or close out of) these transactions because of, among other things, the lack of market participants that are willing to take contrary positions to that of the Fund.

Common Stock Risk. Common stocks have experienced significantly more volatility in returns and may significantly underperform relative to fixed-income securities during certain periods. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. Also, the price of common stocks is sensitive to general movements in the stock market, and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer, the general condition of the relevant stock market or the current and expected future conditions of the broader economy, or when political or economic events affecting the issuer in particular or the stock market in general occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase.

Counterparty Risk. The Fund will be subject to credit risk with respect to the counterparties to the derivative transactions entered into by the Fund. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives transactions may affect the value of those instruments. Because certain derivative transactions in which the Fund may engage may be traded between counterparties based on contractual relationships, the Fund is subject to the risk that a counterparty will not perform its obligations under the related contracts. If a counterparty becomes bankrupt or otherwise becomes unable to perform its obligations due to financial difficulties the Fund may sustain losses (including the full amount of its

investment), may be unable to liquidate a derivatives position or may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceedings. By entering into derivatives transactions, the Fund assumes the risk that its counterparties could experience such financial hardships. Although the Fund intends to enter into transactions only with counterparties that the sub-adviser believes to be creditworthy, there can be no assurance that a counterparty will not default and that the Fund will not sustain a loss on a transaction. In the event of a counterparty’s bankruptcy or insolvency, any collateral posted by the Fund in connection with a derivatives transaction may be subject to the conflicting claims of that counterparty’s creditors, and the Fund may be exposed to the risk of a court treating the Fund as a general unsecured creditor of the counterparty, rather than as the owner of the collateral.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a security or other asset without buying or selling the security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty.

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It is possible that regulatory or other developments in the derivatives market, including changes in government regulation the SEC’s recently adopted new Rule 18f-4 under the 1940 Act, which imposes limits on the amount of derivatives a fund can enter into, could adversely impact the Fund’s ability to invest in certain derivatives successfully use derivative instruments.

Dividend Income Risk. A portion of the net investment income paid by the Fund to its shareholders is derived from dividends it receives from the common stocks held in the Fund’s equity portfolio. Dividends paid on securities held by the Fund can vary significantly over the short-term and long-term. Dividends on common stocks are not fixed, but are declared at the discretion of an issuer’s board of directors. There is no guarantee that the issuers of common stocks in which the Fund invests will declare dividends in the future or that if declared they will remain at current levels or increase over time.

Frequent Trading Risk. The Fund’s portfolio turnover rate may exceed 100%. Frequent trading of portfolio securities may produce capital gains, which are taxable to shareholders when distributed. Frequent trading may also increase the amount of commissions or mark-ups to broker-dealers that a fund pays when it buys and sells securities, which may detract from the fund’s performance.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are unregistered may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could continue to increase.

Information Technology Sector Risk. The Fund currently invests a significant portion of its assets in the information technology sector, although this may change over time. The information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market competition, government regulation, and patent and intellectual property rights.

Large-Cap Company Risk. While large-cap companies may be less volatile than those of mid-and small-cap companies, they still involve risk. To the extent the Fund invests in large-capitalization securities, the Fund may underperform funds that invest primarily in securities of smaller capitalization companies during periods when the securities of such companies are in favor. Large-capitalization companies may be unable to respond as quickly as smaller capitalization companies to competitive challenges or to changes in business, product, financial or other market conditions.

Non-U.S. Securities Risk. Investments in securities of non-U.S. issuers involve special risks, including: less publicly available information about non-U.S. issuers or markets due to less rigorous disclosure or accounting standards or regulatory practices; many non-U.S. markets are smaller, less liquid and more volatile; the economies of non-U.S. countries may grow at slower rates than expected or may experience a downturn or recession; the impact of economic, political, social or diplomatic events; and withholding and other non-U.S. taxes may decrease the Fund’s return. These risks are more pronounced to the extent that the Fund invests a significant amount of its assets in issuers located in one region.

Option Strategy Risk. The value of call options sold (written) by the Fund will fluctuate. The Fund may not participate in any appreciation of its 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 its portfolio. In employing the Fund’s option strategy, the sub-adviser seeks to reduce downside risk and volatility of the Fund’s equity portfolio. This strategy may not protect against market declines and may limit the Fund’s participation in market gains, particularly during periods when market values are increasing. This strategy may increase the Fund’s portfolio transaction costs, which could result in losses or reduce gains, and may not be successful.

Other Investment Companies Risk. The Fund may invest in the securities of other investment companies, including ETFs. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment

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Shareholder Update (continued)

(Unaudited)

companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Put Option Risk. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is not able to close out its written put options, it may result in substantial losses to the Fund. The Fund will receive a premium from writing options, but the premium received may not be sufficient to offset any losses sustained from exercised put options.

Quantitative Analysis Risk. The risk that stocks selected using quantitative modeling and analysis could perform differently from the market as a whole and the risk that such quantitative analysis and modeling may not adequately take into account certain factors, may contain design flaws or inaccurate assumptions and may rely on inaccurate data inputs, which may result in losses to the Fund.

Swap Transactions Risk. The Fund may enter into derivative instruments such as swap contracts, credit default swaps, interest rate swaps and forward contracts. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Technology Company Investment Risk. A substantial portion of the securities represented in the applicable index are in the technology sector. As a result, the Fund may invest a substantial portion of its assets in technology companies. The market prices of technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. These stocks may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Technology stocks also may be affected adversely by changes in technology, consumer and business purchasing patterns, government regulation and/or obsolete products or services.

Valuation Risk. The securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

Fund Level and Other Risks:

Anti-Takeover Provisions. The Fund’s organizational documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. Although the application of the “Control Share Acquisition” provisions has currently been suspended, these provisions could have the effect of depriving the common shareholders of opportunities to sell their common shares at a premium over the then-current market price of the common shares.

Borrowing Risk. The Fund may borrow for temporary or emergency purposes. Borrowing may exaggerate changes in the NAV of the Fund’s shares and may affect the Fund’s net income. When the Fund borrows money, it must pay interest and other fees, which will reduce the Fund’s returns if such costs exceed the returns on the portfolio securities purchased or retained with such borrowings. Any such borrowings are intended to be temporary. However, under certain market circumstances, such borrowings might be outstanding for longer periods of time.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches

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and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund.

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and investments prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies like China’s, may have global negative economic and market repercussions. Additionally, instability in various countries, such as Afghanistan and Syria, and natural and environmental disasters and the spread of infectious illnesses or other public health emergencies , possible terrorist attacks in the United States and around the world, continued tensions between North Korea and the United States and the international community generally, growing social and political discord in the United States, the European debt crisis, the response of the international community – through economic sanctions and otherwise – further downgrade of U.S. government securities, the change in the U.S. president and the new administration and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. Recent examples of such events include the outbreak of a novel coronavirus known as COVID-19 that was first detected in China in December 2019 and heightened concerns regarding North Korea’s nuclear weapons and long-range ballistic missile programs. In addition, Russia’s recent invasion of Ukraine in February 2022 has resulted in sanctions imposed by several nations, such as the United States, United Kingdom, European Union and Canada. The current sanctions and potential further sanctions may negatively impact certain sectors of Russia’s economy, but also may negatively impact the value of the Fund’s investments that do not have direct exposure to Russia. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

The Fund does not know and cannot predict how long the securities markets may be affected by these events and the effects of these and similar events in the future on the U.S. economy and securities markets. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

Investment and Market Risk. An investment in the Fund’s common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives and managing its portfolio when the underlying securities are redeemed or sold during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

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Shareholder Update (continued)

(Unaudited)

Non-Diversified Status Risk. Because the Fund is classified as “non-diversified” under the 1940 Act, it can invest a greater portion of its assets in obligations of a single issuer than a “diversified” fund. As a result, the Fund will be more susceptible than a diversified fund to fluctuations in the prices of securities of a single issuer.

Not an Index Fund. The Fund is not, nor is it intended to be, an index fund. As a result, the performance of the Fund will differ from the performance of the index as a whole for various reasons, including the fact that the Fund will write call options on a portion of its equity portfolio and the weightings of the securities included in the Fund’s equity portfolio may be different than the weightings of the common stocks in the index. The Fund, by writing call options on its equity portfolio, will give up the opportunity to benefit from potential increases in the value of the Fund’s equity portfolio above the exercise prices of the options, but will continue to bear the risk of declines in the value of the Fund’s equity portfolio.

Recent Market Conditions. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region. The outbreak of COVID-19 resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.

On June 23, 2016, the United Kingdom (“UK”) held a referendum on whether to remain a member state of the European Union (“EU”), in which voters favored the UK’s withdrawal from the EU, an event widely referred to as “Brexit.” On January 31, 2020, the UK formally withdrew from the EU. The transition period concluded on December 31, 2020, and EU law no longer applies in the UK. On December 30, 2020, the UK and EU signed an EU-UK Trade and Cooperation Agreement (“UK/EU Trade Agreement”), which went into effect on January 1, 2021 and sets out the foundation of the economic and legal framework for trade between the UK and EU. As the UK/EU Trade Agreement is a new legal framework, the implementation of the UK/EU Trade Agreement may result in uncertainty in its application and periods of volatility in both the UK and wider European markets. The longer term economic, legal, political and social framework to be put in place between the UK and the EU are unclear at this stage, remain subject to negotiation and are likely to lead to ongoing political and economic uncertainty and periods of exacerbated volatility in both the UK and in wider European markets for some time. The outcomes may cause increased volatility and have a significant adverse impact on world financial markets, other international trade agreements, and the UK and European economies, as well as the broader global economy for some time. Additionally, a number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future.

Ukraine has experienced ongoing military conflict, most recently in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s export industry, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the euro. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Tax Risk. The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.

106

DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

107

Shareholder Update (continued)

(Unaudited)

CHANGES OCCURRING DURING THE FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes to: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders, except as follows:

Amended and Restated Bylaws

On October 5, 2020, the Nuveen S&P 500 Buy-Write Income Fund, Nuveen Dow 30SM Dynamic Overwrite Fund, Nuveen S&P 500 Dynamic Overwrite Fund, and Nuveen Nasdaq 100 Dynamic Overwrite Fund and Nuveen Core Equity Alpha Fund (each a “Fund” and collectively 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 amended the Funds’ bylaws to provide that the Funds’ Control Share By-Law shall be of no force and effect for so long as the judgment of the District Court is effective and that if the judgment of the District Court is reversed, overturned, vacated, stayed, or otherwise nullified, the Fund’s Control Share By-Law will be automatically reinstated and apply to any beneficial owner of common shares acquired in a Control Share Acquisition, regardless of whether such Control Share Acquisition occurs before or after such reinstatement, for the duration of the stay or upon issuance of the mandate reversing, overturning, vacating or otherwise nullifying the judgment of the District Court. On February 25, 2022, the Board and the Funds appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit.

Principal Risks

The following principal risk has been added for the Nuveen S&P 500 Buy-Write Income Fund (BXMX) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX):

108

UPDATED DISCLOSURES FOR FUNDS WITH AN EFFECTIVE SHELF OFFERING REGISTRATION STATEMENT

The following includes additional disclosures for the Funds in this annual report with an effective shelf offering registration statement as of the fiscal year ended December 31, 2022.

NUVEEN S&P 500 DYNAMIC OVERWRITE FUND (SPXX)

NUVEEN NASDAQ 100 DYNAMIC OVERWRITE FUND (QQQX)

SUMMARY OF FUND EXPENSES

The purpose of the tables and the examples below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of the Fund as a percentage of the average net assets attributable to Common Shares and not as a percentage of total assets or managed assets.


Shareholder Transaction Expenses	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)			Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
Maximum Sales Charge (as a percentage of offering price)		4.00%	(1)		4.00%	(1)
Dividend Reinvestment Plan Fees (2)	$	2.50		$	2.50

(1)	A maximum sales charge of 4.00% applies only to offerings pursuant to a syndicated underwriting. The maximum sales charge for offerings made at-the-market is 1.00%. There is no sales charge for offerings pursuant to a private transaction.

(2)	You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.


	As a Percentage of Net Assets Attributable to Common Shares (1)
Annual Expenses	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)		Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
Management Fees		0.82%		0.83%
Other Expenses (2)		0.10%		0.09%
Total Annual Expenses		0.92%		0.92%

(1)	Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended December 31, 2022.

(2)	Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

Examples

The following examples illustrate the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the tables. Each example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The examples also assume a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the examples.

Example # 1 (At-the-Market Transaction)

The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.


	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)		Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
1 Year	$	19	$	19
3 Years	$	39	$	39
5 Years	$	60	$	60
10 Years	$	122	$	122

109

Shareholder Update (continued)

(Unaudited)

Example # 2 (Underwriting Syndicate Transaction)

The following example assumes a transaction fee of 4.00%, as a percentage of the offering price.


	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)		Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
1 Year	$	49	$	49
3 Years	$	68	$	68
5 Years	$	89	$	89
10 Years	$	149	$	149

Example # 3 (Privately Negotiated Transaction)

The following example assumes there is no transaction fee.


	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)		Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
1 Year	$	9	$	9
3 Years	$	29	$	29
5 Years	$	51	$	51
10 Years	$	113	$	113

These examples should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.

TRADING AND NET ASSET VALUE INFORMATION

The following table shows for the periods indicated: (i) the high and low market prices for the Common Shares of Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) reported as of the end of the day on the Nasdaq Stock Market LLC (Nasdaq) and on the New York Stock Exchange (NYSE), respectively, (ii) the high and low net asset value (NAV) of the Common Shares, and (iii) the high and low of the premium/(discount) to NAV (expressed as a percentage) of shares of the Common Shares.

Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)


	Market Price				NAV				Premium / (Discount) to NAV
Fiscal Quarter End	High		Low		High		Low		High			Low
December 2022	$	17.87	$	15.01	$	15.63	$	14.04		16.12	%		6.91	%
September 2022	$	16.78	$	15.01	$	16.68	$	14.04		7.85	%		(0.97	)%
June 2022	$	18.18	$	14.87	$	18.18	$	14.91		3.06	%		(5.42	)%
March 2022	$	18.82	$	16.48	$	18.82	$	16.80		0.95	%		(4.30	)%
December 2021	$	18.60	$	16.98	$	18.81	$	17.51		(0.53	)%		(4.30	)%
September 2021	$	18.42	$	17.08	$	18.36	$	17.47		3.50	%		(3.61	)%
June 2021	$	19.07	$	16.57	$	17.80	$	17.04		8.72	%		(3.42	)%
March 2021	$	16.53	$	14.84	$	17.03	$	16.00		(2.36	)%		(8.38	)%

Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)


	Market Price				NAV				Premium / (Discount) to NAV
Fiscal Quarter End	High		Low		High		Low		High			Low
December 2022	$	23.42	$	20.00	$	21.49	$	19.18		11.19	%		2.50	%
September 2022	$	25.08	$	20.51	$	24.52	$	19.93		3.59	%		0.00	%
June 2022	$	28.77	$	21.14	$	27.84	$	21.28		4.18	%		(1.09	)%
March 2022	$	30.83	$	24.79	$	29.97	$	24.51		3.83	%		(4.97	)%
December 2021	$	30.65	$	28.05	$	30.28	$	27.64		3.44	%		0.03	%
September 2021	$	30.60	$	28.37	$	30.07	$	27.97		2.56	%		(0.51	)%
June 2021	$	29.57	$	26.57	$	28.54	$	26.43		4.30	%		(0.77	)%
March 2021	$	27.61	$	25.38	$	28.27	$	25.94		2.87	%		(4.69	)%

110

The following table shows as of December 31, 2022 each Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and (iv) net assets attributable to Common Shares.


December 31, 2022	Nuveen S&P 500 Dynamic Overwrite Fund (SPXX)		Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX)
NAV per Common Share	$	14.80	$	19.61
Market Price	$	16.12	$	20.43
Percentage of Premium/(Discount) to NAV per Common Share		8.92%		4.18%
Net Assets Attributable to Common Shares	$	265,760,349	$	949,717,732

Shares of closed-end investment companies, including those of the Funds, may frequently trade at prices lower than NAV. The Funds’ Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Funds cannot assure you that their Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

UNRESOLVED STAFF COMMENTS

Each Fund believes that there are no material unresolved written comments, received 180 days or more before December 31, 2022, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or 1940 Act, or its registration statement.

111

Important Tax Information (Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:


Fund	Net Long-Term Capital Gains
BXMX	$	61,400,545
DIAX		22,929,386
SPXX		18,532,859
QQQX		75,075,334
JCE		4,996,444

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:


Fund	Percentage
BXMX		55.8	%
DIAX		72.0
SPXX		100.0
QQQX		52.5
JCE		12.6

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:


Fund	Percentage
BXMX		57.6	%
DIAX		72.0
SPXX		100.0
QQQX		53.0
JCE		13.5

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code:


Fund	1/1 to Current Year End Percentage
BXMX		1.1	%
DIAX		0.1
SPXX		0.1
QQQX		1.2
JCE		0.1

112

Qualified Business Income (QBI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified business income for individuals pursuant to Section 199A of the Internal Revenue Code:


Fund	Percentage
BXMX		1.8	%
DIAX		—
SPXX		—
QQQX		—
JCE		—

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:


Fund	Percentage
BXMX		0.3	%
DIAX		—
SPXX		0.1
QQQX		—
JCE		—

113

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

*	Retired from the Fund’s Board of Trustees effective December 31, 2022.

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

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

Nuveen Funds’ Proxy Voting Information

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

CEO Certification Disclosure

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

Common Share Repurchases

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

114

Glossary of Terms Used in this Report

(Unaudited)

∎

19(a) Notice: Section 19(a) of the Investment Company Act of 1940 requires that the payment of any distribution which is made from a source other than the fund’s net income be accompanied by a written notice that discloses the estimated sources of such payment.

∎

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or 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. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

∎

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

∎

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

∎

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

∎

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

∎

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.

∎

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.

115

Board Members & Officers

(Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member



Independent Board Members:

∎ TERENCE J. TOTH			Formerly, a Co-Founding Partner, Promus Capital (investment advisory firm) (2008-2017); formerly, Director, Quality Control Corporation (manufacturing) (since 2012-2021); Chair of the Board of the Kehrein Center for the Arts (philanthropy) (since 2021); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its Investment Committee; formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
1959 333 W. Wacker Drive Chicago, IL 60606	Chair and Board Member	2008 Class II		142


∎ JACK B. EVANS			Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Life Trustee of Coe College; formerly, Member and President Pro-Tern of the Board of Regents for the State of Iowa University System (2007- 2013); Director and Chairman (2009-2021), United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), The Gazette Company (media and publishing); Director (1997- 2003), Federal Reserve Bank of Chicago; President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm).
1948 333 W. Wacker Drive Chicago, IL 60606	Board Member	1999 Class III		142


∎ WILLIAM C. HUNTER			Dean Emeritus, formerly, Dean, Tippie College of Business, University of (2006-2012); Director of Well mark, Inc. (since 2009); past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
1948 333 W. Wacker Drive Chicago, IL 60606	Board Member	2003 Class I		142


∎ AMY B. R. LANCELLOTTA			Formerly, Managing Director, Independent Directors Council (IDC) (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006-2019); formerly, various positions with ICI (1989-2006); Member of the Board of Directors, Jewish Coalition Against Domestic Abuse (UCADA) (since 2020).
1959 333 W. Wacker Drive Chicago, IL 60606	Board Member	2021 Class II		142

116




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member



Independent Board Members (continued):

∎ JOANNE T. MEDERO			Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing (Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019).
1954 333 W. Wacker Drive Chicago, IL 60606	Board Member	2021 Class III		142


∎ ALBIN F. MOSCHNER			Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., (consumer wireless services) including Consultant (2011- 2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004- 2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
1952 333 W. Wacker Drive Chicago, IL 60606	Board Member	2016 Class III		142


∎ JOHN K. NELSON			Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); served on The President’s Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009- 2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007.
1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013 Class II		142

117

Board Members & Officers (continued)

(Unaudited)




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Board Member



Independent Board Members (continued):

∎ MATTHEW THORNTON III			Formerly, Executive Vice President and Chief Operating Officer (2018-2019), Fed Ex Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids Worldwide^® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure).
1958 333 W. Wacker Drive Chicago, IL 60606	Board Member	2020 Class III		142


∎ MARGARET L. WOLFF			Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004), formerly, Chair (2015-2022) of the Board of Trustees of The John A. Hartford Foundation (philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2016 Class I		142


∎ ROBERT L. YOUNG			Formerly, Chief Operating Officer and Director, J.P.Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017).
1963 333 W. Wacker Drive Chicago, IL 60606	Board Member	2017 Class II		142




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) During Past 5 Years



Officers of the Funds:

∎ DAVID J. LAMB			Managing Director of Nuveen Fund Advisors, LLC (since 2019) Senior Managing Director (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President of Nuveen (2006-2017).
1963 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	2015


∎ BRETT E. BLACK			Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) of BMO Funds, Inc.
1972 333 W. Wacker Drive Chicago, IL 60606	Vice President and Chief Compliance Officer	2022

118




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) During Past 5 Years



Officers of the Funds (continued):

∎ MARK J. CZARNIECKI			Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016); Managing Director (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel (since January 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate General Counsel (since 2018) of Nuveen Asset Management LLC.
1979 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2013


∎ DIANA R. GONZALEZ			Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2022); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate General Counsel of Jackson National Asset Management (2012-2017).
1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2017

∎ NATHANIEL T. JONES			Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President (2016-2017), of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst.
1979 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2016

∎ TINA M. LAZAR			Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC.
1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002

∎ BRIAN J. LOCKHART			Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager.
1974 333 W. Wacker Drive Chicago, IL 60606	Vice President	2019

∎ JOHN M. MCCANN			Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of Covariance Capital Management, Inc. (2014-2017).
1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2022


∎ KEVIN J. MCCARTHY			Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly, Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017); formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC.
1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007

119

Board Members & Officers (continued)

(Unaudited)




Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) During Past 5 Years



Officers of the Funds (continued):

∎ JON SCOTT MEISSNER			Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004.
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2019

∎ DEANN D. MORGAN			President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since 2020); Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director, (Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017).
1969 730 Third Avenue New York, NY 10017	Vice President	2020

∎ WILLIAM A. SIFFERMANN			Managing Director (since 2017), formerly Senior Vice President (2016-2017) of Nuveen.
1975 333 W. Wacker Drive Chicago, IL 60606	Vice President	2017

∎ TREY S. STENERSEN			Senior Managing Director of Teacher Advisors LLC and TIAACREF Investment Management, LLC (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly Head of Investment Risk Management (2017-2022) of Nuveen; Senior Managing Director (since 2018) of Nuveen Alternative Advisors LLC.
1965 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President	2022

∎ E. SCOTT WICKERHAM			Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, (LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF Accounts; has held various positions with TIAA since 2006.
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Controller	2019


∎ MARK L. WINGET			Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), of Nuveen.
1968 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2008

∎ GIFFORD R. ZIMMERMAN			Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022); Managing Director, Assistant Secretary and General Counsel (since 2022), formerly, Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management, LLC; Vice President and Assistant Secretary (since 2022) of Winslow Capital Management, LLC: formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020) and Santa Barbara Asset Management, LLC (2006-2020); Chartered Financial Analyst.
1956 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	1988


∎ RACHAEL ZUFALL			Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TlAA (since 2017).
1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2022

(1)

The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2)	Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex.

120

Notes

121

Notes

122

Notes

123

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				EAN-A-1222D 2703115-INV-Y-02/24

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND


Fiscal Year Ended	Audit Fees Billed to Fund ¹			Audit-Related Fees Billed to Fund ²			Tax Fees Billed to Fund ³			All Other Fees Billed to Fund ⁴
December 31, 2022	$	35,896		$	0		$	0		$	0


Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%


December 31, 2021	$	36,865		$	0		$	2,430		$	0


Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%		0	%

¹ “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

² “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³ “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE

ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.


Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
December 31, 2022	$	0		$	0		$	0


Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%


December 31, 2021	$	0		$	0		$	0


Percentage approved pursuant to pre-approval exception		0	%		0	%		0	%

NON-AUDIT SERVICES

The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.


Fiscal Year Ended	Total Non-Audit Fees Billed to Fund		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
December 31, 2022	$	0	$	0	$	0	$	0
December 31, 2021	$	2,430	$	0	$	0	$	2,430

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of the end of the period covered by this report, the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Judith M. Stockdale, Albin F. Moschner and Carole E. Stone, Chair.

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.

The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or the “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policy and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are attached as an exhibit and summarized as follows:

The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client’s behalf, Gateway has adopted policies as described below.

Gateway recognizes that voting rights are financial assets of a client’s account and that they must be managed accordingly, with voting decisions made in the client’s best interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services (ISS) a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Summary Proxy Voting Guidelines, which provide vote recommendations for proxy voting that are designed to serve the best interest of investors. These recommendations outline the rationale for determining how particular issues should be voted. Gateway incorporated these recommendations into its Proxy Voting Policy and has instructed ISS to vote accordingly. In addition, Gateway’s policy addresses the rare circumstances in which ISS’ voting recommendations may not be followed. The policy describes how any conflicts of interest would be handled. It also refers to procedures that address Gateway’s continuing due diligence of ISS.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

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

ITEM 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES

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

Michael T. Buckius, Kenneth H. Toft, and Daniel M. Ashcraft - Michael T. Buckius, CFA, Kenneth H. Toft, CFA and Daniel M. Ashcraft, CFA, are responsible for investing the Managed Assets of the Nuveen S&P 500 Buy-Write Income Fund (BXMX). Mr. Buckius is Gateway’s Chief Executive Officer, Chief Investment Officer, President and Portfolio Manager. He joined Gateway in 1999 as Vice President and Portfolio Manager, prior to which he worked as an equity derivative sales professional at Bear Stearns & Co. and Bankers Trust Company. Mr. Toft joined Gateway in 1992 and is currently a Senior Vice President and Portfolio Manager. He has been a Vice President and Portfolio Manager for the firm since 1997, prior to which he held the position of Senior Trader and Research Analyst. Mr. Ashcraft joined Gateway in 2009, was promoted to Vice President in 2022 and is currently a Portfolio Manager on several of the funds Gateway advises. Messrs. Buckius, Toft and Ashcraft also serve as co-portfolio managers of Gateway’s flagship open-end fund, the Gateway Fund.

ITEM 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS

As of December 31, 2022, Messrs. Buckius, Toft and Ashcraft were responsible for day-to-day management of 5 registered investment company accounts (excluding the Fund) having assets of approximately $6.8 billion. Mr. Buckius was responsible for day-to-day management of 48 other accounts having assets of approximately $497.3 million in the aggregate, Mr. Toft was responsible for day-to-day management of 17 other accounts having assets of approximately $305 million in aggregate, and Mr. Ashcraft was responsible for day-to-day management of 46 other accounts having asset of approximately $450.2 million in aggregate. None of the portfolio managers managed any accounts having a performance based investment advisory fee.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

As described above, the portfolio managers may manage other accounts with investment strategies similar to the Fund, including other investment companies and separately managed accounts. Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over

others, resulting in other accounts outperforming the Fund. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by the Fund. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.

ITEM 8(a)(3). FUND MANAGER COMPENSATION

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

Messrs. Buckius, Toft and Ashcraft are compensated for their services by Gateway. Their compensation is comprised of three parts: base salary; incentive compensation related to the profitability of Gateway (with management fees for the Fund and all other Gateway-managed accounts being asset-based, not performance-based, either absolutely or in relation to any benchmark); and a retirement plan. The incentive compensation component, comprised of both a long-term incentive pool and a short-term incentive pool, is anticipated to be larger than the base salary component. Certain portfolio managers are parties to employment agreements that provide for automatic renewals for successive one-calendar-year periods and, among other things, a specified base salary and certain undertakings not to compete with the Adviser or solicit its clients. The non-competition and non-solicitation undertakings will expire one year from the termination of employment.

ITEM 8(a)(4). OWNERSHIP OF BXMX SECURITIES AS OF DECEMBER 31, 2022

Name of Portfolio Manager

None

$1-

$10,000

$10,001-

$50,000

$50,001-

$100,000

$100,001-

$500,000

$500,001-

$1,000,000

Over

$1,000,000

Kenneth H. Toft

Michael T. Buckius

Daniel M. Ashcraft

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.

(a)

The following provides dollar amounts of income and fees/compensation related to securities lending activities of the Fund during the fiscal year ended December 31, 2022:


Gross income from securities lending activities	$	2,730
Fees and/or compensation paid for securities lending activities and related services:
Fees paid to securities lending agent from a revenue split		(83	)
Fees not included in a revenue split
Fees paid for any cash collateral management service (including fees deducted from a pooled cash collateral reinvestment vehicle) that are not included in a revenue split		(113	)
Administrative fees not included in a revenue split		—
Indemnification fees not included in a revenue split		—
Rebate (paid to borrower)		(1,582	)
Other fees not included in a revenue split		—
Aggregate fees/compensation for securities lending activities		(1,778	)
Net income from securities lending activities	$	952

(b)

The 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. When the 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 on the asset type of the loaned securities. The Fund’s custodian, State Street Bank and Trust Company, serves as the securities lending agent to the Fund. Pursuant to a Securities Lending Authorization Agreement and in accordance with procedures established by the Board of Trustees, State Street Bank and Trust Company effects loans of Fund securities to any firm on a list of approved borrowers, negotiates loan terms, monitors the value of the loaned securities and collateral, requests additional collateral as necessary, manages reinvestment of collateral in a pooled cash collateral reinvestment vehicle, arranges for the return of loaned securities to the Fund, and maintains records and prepares reports regarding loans that are made and the income derived therefrom.

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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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 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 registrant specifically incorporates it by reference. 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 Buy-Write Income Fund


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

Date: March 9, 2023

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


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

Date: March 9, 2023

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

Date: March 9, 2023

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BXMX Nuveen S&P 500 Buy Write Income Fund