Nuveen NASDAQ 100 Dynamic Overwrite Fund

N-Q 1 d638052dnq.htm NUVEEN NASDAQ 100 DYNAMIC OVERWRITE FUND Nuveen NASDAQ 100 Dynamic Overwrite Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22971

Nuveen NASDAQ 100 Dynamic Overwrite Fund

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 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: September 30, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments

QQQX

Nuveen NASDAQ 100 Dynamic
Overwrite Fund

Portfolio of Investments September 30, 2018

(Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 102.6%

		COMMON STOCKS – 100.9%

		Air Freight & Logistics – 0.1%

	3,086	FedEx Corporation	$	743,078

		Airlines – 0.5%

	34,579	Delta Air Lines Inc.		1,999,703
	7,522	Ryanair Holdings PLC		722,413
	29,336	Southwest Airlines Company		1,832,033
		Total Airlines		4,554,149

		Auto Components – 0.2%

	29,673	American Axle & Manufacturing Holdings Inc.		517,497
	24,524	Gentex Corporation		526,285
	4,713	Lear Corporation		683,385
		Total Auto Components		1,727,167

		Automobiles – 0.1%

	54,841	Ford Motor Company		507,279

		Banks – 0.1%

	5,578	JPMorgan Chase & Co		629,422

		Beverages – 0.8%

	25,430	Brown-Forman Corporation		1,285,486
	101,501	Monster Beverage Corporation, (2)		5,915,478
		Total Beverages		7,200,964

		Biotechnology – 8.7%

	9,259	Agios Pharmaceuticals Inc., (2)		714,054
	15,675	Alkermes PLC, (2)		665,247
	127,932	Amgen Inc.		26,519,024
	31,638	Biogen Inc., (2)		11,178,022
	140,204	Celgene Corporation, (2), (3)		12,546,856
	224,857	Gilead Sciences Inc., (3)		17,361,209
	69,102	ImmunoGen Inc., (2)		654,396
	11,753	Ionis Pharmaceuticals Inc., (2)		606,220
	14,394	Myriad Genetics Inc., (2)		662,124
	19,629	Regeneron Pharmaceuticals Inc., (2)		7,930,901
	13,583	Seattle Genetics Inc., (2)		1,047,521
	4,035	United Therapeutics Corporation, (2)		515,996
		Total Biotechnology		80,401,570

		Capital Markets – 0.5%

	11,043	Moody’s Corporation		1,846,390
	27,301	Morgan Stanley		1,271,408
	12,970	SEI Investments Company		792,467
	8,147	T Rowe Price Group Inc.		889,489
		Total Capital Markets		4,799,754

		Chemicals – 0.3%

	6,571	Ecolab Inc.		1,030,201
	3,363	Sherwin-Williams Company		1,530,871
		Total Chemicals		2,561,072


QQQX		Nuveen NASDAQ 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments September 30, 2018
		(Unaudited)


Shares		Description (1)	Value

		Commercial Services & Supplies – 0.4%

	11,517	Copart Inc., (2)	$	593,471
	8,484	KAR Auction Services Inc.		506,410
	16,732	Tetra Tech Inc.		1,142,796
	8,012	Waste Connections Inc.		639,117
	10,505	Waste Management Inc.		949,232
		Total Commercial Services & Supplies		3,831,026

		Communications Equipment – 4.9%

	903,454	Cisco Systems Inc., (3)		43,953,037
	5,575	F5 Networks Inc., (2)		1,111,767
		Total Communications Equipment		45,064,804

		Containers & Packaging – 0.1%

	4,463	Ball Corporation		196,327
	11,155	International Paper Company		548,268
		Total Containers & Packaging		744,595

		Distributors – 0.2%

	3,849	Genuine Parts Company		382,591
	8,698	Pool Corporation		1,451,522
		Total Distributors		1,834,113

		Diversified Consumer Services – 0.2%

	48,186	Service Corporation International		2,129,821

		Electrical Equipment – 0.2%

	10,482	Rockwell Automation Inc.		1,965,585

		Electronic Equipment, Instruments & Components – 0.5%

	13,551	Amphenol Corporation		1,274,065
	4,101	Arrow Electronics Inc., (2)		302,326
	6,650	Avnet Inc.		297,721
	33,809	Corning Inc.		1,193,458
	8,581	Keysight Technologies Inc., (2)		568,749
	15,345	National Instruments Corporation		741,624
		Total Electronic Equipment, Instruments & Components		4,377,943

		Energy Equipment & Services – 0.1%

	36,367	Nabors Industries Ltd		224,021
	41,606	Transocean Ltd		580,404
		Total Energy Equipment & Services		804,425

		Equity Real Estate Investment Trusts – 0.3%

	20,539	Apartment Investment & Management Company, Class A		906,386
	60,901	CubeSmart		1,737,505
	33,242	DDR Corporation		445,110
	3,326	Retail Value Inc., (2)		108,727
		Total Equity Real Estate Investment Trusts		3,197,728

		Food & Staples Retailing – 0.3%

	4,240	Casey’s General Stores Inc.		547,426
	28,221	Kroger Company		821,513
	9,705	Sysco Corporation		710,891
	22,644	US Foods Holding Corporation, (2)		697,888
		Total Food & Staples Retailing		2,777,718

		Food Products – 0.1%

	16,955	Conagra Brands Inc.		575,961
	5,913	Hain Celestial Group Inc., (2)		160,361
	12,270	Pilgrim’s Pride Corporation, (2)		221,964
	4,240	Post Holdings Inc., (2)		415,690
		Total Food Products		1,373,976


Shares		Description (1)	Value

		Health Care Equipment & Supplies – 1.3%

	76,517	Abbott Laboratories	$	5,613,287
	4,070	Becton Dickinson and Company, (3)		1,062,270
	17,847	Danaher Corporation		1,939,255
	9,409	Hill-Rom Holdings Inc.		888,210
	4,141	Stryker Corporation, (3)		735,773
	12,382	Zimmer Biomet Holdings Inc., (3)		1,627,861
		Total Health Care Equipment & Supplies		11,866,656

		Health Care Providers & Services – 0.2%

	4,564	McKesson Corporation, (3)		605,415
	8,864	Universal Health Services Inc.		1,133,174
		Total Health Care Providers & Services		1,738,589

		Hotels, Restaurants & Leisure – 0.6%

	23,105	Carnival Corporation		1,473,406
	11,155	Darden Restaurants Inc.		1,240,324
	3,345	Domino’s Pizza Inc.		986,106
	32,571	Restaurant Brands International Inc.		1,930,809
		Total Hotels, Restaurants & Leisure		5,630,645

		Household Durables – 0.1%

	46,329	KB Home		1,107,726

		Industrial Conglomerates – 0.1%

	6,402	Honeywell International Inc.		1,065,293

		Insurance – 0.2%

	26,378	Fidelity National Financial Inc.		1,037,974
	13,386	Torchmark Corporation		1,160,432
		Total Insurance		2,198,406

		Internet Software & Services – 16.6%

	33,333	Alphabet Inc., Class A, (2)		40,235,598
	34,375	Alphabet Inc., Class C, (2), (3)		41,025,531
	47,960	Baidu Inc., (2), (3)		10,967,493
	234,230	eBay Inc., (2), (3)		7,734,275
	290,000	Facebook Inc., (2)		47,693,400
	19,630	IAC/InterActiveCorp		4,254,214
	85,270	Snap Inc., (2)		723,090
	33,462	Twitter Inc., (2)		952,329
		Total Internet Software & Services		153,585,930

		Internet & Direct Marketing Retail – 13.9%

	55,000	Amazon.com Inc., (2)		110,165,000
	9,480	Booking Holdings Inc., (2)		18,808,320
		Total Internet & Direct Marketing Retail		128,973,320

		IT Services – 4.0%

	8,089	Black Knight Inc., (2)		420,224
	13,765	DXC Technology Company		1,287,303
	26,548	Fidelity National Information Services Inc.		2,895,590
	21,425	Genpact Ltd		655,819
	18,200	Global Payments Inc.		2,318,680
	65,694	Infosys Ltd		668,108
	50,191	Jack Henry & Associates Inc.		8,034,575
	5,588	Leidos Holdings Inc.		386,466
	218,030	PayPal Holdings Inc., (2), (3)		19,151,755
	6,884	Perspecta Inc.		177,056
	9,572	Total System Services Inc.		945,139
		Total IT Services		36,940,715


QQQX		Nuveen NASDAQ 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments September 30, 2018
		(Unaudited)


Shares		Description (1)	Value

		Life Sciences Tools & Services – 0.6%

	64,693	Agilent Technologies Inc.	$	4,563,444
	5,342	Charles River Laboratories International Inc., (2)		718,713
		Total Life Sciences Tools & Services		5,282,157

		Machinery – 0.3%

	10,625	Caterpillar Inc.		1,620,206
	8,930	Fortive Corporation		751,906
		Total Machinery		2,372,112

		Media – 3.4%

	5,467	AMC Networks Inc., (2)		362,681
	21,417	CBS Corporation, Class B		1,230,407
	10,821	Cinemark Holdings Inc.		435,004
	758,455	Comcast Corporation, Class A, (3)		26,856,892
	88,822	News Corporation, Class A		1,171,562
	73,714	News Corporation, Class B		1,002,510
	7,626	WPP PLC		558,757
		Total Media		31,617,813

		Multiline Retail – 0.2%

	71,060	JC Penney Company, Inc.		117,960
	7,698	Kohl’s Corporation		573,886
	11,267	Target Corporation		993,862
		Total Multiline Retail		1,685,708

		Oil, Gas & Consumable Fuels – 0.5%

	22,199	Anadarko Petroleum Corporation		1,496,435
	13,163	Antero Resources Corporation, (2)		233,117
	9,705	Continental Resources Inc., (2)		662,657
	10,374	Devon Energy Corporation		414,338
	26,660	Marathon Oil Corporation		620,645
	12,606	Noble Energy Inc.		393,181
	28,669	QEP Resources Inc.		324,533
	17,178	Range Resources Corporation		291,854
		Total Oil, Gas & Consumable Fuels		4,436,760

		Pharmaceuticals – 0.1%

	6,646	Jazz Pharmaceuticals PLC, (2)		1,117,392

		Professional Services – 0.3%

	11,498	IHS Markit Ltd, (2)		620,432
	12,785	ManpowerGroup Inc.		1,098,999
	21,860	Robert Half International Inc.		1,538,507
		Total Professional Services		3,257,938

		Semiconductors & Semiconductor Equipment – 11.5%

	102,616	Analog Devices Inc.		9,487,875
	349,465	Applied Materials Inc., (3)		13,506,822
	19,843	Integrated Device Technology Inc., (2)		932,819
	725,105	Intel Corporation, (3)		34,290,215
	92,016	NVIDIA Corporation		25,858,336
	31,105	ON Semiconductor Corporation, (2)		573,265
	6,619	Power Integrations Inc.		418,321
	263,229	QUALCOMM Inc., (3)		18,960,385
	11,318	Silicon Laboratories Inc., (2)		1,038,992
	22,309	Taiwan Semiconductor Manufacturing Co Ltd		985,165
		Total Semiconductors & Semiconductor Equipment		106,052,195

		Software – 13.5%

	20,075	ANSYS Inc., (2)		3,747,601
	60,229	Autodesk Inc., (2)		9,402,349


Shares		Description (1)	Value

		Software (continued)

	13,371	CDK Global Inc.	$	836,490
	17,892	Imperva Inc., (2)		831,083
	5,364	j2 Global Inc., (3)		444,407
	880,000	Microsoft Corporation, (3)		100,645,600
	1,767	MicroStrategy Inc., (2), (3)		248,476
	24,790	Open Text Corporation		943,012
	44,617	Oracle Corporation		2,300,452
	13,834	PTC Inc., (2)		1,469,032
	17,845	Red Hat Inc., (2)		2,431,917
	8,363	ServiceNow Inc., (2)		1,636,054
		Total Software		124,936,473

		Specialty Retail – 0.7%

	16,622	Aaron’s Inc.		905,234
	4,987	Advance Auto Parts Inc.		839,462
	891	AutoZone Inc., (2)		691,149
	18,404	Bed Bath & Beyond Inc.		276,060
	22,309	CarMax Inc., (2)		1,665,813
	19,566	Dick’s Sporting Goods Inc.		694,202
	10,374	Foot Locker Inc.		528,867
	16,175	Michaels Cos Inc., (2)		262,520
	15,617	Sally Beauty Holdings Inc., (2)		287,197
	19,855	Urban Outfitters Inc., (2)		812,069
		Total Specialty Retail		6,962,573

		Technology Hardware, Storage & Peripherals – 13.6%

	550,000	Apple Inc., (3)		124,157,000
	21,243	Hewlett Packard Enterprise Co		346,473
	8,924	NetApp Inc.		766,482
		Total Technology Hardware, Storage & Peripherals		125,269,955

		Textiles, Apparel & Luxury Goods – 0.4%

	8,249	PVH Corporation		1,191,156
	4,238	Ralph Lauren Corporation		582,937
	19,855	Skechers U.S.A. Inc., (2)		554,550
	47,628	Under Armour Inc., (2)		1,010,666
	29,993	Under Armour Inc., Class C, (2)		583,664
		Total Textiles, Apparel & Luxury Goods		3,922,973

		Wireless Telecommunication Services – 0.2%

	31,905	Sprint Corporation, (2)		208,659
	21,466	Telephone & Data Systems Inc.		653,210
	14,514	United States Cellular Corporation, (2)		649,938
		Total Wireless Telecommunication Services		1,511,807
		Total Common Stocks (cost $317,749,044)		932,759,325

Shares		Description (1), (4)	Value

		EXCHANGE-TRADED FUNDS – 1.7%

	104,000	Vanguard Total Stock Market ETF	$	15,563,600
		Total Exchange-Traded Funds (cost $15,492,411)		15,563,600
		Total Long-Term Investments (cost $333,241,455)		948,322,925


QQQX		Nuveen NASDAQ 100 Dynamic Overwrite Fund (continued)
QQQX		Portfolio of Investments September 30, 2018
		(Unaudited)

Principal
Amount (000)

Description (1)

Coupon

Maturity

Value

SHORT-TERM INVESTMENTS – 0.1%

REPURCHASE AGREEMENTS – 0.1%

1,103

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/28/18,
repurchase price $1,103,431, collateralized by $1,135,000 U.S. Treasury Notes,
2.750%, due 7/31/23, value $1,129,353

1.050%

10/01/18

1,103,334

Total Short Term Investments (cost $1,103,334)

1,103,334

Total Investments (cost $334,344,789) – 102.7%

949,426,259

Other Assets Less Liabilities – (2.7)% (5)

(25,176,391

)

Net Assets – 100%

924,249,868

Investments in Derivatives

Options Purchased


Description (6)	Type		Number of Contracts		Notional Amount (7)		Exercise Price		Expiration Date		Value
iShares U.S. Real Estate ETF		Call		1,000	$	8,100,000	$	81		10/19/18	$	49,500
Total Options Purchased (premiums paid $29,034)				1,000	$	8,100,000					$	49,500

Options Written


Description (6)	Type		Number of Contracts			Notional Amount (7)			Exercise Price		Expiration Date		Value
Nasdaq 100^® Index		Call		(625	)	$	(473,437,500	)	$	7,575		10/19/18	$	(8,596,875	)
Nasdaq 100^® Index		Call		(15	)		(11,340,000	)		7,560		10/19/18		(222,975	)
Total Options Written (premiums received $6,699,898)				(640	)	$	(484,777,500	)					$	(8,819,850	)

Fair Value Measurements

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


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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:


	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	932,759,325		$	—	$	—	$	932,759,325
Exchange-Traded Funds		15,563,600			—		—		15,563,600

Short-Term Investments:
Repurchase Agreements		—			1,103,334		—		1,103,334

Investments in Derivatives:
Options Purchased		49,500			—		—		49,500
Options Written		(8,819,850	)		—		—		(8,819,850	)
Total	$	939,552,575		$	1,103,334	$	—	$	940,655,909

Income Tax Information

The following information is presented on an Income tax basis. Differences between amounts for financial statement and federal Income tax purposes primarily due to timing differences in recording income, timing differences in recognizing certain gains and losses on investment transactions and the recognition of unrealized gain or loss for tax (mark-to-market) on options contracts. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact net asset value of the Fund.

The tables below present the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal Income tax basis, as of September 30, 2018.

For purposes of this disclosure, derivative tax cost is generally the sum of any upfront fees or premiums exchanged and any amounts unrealized for Income statement reporting but realized in Income and/or capital gains for tax reporting. If a particular derivative category does not disclose any tax unrealized appreciation or depreciation, the change in value of those derivatives have generally been fully realized for tax purposes.


Tax cost of investments	$	334,401,473
Gross unrealized:
Appreciation	$	622,668,062
Depreciation		(7,643,276	)
Net unrealized appreciation (depreciation) of investments	$	615,024,786

Tax cost of options purchased	$	29,034
Net unrealized appreciation (depreciation) of options purchased		20,466

Tax cost of options written	$	(8,819,850	)
Net unrealized appreciation (depreciation) of options written		—

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.

(2)	Non-Income producing; issuer has not declared a dividend 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)	A copy of the most recent financial statements for these exchange-traded funds can be obtained directly from the Securities and Exchange Commission or on its website http://www.sec.gov.

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

(6)	Exchange-traded, unless otherwise noted.

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

Item 2. Controls and Procedures.

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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: EX-99 CERT Attached hereto.

SIGNATURES

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


(Registrant)		Nuveen NASDAQ 100 Dynamic Overwrite Fund

By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Vice President and Secretary

Date: November 29, 2018

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


By (Signature and Title)		/s/ Cedric H. Antosiewicz
		Cedric H. Antosiewicz
		Chief Administrative Officer (principal executive officer)

Date: November 29, 2018

By (Signature and Title)		/s/ Stephen D. Foy
		Stephen D. Foy
		Vice President and Controller (principal financial officer)

Date: November 29, 2018