N-CSRS 1 d385095dncsrs.htm NUVEEN S&P 500 BUY-WRITE INCOME FUND Nuveen S&P 500 Buy-Write Income Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number       811-21619

Nuveen S&P 500 Buy-Write Income Fund

 

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Address of principal executive offices)  (Zip code)

Mark L. Winget

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

 

(Name and address of agent for service)

 

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

 

Date of fiscal year end:       December 31

 

Date of reporting period:       June 30, 2022

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

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


ITEM 1.

REPORTS TO STOCKHOLDERS.


LOGO

 

Closed-End Funds

 

30 June

2022

 

Nuveen

Closed-End Funds

 

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

Semiannual Report

 


 

IMPORTANT DISTRIBUTION NOTICE

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

Semiannual Shareholder Report for the period ending June 30, 2022

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

Each Fund pays quarterly common share distributions that seek to convert the Fund’s expected long-term total return potential into regular cash flow. As a result, the Funds’ regular common share distributions (presently $0.2365, $0.2867, $0.2940, $0.4934 and $0.3952 per share, respectively) may be derived from a variety of sources, including:

 

   

net investment income consisting of regular interest and dividends,

 

   

realized capital gains or,

 

   

possibly, returns of capital representing in certain cases unrealized capital appreciation.

Such distributions are sometimes referred to as “managed distributions.” Each Fund seeks to establish a distribution rate that roughly corresponds to the Adviser’s projections of the total return that could reasonably be expected to be generated by each Fund over an extended period of time. The Adviser may consider many factors when making such projections, including, but not limited to, long-term historical returns for the asset classes in which each Fund invests. As portfolio and market conditions change, the distribution amount and distribution rate on the Common Shares under the Funds’ Managed Distribution Policy could change.

When it pays a distribution, each Fund provides holders of its Common Shares a notice of the estimated sources of the Fund’s distributions (i.e., what percentage of the distributions is estimated to constitute ordinary income, short-term capital gains, long-term capital gains, and/or a non-taxable return of capital) on a year-to-date basis. It does this by posting the notice on its website (www.nuveen.com/cef), and by sending it in written form.

You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Managed Distribution Policy. The Funds’ actual financial performance will likely vary from month-to-month and from year-to-year, and there may be extended periods when the distribution rate will exceed the Funds’ actual total returns. The Managed Distribution Policy provides that the Board may amend or terminate the Policy at any time without prior notice to Fund shareholders. There are presently no reasonably foreseeable circumstances that might cause each Fund to terminate its Managed Distribution Policy.

 

LOGO


Table of Contents

 

Chair’s Letter to Shareholders

     4  

Important Notices

     5  

Common Share Information

     6  

Shareholder Meeting Report

     9  

Performance Overview and Holding Summaries

     11  

Portfolios of Investments

     21  

Statement of Assets and Liabilities

     57  

Statement of Operations

     58  

Statement of Changes in Net Assets

     59  

Financial Highlights

     62  

Notes to Financial Statements

     66  

Risk Considerations

     77  

Additional Fund Information

     78  

Glossary of Terms Used in this Report

     79  

Annual Investment Management Agreement Approval Process

     81  

 

3


Chair’s Letter to Shareholders

 

LOGO

Dear Shareholders,

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

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

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

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

 

LOGO

Terence J. Toth

Chair of the Board

August 22, 2022

 

 

4


Important Notices

 

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)

Portfolio Manager Commentaries in Semiannual Shareholder Reports

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

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

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

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

 

5


Common Share Information

 

DISTRIBUTION INFORMATION

The following 19(a) Notice presents the Funds’ most current distribution information as of May 31, 2022 as required by certain exempted regulatory relief the Funds have received.

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

DISTRIBUTION INFORMATION – AS OF MAY 31, 2022

This notice provides shareholders with information regarding fund distributions, as required by current securities laws. You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Managed Distribution Policy.

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

The following table provides estimates of the Funds’ distribution sources, reflecting year-to-date cumulative experience through the month-end prior to the latest distribution. The Funds attribute these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

 

6


 

Data as of May 31, 2022

 

                Estimated Per Share Sources of Distribution1     Estimated Percentage of the Distribution1  
Fund   Inception
Date
    Per Share
Distribution
    Net
Investment
Income
    Long-Term
Gains
    Short-Term
Gains
    Return of
Capital
    Net
Investment
Income
    Long-Term
Gains
    Short-Term
Gains
    Return of
Capital
 

BXMX (FYE 12/31)

    Oct-2004                    

Current Quarter

    $  0.2365     $  0.0186     $ 0.0000     $  0.2179     $ 0.0000       7.90     0.00     92.10     0.00

Fiscal YTD

          $ 0.4730     $ 0.0371     $ 0.0000     $  0.4359     $ 0.0000       7.90     0.00     92.10     0.00

DIAX (FYE 12/31)

    Apr-2005                    

Current Quarter

    $ 0.2867     $ 0.0480     $ 0.0000     $  0.2387     $ 0.0000       16.80     0.00     83.20     0.00

Fiscal YTD

          $ 0.5734     $ 0.0961     $ 0.0000     $  0.4773     $ 0.0000       16.80     0.00     83.20     0.00

SPXX (FYE 12/31)

    Nov-2005                    

Current Quarter

    $ 0.2940     $ 0.0270     $ 0.0000     $  0.2670     $ 0.0000       9.20     0.00     90.80     0.00

Fiscal YTD

          $ 0.5880     $ 0.0540     $ 0.0000     $  0.5340     $ 0.0000       9.20     0.00     90.80     0.00

QQQX (FYE 12/31)

    Jan-2007                    

Current Quarter

    $ 0.4934     $ 0.0000     $ 0.0000     $  0.4934     $ 0.0000       0.00     0.00     100.00     0.00

Fiscal YTD

          $ 0.9868     $ 0.0000     $ 0.0000     $  0.9868     $ 0.0000       0.00     0.00     100.00     0.00

JCE (FYE 12/31)

    Mar-2007                    

Current Quarter

    $ 0.3952     $ 0.3952     $ 0.0000     $ 0.0000     $ 0.0000       100.00     0.00     0.00     0.00

Fiscal YTD

          $ 0.7904     $ 0.7904     $ 0.0000     $ 0.0000     $ 0.0000       100.00     0.00     0.00     0.00

 

1 

Net investment income (NII) is a projection through the end of the current calendar quarter using actual data through the stated month-end date above. Capital gain amounts are as of the stated date above. The estimated per share sources above include an allocation of the NII based on prior year attributions which can be expected to differ from the actual final attributions for the current year.

The following table provides information regarding the Funds’ distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

Data as of May 31, 2022

 

                            Annualized      Cumulative  
Fund   Inception
Date
    Quarterly
Distribution
    Fiscal YTD
Distribution
    Net Asset
Value (NAV)
    5-Year
Return on NAV
    Fiscal YTD
Dist Rate on NAV1
     Fiscal YTD
Return on NAV
    Fiscal YTD
Dist Rate on NAV1
 

BXMX

    Oct-2004     $  0.2365     $  0.4730     $  13.69       6.31     6.91%        (9.01 )%      3.46%  

DIAX

    Apr-2005     $ 0.2867     $ 0.5734     $ 16.79       6.17     6.83%        (5.68 )%      3.42%  

SPXX

    Nov-2005     $ 0.2940     $ 0.5880     $ 16.55       7.68     7.11%        (10.06 )%      3.55%  

QQQX

    Jan-2007     $ 0.4934     $ 0.9868     $ 23.96       9.10     8.24%        (17.69 )%      4.12%  

JCE

    Mar-2007     $ 0.3952     $ 0.7904     $ 15.07       9.56     10.49%        (10.94 )%      5.24%  

 

1 

As a percentage of 5/31/22 NAV.

NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS

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

 

7


Common Share Information (continued)

 

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, SPXX and QQQX were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings are as shown in the accompanying table.

 

        SPXX        QQQX  

Maximum aggregate offering

       4,993,317          Unlimited  

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

 

     SPXX        QQQX  

Common shares sold through shelf offering

    218,784          1,929,483  

Weighted average premium to NAV per common share sold

    1.31        2.13

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

COMMON SHARE REPURCHASES

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

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

 

     BXMX        DIAX        SPXX        QQQX        JCE  

Common shares cumulatively repurchased and retired

    460,238          0          383,763          0          449,800  

Common shares authorized for repurchase

    10,405,000          3,635,000          1,720,000          4,355,000          1,600,000  

OTHER COMMON SHARE INFORMATION

As of June 30, 2022 the Funds’ common share prices were trading at a premium/(discount) to their common share NAVs and trading at an average premium/(discount) to NAV during the current reporting period, as follows:

 

     BXMX        DIAX        SPXX        QQQX        JCE  

Common share NAV

  $  12.73        $  15.83        $  15.34        $  22.02        $  13.51  

Common share price

  $ 12.37        $ 15.28        $ 15.66        $ 21.84        $ 13.35  

Premium/(Discount) to NAV

    (2.83)        (3.47)        2.09        (0.82)        (1.18)

Average premium/(discount) to NAV

    (2.56)        (4.71)        (1.48)        0.13        (0.91)

 

8


Shareholder

Meeting Report

 

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

 

        BXMX        DIAX        SPXX        QQQX        JCE  
        Common
Shares
       Common
Shares
       Common
Shares
       Common
Shares
       Common
Shares
 

Approval of the Board Members was reached as follows:

                        

William C. Hunter

                        

For

       86,857,786          29,372,785          13,532,642          33,818,900          13,276,806  

Withhold

       2,255,295          573,310          146,169          548,513          556,829  

Total

       89,113,081          29,946,095          13,678,811          34,367,413          13,833,635  

Judith M. Stockdale

                        

For

       87,404,832          29,407,649          13,514,800          33,875,576          13,271,604  

Withhold

       1,708,249          538,446          164,011          491,837          562,031  

Total

       89,113,081          29,946,095          13,678,811          34,367,413          13,833,635  

Carole E. Stone

                        

For

       87,379,934          29,429,356          13,522,661          33,886,861          13,294,191  

Withhold

       1,733,147          516,739          156,150          480,552          539,444  

Total

       89,113,081          29,946,095          13,678,811          34,367,413          13,833,635  

Margaret L. Wolff

                        

For

       87,490,144          29,452,972          13,537,129          33,918,120          13,306,961  

Withhold

       1,622,937          493,123          141,682          449,293          526,674  

Total

       89,113,081          29,946,095          13,678,811          34,367,413          13,833,635  

 

9


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10


BXMX     

Nuveen S&P 500 Buy-Write Income Fund

Performance Overview and Holding Summaries as of June 30, 2022

 

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

Average Annual Total Returns as of June 30, 2022*

 

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

 

*

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

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

11


 

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

 

Fund Allocation

(% of net assets)

 

Common Stocks     99.3%  
Repurchase Agreements     3.8%  
Other Assets Less Liabilities     (3.1)%  

Net Assets

    100%  

Top Five Holdings

(% of total long-term investments)

 

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

 

Portfolio Composition1

(% of total investments)

 

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

Total

    100%  
 

 

1

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

 

12


DIAX     

Nuveen Dow 30SM Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

 

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

Average Annual Total Returns as of June 30, 2022*

 

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

 

*

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

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

13


 

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

 

Fund Allocation

(% of net assets)

 

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

Net Assets

    100%  

Top Five Holdings

(% of total long-term investments)

 

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

 

Portfolio Composition1

(% of total investments)

 

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

Total

    100%  
 

 

1

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

 

14


SPXX     

Nuveen S&P 500 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

 

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

Average Annual Total Returns as of June 30, 2022*

 

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

 

*

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

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

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

15


 

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

 

Fund Allocation

(% of net assets)

 

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

Net Asset

    100%  

Top Five Holdings

(% of total long-term investments)

 

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

 

Portfolio Composition

(% of total investments)1

 

Software     8.8%  
Technology Hardware, Storage & Peripherals     6.6%  
Interactive Media & Services     5.4%  
Pharmaceuticals     4.5%  
Banks     4.5%  
Semiconductors & Semiconductor Equipment     4.2%  
Health Care Providers & Services     4.0%  
IT Services     3.8%  
Internet & Direct Marketing Retail     3.1%  

Equity Real Estate Investment Trust

    2.9%  
Oil, Gas & Consumable Fuels     2.9%  
Beverages     2.3%  
Machinery     2.3%  
Capital Markets     2.3%  
Health Care Equipment & Supplies     2.2%  
Specialty Retail     2.2%  
Biotechnology     2.1%  
Household Products     2.1%  
Hotels, Restaurants & Leisure     1.9%  
Insurance     1.9%  
Automobiles     1.8%  
Diversified Financial Services     1.8%  
Chemicals     1.8%  
Aerospace & Defense     1.7%  
Other     17.8%  
Exchange-Traded Funds     2.9%  
Investments Purchased with Collateral from Securities Lending     0.2%  
Repurchase Agreements     2.0%  

Total

    100%  
 

 

1

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

 

16


QQQX     

Nuveen Nasdaq 100 Dynamic Overwrite Fund

Performance Overview and Holding Summaries as of June 30, 2022

 

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

Average Annual Total Returns as of June 30, 2022*

 

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

 

*

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

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

17


 

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

 

Fund Allocation

(% of net assets)

 

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

Net Assets

    100%  

Top Five Holdings

(% of total long-term investments)

 

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

 

Portfolio Composition1

(% of total investments)

 

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

Total

    100%  
 

 

 

1

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

 

18


JCE     

Nuveen Core Equity Alpha Fund

Performance Overview and Holding Summaries as of June 30, 2022

 

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

Average Annual Total Returns as of June 30, 2022*

 

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

 

*

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

Performance data shown represents past performance and does not predict or guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.

Daily Common Share NAV and Share Price

 

LOGO

 

19


 

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

 

Fund Allocation

(% of net assets)

 

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

Net Asset

    100%  

Top Five Holdings

(% of total long-term investments)

 

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

Portfolio Composition

(% of total investments)1

 

Software     10.6%  
Technology Hardware, Storage & Peripherals     7.0%  
Interactive Media & Services     5.5%  
Pharmaceuticals     5.0%  
Oil, Gas & Consumable Fuels     4.2%  
IT Services     4.2%  
Semiconductors & Semiconductor Equipment     3.9%  
Life Sciences Tools & Services     3.8%  
Specialty Retail     3.4%  
Health Care Providers & Services     3.0%  
Health Care Equipment & Supplies     2.8%  
Hotels, Restaurants & Leisure     2.4%  
Internet & Direct Marketing Retail     2.4%  
Banks     2.3%  
Diversified Financial Services     2.3%  
Household Products     2.1%  
Multiline Retail     2.0%  
Food & Staples Retailing     1.9%  
Diversified Telecommunication Services     1.8%  
Electrical Equipment     1.7%  
Commercial Services & Supplies     1.6%  
Building Products     1.6%  
Industrial Conglomerates     1.6%  
Road & Rail     1.6%  
Other     17.9%  
Exchange-Traded Funds     0.4%  
Investments Purchased with Collateral from Securities Lending     0.1%  
Repurchase Agreements     2.9%  

Total

    100%  
 

 

1

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

 

20


BXMX   

Nuveen S&P 500 Buy-Write
Income Fund

 

Portfolio of Investments    June 30, 2022

     (Unaudited)

 

Shares     Description (1)                   Value  
 

LONG-TERM INVESTMENTS – 99.3%

       
 

COMMON STOCKS – 99.3% (2)

       
      Aerospace & Defense – 1.8%                    
  28,960    

Boeing Co (3)

        $ 3,959,411  
  9,566    

HEICO Corp

          1,254,294  
  62,456    

Howmet Aerospace Inc

          1,964,241  
  13,748    

Northrop Grumman Corp

          6,579,380  
  99,428    

Raytheon Technologies Corp

          9,556,025  
  4,597    

Woodward Inc

                      425,177  
 

Total Aerospace & Defense

                      23,738,528  
      Air Freight & Logistics – 0.6%                    
  40,842    

United Parcel Service Inc, Class B

                      7,455,299  
      Airlines – 0.1%                    
  47,025    

United Airlines Holdings Inc (3)

                      1,665,625  
      Auto Components – 0.1%                    
  50,606    

Gentex Corp

          1,415,450  
  9,851    

Goodyear Tire & Rubber Co (3)

                      105,504  
 

Total Auto Components

                      1,520,954  
      Automobiles – 2.0%                    
  252,900    

Ford Motor Co

          2,814,777  
  16,446    

Harley-Davidson Inc

          520,680  
  35,247    

Tesla Inc (3)

                      23,736,035  
 

Total Automobiles

                      27,071,492  
      Banks – 3.8%                    
  81,507    

Citigroup Inc

          3,748,507  
  26,341    

Comerica Inc

          1,932,902  
  162,841    

Fifth Third Bancorp

          5,471,457  
  101,208    

First Horizon Corp

          2,212,407  
  132,821    

JPMorgan Chase & Co

          14,956,973  
  165,652    

KeyCorp

          2,854,184  
  14,051    

M&T Bank Corp

          2,239,589  
  41,891    

PNC Financial Services Group Inc

          6,609,143  
  195,504    

Wells Fargo & Co

          7,657,892  
  55,583    

Zions Bancorp NA

                      2,829,175  
 

Total Banks

                      50,512,229  
      Beverages – 1.9%                    
  247,954    

Coca-Cola Co

          15,598,786  
  104,662    

Keurig Dr Pepper Inc

          3,703,988  
  56,712    

Monster Beverage Corp (3)

                      5,257,203  
 

Total Beverages

                      24,559,977  
      Biotechnology – 2.3%                    
  83,076    

AbbVie Inc

          12,723,920  
  3,766    

Alnylam Pharmaceuticals Inc (3)

          549,271  
  28,089    

Amgen Inc

          6,834,054  
  9,647    

Biogen Inc (3)

          1,967,409  
  9,243    

BioMarin Pharmaceutical Inc (3)

          765,968  
  2,000    

Exact Sciences Corp (3)

          78,780  
  67,257    

Gilead Sciences Inc

          4,157,155  
  15,810    

Moderna Inc (3)

          2,258,459  

 

21


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

 

Shares     Description (1)                   Value  
      Biotechnology (continued)                    
  4,961    

Seagen Inc (3)

                    $ 877,799  
 

Total Biotechnology

                      30,212,815  
      Building Products – 0.4%                    
  15,381    

Allegion plc

          1,505,800  
  23,666    

Fortune Brands Home & Security Inc

          1,417,120  
  43,726    

Masco Corp

                      2,212,536  
 

Total Building Products

                      5,135,456  
      Capital Markets – 2.4%                    
  83,608    

Charles Schwab Corp

          5,282,353  
  23,102    

CME Group Inc

          4,728,979  
  44,488    

Intercontinental Exchange Inc

          4,183,651  
  53,398    

Jefferies Financial Group Inc

          1,474,853  
  86,746    

Morgan Stanley

          6,597,901  
  8,344    

MSCI Inc

          3,438,980  
  19,659    

S&P Global Inc

                      6,626,263  
 

Total Capital Markets

                      32,332,980  
      Chemicals – 1.7%                    
  16,669    

Chemours Co

          533,741  
  52,881    

Corteva Inc

          2,862,977  
  53,214    

Dow Inc

          2,746,375  
  42,507    

DuPont de Nemours Inc

          2,362,539  
  34,775    

Eastman Chemical Co

          3,121,752  
  30,588    

Linde PLC

          8,794,968  
  20,651    

Olin Corp

          955,728  
  14,399    

RPM International Inc

                      1,133,489  
 

Total Chemicals

                      22,511,569  
      Commercial Services & Supplies – 0.7%                    
  14,179    

Waste Connections Inc

          1,757,629  
  47,435    

Waste Management Inc

                      7,256,606  
 

Total Commercial Services & Supplies

                      9,014,235  
      Communications Equipment – 0.9%                    
  13,699    

Ciena Corp (3)

          626,044  
  220,344    

Cisco Systems Inc

          9,395,468  
  5,140    

Lumentum Holdings Inc (3)

          408,219  
  74,070    

Viavi Solutions Inc (3)

                      979,946  
 

Total Communications Equipment

                      11,409,677  
      Consumer Finance – 0.4%                    
  42,085    

Discover Financial Services

          3,980,399  
  89,957    

SLM Corp

                      1,433,915  
 

Total Consumer Finance

                      5,414,314  
      Containers & Packaging – 0.5%                    
  13,574    

Avery Dennison Corp

          2,197,223  
  20,677    

Crown Holdings Inc

          1,905,799  
  15,364    

Packaging Corp of America

          2,112,550  
  18,945    

Sonoco Products Co

                      1,080,623  
 

Total Containers & Packaging

                      7,296,195  
      Distributors – 0.2%                    
  51,888    

LKQ Corp

                      2,547,182  
      Diversified Financial Services – 1.8%                    
  86,707    

Berkshire Hathaway Inc, Class B (3)

                      23,672,745  

 

22


  
  
  

 

Shares     Description (1)                   Value  
      Diversified Telecommunication Services – 1.4%                    
  379,832    

AT&T Inc

        $ 7,961,279  
  207,579    

Verizon Communications Inc

                      10,534,634  
 

Total Diversified Telecommunication Services

                      18,495,913  
      Electric Utilities – 1.0%                    
  90,850    

Alliant Energy Corp

          5,324,718  
  58,152    

Evergy Inc

          3,794,418  
  52,512    

OGE Energy Corp

          2,024,863  
  29,198    

Pinnacle West Capital Corp

                      2,134,958  
 

Total Electric Utilities

                      13,278,957  
      Electrical Equipment – 0.6%                    
  54,146    

Emerson Electric Co

          4,306,773  
  8,860    

Hubbell Inc

          1,582,219  
  13,511    

Rockwell Automation Inc

                      2,692,877  
 

Total Electrical Equipment

                      8,581,869  
      Electronic Equipment, Instruments & Components – 0.4%                    
  20,728    

CDW Corp/DE

          3,265,904  
  86,143    

Corning Inc

                      2,714,366  
 

Total Electronic Equipment, Instruments & Components

                      5,980,270  
      Energy Equipment & Services – 0.4%                    
  72,910    

Halliburton Co

          2,286,458  
  77,600    

Schlumberger NV

                      2,774,976  
 

Total Energy Equipment & Services

                      5,061,434  
      Entertainment – 1.1%                    
  22,085    

Netflix Inc (3)

          3,862,004  
  1,091    

Roku Inc (3)

          89,615  
  85,224    

Walt Disney Co (3)

          8,045,146  
  146,699    

Warner Bros Discovery Inc (3)

                      1,968,700  
 

Total Entertainment

                      13,965,465  
      Equity Real Estate Investment Trust – 2.8%                    
  97,035    

American Homes 4 Rent, Class A

          3,438,920  
  33,023    

American Tower Corp

          8,440,349  
  17,121    

Apartment Income REIT Corp

          712,234  
  73,114    

Apartment Investment and Management Co, Class A (3)

          467,930  
  123,846    

Brandywine Realty Trust

          1,193,875  
  75,722    

CubeSmart

          3,234,844  
  51,595    

Equity Commonwealth (3)

          1,420,410  
  84,268    

Healthcare Realty Trust Inc

          2,292,090  
  159,619    

Invitation Homes Inc

          5,679,244  
  19,823    

LXP Industrial Trust

          212,899  
  51,162    

Sabra Health Care REIT Inc

          714,733  
  15,931    

Sun Communities Inc

          2,538,764  
  42,955    

Welltower Inc

          3,537,344  
  94,015    

Weyerhaeuser Co

                      3,113,777  
 

Total Equity Real Estate Investment Trust

                      36,997,413  
      Food & Staples Retailing – 1.5%                    
  3,640    

Casey’s General Stores Inc

          673,327  
  26,650    

Costco Wholesale Corp

          12,772,812  
  73,551    

Kroger Co

          3,481,169  
  34,540    

Sysco Corp

          2,925,883  
  15,913    

US Foods Holding Corp (3)

                      488,211  
 

Total Food & Staples Retailing

                      20,341,402  
      Food Products – 1.0%                    
  71,353    

Hormel Foods Corp

          3,379,278  

 

23


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

 

Shares     Description (1)                   Value  
      Food Products (continued)                    
  133,397    

Mondelez International Inc, Class A

        $ 8,282,620  
  12,100    

Post Holdings Inc (3)

                      996,435  
 

Total Food Products

                      12,658,333  
      Gas Utilities – 0.1%                    
  12,873    

Atmos Energy Corp

          1,443,063  
  2,933    

National Fuel Gas Co

                      193,725  
 

Total Gas Utilities

                      1,636,788  
      Health Care Equipment & Supplies – 2.4%                    
  98,976    

Abbott Laboratories

          10,753,742  
  19,319    

Alcon Inc

          1,350,205  
  7,646    

Avanos Medical Inc (3)

          209,042  
  49,755    

Baxter International Inc

          3,195,764  
  130,178    

Boston Scientific Corp (3)

          4,851,734  
  8,009    

IDEXX Laboratories Inc (3)

          2,808,997  
  89,338    

Medtronic PLC

                      8,018,085  
 

Total Health Care Equipment & Supplies

                      31,187,569  
      Health Care Providers & Services – 3.5%                    
  20,430    

Cigna Corp

          5,383,714  
  8,265    

Covetrus Inc (3)

          171,499  
  69,178    

CVS Health Corp

          6,410,033  
  15,832    

Elevance Health Inc

          7,640,206  
  20,595    

HCA Healthcare Inc

          3,461,196  
  45,020    

UnitedHealth Group Inc

                      23,123,623  
 

Total Health Care Providers & Services

                      46,190,271  
      Health Care Technology – 0.1%                    
  6,414    

Veeva Systems Inc, Class A (3)

                      1,270,229  
      Hotels, Restaurants & Leisure – 1.9%                    
  2,484    

Booking Holdings Inc (3)

          4,344,491  
  31,485    

Marriott International Inc/MD, Class A

          4,282,275  
  41,884    

McDonald’s Corp

          10,340,322  
  16,077    

Restaurant Brands International Inc

          806,261  
  74,292    

Starbucks Corp

                      5,675,166  
 

Total Hotels, Restaurants & Leisure

                      25,448,515  
      Household Durables – 0.3%                    
  16,552    

Garmin Ltd

          1,626,234  
  32,919    

KB Home

          936,875  
  6,575    

TopBuild Corp (3)

                      1,099,077  
 

Total Household Durables

                      3,662,186  
      Household Products – 1.6%                    
  144,112    

Procter & Gamble Co

          20,721,864  
  13,445    

Spectrum Brands Holdings Inc

                      1,102,759  
 

Total Household Products

                      21,824,623  
      Industrial Conglomerates – 1.2%                    
  38,682    

3M Co

          5,005,837  
  50,397    

General Electric Co

          3,208,777  
  40,807    

Honeywell International Inc

                      7,092,665  
 

Total Industrial Conglomerates

                      15,307,279  
      Insurance – 2.3%                    
  2,535    

Alleghany Corp (3)

          2,111,908  
  28,004    

Allstate Corp

          3,548,947  
  47,396    

Arthur J Gallagher & Co

          7,727,444  
  37,130    

CNO Financial Group Inc

          671,682  
  23,577    

Fidelity National Financial Inc

          871,406  

 

24


  
  
  

 

Shares     Description (1)                   Value  
      Insurance (continued)                    
  16,078    

Genworth Financial Inc, Class A (3)

        $ 56,755  
  38,545    

Hartford Financial Services Group Inc

          2,521,999  
  4,703    

Kemper Corp

          225,274  
  33,540    

Lincoln National Corp

          1,568,666  
  7,573    

RenaissanceRe Holdings Ltd

          1,184,190  
  32,951    

Travelers Cos Inc

          5,573,003  
  71,665    

W R Berkley Corp

                      4,891,853  
 

Total Insurance

                      30,953,127  
      Interactive Media & Services – 5.3%                    
  14,278    

Alphabet Inc, Class A (3)

          31,115,474  
  9,974    

Alphabet Inc, Class C (3)

          21,817,626  
  99,036    

Meta Platforms Inc, Class (3)

          15,969,555  
  42,710    

Twitter Inc (3)

                      1,596,927  
 

Total Interactive Media & Services

                      70,499,582  
      Internet & Direct Marketing Retail – 3.0%                    
  370,359    

Amazon.com Inc (3)

          39,335,829  
  5,685    

JD.com Inc, ADR

                      365,091  
 

Total Internet & Direct Marketing Retail

                      39,700,920  
      IT Services – 4.6%                    
  30,096    

Accenture PLC, Class A

          8,356,155  
  20,604    

Akamai Technologies Inc (3)

          1,881,763  
  34,973    

Automatic Data Processing Inc

          7,345,729  
  15,971    

Broadridge Financial Solutions Inc

          2,276,666  
  39,198    

Fidelity National Information Services Inc

          3,593,281  
  41,235    

Mastercard Inc, Class A

          13,008,818  
  60,946    

PayPal Holdings Inc (3)

          4,256,468  
  9,442    

Twilio Inc, Class A (3)

          791,334  
  17,828    

VeriSign Inc (3)

          2,983,159  
  79,964    

Visa Inc, Class A

                      15,744,112  
 

Total IT Services

                      60,237,485  
      Leisure Products – 0.1%                    
  25,861    

Mattel Inc (3)

          577,476  
  6,048    

Polaris Inc

                      600,446  
 

Total Leisure Products

                      1,177,922  
      Life Sciences Tools & Services – 1.9%                    
  36,475    

Danaher Corp

          9,247,142  
  10,529    

Illumina Inc (3)

          1,941,126  
  21,185    

Thermo Fisher Scientific Inc

          11,509,387  
  7,519    

Waters Corp (3)

                      2,488,639  
 

Total Life Sciences Tools & Services

                      25,186,294  
      Machinery – 1.6%                    
  32,898    

Caterpillar Inc

          5,880,847  
  15,389    

Deere & Co

          4,608,544  
  31,851    

Graco Inc

          1,892,268  
  39,784    

Otis Worldwide Corp

          2,811,535  
  15,767    

Parker-Hannifin Corp

          3,879,470  
  16,044    

Stanley Black & Decker Inc

          1,682,374  
  10,383    

Timken Co

                      550,818  
 

Total Machinery

                      21,305,856  
      Media – 0.8%                    
  216,324    

Comcast Corp, Class A

          8,488,554  
  17,899    

New York Times Co, Class A

          499,382  
  78,489    

News Corp, Class A

                      1,222,858  
 

Total Media

                      10,210,794  

 

25


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

 

Shares     Description (1)                   Value  
      Metals & Mining – 0.4%                    
  15,262    

Arconic Corp (3)

        $ 428,099  
  42,845    

Newmont Corp

          2,556,561  
  20,588    

Nucor Corp

                      2,149,593  
 

Total Metals & Mining

                      5,134,253  
      Mortgage Real Estate Investment Trust – 0.0%                    
  26,802    

Annaly Capital Management Inc

                      158,400  
      Multiline Retail – 0.4%                    
  25,320    

Macy’s Inc

          463,862  
  16,563    

Nordstrom Inc

          349,976  
  31,203    

Target Corp

                      4,406,800  
 

Total Multiline Retail

                      5,220,638  
      Multi-Utilities – 1.7%                    
  80,101    

Ameren Corp

          7,237,926  
  17,519    

NorthWestern Corp

          1,032,395  
  105,501    

Public Service Enterprise Group Inc

          6,676,103  
  81,221    

WEC Energy Group Inc

                      8,174,082  
 

Total Multi-Utilities

                      23,120,506  
      Oil, Gas & Consumable Fuels – 3.9%                    
  44,283    

Cenovus Energy Inc

          841,820  
  12,521    

Cheniere Energy Inc

          1,665,669  
  84,740    

Chevron Corp

          12,268,657  
  9,675    

CNX Resources Corp (3)

          159,251  
  81,811    

ConocoPhillips

          7,347,446  
  15,719    

Continental Resources Inc

          1,027,237  
  183,113    

Exxon Mobil Corp

          15,681,797  
  29,828    

Hess Corp

          3,159,978  
  42,055    

Marathon Petroleum Corp

          3,457,342  
  17,934    

Ovintiv Inc

          792,503  
  26,554    

Phillips 66

          2,177,162  
  26,407    

Suncor Energy Inc

          926,093  
  25,961    

Valero Energy Corp

                      2,759,135  
 

Total Oil, Gas & Consumable Fuels

                      52,264,090  
      Personal Products – 0.0%                    
  15,340    

BellRing Brands Inc (3)

                      381,813  
      Pharmaceuticals – 4.9%                    
  123,308    

Bristol-Myers Squibb Co

          9,494,716  
  36,480    

Eli Lilly & Co

          11,827,910  
  115,829    

Johnson & Johnson

          20,560,806  
  112,570    

Merck & Co Inc

          10,263,007  
  241,787    

Pfizer Inc

                      12,676,892  
 

Total Pharmaceuticals

                      64,823,331  
      Professional Services – 0.3%                    
  21,760    

CoStar Group Inc (3)

          1,314,522  
  9,803    

ManpowerGroup Inc

          749,047  
  23,554    

TransUnion

                      1,884,084  
 

Total Professional Services

                      3,947,653  
      Road & Rail – 0.9%                    
  30,324    

Canadian Pacific Railway Ltd

          2,117,828  
  4,425    

Lyft Inc, Class A (3)

          58,764  
  24,761    

Norfolk Southern Corp

          5,627,928  
  15,787    

Old Dominion Freight Line Inc

          4,045,892  
  31,571    

Uber Technologies Inc (3)

                      645,943  
 

Total Road & Rail

                      12,496,355  

 

26


  
  

 

Shares     Description (1)                   Value  
      Semiconductors & Semiconductor Equipment – 5.2%                    
  76,680    

Advanced Micro Devices Inc (3)

        $ 5,863,720  
  56,923    

Applied Materials Inc

          5,178,854  
  21,360    

Broadcom Inc

          10,376,902  
  7,284    

Enphase Energy Inc (3)

          1,422,128  
  203,100    

Intel Corp

          7,597,971  
  10,447    

Lam Research Corp

          4,451,989  
  32,109    

Marvell Technology Inc

          1,397,705  
  62,434    

Micron Technology Inc

          3,451,351  
  111,295    

NVIDIA Corp

          16,871,209  
  19,772    

NXP Semiconductors NV

          2,926,849  
  32,082    

ON Semiconductor Corp (3)

          1,614,045  
  56,144    

QUALCOMM Inc

                      7,171,835  
 

Total Semiconductors & Semiconductor Equipment

                      68,324,558  
      Software – 9.1%                    
  25,704    

Adobe Inc (3)

          9,409,206  
  17,788    

Autodesk Inc (3)

          3,058,825  
  16,990    

Black Knight Inc (3)

          1,110,976  
  552    

CDK Global Inc

          30,233  
  10,744    

Check Point Software Technologies Ltd (3)

          1,308,404  
  48,865    

Fortinet Inc (3)

          2,764,782  
  314,362    

Microsoft Corp

          80,737,592  
  81,715    

Oracle Corp

          5,709,427  
  3,109    

Palo Alto Networks Inc (3)

          1,535,659  
  47,152    

Salesforce Inc (3)

          7,781,966  
  12,353    

ServiceNow Inc (3)

          5,874,099  
  6,422    

VMware Inc, Class A

                      731,980  
 

Total Software

                      120,053,149  
      Specialty Retail – 2.0%                    
  8,358    

American Eagle Outfitters Inc

          93,442  
  24,636    

Best Buy Co Inc

          1,606,021  
  4,047    

Burlington Stores Inc (3)

          551,323  
  14,810    

CarMax Inc (3)

          1,340,009  
  4,361    

Five Below Inc (3)

          494,668  
  50,051    

Home Depot Inc

          13,727,488  
  38,481    

Lowe’s Cos Inc

          6,721,476  
  4,641    

Ulta Beauty Inc (3)

                      1,789,013  
 

Total Specialty Retail

                      26,323,440  
      Technology Hardware, Storage & Peripherals – 6.8%                    
  645,863    

Apple Inc

          88,302,390  
  48,016    

Dell Technologies Inc, Class C

                      2,218,819  
 

Total Technology Hardware, Storage & Peripherals

                      90,521,209  
      Textiles, Apparel & Luxury Goods – 0.6%                    
  6,689    

Kontoor Brands Inc

          223,212  
  3,315    

Lululemon Athletica Inc (3)

          903,702  
  63,640    

NIKE Inc, Class B

                      6,504,008  
 

Total Textiles, Apparel & Luxury Goods

                      7,630,922  
      Thrifts & Mortgage Finance – 0.0%                    
  48,313    

MGIC Investment Corp

                      608,744  
      Tobacco – 0.6%                    
  175,892    

Altria Group Inc

                      7,347,009  
 

Total Long-Term Investments (cost $584,362,523)

                      1,315,587,838  

 

27


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

 

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

SHORT-TERM INVESTMENTS – 3.8%

       
 

REPURCHASE AGREEMENTS – 3.8%

       
$ 49,982    

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

    0.240%        7/01/22      $ 49,982,419  
 

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

                      49,982,419  
 

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

                      1,365,570,257  
 

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

                      (40,355,592
 

Net Assets – 100%

                    $ 1,325,214,665  

Investments in Derivatives

Options Written

 

Description (5)      Type        Number of
Contracts
       Notional
Amount (6)
       Exercise
Price
       Expiration
Date
       Value  

S&P 500® Index

       Call          (382      $ (146,115,000      $ 3,825          7/15/22        $ (2,227,060

S&P 500® Index

       Call          (382        (147,070,000        3,850          7/15/22          (1,808,770

S&P 500® Index

       Call          (381        (148,590,000        3,900          7/15/22          (1,133,475

S&P 500® Index

       Call          (382        (151,845,000        3,975          7/15/22          (490,870

S&P 500® Index

       Call          (382        (156,620,000        4,100          7/15/22          (115,555

S&P 500® Index

       Call          (383        (160,860,000        4,200          7/15/22          (35,428

S&P 500® Index

       Call          (382        (142,295,000        3,725          7/29/22          (5,730,000

S&P 500® Index

       Call          (383        (147,455,000        3,850          7/29/22          (3,102,300

S&P 500® Index

       Call          (382        (152,800,000        4,000          8/19/22          (1,831,690

Total Options Written (premiums received $35,322,334)

 

       (3,439      $ (1,353,650,000                            $ (16,475,148

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

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

 

(5)

Exchange-traded, unless otherwise noted.

 

(6)

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

 

ADR

American Depositary Receipt

 

REIT

Real Estate Investment Trust

 

S&P

Standard & Poor’s

 

See accompanying notes to financial statements.

 

28


DIAX   

Nuveen Dow 30SM Dynamic
Overwrite Fund

 

Portfolio of Investments    June 30, 2022

     (Unaudited)

 

Shares     Description (1)                   Value  
 

LONG-TERM INVESTMENTS – 102.4%

       
 

COMMON STOCKS – 99.3%

       
      Aerospace & Defense – 2.9%                    
  122,356    

Boeing Co (2)

                    $ 16,728,512  
      Banks – 2.4%                    
  122,356    

JPMorgan Chase & Co

                      13,778,509  
      Beverages – 1.3%                    
  122,356    

Coca-Cola Co

                      7,697,416  
      Biotechnology – 5.2%                    
  122,356    

Amgen Inc (3)

                      29,769,215  
      Capital Markets – 6.3%                    
  122,356    

Goldman Sachs Group Inc (3)

                      36,342,179  
      Chemicals – 1.1%                    
  122,356    

Dow Inc

                      6,314,793  
      Communications Equipment – 0.9%                    
  122,356    

Cisco Systems Inc

                      5,217,260  
      Consumer Finance – 2.9%                    
  122,356    

American Express Co

                      16,960,989  
      Diversified Telecommunication Services – 1.1%                    
  122,356    

Verizon Communications Inc

                      6,209,567  
      Entertainment – 2.0%                    
  122,356    

Walt Disney Co (2)

                      11,550,407  
      Food & Staples Retailing – 3.4%                    
  122,356    

Walgreens Boots Alliance Inc

          4,637,292  
  122,356    

Walmart Inc

                      14,876,043  
 

Total Food & Staples Retailing

                      19,513,335  
      Health Care Providers & Services – 10.9%                    
  122,356    

UnitedHealth Group Inc

                      62,845,712  
      Hotels, Restaurants & Leisure – 5.3%                    
  122,356    

McDonald’s Corp

                      30,207,249  
      Household Products – 3.1%                    
  122,356    

Procter & Gamble Co

                      17,593,569  
      Industrial Conglomerates – 6.4%                    
  122,356    

3M Co

          15,834,090  
  122,356    

Honeywell International Inc

                      21,266,696  
 

Total Industrial Conglomerates

                      37,100,786  
      Insurance – 3.6%                    
  122,356    

Travelers Cos Inc

                      20,694,070  

 

29


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

 

Shares     Description (1)                   Value  
      IT Services – 7.2%                    
  122,356    

International Business Machines Corp

        $ 17,275,444  
  122,356    

Visa Inc, Class A

                      24,090,673  
 

Total IT Services

                      41,366,117  
      Machinery – 3.8%                    
  122,356    

Caterpillar Inc

                      21,872,359  
      Oil, Gas & Consumable Fuels – 3.1%                    
  122,356    

Chevron Corp

                      17,714,702  
      Pharmaceuticals – 5.7%                    
  122,356    

Johnson & Johnson

          21,719,414  
  122,356    

Merck & Co Inc

                      11,155,196  
 

Total Pharmaceuticals

                      32,874,610  
      Semiconductors & Semiconductor Equipment – 0.8%                    
  122,356    

Intel Corp

                      4,577,338  
      Software – 9.0%                    
  122,356    

Microsoft Corp (3)

          31,424,692  
  122,356    

Salesforce Inc (2)

                      20,193,634  
 

Total Software

                      51,618,326  
      Specialty Retail – 5.8%                    
  122,356    

Home Depot Inc

                      33,558,580  
      Technology Hardware, Storage & Peripherals – 2.9%                    
  122,356    

Apple Inc (3)

                      16,728,512  
      Textiles, Apparel & Luxury Goods – 2.2%                    
  122,356    

NIKE Inc, Class B

                      12,504,783  
 

Total Common Stocks (cost $262,115,223)

                      571,338,895  
Shares     Description (1)                   Value  
      EXCHANGE-TRADED FUNDS – 3.1%                    
  95,000    

Vanguard Total Stock Market ETF

                    $ 17,918,900  
 

Total Exchange-Traded Funds (cost $18,634,470)

                      17,918,900  
 

Total Long-Term Investments (cost $280,749,693)

                      589,257,795  
Principal
Amount (000)
    Description (1)   Coupon      Maturity      Value  
 

SHORT-TERM INVESTMENTS – 1.9%

       
 

REPURCHASE AGREEMENTS – 1.9%

       
$ 11,251    

Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/22, repurchase price $11,251,081, collateralized by $13,199,700, U.S. Treasury Note,
0.500%, due 10/31/27, value $11,476,120

    0.240%        7/01/22      $ 11,251,081  
 

Total Short-Term Investments (cost $11,251,081)

                      11,251,081  
 

Total Investments (cost $292,000,774) – 104.3%

                      600,508,876  
 

Other Assets Less Liabilities – (4.3)% (4)

                      (24,911,230
 

Net Assets – 100%

                    $ 575,597,646  

 

30


  
  
  

 

Investments in Derivatives

Options Purchased

 

Description (5)

     Type        Number of
Contracts
       Notional
Amount (6)
       Exercise
Price
       Expiration
Date
       Value  

Cboe Volatility Index (premiums paid $21,465)

       Put          300        $ 660,000        $ 22          7/20/22        $ 750  

Options Written

 

Description (5)

     Type        Number of
Contracts
       Notional
Amount (6)
       Exercise
Price
       Expiration
Date
       Value  

S&P 500® Index

       Call          (800      $ (292,400,000      $ 3,655          7/15/22        $ (13,260,000

S&P 500® Index

       Call          (50        (18,375,000        3,675          7/15/22          (753,250

S&P 500® Index

       Put          (65        (24,050,000        3,700          7/15/22          (293,150

Total Options Written (premiums received $10,997,433)

                  (915      $ (334,825,000                            $ (14,306,400

 

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

 

(1)

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

 

(2)

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

 

(3)

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

 

(4)

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

 

(5)

Exchange-traded, unless otherwise noted.

 

(6)

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

 

Cboe

Chicago Board Options Exchange

 

ETF

Exchange-Traded Fund

 

S&P

Standard & Poor’s

 

See accompanying notes to financial statements.

 

31


SPXX   

Nuveen S&P 500 Dynamic
Overwrite Fund

 

Portfolio of Investments    June 30, 2022

     (Unaudited)

 

Shares     Description (1)                   Value  
 

LONG-TERM INVESTMENTS – 101.8%

       
 

COMMON STOCKS – 98.8%

       
      Aerospace & Defense – 1.8%                    
  5,621    

Boeing Co (2)

        $ 768,503  
  1,033    

BWX Technologies Inc

          56,908  
  716    

Curtiss-Wright Corp

          94,555  
  793    

HEICO Corp

          103,978  
  3,921    

Lockheed Martin Corp

          1,685,873  
  20,963    

Raytheon Technologies Corp

          2,014,754  
  729    

Woodward Inc

                      67,426  
 

Total Aerospace & Defense

                      4,791,997  
      Air Freight & Logistics – 0.6%                    
  8,775    

United Parcel Service Inc, Class B

                      1,601,789  
      Airlines – 0.1%                    
  7,767    

American Airlines Group Inc (2)

          98,486  
  5,123    

JetBlue Airways Corp (2)

          42,879  
  2,159    

Spirit Airlines Inc (2)

                      51,471  
 

Total Airlines

                      192,836  
      Auto Components – 0.1%                    
  3,036    

Gentex Corp

          84,917  
  8,235    

Goodyear Tire & Rubber Co (2)

          88,197  
  519    

Lear Corp

                      65,337  
 

Total Auto Components

                      238,451  
      Automobiles – 1.9%                    
  37,389    

Ford Motor Co

          416,140  
  1,133    

Rivian Automotive Inc, Class A (2)

          29,163  
  6,938    

Tesla Inc (2)

                      4,672,188  
 

Total Automobiles

                      5,117,491  
      Banks – 4.7%                    
  13,874    

Associated Banc-Corp

          253,339  
  69,901    

Bank of America Corp

          2,176,018  
  906    

Bank of Hawaii Corp

          67,406  
  1,569    

Bank OZK

          58,885  
  1,508    

BankUnited Inc

          53,640  
  1,063    

BOK Financial Corp

          80,342  
  2,722    

Cadence Bank

          63,913  
  2,384    

Cathay General Bancorp

          93,334  
  24,364    

Citigroup Inc

          1,120,500  
  1,411    

Citizens Financial Group Inc

          50,359  
  5,340    

Comerica Inc

          391,849  
  1,830    

Commerce Bancshares Inc/MO

          120,139  
  1,323    

Community Bank System Inc

          83,719  
  872    

Cullen/Frost Bankers Inc

          101,544  
  2,667    

CVB Financial Corp

          66,168  
  1,261    

East West Bancorp Inc

          81,713  
  1,257    

Enterprise Financial Services Corp

          52,165  
  74    

First Citizens BancShares Inc/NC, Class A

          48,380  
  2,715    

First Financial Bancorp

          52,671  
  7,166    

First Hawaiian Inc

          162,740  
  9,948    

First Horizon Corp

          217,463  
  21,881    

FNB Corp/PA

          237,628  
  3,550    

Fulton Financial Corp

          51,297  
  1,542    

Glacier Bancorp Inc

          73,122  

 

32


  
  
  

 

Shares     Description (1)                   Value  
      Banks (continued)                    
  9,405    

Hope Bancorp Inc

        $ 130,165  
  730    

Independent Bank Corp

          57,984  
  32,606    

JPMorgan Chase & Co (3)

          3,671,762  
  18,999    

Old National Bancorp/IN

          280,995  
  2,579    

PacWest Bancorp

          68,756  
  1,012    

Pinnacle Financial Partners Inc

          73,178  
  2,043    

Popular Inc

          157,168  
  1,205    

Renasant Corp

          34,716  
  658    

SouthState Corp

          50,765  
  650    

Texas Capital Bancshares Inc (2)

          34,216  
  2,690    

Towne Bank/Portsmouth VA

          73,034  
  2,094    

United Community Banks Inc/GA

          63,218  
  10,088    

Valley National Bancorp

          105,016  
  1,329    

Webster Financial Corp

          56,017  
  36,733    

Wells Fargo & Co

          1,438,832  
  660    

Western Alliance Bancorp

          46,596  
  8,676    

Zions Bancorp NA

                      441,608  
 

Total Banks

                      12,542,360  
      Beverages – 2.4%                    
  51,740    

Coca-Cola Co

          3,254,963  
  19,878    

PepsiCo Inc

                      3,312,868  
 

Total Beverages

                      6,567,831  
      Biotechnology – 2.2%                    
  16,944    

AbbVie Inc

          2,595,143  
  7,117    

Amgen Inc

          1,731,566  
  1,457    

Biogen Inc (2)

          297,141  
  661    

BioMarin Pharmaceutical Inc (2)

          54,777  
  551    

Horizon Therapeutics Plc (2)

          43,948  
  3,054    

Moderna Inc (2)

          436,264  
  2,650    

Vertex Pharmaceuticals Inc (2)

                      746,743  
 

Total Biotechnology

                      5,905,582  
      Building Products – 0.2%                    
  563    

Carlisle Cos Inc

          134,337  
  424    

Lennox International Inc

          87,594  
  1,102    

Owens Corning

          81,890  
  548    

Simpson Manufacturing Co Inc

          55,134  
  397    

Trex Co Inc (2)

          21,605  
  855    

UFP Industries Inc

                      58,260  
 

Total Building Products

                      438,820  
      Capital Markets – 2.4%                    
  771    

Ares Management Corp, Class A

          43,839  
  975    

Blackstone Inc

          88,949  
  1,778    

Carlyle Group Inc

          56,291  
  16,181    

Charles Schwab Corp

          1,022,316  
  4,910    

CME Group Inc

          1,005,077  
  1,462    

Federated Hermes Inc

          46,477  
  4,325    

Goldman Sachs Group Inc

          1,284,612  
  492    

Hamilton Lane Inc, Class A

          33,053  
  496    

Houlihan Lokey Inc

          39,149  
  9,328    

Intercontinental Exchange Inc

          877,205  
  1,228    

Janus Henderson Group PLC

          28,870  
  1,763    

Jefferies Financial Group Inc

          48,694  
  1,435    

KKR & Co Inc

          66,426  
  1,234    

Lazard Ltd, Class A

          39,994  
  546    

LPL Financial Holdings Inc

          100,726  
  17,299    

Morgan Stanley

          1,315,762  
  2,060    

SEI Investments Co

          111,281  
  1,398    

Stifel Financial Corp

          78,316  
  954    

Tradeweb Markets Inc, Class A

                      65,111  
 

Total Capital Markets

                      6,352,148  

 

33


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

 

Shares     Description (1)                   Value  
      Chemicals – 1.8%                    
  722    

Ashland Global Holdings Inc

        $ 74,402  
  1,074    

Avient Corp

          43,046  
  2,854    

Axalta Coating Systems Ltd (2)

          63,102  
  337    

Balchem Corp

          43,722  
  1,117    

Cabot Corp

          71,253  
  10,837    

Dow Inc

          559,298  
  5,047    

Eastman Chemical Co

          453,069  
  3,516    

Ecolab Inc

          540,620  
  2,357    

Element Solutions Inc

          41,955  
  976    

HB Fuller Co

          58,765  
  5,409    

Linde PLC

          1,555,250  
  3,077    

Mosaic Co

          145,327  
  152    

NewMarket Corp

          45,746  
  1,562    

Olin Corp

          72,289  
  1,353    

RPM International Inc

          106,508  
  1,069    

Sensient Technologies Corp

          86,119  
  4,312    

Sherwin-Williams Co

          965,500  
  1,434    

Valvoline Inc

                      41,342  
 

Total Chemicals

                      4,967,313  
      Commercial Services & Supplies – 0.2%                    
  903    

Casella Waste Systems Inc, Class A (2)

          65,630  
  638    

Clean Harbors Inc (2)

          55,933  
  8,663    

CoreCivic Inc (2)

          96,246  
  2,741    

GEO Group Inc (2)

          18,091  
  409    

MSA Safety Inc

          49,518  
  1,037    

Stericycle Inc (2)

          45,472  
  383    

Tetra Tech Inc

          52,299  
  258    

UniFirst Corp/MA

                      44,422  
 

Total Commercial Services & Supplies

                      427,611  
      Communications Equipment – 1.1%                    
  1,059    

Ciena Corp (2)

          48,396  
  51,860    

Cisco Systems Inc

          2,211,310  
  2,967    

Motorola Solutions Inc

          621,883  
  4,298    

Viavi Solutions Inc (2)

                      56,863  
 

Total Communications Equipment

                      2,938,452  
      Construction & Engineering – 0.1%                    
  740    

EMCOR Group Inc

          76,190  
  595    

MasTec Inc (2)

          42,638  
  3,092    

MDU Resources Group Inc

          83,453  
  275    

Valmont Industries Inc

                      61,773  
 

Total Construction & Engineering

                      264,054  
      Construction Materials – 0.0%                    
  546    

Eagle Materials Inc

                      60,027  
      Consumer Finance – 0.4%                    
  1,842    

Ally Financial Inc

          61,725  
  7,538    

American Express Co

                      1,044,918  
 

Total Consumer Finance

                      1,106,643  
      Containers & Packaging – 0.4%                    
  1,196    

AptarGroup Inc

          123,439  
  8,328    

Ardagh Metal Packaging SA

          50,801  
  3,220    

Avery Dennison Corp

          521,221  
  860    

Berry Global Group Inc (2)

          46,991  
  1,261    

Crown Holdings Inc

          116,226  
  4,826    

Graphic Packaging Holding Co

          98,933  
  2,023    

Silgan Holdings Inc

          83,651  
  2,568    

Sonoco Products Co

                      146,479  
 

Total Containers & Packaging

                      1,187,741  

 

34


  
  
  

 

Shares     Description (1)                   Value  
      Diversified Financial Services – 1.9%                    
  1,611    

Apollo Global Management Inc

        $ 78,101  
  17,656    

Berkshire Hathaway Inc, Class B (2)

          4,820,441  
  3,318    

Equitable Holdings Inc

          86,500  
  1,609    

Voya Financial Inc