Investment Company Act file number | 811-22003 |
Item 1. |
Reports to Stockholders. |
![]() |
Closed-End Funds |
December 31, 2024 |
Nuveen S&P 500 Buy-Write Income Fund |
BXMX | |
Nuveen Dow 30SM Dynamic Overwrite Fund |
DIAX | |
Nuveen S&P 500 Dynamic Overwrite Fund |
SPXX | |
Nuveen Nasdaq 100 Dynamic Overwrite Fund |
QQQX | |
Nuveen Core Equity Alpha Fund |
JCE | |
Table of Contents |
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58 | ||||
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68 | ||||
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106 | ||||
108 | ||||
109 | ||||
110 |
Important Notices |
Discussion of Fund Performance |
· |
The U.S. Federal Reserve (the Fed), monetary policy, and the U.S. presidential election dominated headlines and contributed to equity market returns and volatility during 2024. |
· |
The S&P 500 ® Index continued its advance in 2024 as the Fed pivoted from its hike-and-hold |
· |
Market volatility, as measured by the Cboe ® Volatility Index (the VIX® ), was relatively subdued in the first half of 2024. During July and August, however, markets sold off sharply and the VIX® rose, reaching an intra-year closing high in August. November’s U.S. election results removed much of the previous uncertainty overshadowing markets, and market participants quickly turned their focus to the potential impacts of President Trump’s return to the White House. Volatility remained elevated through year-end. In the second half of 2024, average VIX® levels were nearly 25% higher than the first half of the year. |
· |
BXMX seeks attractive total return with less volatility than the S&P 500 ® Index by investing in an equity portfolio that seeks to substantially replicate the price movements of the S&P 500® Index and by selling index call options covering approximately 100% of the Fund’s equity portfolio value with a goal of enhancing the portfolio’s risk-adjusted returns. |
· |
The writing of index call options on a broad equity index, while investing in a portfolio of equities, has the potential to enhance BXMX’s risk-adjusted returns while exposing the Fund to less risk than unhedged equity investments. Hedging the equity portfolio with index call options may limit the Fund’s participation in market advances in exchange for the cash premium received for the written index call options. Conversely, market declines are typically buffered by the amount of the cash premium received by the Fund. In flat or declining markets, BXMX’s call option premium can potentially enhance total return relative to the S&P 500 ® Index. However, in rising markets, the call options may reduce the Fund’s total return relative to the S&P 500® Index. |
· |
The portfolio management team focused on opportunities in the written index call option portfolio. They aimed to monetize heightened levels of market volatility to enhance cash flow, while maintaining the Fund’s typical market exposure and risk profile. The risk level of the Fund, as measured by its standard deviation of daily return, was lower than that of the U.S. equity market and slightly above the BXMSM over the reporting period. |
Discussion of Fund Performance (continued) |
· |
Active index option management enhanced the Fund’s cash flow, as the premiums received supported the Fund’s participation during equity market advances and helped to mitigate losses during market declines. |
· |
Written index call option positions detracted, particularly when the equity market advanced at an above-average rate. |
· |
The consistent level of market exposure, driven by active index option management, detracted in the second half of the reporting period versus the passive, rules-based approach of the BXMSM that generated varying, but beneficial, levels of market exposure. |
· |
The U.S. Federal Reserve (the Fed), monetary policy, and the U.S. presidential election dominated headlines and contributed to equity market returns and volatility during 2024. |
· |
The Dow Jones Industrial Average Index (DJIA) continued its advance in 2024 as the Fed pivoted from its hike-and-hold ® Index and the Nasdaq 100® Index as market breadth remained fairly narrow throughout the reporting period and concentrated in a smaller group of large-cap technology-related companies. |
· |
Market volatility, as measured by the Cboe ® Volatility Index (the VIX® ), was relatively subdued in the first half of 2024. During July and August, however, markets sold off sharply and the VIX® rose, reaching an intra-year closing high in August. November’s U.S. election results removed much of the previous uncertainty overshadowing markets, and market participants quickly turned their focus to the potential impacts of President Trump’s return to the White House. Volatility remained elevated through year-end. In the second half of 2024, average VIX® levels were nearly 25% higher than the first half of the year. |
· |
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. |
· |
The portfolio management team varied the core option overwrite level between 40% and 73%. 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. |
· |
Selling deeper out-of-the-money |
· |
Call options sold on the S&P 500 ® Index detracted. The BXDSM , which is a component of the DIAX Blended Benchmark, sells index call options on the DJIA. Because of its investment policies, the Fund is precluded from selling index call options on the DJIA and instead primarily sold call options on the S&P 500® Index. This combination detracted from the Fund’s relative performance because the S&P 500® Index significantly outperformed the DJIA for the reporting period. |
· |
The U.S. Federal Reserve (the Fed), monetary policy, and the U.S. presidential election dominated headlines and contributed to equity market returns and volatility during 2024. |
· |
The S&P 500 ® Index continued its advance in 2024 as the Fed pivoted from its hike-and-hold |
· |
Market volatility, as measured by the Cboe ® Volatility Index (the VIX® ), was relatively subdued in the first half of 2024. During July and August, however, markets sold off sharply and the VIX® rose, reaching an intra-year closing high in August. November’s U.S. election results removed much of the previous uncertainty overshadowing markets, and market participants quickly turned their focus to the potential impacts of President Trump’s return to the White House. Volatility remained elevated through year-end. In the second half of 2024, average VIX® levels were nearly 25% higher than the first half of the year. |
· |
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 |
Discussion of Fund Performance (continued) |
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 43% and 73%. 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. |
· |
Equity holdings outperformed the equity component of the SPXX Blended Benchmark over the reporting period. |
· |
Selling deeper out-of-the-money |
· |
Higher strike prices of options contracts than those of the benchmark detracted in December as a sharp market decline increased volatility. |
· |
The U.S. Federal Reserve (the Fed), monetary policy, and the U.S. presidential election dominated headlines and contributed to equity market returns and volatility during 2024. |
· |
The Nasdaq 100 ® Index continued its advance in 2024 as the Fed pivoted from its hike-and-hold ® Index outperformed both the S&P 500® Index and the Dow Jones Industrial Average Index (DJIA) as market breadth remained fairly narrow throughout the reporting period and concentrated in a smaller group of large-cap technology-related companies. |
· |
Market volatility, as measured by the Cboe ® Volatility Index (the VIX® ), was relatively subdued in the first half of 2024. During July and August, however, markets sold off sharply and the VIX® rose, reaching an intra-year closing high in August. November’s U.S. election results removed much of the previous uncertainty overshadowing markets, and market participants quickly turned their focus to the potential impacts of President Trump’s return to the White House. Volatility remained elevated through year-end. In the second half of 2024, average VIX® levels were nearly 25% higher than the first half of the year. |
· |
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 41% and 70%. 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. |
· |
Equity holdings outperformed the equity component of the QQQX Blended Benchmark over the reporting period. |
· |
Selling deeper out-of-the-money |
· |
Higher strike prices of options contracts than those of the benchmark detracted in December as a sharp market decline increased volatility. |
· |
The U.S. Federal Reserve (the Fed), monetary policy, and the U.S. presidential election dominated headlines and contributed to equity market returns and volatility during 2024. |
· |
The S&P 500 ® Index continued its advance in 2024 as the Fed pivoted from its hike-and-hold |
Discussion of Fund Performance (continued) |
· |
Market volatility, as measured by the Cboe ® Volatility Index (the VIX® ), was relatively subdued in the first half of 2024. During July and August, however, markets sold off sharply and the VIX® rose, reaching an intra-year closing high in August. November’s U.S. election results removed much of the previous uncertainty overshadowing markets, and market participants quickly turned their focus to the potential impacts of President Trump’s return to the White House. Volatility remained elevated through year-end. In the second half of 2024, average VIX® levels were nearly 25% higher than the first half of the year. |
· |
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. |
· |
The Fund’s average option overwrite level during the reporting period, which consisted primarily of calls written on the S&P 500 ® Index, varied between 14% and 49% and was in line with the Fund’s long-term target. |
· |
Equity holdings outperformed the equity component of the JCE Blended Benchmark over the reporting period. |
· |
Selling deeper out-of-the-money |
· |
Higher strike prices of options contracts than those of the benchmark detracted in December as a sharp market decline increased volatility. |
Common Share Information |
Per Share Estimated Sources of Distribution 1 |
Estimated Percentage of Distributions 1 |
|||||||||||||||||||||||||||||||||||
Fund |
Per Share Distribution |
Net Investment Income |
Long- Term Gains |
Short- Term Gains |
Return of Capital |
Net Investment Income |
Long- Term Gains |
Short- Term Gains |
Return of Capital |
|||||||||||||||||||||||||||
BXMX (FYE 12/31) |
||||||||||||||||||||||||||||||||||||
Current Quarter |
$0.2725 | $0.0230 | $0.0000 | $0.0000 | $0.2495 | 8.4% | 0.0% | 0.0% | 91.6% | |||||||||||||||||||||||||||
Fiscal YTD |
$0.9820 | $0.0828 | $0.0000 | $0.0000 | $0.8992 | 8.4% | 0.0% | 0.0% | 91.6% | |||||||||||||||||||||||||||
DIAX (FYE 12/31) |
||||||||||||||||||||||||||||||||||||
Current Quarter |
$0.3010 | $0.0404 | $0.2606 | $0.0000 | $0.0000 | 13.4% | 86.6% | 0.0% | 0.0% | |||||||||||||||||||||||||||
Fiscal YTD |
$1.1611 | $0.1557 | $1.0054 | $0.0000 | $0.0000 | 13.4% | 86.6% | 0.0% | 0.0% | |||||||||||||||||||||||||||
SPXX (FYE 12/31) |
||||||||||||||||||||||||||||||||||||
Current Quarter |
$0.3375 | $0.0249 | $0.0000 | $0.0000 | $0.3126 | 7.4% | 0.0% | 0.0% | 92.6% | |||||||||||||||||||||||||||
Fiscal YTD |
$1.2195 | $0.0901 | $0.0000 | $0.0000 | $1.1294 | 7.4% | 0.0% | 0.0% | 92.6% | |||||||||||||||||||||||||||
QQQX (FYE 12/31) |
||||||||||||||||||||||||||||||||||||
Current Quarter |
$0.5600 | $0.0000 | $0.2219 | $0.0000 | $0.3381 | 0.0% | 39.6% | 0.0% | 60.4% | |||||||||||||||||||||||||||
Fiscal YTD |
$1.8200 | $0.0000 | $0.7211 | $0.0000 | $1.0989 | 0.0% | 39.6% | 0.0% | 60.4% | |||||||||||||||||||||||||||
JCE (FYE 12/31) |
||||||||||||||||||||||||||||||||||||
Current Quarter |
$0.3200 | $0.0084 | $0.1208 | $0.1908 | $0.0000 | 2.6% | 37.8% | 59.6% | 0.0% | |||||||||||||||||||||||||||
Fiscal YTD |
$1.2800 | $0.0337 | $0.4833 | $0.7630 | $0.0000 | 2.6% | 37.8% | 59.6% | 0.0% | |||||||||||||||||||||||||||
Common Share Information (continued) |
Annualized |
Cumulative |
|||||||||||||||||||||||||||||||
Fund |
Inception Date |
Quarterly Distribution |
Fiscal YTD Distribution |
Net Asset Value (NAV) |
5-Year Return on NAV |
Fiscal YTD Dist Rate on NAV 1 |
Fiscal YTD Return on NAV |
Fiscal YTD Dist Rate on NAV 1 |
||||||||||||||||||||||||
BXMX |
Oct-2004 |
$0.2725 | $0.9820 | $15.68 | 9.75% | 6.26% | 17.94% | 6.26% | ||||||||||||||||||||||||
DIAX |
Apr-2005 |
$0.3010 | $1.1611 | $17.78 | 6.44% | 6.53% | 15.48% | 6.53% | ||||||||||||||||||||||||
SPXX |
Nov-2005 |
$0.3375 | $1.2195 | $18.97 | 10.38% | 6.43% | 22.38% | 6.43% | ||||||||||||||||||||||||
QQQX |
Jan-2007 |
$0.5600 | $1.8200 | $29.34 | 11.73% | 6.20% | 24.46% | 6.20% | ||||||||||||||||||||||||
JCE |
Mar-2007 |
$0.3200 | $1.2800 | $15.99 | 12.65% | 8.01% | 28.43% | 8.01% | ||||||||||||||||||||||||
Per Share Sources of Distribution |
Percentage of the Distribution |
|||||||||||||||||||||||||||||||||||
Fund |
Per Share Distribution |
Net Investment Income |
Long-Term Gains |
Short-Term Gains |
Return of Capital |
Net Investment Income |
Long-Term Gains |
Short-Term Gains |
Return of Capital |
|||||||||||||||||||||||||||
BXMX |
||||||||||||||||||||||||||||||||||||
(FYE 12/31) |
$0.9820 | $0.0881 | $0.2718 | $0.0000 | $0.6221 | 8.97% | 27.68% | 0.00% | 63.35% | |||||||||||||||||||||||||||
DIAX |
||||||||||||||||||||||||||||||||||||
(FYE 12/31) |
$1.1611 | $0.1561 | $1.0050 | $0.0000 | $0.0000 | 13.44% | 85.56% | 0.00% | 0.00% | |||||||||||||||||||||||||||
SPXX |
||||||||||||||||||||||||||||||||||||
(FYE 12/31) |
$1.2195 | $0.0799 | $0.3352 | $0.0000 | $0.8044 | 6.55% | 27.49% | 0.00% | 65.96% | |||||||||||||||||||||||||||
QQQX |
||||||||||||||||||||||||||||||||||||
(FYE 12/31) |
$1.8200 | $0.0000 | $1.5803 | $0.0000 | $0.2397 | 0.00% | 86.83% | 0.00% | 13.17% | |||||||||||||||||||||||||||
JCE |
||||||||||||||||||||||||||||||||||||
(FYE 12/31) |
$1.2800 | $0.0348 | $0.4054 | $0.8398 | $0.0000 | 2.72% | 31.67% | 65.61% | 0.00% | |||||||||||||||||||||||||||
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 |
$15.18 | 16.23% | 9.19% | 6.47% | |||||||||||||||
DIAX |
Apr-2005 |
$16.73 | 10.62% | 5.41% | 6.94% | |||||||||||||||
SPXX |
Nov-2005 |
$18.44 | 21.14% | 9.77% | 6.61% | |||||||||||||||
QQQX |
Jan-2007 |
$29.41 | 27.13% | 11.65% | 6.19% | |||||||||||||||
JCE |
Mar-2007 |
$15.48 | 26.90% | 11.93% | 8.27% | |||||||||||||||
SPXX |
QQQX |
JCE* |
||||||||||
Maximum aggregate offering |
4,993,317 | Unlimited | 1,600,000 | |||||||||
*For the period July 19, 2024 through December 31, 2024. |
JCE |
||||
Common shares sold through shelf offering |
595,202 | |||
Weighted average premium to NAV per common share sold |
1.42% | |||
BXMX |
DIAX |
SPXX |
QQQX |
JCE |
||||||||||||||||
Common shares repurchased and retired |
460,238 | 0 | 383,763 | 0 | 449,800 | |||||||||||||||
Common shares authorized for repurchase |
10,415,000 | 3,635,000 | 1,795,000 | 4,880,000 | 1,605,000 | |||||||||||||||
About the Funds’ Benchmarks |
Fund Performance and Holdings Summaries |
BXMX |
Nuveen S&P 500 Buy-Write Income FundFund Performance December 31, 2024 |
Total Returns as of December 31, 2024 | ||||||||
Average Annual | ||||||||
Inception Date |
1-Year |
5-Year |
10-Year | |||||
BXMX at Common Share NAV |
10/26/04 | 16.23% | 9.19% | 8.22% | ||||
BXMX at Common Share Price |
10/26/04 | 17.12% | 7.71% | 8.94% | ||||
Cboe S&P 500 ® BuyWrite Index (BXMSM) |
– | 20.12% | 6.88% | 6.94% | ||||
Common Share NAV |
Common Share Price |
Premium/(Discount) to NAV |
Average Premium/(Discount) to NAV | |||
$15.18 |
$13.99 | (7.84)% | (10.07)% | |||
Fund Allocation (% of net assets) | ||
Common Stocks | 99.1% | |
Repurchase Agreements |
2.6% | |
Other Assets & Liabilities, Net | (1.7)% | |
Net Assets | 100% |
Portfolio Composition 1 (% of total investments) | ||
Semiconductors & Semiconductor Equipment | 11.4% | |
Software & Services | 10.7% | |
Technology Hardware & Equipment | 8.9% | |
Media & Entertainment | 8.5% | |
Financial Services | 8.3% | |
Consumer Discretionary Distribution & Retail | 6.1% | |
Capital Goods | 5.8% | |
Pharmaceuticals, Biotechnology & Life Sciences | 5.7% | |
Health Care Equipment & Services | 4.0% | |
Banks | 3.6% | |
Energy | 3.0% | |
Automobiles & Components | 2.4% | |
Utilities | 2.4% | |
Consumer Staples Distribution & Retail | 2.4% | |
Food, Beverage & Tobacco | 2.2% | |
Insurance | 2.1% | |
Consumer Services | 1.9% | |
Materials | 1.6% | |
Equity Real Estate Investment Trusts (Reits) | 1.5% | |
Commercial & Professional Services | 1.4% | |
Household & Personal Products | 1.3% | |
Transportation | 1.0% | |
Consumer Durables & Apparel | 0.6% | |
Telecommunication Services | 0.5% | |
Other |
0.2% | |
Repurchase Agreements | 2.5% | |
Total |
100% |
Top Five Holdings (% of total investments) | ||
Apple Inc | 7.5% | |
NVIDIA Corp | 6.6% | |
Microsoft Corp | 6.4% | |
Amazon.com Inc | 4.2% | |
Meta Platforms Inc | 2.7% |
1 |
See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
DIAX |
Nuveen Dow 30SM Dynamic Overwrite Fund Fund Performance and Holdings Summaries December 31, 2024 |
Total Returns as of December 31, 2024 | ||||||||
Average Annual | ||||||||
Inception Date |
1-Year |
5-Year |
10-Year | |||||
DIAX at Common Share NAV |
4/29/05 | 10.62% | 5.41% | 6.88% | ||||
DIAX at Common Share Price |
4/29/05 | 16.37% | 4.48% | 7.23% | ||||
Dow Jones Industrial Average Index (DJIA) |
– | 14.99% | 10.55% | 11.57% | ||||
DIAX Blended Benchmark |
– | 15.08% | 8.52% | 8.86% | ||||
Common Share NAV |
Common Share Price |
Premium/(Discount) to NAV |
Average Premium/(Discount) to NAV | |||
$16.73 |
$15.06 | (9.98)% | (12.14)% | |||
Fund Allocation (% of net assets) | ||
Common Stocks | 97.6% | |
Exchange-Traded Funds | 2.4% | |
Options Purchased | 0.0% | |
Repurchase Agreements | 0.2% | |
Other Assets & Liabilities, Net | (0.2)% | |
Net Assets |
100% |
Portfolio Composition 1 (% of total investments) | ||
Financial Services | 16.7% | |
Software & Services | 13.7% | |
Capital Goods | 12.6% | |
Consumer Discretionary Distribution & Retail | 8.6% | |
Health Care Equipment & Services | 7.1% | |
Pharmaceuticals, Biotechnology & Life Sciences | 7.1% | |
Materials | 4.8% | |
Technology Hardware & Equipment | 4.3% | |
Consumer Services | 4.1% | |
Insurance | 3.4% | |
Banks | 3.4% | |
Household & Personal Products | 2.3% | |
Energy | 2.0% | |
Semiconductors & Semiconductor Equipment | 1.9% | |
Other | 5.4% | |
Exchange-Traded Funds | 2.4% | |
Options Purchased | 0.0% | |
Repurchase Agreements | 0.2% | |
Total Investments |
100% |
Top Five Holdings (% of total investments) | ||
Goldman Sachs Group Inc/The | 8.1% | |
UnitedHealth Group Inc | 7.1% | |
Microsoft Corp | 5.9% | |
Home Depot Inc/The | 5.5% | |
Caterpillar Inc | 5.1% |
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 Fund Performance and Holdings Summaries December 31, 2024 |
Total Returns as of December 31, 2024 | ||||||||
Average Annual | ||||||||
Inception Date |
1-Year |
5-Year |
10-Year | |||||
SPXX at Common Share NAV |
11/22/05 | 21.14% | 9.77% | 8.79% | ||||
SPXX at Common Share Price |
11/22/05 | 26.92% | 8.97% | 9.62% | ||||
S&P 500 ® Index |
– | 25.02% | 14.53% | 13.10% | ||||
SPXX Blended Benchmark |
– | 22.40% | 10.38% | 9.76% | ||||
Common Share NAV |
Common Share Price |
Premium/(Discount) to NAV |
Average Premium/(Discount) to NAV | |||
$18.44 |
$17.75 | (3.74)% | (8.33)% | |||
Fund Allocation (% of net assets) |
||||
Common Stocks | 96.4 | % | ||
Exchange-Traded Funds | 3.6 | % | ||
Options Purchased |
0.0 | % | ||
Investments Purchased with Collateral from Securities Lending |
0.0 | % | ||
Repurchase Agreements | 0.2 | % | ||
Other Assets & Liabilities, Net | (0.2 | )% | ||
Net Assets |
100 |
% |
Portfolio Composition 1 (% of total investments) |
||||
Semiconductors & Semiconductor Equipment | 11.5 | % | ||
Software & Services | 9.7 | % | ||
Media & Entertainment | 9.1 | % | ||
Technology Hardware & Equipment | 8.8 | % | ||
Financial Services | 8.0 | % | ||
Consumer Discretionary Distribution & Retail | 6.2 | % | ||
Pharmaceuticals, Biotechnology & Life Sciences | 5.7 | % | ||
Capital Goods | 5.1 | % | ||
Health Care Equipment & Services | 4.0 | % | ||
Banks | 3.8 | % | ||
Energy | 3.1 | % | ||
Food, Beverage & Tobacco | 2.5 | % | ||
Automobiles & Components | 2.5 | % | ||
Consumer Staples Distribution & Retail | 2.4 | % | ||
Insurance | 2.2 | % | ||
Utilities | 1.9 | % | ||
Equity Real Estate Investment Trusts (Reits) | 1.9 | % | ||
Consumer Services | 1.8 | % | ||
Materials | 1.4 | % | ||
Household & Personal Products | 1.2 | % | ||
Transportation | 1.0 | % | ||
Consumer Durables & Apparel | 0.9 | % | ||
Telecommunication Services | 0.8 | % | ||
Commercial & Professional Services | 0.6 | % | ||
Other | 0.1 | % | ||
Exchange-Traded Funds | 3.6 | % | ||
Options Purchased | 0.0 | % | ||
Investments Purchased with Collateral from Securities Lending |
0.0 | % | ||
Repurchase Agreements | 0.2 | % | ||
Total |
100 |
% |
Top Five Holdings (% of total investments) |
||||
Apple Inc | 7.8 | % | ||
NVIDIA Corp | 6.9 | % | ||
Microsoft Corp | 6.5 | % | ||
Amazon.com Inc | 4.4 | % | ||
Meta Platforms Inc | 2.9 | % |
1 |
See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above. |
QQQX |
Nuveen Nasdaq 100 Dynamic Overwrite Fund Fund Performance and Holdings Summaries December 31, 2024 |
Total Returns as of December 31, 2024 |
||||||||||||||||
Average Annual |
||||||||||||||||
Inception Date |
1-Year |
5-Year |
10-Year |
|||||||||||||
QQQX at Common Share NAV |
1/30/07 | 27.13% | 11.65% | 11.58% | ||||||||||||
QQQX at Common Share Price |
1/30/07 | 25.44% | 10.05% | 11.18% | ||||||||||||
Nasdaq 100 ® Index |
– | 25.88% | 20.18% | 18.53% | ||||||||||||
QQQX Blended Benchmark |
– | 24.92% | 13.55% | 13.21% | ||||||||||||
Common Share NAV |
Common Share Price |
Premium/(Discount) to NAV |
Average Premium/(Discount) to NAV | |||
$29.41 | $27.05 | (8.02)% | (9.66)% |
Fund Allocation (% of net assets) |
||||
Common Stocks |
96.7 | % | ||
Exchange-Traded Funds |
3.4 | % | ||
Options Purchased |
0.0 | % | ||
Investments Purchased with Collateral from Securities Lending |
0.2 | % | ||
Repurchase Agreements |
0.2 | % | ||
Other Assets & Liabilities, Net |
(0.5 | )% | ||
Net Assets |
100 |
% |
Portfolio Composition 1 (% of total investments) |
||||
Semiconductors & Semiconductor Equipment | 20.6 | % | ||
Software & Services |
15.1 | % | ||
Media & Entertainment |
15.0 | % | ||
Technology Hardware & Equipment |
13.6 | % | ||
Consumer Discretionary Distribution & Retail | 6.9 | % | ||
Automobiles & Components |
4.1 | % | ||
Pharmaceuticals, Biotechnology & Life Sciences | 3.9 | % | ||
Consumer Services | 3.2 | % | ||
Financial Services |
2.6 | % | ||
Consumer Staples Distribution & Retail | 2.6 | % | ||
Capital Goods |
1.9 | % | ||
Food, Beverage & Tobacco |
1.9 | % | ||
Health Care Equipment & Services |
1.4 | % | ||
Utilities |
0.9 | % | ||
Commercial & Professional Services | 0.5 | % | ||
Telecommunication Services |
0.4 | % | ||
Materials |
0.4 | % | ||
Transportation |
0.3 | % | ||
Energy |
0.3 | % | ||
Consumer Durables & Apparel |
0.2 | % | ||
Equity Real Estate Investment Trusts (Reits) | 0.2 | % | ||
Household & Personal Products |
0.1 | % | ||
Other |
0.1 | % | ||
Exchange-Traded Funds |
3.4 | % | ||
Options Purchased |
0.0 | % | ||
Investments Purchased with Collateral from Securities Lending |
0.2 | % | ||
Repurchase Agreements |
0.2 | % | ||
Total |
100 |
% |
Top Five Holdings (% of total investments) |
||||
Apple Inc | 11.5 | % | ||
Microsoft Corp | 9.9 | % | ||
NVIDIA Corp | 7.9 | % | ||
Amazon.com Inc | 5.5 | % | ||
Broadcom Inc | 4.6 | % |
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 | |
Fund Performance and Holdings Summaries December 31, 2024 |
Total Returns as of December 31, 2024 |
||||||||||||||||
Average Annual |
||||||||||||||||
Inception Date |
1-Year |
5-Year |
10-Year |
|||||||||||||
JCE at Common Share NAV |
3/27/07 | 26.90% | 11.93% | 10.22% | ||||||||||||
JCE at Common Share Price |
3/27/07 | 27.77% | 13.16% | 10.78% | ||||||||||||
S&P 500 ® Index |
– | 25.02% | 14.53% | 13.10% | ||||||||||||
JCE Blended Benchmark |
– | 22.64% | 10.76% | 10.07% |
Common Share NAV |
Common Share Price |
Premium/(Discount) to NAV |
Average Premium/(Discount) to NAV | |||
$15.48 | $15.90 | 2.71% | (1.16)% |
Fund Allocation (% of net assets) |
||||
Common Stocks |
98.4 | % | ||
Exchange-Traded Funds |
1.3 | % | ||
Options Purchased |
0.0 | % | ||
Repurchase Agreements |
0.3 | % | ||
Other Assets & Liabilities, Net |
0.0 | % | ||
Net Assets |
100 |
% |
Portfolio Composition (% of total investments) |
||||
Software & Services | 12.2 | % | ||
Media & Entertainment | 11.2 | % | ||
Semiconductors & Semiconductor Equipment | 11.2 | % | ||
Technology Hardware & Equipment | 10.5 | % | ||
Pharmaceuticals, Biotechnology & Life Sciences | 7.8 | % | ||
Financial Services | 7.2 | % | ||
Consumer Discretionary Distribution & Retail | 6.0 | % | ||
Health Care Equipment & | ||||
Services | 4.7 | % | ||
Capital Goods | 4.7 | % | ||
Banks | 4.2 | % | ||
Food, Beverage & Tobacco | 1.9 | % | ||
Consumer Services | 1.9 | % | ||
Automobiles & Components | 1.8 | % | ||
Utilities | 1.7 | % | ||
Household & Personal Products | 1.6 | % | ||
Materials | 1.6 | % | ||
Commercial & Professional Services | 1.5 | % | ||
Transportation | 1.4 | % | ||
Insurance | 1.3 | % | ||
Consumer Staples Distribution & Retail | 1.2 | % | ||
Energy | 1.1 | % | ||
Real Estate Management & Development | 0.6 | % | ||
Consumer Durables & Apparel | 0.6 | % | ||
Equity Real Estate Investment Trusts (Reits) | 0.5 | % | ||
Exchange-Traded Funds | 1.3 | % | ||
Options Purchased | 0.0 | % | ||
Repurchase Agreements | 0.3 | % | ||
Total |
100 |
% |
Top Five Holdings (% of total investments) |
||||
Apple Inc |
8.1 | % | ||
NVIDIA Corp |
7.3 | % | ||
Microsoft Corp |
6.9 | % | ||
Amazon.com Inc |
4.8 | % | ||
Meta Platforms Inc |
3.0 | % |
SHARES |
DESCRIPTION |
VALUE |
||||||
LONG-TERM INVESTMENTS - 99.1% |
||||||||
COMMON STOCKS - 99.1% (a) |
||||||||
AUTOMOBILES & COMPONENTS - 2.5% |
||||||||
3,001 |
Ferrari NV |
$ | 1,274,945 | |||||
50,606 |
Gentex Corp |
1,453,910 | ||||||
90,480 |
(b) | Tesla Inc |
36,539,443 | |||||
TOTAL AUTOMOBILES & COMPONENTS |
39,268,298 | |||||||
BANKS - 3.6% |
||||||||
242,691 |
Bank of America Corp |
10,666,269 | ||||||
26,341 |
Comerica Inc |
1,629,191 | ||||||
116,127 |
Fifth Third Bancorp |
4,909,849 | ||||||
51,859 |
First Horizon Corp |
1,044,440 | ||||||
108,891 |
JPMorgan Chase & Co |
26,102,262 | ||||||
298,223 |
KeyCorp |
5,111,542 | ||||||
31,173 |
M&T Bank Corp |
5,860,836 | ||||||
31,763 |
Zions Bancorp NA |
1,723,143 | ||||||
TOTAL BANKS |
57,047,532 | |||||||
CAPITAL GOODS - 5.9% |
||||||||
15,381 |
Allegion plc |
2,009,989 | ||||||
27,101 |
(b) | Boeing Co/The |
4,796,877 | |||||
25,934 |
Caterpillar Inc |
9,407,818 | ||||||
26,735 |
CNH Industrial NV |
302,908 | ||||||
46,441 |
Emerson Electric Co |
5,755,433 | ||||||
8,843 |
Ferguson Enterprises Inc |
1,534,879 | ||||||
9,915 |
Fortune Brands Innovations Inc |
677,492 | ||||||
13,568 |
GE Vernova Inc |
4,462,922 | ||||||
44,459 |
General Electric Co |
7,415,317 | ||||||
31,851 |
Graco Inc |
2,684,721 | ||||||
9,566 |
HEICO Corp |
2,274,221 | ||||||
28,293 |
Honeywell International Inc |
6,391,106 | ||||||
8,860 |
Hubbell Inc |
3,711,365 | ||||||
11,615 |
ITT Inc |
1,659,551 | ||||||
43,726 |
Masco Corp |
3,173,196 | ||||||
6,090 |
(b) | NEXTracker Inc, Class A |
222,468 | |||||
9,120 |
Northrop Grumman Corp |
4,279,925 | ||||||
14,478 |
nVent Electric PLC |
986,820 | ||||||
39,784 |
Otis Worldwide Corp |
3,684,396 | ||||||
15,767 |
Parker-Hannifin Corp |
10,028,285 | ||||||
10,242 |
Rockwell Automation Inc |
2,927,061 | ||||||
90,271 |
RTX Corp |
10,446,160 | ||||||
10,383 |
Timken Co/The |
741,035 | ||||||
3,503 |
Watsco Inc |
1,660,037 | ||||||
10,226 |
Woodward Inc |
1,701,811 | ||||||
TOTAL CAPITAL GOODS |
92,935,793 | |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.4% |
||||||||
28,578 |
Automatic Data Processing Inc |
8,365,638 | ||||||
9,115 |
Booz Allen Hamilton Holding Corp |
1,173,100 | ||||||
9,803 |
ManpowerGroup Inc |
565,829 | ||||||
15,652 |
SS&C Technologies Holdings Inc |
1,186,109 | ||||||
11,679 |
TransUnion |
1,082,760 | ||||||
13,228 |
Waste Connections Inc |
2,269,660 | ||||||
37,983 |
Waste Management Inc |
7,664,590 | ||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
22,307,686 | |||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.2% |
||||||||
307,896 |
(b) | Amazon.com Inc |
67,549,303 | |||||
8,358 |
American Eagle Outfitters Inc |
139,328 | ||||||
2,461 |
(b) | Burlington Stores Inc |
701,533 | |||||
4,252 |
Dick’s Sporting Goods Inc |
973,028 | ||||||
3,114 |
(b) | Five Below Inc |
326,845 | |||||
43,019 |
Home Depot Inc/The |
16,733,961 |
||||||
5,691 |
JD.com Inc, ADR |
197,307 |
28 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
||||||||
62,790 |
LKQ Corp | $ | 2,307,533 | |||||
29,953 |
Lowe’s Cos Inc | 7,392,400 | ||||||
12,760 |
Macy’s Inc | 216,027 | ||||||
173 |
(b) | MercadoLibre Inc | 294,176 | |||||
16,563 |
Nordstrom Inc | 399,996 | ||||||
5,048 |
Williams-Sonoma Inc | 934,789 | ||||||
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 98,166,226 | |||||||
CONSUMER DURABLES & APPAREL - 0.7% |
||||||||
32,919 |
KB Home | 2,163,437 | ||||||
6,689 |
Kontoor Brands Inc | 571,307 | ||||||
7,677 |
(b) | Lululemon Athletica Inc | 2,935,762 | |||||
25,861 |
(b) | Mattel Inc | 458,515 | |||||
6,048 |
Polaris Inc | 348,486 | ||||||
15,644 |
Toll Brothers Inc | 1,970,362 | ||||||
6,182 |
(b) | TopBuild Corp | 1,924,704 | |||||
TOTAL CONSUMER DURABLES & APPAREL | 10,372,573 | |||||||
CONSUMER SERVICES - 1.9% |
||||||||
1,752 |
Booking Holdings Inc | 8,704,672 | ||||||
20,067 |
(b) | DraftKings Inc | 746,492 | |||||
23,509 |
Marriott International Inc/MD, Class A | 6,557,601 | ||||||
25,199 |
McDonald’s Corp | 7,304,938 | ||||||
16,077 |
Restaurant Brands International Inc | 1,047,899 | ||||||
51,807 |
Starbucks Corp | 4,727,389 | ||||||
5,468 |
Texas Roadhouse Inc | 986,591 | ||||||
TOTAL CONSUMER SERVICES | 30,075,582 | |||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.4% |
||||||||
14,915 |
(b) | BJ’s Wholesale Club Holdings Inc | 1,332,655 | |||||
4,507 |
Casey’s General Stores Inc | 1,785,809 | ||||||
19,022 |
Costco Wholesale Corp | 17,429,288 | ||||||
25,082 |
Target Corp | 3,390,585 | ||||||
15,913 |
(b) | US Foods Holding Corp | 1,073,491 | |||||
143,089 |
Walmart Inc | 12,928,091 | ||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 37,939,919 | |||||||
ENERGY - 3.0% |
||||||||
87,872 |
Cenovus Energy Inc | 1,331,261 | ||||||
1,124 |
Cheniere Energy Inc | 241,514 | ||||||
77,267 |
Chevron Corp | 11,191,352 | ||||||
9,675 |
(b) | CNX Resources Corp | 354,782 | |||||
64,103 |
ConocoPhillips | 6,357,094 | ||||||
3,176 |
Enbridge Inc | 134,758 | ||||||
166,691 |
Exxon Mobil Corp | 17,930,951 | ||||||
72,910 |
Halliburton Co | 1,982,423 | ||||||
25,709 |
Hess Corp | 3,419,554 | ||||||
28,016 |
Marathon Petroleum Corp | 3,908,232 | ||||||
7,405 |
Ovintiv Inc | 299,902 | ||||||
3,943 |
(b) | South Bow Corp | 92,937 | |||||
19,719 |
TC Energy Corp | 917,525 | ||||||
TOTAL ENERGY | 48,162,285 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.5% |
||||||||
95,341 |
American Homes 4 Rent, Class A | 3,567,660 | ||||||
33,035 |
American Tower Corp | 6,058,949 | ||||||
93,029 |
CubeSmart | 3,986,293 | ||||||
28,435 |
Gaming and Leisure Properties Inc | 1,369,430 | ||||||
18,434 |
Lamar Advertising Co, Class A | 2,244,155 | ||||||
8,339 |
Sabra Health Care REIT Inc | 144,432 | ||||||
11,688 |
Sun Communities Inc | 1,437,273 | ||||||
126,696 |
Weyerhaeuser Co | 3,566,492 | ||||||
36,748 |
WP Carey Inc | 2,002,031 | ||||||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 24,376,715 | |||||||
See Notes to Financial Statements |
29 |
SHARES |
DESCRIPTION |
VALUE |
||||||
FINANCIAL SERVICES - 8.5% |
||||||||
64,200 |
Annaly Capital Management Inc | $ | 1,174,860 | |||||
71,633 |
(b) | Berkshire Hathaway Inc, Class B | 32,469,806 | |||||
17,374 |
(b) | Block Inc | 1,476,616 | |||||
53,704 |
(b) | Brookfield Corp | 3,085,295 | |||||
71,247 |
Charles Schwab Corp/The | 5,272,991 | ||||||
21,911 |
CME Group Inc | 5,088,392 | ||||||
42,085 |
Discover Financial Services | 7,290,385 | ||||||
44,488 |
Intercontinental Exchange Inc | 6,629,157 | ||||||
53,398 |
Jefferies Financial Group Inc | 4,186,403 | ||||||
43,784 |
KKR & Co Inc | 6,476,091 | ||||||
2,406 |
LPL Financial Holdings Inc | 785,583 | ||||||
22,889 |
Mastercard Inc | 12,052,661 | ||||||
48,313 |
MGIC Investment Corp | 1,145,501 | ||||||
2,104 |
Morningstar Inc | 708,543 | ||||||
8,344 |
MSCI Inc | 5,006,483 | ||||||
55,304 |
(b) | PayPal Holdings Inc | 4,720,196 | |||||
19,659 |
S&P Global Inc | 9,790,772 | ||||||
89,957 |
SLM Corp | 2,481,014 | ||||||
75,786 |
Visa Inc, Class A | 23,951,407 | ||||||
TOTAL FINANCIAL SERVICES | 133,792,156 | |||||||
FOOD, BEVERAGE & TOBACCO - 2.3% |
||||||||
105,912 |
Altria Group Inc | 5,538,138 | ||||||
42,851 |
British American Tobacco PLC, Sponsored ADR | 1,556,348 | ||||||
201,946 |
Coca-Cola Co/The | 12,573,158 | ||||||
33,408 |
(b) | Coca-Cola Europacific Partners PLC | 2,566,069 | |||||
8,808 |
Hormel Foods Corp | 276,307 | ||||||
132,012 |
Mondelez International Inc, Class A | 7,885,077 | ||||||
80,074 |
(b) | Monster Beverage Corp | 4,208,689 | |||||
12,100 |
(b) | Post Holdings Inc | 1,384,966 | |||||
TOTAL FOOD, BEVERAGE & TOBACCO | 35,988,752 | |||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.0% |
||||||||
92,260 |
Abbott Laboratories | 10,435,529 | ||||||
21,328 |
Alcon AG | 1,810,534 | ||||||
101,311 |
(b) | Boston Scientific Corp | 9,049,098 | |||||
14,642 |
Cigna Group/The | 4,043,242 | ||||||
14,592 |
Elevance Health Inc | 5,382,989 | ||||||
28,153 |
GE HealthCare Technologies Inc | 2,201,001 | ||||||
13,749 |
HCA Healthcare Inc | 4,126,762 | ||||||
7,324 |
(b) | IDEXX Laboratories Inc | 3,028,035 | |||||
82,736 |
Medtronic PLC | 6,608,952 | ||||||
33,860 |
UnitedHealth Group Inc | 17,128,420 | ||||||
638 |
(b) | Veeva Systems Inc, Class A | 134,139 | |||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
63,948,701 | |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.3% |
||||||||
15,340 |
(b) | BellRing Brands Inc | 1,155,715 | |||||
117,126 |
Procter & Gamble Co/The | 19,636,174 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
20,791,889 | |||||||
INSURANCE - 2.2% |
||||||||
28,004 |
Allstate Corp/The | 5,398,891 | ||||||
34,937 |
Arthur J Gallagher & Co | 9,916,867 | ||||||
23,577 |
Fidelity National Financial Inc | 1,323,613 | ||||||
38,545 |
Hartford Financial Services Group Inc/The | 4,216,823 | ||||||
9,393 |
Lincoln National Corp | 297,852 | ||||||
3,360 |
RenaissanceRe Holdings Ltd | 836,002 | ||||||
29,077 |
Travelers Cos Inc/The | 7,004,358 | ||||||
89,232 |
W R Berkley Corp | 5,221,857 | ||||||
TOTAL INSURANCE | 34,216,263 | |||||||
MATERIALS - 1.6% |
||||||||
18,039 |
Avery Dennison Corp | 3,375,638 | ||||||
74,375 |
Barrick Gold Corp | 1,152,812 | ||||||
6,364 |
Chemours Co/The | 107,552 |
30 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
MATERIALS |
||||||||
52,881 |
Corteva Inc | $ | 3,012,102 | |||||
7,888 |
Crown Holdings Inc | 652,259 | ||||||
39,692 |
Eastman Chemical Co | 3,624,673 | ||||||
8,265 |
Martin Marietta Materials Inc | 4,268,873 | ||||||
20,588 |
Nucor Corp | 2,402,825 | ||||||
30,555 |
Nutrien Ltd | 1,367,336 | ||||||
10,656 |
Olin Corp | 360,173 | ||||||
23,997 |
Rio Tinto PLC, Sponsored ADR | 1,411,264 | ||||||
14,399 |
RPM International Inc | 1,771,941 | ||||||
5,718 |
Sonoco Products Co | 279,324 | ||||||
15,444 |
Southern Copper Corp | 1,407,412 | ||||||
TOTAL MATERIALS | 25,194,184 | |||||||
MEDIA & ENTERTAINMENT - 8.7% |
||||||||
184,046 |
Alphabet Inc, Class A | 34,839,908 | ||||||
164,297 |
Alphabet Inc, Class C | 31,288,721 | ||||||
1,834 |
(b) | Baidu Inc, Sponsored ADR | 154,624 | |||||
73,013 |
Meta Platforms Inc | 42,749,842 | ||||||
17,288 |
(b) | Netflix Inc | 15,409,140 | |||||
17,899 |
New York Times Co/The, Class A | 931,643 | ||||||
91,848 |
News Corp, Class A | 2,529,494 | ||||||
11,727 |
(b) | Roku Inc | 871,785 | |||||
10,009 |
Sirius XM Holdings Inc | 228,205 | ||||||
71,102 |
Walt Disney Co/The | 7,917,208 | ||||||
TOTAL MEDIA & ENTERTAINMENT | 136,920,570 | |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.8% |
||||||||
62,652 |
AbbVie Inc | 11,133,261 | ||||||
3,338 |
(b) | Alnylam Pharmaceuticals Inc | 785,465 | |||||
22,960 |
Amgen Inc | 5,984,294 | ||||||
56,490 |
(b) | Avantor Inc | 1,190,244 | |||||
97,561 |
Bristol-Myers Squibb Co | 5,518,050 | ||||||
27,106 |
Eli Lilly & Co | 20,925,832 | ||||||
4,611 |
(b) | Exact Sciences Corp | 259,092 | |||||
60,130 |
Gilead Sciences Inc | 5,554,208 | ||||||
5,303 |
(b) | ICON PLC | 1,112,092 | |||||
88,496 |
Johnson & Johnson | 12,798,292 | ||||||
103,585 |
Merck & Co Inc | 10,304,636 | ||||||
154,791 |
Pfizer Inc | 4,106,605 | ||||||
28,283 |
(b) | Teva Pharmaceutical Industries Ltd, Sponsored ADR | 623,357 | |||||
20,510 |
Thermo Fisher Scientific Inc | 10,669,917 | ||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 90,965,345 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.2% |
||||||||
41,901 |
(b) | CoStar Group Inc | 2,999,693 | |||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 2,999,693 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.6% |
||||||||
62,993 |
(b) | Advanced Micro Devices Inc | 7,608,924 | |||||
42,222 |
Applied Materials Inc | 6,866,564 | ||||||
758 |
ASML Holding NV | 525,355 | ||||||
155,066 |
Broadcom Inc | 35,950,501 | ||||||
13,344 |
Entegris Inc | 1,321,857 | ||||||
90,620 |
Lam Research Corp | 6,545,483 | ||||||
13,515 |
Marvell Technology Inc | 1,492,732 | ||||||
48,971 |
Micron Technology Inc | 4,121,399 | ||||||
787,989 |
NVIDIA Corp | 105,819,043 | ||||||
16,820 |
NXP Semiconductors NV | 3,496,037 | ||||||
32,082 |
(b) | ON Semiconductor Corp | 2,022,770 | |||||
50,975 |
QUALCOMM Inc | 7,830,779 | ||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 183,601,444 | |||||||
SOFTWARE & SERVICES - 10.8% |
||||||||
25,552 |
Accenture PLC, Class A | 8,988,938 | ||||||
18,575 |
(b) | Adobe Inc | 8,259,931 | |||||
20,604 |
(b) | Akamai Technologies Inc | 1,970,773 |
See Notes to Financial Statements |
31 |
SHARES |
DESCRIPTION |
VALUE |
||||||
SOFTWARE & SERVICES |
||||||||
3,648 |
(b) | Atlassian Corp PLC, Class A | $ | 887,850 | ||||
15,194 |
(b) | Autodesk Inc | 4,490,891 | |||||
10,744 |
(b) | Check Point Software Technologies Ltd | 2,005,905 | |||||
3,886 |
(b) | Manhattan Associates Inc | 1,050,153 | |||||
244,700 |
Microsoft Corp | 103,141,050 | ||||||
67,360 |
Oracle Corp | 11,224,870 | ||||||
39,369 |
Salesforce Inc | 13,162,238 | ||||||
9,839 |
(b) | ServiceNow Inc | 10,430,521 | |||||
6,661 |
(b) | Shopify Inc, Class A | 708,264 | |||||
14,844 |
(b) | VeriSign Inc | 3,072,114 | |||||
5,036 |
(b) | Workday Inc, Class A | 1,299,439 | |||||
10,368 |
(b) | Zoom Communications Inc | 846,132 | |||||
TOTAL SOFTWARE & SERVICES |
171,539,069 | |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 9.1% |
||||||||
483,843 |
Apple Inc | 121,163,964 | ||||||
20,728 |
CDW Corp/DE | 3,607,501 | ||||||
19,049 |
(b) | Ciena Corp | 1,615,546 | |||||
200,482 |
Cisco Systems Inc | 11,868,534 | ||||||
18,446 |
Dell Technologies Inc, Class C | 2,125,717 | ||||||
34,963 |
(b) | Flex Ltd | 1,342,230 | |||||
5,140 |
(b) | Lumentum Holdings Inc | 431,503 | |||||
199,033 |
Telefonaktiebolaget LM Ericsson, Sponsored ADR | 1,604,206 | ||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT |
143,759,201 | |||||||
TELECOMMUNICATION SERVICES - 0.5% |
||||||||
213,828 |
Verizon Communications Inc | 8,550,982 | ||||||
TOTAL TELECOMMUNICATION SERVICES |
8,550,982 | |||||||
TRANSPORTATION - 1.0% |
||||||||
91,616 |
(b) | American Airlines Group Inc | 1,596,867 | |||||
23,404 |
Canadian Pacific Kansas City Ltd | 1,693,748 | ||||||
21,947 |
Norfolk Southern Corp | 5,150,961 | ||||||
2,565 |
(b) | Saia Inc | 1,168,947 | |||||
82,553 |
(b) | Uber Technologies Inc | 4,979,597 | |||||
8,969 |
(b) | XPO Inc | 1,176,284 | |||||
TOTAL TRANSPORTATION |
15,766,404 | |||||||
UTILITIES - 2.4% |
||||||||
103,393 |
Ameren Corp | 9,216,452 | ||||||
21,523 |
Atmos Energy Corp | 2,997,508 | ||||||
53,103 |
Evergy Inc | 3,268,490 | ||||||
2,933 |
National Fuel Gas Co | 177,974 | ||||||
102,049 |
NextEra Energy Inc | 7,315,893 | ||||||
52,512 |
OGE Energy Corp | 2,166,120 | ||||||
52,322 |
Pinnacle West Capital Corp | 4,435,336 | ||||||
91,439 |
WEC Energy Group Inc | 8,598,924 | ||||||
TOTAL UTILITIES |
38,176,697 | |||||||
TOTAL COMMON STOCKS (Cost $416,207,988) |
1,566,863,959 |
|||||||
TOTAL LONG-TERM INVESTMENTS (Cost $416,207,988) |
1,566,863,959 |
|||||||
32 |
See Notes to Financial Statements |
PRINCIPAL |
DESCRIPTION |
RATE |
MATURITY |
VALUE |
||||||||||||
SHORT-TERM INVESTMENTS - 2.6% |
||||||||||||||||
REPURCHASE AGREEMENTS - 2.6% |
||||||||||||||||
$ 40,575,000 |
(c) | Fixed Income Clearing Corporation | 4.430% | 01/02/25 | $ | 40,575,000 | ||||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $40,575,000) |
40,575,000 |
|||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $40,575,000) |
40,575,000 |
|||||||||||||||
TOTAL INVESTMENTS - 101.7% (Cost $456,782,988) |
1,607,438,959 |
|||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (1.7)% |
(26,475,274) |
|||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES - 100% |
$ |
1,580,963,685 |
||||||||||||||
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
S&P | Standard & Poor’s |
(a) | The Fund may designate up to 100% of its common stock investments to cover outstanding options written. |
(b) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(c) | Agreement with Fixed Income Clearing Corporation, 4.430% dated 12/31/24 to be repurchased at $40,584,986 on 1/2/25, collateralized by Government Agency Securities, with coupon rate 1.875% and maturity date 2/15/51, valued at $41,386,561. |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
S&P 500 Index | (293 | ) | $(178,730,000) | $6,100 | 1/17/25 | $(139,175) | |||||||||||||||
Call |
S&P 500 Index | (293 | ) | (181,660,000 | ) | 6,200 | 1/17/25 | (25,638) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (183,125,000 | ) | 6,250 | 1/17/25 | (13,917) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (174,335,000 | ) | 5,950 | 1/31/25 | (2,061,255) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (175,800,000 | ) | 6,000 | 2/21/25 | (2,213,615) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (186,055,000 | ) | 6,350 | 2/21/25 | (93,760) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (177,265,000 | ) | 6,050 | 3/21/25 | (2,660,440) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (184,590,000 | ) | 6,300 | 3/21/25 | (537,655) | ||||||||||||||
Call |
S&P 500 Index | (293 | ) | (186,055,000 | ) | 6,350 | 3/21/25 | (363,320) | ||||||||||||||
Total Options Written (premiums received $17,975,163) |
(2,637 | ) | $(1,627,615,000) | $(8,108,775) | ||||||||||||||||||
(a) | Exchange-traded, unless otherwise noted. |
(b) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
See Notes to Financial Statements |
33 |
SHARES |
DESCRIPTION |
VALUE |
||||||
LONG-TERM INVESTMENTS - 100.0% |
||||||||
COMMON STOCKS - 97.6% |
||||||||
BANKS - 3.4% |
||||||||
85,877 |
JPMorgan Chase & Co |
$ | 20,585,576 | |||||
TOTAL BANKS |
20,585,576 | |||||||
CAPITAL GOODS - 12.6% |
||||||||
85,877 |
3M Co |
11,085,862 | ||||||
85,877 |
(a) | Boeing Co/The |
15,200,229 | |||||
85,877 |
(b) | Caterpillar Inc |
31,152,740 | |||||
85,877 |
Honeywell International Inc |
19,398,756 | ||||||
TOTAL CAPITAL GOODS |
76,837,587 | |||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 8.6% |
||||||||
85,877 |
(a),(b) | Amazon.com Inc |
18,840,555 | |||||
85,877 |
Home Depot Inc/The | 33,405,294 | ||||||
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
52,245,849 | |||||||
CONSUMER DURABLES & APPAREL - 1.1% |
||||||||
85,877 |
NIKE Inc, Class B | 6,498,313 | ||||||
TOTAL CONSUMER DURABLES & APPAREL |
6,498,313 | |||||||
CONSUMER SERVICES - 4.1% |
||||||||
85,877 |
McDonald’s Corp | 24,894,883 | ||||||
TOTAL CONSUMER SERVICES |
24,894,883 | |||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3% |
||||||||
85,877 |
Walmart Inc | 7,758,987 | ||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL |
7,758,987 | |||||||
ENERGY - 2.0% |
||||||||
85,877 |
Chevron Corp | 12,438,425 | ||||||
TOTAL ENERGY |
12,438,425 | |||||||
FINANCIAL SERVICES - 16.7% |
||||||||
85,877 |
(b) | American Express Co |
25,487,435 | |||||
85,877 |
(b) | Goldman Sachs Group Inc/The |
49,174,888 | |||||
85,877 |
Visa Inc, Class A | 27,140,567 | ||||||
TOTAL FINANCIAL SERVICES |
101,802,890 | |||||||
FOOD, BEVERAGE & TOBACCO - 0.9% |
||||||||
85,877 |
Coca-Cola Co/The | 5,346,702 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO |
5,346,702 | |||||||
HEALTH CARE EQUIPMENT & SERVICES - 7.1% |
||||||||
85,877 |
UnitedHealth Group Inc | 43,441,739 | ||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES |
43,441,739 | |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 2.3% |
||||||||
85,877 |
Procter & Gamble Co/The | 14,397,279 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS |
14,397,279 | |||||||
INSURANCE - 3.4% |
||||||||
85,877 |
Travelers Cos Inc/The | 20,686,910 | ||||||
TOTAL INSURANCE |
20,686,910 | |||||||
MATERIALS - 4.8% |
||||||||
85,877 |
Sherwin-Williams Co/The | 29,192,169 | ||||||
TOTAL MATERIALS |
29,192,169 | |||||||
MEDIA & ENTERTAINMENT - 1.6% |
||||||||
85,877 |
Walt Disney Co/The | 9,562,404 | ||||||
TOTAL MEDIA & ENTERTAINMENT |
9,562,404 | |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1% |
||||||||
85,877 |
(b) | Amgen Inc |
22,382,981 | |||||
85,877 |
Johnson & Johnson |
12,419,532 | ||||||
85,877 |
Merck & Co Inc | 8,543,044 | ||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
43,345,557 | |||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.9% |
||||||||
85,877 |
NVIDIA Corp | 11,532,422 | ||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT |
11,532,422 | |||||||
34 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||||||||||||||||||
SOFTWARE & SERVICES - 13.8% |
||||||||||||||||||||||||
85,877 |
International Business Machines Corp |
$ | 18,878,341 | |||||||||||||||||||||
85,877 |
Microsoft Corp |
36,197,156 | ||||||||||||||||||||||
85,877 |
Salesforce Inc | 28,711,257 | ||||||||||||||||||||||
TOTAL SOFTWARE & SERVICES | 83,786,754 | |||||||||||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 4.4% |
||||||||||||||||||||||||
85,877 |
(b) | Apple Inc | 21,505,318 | |||||||||||||||||||||
85,877 |
Cisco Systems Inc | 5,083,919 | ||||||||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 26,589,237 | |||||||||||||||||||||||
TELECOMMUNICATION SERVICES- 0.5% |
||||||||||||||||||||||||
85,877 |
Verizon Communications Inc | 3,434,221 | ||||||||||||||||||||||
TOTAL TELECOMMUNICATION SERVICES | 3,434,221 | |||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $220,200,610) |
594,377,904 | |||||||||||||||||||||||
SHARES |
DESCRIPTION |
VALUE |
||||||||||||||||||||||
EXCHANGE-TRADED FUNDS - 2.4% |
||||||||||||||||||||||||
49,800 |
Vanguard Total Stock Market ETF | 14,432,538 | ||||||||||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $13,815,263) |
14,432,538 |
|||||||||||||||||||||||
TYPE |
DESCRIPTION(c) |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT(d) |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE |
||||||||||||||||||
OPTIONS PURCHASED- 0.0% |
||||||||||||||||||||||||
Put |
Chicago Board Options | 150 | $ | 210,000 | $ | 14 | 01/22/25 | 1,125 | ||||||||||||||||
Exchange SPX Volatility Index | ||||||||||||||||||||||||
TOTAL OPTIONS PURCHASED (Cost $2,755) |
150 |
$ |
210,000 |
1,125 |
||||||||||||||||||||
TOTAL LONG-TERM INVESTMENTS (Cost $234,018,628) |
608,811,567 |
|||||||||||||||||||||||
PRINCIPAL |
DESCRIPTION |
RATE |
MATURITY |
VALUE |
||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.2% |
||||||||||||||||||||||||
REPURCHASE AGREEMENTS - 0.2% |
||||||||||||||||||||||||
$1,198,195 |
(e) | Fixed Income Clearing Corporation | 1.360 | % | 01/02/25 | 1,198,195 | ||||||||||||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $1,198,195) |
1,198,195 |
|||||||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,198,195) |
1,198,195 |
|||||||||||||||||||||||
TOTAL INVESTMENTS - 100.2% (Cost $235,216,823) |
610,009,762 |
|||||||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.2)% |
(1,417,394 |
) | ||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES - 100% |
$ |
608,592,368 |
||||||||||||||||||||||
ETF | Exchange-Traded Fund |
S&P | Standard & Poor’s |
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(a) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(b) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(c) | Exchange-traded, unless otherwise noted. |
(d) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
(e) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 12/31/24 to be repurchased at $1,198,285 on 1/2/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 12/31/31, valued at $1,222,317. |
See Notes to Financial Statements |
35 |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
S&P 500 Index | (110 | ) | $(65,010,000) | $5,910 | 1/17/25 | $ (679,250) | |||||||||||||||
Call |
S&P 500 Index | (55 | ) | (32,725,000) | 5,950 | 1/17/25 | (231,000) | |||||||||||||||
Call |
S&P 500 Index | (55 | ) | (33,550,000) | 6,100 | 1/17/25 | (26,125) | |||||||||||||||
Call |
S&P 500 Index | (110 | ) | (68,750,000) | 6,250 | 1/17/25 | (5,225) | |||||||||||||||
Call |
S&P 500 Index | (20 | ) | (12,600,000) | 6,300 | 1/17/25 | (650) | |||||||||||||||
Call |
S&P 500 Index | (55 | ) | (34,100,000) | 6,200 | 1/31/25 | (24,200) | |||||||||||||||
Call |
S&P 500 Index | (75 | ) | (47,250,000) | 6,300 | 1/31/25 | (9,000) | |||||||||||||||
Call |
S&P 500 Index | (110 | ) | (69,850,000) | 6,350 | 1/31/25 | (8,250) | |||||||||||||||
Call |
S&P 500 Index | (45 | ) | (28,125,000) | 6,250 | 2/21/25 | (41,175) | |||||||||||||||
Call |
S&P 500 Index | (25 | ) | (15,750,000) | 6,300 | 2/21/25 | (13,500) | |||||||||||||||
Total Options Written (premiums received $2,752,152) |
(660 | ) | $(407,710,000) | $ (1,038,375) | ||||||||||||||||||
(a) | Exchange-traded, unless otherwise noted. |
(b) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
36 |
See Notes to Financial Statements |
Portfolio of Investments December 31, 2024 | ||
SPXX |
SHARES |
DESCRIPTION |
VALUE | ||||||
LONG-TERM INVESTMENTS - 100.0% |
||||||||
COMMON STOCKS - 96.4% |
||||||||
AUTOMOBILES & COMPONENTS - 2.5% |
||||||||
2,907 |
Gentex Corp | $ | 83,518 | |||||
16,252 |
(a) | Lucid Group Inc | 49,081 | |||||
2,378 |
(a),(b) | QuantumScape Corp | 12,342 | |||||
5,089 |
(a) | Rivian Automotive Inc, Class A | 67,684 | |||||
19,545 |
(a) | Tesla Inc | 7,893,053 | |||||
1,213 |
Thor Industries Inc | 116,096 | ||||||
TOTAL AUTOMOBILES & COMPONENTS | 8,221,774 | |||||||
BANKS - 3.8% |
||||||||
51,538 |
Bank of America Corp | 2,265,095 | ||||||
22,295 |
Citigroup Inc | 1,569,345 | ||||||
89 |
Cullen/Frost Bankers Inc | 11,948 | ||||||
85 |
First Citizens BancShares Inc/NC, Class A | 179,607 | ||||||
4,948 |
First Horizon Corp | 99,653 | ||||||
24,320 |
JPMorgan Chase & Co | 5,829,747 | ||||||
4,203 |
Synovus Financial Corp | 215,320 | ||||||
376 |
(a) | Texas Capital Bancshares Inc | 29,403 | |||||
766 |
Webster Financial Corp | 42,298 | ||||||
29,478 |
Wells Fargo & Co | 2,070,535 | ||||||
2,283 |
Wintrust Financial Corp | 284,713 | ||||||
TOTAL BANKS | 12,597,664 | |||||||
CAPITAL GOODS - 5.1% |
||||||||
620 |
Acuity Brands Inc | 181,121 | ||||||
5,115 |
(a) | Archer Aviation Inc, Class A | 49,871 | |||||
358 |
Atkore Inc | 29,875 | ||||||
3,549 |
(a) | Bloom Energy Corp, Class A | 78,823 | |||||
5,565 |
(a) | Boeing Co/The | 985,005 | |||||
2,021 |
BWX Technologies Inc | 225,119 | ||||||
563 |
Carlisle Cos Inc | 207,657 | ||||||
4,996 |
Caterpillar Inc | 1,812,349 | ||||||
16,723 |
CNH Industrial NV | 189,472 | ||||||
982 |
(a) | Core & Main Inc, Class A | 49,994 | |||||
1,029 |
Curtiss-Wright Corp | 365,161 | ||||||
3,017 |
Deere & Co | 1,278,303 | ||||||
254 |
(a) | Dycom Industries Inc | 44,211 | |||||
5,038 |
Eaton Corp PLC | 1,671,961 | ||||||
740 |
EMCOR Group Inc | 335,886 | ||||||
930 |
Esab Corp | 111,544 | ||||||
918 |
Ferguson Enterprises Inc | 159,337 | ||||||
1,793 |
(a) | Fluence Energy Inc | 28,473 | |||||
5,399 |
Graco Inc | 455,082 | ||||||
1,527 |
HEICO Corp | 363,029 | ||||||
8,713 |
Honeywell International Inc | 1,968,180 | ||||||
6,141 |
Illinois Tool Works Inc | 1,557,112 | ||||||
121 |
Lincoln Electric Holdings Inc | 22,684 | ||||||
2,947 |
Lockheed Martin Corp | 1,432,065 | ||||||
595 |
(a) | MasTec Inc | 81,003 | |||||
4,656 |
(a) | NEXTracker Inc, Class A | 170,084 | |||||
1,377 |
Oshkosh Corp | 130,911 | ||||||
2,476 |
Owens Corning | 421,712 | ||||||
220 |
Regal Rexnord Corp | 34,129 | ||||||
16,125 |
RTX Corp | 1,865,985 | ||||||
212 |
Simpson Manufacturing Co Inc | 35,156 | ||||||
1,880 |
(a) | Spirit AeroSystems Holdings Inc, Class A | 64,070 | |||||
731 |
Timken Co/The | 52,172 | ||||||
979 |
Toro Co/The | 78,418 | ||||||
511 |
Valmont Industries Inc | 156,708 | ||||||
637 |
Watsco Inc | 301,868 | ||||||
TOTAL CAPITAL GOODS | 16,994,530 | |||||||
See Notes to Financial Statements |
37 |
Portfolio of Investments December 31, 2024 (continued) | ||
SPXX |
SHARES |
DESCRIPTION |
VALUE | ||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.6% |
||||||||
3,007 |
Booz Allen Hamilton Holding Corp | $ | 387,001 | |||||
425 |
(a) | CACI International Inc, Class A | 171,726 | |||||
463 |
(a),(b) | Clarivate PLC | 2,352 | |||||
786 |
(a) | Clean Harbors Inc | 180,890 | |||||
2,741 |
(a) | GEO Group Inc/The | 76,693 | |||||
2,665 |
KBR Inc | 154,383 | ||||||
322 |
(a) | Parsons Corp | 29,704 | |||||
1,061 |
RB Global Inc | 95,713 | ||||||
3,217 |
Robert Half Inc | 226,670 | ||||||
596 |
Science Applications International Corp | 66,621 | ||||||
3,175 |
SS&C Technologies Holdings Inc | 240,601 | ||||||
3,933 |
Tetra Tech Inc | 156,691 | ||||||
998 |
TransUnion | 92,525 | ||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 1,881,570 | |||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.2% |
||||||||
245 |
(a) | Abercrombie & Fitch Co, Class A | 36,620 | |||||
67,195 |
(a),(c) | Amazon.com Inc | 14,741,911 | |||||
1,504 |
American Eagle Outfitters Inc | 25,072 | ||||||
839 |
(a) | AutoNation Inc | 142,496 | |||||
1,707 |
Bath & Body Works Inc | 66,180 | ||||||
223 |
(a) | Boot Barn Holdings Inc | 33,856 | |||||
418 |
(a) | Burlington Stores Inc | 119,155 | |||||
1,137 |
Dick’s Sporting Goods Inc | 260,191 | ||||||
49 |
Dillard’s Inc, Class A | 21,155 | ||||||
1,462 |
(a) | Five Below Inc | 153,452 | |||||
1,210 |
(a) | Floor & Decor Holdings Inc, Class A | 120,637 | |||||
1,918 |
(a) | GameStop Corp, Class A | 60,110 | |||||
9,417 |
Home Depot Inc/The | 3,663,119 | ||||||
343 |
Lithia Motors Inc | 122,599 | ||||||
303 |
Murphy USA Inc | 152,030 | ||||||
864 |
Nordstrom Inc | 20,866 | ||||||
392 |
(a) | PDD Holdings Inc | 38,020 | |||||
372 |
(a) | RH | 146,415 | |||||
4,822 |
(a) | Valvoline Inc | 174,460 | |||||
1,384 |
(a) | Victoria’s Secret & Co | 57,325 | |||||
753 |
(a) | Wayfair Inc, Class A | 33,373 | |||||
1,254 |
Williams-Sonoma Inc | 232,216 | ||||||
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 20,421,258 | |||||||
CONSUMER DURABLES & APPAREL - 0.9% |
||||||||
202 |
(a) | Birkenstock Holding Plc | 11,445 | |||||
2,772 |
Carter’s Inc | 150,215 | ||||||
1,423 |
Cricut Inc, Class A | 8,111 | ||||||
8,589 |
KB Home | 564,469 | ||||||
491 |
Meritage Homes Corp | 75,526 | ||||||
3,844 |
Newell Brands Inc | 38,286 | ||||||
10,201 |
NIKE Inc, Class B | 771,910 | ||||||
4,744 |
(a) | Taylor Morrison Home Corp | 290,380 | |||||
4,723 |
Tempur Sealy International Inc | 267,747 | ||||||
1,036 |
Toll Brothers Inc | 130,484 | ||||||
11,692 |
(a) | Under Armour Inc, Class A | 96,810 | |||||
11,868 |
VF Corp | 254,687 | ||||||
1,563 |
Whirlpool Corp | 178,932 | ||||||
TOTAL CONSUMER DURABLES & APPAREL | 2,839,002 | |||||||
CONSUMER SERVICES - 1.8% |
||||||||
3,882 |
Aramark | 144,837 | ||||||
331 |
Booking Holdings Inc | 1,644,547 | ||||||
2,536 |
Boyd Gaming Corp | 183,961 | ||||||
555 |
(a) | Bright Horizons Family Solutions Inc | 61,522 | |||||
734 |
Cracker Barrel Old Country Store Inc | 38,799 | ||||||
979 |
(a) | DoorDash Inc, Class A | 164,227 | |||||
2,395 |
(a) | DraftKings Inc, Class A | 89,094 |
38 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE | ||||||
CONSUMER SERVICES |
||||||||
2,846 |
Hyatt Hotels Corp | $ | 446,765 | |||||
8,883 |
McDonald’s Corp | 2,575,093 | ||||||
1,641 |
(a) | Planet Fitness Inc | 162,246 | |||||
1,485 |
Service Corp International/US | 118,533 | ||||||
1,202 |
Six Flags Entertainment Corp | 57,924 | ||||||
3,429 |
Travel + Leisure Co | 172,993 | ||||||
195 |
Vail Resorts Inc | 36,553 | ||||||
1,692 |
Wendy’s Co/The | 27,580 | ||||||
TOTAL CONSUMER SERVICES | 5,924,674 | |||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.4% |
||||||||
2,512 |
(a) | BJ’s Wholesale Club Holdings Inc | 224,447 | |||||
410 |
Casey’s General Stores Inc | 162,454 | ||||||
3,962 |
Costco Wholesale Corp | 3,630,262 | ||||||
826 |
(a) | Performance Food Group Co | 69,839 | |||||
2,961 |
(a) | US Foods Holding Corp | 199,749 | |||||
40,986 |
Walmart Inc | 3,703,085 | ||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 7,989,836 | |||||||
ENERGY - 3.1% |
||||||||
6,192 |
Antero Midstream Corp | 93,437 | ||||||
1,160 |
(a) | Antero Resources Corp | 40,658 | |||||
1,887 |
ChampionX Corp | 51,308 | ||||||
2,044 |
Cheniere Energy Inc | 439,194 | ||||||
18,545 |
Chevron Corp | 2,686,058 | ||||||
3,578 |
Civitas Resources Inc | 164,123 | ||||||
2,036 |
DT Midstream Inc | 202,439 | ||||||
2,400 |
Expand Energy Corp | 238,920 | ||||||
30,381 |
Exxon Mobil Corp | 3,268,084 | ||||||
286 |
Golar LNG Ltd | 12,104 | ||||||
4,054 |
Liberty Energy Inc | 80,634 | ||||||
7,698 |
Magnolia Oil & Gas Corp, Class A | 179,979 | ||||||
6,358 |
Marathon Petroleum Corp | 886,941 | ||||||
3,588 |
Matador Resources Co | 201,861 | ||||||
1,550 |
Murphy Oil Corp | 46,903 | ||||||
4,568 |
NOV Inc | 66,693 | ||||||
12,160 |
Ovintiv Inc | 492,480 | ||||||
641 |
PBF Energy Inc, Class A | 17,019 | ||||||
2,247 |
Peabody Energy Corp | 47,052 | ||||||
20,591 |
Permian Resources Corp | 296,099 | ||||||
4,093 |
Range Resources Corp | 147,266 | ||||||
3,048 |
Scorpio Tankers Inc | 151,455 | ||||||
902 |
SM Energy Co | 34,962 | ||||||
8,230 |
TechnipFMC PLC | 238,176 | ||||||
6,953 |
(a) | Transocean Ltd | 26,074 | |||||
3,026 |
(a) | Valaris Ltd | 133,870 | |||||
2,848 |
Viper Energy Inc | 139,751 | ||||||
TOTAL ENERGY | 10,383,540 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.9% |
||||||||
10,431 |
Agree Realty Corp | 734,864 | ||||||
1,345 |
American Healthcare REIT Inc | 38,225 | ||||||
6,767 |
American Homes 4 Rent, Class A | 253,221 | ||||||
15,872 |
Brixmor Property Group Inc | 441,876 | ||||||
12,104 |
CareTrust REIT Inc | 327,413 | ||||||
7,025 |
Cousins Properties Inc | 215,246 | ||||||
1,740 |
EastGroup Properties Inc | 279,253 | ||||||
8,331 |
Equity LifeStyle Properties Inc | 554,845 | ||||||
10,582 |
First Industrial Realty Trust Inc | 530,476 | ||||||
8,977 |
Gaming and Leisure Properties Inc | 432,332 | ||||||
3,779 |
Healthcare Realty Trust Inc | 64,054 | ||||||
1,542 |
Hudson Pacific Properties Inc | 4,672 | ||||||
10,680 |
Independence Realty Trust Inc | 211,891 | ||||||
2,264 |
Lamar Advertising Co, Class A | 275,619 |
See Notes to Financial Statements |
39 |
Portfolio of Investments December 31, 2024 (continued) | ||
SPXX |
SHARE |
DESCRIPTION |
VALUE | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) |
||||||||
2,787 |
Macerich Co/The | $ | 55,517 | |||||
17,416 |
NNN REIT Inc | 711,444 | ||||||
11,775 |
Omega Healthcare Investors Inc | 445,684 | ||||||
1,968 |
Outfront Media Inc | 34,912 | ||||||
7,163 |
Phillips Edison & Co Inc | 268,326 | ||||||
940 |
Ryman Hospitality Properties Inc | 98,080 | ||||||
10,423 |
Sabra Health Care REIT Inc | 180,526 | ||||||
759 |
SL Green Realty Corp | 51,551 | ||||||
167 |
Sun Communities Inc | 20,536 | ||||||
1,033 |
Terreno Realty Corp | 61,092 | ||||||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 6,291,655 | |||||||
FINANCIAL SERVICES - 8.1% |
||||||||
890 |
(a) | Affirm Holdings Inc | 54,201 | |||||
20,947 |
AGNC Investment Corp | 192,922 | ||||||
1,817 |
Ally Financial Inc | 65,430 | ||||||
6,384 |
American Express Co | 1,894,707 | ||||||
5,651 |
Annaly Capital Management Inc | 103,413 | ||||||
15,298 |
(a),(c) | Berkshire Hathaway Inc, Class B | 6,934,277 | |||||
1,147 |
(a) | Block Inc | 97,483 | |||||
304 |
(a) | Coinbase Global Inc, Class A | 75,483 | |||||
4,161 |
Corebridge Financial Inc | 124,539 | ||||||
5,499 |
Equitable Holdings Inc | 259,388 | ||||||
3,860 |
Goldman Sachs Group Inc/The | 2,210,313 | ||||||
807 |
(a) | Hut 8 Corp | 16,535 | |||||
1,068 |
Interactive Brokers Group Inc, Class A | 188,684 | ||||||
8,753 |
Intercontinental Exchange Inc | 1,304,285 | ||||||
508 |
LPL Financial Holdings Inc | 165,867 | ||||||
7,480 |
Mastercard Inc, Class A | 3,938,744 | ||||||
7,780 |
MGIC Investment Corp | 184,464 | ||||||
14,535 |
Morgan Stanley | 1,827,340 | ||||||
440 |
PennyMac Financial Services Inc | 44,942 | ||||||
4,239 |
Radian Group Inc | 134,461 | ||||||
3,649 |
(a) | Robinhood Markets Inc, Class A | 135,962 | |||||
5,618 |
(a) | Rocket Cos Inc, Class A | 63,259 | |||||
3,398 |
S&P Global Inc | 1,692,306 | ||||||
6,607 |
(a) | SoFi Technologies Inc | 101,748 | |||||
1,592 |
(a) | Toast Inc, Class A | 58,028 | |||||
1,119 |
Tradeweb Markets Inc, Class A | 146,499 | ||||||
468 |
(a) | Upstart Holdings Inc | 28,815 | |||||
2,129 |
Virtu Financial Inc, Class A | 75,963 | ||||||
14,045 |
Visa Inc, Class A | 4,438,782 | ||||||
1,609 |
Voya Financial Inc | 110,747 | ||||||
TOTAL FINANCIAL SERVICES | 26,669,587 | |||||||
FOOD, BEVERAGE & TOBACCO - 2.5% |
||||||||
846 |
Cal-Maine Foods Inc |
87,070 | ||||||
1,443 |
(a) | Celsius Holdings Inc | 38,009 | |||||
46,630 |
Coca-Cola Co/The | 2,903,184 | ||||||
646 |
(a) | Freshpet Inc | 95,679 | |||||
2,784 |
Ingredion Inc | 382,967 | ||||||
485 |
Lancaster Colony Corp | 83,973 | ||||||
16,493 |
PepsiCo Inc | 2,507,926 | ||||||
13,829 |
Philip Morris International Inc | 1,664,320 | ||||||
4,686 |
(a) | Pilgrim’s Pride Corp | 212,697 | |||||
3,247 |
(a) | Post Holdings Inc | 371,652 | |||||
2,311 |
Primo Brands Corp | 71,109 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 8,418,586 | |||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.1% |
||||||||
18,190 |
Abbott Laboratories | 2,057,471 | ||||||
43 |
(a) | Amedisys Inc | 3,904 | |||||
23,584 |
(a) | Boston Scientific Corp | 2,106,523 | |||||
1,637 |
(a) | Doximity Inc, Class A | 87,399 |
40 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
HEALTH CARE EQUIPMENT & SERVICES |
||||||||
2,253 |
Encompass Health Corp | $ | 208,065 | |||||
4,260 |
(a) | Envista Holdings Corp | 82,175 | |||||
2,780 |
(a) | Globus Medical Inc, Class A | 229,934 | |||||
639 |
(a) | ICU Medical Inc | 99,154 | |||||
651 |
(a) | Inari Medical Inc | 33,233 | |||||
170 |
(a) | Inspire Medical Systems Inc | 31,515 | |||||
3,572 |
(a) | Intuitive Surgical Inc | 1,864,441 | |||||
1,388 |
(a) | Lantheus Holdings Inc | 124,170 | |||||
190 |
(a) | Masimo Corp | 31,407 | |||||
1,911 |
McKesson Corp | 1,089,098 | ||||||
1,383 |
(a) | Merit Medical Systems Inc | 133,764 | |||||
1,543 |
Patterson Cos Inc | 47,617 | ||||||
433 |
(a) | Penumbra Inc | 102,829 | |||||
7,161 |
Premier Inc, Class A | 151,813 | ||||||
593 |
(a) | Privia Health Group Inc | 11,593 | |||||
296 |
(a) | QuidelOrtho Corp | 13,187 | |||||
1,806 |
(a) | Tenet Healthcare Corp | 227,971 | |||||
8,674 |
UnitedHealth Group Inc | 4,387,830 | ||||||
1,340 |
(a) | Veeva Systems Inc, Class A | 281,735 | |||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 13,406,828 | |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.2% |
||||||||
1,282 |
(a) | BellRing Brands Inc | 96,586 | |||||
114 |
(a) | elf Beauty Inc | 14,312 | |||||
22,455 |
Procter & Gamble Co/The | 3,764,581 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 3,875,479 | |||||||
INSURANCE - 2.2% |
||||||||
1,136 |
American Financial Group Inc/OH | 155,552 | ||||||
5,688 |
Arthur J Gallagher & Co | 1,614,539 | ||||||
650 |
Hanover Insurance Group Inc/The | 100,529 | ||||||
196 |
Kinsale Capital Group Inc | 91,166 | ||||||
117 |
(a) | Markel Group Inc | 201,969 | |||||
8,946 |
Marsh & McLennan Cos Inc | 1,900,220 | ||||||
4,947 |
Old Republic International Corp | 179,032 | ||||||
4,266 |
(a) | Oscar Health Inc, Class A | 57,335 | |||||
1,422 |
Primerica Inc | 385,959 | ||||||
1,161 |
Reinsurance Group of America Inc | 248,024 | ||||||
436 |
RenaissanceRe Holdings Ltd | 108,481 | ||||||
965 |
RLI Corp | 159,061 | ||||||
439 |
Ryan Specialty Holdings Inc | 28,166 | ||||||
1,002 |
Selective Insurance Group Inc | 93,707 | ||||||
6,012 |
Travelers Cos Inc/The | 1,448,231 | ||||||
7,525 |
Unum Group | 549,551 | ||||||
TOTAL INSURANCE | 7,321,522 | |||||||
MATERIALS - 1.3% |
||||||||
20,212 |
(a) | Arcadium Lithium PLC | 103,688 | |||||
7,632 |
(a) | Axalta Coating Systems Ltd | 261,167 | |||||
3,411 |
Berry Global Group Inc | 220,589 | ||||||
2,824 |
Cabot Corp | 257,859 | ||||||
2,782 |
(a) | Coeur Mining Inc | 15,913 | |||||
4,146 |
Crown Holdings Inc | 342,833 | ||||||
12,941 |
Element Solutions Inc | 329,090 | ||||||
10,647 |
Graphic Packaging Holding Co | 289,173 | ||||||
14,773 |
Hecla Mining Co | 72,535 | ||||||
212 |
(a) | Ingevity Corporation | 8,639 | |||||
1,550 |
Louisiana-Pacific Corp | 160,502 | ||||||
351 |
(a) | Magnera Corp | 6,378 | |||||
1,379 |
Minerals Technologies Inc | 105,094 | ||||||
6,615 |
(a),(b) | MP Materials Corp | 103,194 | |||||
152 |
NewMarket Corp | 80,309 | ||||||
8,388 |
Olin Corp | 283,514 | ||||||
555 |
Reliance Inc | 149,439 |
See Notes to Financial Statements |
41 |
SHARES |
DESCRIPTION |
VALUE |
||||||
MATERIALS |
||||||||
2,738 |
Royal Gold Inc | $ | 361,005 | |||||
3,446 |
RPM International Inc | 424,065 | ||||||
4,197 |
Scotts Miracle-Gro Co/The |
278,429 | ||||||
321 |
Sealed Air Corp | 10,859 | ||||||
506 |
Sensient Technologies Corp | 36,058 | ||||||
3,858 |
Silgan Holdings Inc | 200,809 | ||||||
2,778 |
Southern Copper Corp | 253,159 | ||||||
3,022 |
United States Steel Corp | 102,718 | ||||||
TOTAL MATERIALS | 4,457,018 | |||||||
MEDIA & ENTERTAINMENT - 9.1% |
||||||||
44,594 |
Alphabet Inc, Class A | 8,441,644 | ||||||
36,908 |
(c) | Alphabet Inc, Class C | 7,028,760 | |||||
16 |
(a) | AMC Entertainment Holdings Inc, Class A | 64 | |||||
1,107 |
(a) | Liberty Media Corp-Liberty Formula One, Class A | 93,032 | |||||
200 |
(a) | Liberty Media Corp-Liberty Live, Class A | 13,312 | |||||
16,581 |
Meta Platforms Inc | 9,708,341 | ||||||
3,464 |
(a) | Netflix Inc | 3,087,532 | |||||
2,539 |
(a) | Pinterest Inc, Class A | 73,631 | |||||
1,065 |
(a) | ROBLOX Corp, Class A | 61,621 | |||||
641 |
(a) | Roku Inc | 47,652 | |||||
721 |
(a) | Spotify Technology SA | 322,561 | |||||
12,733 |
Walt Disney Co/The | 1,417,820 | ||||||
TOTAL MEDIA & ENTERTAINMENT | 30,295,970 | |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.7% |
||||||||
15,731 |
(c) | AbbVie Inc | 2,795,399 | |||||
2,527 |
(a) | Alkermes PLC | 72,677 | |||||
1,394 |
(a) | Apellis Pharmaceuticals Inc | 44,483 | |||||
4,412 |
(a) | Avantor Inc | 92,961 | |||||
496 |
(a) | Azenta Inc | 24,800 | |||||
333 |
(a) | Bio-Rad Laboratories Inc, Class A |
109,394 | |||||
731 |
(a) | Bridgebio Pharma Inc | 20,059 | |||||
1,710 |
Bruker Corp | 100,240 | ||||||
6,385 |
Eli Lilly & Co | 4,929,220 | ||||||
1,556 |
(a) | Exact Sciences Corp | 87,432 | |||||
4,414 |
(a) | Exelixis Inc | 146,986 | |||||
70 |
(a),(b) | GRAIL Inc | 1,249 | |||||
1,621 |
(a) | Halozyme Therapeutics Inc | 77,500 | |||||
423 |
(a) | Illumina Inc | 56,525 | |||||
21,621 |
Johnson & Johnson | 3,126,829 | ||||||
123 |
(a) | Madrigal Pharmaceuticals Inc | 37,954 | |||||
395 |
(a) | Medpace Holdings Inc | 131,231 | |||||
23,452 |
Merck & Co Inc | 2,333,005 | ||||||
1,135 |
(a) | Neurocrine Biosciences Inc | 154,927 | |||||
7,350 |
Organon & Co | 109,662 | ||||||
50,011 |
Pfizer Inc | 1,326,792 | ||||||
86 |
(a) | Repligen Corp | 12,379 | |||||
302 |
(a) | REVOLUTION Medicines Inc | 13,209 | |||||
933 |
(a) | Sarepta Therapeutics Inc | 113,443 | |||||
369 |
(a) | Scholar Rock Holding Corp | 15,948 | |||||
3,729 |
Thermo Fisher Scientific Inc | 1,939,938 | ||||||
821 |
(a) | Vaxcyte Inc | 67,207 | |||||
2,534 |
(a) | Vertex Pharmaceuticals Inc | 1,020,442 | |||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 18,961,891 | |||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.1% |
||||||||
1,231 |
(a) | Jones Lang LaSalle Inc | 311,615 | |||||
4,753 |
(a) | Opendoor Technologies Inc | 7,605 | |||||
1,785 |
(a) | Zillow Group Inc, Class C | 132,179 | |||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 451,399 | |||||||
42 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.5% |
||||||||
5,912 |
Analog Devices Inc | $ | 1,256,064 | |||||
11,856 |
(c) | Applied Materials Inc | 1,928,141 | |||||
35,090 |
Broadcom Inc | 8,135,266 | ||||||
3,050 |
Marvell Technology Inc | 336,872 | ||||||
169,336 |
NVIDIA Corp | 22,740,131 | ||||||
10,222 |
QUALCOMM Inc | 1,570,304 | ||||||
693 |
(a) | Semtech Corp | 42,862 | |||||
10,200 |
Texas Instruments Inc | 1,912,602 | ||||||
521 |
Universal Display Corp | 76,170 | ||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 37,998,412 | |||||||
SOFTWARE & SERVICES - 9.8% |
||||||||
3,572 |
(a) | Adobe Inc | 1,588,397 | |||||
993 |
(a) | Altair Engineering Inc, Class A | 108,346 | |||||
1,592 |
Amdocs Ltd | 135,543 | ||||||
179 |
(a) | Aspentech Corp | 44,684 | |||||
202 |
(a) | BILL Holdings Inc | 17,111 | |||||
4,414 |
(a) | Box Inc, Class A | 139,482 | |||||
361 |
(a) | C3.ai Inc, Class A | 12,429 | |||||
725 |
(a),(b) | Cleanspark Inc | 6,677 | |||||
631 |
Clear Secure Inc, Class A | 16,810 | ||||||
2,651 |
(a) | Clearwater Analytics Holdings Inc, Class A | 72,956 | |||||
805 |
(a) | Cloudflare Inc, Class A | 86,682 | |||||
326 |
(a) | Datadog Inc, Class A | 46,582 | |||||
955 |
(a) | DocuSign Inc | 85,893 | |||||
7,313 |
(a) | Dropbox Inc, Class A | 219,683 | |||||
3,663 |
(a) | Dynatrace Inc | 199,084 | |||||
515 |
(a) | Elastic NV | 51,026 | |||||
1,440 |
(a) | Five9 Inc | 58,522 | |||||
369 |
(a) | Gitlab Inc, Class A | 20,793 | |||||
340 |
(a) | Globant SA | 72,903 | |||||
1,251 |
(a) | Guidewire Software Inc | 210,894 | |||||
73 |
(a) | HubSpot Inc | 50,864 | |||||
1,590 |
(a) | Informatica Inc, Class A | 41,229 | |||||
320 |
InterDigital Inc | 61,990 | ||||||
2,495 |
Intuit Inc | 1,568,108 | ||||||
537 |
(a) | Manhattan Associates Inc | 145,119 | |||||
602 |
(a),(b) | MARA Holdings Inc | 10,096 | |||||
51,339 |
Microsoft Corp | 21,639,388 | ||||||
550 |
(a) | MicroStrategy Inc, Class A | 159,291 | |||||
192 |
(a) | MongoDB Inc | 44,700 | |||||
2,273 |
(a) | Nutanix Inc, Class A | 139,062 | |||||
14,001 |
Oracle Corp | 2,333,127 | ||||||
280 |
Pegasystems Inc | 26,096 | ||||||
1,278 |
(a) | RingCentral Inc, Class A | 44,743 | |||||
1,882 |
(a) | Riot Platforms Inc | 19,215 | |||||
5,597 |
Salesforce Inc | 1,871,245 | ||||||
2,769 |
(a) | SentinelOne Inc, Class A | 61,472 | |||||
5,183 |
(a) | Smartsheet Inc, Class A | 290,403 | |||||
704 |
(a) | SoundHound AI Inc | 13,967 | |||||
1,110 |
(a) | Teradata Corp | 34,576 | |||||
2,685 |
(a) | Terawulf Inc | 15,197 | |||||
632 |
(a) | Trade Desk Inc/The, Class A | 74,279 | |||||
3,241 |
(a) | UiPath Inc, Class A | 41,193 | |||||
2,746 |
(a) | Unity Software Inc | 61,703 | |||||
187 |
(a) | Vertex Inc, Class A | 9,976 | |||||
410 |
(a) | Wix.com Ltd | 87,966 | |||||
475 |
(a) | Workiva Inc | 52,012 | |||||
2,788 |
(a) | Zoom Communications Inc | 227,529 | |||||
TOTAL SOFTWARE & SERVICES | 32,319,043 | |||||||
See Notes to Financial Statements |
43 |
SHARES |
DESCRIPTION |
VALUE |
||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 8.8% |
||||||||
103,319 |
(c) | Apple Inc | $ | 25,873,142 | ||||
998 |
(a) | Arrow Electronics Inc | 112,894 | |||||
3,111 |
Avnet Inc | 162,767 | ||||||
2,523 |
(a) | Ciena Corp | 213,976 | |||||
43,703 |
Cisco Systems Inc | 2,587,218 | ||||||
1,796 |
(a) | Coherent Corp | 170,135 | |||||
1,321 |
(a) | Pure Storage Inc, Class A | 81,149 | |||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 29,201,281 | |||||||
TELECOMMUNICATION SERVICES - 0.8% |
||||||||
2,306 |
(a),(b) | AST SpaceMobile Inc | 48,656 | |||||
839 |
Cogent Communications Holdings Inc | 64,662 | ||||||
1,020 |
(a) | Frontier Communications Parent Inc | 35,394 | |||||
2,287 |
Iridium Communications Inc | 66,369 | ||||||
20,069 |
(a) | Lumen Technologies Inc | 106,566 | |||||
607 |
Telephone and Data Systems Inc | 20,705 | ||||||
1,094 |
(a) | United States Cellular Corp | 68,616 | |||||
57,225 |
Verizon Communications Inc | 2,288,428 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 2,699,396 | |||||||
TRANSPORTATION - 1.0% |
||||||||
835 |
(a) | American Airlines Group Inc | 14,554 | |||||
942 |
Copa Holdings SA, Class A | 82,783 | ||||||
935 |
(a) | GXO Logistics Inc | 40,673 | |||||
4,206 |
(a) | JetBlue Airways Corp | 33,059 | |||||
513 |
Knight-Swift Transportation Holdings Inc | 27,210 | ||||||
1,584 |
(a) | Lyft Inc, Class A | 20,434 | |||||
397 |
(a) | Saia Inc | 180,925 | |||||
6,904 |
Union Pacific Corp | 1,574,388 | ||||||
8,775 |
United Parcel Service Inc, Class B | 1,106,527 | ||||||
1,308 |
(a) | XPO Inc | 171,544 | |||||
TOTAL TRANSPORTATION | 3,252,097 | |||||||
UTILITIES - 1.9% |
||||||||
2,058 |
Black Hills Corp | 120,434 | ||||||
23,069 |
Clearway Energy Inc, Class C | 599,794 | ||||||
19,906 |
Duke Energy Corp | 2,144,672 | ||||||
11,064 |
(a) | Hawaiian Electric Industries Inc | 107,653 | |||||
5,952 |
IDACORP Inc | 650,435 | ||||||
2,125 |
New Jersey Resources Corp | 99,131 | ||||||
23,772 |
OGE Energy Corp | 980,595 | ||||||
837 |
Otter Tail Corp | 61,804 | ||||||
19,434 |
Portland General Electric Co | 847,711 | ||||||
69 |
Southwest Gas Holdings Inc | 4,879 | ||||||
6,569 |
TXNM Energy Inc | 322,998 | ||||||
14,575 |
UGI Corp | 411,452 | ||||||
TOTAL UTILITIES | 6,351,558 | |||||||
TOTAL COMMON STOCKS (Cost $91,557,485) |
319,225,570 |
|||||||
SHARES |
DESCRIPTION |
VALUE |
||||||
EXCHANGE-TRADED FUNDS - 3.6% |
||||||||
8,000 |
SPDR S&P 500 ETF Trust | 4,688,640 | ||||||
24,500 |
Vanguard Total Stock Market ETF | 7,100,346 | ||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $10,701,631) |
11,788,986 |
|||||||
44 |
See Notes to Financial Statements |
TYPE |
DESCRIPTION(d) |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT(e) |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE | ||||||||||||||||||
OPTIONS PURCHASED - 0.0% |
||||||||||||||||||||||||
Put |
Chicago Board Options | 100 | $ | 140,000 | $ | 14 | 01/22/25 | $ | 750 | |||||||||||||||
Exchange SPX Volatility Index | ||||||||||||||||||||||||
TOTAL OPTIONS PURCHASED (Cost $1,837) |
100 |
$ |
140,000 |
750 |
||||||||||||||||||||
TOTAL LONG-TERM INVESTMENTS (Cost $102,260,953) |
331,015,306 |
|||||||||||||||||||||||
SHARES |
DESCRIPTION |
RATE |
VALUE | |||||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0% |
||||||||||||||||||||||||
107,116 |
(f) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.460%(g) | 107,116 | ||||||||||||||||||||
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $107,116) |
107,116 |
|||||||||||||||||||||||
PRINCIPAL |
DESCRIPTION |
RATE |
MATURITY |
VALUE | ||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.2% |
||||||||||||||||||||||||
REPURCHASE AGREEMENTS - 0.2% |
||||||||||||||||||||||||
$ 676,513 |
(h) | Fixed Income Clearing Corporation | 1.360 | 01/02/25 | 676,513 | |||||||||||||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $676,513) |
676,513 |
|||||||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $676,513) |
676,513 |
|||||||||||||||||||||||
TOTAL INVESTMENTS - 100.2% (Cost $103,044,582) |
331,798,935 |
|||||||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.2)% |
(626,301 |
) | ||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES - 100% |
$ |
331,172,634 |
||||||||||||||||||||||
ETF | Exchange-Traded Fund |
REIT | Real Estate Investment Trust |
S&P | Standard & Poor’s |
SPDR | Standard & Poor’s Depositary Receipt |
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(a) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(b) | 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 $99,820. |
(c) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(d) | Exchange-traded, unless otherwise noted. |
(e) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
(f) | Investments made with cash collateral received from securities on loan. |
(g) | The rate shown is the one-day yield as of the end of the reporting period. |
(h) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 12/31/24 to be repurchased at $676,565 on 1/2/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 12/31/31, valued at $690,213. |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
S&P 500 Index | (60) | $(35,460,000) | $5,910 | 1/17/25 | $(370,500) | ||||||||||||||||
Call |
S&P 500 Index | (30) | (17,850,000) | 5,950 | 1/17/25 | (126,000) | ||||||||||||||||
Call |
S&P 500 Index | (30) | (18,300,000) | 6,100 | 1/17/25 | (14,250) | ||||||||||||||||
Call |
S&P 500 Index | (60) | (37,500,000) | 6,250 | 1/17/25 | (2,850) | ||||||||||||||||
Call |
S&P 500 Index | (20) | (12,600,000) | 6,300 | 1/17/25 | (650) | ||||||||||||||||
Call |
S&P 500 Index | (30) | (18,600,000) | 6,200 | 1/31/25 | (13,200) | ||||||||||||||||
Call |
S&P 500 Index | (35) | (22,050,000) | 6,300 | 1/31/25 | (4,200) | ||||||||||||||||
Call |
S&P 500 Index | (60) | (38,100,000) | 6,350 | 1/31/25 | (4,500) | ||||||||||||||||
Call |
S&P 500 Index | (35) | (21,875,000) | 6,250 | 2/21/25 | (32,025) |
See Notes to Financial Statements |
45 |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
S&P 500 Index | (10) | $ | (6,300,000) | $ | 6,300 | 2/21/25 | $ | (5,400) | |||||||||||||
Total Options Written (premiums received $1,509,630) |
(370) | $ | (228,635,000) | $ | (573,575) |
(a) | Exchange-traded, unless otherwise noted. |
(b) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
46 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
LONG-TERM INVESTMENTS - 100.1% |
||||||||
COMMON STOCKS - 96.7% |
||||||||
AUTOMOBILES & COMPONENTS - 4.1% |
||||||||
40,233 |
Ford Motor Co |
$ | 398,307 | |||||
4,110 |
Lear Corp |
389,217 | ||||||
143,593 |
(a) | Tesla Inc |
57,988,597 | |||||
TOTAL AUTOMOBILES & COMPONENTS |
58,776,121 | |||||||
CAPITAL GOODS - 1.9% |
||||||||
7,468 |
3M Co |
964,044 | ||||||
29,355 |
(a) | Archer Aviation Inc, Class A |
286,211 | |||||
7,981 |
(a) | Boeing Co/The |
1,412,637 | |||||
9,138 |
Caterpillar Inc |
3,314,901 | ||||||
4,624 |
EMCOR Group Inc |
2,098,834 | ||||||
3,812 |
(a),(b) | Enovix Corp |
41,436 | |||||
7,764 |
Fortive Corp |
582,300 | ||||||
12,364 |
GE Vernova Inc |
4,066,891 | ||||||
30,184 |
General Electric Co |
5,034,389 | ||||||
584 |
HEICO Corp |
138,840 | ||||||
2,990 |
Howmet Aerospace Inc |
327,016 | ||||||
6,441 |
(a) | Plug Power Inc |
13,719 | |||||
29,007 |
(a) | Rocket Lab USA Inc |
738,808 | |||||
7,632 |
Rockwell Automation Inc |
2,181,149 | ||||||
116 |
TransDigm Group Inc |
147,005 | ||||||
4,996 |
United Rentals Inc |
3,519,382 | ||||||
5,734 |
Vertiv Holdings Co, Class A |
651,440 | ||||||
1,390 |
WW Grainger Inc |
1,465,130 | ||||||
TOTAL CAPITAL GOODS |
26,984,132 | |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 0.5% |
||||||||
21,698 |
(a) | ACV Auctions Inc, Class A |
468,677 | |||||
19,119 |
Robert Half Inc |
1,347,125 | ||||||
21,890 |
Tetra Tech Inc |
872,098 | ||||||
9,596 |
Veralto Corp |
977,352 | ||||||
7,562 |
Waste Connections Inc |
1,297,488 | ||||||
9,915 |
Waste Management Inc |
2,000,748 | ||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES |
6,963,488 | |||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.9% |
||||||||
3,906 |
(a) | Abercrombie & Fitch Co, Class A |
583,830 | |||||
360,736 |
(a),(c) | Amazon.com Inc |
79,141,871 | |||||
940 |
(a) | AutoZone Inc |
3,009,880 | |||||
1,817 |
(a) | Burlington Stores Inc |
517,954 | |||||
1,711 |
(a) | Carvana Co |
347,949 | |||||
52,348 |
(a) | Coupang Inc |
1,150,609 | |||||
8,039 |
Dick’s Sporting Goods Inc |
1,839,645 | ||||||
1,571 |
Dillard’s Inc, Class A |
678,263 | ||||||
16,562 |
eBay Inc |
1,026,016 | ||||||
5,733 |
(a) | Etsy Inc |
303,218 | |||||
4,325 |
Lowe’s Cos Inc |
1,067,410 | ||||||
14,611 |
(a) | Ollie’s Bargain Outlet Holdings Inc |
1,603,265 | |||||
7,621 |
Pool Corp |
2,598,304 | ||||||
181 |
(a),(b) | Savers Value Village Inc |
1,855 | |||||
24,886 |
TJX Cos Inc/The |
3,006,478 | ||||||
34,575 |
Tractor Supply Co |
1,834,549 | ||||||
6,382 |
Williams-Sonoma Inc |
1,181,819 | ||||||
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL |
99,892,915 | |||||||
CONSUMER DURABLES & APPAREL - 0.2% |
||||||||
16,176 |
(a) | Deckers Outdoor Corp |
3,285,184 | |||||
10,370 |
(a) | Peloton Interactive Inc, Class A |
90,219 | |||||
TOTAL CONSUMER DURABLES & APPAREL |
3,375,403 | |||||||
See Notes to Financial Statements |
47 |
SHARES |
DESCRIPTION |
VALUE |
||||||||
CONSUMER SERVICES - 3.2% |
||||||||||
6,160 | Booking Holdings Inc | 30,605,467 | ||||||||
4,374 | (a) | Cava Group Inc | 493,387 | |||||||
87,000 | (a) | Chipotle Mexican Grill Inc | 5,246,100 | |||||||
10,528 | Darden Restaurants Inc | 1,965,472 | ||||||||
297 | Domino’s Pizza Inc | 124,669 | ||||||||
4,730 | (a) | DraftKings Inc | 175,956 | |||||||
26,996 | Hilton Worldwide Holdings Inc | 6,672,331 | ||||||||
10,345 | Service Corp International/US | 825,738 | ||||||||
2,176 | (a) | Sweetgreen Inc, Class A | 69,763 | |||||||
1,480 | Wingstop Inc | 420,616 | ||||||||
TOTAL CONSUMER SERVICES | 46,599,499 | |||||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.6% |
||||||||||
25,248 | (a) | BJ’s Wholesale Club Holdings Inc | 2,255,909 | |||||||
2,618 | Casey’s General Stores Inc | 1,037,330 | ||||||||
210,528 | (a) | HF Foods Group Inc | 675,795 | |||||||
43,339 | Kroger Co/The | 2,650,180 | ||||||||
27,218 | (a) | Maplebear Inc | 1,127,370 | |||||||
22,357 | (a) | Performance Food Group Co | 1,890,284 | |||||||
36,930 | (a) | Sprouts Farmers Market Inc | 4,692,695 | |||||||
8,849 | Sysco Corp | 676,595 | ||||||||
10,413 | Target Corp | 1,407,629 | ||||||||
46,686 | (a) | US Foods Holding Corp | 3,149,438 | |||||||
192,024 | Walmart Inc | 17,349,368 | ||||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 36,912,593 | |||||||||
ENERGY - 0.3% |
||||||||||
4,902 | (a) | Clean Energy Fuels Corp | 12,304 | |||||||
3,791 | EQT Corp | 174,803 | ||||||||
7,570 | Exxon Mobil Corp | 814,305 | ||||||||
5,484 | Select Water Solutions Inc | 72,608 | ||||||||
53,009 | TechnipFMC PLC | 1,534,081 | ||||||||
1,089 | Texas Pacific Land Corp | 1,204,390 | ||||||||
5,170 | Viper Energy Inc | 253,692 | ||||||||
TOTAL ENERGY | 4,066,183 | |||||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.2% |
||||||||||
55,254 | CubeSmart | 2,367,634 | ||||||||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 2,367,634 | |||||||||
FINANCIAL SERVICES - 2.6% |
||||||||||
5,861 | (a) | Berkshire Hathaway Inc, Class B | 2,656,674 | |||||||
2,217 | (a) | Coinbase Global Inc, Class A | 550,481 | |||||||
10,062 | (a) | Hut 8 Corp | 206,171 | |||||||
11,527 | Jack Henry & Associates Inc | 2,020,683 | ||||||||
8,130 | Mastercard Inc | 4,281,014 | ||||||||
8,682 | Moody’s Corp | 4,109,798 | ||||||||
19,418 | Morgan Stanley | 2,441,231 | ||||||||
143,943 | (a) | PayPal Holdings Inc | 12,285,535 | |||||||
9,170 | (a) | Robinhood Markets Inc, Class A | 341,674 | |||||||
3,079 | S&P Global Inc | 1,533,434 | ||||||||
11,343 | SEI Investments Co | 935,571 | ||||||||
11,700 | (a) | Toast Inc, Class A |
426,465 | |||||||
17,825 | Visa Inc, Class A | 5,633,413 | ||||||||
TOTAL FINANCIAL SERVICES | 37,422,144 | |||||||||
FOOD, BEVERAGE & TOBACCO - 1.9% |
||||||||||
70,834 | (a) | Bridgford Foods Corp | 744,465 | |||||||
10,559 | Brown-Forman Corp, Class B | 401,031 | ||||||||
10,507 | Cal-Maine Foods Inc |
1,081,380 | ||||||||
16,575 | (a) | Celsius Holdings Inc | 436,586 | |||||||
70,040 | Coca-Cola Co/The | 4,360,690 | ||||||||
190 | Coca-Cola Consolidated Inc | 239,398 | ||||||||
4,567 | (a) | Freshpet Inc | 676,418 | |||||||
853 | Ingredion Inc | 117,339 | ||||||||
30,851 | Kellanova | 2,498,006 |
48 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
FOOD, BEVERAGE & TOBACCO |
||||||||
20,310 |
McCormick & Co Inc/MD | $ | 1,548,434 | |||||
242,394 |
(a) | Monster Beverage Corp | 12,740,229 | |||||
10,703 |
(a) | Post Holdings Inc | 1,225,065 | |||||
12,843 |
Tyson Foods Inc, Class A | 737,702 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 26,806,743 | |||||||
HEALTH CARE EQUIPMENT & SERVICES - 1.4% |
||||||||
26,882 |
Abbott Laboratories | 3,040,623 | ||||||
2,837 |
Becton Dickinson & Co | 643,630 | ||||||
50,911 |
(a) | Boston Scientific Corp | 4,547,371 | |||||
9,791 |
Cardinal Health Inc | 1,157,982 | ||||||
845 |
Cencora Inc | 189,855 | ||||||
2,328 |
(a) | Doximity Inc, Class A | 124,292 | |||||
768 |
Embecta Corp | 15,859 | ||||||
1,777 |
(a) | Glaukos Corp | 266,443 | |||||
17,206 |
(a) | Hims & Hers Health Inc | 416,041 | |||||
615 |
(a) | Inspire Medical Systems Inc | 114,009 | |||||
17,865 |
(a) | LENSAR Inc | 159,713 | |||||
4,308 |
McKesson Corp | 2,455,172 | ||||||
313 |
(a) | Novocure Ltd | 9,327 | |||||
2,672 |
(a) | PROCEPT BioRobotics Corp | 215,150 | |||||
19,914 |
Stryker Corp | 7,170,036 | ||||||
695 |
(a) | TransMedics Group Inc | 43,333 | |||||
1 |
(a) | Venus Concept Inc | 0 | |||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 20,568,836 | |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 0.1% |
||||||||
1,256 |
Colgate-Palmolive Co | 114,183 | ||||||
931 |
Estee Lauder Cos Inc/The, Class A | 69,807 | ||||||
11,199 |
Procter & Gamble Co/The | 1,877,512 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 2,061,502 | |||||||
INSURANCE - 0.1% |
||||||||
6,891 |
(a) | Lemonade Inc | 252,762 | |||||
5,928 |
Progressive Corp/The | 1,420,408 | ||||||
TOTAL INSURANCE | 1,673,170 | |||||||
MATERIALS - 0.4% |
||||||||
7,904 |
Air Products and Chemicals Inc | 2,292,476 | ||||||
4,212 |
Ball Corp | 232,208 | ||||||
1,460 |
Carpenter Technology Corp | 247,777 | ||||||
13,576 |
CF Industries Holdings Inc | 1,158,304 | ||||||
6,845 |
(a) | comScore Inc | 39,975 | |||||
7,747 |
International Paper Co | 416,943 | ||||||
3,839 |
Sherwin-Williams Co/The | 1,304,991 | ||||||
TOTAL MATERIALS | 5,692,674 | |||||||
MEDIA & ENTERTAINMENT - 15.1% |
||||||||
334,377 |
(c) | Alphabet Inc, Class A | 63,297,566 | |||||
272,036 |
(c) | Alphabet Inc, Class C | 51,806,536 | |||||
53,319 |
(a) | AMC Entertainment Holdings Inc, Class A | 212,210 | |||||
4,585 |
(a) | Cinemark Holdings Inc | 142,043 | |||||
642,116 |
Comcast Corp, Class A | 24,098,613 | ||||||
19,856 |
Fox Corp, Class A | 964,604 | ||||||
12,565 |
(a) | Liberty Media Corp-Liberty Formula One, Class C | 1,164,273 | |||||
19,482 |
(a) | Live Nation Entertainment Inc | 2,522,919 | |||||
37,991 |
(a) | Match Group Inc | 1,242,686 | |||||
105,161 |
Meta Platforms Inc | 61,572,817 | ||||||
25,957 |
New York Times Co/The, Class A | 1,351,062 | ||||||
6,270 |
News Corp, Class B | 190,796 | ||||||
21,177 |
(a) | ROBLOX Corp, Class A | 1,225,301 | |||||
11,881 |
(a) | Roku Inc | 883,234 | |||||
42,393 |
Saga Communications Inc, Class A | 467,595 | ||||||
6,037 |
(a) | Spotify Technology SA | 2,700,833 | |||||
9,491 |
(a) | TKO Group Holdings Inc | 1,348,766 |
See Notes to Financial Statements |
49 |
SHARES |
DESCRIPTION |
VALUE |
||||||||
MEDIA & ENTERTAINMENT (continued) |
||||||||||
11,379 | Walt Disney Co/The | $ | 1,267,052 | |||||||
TOTAL MEDIA & ENTERTAINMENT | 216,458,906 | |||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 3.9% |
||||||||||
3,964 | (a) | 89bio Inc | 30,998 | |||||||
12,612 | Agilent Technologies Inc | 1,694,296 | ||||||||
66,016 | (c) | Amgen Inc | 17,206,410 | |||||||
803 | (a) | Arcus Biosciences Inc | 11,957 | |||||||
284 | (a) | Arvinas Inc | 5,444 | |||||||
3,399 | (a) | Blueprint Medicines Corp | 296,461 | |||||||
5,019 | (a) | Charles River Laboratories International Inc | 926,507 | |||||||
5,067 | (a) | Cytokinetics Inc | 238,352 | |||||||
16,193 | Danaher Corp | 3,717,103 | ||||||||
3,634 | (a) | Disc Medicine Inc | 230,396 | |||||||
6,554 | (a) | Editas Medicine Inc | 8,324 | |||||||
2,706 | Eli Lilly & Co | 2,089,032 | ||||||||
5,556 | (a) | Exelixis Inc | 185,015 | |||||||
172,825 | Gilead Sciences Inc | 15,963,845 | ||||||||
11,370 | (a),(b) | Humacyte Inc | 57,418 | |||||||
13,603 | (a) | Insmed Inc | 939,151 | |||||||
1,618 | (a) | Madrigal Pharmaceuticals Inc | 499,266 | |||||||
632 | (a) | Natera Inc | 100,046 | |||||||
7,810 | (a) | Neurocrine Biosciences Inc | 1,066,065 | |||||||
13,272 | (a) | Regeneron Pharmaceuticals Inc | 9,454,044 | |||||||
4,581 | (a) | Revance Therapeutics Inc | 13,926 | |||||||
4,032 | (a) | REVOLUTION Medicines Inc | 176,360 | |||||||
3,102 | (a) | SpringWorks Therapeutics Inc | 112,075 | |||||||
7,842 | (a) | Tarsus Pharmaceuticals Inc | 434,212 | |||||||
7,934 | (a) | Twist Bioscience Corp | 368,693 | |||||||
507 | (a) | Vaxcyte Inc | 41,503 | |||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 55,866,899 | |||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 20.8% |
||||||||||
166,423 | (a) | Advanced Micro Devices Inc | 20,102,234 | |||||||
13,979 | (a) | Ambarella Inc | 1,016,832 | |||||||
94,350 | Analog Devices Inc | 20,045,601 | ||||||||
165,056 | Applied Materials Inc | 26,843,057 | ||||||||
2,742 | (a) | Astera Labs Inc | 363,178 | |||||||
9,301 | (a) | Axcelis Technologies Inc | 649,861 | |||||||
286,877 | Broadcom Inc | 66,509,564 | ||||||||
15,643 | (a) | Cirrus Logic Inc | 1,557,730 | |||||||
16,905 | (a) | Credo Technology Group Holding Ltd | 1,136,185 | |||||||
4,666 | (a) | Enphase Energy Inc | 320,461 | |||||||
6,555 | (a) | First Solar Inc | 1,155,253 | |||||||
420,372 | Intel Corp | 8,428,459 | ||||||||
33,952 | (a) | Lattice Semiconductor Corp | 1,923,381 | |||||||
13,569 | (a) | MACOM Technology Solutions Holdings Inc | 1,762,749 | |||||||
6,123 | Monolithic Power Systems Inc | 3,622,979 | ||||||||
9,503 | (a) | Navitas Semiconductor Corp | 33,926 | |||||||
845,420 | NVIDIA Corp | 113,531,452 | ||||||||
7,607 | (a) | Onto Innovation Inc | 1,267,859 | |||||||
12,494 | Power Integrations Inc | 770,880 | ||||||||
140,959 | QUALCOMM Inc | 21,654,121 | ||||||||
22,837 | (a),(b) | Rigetti Computing Inc | 348,493 | |||||||
13,523 | (a) | Semtech Corp | 836,397 | |||||||
9,889 | (a) | Silicon Laboratories Inc | 1,228,411 | |||||||
1,520 | (a) | SiTime Corp | 326,086 | |||||||
11,293 | Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR | 2,230,254 | ||||||||
3,690 | Teradyne Inc | 464,645 | ||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 298,130,048 | |||||||||
50 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE |
||||||
SOFTWARE & SERVICES - 15.2% |
||||||||
787 |
(a) | Altair Engineering Inc, Class A | $ | 85,870 | ||||
1,868 |
(a) | Appfolio Inc, Class A | 460,873 | |||||
26,165 |
(a) | Asana Inc | 530,365 | |||||
72,704 |
(a) | Aurora Innovation Inc | 458,035 | |||||
52,492 |
(a) | Autodesk Inc | 15,515,060 | |||||
4,262 |
(a) | BILL Holdings Inc | 361,034 | |||||
4,097 |
(a) | Braze Inc, Class A | 171,582 | |||||
18,891 |
(a) | C3.ai Inc | 650,417 | |||||
22,126 |
(a) | Cipher Mining Inc | 102,665 | |||||
16,444 |
(a),(b) | Cleanspark Inc | 151,449 | |||||
19,719 |
(a) | Clearwater Analytics Holdings Inc, Class A | 542,667 | |||||
901 |
(a) | Commvault Systems Inc | 135,970 | |||||
20,252 |
(a) | Confluent Inc, Class A | 566,246 | |||||
13,893 |
(a) | DocuSign Inc | 1,249,536 | |||||
38,645 |
(a),(b) | D-Wave Quantum Inc |
324,618 | |||||
16,443 |
(a) | Dynatrace Inc | 893,677 | |||||
3,178 |
(a) | Elastic NV | 314,876 | |||||
1,335 |
(a) | Fair Isaac Corp | 2,657,892 | |||||
4,592 |
(a) | Freshworks Inc, Class A | 74,253 | |||||
10,319 |
(a) | Gitlab Inc, Class A | 581,476 | |||||
9,688 |
(a) | Guidewire Software Inc | 1,633,203 | |||||
9,174 |
(a) | HashiCorp Inc, Class A | 313,843 | |||||
2,277 |
(a) | HubSpot Inc | 1,586,545 | |||||
1,843 |
InterDigital Inc | 357,026 | ||||||
9,067 |
(a) | Manhattan Associates Inc | 2,450,266 | |||||
21,148 |
(a),(b) | MARA Holdings Inc | 354,652 | |||||
340,211 |
Microsoft Corp | 143,398,936 | ||||||
13,448 |
(a) | Nutanix Inc, Class A | 822,749 | |||||
40,479 |
Oracle Corp | 6,745,421 | ||||||
80,164 |
(a) | Palantir Technologies Inc, Class A | 6,062,803 | |||||
7,560 |
(a) | Procore Technologies Inc | 566,471 | |||||
24,964 |
(a) | PTC Inc | 4,590,131 | |||||
20,639 |
(a) | Riot Platforms Inc | 210,724 | |||||
22,714 |
Salesforce Inc | 7,593,972 | ||||||
27,346 |
(a) | SentinelOne Inc, Class A | 607,081 | |||||
6,953 |
(a) | ServiceNow Inc | 7,371,014 | |||||
22,684 |
(a) | Smartsheet Inc, Class A | 1,270,984 | |||||
17,444 |
(a),(b) | SoundHound AI Inc, Class A | 346,089 | |||||
32,780 |
(a) | Terawulf Inc | 185,535 | |||||
2,332 |
(a) | Tyler Technologies Inc | 1,344,724 | |||||
40,592 |
(a) | UiPath Inc, Class A | 515,924 | |||||
54,665 |
(a) | Unity Software Inc | 1,228,323 | |||||
9,687 |
(a) | Vertex Inc, Class A | 516,801 | |||||
42,684 |
(a) | Zeta Global Holdings Corp, Class A | 767,885 | |||||
12,728 |
(a) | Zoom Communications Inc | 1,038,732 | |||||
TOTAL SOFTWARE & SERVICES | 217,708,395 | |||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 13.7% |
||||||||
660,555 |
(c) | Apple Inc | 165,416,184 | |||||
497,907 |
Cisco Systems Inc | 29,476,095 | ||||||
2,845 |
Dell Technologies Inc, Class C | 327,858 | ||||||
3,704 |
(a) | IonQ Inc | 154,716 | |||||
8,099 |
(a) | Keysight Technologies Inc | 1,300,942 | |||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 196,675,795 | |||||||
TELECOMMUNICATION SERVICES - 0.4% |
||||||||
22,310 |
(a),(b) | AST SpaceMobile Inc | 470,741 | |||||
10,170 |
(a) | Lumen Technologies Inc | 54,003 | |||||
15,823 |
Spok Holdings Inc | 253,959 | ||||||
31,079 |
Telephone and Data Systems Inc | 1,060,104 | ||||||
100,308 |
Verizon Communications Inc | 4,011,317 | ||||||
TOTAL TELECOMMUNICATION SERVICES | 5,850,124 | |||||||
See Notes to Financial Statements |
51 |
SHARES |
DESCRIPTION |
VALUE | ||||||||||||||||||||||
TRANSPORTATION - 0.3% |
||||||||||||||||||||||||
11,239 |
Delta Air Lines Inc | $ | 679,960 | |||||||||||||||||||||
228 |
FedEx Corp | 64,143 | ||||||||||||||||||||||
1,881 |
(a) | Saia Inc | 857,228 | |||||||||||||||||||||
33,792 |
(a) | Uber Technologies Inc | 2,038,333 | |||||||||||||||||||||
3,776 |
Union Pacific Corp | 861,079 | ||||||||||||||||||||||
4,685 |
(a) | XPO Inc | 614,438 | |||||||||||||||||||||
TOTAL TRANSPORTATION | 5,115,181 | |||||||||||||||||||||||
UTILITIES - 0.9% |
||||||||||||||||||||||||
6,056 |
Atmos Energy Corp | 843,419 | ||||||||||||||||||||||
4,647 |
CMS Energy Corp | 309,722 | ||||||||||||||||||||||
13,604 |
Duke Energy Corp | 1,465,695 | ||||||||||||||||||||||
17,908 |
NRG Energy Inc | 1,615,660 | ||||||||||||||||||||||
69,334 |
PG&E Corp | 1,399,160 | ||||||||||||||||||||||
3,827 |
Public Service Enterprise Group Inc | 323,343 | ||||||||||||||||||||||
52,824 |
Southern Co/The | 4,348,472 | ||||||||||||||||||||||
20,225 |
Vistra Corp | 2,788,421 | ||||||||||||||||||||||
TOTAL UTILITIES | 13,093,892 | |||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $354,630,219) |
1,389,062,277 |
|||||||||||||||||||||||
SHARES |
DESCRIPTION |
VALUE | ||||||||||||||||||||||
EXCHANGE-TRADED FUNDS - 3.4% |
||||||||||||||||||||||||
22,000 |
Invesco QQQ Trust Series 1 | 11,247,060 | ||||||||||||||||||||||
129,500 |
Vanguard Total Stock Market ETF | 37,530,395 | ||||||||||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $46,444,696) |
48,777,455 |
|||||||||||||||||||||||
TYPE |
DESCRIPTION(d) |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT(e) |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE | ||||||||||||||||||
OPTIONS PURCHASED - 0.0% |
||||||||||||||||||||||||
Put |
Chicago Board Options Exchange SPX Volatility Index | 150 | $ | 210,000 | $ | 14 | 01/22/25 | 1,125 | ||||||||||||||||
TOTAL OPTIONS PURCHASED (Cost $2,755) |
150 |
$ |
210,000 |
1,125 |
||||||||||||||||||||
TOTAL LONG-TERM INVESTMENTS (Cost $401,077,670) |
1,437,840,857 |
|||||||||||||||||||||||
SHARES |
DESCRIPTION |
RATE |
VALUE | |||||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2% |
||||||||||||||||||||||||
2,006,010 |
(f) | State Street Navigator Securities Lending Government Money Market Portfolio | 4.460%(g) | 2,006,010 | ||||||||||||||||||||
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $2,006,010) |
2,006,010 |
|||||||||||||||||||||||
PRINCIPAL |
DESCRIPTION |
RATE |
MATURITY |
VALUE | ||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.2% |
||||||||||||||||||||||||
REPURCHASE AGREEMENTS - 0.2% |
||||||||||||||||||||||||
$ 3,396,225 |
(h) | Fixed Income Clearing Corporation | 1.360 | 01/02/25 | 3,396,225 | |||||||||||||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $3,396,225) |
3,396,225 |
|||||||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,396,225) |
3,396,225 |
|||||||||||||||||||||||
TOTAL INVESTMENTS - 100.5% (Cost $406,479,905) |
1,443,243,092 |
|||||||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - (0.5)% |
(7,194,217 |
) | ||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES - 100% |
$ |
1,436,048,875 |
||||||||||||||||||||||
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
S&P | Standard & Poor’s |
52 |
See Notes to Financial Statements |
(a) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(b) | Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $1,807,712. |
(c) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(d) | Exchange-traded, unless otherwise noted. |
(e) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
(f) | Investments made with cash collateral received from securities on loan. |
(g) | The rate shown is the one-day yield as of the end of the reporting period. |
(h) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 12/31/24 to be repurchased at $3,396,481 on 1/2/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 12/31/31, valued at $3,464,205. |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
Invesco QQQ Trust Series 1 | (1,500) | $(79,500,000) | $530 | 1/17/25 | $(252,000) | ||||||||||||||||
Call |
S&P 500 Index | (200) | (122,000,000) | 6,100 | 1/17/25 | (95,000) | ||||||||||||||||
Call |
NASDAQ 100 Stock INDEX | (50) | (106,375,000) | 21,275 | 1/17/25 | (1,138,750) | ||||||||||||||||
Call |
NASDAQ 100 Stock INDEX | (100) | (215,000,000) | 21,500 | 1/17/25 | (1,369,000) | ||||||||||||||||
Call |
Invesco QQQ Trust Series 1 | (1,500) | (79,500,000) | 530 | 1/31/25 | (609,750) | ||||||||||||||||
Call |
Invesco QQQ Trust Series 1 | (1,750) | (94,500,000) | 540 | 1/31/25 | (305,375) | ||||||||||||||||
Call |
S&P 500 Index | (100) | (63,000,000) | 6,300 | 1/31/25 | (12,000) | ||||||||||||||||
Call |
S&P 500 Index | (170) | (107,950,000) | 6,350 | 1/31/25 | (12,750) | ||||||||||||||||
Call |
Invesco QQQ Trust Series 1 | (1,000) | (55,000,000) | 550 | 2/21/25 | (197,500) | ||||||||||||||||
Call |
S&P 500 Index | (150) | (94,500,000) | 6,300 | 2/21/25 | (81,000) | ||||||||||||||||
Total Options Written (premiums received $11,601,702) |
(6,520) | $ | (1,017,325,000) | $ | (4,073,125) |
(a) | Exchange-traded, unless otherwise noted. |
(b) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
See Notes to Financial Statements |
53 |
SHARES |
DESCRIPTION |
VALUE | ||||||
LONG-TERM INVESTMENTS - 99.7% |
||||||||
COMMON STOCKS - 98.4% |
||||||||
AUTOMOBILES & COMPONENTS - 1.8% |
||||||||
11,390 |
(a) | Tesla Inc | $ | 4,599,738 | ||||
TOTAL AUTOMOBILES & COMPONENTS | 4,599,738 | |||||||
BANKS - 4.2% |
||||||||
65,715 |
Bank of America Corp | 2,888,174 | ||||||
30,600 |
Citigroup Inc | 2,153,934 | ||||||
8,870 |
JPMorgan Chase & Co | 2,126,228 | ||||||
15,430 |
US Bancorp | 738,017 | ||||||
40,350 |
Wells Fargo & Co | 2,834,184 | ||||||
TOTAL BANKS | 10,740,537 | |||||||
CAPITAL GOODS - 4.7% |
||||||||
25,790 |
Flowserve Corp | 1,483,441 | ||||||
18,190 |
Fortive Corp | 1,364,250 | ||||||
330 |
General Dynamics Corp | 86,952 | ||||||
3,770 |
Lockheed Martin Corp | 1,831,994 | ||||||
3,500 |
Northrop Grumman Corp | 1,642,515 | ||||||
13,700 |
Oshkosh Corp | 1,302,459 | ||||||
18,220 |
RTX Corp | 2,108,418 | ||||||
5,290 |
Trane Technologies PLC | 1,953,862 | ||||||
2,340 |
Vertiv Holdings Co, Class A | 265,847 | ||||||
TOTAL CAPITAL GOODS | 12,039,738 | |||||||
COMMERCIAL & PROFESSIONAL SERVICES - 1.5% |
||||||||
8,220 |
Booz Allen Hamilton Holding Corp | 1,057,914 | ||||||
1,760 |
Cintas Corp | 321,552 | ||||||
9,470 |
Leidos Holdings Inc | 1,364,248 | ||||||
22,470 |
Rollins Inc | 1,041,484 | ||||||
4,270 |
Vestis Corp | 65,075 | ||||||
TOTAL COMMERCIAL & PROFESSIONAL SERVICES | 3,850,273 | |||||||
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 6.0% |
||||||||
56,340 |
(a),(b) | Amazon.com Inc | 12,360,433 | |||||
68,720 |
(a) | Coupang Inc | 1,510,466 | |||||
7,380 |
(a) | Etsy Inc | 390,328 | |||||
2,260 |
Home Depot Inc/The | 879,117 | ||||||
4,180 |
TJX Cos Inc/The | 504,986 | ||||||
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL | 15,645,330 | |||||||
CONSUMER DURABLES & APPAREL - 0.6% |
||||||||
6,930 |
(a) | Garmin Ltd | 1,429,382 | |||||
TOTAL CONSUMER DURABLES & APPAREL | 1,429,382 | |||||||
CONSUMER SERVICES - 1.9% |
||||||||
550 |
Booking Holdings Inc | 2,732,631 | ||||||
29,430 |
(a) | Chipotle Mexican Grill Inc | 1,774,629 | |||||
1,490 |
Wingstop Inc | 423,458 | ||||||
TOTAL CONSUMER SERVICES | 4,930,718 | |||||||
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2% |
||||||||
540 |
Costco Wholesale Corp | 494,786 | ||||||
29,707 |
Walmart Inc | 2,684,027 | ||||||
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL | 3,178,813 | |||||||
ENERGY - 1.1% |
||||||||
8,470 |
Civitas Resources Inc | 388,519 | ||||||
10,190 |
Exxon Mobil Corp | 1,096,138 | ||||||
38,020 |
HF Sinclair Corp | 1,332,601 | ||||||
TOTAL ENERGY | 2,817,258 | |||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.5% |
||||||||
44,590 |
Brixmor Property Group Inc | 1,241,386 | ||||||
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) | 1,241,386 | |||||||
54 |
See Notes to Financial Statements |
SHARES |
DESCRIPTION |
VALUE | ||||||
FINANCIAL SERVICES - 7.2% |
||||||||
13,230 |
(a) | Berkshire Hathaway Inc, Class B | $ | 5,996,894 | ||||
13,240 |
(a) | Block Inc | 1,125,267 | |||||
17,770 |
Charles Schwab Corp/The | 1,315,158 | ||||||
8,060 |
CME Group Inc | 1,871,774 | ||||||
11,780 |
Intercontinental Exchange Inc | 1,755,338 | ||||||
58,210 |
Invesco Ltd | 1,017,511 | ||||||
1,631 |
Mastercard Inc | 858,836 | ||||||
15,530 |
State Street Corp | 1,524,269 | ||||||
10,230 |
Visa Inc, Class A | 3,233,089 | ||||||
TOTAL FINANCIAL SERVICES | 18,698,136 | |||||||
FOOD, BEVERAGE & TOBACCO - 1.9% |
||||||||
17,440 |
Bunge Global SA | 1,356,134 | ||||||
900 |
Coca-Cola Consolidated Inc | 1,133,991 | ||||||
7,260 |
PepsiCo Inc | 1,103,956 | ||||||
23,940 |
Tyson Foods Inc, Class A | 1,375,114 | ||||||
TOTAL FOOD, BEVERAGE & TOBACCO | 4,969,195 | |||||||
HEALTH CARE EQUIPMENT & SERVICES - 4.7% |
||||||||
22,770 |
(a) | Boston Scientific Corp | 2,033,816 | |||||
12,940 |
Cardinal Health Inc | 1,530,414 | ||||||
26,060 |
(a) | Centene Corp | 1,578,715 | |||||
21,100 |
(a) | Edwards Lifesciences Corp | 1,562,033 | |||||
2,890 |
(a) | IDEXX Laboratories Inc | 1,194,842 | |||||
22,640 |
Medtronic PLC | 1,808,483 | ||||||
4,730 |
(a) | Molina Healthcare Inc | 1,376,666 | |||||
2,150 |
UnitedHealth Group Inc | 1,087,599 | ||||||
TOTAL HEALTH CARE EQUIPMENT & SERVICES | 12,172,568 | |||||||
HOUSEHOLD & PERSONAL PRODUCTS - 1.6% |
||||||||
23,710 |
(a) | BellRing Brands Inc | 1,786,312 | |||||
18,540 |
Colgate-Palmolive Co | 1,685,471 | ||||||
4,300 |
Procter & Gamble Co/The | 720,895 | ||||||
TOTAL HOUSEHOLD & PERSONAL PRODUCTS | 4,192,678 | |||||||
INSURANCE - 1.3% |
||||||||
8,100 |
Allstate Corp/The | 1,561,599 | ||||||
8,870 |
Marsh & McLennan Cos Inc | 1,884,077 | ||||||
TOTAL INSURANCE | 3,445,676 | |||||||
MATERIALS - 1.6% |
||||||||
13,470 |
CRH PLC | 1,246,244 | ||||||
6,600 |
Ecolab Inc | 1,546,512 | ||||||
6,150 |
Packaging Corp of America | 1,384,550 | ||||||
TOTAL MATERIALS | 4,177,306 | |||||||
MEDIA & ENTERTAINMENT - 11.2% |
||||||||
29,850 |
Alphabet Inc, Class A | 5,650,605 | ||||||
34,900 |
(b) | Alphabet Inc, Class C | 6,646,356 | |||||
49,140 |
Comcast Corp, Class A | 1,844,224 | ||||||
13,440 |
Meta Platforms Inc | 7,869,254 | ||||||
4,230 |
(a) | Netflix Inc | 3,770,284 | |||||
43,640 |
(a) | Pinterest Inc, Class A | 1,265,560 | |||||
3,950 |
(a) | Spotify Technology SA | 1,767,151 | |||||
1,190 |
Walt Disney Co/The | 132,507 | ||||||
TOTAL MEDIA & ENTERTAINMENT | 28,945,941 | |||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.8% |
||||||||
1,830 |
AbbVie Inc | 325,191 | ||||||
9,500 |
(a) | Biogen Inc | 1,452,740 | |||||
3,410 |
Danaher Corp | 782,765 | ||||||
3,060 |
Eli Lilly & Co | 2,362,320 | ||||||
48,470 |
(a) | Exelixis Inc | 1,614,051 | |||||
20,850 |
Gilead Sciences Inc | 1,925,915 | ||||||
21,459 |
Johnson & Johnson | 3,103,401 | ||||||
26,401 |
Merck & Co Inc | 2,626,371 | ||||||
52,820 |
Pfizer Inc | 1,401,315 |
See Notes to Financial Statements |
55 |
SHARES |
DESCRIPTION |
VALUE |
||||||||||||||||||||||
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES |
||||||||||||||||||||||||
52,710 |
Royalty Pharma PLC | $ | 1,344,632 | |||||||||||||||||||||
4,053 |
Thermo Fisher Scientific Inc | 2,108,492 | ||||||||||||||||||||||
98,920 |
Viatris Inc | 1,231,554 | ||||||||||||||||||||||
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES | 20,278,747 | |||||||||||||||||||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6% |
||||||||||||||||||||||||
10,980 |
(a) | CBRE Group Inc, Class A | 1,441,564 | |||||||||||||||||||||
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT | 1,441,564 | |||||||||||||||||||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 11.2% |
||||||||||||||||||||||||
19,600 |
Broadcom Inc | 4,544,064 | ||||||||||||||||||||||
2,710 |
KLA Corp | 1,707,625 | ||||||||||||||||||||||
24,330 |
Lam Research Corp | 1,757,356 | ||||||||||||||||||||||
139,580 |
NVIDIA Corp | 18,744,198 | ||||||||||||||||||||||
14,150 |
QUALCOMM Inc | 2,173,723 | ||||||||||||||||||||||
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT | 28,926,966 | |||||||||||||||||||||||
SOFTWARE & SERVICES - 12.2% |
||||||||||||||||||||||||
5,190 |
(a) | Adobe Inc | 2,307,889 | |||||||||||||||||||||
800 |
(a) | Appfolio Inc, Class A | 197,376 | |||||||||||||||||||||
16,620 |
Dolby Laboratories Inc, Class A | 1,298,022 | ||||||||||||||||||||||
19,330 |
(a) | Fortinet Inc | 1,826,298 | |||||||||||||||||||||
1,940 |
Intuit Inc | 1,219,290 | ||||||||||||||||||||||
41,995 |
Microsoft Corp | 17,700,893 | ||||||||||||||||||||||
7,791 |
Salesforce Inc | 2,604,765 | ||||||||||||||||||||||
42,760 |
(a) | Teradata Corp | 1,331,974 | |||||||||||||||||||||
7,260 |
(a) | VeriSign Inc | 1,502,530 | |||||||||||||||||||||
18,000 |
(a) | Zoom Communications Inc | 1,468,980 | |||||||||||||||||||||
TOTAL SOFTWARE & SERVICES | 31,458,017 | |||||||||||||||||||||||
TECHNOLOGY HARDWARE & EQUIPMENT - 10.5% |
||||||||||||||||||||||||
83,998 |
(b) | Apple Inc | 21,034,779 | |||||||||||||||||||||
16,360 |
(a) | Arista Networks Inc | 1,808,271 | |||||||||||||||||||||
43,460 |
Cisco Systems Inc | 2,572,832 | ||||||||||||||||||||||
11,820 |
Jabil Inc | 1,700,898 | ||||||||||||||||||||||
1,040 |
TD SYNNEX Corp | 121,971 | ||||||||||||||||||||||
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT | 27,238,751 | |||||||||||||||||||||||
TRANSPORTATION - 1.4% |
||||||||||||||||||||||||
31,170 |
(a) | Alaska Air Group Inc | 2,018,257 | |||||||||||||||||||||
13,500 |
United Parcel Service Inc, Class B | 1,702,350 | ||||||||||||||||||||||
TOTAL TRANSPORTATION | 3,720,607 | |||||||||||||||||||||||
UTILITIES - 1.7% |
||||||||||||||||||||||||
4,540 |
Constellation Energy Corp | 1,015,643 | ||||||||||||||||||||||
16,130 |
Duke Energy Corp | 1,737,846 | ||||||||||||||||||||||
41,290 |
Exelon Corp | 1,554,156 | ||||||||||||||||||||||
TOTAL UTILITIES | 4,307,645 | |||||||||||||||||||||||
TOTAL COMMON STOCKS (Cost $177,058,039) |
254,446,970 |
|||||||||||||||||||||||
SHARES |
DESCRIPTION |
VALUE |
||||||||||||||||||||||
EXCHANGE-TRADED FUNDS - 1.3% |
||||||||||||||||||||||||
5,660 |
iShares Core S&P 500 ETF | 3,331,929 | ||||||||||||||||||||||
TOTAL EXCHANGE-TRADED FUNDS (Cost $2,664,507) |
3,331,929 |
|||||||||||||||||||||||
TYPE |
DESCRIPTION(c) |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT(d) |
EXERCISE PRICE |
EXPIRATION DATE |
VALUE |
||||||||||||||||||
OPTIONS PURCHASED - 0.0% |
||||||||||||||||||||||||
Put |
Chicago Board Options Exchange SPX Volatility Index |
25 | $ | 35,000 | $ | 14 | 01/22/25 | 187 | ||||||||||||||||
TOTAL OPTIONS PURCHASED (Cost $459) |
25 |
$ |
35,000 |
187 |
||||||||||||||||||||
TOTAL LONG-TERM INVESTMENTS (Cost $179,723,005) |
257,779,086 |
|||||||||||||||||||||||
56 |
See Notes to Financial Statements |
PRINCIPAL |
DESCRIPTION |
RATE |
MATURITY |
VALUE |
||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.3% |
||||||||||||||||||||||||
REPURCHASE AGREEMENTS - 0.3% |
||||||||||||||||||||||||
$ 776,273 | (e) | Fixed Income Clearing Corporation | 1.360% | 01/02/25 | $ | 776,273 | ||||||||||||||||||
TOTAL REPURCHASE AGREEMENTS (Cost $776,273) |
|
776,273 |
||||||||||||||||||||||
|
||||||||||||||||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $776,273) |
|
776,273 |
||||||||||||||||||||||
|
||||||||||||||||||||||||
TOTAL INVESTMENTS - 100.0% (Cost $180,499,278) |
|
258,555,359 |
||||||||||||||||||||||
|
||||||||||||||||||||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% |
|
66,836 |
||||||||||||||||||||||
|
||||||||||||||||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES - 100% |
|
$ |
258,622,195 |
|||||||||||||||||||||
|
ETF | Exchange-Traded Fund |
S&P | Standard & Poor’s |
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. |
(a) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(b) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives. |
(c) | Exchange-traded, unless otherwise noted. |
(d) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
(e) | Agreement with Fixed Income Clearing Corporation, 1.360% dated 12/31/24 to be repurchased at $776,332 on 1/2/25, collateralized by Government Agency Securities, with coupon rate 4.500% and maturity date 12/31/31, valued at $791,997. |
Type |
Description(a) |
Number of Contracts |
Notional Amount (b) |
Exercise Price |
Expiration Date |
Value |
||||||||||||||||
Call |
S&P 500 Index | (20) | $(12,600,000) | $6,300 | 1/03/25 | $(100) | ||||||||||||||||
Call |
S&P 500 Index | (10) | (6,100,000) | 6,100 | 1/17/25 | (4,750) | ||||||||||||||||
Call |
S&P 500 Index | (20) | (12,500,000) | 6,250 | 1/17/25 | (950) | ||||||||||||||||
Call |
S&P 500 Index | (10) | (6,300,000) | 6,300 | 1/17/25 | (325) | ||||||||||||||||
Call |
S&P 500 Index | (25) | (16,000,000) | 6,400 | 1/17/25 | (625) | ||||||||||||||||
Call |
S&P 500 Index | (25) | (15,500,000) | 6,200 | 1/31/25 | (11,000) | ||||||||||||||||
Call |
S&P 500 Index | (50) | (31,500,000) | 6,300 | 1/31/25 | (6,000) | ||||||||||||||||
Call |
S&P 500 Index | (20) | (12,700,000) | 6,350 | 1/31/25 | (1,500) | ||||||||||||||||
Call |
S&P 500 Index | (15) | (9,375,000) | 6,250 | 2/21/25 | (13,725) | ||||||||||||||||
Call |
S&P 500 Index | (10) | (6,300,000) | 6,300 | 2/21/25 | (5,400) | ||||||||||||||||
Total Options Written (premiums received $299,394) |
(205) | $(128,875,000) | $(44,375) |
(a) | Exchange-traded, unless otherwise noted. |
(b) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100. |
See Notes to Financial Statements |
57 |
December 31, 2024 |
BXMX |
DIAX |
SPXX |
QQQX |
JCE |
|||||||||||||||
ASSETS |
||||||||||||||||||||
Long-term investments, at value † ‡ |
$ | 1,566,863,959 | $ | 608,811,567 | $ | 331,015,306 | $ | 1,437,840,857 | $ | 257,779,086 | ||||||||||
Investments purchased with collateral from securities lending, at value |
||||||||||||||||||||
(cost approximates value) |
– | – | 107,116 | 2,006,010 | – | |||||||||||||||
Short-term investments, at value ¸ |
40,575,000 | 1,198,195 | 676,513 | 3,396,225 | 776,273 | |||||||||||||||
Cash |
– | – | 1,611 | – | 4,444 | |||||||||||||||
Cash denominated in foreign currencies ^ |
543 | – | – | – | – | |||||||||||||||
Receivables: |
||||||||||||||||||||
Dividends |
1,009,693 | 218,281 | 156,392 | 173,235 | 134,730 | |||||||||||||||
Interest |
4,993 | 45 | 26 | 128 | 29 | |||||||||||||||
Options sold |
4,393,676 | – | – | – | – | |||||||||||||||
Reclaims |
3,340 | – | – | 329 | – | |||||||||||||||
Shares sold |
– | – | – | – | 126,632 | |||||||||||||||
Deferred offering costs |
– | – | 237,615 | 98,000 | 114,454 | |||||||||||||||
Other |
115,205 | 29,492 | 18,567 | 67,987 | 20,501 | |||||||||||||||
Total assets |
1,612,966,409 |
610,257,580 |
332,213,146 |
1,443,582,771 |
258,956,149 |
|||||||||||||||
LIABILITIES |
||||||||||||||||||||
Cash overdraft |
22,340,379 | – | – | – | – | |||||||||||||||
Written options, at value # |
8,108,775 | 1,038,375 | 573,575 | 4,073,125 | 44,375 | |||||||||||||||
Payables: |
||||||||||||||||||||
Management fees |
1,137,097 | 452,028 | 234,378 | 1,015,657 | 203,993 | |||||||||||||||
Collateral from securities lending |
– | – | 107,116 | 2,006,010 | – | |||||||||||||||
Purchased options |
3,663 | – | – | – | – | |||||||||||||||
Accrued expenses: |
||||||||||||||||||||
Custodian fees |
64,861 | 29,890 | 38,344 | 64,890 | 27,824 | |||||||||||||||
Investor relations |
73,406 | 36,320 | 20,148 | 70,134 | 12,779 | |||||||||||||||
Trustees fees |
126,688 | 35,757 | 23,113 | 70,220 | 19,489 | |||||||||||||||
Professional fees |
9,219 | 5,364 | 4,088 | 11,096 | 4,014 | |||||||||||||||
Shareholder reporting expenses |
93,143 | 44,490 | 27,265 | 88,352 | 18,589 | |||||||||||||||
Shareholder servicing agent fees |
39 | 16 | 3,891 | 39 | 2,891 | |||||||||||||||
Shelf offering costs |
– | – | 174 | 125 | – | |||||||||||||||
Other |
45,454 | 22,972 | 8,420 | 134,248 | – | |||||||||||||||
Total liabilities |
32,002,724 |
1,665,212 |
1,040,512 |
7,533,896 |
333,954 |
|||||||||||||||
Net assets applicable to common shares |
$ |
1,580,963,685 |
$ |
608,592,368 |
$ |
331,172,634 |
$ |
1,436,048,875 |
$ |
258,622,195 |
||||||||||
|
104,165,286 | 36,366,913 | 17,960,021 | 48,826,783 | ||||||||||||||||
Net asset value (“NAV”) per common share outstanding |
$ | 15.18 | $ | 16.73 | $ | 18.44 | $ | 29.41 | $ | 15.48 | ||||||||||
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: |
||||||||||||||||||||
Common shares, $0.01 par value per share |
$ | 1,041,653 | $ | 363,669 | $ | 179,600 | $ | 488,268 | $ | 167,095 | ||||||||||
Paid-in capital |
433,844,657 | 214,192,677 | 103,284,330 | 403,381,759 | 177,825,736 | |||||||||||||||
Total distributable earnings (loss) |
1,146,077,375 | 394,036,022 | 227,708,704 | 1,032,178,848 | 80,629,364 | |||||||||||||||
Net assets applicable to common shares |
$ | 1,580,963,685 | $ | 608,592,368 | $ | 331,172,634 | $ | 1,436,048,875 | $ | 258,622,195 | ||||||||||
Authorized shares: |
||||||||||||||||||||
Common |
Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | |||||||||||||||
† Long-term investments, cost |
$ | 416,207,988 | $ | 234,018,628 | $ | 102,260,953 | $ | 401,077,670 | $ | 179,723,005 | ||||||||||
¸ |
40,575,000 | 1,198,195 | 676,513 | 3,396,225 | 776,273 | |||||||||||||||
‡ Includes securities loaned of |
$ | – | $ | – | $ | 99,820 | $ | 1,807,712 | $ | – | ||||||||||
# Written options, premiums received |
$ | 17,975,163 | $ | 2,752,152 | $ | 1,509,630 | $ | 11,601,702 | $ | 299,394 | ||||||||||
^ Cash denominated in foreign currencies, cost |
$ | 536 | $ | – | $ | – | $ | – | $ | – |
Year Ended December 31, 2024 |
BXMX |
DIAX |
SPXX |
QQQX |
JCE |
|||||||||||||||
INVESTMENT INCOME |
||||||||||||||||||||
Dividends |
$ | 21,151,880 | $ | 11,238,894 | $ | 4,302,577 | $ | 11,316,168 | $ | 2,976,288 | ||||||||||
Interest |
1,471,561 | 16,732 | 7,856 | 26,749 | 9,796 | |||||||||||||||
Securities lending income, net |
103,135 | 1,346 | 33,702 | 67,214 | – | |||||||||||||||
Tax withheld |
(65,171 | ) | — | (798 | ) | (7,465 | ) | (255 | ) | |||||||||||
Total investment income |
22,661,405 | 11,256,972 | 4,343,337 | 11,402,666 | 2,985,829 | |||||||||||||||
EXPENSES |
||||||||||||||||||||
Management fees |
12,845,302 | 5,121,120 | 2,585,268 | 10,946,209 | 2,173,227 | |||||||||||||||
Shareholder servicing agent fees |
1,594 | 1,346 | 4,838 | 1,400 | 3,864 | |||||||||||||||
Interest expense |
71,363 | 2,773 | 1,247 | 16,232 | 204 | |||||||||||||||
Trustees fees |
56,927 | 22,088 | 11,641 | 48,984 | 8,857 | |||||||||||||||
Custodian expenses |
112,559 | 51,831 | 49,478 | 115,184 | 46,867 | |||||||||||||||
Investor relations expenses |
71,688 | 34,848 | 19,687 | 74,808 | 18,275 | |||||||||||||||
Professional fees |
146,251 | 92,082 | 69,425 | 153,165 | 67,778 | |||||||||||||||
Shareholder reporting expenses |
132,024 | 67,253 | 47,080 | 129,319 | 32,667 | |||||||||||||||
Stock exchange listing fees |
32,982 | 11,515 | 7,723 | – | 7,723 | |||||||||||||||
Other |
309,489 | 176,264 | 91,203 | 399,148 | 31,556 | |||||||||||||||
Total expenses |
13,780,179 | 5,581,120 | 2,887,590 | 11,884,449 | 2,391,018 | |||||||||||||||
Net investment income (loss) |
8,881,226 |
5,675,852 |
1,455,747 |
(481,783 |
) |
594,811 |
||||||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||
Realized gain (loss) from: |
||||||||||||||||||||
Investments |
144,558,517 | 74,627,220 | 15,721,531 | 113,155,216 | 26,980,106 | |||||||||||||||
Written options |
(121,250,101 | ) | (22,902,692 | ) | (12,385,250 | ) | (44,653,512 | ) | (4,398,181 | ) | ||||||||||
Foreign currency transactions |
(575 | ) | — | — | (530 | ) | — | |||||||||||||
Net realized gain (loss) |
23,307,841 | 51,724,528 | 3,336,281 | 68,501,174 | 22,581,925 | |||||||||||||||
Change in unrealized appreciation (depreciation) on: |
||||||||||||||||||||
Investments |
177,570,770 | (780,224 | ) | 53,396,955 | 238,897,276 | 32,715,879 | ||||||||||||||
Written options |
21,103,796 | 4,500,419 | 2,328,179 | 13,139,010 | 620,977 | |||||||||||||||
Foreign currency translations |
(238 | ) | — | — | — | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
198,674,328 | 3,720,195 | 55,725,134 | 252,036,286 | 33,336,856 | |||||||||||||||
Net realized and unrealized gain (loss) |
221,982,169 | 55,444,723 | 59,061,415 | 320,537,460 | 55,918,781 | |||||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations |
$ |
230,863,395 |
$ |
61,120,575 |
$ |
60,517,162 |
$ |
320,055,677 |
$ |
56,513,592 |
BXMX |
DIAX |
|||||||||||||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||
Net investment income (loss) |
$ | 8,881,226 | $ | 11,871,582 | $ | 5,675,852 | $ | 7,202,799 | ||||||||||||||||
Net realized gain (loss) |
23,307,841 | 6,899,157 | 51,724,528 | 8,482,493 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
198,674,328 | 222,417,717 | 3,720,195 | 27,007,581 | ||||||||||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations |
230,863,395 | 241,188,456 | 61,120,575 | 42,692,873 | ||||||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS |
||||||||||||||||||||||||
Dividends |
(37,485,835 | ) | (71,581,067 | ) | (42,225,623 | ) | (10,665,642 | ) | ||||||||||||||||
Return of Capital |
(64,804,476 | ) | (26,959,293 | ) | – | (31,039,934 | ) | |||||||||||||||||
Total distributions |
(102,290,311 | ) | (98,540,360 | ) | (42,225,623 | ) | (41,705,576 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Common shares: |
||||||||||||||||||||||||
Reinvestments of distributions |
– | 986,113 | – | – | ||||||||||||||||||||
Net increase (decrease) applicable to common shares from capital share transactions |
– | 986,113 | – | – | ||||||||||||||||||||
Net increase (decrease) in net assets applicable to common shares |
128,573,084 | 143,634,209 | 18,894,952 | 987,297 | ||||||||||||||||||||
Net assets applicable to common shares at the beginning of the period |
1,452,390,601 | 1,308,756,392 | 589,697,416 | 588,710,119 | ||||||||||||||||||||
Net assets applicable to common shares at the end of the period |
$ |
1,580,963,685 |
$ |
1,452,390,601 |
$ |
608,592,368 |
$ |
589,697,416 |
SPXX |
QQQX |
|||||||||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income (loss) |
$ | 1,455,747 | $ | 2,016,423 | $ | (481,783 | ) | $ | (112,807 | ) | ||||||||||
Net realized gain (loss) |
3,336,281 | 8,126,599 | 68,501,174 | 43,535,160 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
55,725,134 | 37,647,005 | 252,036,286 | 284,080,838 | ||||||||||||||||
Net increase (decrease) in net assets applicable to common shares from operations |
60,517,162 | 47,790,027 | 320,055,677 | 327,503,191 | ||||||||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS |
||||||||||||||||||||
Dividends |
(7,455,187 | ) | (13,323,270 | ) | (77,158,071 | ) | (59,281,400 | ) | ||||||||||||
Return of Capital |
(14,447,059 | ) | (7,797,715 | ) | (11,706,673 | ) | (22,507,046 | ) | ||||||||||||
Total distributions |
(21,902,246 | ) | (21,120,985 | ) | (88,864,744 | ) | (81,788,446 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Common shares: |
||||||||||||||||||||
Proceeds from shelf offering, net of offering costs |
(25 | ) | (7,370 | ) | 32,892 | 7,390,865 | ||||||||||||||
Reinvestments of distributions |
– | 135,722 | – | 2,001,708 | ||||||||||||||||
Net increase (decrease) applicable to common shares from capital share transactions |
(25 | ) | 128,352 | 32,892 | 9,392,573 | |||||||||||||||
Net increase (decrease) in net assets applicable to common shares |
38,614,891 | 26,797,394 | 231,223,825 | 255,107,318 | ||||||||||||||||
Net assets applicable to common shares at the beginning of the period |
292,557,743 | 265,760,349 | 1,204,825,050 | 949,717,732 | ||||||||||||||||
Net assets applicable to common shares at the end of the period |
$ |
331,172,634 |
$ |
292,557,743 |
$ |
1,436,048,875 |
$ |
1,204,825,050 |
JCE |
||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||
OPERATIONS |
||||||||||||
Net investment income (loss) |
$ | 594,811 | $ | 996,606 | ||||||||
Net realized gain (loss) |
22,581,925 | 2,422,294 | ||||||||||
Net change in unrealized appreciation (depreciation) |
33,336,856 | 37,120,744 | ||||||||||
Net increase (decrease) in net assets applicable to common shares from operations |
56,513,592 | 40,539,644 | ||||||||||
DISTRIBUTIONS TO COMMON SHAREHOLDERS |
||||||||||||
Dividends |
(20,924,200 | ) | (1,294,889 | ) | ||||||||
Return of Capital |
– | (19,292,910 | ) | |||||||||
Total distributions |
(20,924,200 | ) | (20,587,799 | ) | ||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||
Common shares: |
||||||||||||
Proceeds from shelf offering, net of offering costs |
8,932,008 | – | ||||||||||
Reinvestments of distributions |
431,561 | 149,097 | ||||||||||
Net increase (decrease) applicable to common shares from capital share transactions |
9,363,569 | 149,097 | ||||||||||
Net increase (decrease) in net assets applicable to common shares |
44,952,961 | 20,100,942 | ||||||||||
Net assets applicable to common shares at the beginning of the period |
213,669,234 | 193,568,292 | ||||||||||
Net assets applicable to common shares at the end of the period |
$ |
258,622,195 |
$ |
213,669,234 |
Investment Operations |
Less Distributions to Common Shareholders |
Common Share |
||||||||||||||||||||||||||||||||||||||||||||||
Common Share Net Asset Value, Beginning of Period |
Net Investment Income (NII) (Loss) (a) |
Net Realized/ Unrealized Gain (Loss) |
Total |
From NII |
From Net Realized Gains |
Return of Capital |
Total |
Shelf Offering Costs |
Premium per Share Sold through Shelf Offering |
Net Asset Value, End of Period |
Share Price, End of Period |
|||||||||||||||||||||||||||||||||||||
BXMX |
||||||||||||||||||||||||||||||||||||||||||||||||
12/31/24 |
$13.94 | $0.09 | $2.13 | $2.22 | $(0.09) | $(0.27) | $(0.62) | $(0.98) | $– | $– | $15.18 | $13.99 | ||||||||||||||||||||||||||||||||||||
12/31/23 |
12.57 | 0.11 | 2.20 | 2.31 | (0.11) | (0.57) | (0.26) | (0.94) | – | – | 13.94 | 12.83 | ||||||||||||||||||||||||||||||||||||
12/31/22 |
15.29 | 0.09 | (1.86) | (1.77) | (0.10) | (0.85) | – | (0.95) | – | – | 12.57 | 12.65 | ||||||||||||||||||||||||||||||||||||
12/31/21 |
13.75 | 0.04 | 2.36 | 2.40 | (0.07) | (0.41) | (0.38) | (0.86) | – | – | 15.29 | 14.65 | ||||||||||||||||||||||||||||||||||||
12/31/20 |
13.68 | 0.15 | 0.80 | 0.95 | (0.12) | – | (0.76) | (0.88) | – (c) |
– (c) |
13.75 | 12.88 | ||||||||||||||||||||||||||||||||||||
DIAX |
||||||||||||||||||||||||||||||||||||||||||||||||
12/31/24 |
16.22 | 0.16 | 1.51 | 1.67 | (0.16) | (1.00) | – | (1.16) | – | – | 16.73 | 15.06 | ||||||||||||||||||||||||||||||||||||
12/31/23 |
16.19 | 0.20 | 0.98 | 1.18 | (0.20) | (0.10) | (0.85) | (1.15) | – | – | 16.22 | 14.00 | ||||||||||||||||||||||||||||||||||||
12/31/22 |
18.09 | 0.20 | (0.95) | (0.75) | (0.20) | (0.91) | (0.04) | (1.15) | – | – | 16.19 | 15.51 | ||||||||||||||||||||||||||||||||||||
12/31/21 |
16.65 | 0.17 | 2.36 | 2.53 | (0.17) | (0.16) | (0.76) | (1.09) | – | – | 18.09 | 17.77 | ||||||||||||||||||||||||||||||||||||
12/31/20 |
18.20 | 0.22 | (0.66) | (0.44) | (0.22) | (0.81) | (0.08) | (1.11) | – (c) |
– (c) |
16.65 | 15.20 | ||||||||||||||||||||||||||||||||||||
SPXX |
||||||||||||||||||||||||||||||||||||||||||||||||
12/31/24 |
16.29 | 0.08 | 3.29 | 3.37 | (0.08) | (0.34) | (0.80) | (1.22) | – (c) |
– | 18.44 | 17.75 | ||||||||||||||||||||||||||||||||||||
12/31/23 |
14.80 | 0.11 | 2.56 | 2.67 | (0.12) | (0.63) | (0.43) | (1.18) | – | – | 16.29 | 15.04 | ||||||||||||||||||||||||||||||||||||
12/31/22 |
18.70 | 0.13 | (2.85) | (2.72) | (0.13) | (1.05) | – | (1.18) | – | – | 14.80 | 16.12 | ||||||||||||||||||||||||||||||||||||
12/31/21 |
16.17 | 0.11 | 3.40 | 3.51 | (0.11) | (0.60) | (0.27) | (0.98) | – (c) |
– (c) |
18.70 | 18.60 | ||||||||||||||||||||||||||||||||||||
12/31/20 |
16.27 | 0.15 | 0.75 | 0.90 | (0.15) | – | (0.85) | (1.00) | – (c) |
– (c) |
16.17 | 15.24 | ||||||||||||||||||||||||||||||||||||
QQQX |
||||||||||||||||||||||||||||||||||||||||||||||||
12/31/24 |
24.68 | (0.01) | 6.56 | 6.55 | – | (1.58) | (0.24) | (1.82) | – (c) |
– | 29.41 | 27.05 | ||||||||||||||||||||||||||||||||||||
12/31/23 |
19.61 | – (c) |
6.74 | 6.74 | – | (1.22) | (0.46) | (1.68) | – (c) |
0.01 | 24.68 | 23.15 | ||||||||||||||||||||||||||||||||||||
12/31/22 |
29.63 | 0.01 | (8.06) | (8.05) | (0.01) | (1.96) | – | (1.97) | – | – | 19.61 | 20.43 | ||||||||||||||||||||||||||||||||||||
12/31/21 |
26.32 | (0.06) | 5.12 | 5.06 | – | (0.78) | (1.01) | (1.79) | – (c) |
0.04 | 29.63 | 30.65 | ||||||||||||||||||||||||||||||||||||
12/31/20 |
24.12 | 0.04 | 3.70 | 3.74 | (0.01) | – | (1.55) | (1.56) | – (c) |
0.02 | 26.32 | 26.01 |
(a) | Based on average shares outstanding. |
Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||||
Common Share Total Returns |
Ratios to Average Net Assets |
|||||||||||||||||||||||
Based on Net Asset Value (b) |
Based on Share Price (b) |
Net Assets, End of Period (000) |
Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
|||||||||||||||||||
16.23% | 17.12% | $1,580,964 | 0.89% | 0.57% | 8% | |||||||||||||||||||
18.84 | 9.05 | 1,452,391 | 0.91 | 0.85 | 16 | |||||||||||||||||||
(11.63) | (7.09) | 1,308,756 | 0.89 | 0.70 | 6 | |||||||||||||||||||
17.80 | 20.75 | 1,591,144 | 0.89 | 0.31 | 7 | |||||||||||||||||||
7.92 | 1.16 | 1,431,454 | 0.91 | 1.14 | 22 | |||||||||||||||||||
10.62 | 16.37 | 608,592 | 0.93 | 0.95 | 22 | |||||||||||||||||||
7.67 | (2.18) | 589,697 | 0.94 | 1.25 | 12 | |||||||||||||||||||
(3.92) | (5.93) | 588,710 | 0.93 | 1.20 | 15 | |||||||||||||||||||
15.45 | 24.60 | 657,718 | 0.92 | 0.96 | 8 | |||||||||||||||||||
(1.49) | (6.73) | 605,601 | 0.94 | 1.40 | 27 | |||||||||||||||||||
21.14 | 26.92 | 331,173 | 0.91 | 0.46 | 17 | |||||||||||||||||||
18.45 | 0.75 | 292,558 | 0.94 | 0.71 | 21 | |||||||||||||||||||
(14.70) | (6.79) | 265,760 | 0.92 | 0.78 | 32 | |||||||||||||||||||
22.15 | 29.03 | 323,415 | 0.90 | 0.61 | 26 | |||||||||||||||||||
6.60 | (0.24) | 277,949 | 0.93 | 1.03 | 20 | |||||||||||||||||||
27.13 | 25.44 | 1,436,049 | 0.90 | (0.04) | 18 | |||||||||||||||||||
35.03 | 21.78 | 1,204,825 | 0.92 | (0.01) | 35 | |||||||||||||||||||
(27.68) | (27.25) | 949,718 | 0.92 | 0.04 | 36 | |||||||||||||||||||
19.85 | 25.39 | 1,334,867 | 0.90 | (0.21) | 32 | |||||||||||||||||||
16.61 | 15.66 | 1,092,308 | 0.94 | 0.15 | 20 |
(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) | Value rounded to zero. |
Investment Operations |
Less Distributions to Common Shareholders |
Common Share |
||||||||||||||||||||||||||||||||||||||||||||||
Common Share Net Asset Value, Beginning of Period |
Net Investment Income (NII) (Loss) (a) |
Net Realized/ Unrealized Gain (Loss) |
Total |
From NII |
From Net Realized Gains |
Return of Capital |
Total |
Shelf Offering Costs |
Premium per Share Sold through Shelf Offering |
Net Asset Value, End of Period |
Share Price, End of Period |
|||||||||||||||||||||||||||||||||||||
JCE |
||||||||||||||||||||||||||||||||||||||||||||||||
12/31/24 |
$13.28 | $0.04 | $3.40 | $3.44 | $(0.03) | $(1.25) | $– | $(1.28) | $– (c) |
$0.04 | $15.48 | $15.90 | ||||||||||||||||||||||||||||||||||||
12/31/23 |
12.04 | 0.06 | 2.46 | 2.52 | (0.06) | (0.02) | (1.20) | (1.28) | – | – | 13.28 | 13.55 | ||||||||||||||||||||||||||||||||||||
12/31/22 |
17.33 | 0.10 | (3.06) | (2.96) | (0.10) | (1.93) | (0.30) | (2.33) | – | – | 12.04 | 13.54 | ||||||||||||||||||||||||||||||||||||
12/31/21 |
15.21 | 0.01 | 3.95 | 3.96 | (0.07) | (1.77) | – | (1.84) | – | – | 17.33 | 18.58 | ||||||||||||||||||||||||||||||||||||
12/31/20 |
15.04 | 0.14 | 0.96 | 1.10 | (0.10) | (0.83) | – | (0.93) | – | – (c) |
15.21 | 14.07 |
(a) | Based on average shares outstanding. |
(b) | Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested dividend income at Common Share NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ Ratios Applicable to Common Shares |
||||||||||||||||||||||||
Common Share Total Returns |
Ratios to Average Net Assets |
|||||||||||||||||||||||
Based on Net Asset Value (b) |
Based on Share Price (b) |
Net Assets, End of Period (000) |
Expenses |
Net Investment Income (Loss) |
Portfolio Turnover Rate |
|||||||||||||||||||
26.90 | % | 27.77 | % | $258,622 | 1.00 | % | 0.25 | % | 112 | % | ||||||||||||||
21.68 | 10.60 | 213,669 | 1.02 | 0.48 | 105 | |||||||||||||||||||
(17.30) | (14.07 | ) | 193,568 | 1.00 | 0.66 | 92 | ||||||||||||||||||
26.91 | 47.15 | 278,044 | 0.98 | 0.09 | 104 | |||||||||||||||||||
8.42 | 3.62 | 243,790 | 1.17 | (d) |
1.00 | (d) |
169 |
(c) | Value rounded to zero. |
(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 |
NII (Loss) | |||||
12/31/20 | 1.23% | 0.94% |
Notes to Financial Statements |
1. |
General Information |
· |
Nuveen S&P 500 Buy-Write Income Fund (BXMX) |
· |
Nuveen Dow 30SM Dynamic Overwrite Fund (DIAX) |
· |
Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) |
· |
Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) |
· |
Nuveen Core Equity Alpha Fund (JCE) |
2. |
Significant Accounting Policies |
Notes to Financial Statements (continued) |
3. |
Investment Valuation and Fair Value Measurements |
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). |
BXMX |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 1,566,863,959 | $ | – | $ | – | $ | 1,566,863,959 | ||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
– | 40,575,000 | – | 40,575,000 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(8,108,775) | – | – | (8,108,775) | ||||||||||||
Total |
$ | 1,558,755,184 | $ | 40,575,000 | $ | – | $ | 1,599,330,184 | ||||||||
DIAX |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 594,377,904 | $ | – | $ | – | $ | 594,377,904 | ||||||||
Exchange-Traded Funds |
14,432,538 | – | – | 14,432,538 | ||||||||||||
Options Purchased |
1,125 | – | – | 1,125 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
– | 1,198,195 | – | 1,198,195 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(1,038,375) | – | – | (1,038,375) | ||||||||||||
Total |
$ | 607,773,192 | $ | 1,198,195 | $ | – | $ | 608,971,387 | ||||||||
SPXX |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 319,225,570 | $ | – | $ | – | $ | 319,225,570 | ||||||||
Exchange-Traded Funds |
11,788,986 | – | – | 11,788,986 | ||||||||||||
Options Purchased |
750 | – | – | 750 | ||||||||||||
Investments Purchased with Collateral from Securities |
||||||||||||||||
Lending |
107,116 | – | – | 107,116 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
– | 676,513 | – | 676,513 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(573,575) | – | – | (573,575) | ||||||||||||
Total |
$ | 330,548,847 | $ | 676,513 | $ | – | $ | 331,225,360 | ||||||||
QQQX |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 1,389,062,277 | $ | – | $ | – | $ | 1,389,062,277 | ||||||||
Exchange-Traded Funds |
48,777,455 | – | – | 48,777,455 | ||||||||||||
Options Purchased |
1,125 | – | – | 1,125 | ||||||||||||
Investments Purchased with Collateral from Securities |
||||||||||||||||
Lending |
2,006,010 | – | – | 2,006,010 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
– | 3,396,225 | – | 3,396,225 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(4,073,125) | – | – | (4,073,125) | ||||||||||||
Total |
$ | 1,435,773,742 | $ | 3,396,225 | $ | – | $ | 1,439,169,967 | ||||||||
JCE |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Long-Term Investments: |
||||||||||||||||
Common Stocks |
$ | 254,446,970 | $ | – | $ | – | $ | 254,446,970 | ||||||||
Exchange-Traded Funds |
3,331,929 | – | – | 3,331,929 | ||||||||||||
Options Purchased |
187 | – | – | 187 | ||||||||||||
Short-Term Investments: |
||||||||||||||||
Repurchase Agreements |
– | 776,273 | – | 776,273 | ||||||||||||
Investments in Derivatives: |
||||||||||||||||
Options Written |
(44,375) | – | – | (44,375) | ||||||||||||
Total |
$ | 257,734,711 | $ | 776,273 | $ | – | $ | 258,510,984 | ||||||||
Notes to Financial Statements (continued) |
4. |
Portfolio Securities |
Fund |
Counterparty |
Short-term Investments, at Value |
Collateral Pledged (From) Counterparty |
|||||||
BXMX |
Fixed Income Clearing Corporation | $40,575,000 | $(41,386,561) | |||||||
DIAX |
Fixed Income Clearing Corporation | 1,198,195 | (1,222,317 | ) | ||||||
SPXX |
Fixed Income Clearing Corporation | 676,513 | (690,213 | ) | ||||||
QQQX |
Fixed Income Clearing Corporation | 3,396,225 | (3,464,205 | ) | ||||||
JCE |
Fixed Income Clearing Corporation | 776,273 | (791,997 | ) | ||||||
Fund |
Asset Class out on Loan |
Long-Term Investments, at Value |
Total Collateral Received |
|||||||
SPXX |
Common Stocks | $ | 99,820 | $ | 107,116 | |||||
QQQX |
Common Stocks | 1,807,712 | 2,006,010 | |||||||
Fund |
Non-U.S. Government Purchases |
Non-U.S. Government Sales |
||||||
BXMX |
$ | 121,004,195 | $ | 321,457,397 | ||||
DIAX |
130,806,160 | 191,214,135 | ||||||
SPXX |
54,963,363 | 87,911,547 | ||||||
QQQX |
245,969,506 | 378,975,631 | ||||||
JCE |
266,690,811 | 282,457,013 | ||||||
5. |
Derivative Investments |
Fund |
Average Notional Amount of Purchased Options Contracts Outstanding * |
|||
DIAX |
$5,886,000 | |||
SPXX |
2,928,000 | |||
QQQX |
11,526,000 | |||
JCE |
1,613,000 | |||
* |
The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
Fund |
Average Notional Amount of Written Options Contracts Outstanding * | |
BXMX |
$(1,540,400,000) | |
DIAX |
(336,048,000) | |
SPXX |
(178,536,500) | |
QQQX |
(766,234,200) | |
JCE |
(75,903,000) | |
* |
The average notional amount is calculated based on the outstanding notional amount of contracts at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
Asset Derivatives |
Liability Derivatives |
|||||||||||||||||||||
Derivative Instrument |
Risk Exposure |
Location |
Value |
Location |
Value |
|||||||||||||||||
BXMX |
||||||||||||||||||||||
Options Written |
Equity | – | $– | Options written, at value | $(8,108,775) | |||||||||||||||||
Notes to Financial Statements (continued) |
Asset Derivatives |
Liability Derivatives |
|||||||||||||||||||||||
Derivative Instrument |
Risk Exposure |
Location |
Value |
Location |
Value |
|||||||||||||||||||
DIAX |
||||||||||||||||||||||||
Options Purchased |
Equity | Long-term investments, at value |
$ | 1,125 | – | $ | ||||||||||||||||||
Options Written |
Equity | – | – | Options written, at value | (1,038,375 | ) | ||||||||||||||||||
SPXX |
||||||||||||||||||||||||
Options Purchased |
Equity | Long-term investments, at value | 750 | – | ||||||||||||||||||||
Options Written |
Equity | – | – | Options written, at value | (573,575 | ) | ||||||||||||||||||
QQQX |
||||||||||||||||||||||||
Options Purchased |
Equity | Long-term investments, at value | 1,125 | – | ||||||||||||||||||||
Options Written |
Equity | – | – | Options written, at value | (4,073,125 | ) | ||||||||||||||||||
JCE |
||||||||||||||||||||||||
Options Purchased |
Equity | Long-term investments, at value | 187 | – | ||||||||||||||||||||
Options Written |
Equity | – | – | Options written, at value | (44,375 | ) | ||||||||||||||||||
Derivative Instrument |
Risk Exposure |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
|||||||||||
BXMX |
||||||||||||||
Written options |
Equity | $(121,250,101) | $21,103,796 | |||||||||||
DIAX |
||||||||||||||
Purchased options |
Equity | 2,355 | 7,640 | |||||||||||
Written options |
Equity | (22,902,692 | ) | 4,500,419 | ||||||||||
SPXX |
||||||||||||||
Purchased options |
Equity | 1,285 | 3,415 | |||||||||||
Written options |
Equity | (12,385,250 | ) | 2,328,179 | ||||||||||
QQQX |
||||||||||||||
Purchased options |
Equity | 2,171 | 16,911 | |||||||||||
Written options |
Equity | (44,653,512 | ) | 13,139,010 | ||||||||||
JCE |
||||||||||||||
Purchased options |
Equity | (1,977 | ) | 1,847 | ||||||||||
Written options |
Equity | (4,398,181 | ) | 620,977 | ||||||||||
6. |
Fund Shares |
SPXX |
QQQX |
|||||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||||
Maximum aggregate offering |
$4,993,317 | $4,993,317 | Unlimited | $– | ||||||||||||
Common shares sold |
– | – | – | 297,524 | ||||||||||||
Offering proceeds, net of offering costs |
$(25) | $(7,370) | $32,892 | $7,390,865 | ||||||||||||
JCE |
||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||
Maximum aggregate offering |
$1,600,000 | $– | ||||||
Common shares sold |
595,202 | – | ||||||
Offering proceeds, net of offering costs |
$8,932,008 | $– | ||||||
BXMX |
SPXX |
|||||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||||
Common Shares: |
||||||||||||||||
Issued to shareholders due to reinvestment of distributions |
– | 78,449 | – | 8,862 | ||||||||||||
Total |
– | 78,449 | – | 8,862 | ||||||||||||
QQQX |
JCE |
|||||||||||||||
Year Ended 12/31/24 |
Year Ended 12/31/23 |
Year Ended 12/31/24 |
Year Ended 12/31/23 |
|||||||||||||
Common Shares: |
||||||||||||||||
Sold through shelf offering |
– | 297,524 | 595,202 | – | ||||||||||||
Issued to shareholders due to reinvestment of distributions |
– | 91,486 | 30,102 | 11,591 | ||||||||||||
Total |
– | 389,010 | 625,304 | 11,591 | ||||||||||||
Weighted average common share: |
||||||||||||||||
Premium to NAV per shelf offering common share sold |
–% | 3.84% | 1.42% | –% | ||||||||||||
7. |
Income Tax Information |
Notes to Financial Statements (continued) |
Fund |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized (Depreciation) |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
BXMX |
$ | 449,074,781 | $ | 1,153,788,982 | $ | (3,533,579 | ) | $ | 1,150,255,403 | |||||||
DIAX |
234,642,704 | 379,833,229 | (5,504,546 | ) | 374,328,683 | |||||||||||
SPXX |
103,514,819 | 228,937,665 | (1,228,961 | ) | 227,708,704 | |||||||||||
QQQX |
406,991,119 | 1,042,545,358 | (10,366,510 | ) | 1,032,178,848 | |||||||||||
JCE |
181,377,314 | 81,974,488 | (4,840,818 | ) | 77,133,670 |
Fund |
Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Unrealized Appreciation (Depreciation) |
Capital Loss Carryforwards |
Late-Year Loss Deferrals |
Other Book-to-Tax Differences |
Total |
|||||||||||||||||||||
BXMX |
$ | – | $ | – | $ | 1,150,255,422 | $ | – | $ | (4,178,047 | ) | $ | – | $ | 1,146,077,375 | |||||||||||||
DIAX |
– | 19,707,339 | 374,328,683 | – | – | – | 394,036,022 | |||||||||||||||||||||
SPXX |
– | – | 227,708,704 | – | – | – | 227,708,704 | |||||||||||||||||||||
QQQX |
– | – | 1,032,178,848 | – | – | – | 1,032,178,848 | |||||||||||||||||||||
JCE |
3,513,115 | – | 77,133,670 | – | – | (17,421 | ) | 80,629,364 |
12/31/24 |
12/31/23 |
|||||||||||||||||||||||
Fund |
Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
||||||||||||||||||
BXMX |
$ | 9,176,599 | $ | 28,309,236 | $ | 64,804,476 | $ | 30,129,140 | $ | 41,451,927 | $ | 26,959,293 | ||||||||||||
DIAX |
5,675,852 | 36,549,771 | – | 7,202,799 | 3,462,843 | 31,039,934 | ||||||||||||||||||
SPXX |
1,433,915 | 6,021,272 | 14,447,059 | 2,037,532 | 11,285,738 | 7,797,715 | ||||||||||||||||||
QQQX |
– | 77,158,071 | 11,706,673 | 5,025,099 | 54,256,301 | 22,507,046 | ||||||||||||||||||
JCE |
14,298,068 | 6,626,132 | – | 1,015,219 | 279,670 | 19,292,910 |
Fund |
Utilized |
|||
BXMX |
$ | 19,889,938 | ||
DIAX |
– | |||
SPXX |
– | |||
QQQX |
– | |||
JCE |
– |
8. |
Management Fees and Other Transactions with Affiliates |
Average Daily Managed Assets* |
BXMX |
DIAX |
SPXX |
QQQX |
JCE |
|||||||||||||||
For the first $500 million |
0.7000 | % | 0.7000 | % | 0.6600 | % | 0.6900 | % | 0.7500 | % | ||||||||||
For the next $500 million |
0.6750 | 0.6750 | 0.6350 | 0.6650 | 0.7250 | |||||||||||||||
For the next $500 million |
0.6500 | 0.6500 | 0.6100 | 0.6400 | 0.7000 | |||||||||||||||
For the next $500 million |
0.6250 | 0.6250 | 0.5850 | 0.6150 | 0.6750 | |||||||||||||||
For managed assets over $2 billion |
0.6000 | 0.6000 | 0.5600 | 0.5900 | 0.6500 |
Complex-Level Eligible Asset Breakpoint Level* |
Effective Complex-Level Fee Rate at Breakpoint Level |
|||
$55 billion |
0.2000 | % | ||
$56 billion |
0.1996 | |||
$57 billion |
0.1989 | |||
$60 billion |
0.1961 | |||
$63 billion |
0.1931 | |||
$66 billion |
0.1900 | |||
$71 billion |
0.1851 | |||
$76 billion |
0.1806 | |||
$80 billion |
0.1773 | |||
$91 billion |
0.1691 | |||
$125 billion |
0.1599 | |||
$200 billion |
0.1505 | |||
$250 billion |
0.1469 | |||
$300 billion |
0.1445 |
* | 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. |
Complex-Level Asset Breakpoint Level* |
Complex-Level Fee |
|||
For the first $124.3 billion |
0.1600 | % | ||
For the next $75.7 billion |
0.1350 | |||
For the next $200 billion |
0.1325 | |||
For eligible assets over $400 billion |
0.1300 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. |
Notes to Financial Statements (continued) |
Fund |
Complex-Level Fee |
|||
BXMX |
0.1575% | |||
DIAX |
0.1575% | |||
SPXX |
0.1575% | |||
QQQX |
0.1575% | |||
JCE |
0.1575% |
Fund |
Purchases |
Sales |
Realized Gain (Loss) |
|||||||||
BXMX |
$ | – | $ | – | $ | – | ||||||
DIAX |
– | 1,366,997 | 1,183,155 | |||||||||
SPXX |
2,309,303 | 5,191,791 | 2,991,404 | |||||||||
QQQX |
1,285,590 | 5,101,891 | 2,923,914 | |||||||||
JCE |
16,645,934 | 2,759,169 | 818,181 | |||||||||
9. |
Inter-Fund Borrowing and Lending |
· |
As a fundamental policy, the Fund may not concentrate (i.e., invest more than 25% of its total assets) in securities of issuers in any one industry, except that the Fund will be concentrated in an industry or group of industries to the extent the S&P 500 Index is concentrated in an industry or group of industries (the “Industry Concentration Policy”). |
· |
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 United States (“U.S.”) dollar denominated, which may include securities of issuers located, or conducting their business, in emerging market countries. |
· |
As a fundamental policy, the Fund may not concentrate (i.e., 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 will concentrate in that industry (the “Industry Concentration Policy”). |
· |
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 United States (“U.S.”) dollar denominated, which may include securities of issuers located, or conducting their business, in emerging market countries. |
· |
As a fundamental policy, the Fund may not concentrate (i.e., invest more than 25% of its total assets) in securities of issuers in any one industry; notwithstanding the foregoing, the Fund will be concentrated in an industry or group of industries to the extent the S&P 500 Index is concentrated in an industry or group of industries (the “Industry Concentration Policy”). |
· |
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 United States (“U.S.”) dollar denominated, which may include securities of issuers located, or conducting their business, in emerging market countries. |
· |
As a fundamental policy, the Fund may not concentrate (i.e., 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 will 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 (the “Industry Concentration Policy”). |
· |
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 United States (“U.S.”) dollar denominated, which may include securities of issuers located, or conducting their business, in emerging market countries. |
· |
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 exchange-traded fund (“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. |
Risk |
BXMX |
DIAX |
SPXX |
QQQX |
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 | |||||
Concentration Risk |
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 | |||||
Financial Services Sector Risk |
- | X | X | - | - | |||||
Hedging Risk |
X | X | X | X | X | |||||
Illiquid Investments Risk |
X | 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 | - | |||||
Options 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 | |||||
Valuation Risk |
X | X | X | X | X | |||||
When-Issued and Delayed-Delivery Transactions Risk | X | X | X | X | X | |||||
Risk |
BXMX |
DIAX |
SPXX |
QQQX |
JCE | |||||
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 | |||||
Fund Tax Risk |
X | X | X | X | X |
• | Nazar Romanyak, CFA, is a portfolio manager for Nuveen’s equity index team. He has portfolio management responsibilities for multiple equity index and ETF strategies. In addition, he is responsible for platform developments and quantitative tools. Nazar joined the firm in 2013. Prior to joining the equity index team in 2019, Nazar held position in Nuveen Investment Modeling and Valuation where he focused on pricing derivatives and modeling investment strategies. Nazar graduated with a B.A. in Statistics and Quantitative Modeling from Baruch College, Zicklin School of Business, and a M.S. in Financial Engineering from Baruch College. He is a CFA charterholder, is a member of the CFA Institute and CFA Society of New York. |
Shareholder Transaction Expenses |
SPXX |
QQQX |
JCE |
|||||||||||||||||
Maximum Sales Charge ( |
1.00 % |
1.00 % |
||||||||||||||||||
Dividend Reinvestment Plan Fees (2) |
$ 2.50 |
$ 2.50 |
$ |
|||||||||||||||||
(1) | The maximum sales charge for offerings made at-the-market at-the-market, |
(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. |
Annual Expenses ( |
SPXX |
QQQX |
JCE |
|||||||||||||||||
Management Fees |
0.82% | 0.83% | ||||||||||||||||||
Other Expenses (2) |
0.09% | 0.07% | ||||||||||||||||||
Total Annual Expenses |
0.91% | 0.90% | ||||||||||||||||||
(1) | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended December 31, 2024. |
(2) |
1 Year |
3 Years |
5 Years |
10 Years |
|||||||||||||||||||||||||
SPXX |
$19 | $39 | $60 | $121 | ||||||||||||||||||||||||
QQQX |
$19 | $38 | $59 | $120 | ||||||||||||||||||||||||
JCE |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
SPXX |
Closing Market Price per Common Share |
NAV per Common Share on Date of Market Price |
Premium/(Discount) on Date of Market Price |
|||||||||||||||||||||
Fiscal Quarter End |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
December 2024 |
$17.92 | $16.54 | $19.18 | $17.96 | (6.57)% | (7.91)% | ||||||||||||||||||
September 2024 |
$16.78 | $15.36 | $18.11 | $16.73 | (7.34)% | (8.19)% | ||||||||||||||||||
June 2024 |
$16.33 | $14.91 | $17.58 | $16.52 | (7.11)% | (9.75)% | ||||||||||||||||||
March 2024 |
$15.74 | $14.75 | $17.25 | $16.15 | (8.75)% | (8.67)% | ||||||||||||||||||
December 2023 |
$15.09 | $13.60 | $16.39 | $14.93 | (7.93)% | (8.91)% | ||||||||||||||||||
September 2023 |
$15.90 | $14.56 | $16.64 | $15.39 | (4.45)% | (5.39)% | ||||||||||||||||||
June 2023 |
$15.83 | $14.83 | $16.38 | $15.66 | (3.36)% | (5.30)% | ||||||||||||||||||
March 2023 |
$16.36 | $14.81 | $15.71 | $14.88 | 4.14% | (0.47)% | ||||||||||||||||||
QQQX |
Closing Market Price per Common Share |
NAV per Common Share on Date of Market Price |
Premium/(Discount) on Date of Market Price |
|||||||||||||||||||||
Fiscal Quarter End |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
December 2024 |
$27.53 | $24.76 | $30.27 | $27.86 | (9.05)% | (11.13)% | ||||||||||||||||||
September 2024 |
$25.77 | $23.06 | $28.61 | $25.34 | (9.93)% | (9.00)% | ||||||||||||||||||
June 2024 |
$25.08 | $22.43 | $27.51 | $24.95 | (8.83)% | (10.10)% | ||||||||||||||||||
March 2024 |
$24.21 | $22.45 | $26.38 | $24.13 | (8.23)% | (6.96)% | ||||||||||||||||||
December 2023 |
$23.53 | $20.33 | $24.67 | $22.13 | (4.62)% | (8.13)% | ||||||||||||||||||
September 2023 |
$25.19 | $21.72 | $24.87 | $23.10 | 1.29% | (5.97)% | ||||||||||||||||||
June 2023 |
$25.87 | $22.95 | $24.54 | $22.10 | 5.42% | 3.85% | ||||||||||||||||||
March 2023 |
$23.98 | $20.43 | $22.03 | $19.61 | 8.85% | 4.18% | ||||||||||||||||||
JCE |
Closing Market Price per Common Share |
NAV per Common Share on Date of Market Price |
Premium/(Discount) on Date of Market Price |
|||||||||||||||||||||
Fiscal Quarter End |
High |
Low |
High |
Low |
High |
Low |
||||||||||||||||||
December 2024 |
$ |
$ |
$ |
$ |
( |
( |
||||||||||||||||||
September 2024 |
$ |
$ |
$ |
$ |
( |
|||||||||||||||||||
June 2024 |
$ |
$ |
$ |
$ |
( |
|||||||||||||||||||
March 2024 |
$ |
$ |
$ |
$ |
( |
( |
||||||||||||||||||
December 2023 |
$ |
$ |
$ |
$ |
( |
|||||||||||||||||||
September 2023 |
$ |
$ |
$ |
$ |
( |
( |
||||||||||||||||||
June 2023 |
$ |
$ |
$ |
$ |
( |
( |
||||||||||||||||||
March 2023 |
$ |
$ |
$ |
$ |
( |
|||||||||||||||||||
December 31, 2024 |
SPXX |
QQQX |
JCE |
|||||||||||||||||||||
NAV per Common Share |
$ 18.44 | $ 29.41 | $ |
|||||||||||||||||||||
Market Price |
$ 17.75 | $ 27.05 | $ |
|||||||||||||||||||||
Percentage of Premium/(Discount) to NAV per Common Share |
(3.74)% | (8.02)% | ||||||||||||||||||||||
Net Assets Attributable to Common Shares |
$ 331,172,634 | $ 1,436,048,875 | $ 258,622,195 |
|||||||||||||||||||||
Fund |
Net Long-Term Capital Gains |
|||
BXMX |
$28,309,236 | |||
DIAX |
36,549,771 | |||
SPXX |
6,021,272 | |||
QQQX |
77,158,071 | |||
JCE |
6,626,132 | |||
Fund |
Percentage |
|||
BXMX |
100.0% | |||
DIAX |
100.0 | |||
SPXX |
100.0 | |||
QQQX |
– | |||
JCE |
18.5 | |||
Fund |
Percentage |
|||
BXMX |
100.0% | |||
DIAX |
100.0 | |||
SPXX |
100.0 | |||
QQQX |
– | |||
JCE |
19.0 | |||
Fund |
1/1 to Current Year End Percentage |
|||
BXMX |
6.4% | |||
DIAX |
0.1 | |||
SPXX |
0.2 | |||
QQQX |
– | |||
JCE |
0.1 | |||
Fund |
Percentage |
|||
BXMX |
6.4% | |||
DIAX |
0.1 | |||
SPXX |
0.2 | |||
QQQX |
– | |||
JCE |
0.1 | |||
Board of Trustees |
||||||||||||
Joseph A. Boateng | Michael A. Forrester | Thomas J. Kenny | Amy B.R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson | ||||||
Loren M. Starr | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
Investment Adviser |
Custodian |
Legal Counsel |
Independent Registered |
Transfer Agent and | ||||
Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 |
State Street Bank & Trust Company One Congress Street |
Chapman and Cutler LLP Chicago, IL 60606 |
Public Accounting Firm |
Shareholder Services | ||||
Suite 1 | One North Wacker Drive | 150 Royall Street | ||||||
Boston, MA 02114-2016 | Chicago, IL 60606 | Canton, MA 02021 | ||||||
(800) 257-8787 |
BXMX |
DIAX |
SPXX |
QQQX |
JCE |
||||||||||||||||
Common shares repurchased |
0 | 0 | 0 | 0 | 0 |
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 Trustees: | ||||||||||
Joseph A. Boateng 1963 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2019 Class II |
|
Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002–2006); Board Member, Lumina Foundation (since 2019) and Waterside School (since 2021); Board Member (2012–2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Investment Advisory Committee Member and Former Chair (since 2007), Seattle City Employees’ Retirement System; Investment Committee Member (since 2019), The Seattle Foundation; Trustee (2018–2023), the College Retirement Equities Fund; Manager (2019–2023), TIAA Separate Account VA-1. | 213 | ||||
Michael A. Forrester 1967 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2007 Class I |
|
Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007–2023). | 213 | ||||
Thomas J. Kenny 1963 333 W. Wacker Drive Chicago, IL 60606 | Board Member | |
2011 Class I |
|
Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021–2022) and Finance Committee Chair (2016–2022), Sansum Clinic; formerly, Advisory Board Member (2017–2019), B’Box; formerly, Member (2011–2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012–2020), Cottage Health System; formerly, Board member (2009–2019) and President of the Board (2014–2018), Crane Country Day School; Trustee (2011– 2023) and Chairman (2017–2023), the College Retirement Equities Fund; Manager (2011–2023) and Chairman (2017–2023), TIAA Separate Account VA-1. | 218 | ||||
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2021 Class II |
|
Formerly, Managing Director, 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); President (since 2023) and Member (since 2020) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA). | 218 |
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 | ||||||
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2021 Class III |
|
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). | 218 | ||||
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2016 Class III |
|
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). | 218 | ||||
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2013 Class II |
|
Formerly, Member of Board of Directors of Core12 LLC (2008– 2023) (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of The President’s Council of Fordham University (2010–2019); formerly, 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); formerly, Trustee and Chairman of the Board of Trustees of Marian University (2010–2013); 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. | 218 | ||||
Loren M. Starr 1961 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2022 Class III |
|
Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd.; Director (since 2023) and Audit Committee member (since 2024), AMG; formerly, Chair and Member of the Board of Directors (2014–2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014–2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022–2023). |
217 |
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 | ||||||
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2020 Class III |
|
Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx 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). |
218 | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2008 Class II |
|
Formerly, a Co–Founding Partner, Promus Capital (investment advisory firm) (2008–2017); formerly, Director, Quality Control Corporation (manufacturing) (2012–2021); Chair and Member of the Board of Directors (since 2021), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017–2022), Mather Foundation Board (philanthropy); formerly, Member (2005–2016), Chicago Fellowship Board (philanthropy); 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). | 218 | ||||
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 |
Board Member | |
2016 Class I |
|
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 of the Board of Trustees (since 2004) formerly, Chair (2015-2022) of The John A. Hartford Foundation (a 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. | 218 | ||||
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 |
Chair and Board Member | |
2017 Class I |
|
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). | 218 |
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (2) |
Principal Occupation(s) Including other Directorships During Past 5 Years | |||||
Officers of the Funds: | ||||||||
David J. Lamb 1963 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer (Principal Executive Officer) | 2015 | Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen. | |||||
Brett E. Black 1972 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 2022 | Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc. | |||||
Marc Cardella 1984 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Controller (Principal Financial Officer) | 2024 | Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund. | |||||
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC. | |||||
Jeremy D. Franklin 1983 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2024 | Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund. | |||||
Diana R. Gonzalez 1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel of Nuveen. | |||||
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Senior Managing Director of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst. | |||||
Brian H. Lawrence 1982 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2023 | Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022). | |||||
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2002 | Managing Director of Nuveen Securities, LLC. | |||||
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager. |
Name, Year of Birth & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed (2) |
Principal Occupation(s) Including other Directorships During Past 5 Years | |||
John M. McCann 1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA- CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America, Teacher Advisors LLC, TIAA-CREF Investment Management, LLC, and Nuveen Alternative Advisors LLC; has previously held various positions with Nuveen/TIAA. | |||
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen; Vice President and Secretary of Winslow Capital Management, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC. | |||
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2019 | Managing Director, Mutual Fund Tax and Expense Administration of Nuveen, TIAA- CREF Funds, TIAA-CREF Life Funds, TIAA Separate Account VA-1 and the College Retirement Equities Fund; Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with TIAA. | |||
Mary Beth Ramsay 1965 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2024 | Chief Risk Officer, Nuveen and TIAA Financial Risk; Head of Nuveen Risk & Compliance; Executive Vice President, Teachers Insurance and Annuity Association of America; Executive Vice President, TIAA Separate Account VA-1 and the College Retirement Equities Fund; formerly, Senior Vice President, Head of Sales and Client Solutions (2019-2022) and U.S. Chief Pricing Actuary (2016-2019), SCOR Global Life Americas; Member of the Board of Directors of Society of Actuaries. | |||
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 |
Vice President | 2017 | Managing Director of Nuveen. | |||
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen. | |||
Rachael Zufall 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President and Assistant Secretary | 2022 | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA. |
(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. |
Nuveen: Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio. Focused on meeting investor needs. Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future. Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE |
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com |
EAN-A-1224P |
4148294-0226 |
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. Upon request, a copy of the registrant’s code of ethics is available without charge by calling 800-257-8787.
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”) had 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 members of the registrant’s audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees’ Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).
Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, 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. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).
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. |
Nuveen Core Equity Alpha Fund
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 his 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 Fund1 |
Audit-Related Fees Billed to Fund2 |
Tax Fees Billed to Fund3 |
All Other Fees Billed to Fund4 |
||||||||||||
|
||||||||||||||||
December 31, 2024 |
$39,166 | $5,000 | $0 | $0 | ||||||||||||
|
|
|||||||||||||||
Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% | ||||||||||||
|
|
|||||||||||||||
December 31, 2023 |
$42,740 | $0 | $496 | $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 calculations 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 Service Providers |
Tax Fees Service Providers |
All Other Fees Billed to Adviser and Affiliated Fund Service Providers |
|||||||||
|
||||||||||||
December 31, 2024 |
$0 | $0 | $0 | |||||||||
|
|
|||||||||||
Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | |||||||||
|
|
|||||||||||
December 31, 2023 |
$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, 2024 |
$0 | $0 | $0 | $0 | ||||||||||||
December 31, 2023 |
$496 | $0 | $0 | $496 |
“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 his 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 4(i) and Item 4(j) are not applicable to the registrant.
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)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Matthew Thornton III, Margaret L. Wolff and Robert L. Young.
Item 6. | Investments. |
(a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable to this filing.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Item 13. | 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 Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:
(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:
Max Kozlov, CFA, is a portfolio manager for Nuveen’s quantitative equity team and has portfolio management responsibilities for U.S. and international equity strategies. He entered the investment industry in 1997, and prior to joining the firm in 2014, Max held positions at BlackRock, Inc., and McKinsey & Company.
Pei Chen, Managing Director and Head of Equity Quantitative Strategies, manages U.S. small- and small/mid-cap equity strategies. She joined the firm in 2004 and began working in the investment industry in 1990. Prior to joining the firm, she was a manager, special project research at MSCI Barra, where she evaluated the Barra Integrated Model and various research projects.
David Friar, Managing Director and Portfolio Manager for Nuveen’s multi-asset portfolio management team. He joined the team managing the Equity, Mid-Cap and Small Cap Index Strategies in 2000 and became part of the enhanced equity index team in 2007. Additionally, he is a member of the investment team responsible for several other quantitative products, including the Equity Option Overwrite Strategies. David joined the firm in 1999 as a member of the performance measurement group. Before his role in portfolio management, he provided quantitative analysis for equity portfolios and constructed quantitatively driven portfolios for institutional and taxable clients.
(a)(2) Other Accounts Managed by Portfolio Managers
Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:
Portfolio Manager | Type of Account Managed |
Number of Accounts |
Assets* | |||
| ||||||
Max Kozlov |
Registered Investment Company | 4 | $6.27 billion | |||
Other Pooled Investment Vehicles | 2 | $7.04 million | ||||
Other Accounts | 0 | $0 | ||||
Pei Chen |
Registered Investment Company | 3 | $5.03 billion | |||
Other Pooled Investment Vehicles | 2 | $7.04 million | ||||
Other Accounts | 0 | $0 | ||||
David Friar |
Registered Investment Company | 3 | $2.38 billion | |||
Other Pooled Investment Vehicles | 0 | $0 | ||||
Other Accounts | 2 | $0 |
* | Assets are as of December 31, 2024. None of the assets in these accounts are subject to an advisory fee based on performance. |
Potential Material Conflicts of Interest
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
(a)(3) Fund Manager Compensation
As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:
Portfolio manager compensation consists primarily of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
(a)(4) Beneficial Ownership of JCE Securities
As of December 31, 2024, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.
Name of Portfolio Manager | None | $1- $10,000 |
$10,001- $50,000 |
$50,001- $100,000 |
$100,001- $500,000 |
$500,001- $1,000,000 |
Over $1,000,000 | |||||||
Max Kozlov |
X | |||||||||||||
Pei Chen |
X | |||||||||||||
David Friar |
X |
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 16. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 18. | Recovery of Erroneously Awarded Compensation. |
(a) | Not applicable. |
(b) | Not applicable. |
Item 19. | Exhibits. |
(a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
(a)(2) | Not applicable. |
(a)(3) |
(a)(4) | Not applicable. |
(a)(5) | Not applicable. |
(b) |
(c) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen Core Equity Alpha Fund | ||||
Date: March 7, 2025 | By: | /s/ David J. Lamb | ||
David J. Lamb | ||||
Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: March 7, 2025 | By: | /s/ David J. Lamb | ||
David J. Lamb | ||||
Chief Administrative Officer | ||||
(principal executive officer) | ||||
Date: March 7, 2025 | By: | /s/ Marc Cardella | ||
Marc Cardella | ||||
Vice President and Controller | ||||
(principal financial officer) |