Form N-CSRS Nuveen S&P 500 Dynamic For: Jun 30
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number | 811-21809 |
Nuveen S&P 500 Dynamic Overwrite Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark L. Winget
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: (800) 257-8787
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
| Item 1. | Reports to Stockholders. |
Closed-End Funds
Closed-End Funds
Nuveen
June 30, 2026
Semi-Annual
Report
This semi-annual report contains the Funds'
unaudited financial statements.
Nuveen S&P 500 Dynamic Overwrite
Fund
SPXX
Nuveen
Nasdaq 100 Dynamic Overwrite
Fund
QQQX
Nuveen
Core Equity Alpha Fund
JCE
2
IMPORTANT DISTRIBUTION
NOTICE
for Shareholders of the Nuveen S&P 500 Dynamic Overwrite Fund
(SPXX)
Nuveen Nasdaq 100 Dynamic Overwrite Fund
(QQQX)
Nuveen Core Equity Alpha Fund (JCE)
Semi-Annual Shareholder Report for the period
ending June 30, 2026
The 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 $0.4215, $0.7380, $0.3640 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.
Table
of
Contents
3
Important
Notices
4
Common
Share
Information
5
About
the Funds’
Benchmarks
7
Fund
Performance and Holdings
Summaries
8
Portfolios
of
Investments
15
Statement
of Assets and
Liabilities
38
Statement
of
Operations
39
Statement
of Changes in Net
Assets
40
Financial
Highlights
42
Notes
to Financial
Statements
44
Shareholder
Meeting
Report
55
Additional
Fund
Information
57
Glossary
of Terms Used in this
Report
58
Statement
Regarding Basis for Approval of Investment Advisory Contract
59
4
Important Notices
Portfolio manager commentaries:
The Funds include portfolio manager commentary in their annual shareholder
reports. For your
Fund’s most recent annual portfolio manager discussion,
please refer to the Discussion of Fund Performance section of the Fund’s
annual shareholder
report.
Fund changes:
For changes that occurred to your Fund both during and after this
reporting period, please refer to the Notes to
Financial Statements section of
this report.
Fund principal investment policies and principal
risks:
Refer to the Shareholder Update section of your Fund’s annual
shareholder
report for information on the Fund’s principal investment
policies and principal risks.
Fund performance:
For current information on your Fund’s average annual total returns
please refer to the Fund’s website at
www.
nuveen.com
. For average annual total returns as of the end of this reporting period,
please refer to the Fund Performance and
Holding Summaries section within this
report.
SPXX – Fund
mergers:
On September 17, 2025, the Fund’s Board of Trustees
approved a merger of Nuveen S&P 500 Buy-Write
Income Fund (BXMX) and Nuveen
Dow 30sm Dynamic Overwrite Fund (DIAX) into SPXX, which were approved by shareholders on
March 5, 2026. The mergers became effective before market open on March 30,
2026.
Common Share Information
5
DISTRIBUTION
INFORMATION
The following 19(a) Notice presents the
Funds’ most current distribution information as of May 29, 2026 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.
Each Fund makes regular
cash distributions to shareholders of stated dollar amount per share. Subject to approval and oversight by the Board
of Trustees, the Fund seeks to maintain a stable distribution
level designed to deliver the long-term return potential of each Fund’s investment
strategy through regular distributions (a “Managed
Distribution Program”). The practice of maintaining a stable distribution level had no material
effect on each Fund’s investment strategy during the
most recent fiscal period and is not expected to have such an effect in future periods, however,
distributions in excess of Fund returns will cause its NAV per
share to erode. For additional information, refer to the distribution information section
below and in the Notes to Financial Statements
herein.
DISTRIBUTION INFORMATION – AS OF MAY 29,
2026
This notice provides shareholders with information
regarding fund distributions, as required by current securities laws. You should not draw any
conclusions about the Funds’ investment performance
from the amount of this distribution or from the terms of the Funds’ Managed Distribution
Policy.
The
following table provides estimates of the Funds’ distribution sources, reflecting year-to-date cumulative experience through the month-end prior
to the latest distribution. The Funds 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. It is estimated that QQQX has distributed more
than their income and net realized capital gains; therefore, a portion of the distributions
may be (and is shown below as being estimated to be) a return
of capital. A return of capital may occur, for example, when some or all of the money
that you invested in the Fund is paid back to you. A return
of capital distribution does not necessarily reflect the Fund’s investment performance and
should not be confused with “yield” or
“income.”
The amounts and sources of distributions
reported in this 19(a) Notice 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 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 each Fund’s distributions and the basis for these estimates are
available on
www.nuveen.com/cef.
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 its
distributions.
Data as of May 29,
2026
Per Share Estimated Sources of
Distribution
1
Estimated
Percentage of
Distributions
1
Fund
Per
Share
Distribution
Net
Investment
Income
Long-
Term
Gains
Short-
Term
Gains
Return
of
Capital
Net
Investment
Income
Long-
Term
Gains
Short-
Term
Gains
Return
of
Capital
SPXX
(FYE 12/31)
Current
Quarter
$0.4215
$0.0089
$0.4126
$0.0000
$0.0000
2.1%
97.9%
0.0%
0.0%
Fiscal
YTD
$0.7590
$0.0160
$0.7430
$0.0000
$0.0000
2.1%
97.9%
0.0%
0.0%
QQQX
(FYE 12/31)
Current
Quarter
$0.7380
$0.0000
$0.0000
$0.0000
$0.7380
0.0%
0.0%
0.0%
100.0%
Fiscal
YTD
$1.3530
$0.0000
$0.0000
$0.0000
$1.3530
0.0%
0.0%
0.0%
100.0%
JCE
(FYE 12/31)
Current
Quarter
$0.3640
$0.0000
$0.2347
$0.1293
$0.0000
0.0%
64.5%
35.5%
0.0%
Fiscal
YTD
$0.7040
$0.0000
$0.4540
$0.2500
$0.0000
0.0%
64.5%
35.5%
0.0%
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.
Data as of May 29,
2026
Annualized
Cumulative
5-Year
Fiscal
YTD
Fiscal
YTD
Fiscal
YTD
Fund
Inception
Date
Quarterly
Distribution
Fiscal
YTD
Distribution
Net
Asset
Value
(NAV)
Return
on
NAV
Dist Rate on
NAV
1
Return
on
NAV
Dist
Rate
on
NAV
1
SPXX
Nov-2005
$0.4215
$0.7590
$20.74
10.72%
7.32%
9.31%
3.66%
QQQX
Jan-2007
$0.7380
$1.3530
$33.26
11.61%
8.14%
9.86%
4.07%
JCE
Mar-2007
$0.3640
$0.7040
$18.03
13.15%
7.81%
8.84%
3.90%
1
As
a percentage of 5/29/2026 NAV.
6
Common Share Information
(continued)
NUVEEN CLOSED-END FUND DISTRIBUTION
AMOUNTS
The Nuveen Closed-End Funds’ monthly and
quarterly periodic distributions to shareholders are posted on www.nuveen.com and can be found
on Nuveen’s enhanced closed-end fund resource page,
which is at https://www.nuveen.com/resource-center-closed-end-funds, along with other
Nuveen closed-end fund product updates. To ensure timely
access to the latest information, shareholders may use a subscribe function, which can
be activated at this web page
(https://www.nuveen.com/subscriptions).
COMMON SHARE EQUITY SHELF
PROGRAMS
During the current reporting period, the following
Funds 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.
COMMON SHARE
REPURCHASES
The Funds’ Board of Trustees reauthorized an
open-market share repurchase program, allowing each Fund to repurchase and retire an aggregate of
up to approximately 10% of its outstanding common
shares.
Refer to the Notes to Financial Statements for further
details on share repurchases and Fund's
transactions.
SPXX
QQQX
JCE
Maximum aggregate
offering
4,235,232
Unlimited
1,599,292
About the Funds’ Benchmarks
7
Chicago Board Options Exchange (Cboe) Nasdaq 100 BuyWrite Index
(BXN
SM
):
An index designed to measure the
performance of a hypothetical buy-write strategy on the Nasdaq 100®
Index. Index returns assume reinvestment of distributions,
but do not reflect
any applicable sales charges or management fees.
Chicago Board Options Exchange
(Cboe) S&P
500
®
BuyWrite
Index
(BXM
SM
):
An index designed to measure the
performance of a hypothetical buy-write strategy on the S&P 500®
Index. Index returns assume reinvestment of distributions, but do
not reflect
any applicable sales charges or management fees.
Nasdaq
100
®
Index:
An index that includes 100 of the largest domestic and international
non-financial equity securities listed on
the Nasdaq Stock Market based on
market capitalization. Index returns assume reinvestment of distributions, but do not reflect any
applicable sales charges or management
fees.
S&P
500
®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
8
Fund Performance and Holdings
Summaries
The Fund Performance and Holding Summaries for each Fund are shown
below within this section of the report.
Fund
Performance
Performance data for each Fund shown below 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.
Total returns for a period of less than one year
are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that
have less than 10-years of performance. For performance,
current to the most recent month-end visit Nuveen.com or call (800) 257-8787.
Holding
Summaries
The Holdings Summaries data relates to the
securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should
not be construed as a measure of performance for the Fund
itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for
individual security information.
Nuveen S&P 500 Dynamic Overwrite
Fund
Fund Performance and Holdings Summaries June 30, 2026
9
SPXX
Performance*
*For
purposes of Fund performance, relative results are measured against the SPXX Blended Benchmark. The Fund’s Blended
Benchmark consists of: 1) 55% Chicago Board Options Exchange
(Cboe) S&P
500
®
BuyWrite
Index
(BXM
SM
)
and 2) 45% S&P
500
®
Index.
Daily Common Share NAV and Share
Price
Total Returns as
of
June 30,
2026
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
SPXX
at Common Share
NAV
11/22/05
10.06%
22.54%
10.46%
10.76%
SPXX
at Common Share
Price
11/22/05
7.86%
13.91%
8.31%
10.85%
S&P
500®
Index
—
10.21%
22.32%
13.41%
15.51%
SPXX
Blended
Benchmark
—
8.17%
19.67%
10.73%
11.25%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$20.46
$18.64
(8.90)%
(10.12)%
10
Holdings
Fund
Allocation
(% of net
assets)
Common
Stocks
98
.4
%
Exchange-Traded
Funds
2
.1
%
Options
Purchased
0
.0
%
Warrants
0
.0
%
Investments
Purchased with
Collateral from Securities
Lending
0
.2
%
Repurchase
Agreements
2
.1
%
Other
Assets & Liabilities,
Net
(2.8)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of total investments)
Semiconductors &
Semiconductor
Equipment
19.2%
Technology
Hardware &
Equipment
9.4%
Media &
Entertainment
8.4%
Software
&
Services
8.2%
Capital
Goods
7.2%
Financial
Services
6.4%
Pharmaceuticals,
Biotechnology
& Life
Sciences
5.9%
Consumer
Discretionary
Distribution &
Retail
5.1%
Banks
3.9%
Energy
3.1%
Health
Care Equipment &
Services
2.0%
Utilities
1.9%
Food, Beverage &
Tobacco
1.9%
Automobiles
&
Components
1.8%
Consumer
Staples Distribution
&
Retail
1.8%
Consumer
Services
1.7%
Equity
Real Estate Investment
Trusts
(Reits)
1.6%
Insurance
1.4%
Materials
1.2%
Household
& Personal
Products
1.0%
Telecommunication
Services
0.8%
Commercial
& Professional
Services
0.7%
Transportation
0.6%
Other
0.5%
Exchange-Traded
Funds
2.0%
Options
Purchased
0.0%
Investments
Purchased with
Collateral from Securities
Lending
0.2%
Repurchase
Agreements
2.1%
Total
100%
1
See
the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.
Nuveen Nasdaq 100 Dynamic Overwrite
Fund
Fund Performance and Holdings Summaries June 30, 2026
11
QQQX
Performance*
*For
purposes of Fund performance, relative results are measured against the QQQX Blended Benchmark. The Fund’s
Blended Benchmark consists of: 1) 55% Chicago Board Options
Exchange (Cboe) Nasdaq 100 BuyWrite Index
(BXN
SM
)
and 2) 45% Nasdaq
100
®
Index.
Daily Common Share NAV and Share
Price
Total Returns as
of
June 30,
2026
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
QQQX
at Common Share
NAV
1/30/07
7.47%
22.79%
10.16%
13.27%
QQQX
at Common Share
Price
1/30/07
10.70%
24.10%
8.73%
13.43%
Nasdaq
100®
Index
—
20.31%
34.38%
16.68%
22.33%
QQQX
Blended
Benchmark
—
14.65%
28.34%
12.71%
15.59%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$31.80
$30.14
(5.22)%
(7.07)%
12
Holdings
Fund
Allocation
(% of net
assets)
Common
Stocks
99.0%
Exchange-Traded
Funds
1.8%
Options
Purchased
0.0%
Investments
Purchased with
Collateral from Securities
Lending
0.2%
Repurchase
Agreements
2.4%
Other
Assets & Liabilities,
Net
(3.4)%
Net
Assets
100%
Portfolio
Composition
(% of total
investments)
Semiconductors &
Semiconductor
Equipment
36.0%
Technology
Hardware &
Equipment
12.7%
Media &
Entertainment
11.6%
Software
&
Services
9.0%
Consumer
Discretionary
Distribution &
Retail
5.0%
Automobiles
&
Components
3.7%
Pharmaceuticals,
Biotechnology
& Life
Sciences
3.4%
Consumer
Staples Distribution
&
Retail
2.8%
Capital
Goods
2.6%
Consumer
Services
1.9%
Food,
Beverage &
Tobacco
1.7%
Financial
Services
1.3%
Telecommunication
Services
1.1%
Energy
0.7%
Health
Care Equipment &
Services
0.7%
Utilities
0.6%
Commercial & Professional
Services
0.5%
Materials
0.3%
Transportation
0.1%
Equity Real Estate Investment
Trusts
(Reits)
0.1%
Exchange-Traded
Funds
1.7%
Options
Purchased
0.0%
Investments
Purchased with
Collateral from Securities
Lending
0.2%
Repurchase
Agreements
2.3%
Total
100%
Nuveen Core Equity Alpha
Fund
Fund Performance and Holdings Summaries June 30, 2026
13
JCE
Performance*
*For
purposes of Fund performance, relative results are measured against the JCE Blended Benchmark. The Fund’s
Blended Benchmark consists of: 1) 50% Chicago Board Options
Exchange (Cboe) S&P
500
®
BuyWrite
Index
(BXM
SM
)
and 2) 50% S&P
500
®
Index.
Daily Common Share NAV and Share
Price
Total Returns as
of
June 30,
2026
Cumulative
Average
Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
JCE
at Common Share
NAV
3/27/07
7.29%
20.41%
12.34%
12.44%
JCE
at Common Share
Price
3/27/07
7.32%
14.87%
11.51%
12.62%
S&P
500®
Index
—
10.21%
22.32%
13.41%
15.51%
JCE
Blended
Benchmark
—
8.36%
19.92%
10.99%
11.64%
Common
Share
NAV
Common
Share
Price
Premium/(Discount)
to
NAV
Average
Premium/(Discount)
to
NAV
$17.41
$16.36
(6.03)%
(6.80)%
14
Holdings
Fund
Allocation
(% of net
assets)
Common
Stocks
98.3%
Exchange-Traded
Funds
1.7%
Options
Purchased
0.0%
Repurchase
Agreements
2.2%
Other
Assets & Liabilities,
Net
(2.2)%
Net
Assets
100%
Portfolio
Composition
1
(%
of total investments)
Semiconductors &
Semiconductor
Equipment
19.0%
Technology
Hardware &
Equipment
10.6%
Media &
Entertainment
8.9%
Software
&
Services
8.6%
Financial
Services
7.2%
Capital
Goods
7.2%
Consumer
Discretionary
Distribution &
Retail
5.9%
Pharmaceuticals,
Biotechnology
& Life
Sciences
5.4%
Health
Care Equipment &
Services
4.1%
Banks
4.0%
Energy
3.0%
Utilities
1.9%
Consumer Staples Distribution
&
Retail
1.4%
Automobiles
&
Components
1.3%
Food,
Beverage &
Tobacco
1.3%
Commercial
& Professional
Services
1.2%
Materials
1.2%
Consumer
Services
1.1%
Real
Estate Management &
Development
0.8%
Other
2.0%
Exchange-Traded
Funds
1.7%
Options
Purchased
0.0%
Repurchase
Agreements
2.2%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors
comprising “Other” and not listed in the table above.
15
Portfolio of Investments June 30,
2026
SPXX
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 100.5%
2773065184
COMMON
STOCKS - 98.4%
2773065184
AUTOMOBILES
& COMPONENTS - 1.9%
19,582
BorgWarner,
Inc
$
1,300,245
50,606
Gentex
Corp
1,278,814
773
Harley-Davidson, Inc
18,907
14,842
(a)
Rivian
Automotive, Inc, Class A
257,509
119,887
(a)
Tesla,
Inc
50,424,472
TOTAL
AUTOMOBILES &
COMPONENTS
53,279,947
BANKS
- 4.0%
505,878
Bank
of America Corp
28,824,928
261,995
Fifth Third Bancorp
14,768,658
83
First Citizens BancShares, Inc, Class A
172,705
124,661
First Horizon Corp
3,196,308
156,363
JPMorgan Chase & Co
51,182,301
483,937
KeyCorp
11,154,748
1
M&T Bank Corp
238
158
Texas Capital Bancshares, Inc
16,315
126
Wintrust Financial Corp
20,251
52,914
Zions Bancorp NA
3,661,120
TOTAL
BANKS
112,997,572
CAPITAL
GOODS - 7.4%
78,080
3M
Co
12,641,933
3,567
AAON, Inc
452,510
576
Acuity, Inc
216,956
3,858
Advanced Drainage Systems, Inc
605,552
3,672
AECOM
256,306
2,309
AGCO Corp
276,387
6,439
Allison Transmission Holdings, Inc
725,933
5,953
(a)
API
Group Corp
252,110
4,980
(a)
Archer
Aviation, Inc, Class A
23,555
1,664
Argan, Inc
1,328,787
15,208
(a)
Array
Technologies, Inc
112,691
4,805
(a)
Bloom
Energy Corp, Class A
1,454,473
95,293
(a),(b)
Boeing
Co
20,628,076
1,968
BWX Technologies, Inc
383,071
8,460
Carlisle Cos, Inc
3,068,865
317
Carpenter Technology Corp
195,538
33,655
Caterpillar, Inc
35,839,209
2,663
(a)
CECO
Environmental Corp
241,641
1,879
(a)
Chart
Industries, Inc
392,598
5,454
CNH Industrial NV
61,248
1,002
Curtiss-Wright Corp
759,276
2,707
(a)
Dycom
Industries, Inc
1,368,632
6,077
EnerSys
1,420,924
905
Esab Corp
89,260
9,579
Ferguson Enterprises, Inc
2,273,384
14,485
Ferrovial NV
993,816
13,540
(a)
Forgent
Power Solutions, Inc, Class A
756,344
4,113
Fortune Brands Innovations, Inc
225,804
12,904
GE Vernova, Inc
15,160,393
47,357
General Electric Co
17,698,732
37,108
Graco, Inc
2,805,736
4,791
Granite Construction, Inc
757,361
5,914
HEICO Corp
2,106,508
43,740
(a)
Honeywell
Aerospace, Inc
9,670,039
43,740
Honeywell International, Inc
9,793,386
8,612
ITT, Inc
1,703,109
934
(a)
Legence
Corp, Class A
79,605
121
Lincoln Electric Holdings, Inc
32,127
1,509
Louisiana-Pacific Corp
118,698
16,307
(a)
MasTec,
Inc
6,784,690
Portfolio of Investments June 30, 2026
(continued)
SPXX
16
SHARES
DESCRIPTION
VALUE
CAPITAL
GOODS
(continued)
2,397
(a)
Modine
Manufacturing Co
$
640,047
605
(a)
MYR Group, Inc
302,742
10,623
(a)
Nextpower,
Inc, Class A
1,265,624
3,046
(a)
NuScale
Power Corp
30,551
23,557
nVent Electric plc
3,995,503
1,341
Oshkosh Corp
205,817
13,377
Owens Corning
2,126,408
15,767
Parker-Hannifin Corp
15,422,018
3,053
Powell Industries, Inc
874,257
5,947
Primoris Services Corp
589,467
1,104
(a)
RBC
Bearings, Inc
711,042
3,579
Regal Rexnord Corp
852,482
98,803
RTX Corp
18,745,893
5,238
(a)
Shoals
Technologies Group, Inc, Class A
51,856
836
(a)
Sterling
Infrastructure, Inc
701,705
16,444
(a)
Sunbelt
Rentals Holdings, Inc
1,230,176
5,935
(a)
Sunrun,
Inc
79,410
10,383
Timken Co
1,508,858
9,357
Toro Co
911,559
631
Valmont Industries, Inc
364,466
1,291
(a)
Vicor
Corp
490,296
1,885
Watsco, Inc
785,536
648
WESCO International, Inc
223,839
4,597
Woodward, Inc
1,955,748
TOTAL
CAPITAL
GOODS
207,820,563
COMMERCIAL
& PROFESSIONAL SERVICES - 0.7%
572
(a)
CACI International, Inc, Class A
264,985
463
(a),(c)
Clarivate
plc
1,000
3,904
(a)
Clean
Harbors, Inc
1,166,320
2,669
(a)
GEO
Group, Inc
78,869
6,516
Paycom Software, Inc
818,931
833
(a)
Paylocity
Holding Corp
87,074
7,294
(a)
Planet
Labs PBC
241,650
1,032
RB Global, Inc
120,176
636
Science Applications International Corp
70,221
18,743
SS&C Technologies Holdings, Inc
1,163,003
771
TransUnion
55,620
7,520
UL Solutions, Inc, Class A
765,987
37,514
Waste Connections, Inc
6,253,209
37,983
Waste Management, Inc
8,465,651
TOTAL
COMMERCIAL & PROFESSIONAL
SERVICES
19,552,696
CONSUMER
DISCRETIONARY DISTRIBUTION & RETAIL - 5.3%
921
(a)
Abercrombie & Fitch Co, Class A
82,899
1,008
Academy Sports & Outdoors, Inc
47,507
446,175
(a),(b)
Amazon.com,
Inc
106,341,350
817
(a)
AutoNation,
Inc
151,790
8,198
(a)
Burlington
Stores, Inc
2,597,126
15,262
(a)
Chewy,
Inc, Class A
299,898
43,425
(a)
Coupang,
Inc
754,292
7,635
Dick's Sporting Goods, Inc
1,731,694
3,114
(a)
Five
Below, Inc
559,866
19,088
Gap, Inc
356,564
83,509
Home Depot, Inc
29,451,954
334
Lithia Motors, Inc
97,024
1,749
(a)
MercadoLibre,
Inc
2,968,735
3,256
Murphy USA, Inc
1,754,561
13,003
(a)
PDD
Holdings, Inc
991,869
1,118
(a)
Urban
Outfitters, Inc
79,222
3,867
(a)
Valvoline,
Inc
152,901
4,638
(a)
Victoria's
Secret & Co
387,180
2,185
(a)
Wayfair,
Inc, Class A
201,938
TOTAL
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
149,008,370
17
SHARES
DESCRIPTION
VALUE
CONSUMER
DURABLES & APPAREL - 0.5%
7,322
(a)
Amer Sports, Inc
$
247,776
1,423
Cricut,
Inc, Class A
6,247
2,489
(a)
Crocs,
Inc
300,273
132
Installed Building Products, Inc
30,339
41,281
KB Home
2,583,778
6,689
Kontoor Brands, Inc
557,461
956
Meritage Homes Corp
80,161
21,798
(a)
On
Holding AG., Class A
772,085
10,173
Polaris, Inc
696,240
7,536
(a)
SharkNinja,
Inc
1,147,507
13,953
Somnigroup International, Inc
1,093,915
4,619
(a)
Taylor
Morrison Home Corp
331,367
16,980
Toll Brothers, Inc
2,797,455
6,245
(a),(c)
TopBuild
Corp
2,214,040
TOTAL
CONSUMER DURABLES &
APPAREL
12,858,644
CONSUMER
SERVICES - 1.7%
3,780
Aramark
215,082
51,850
Booking Holdings, Inc
9,241,744
2,469
Boyd Gaming Corp
218,087
540
(a)
Bright
Horizons Family Solutions, Inc
38,275
2,628
(a)
Cava
Group, Inc
206,245
35,952
(a)
DraftKings,
Inc, Class A
908,147
5,484
(a)
Duolingo,
Inc
630,770
9,762
(a)
Flutter
Entertainment plc
997,383
11,907
H&R Block, Inc
453,419
2,771
Hyatt Hotels Corp
537,131
200
(a)
Liberty
Live Holdings, Inc, Class A
20,252
23,509
Marriott International, Inc, Class A
8,712,200
79,231
McDonald's Corp
21,416,932
1,495
Papa John's International, Inc
54,971
31,186
Restaurant Brands International, Inc
2,261,297
1,446
Service Corp International
109,838
234
(a)
Shake
Shack, Inc, Class A
13,109
2,717
Texas Roadhouse, Inc
525,006
832
Travel & Leisure Co
63,590
17,642
(a)
Viking
Holdings Ltd
1,846,588
354
Wingstop, Inc
61,387
TOTAL
CONSUMER
SERVICES
48,531,453
CONSUMER
STAPLES DISTRIBUTION & RETAIL - 1.8%
3,582
(a)
BJ's Wholesale Club Holdings, Inc
312,422
19,691
Costco Wholesale Corp
18,420,340
23,983
(a)
Maplebear,
Inc
1,135,595
11,683
(a)
Performance
Food Group Co
1,306,043
20,455
(a)
Sprouts
Farmers Market, Inc
1,730,084
32,725
(a)
US
Foods Holding Corp
3,346,131
222,904
Walmart, Inc
25,246,107
TOTAL
CONSUMER STAPLES DISTRIBUTION &
RETAIL
51,496,722
ENERGY
- 3.2%
6,029
Antero
Midstream Corp
137,160
41,941
(a)
Antero
Resources Corp
1,473,807
149,890
Cenovus Energy, Inc
3,718,771
18,552
Cheniere Energy, Inc
4,434,113
159,460
Chevron Corp
26,432,090
15,781
Chord Energy Corp
1,803,768
9,675
(a)
CNX
Resources Corp
328,273
1,533
Core Natural Resources, Inc
122,671
118,024
Enbridge, Inc
6,398,081
162,655
Exxon Mobil Corp
22,238,192
19,794
HF Sinclair Corp
1,378,652
3,278
Liberty Energy, Inc
85,851
8,505
Magnolia Oil & Gas Corp, Class A
217,558
Portfolio of Investments June 30, 2026
(continued)
SPXX
18
SHARES
DESCRIPTION
VALUE
ENERGY
(continued)
34,206
Marathon Petroleum Corp
$
8,745,448
24,068
Matador
Resources Co
1,198,105
13,027
Murphy Oil Corp
424,159
3,396
Northern Oil & Gas, Inc
61,637
4,448
NOV Inc
82,510
92,607
Ovintiv, Inc
4,875,759
748
PBF Energy, Inc, Class A
34,049
4,587
Peabody Energy Corp
106,051
172,398
Permian Resources Holdings, Inc, Class A
3,173,847
5,878
Range Resources Corp
218,603
902
SM Energy Co
23,542
5,538
TC Energy Corp
367,114
28,685
TechnipFMC plc
1,901,815
419
(a)
Tidewater,
Inc
27,918
17,266
(a)
Transocean
Ltd
84,431
TOTAL
ENERGY
90,093,975
EQUITY
REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%
36,108
Agree
Realty Corp
2,734,820
54,888
American Healthcare REIT, Inc
2,862,409
127,071
American Homes 4 Rent, Class A
4,259,420
56,180
Americold Realty Trust, Inc
883,150
28,202
Brixmor Property Group, Inc
889,209
68,492
CareTrust REIT, Inc
2,763,652
6,840
Cousins Properties, Inc
205,063
909
EastGroup Properties, Inc
184,100
31,107
EPR Properties
1,804,517
69,877
Equity LifeStyle Properties, Inc
4,503,573
4,456
First Industrial Realty Trust, Inc
273,197
27,366
Gaming and Leisure Properties, Inc
1,218,608
220
(a)
Hudson
Pacific Properties, Inc
3,342
27,053
Lamar Advertising Co, Class A
4,219,727
2,713
Macerich Co
68,340
11,763
National Storage Affiliates Trust
523,101
73,673
NNN REIT, Inc
3,428,005
118,926
OMEGA Healthcare Investors, Inc
5,670,392
26,204
Phillips Edison & Co, Inc
1,090,610
18,511
Rayonier, Inc
393,914
915
Ryman Hospitality Properties, Inc
117,623
13,952
Sabra Health Care REIT, Inc
272,203
497
SL Green Realty Corp
25,730
18,170
Sun Communities, Inc
2,178,765
84,393
WP Carey, Inc
6,034,099
TOTAL
EQUITY REAL ESTATE INVESTMENT TRUSTS
(REITS)
46,607,569
FINANCIAL
SERVICES - 6.6%
2,289
(a)
Affirm Holdings, Inc
186,668
120,098
AGNC Investment Corp
1,309,068
11,900
Ally Financial, Inc
546,805
63,120
(b)
American
Express Co
21,350,340
65,850
Annaly Capital Management, Inc
1,472,406
80,072
(a),(b)
Berkshire
Hathaway, Inc, Class B
40,067,228
51,606
Blue Owl Capital, Inc
451,552
59,212
Brookfield Asset Management Ltd, Class
A
2,655,658
101,939
Brookfield Corp
4,341,582
1
Capital One Financial Corp
201
44,255
Corebridge Financial, Inc
1,267,021
35,593
Equitable Holdings, Inc
1,561,821
3,218
FirstCash Holdings, Inc
696,118
25,032
(b)
Goldman
Sachs Group, Inc
25,316,614
53,010
Intercontinental Exchange, Inc
6,526,061
53,398
Jefferies Financial Group, Inc
2,668,832
5,933
LPL Financial Holdings, Inc
1,671,207
4,760
Marex Group plc
290,122
19
SHARES
DESCRIPTION
VALUE
FINANCIAL
SERVICES
(continued)
25,408
Mastercard, Inc, Class A
$
13,049,549
55,888
MGIC
Investment Corp
1,576,042
4,333
Morningstar, Inc
676,035
428
PennyMac Financial Services, Inc
37,279
4,127
Radian Group, Inc
155,464
65,889
(a)
Rocket
Cos, Inc, Class A
1,037,752
20,745
S&P Global, Inc
8,448,609
89,957
SLM Corp
2,333,484
48,747
(a)
SoFi
Technologies, Inc
874,034
2,490
StoneCo Ltd, Class A
26,992
3,467
(a)
StoneX
Group, Inc
410,839
84,012
(a)
Toast,
Inc, Class A
2,337,214
31,909
Tradeweb Markets, Inc, Class A
3,180,051
468
(a),(c)
Upstart
Holdings, Inc
16,581
24,634
Virtu Financial, Inc, Class A
1,467,447
112,850
Visa, Inc, Class A
38,717,706
1,567
Voya Financial, Inc
141,860
4,411
XP, Inc, Class A
71,723
TOTAL
FINANCIAL
SERVICES
186,937,965
FOOD,
BEVERAGE & TOBACCO - 1.9%
87,786
British
American Tobacco plc, Sponsored ADR
5,421,663
1,028
Cal-Maine Foods, Inc
82,816
163,379
Campbell's Company
3,638,450
1,828
(a)
Celsius
Holdings, Inc
53,524
325,426
Coca-Cola Co
26,447,371
9,828
Coca-Cola Consolidated, Inc
1,876,362
52,356
Coca-Cola Europacific Partners plc
5,239,265
12,982
(a)
Darling
Ingredients, Inc
709,077
646
(a)
Freshpet,
Inc
38,192
89,533
JBS NV, Class A
1,060,966
132,012
Mondelez International, Inc, Class A
7,635,574
4,562
Pilgrim's Pride Corp
128,238
4,999
(a)
Post
Holdings, Inc
441,212
36,039
Primo Brands Corp
880,793
6,509
Smithfield Foods, Inc
157,908
3,379
(a)
Vita
Coco Co, Inc
223,487
TOTAL
FOOD, BEVERAGE &
TOBACCO
54,034,898
HEALTH
CARE EQUIPMENT & SERVICES - 2.1%
99,958
Abbott
Laboratories
9,070,189
53,245
Alcon AG.
3,572,739
815
(a)
Axogen,
Inc
37,645
25,120
(a)
BrightSpring
Health Services, Inc
1,751,869
12,078
Encompass Health Corp
1,220,844
6,937
Ensign Group, Inc
1,112,001
1
GE HealthCare Technologies, Inc
64
4,095
(a)
Glaukos
Corp
572,317
20,341
(a)
Globus
Medical, Inc, Class A
1,607,142
5,153
(a)
Guardant
Health, Inc
773,105
2,466
(a)
Haemonetics
Corp
184,950
13,334
(a),(c)
Hims
& Hers Health, Inc
462,290
2,247
(a)
Hinge
Health, Inc, Class A
186,501
554
(a)
ICU
Medical, Inc
81,216
6,250
(a)
Lantheus
Holdings, Inc
693,375
67,940
(a)
Medline,
Inc, Class A
2,679,554
665
(a)
Merit
Medical Systems, Inc
46,111
6,510
(a)
Penumbra,
Inc
2,055,533
4,956
Teleflex, Inc
628,223
8,076
(a)
Tenet
Healthcare Corp
1,510,858
279
(a)
TransMedics
Group, Inc
18,531
73,002
UnitedHealth Group, Inc
30,341,821
TOTAL
HEALTH CARE EQUIPMENT & SERVICES
58,606,878
Portfolio of Investments June 30, 2026
(continued)
SPXX
20
SHARES
DESCRIPTION
VALUE
HOUSEHOLD
& PERSONAL PRODUCTS - 1.0%
814
(a)
elf Beauty, Inc
$
60,236
190,757
Procter
& Gamble Co
27,972,606
TOTAL
HOUSEHOLD & PERSONAL
PRODUCTS
28,032,842
INSURANCE
- 1.5%
8,357
American
Financial Group, Inc
1,169,479
36,502
Arthur J Gallagher & Co
8,379,764
8,830
Axis Capital Holdings Ltd
948,695
1
F&G Annuities & Life, Inc
27
13,727
Fidelity National Financial, Inc
647,365
633
Hanover Insurance Group, Inc
135,538
1,926
Kinsale Capital Group, Inc
635,214
9,393
Lincoln National Corp
332,043
756
(a)
Markel
Group, Inc
1,476,476
7,637
Old Republic International Corp
312,506
18,722
(a)
Oscar
Health, Inc, Class A
533,951
1,384
Primerica, Inc
393,333
1,130
Reinsurance Group of America, Inc
240,294
13,225
RenaissanceRe Holdings Ltd
4,191,002
1,301
RLI Corp
76,850
28,805
(c)
Ryan
Specialty Holdings, Inc
1,087,677
54,531
Travelers Cos, Inc
18,001,774
38,747
Unum Group
3,463,982
1
W R Berkley Corp
70
TOTAL
INSURANCE
42,026,040
MATERIALS
- 1.2%
15,178
Alcoa
Corp
791,381
18,410
AngloGold Ashanti PLC
1,489,185
8,161
AptarGroup, Inc
1,021,757
5,193
(a)
Axalta
Coating Systems Ltd
177,705
89,096
Barrick Mining Corp
3,272,496
5,426
Cabot Corp
492,789
11,727
Celanese Corp
539,442
5,837
(a)
Century
Aluminum Co
268,560
28,898
Chemours Co
592,987
36,907
Coeur Mining, Inc
602,322
2,790
(a),(c)
Critical
Metals Corp
28,598
41,023
Crown Holdings, Inc
4,587,192
7,017
Eagle Materials, Inc
1,578,825
41,016
Eastman Chemical Co
2,747,252
12,600
Element Solutions, Inc
601,650
14,383
Hecla Mining Co
221,930
28,362
(a)
James
Hardie Industries plc
742,517
351
(a)
Magnera
Corp
4,124
7,994
(a)
MP
Materials Corp
447,744
878
NewMarket Corp
694,709
64,606
Nutrien Ltd
4,066,948
12,177
Olin Corp
241,348
7,912
(a)
Perimeter
Solutions, Inc
282,063
540
Reliance, Inc
201,744
2,666
Royal Gold, Inc
532,160
17,754
RPM International, Inc
1,973,357
5,964
Scotts Miracle-Gro Co
406,208
12,803
Solstice Advanced Materials, Inc
1,134,346
16,114
Sonoco Products Co
908,024
11,709
Southern Copper Corp
2,040,410
22,957
(a)
SSR
Mining, Inc
649,224
7,717
(a),(c)
United
States Antimony Corp
56,025
21,809
(a)
USA
Rare Earth, Inc
470,638
11,812
Westlake Corp
862,276
TOTAL
MATERIALS
34,727,936
21
SHARES
DESCRIPTION
VALUE
MEDIA
& ENTERTAINMENT - 8.6%
250,758
(b)
Alphabet, Inc, Class A
$
89,613,387
197,765
(b)
Alphabet, Inc, Class C
69,876,308
16
(a)
AMC
Entertainment Holdings, Inc, Class A
30
21,912
(a)
IMAX
Corp
873,412
1,078
(a)
Liberty
Media Corp-Liberty Formula One, Class A
94,368
6,765
(a)
Liberty
Media Corp-Liberty Formula One, Class C
643,622
89,841
Meta Platforms, Inc
50,606,537
199,750
(a)
NetFlix,
Inc
14,262,150
17,899
New York Times Co, Class A
1,252,572
2,472
(a)
Pinterest,
Inc, Class A
51,986
4,457
(a)
Reddit,
Inc, Class A
773,646
2,503
(a)
ROBLOX
Corp, Class A
136,113
15,958
(a)
Roku,
Inc
2,204,438
4,313
Sirius XM Holdings, Inc
127,406
6,570
(a)
Spotify
Technology S.A.
3,016,484
90,095
Walt Disney Co
8,671,644
TOTAL
MEDIA &
ENTERTAINMENT
242,204,103
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE SCIENCES - 6.1%
77,968
(b)
AbbVie, Inc
19,619,868
2,460
(a)
Alkermes
plc
128,892
4,477
(a)
Alnylam
Pharmaceuticals, Inc
1,347,711
64,180
(b)
Amgen,
Inc
23,240,862
712
(a)
Bridgebio
Pharma, Inc
53,030
32,494
Eli Lilly & Co
38,974,278
4,298
(a)
Exelixis,
Inc
233,854
70
(a)
GRAIL,
Inc
4,779
5,022
(a)
Illumina,
Inc
883,018
5,913
(a)
Insmed,
Inc
630,444
677
(a)
Ionis
Pharmaceuticals, Inc
53,679
2,533
(a)
Jazz
Pharmaceuticals plc
610,377
163,517
Johnson & Johnson
41,528,412
385
(a)
Medpace
Holdings, Inc
203,892
204,498
Merck & Co, Inc
26,277,993
6,556
(a)
Natera,
Inc
1,779,626
5,303
(a)
Revolution
Medicines, Inc
993,146
12,171
Royalty Pharma plc
682,428
30,271
(a)
Teva
Pharmaceutical Industries Ltd, Sponsored ADR
1,025,581
24,141
Thermo Fisher Scientific, Inc
12,103,332
2,797
(a)
United
Therapeutics Corp
1,515,499
864
(a)
Viking
Therapeutics, Inc
33,705
TOTAL
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES
171,924,406
REAL
ESTATE MANAGEMENT & DEVELOPMENT - 0.1%
39,270
(a)
Compass, Inc, Class A
484,199
2,306
(a)
Jones
Lang LaSalle, Inc
714,745
4,596
(a)
Opendoor
Technologies, Inc
21,233
9,554
(a)
Zillow
Group, Inc, Class A
299,709
1,738
(a)
Zillow
Group, Inc, Class C
54,782
TOTAL
REAL ESTATE MANAGEMENT &
DEVELOPMENT
1,574,668
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 19.7%
4,209
(a)
ACM Research, Inc, Class A
534,080
77,842
(a)
Advanced
Micro Devices, Inc
45,219,196
2,194
(a)
Aehr
Test Systems
210,756
5,790
(a)
Allegro
MicroSystems, Inc
403,100
14,209
Amkor Technology, Inc
1,225,242
53,765
(b)
Applied
Materials, Inc
38,872,095
10,339
(a)
Astera
Labs, Inc
4,993,944
23,243
(a),(c)
Blaize
Holdings, Inc
32,075
208,408
(b)
Broadcom,
Inc
78,726,122
11,177
(a)
Cirrus
Logic, Inc
1,660,120
16,150
(a)
Credo
Technology Group Holding Ltd
4,391,993
1,810
(a)
Enphase
Energy, Inc
89,124
Portfolio of Investments June 30, 2026
(continued)
SPXX
22
SHARES
DESCRIPTION
VALUE
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT
(continued)
16,129
Entegris, Inc
$
2,900,962
6,366
(a)
FormFactor, Inc
1,018,114
16,973
GLOBALFOUNDRIES, Inc
1,398,745
4,684
(a)
Impinj,
Inc
670,889
210,186
(a)
Intel
Corp
29,348,271
24,493
KLA Corp
7,389,783
69,789
Lam Research Corp
30,241,667
11,178
(a)
Lattice
Semiconductor Corp
1,709,787
5,185
(a)
MACOM
Technology Solutions Holdings, Inc
1,972,219
52,948
Micron Technology, Inc
61,117,347
9,335
MKS, Inc
4,152,208
55,204
(a)
Navitas
Semiconductor Corp
989,256
1,086,833
(b)
NVIDIA
Corp
217,464,415
5,492
(a)
Onto
Innovation, Inc
2,078,447
19,717
Power Integrations, Inc
1,651,496
1,743
(a)
Qorvo,
Inc
162,570
60,927
QUALCOMM, Inc
11,258,700
13,160
(a)
Rambus,
Inc
1,746,858
27,187
(a)
Rigetti
Computing, Inc
525,253
3,874
(a)
Semtech
Corp
627,007
1,398
(a)
SiTime
Corp
1,042,293
3,200
(a)
SkyWater
Technology, Inc
111,424
TOTAL
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT
555,935,558
SOFTWARE
& SERVICES - 8.4%
1,714
(a)
Appfolio, Inc, Class A
274,840
6,179
(a)
Applied
Digital Corp
230,477
10,118
(a)
Asana,
Inc
70,826
34,351
(a)
Atlassian
Corp, Class A
2,672,164
66,802
(a)
Box,
Inc, Class A
1,772,925
21,113
(a)
Check
Point Software Technologies Ltd
2,774,882
16,183
(a)
Cipher
Digital, Inc
396,483
27,781
(a)
Cleanspark,
Inc
404,214
8,350
Clear Secure, Inc, Class A
465,345
6,715
(a)
Cloudflare,
Inc, Class A
1,647,055
2,288
(a)
Commvault
Systems, Inc
324,278
6,662
(a)
Core
Scientific, Inc
170,481
3,325
(a)
CoreWeave,
Inc, Class A
330,970
2,870
(a)
DigitalOcean
Holdings, Inc
450,676
54,174
(a)
Docusign,
Inc
2,406,409
115,391
(a)
Dropbox,
Inc, Class A
3,169,791
11,636
(a),(c)
D-Wave
Quantum, Inc
279,148
100,037
(a)
Dynatrace,
Inc
4,392,625
10,655
(a)
Elastic
NV
607,548
20,134
(a),(c)
Figma,
Inc, Class A
364,224
67,384
(a)
Freshworks,
Inc, Class A
681,926
39,288
(a)
Gitlab,
Inc, Class A
1,199,463
10,689
(a)
Hut
8 Corp
1,233,992
667
InterDigital, Inc
188,848
77,966
International Business Machines Corp
21,924,819
11,019
(a)
IREN
Ltd
503,899
13,761
(a)
JFrog
Ltd
1,250,600
49,849
(a)
Klaviyo,
Inc, Class A
752,720
7,968
(a)
Manhattan
Associates, Inc
1,109,544
71,512
(a)
MARA
Holdings, Inc
993,302
337,101
Microsoft Corp
125,745,415
2,187
(a)
MongoDB,
Inc
734,613
4,270
(a),(c)
Nebius
Group NV
1,179,246
33,812
(a)
Nutanix,
Inc, Class A
1,723,060
3,787
(a)
Okta,
Inc
516,736
74,928
Oracle Corp
10,980,698
99,924
(a)
Palantir
Technologies, Inc, Class A
11,658,133
560
Pegasystems, Inc
16,783
23
SHARES
DESCRIPTION
VALUE
SOFTWARE
& SERVICES
(continued)
20,319
(a)
Qualys,
Inc
$
2,793,659
15,211
RingCentral,
Inc, Class A
592,925
23,061
(a)
Riot
Platforms, Inc
631,410
17,197
(a)
Rubrik,
Inc, Class A
1,380,575
61,951
Salesforce, Inc
9,705,244
66,798
(a)
Samsara,
Inc, Class A
2,166,259
50,965
(a)
SentinelOne,
Inc, Class A
864,876
10,468
(a)
ServiceTitan,
Inc, Class A
740,192
10,475
(a)
Shopify,
Inc, Class A
1,196,036
8,942
(a)
Snowflake,
Inc
2,275,739
8,173
(a),(c)
SoundHound
AI, Inc
52,879
10,330
(a)
Strategy,
Inc
897,987
16,156
(a)
Terawulf,
Inc
399,053
7,857
(a)
Twilio,
Inc, Class A
1,621,135
159,383
(a)
UiPath,
Inc, Class A
1,732,493
13,487
(a)
Unity
Software, Inc
385,458
38,361
(a)
Varonis
Systems, Inc
1,609,628
31,281
(a)
Zoom
Communications, Inc
2,699,863
4,616
(a)
Zscaler,
Inc
651,548
TOTAL
SOFTWARE &
SERVICES
237,996,117
TECHNOLOGY
HARDWARE & EQUIPMENT - 9.6%
6,033
Advanced
Energy Industries, Inc
2,249,525
855
(a)
Aeva
Technologies, Inc
24,556
647,658
(b)
Apple,
Inc
187,406,319
4,727
(a)
Applied
Optoelectronics, Inc
700,352
14,038
(a)
Arrow
Electronics, Inc
2,995,850
46,790
Avnet, Inc
4,155,888
5,747
Bel Fuse, Inc, Class A
1,673,699
430
(a)
Calix,
Inc
16,048
16,927
(a)
Ciena
Corp
8,303,709
285,782
Cisco Systems, Inc
33,567,954
19,266
Cognex Corp
1,395,244
678
(a)
Diebold
Nixdorf, Inc
57,643
32,594
(a)
Everpure,
Inc
2,568,081
3,745
(a)
Fabrinet
2,104,990
20,841
(a),(c)
Infleqtion,
Inc
277,602
9,073
Ingram Micro Holding Corp
248,872
36,675
(a),(c)
IonQ,
Inc
1,953,310
3,663
(a)
IPG
Photonics Corp
429,743
4,554
Littelfuse, Inc
2,073,573
28,100
(a)
Mirion
Technologies, Inc
503,833
7,918
(a)
nLight,
Inc
551,251
6,936
(a)
Ouster,
Inc
433,639
7,929
(a)
Plexus
Corp
2,384,012
15,008
(a),(c)
Quantum
Computing, Inc
145,578
20,490
Ralliant Corp
1,508,679
12,527
(a)
Sanmina
Corp
3,170,333
14,613
TD SYNNEX Corp
3,906,639
116,355
Telefonaktiebolaget LM Ericsson, Sponsored ADR
1,297,358
13,649
(a)
TTM
Technologies, Inc
2,552,636
839
Ubiquiti, Inc
448,051
40,468
(a)
Viavi
Solutions, Inc
1,932,347
TOTAL
TECHNOLOGY HARDWARE &
EQUIPMENT
271,037,314
TELECOMMUNICATION
SERVICES - 0.8%
1,065
Array
Digital Infrastructure, Inc
38,617
5,409
(a)
AST
SpaceMobile, Inc
480,644
4,158
(a)
Globalstar,
Inc
338,004
15,519
Iridium Communications, Inc
851,217
19,540
(a)
Lumen
Technologies, Inc
150,067
18,251
Millicom International Cellular S.A.
1,656,461
41,590
(a)
Space
Exploration Technologies Corp, Class A
7,106,067
607
Telephone and Data Systems, Inc
22,465
Portfolio of Investments June 30, 2026
(continued)
SPXX
24
SHARES
DESCRIPTION
VALUE
TELECOMMUNICATION
SERVICES
(continued)
270,406
Verizon Communications, Inc
$
11,448,990
TOTAL TELECOMMUNICATION
SERVICES
22,092,532
TRANSPORTATION
- 0.6%
142,193
(a)
American Airlines Group, Inc
2,569,427
2,495
(a)
Avis
Budget Group, Inc
368,836
47,887
Canadian Pacific Kansas City Ltd
4,149,409
917
Copa Holdings S.A., Class A
142,658
910
(a)
GXO
Logistics, Inc
46,137
6,613
(a)
Kirby
Corp
899,170
38,336
Knight-Swift Transportation Holdings, Inc
2,985,224
1,204
Landstar System, Inc
248,999
15,040
(a)
Lyft,
Inc, Class A
219,734
3,902
Matson, Inc
750,081
2,110
Ryder System, Inc
556,555
5,150
(a)
Saia,
Inc
2,168,974
12,609
(a)
XPO,
Inc
2,588,502
TOTAL
TRANSPORTATION
17,693,706
UTILITIES
- 2.0%
45,437
Black
Hills Corp
3,380,513
29,270
Brookfield Renewable Corp
1,086,502
24,355
California Water Service Group
1,184,871
19,411
Clearway Energy, Inc, Class C
663,468
115,874
Essential Utilities, Inc
4,439,133
6,651
(a)
Hawaiian
Electric Industries, Inc
89,988
50,833
IDACORP, Inc
7,691,033
2,933
National Fuel Gas Co
226,457
2,069
New Jersey Resources Corp
115,947
83,995
NextEra Energy, Inc
7,372,241
13,008
Northwestern Energy Group, Inc
931,633
201,900
OGE Energy Corp
9,824,454
7,293
(a),(c)
Oklo,
Inc
381,643
9,856
Ormat Technologies, Inc
1,073,318
815
Otter Tail Corp
73,334
104,712
Portland General Electric Co
5,427,223
69
Southwest Gas Holdings, Inc
6,119
3,865
(a)
Talen
Energy Corp
1,485,165
20,375
TXNM Energy, Inc
1,156,892
14,191
UGI Corp
490,157
76,155
WEC Energy Group, Inc
8,892,619
TOTAL
UTILITIES
55,992,710
TOTAL
COMMON STOCKS
(Cost
$870,836,645)
2,773,065,184
SHARES
DESCRIPTION
VALUE
58,621,445
EXCHANGE-TRADED
FUNDS - 2.1%
58,621,445
78,500
SPDR S&P 500 ETF Trust
58,621,445
TOTAL
EXCHANGE-TRADED FUNDS
(Cost
$58,318,232)
58,621,445
TYPE
DESCRIPTION(d)
NUMBER
OF
CONTRACTS
NOTIONAL
AMOUNT(e)
EXERCISE
PRICE
EXPIRATION
DATE
VALUE
OPTIONS PURCHASED - 0.0%
Call
International
Business Machines
Corp
150
$
4,800,000
$
320
07/17/26
16,725
Call
Walmart
Inc
100
1,350,000
135
08/21/26
3,800
TOTAL
OPTIONS PURCHASED
(Cost
$71,186)
250
$
6,150,000
20,525
25
All percentages shown in the Portfolio of Investments are based on net assets
applicable to common shares unless otherwise noted.
Investments in
Derivatives
SHARES
DESCRIPTION
EXPIRATION
DATE
VALUE
157
WARRANTS
- 0.0%
157
REAL
ESTATE MANAGEMENT & DEVELOPMENT - 0.0%
154
(c)
Opendoor Technologies Inc
11/20/26
$
76
154
(c)
Opendoor
Technologies Inc
11/20/26
44
154
Opendoor
Technologies Inc
11/20/26
37
TOTAL REAL ESTATE MANAGEMENT &
DEVELOPMENT
157
TOTAL
WARRANTS
(Cost
$0)
157
TOTAL
LONG-TERM INVESTMENTS
(Cost
$929,226,063)
2,831,707,311
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%
6,213,856
(f)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.660%(g)
6,213,856
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM
SECURITIES LENDING
(Cost
$6,213,856)
6,213,856
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 2.1%
59,551,975
REPURCHASE
AGREEMENTS - 2.1%
59,551,975
$
59,551,975
(h)
Fixed Income Clearing Corporation
1
.060
07/01/26
59,551,975
TOTAL REPURCHASE
AGREEMENTS
(Cost
$59,551,975)
59,551,975
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$59,551,975)
59,551,975
TOTAL
INVESTMENTS - 102.8%
(Cost
$994,991,894)
2,897,473,142
OTHER
ASSETS & LIABILITIES, NET
-
(2.8)%
(
78,165,610
)
NET
ASSETS APPLICABLE TO COMMON SHARES -
100%
$
2,819,307,532
ADR
American
Depositary
Receipt
ETF
Exchange-Traded
Fund
REIT
Real
Estate Investment
Trust
S&P
Standard
&
Poor's
SPDR
Standard
& Poor's Depositary
Receipt
(a)
Non-income
producing; issuer has not declared an ex-dividend date within the past twelve
months.
(b)
Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in
derivatives.
(c)
Investment,
or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was
$6,053,564.
(d)
Exchange-traded,
unless otherwise
noted.
(e)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by
100.
(f)
Investments
made with cash collateral received from securities on
loan.
(g)
The
rate shown is the one-day yield as of the end of the reporting
period.
(h)
Agreement
with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $59,553,728 on 7/1/26,
collateralized by Government Agency Securities, with coupon rate 3.500% and
maturity date 2/15/33, valued at $60,743,193.
Options
Written
Type
Description(a)
Number
of
Contracts
Notional
Amount
(b)
Exercise
Price
Expiration
Date
Value
Call
Caterpillar
Inc
(200)
$
(
24,000,000
)
$
1,200
7/17/26
$
(
89,500
)
Call
Russell
2000
Index/Old
(160)
(
49,600,000
)
3,100
7/17/26
(
273,600
)
Call
S&P 500
Index
(1,550)
(
1,162,500,000
)
7,500
7/17/26
(
12,834,000
)
Call
S&P 500
Index
(120)
(
91,200,000
)
7,600
7/17/26
(
420,000
)
Portfolio of Investments June 30, 2026
(continued)
SPXX
26
Type
Description(a)
Number
of
Contracts
Notional
Amount
(b)
Exercise
Price
Expiration
Date
Value
Call
S&P 500
Index
(330)
$
(
257,400,000
)
$
7,800
7/31/26
$
(
565,950
)
Call
Travelers
Cos
Inc/The
(150)
(
5,250,000
)
350
8/21/26
(
58,500
)
Call
S&P 500
Index
(125)
(
97,500,000
)
7,800
8/21/26
(
544,375
)
Call
S&P 500
Index
(100)
(
79,000,000
)
7,900
8/21/26
(
239,500
)
Total
Options Written (premiums received
$21,300,384)
(2,735)
$(1,766,450,000)
$(15,025,425)
(a)
Exchange-traded, unless otherwise
noted.
(b)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.
27
Portfolio of Investments June 30,
2026
QQQX
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 100.8%
1537777904
COMMON
STOCKS - 99.0%
1537777904
AUTOMOBILES
& COMPONENTS - 3.8%
139,181
(a)
Tesla, Inc
$
58,539,528
TOTAL AUTOMOBILES &
COMPONENTS
58,539,528
CAPITAL
GOODS - 2.7%
3,373
(a)
Amprius Technologies, Inc
46,750
6,795
(a)
Bloom
Energy Corp, Class A
2,056,847
1,460
Carpenter Technology Corp
900,586
9,138
Caterpillar, Inc
9,731,056
3,812
(a),(b)
Enovix
Corp
23,139
7,764
Fortive Corp
474,303
7,545
GE Vernova, Inc
8,864,319
25,725
General Electric Co
9,614,204
2,990
Howmet Aerospace, Inc
803,891
24,891
(a)
Intuitive
Machines, Inc
532,419
20,293
(a)
Red
Cat Holdings, Inc
216,121
25,688
(a)
Redwire
Corp
314,164
10,300
(a)
Rocket
Lab Corp
1,046,995
2,755
Rockwell Automation, Inc
1,363,945
11,853
(a)
Satellogic,
Inc, Class A
67,799
2,136
(a)
Sterling
Infrastructure, Inc
1,792,873
333
United Rentals, Inc
377,252
5,734
Vertiv Holdings Co, Class A
1,919,858
1,930
(a)
Vicor
Corp
732,975
6,489
(a),(b)
Voyager
Technologies, Inc, Class A
209,270
360
WW Grainger, Inc
489,744
TOTAL
CAPITAL
GOODS
41,578,510
COMMERCIAL
& PROFESSIONAL SERVICES - 0.5%
29,800
(a)
BlackSky Technology, Inc
832,016
24,632
Insperity, Inc
1,017,548
19,315
(a)
Planet
Labs PBC
639,906
19,119
Robert Half, Inc
586,953
17,866
(a),(b)
Spire
Global, Inc
332,308
21,890
TETRA Tech, Inc
632,402
5,395
Veralto Corp
478,429
7,006
Waste Connections, Inc
1,167,830
9,915
Waste Management, Inc
2,209,855
TOTAL
COMMERCIAL & PROFESSIONAL
SERVICES
7,897,247
CONSUMER
DISCRETIONARY DISTRIBUTION & RETAIL - 5.1%
287,852
(a),(c)
Amazon.com, Inc
68,606,646
843
(a)
AutoZone,
Inc
2,694,177
8,555
(a)
Carvana
Co
563,090
8,039
Dick's Sporting Goods, Inc
1,823,326
16,562
eBay, Inc
1,850,803
4,920
Pool Corp
1,057,308
181
(a)
Savers
Value Village, Inc
1,826
22,853
TJX Cos, Inc
3,462,230
TOTAL
CONSUMER DISCRETIONARY DISTRIBUTION &
RETAIL
80,059,406
CONSUMER
SERVICES - 2.0%
154,000
Booking
Holdings, Inc
27,448,960
10,528
Darden Restaurants, Inc
2,168,874
10,345
Service Corp International
785,806
5,746
(a)
Sweetgreen,
Inc, Class A
50,622
TOTAL
CONSUMER
SERVICES
30,454,262
CONSUMER
STAPLES DISTRIBUTION & RETAIL - 2.9%
25,248
(a)
BJ's Wholesale Club Holdings, Inc
2,202,131
6,667
Casey's General Stores, Inc
5,298,865
94,153
(a)
HF
Foods Group, Inc
132,756
24,681
Kroger Co
1,370,536
33,091
(a)
Maplebear,
Inc
1,566,859
Portfolio of Investments June 30, 2026
(continued)
QQQX
28
SHARES
DESCRIPTION
VALUE
CONSUMER
STAPLES DISTRIBUTION & RETAIL
(continued)
22,357
(a)
Performance
Food Group Co
$
2,499,289
40,864
(a)
Sprouts Farmers Market, Inc
3,456,277
8,486
SYSCO Corp
709,260
15,128
Target Corp
1,975,868
9,860
(a)
United
Natural Foods, Inc
450,306
46,686
(a)
US
Foods Holding Corp
4,773,643
179,119
Walmart, Inc
20,287,018
TOTAL
CONSUMER STAPLES DISTRIBUTION &
RETAIL
44,722,808
ENERGY
- 0.7%
4,902
(a)
Clean Energy Fuels Corp
10,049
19,078
(a)
Energy
Fuels, Inc
276,631
7,568
Exxon Mobil Corp
1,034,697
21,979
(a)
NextDecade
Corp
165,722
215,250
Patterson-UTI Energy, Inc
1,975,995
3,359
Peabody Energy Corp
77,660
29,124
(a)
ProFrac
Holding Corp, Class A
169,210
22,237
(a)
ProPetro
Holding Corp
318,879
36,559
(a),(b)
Sable
Offshore Corp
112,602
5,484
Select Water Solutions, Inc
109,570
1,999
Solaris Energy Infrastructure, Inc
160,839
53,009
TechnipFMC plc
3,514,497
1,269
Texas Pacific Land Corp
555,365
72,411
(a)
Transocean
Ltd
354,090
1,378
Valero Energy Corp
358,886
573,044
W&T Offshore, Inc
1,805,089
TOTAL
ENERGY
10,999,781
EQUITY
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
27,624
CubeSmart
1,098,606
TOTAL
EQUITY REAL ESTATE INVESTMENT TRUSTS
(REITS)
1,098,606
FINANCIAL
SERVICES - 1.3%
7,328
Cboe
Global Markets, Inc
1,778,286
11,527
Jack Henry & Associates, Inc
1,587,729
8,682
Moody's Corp
3,932,251
19,418
Morgan Stanley
4,059,139
143,943
PayPal Holdings, Inc
6,215,459
9,170
(a)
Robinhood
Markets, Inc, Class A
919,568
3,079
S&P Global, Inc
1,253,953
11,343
SEI Investments Co
994,894
TOTAL
FINANCIAL
SERVICES
20,741,279
FOOD,
BEVERAGE & TOBACCO - 1.8%
70,834
(a)
Bridgford Foods Corp
459,713
10,559
Brown-Forman Corp, Class B
281,397
18,567
(a)
Celsius
Holdings, Inc
543,642
3,492
Coca-Cola Consolidated, Inc
666,693
242,394
(a)
Monster
Beverage Corp
23,298,911
27,311
(a)
Vita
Coco Co, Inc
1,806,350
26,569
(a)
Vital
Farms, Inc
308,997
TOTAL
FOOD, BEVERAGE &
TOBACCO
27,365,703
HEALTH
CARE EQUIPMENT & SERVICES - 0.7%
26,882
Abbott
Laboratories
2,439,272
4,477
(a)
agilon
health, Inc
479,845
5,562
(a)
Axogen,
Inc
256,909
72,609
(a)
Butterfly
Network, Inc
611,368
9,791
Cardinal Health, Inc
2,325,950
768
Embecta Corp
2,504
7,859
(a)
LENSAR,
Inc
44,875
4,308
McKesson Corp
3,255,125
313
(a)
Novocure
Ltd
4,742
5,045
(a)
STAAR
Surgical Co
144,741
3,623
Stryker Corp
1,140,665
TOTAL
HEALTH CARE EQUIPMENT & SERVICES
10,705,996
29
SHARES
DESCRIPTION
VALUE
MATERIALS
- 0.3%
14,451
CF
Industries Holdings, Inc
$
1,564,465
22,003
Coeur
Mining, Inc
359,089
6,845
(a)
comScore,
Inc
50,516
42,973
(a),(b)
Critical
Metals Corp
440,473
47,857
Dow, Inc
1,309,367
656
(a),(b)
MP
Materials Corp
36,743
17,990
(a)
Perpetua
Resources Corp
373,472
110,579
Tronox Holdings plc
696,648
15,338
(a),(b)
United
States Antimony Corp
111,354
12,746
(a)
USA
Rare Earth, Inc
275,059
TOTAL
MATERIALS
5,217,186
MEDIA
& ENTERTAINMENT - 12.0%
234,577
(c)
Alphabet, Inc, Class A
83,830,782
144,122
(c)
Alphabet,
Inc, Class C
50,922,626
415
(a)
AMC
Entertainment Holdings, Inc, Class A
788
9,901
Cinemark Holdings, Inc
314,159
11,636
(a)
EchoStar
Corp, Class A
1,181,054
78,458
Meta Platforms, Inc
44,194,607
25,957
New York Times Co, Class A
1,816,471
6,270
News Corp, Class B
175,936
7,680
(a)
Roku,
Inc
1,060,915
42,393
Saga Communications, Inc, Class A
384,505
640
(a)
Spotify
Technology S.A.
293,843
8,142
TKO Group Holdings, Inc
1,639,066
9,162
Versant Media Group, Inc
329,924
TOTAL
MEDIA &
ENTERTAINMENT
186,144,676
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE SCIENCES - 3.5%
66,016
(c)
Amgen, Inc
23,905,714
803
(a)
Arcus
Biosciences, Inc
24,757
284
(a)
Arvinas,
Inc
2,360
5,866
Danaher Corp
1,117,356
2,440
Eli Lilly & Co
2,926,609
24,914
(a)
Erasca,
Inc
456,424
172,825
Gilead Sciences, Inc
21,834,711
11,370
(a)
Humacyte,
Inc
8,873
13,603
(a)
Insmed,
Inc
1,450,352
1,618
(a)
Madrigal
Pharmaceuticals, Inc
868,785
632
(a)
Natera,
Inc
171,556
6,244
(a)
Revolution
Medicines, Inc
1,169,376
17,821
(a)
Vaxcyte,
Inc
1,035,935
TOTAL
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES
54,972,808
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 37.2%
10,461
(a)
ACM Research, Inc, Class A
1,327,396
134,693
(a)
Advanced
Micro Devices, Inc
78,244,511
7,872
(a)
Aehr
Test Systems
756,184
17,326
Amkor Technology, Inc
1,494,021
93,667
(c)
Analog
Devices, Inc
37,201,722
122,841
(c)
Applied
Materials, Inc
88,814,043
2,212
(a)
Astera
Labs, Inc
1,068,440
22,644
(a),(b)
Atomera,
Inc
197,229
162,672
Broadcom, Inc
61,449,348
12,640
(a)
Credo
Technology Group Holding Ltd
3,437,448
7,479
(a)
Enphase
Energy, Inc
368,266
7,873
Entegris, Inc
1,416,038
13,532
(a)
FormFactor,
Inc
2,164,173
12,747
(a)
Ichor
Holdings Ltd
1,431,233
6,866
(a)
Lattice
Semiconductor Corp
1,050,223
11,021
(a)
MACOM
Technology Solutions Holdings, Inc
4,192,058
78,481
Micron Technology, Inc
90,589,834
6,123
Monolithic Power Systems, Inc
8,464,190
50,196
(a)
Navitas
Semiconductor Corp
899,512
Portfolio of Investments June 30, 2026
(continued)
QQQX
30
SHARES
DESCRIPTION
VALUE
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT
(continued)
803,294
(c)
NVIDIA
Corp
$
160,731,097
2,398
(a)
Onto Innovation, Inc
907,523
140,959
QUALCOMM, Inc
26,047,814
13,523
(a)
Semtech
Corp
2,188,698
1,964
(a)
SiTime
Corp
1,464,280
17,146
(a)
Ultra
Clean Holdings, Inc
2,444,848
TOTAL
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT
578,350,129
SOFTWARE
& SERVICES - 9.3%
8,474
(a)
Applied Digital Corp
316,080
24,733
(a)
Arteris,
Inc
1,201,776
7,238
(a)
Asana,
Inc
50,666
22,288
(a)
Atlassian
Corp, Class A
1,733,784
52,492
(a)
Autodesk,
Inc
10,205,495
31,150
(a),(b)
Bitdeer
Technologies Group, Class A
494,351
33,418
(a)
Braze,
Inc, Class A
724,836
42,639
(a)
Cipher
Digital, Inc
1,044,656
46,920
(a)
Cleanspark,
Inc
682,686
2,204
Clear Secure, Inc, Class A
122,829
14,451
(a)
Core
Scientific, Inc
369,801
38,645
(a),(b)
D-Wave
Quantum, Inc
927,094
39,025
(a)
Gitlab,
Inc, Class A
1,191,433
8,062
(a)
Guidewire
Software, Inc
992,029
15,652
(a)
HubSpot,
Inc
2,856,647
20,966
(a)
Hut
8 Corp
2,420,420
58,417
(a)
MARA
Holdings, Inc
811,412
199,806
Microsoft Corp
74,531,634
35,899
(a)
NextNav,
Inc
640,079
33,280
Oracle Corp
4,877,184
196,393
(a)
Palantir
Technologies, Inc, Class A
22,913,171
12,099
(a)
PTC,
Inc
1,374,567
55,557
(a)
Riot
Platforms, Inc
1,521,151
79,323
(a)
ServiceNow,
Inc
7,875,187
43,897
(a)
Terawulf,
Inc
1,084,256
46,420
(a)
UiPath,
Inc, Class A
504,585
25,921
(a)
Zscaler,
Inc
3,658,749
TOTAL
SOFTWARE &
SERVICES
145,126,558
TECHNOLOGY
HARDWARE & EQUIPMENT - 13.1%
9,843
(a)
Aeva Technologies, Inc
282,691
418,440
(c)
Apple,
Inc
121,079,798
8,199
(a)
Applied
Optoelectronics, Inc
1,214,764
3,126
(a)
Ciena
Corp
1,533,491
497,907
Cisco Systems, Inc
58,484,156
13,884
(a)
Coherent
Corp
5,476,822
19,886
Corning, Inc
5,079,481
2,957
Dell Technologies, Inc, Class C
1,275,827
1,906
(a)
Fabrinet
1,071,325
13,882
(a),(b)
IonQ,
Inc
739,355
8,099
(a)
Keysight
Technologies, Inc
2,835,217
1,264
(a)
Lumentum
Holdings, Inc
1,084,588
2,580
(a)
nLight,
Inc
179,620
4,500
(a)
Ouster,
Inc
281,340
2,588
Ralliant Corp
190,554
15,217
(a)
TTM
Technologies, Inc
2,845,883
1,264
(a)
Vishay
Precision Group, Inc
189,486
TOTAL
TECHNOLOGY HARDWARE &
EQUIPMENT
203,844,398
TELECOMMUNICATION
SERVICES - 1.2%
5,357
(a)
Anterix, Inc
551,449
22,310
(a)
AST
SpaceMobile, Inc
1,982,467
5,883
(a)
Bandwidth,
Inc, Class A
372,394
441,547
Comcast Corp, Class A
10,839,979
34,895
Millicom International Cellular S.A.
3,167,070
31
All percentages shown in the Portfolio of Investments are based on net assets
applicable to common shares unless otherwise
noted.
SHARES
DESCRIPTION
VALUE
TELECOMMUNICATION
SERVICES
(continued)
31,079
Telephone and Data Systems, Inc
$
1,150,234
TOTAL TELECOMMUNICATION
SERVICES
18,063,593
TRANSPORTATION
- 0.1%
228
FedEx
Corp
71,394
114
(a)
FedEx
Freight Holding Co, Inc
17,214
9,801
(a)
Uber
Technologies, Inc
707,240
3,821
(a)
XPO,
Inc
784,413
TOTAL
TRANSPORTATION
1,580,261
UTILITIES
- 0.7%
6,056
Atmos
Energy Corp
1,043,267
15,895
NextEra Energy, Inc
1,395,104
15,483
NRG Energy, Inc
2,261,447
26,822
PG&E Corp
451,146
35,790
Southern Co
3,425,461
10,961
Vistra Corp
1,738,744
TOTAL
UTILITIES
10,315,169
TOTAL
COMMON STOCKS
(Cost
$379,633,080)
1,537,777,904
SHARES
DESCRIPTION
VALUE
26,878,600
EXCHANGE-TRADED
FUNDS - 1.8%
26,878,600
36,500
Invesco QQQ Trust Series
26,878,600
TOTAL
EXCHANGE-TRADED FUNDS
(Cost
$26,087,097)
26,878,600
TYPE
DESCRIPTION(d)
NUMBER
OF
CONTRACTS
NOTIONAL
AMOUNT(e)
EXERCISE
PRICE
EXPIRATION
DATE
VALUE
OPTIONS PURCHASED - 0.0%
Call
International
Business Machines
Corp
80
$
2,560,000
$
320
07/17/26
8,920
Call
Walmart
Inc
50
675,000
135
08/21/26
1,900
TOTAL
OPTIONS PURCHASED
(Cost
$37,130)
130
$
3,235,000
10,820
TOTAL LONG-TERM
INVESTMENTS
(Cost
$405,757,307)
1,564,667,324
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS
PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%
3,575,248
(f)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.660%(g)
3,575,248
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM
SECURITIES LENDING
(Cost
$3,575,248)
3,575,248
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 2.4%
37,281,243
REPURCHASE
AGREEMENTS - 2.4%
37,281,243
$
37,281,243
(h)
Fixed Income Clearing Corporation
1
.060
07/01/26
37,281,243
TOTAL REPURCHASE
AGREEMENTS
(Cost
$37,281,243)
37,281,243
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$37,281,243)
37,281,243
TOTAL
INVESTMENTS - 103.4%
(Cost
$446,613,798)
1,605,523,815
OTHER
ASSETS & LIABILITIES, NET
-
(3.4)%
(
52,687,098
)
NET
ASSETS APPLICABLE TO COMMON SHARES -
100%
$
1,552,836,717
S&P
Standard
& Poor's
Portfolio of Investments June 30, 2026
(continued)
QQQX
32
Investments in
Derivatives
(a)
Non-income
producing; issuer has not declared an ex-dividend date within the past twelve
months.
(b)
Investment,
or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was
$3,377,776.
(c)
Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in
derivatives.
(d)
Exchange-traded,
unless otherwise
noted.
(e)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by
100.
(f)
Investments
made with cash collateral received from securities on
loan.
(g)
The
rate shown is the one-day yield as of the end of the reporting
period.
(h)
Agreement
with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $37,282,341 on 7/1/26,
collateralized by Government Agency Securities, with coupon rates
3.500%–3.625% and maturity dates 12/31/30–2/15/33, valued at
$38,026,879.
Options
Written
Type
Description(a)
Number
of
Contracts
Notional
Amount
(b)
Exercise
Price
Expiration
Date
Value
Call
Caterpillar
Inc
(50)
$
(
6,000,000
)
$
1,200
7/17/26
$
(
22,375
)
Call
Russell
2000
Index/Old
(80)
(
24,800,000
)
3,100
7/17/26
(
136,800
)
Call
S&P 500
Index
(55)
(
41,800,000
)
7,600
7/17/26
(
192,500
)
Call
NASDAQ 100 Stock
INDEX
(210)
(
636,825,000
)
30,325
7/17/26
(
12,159,000
)
Call
S&P 500
Index
(220)
(
171,600,000
)
7,800
7/31/26
(
377,300
)
Call
S&P 500
Index
(75)
(
58,500,000
)
7,800
8/21/26
(
326,625
)
Call
S&P 500
Index
(50)
(
39,500,000
)
7,900
8/21/26
(
119,750
)
Total
Options Written (premiums received
$18,989,050)
(740)
$(979,025,000)
$(13,334,350)
(a)
Exchange-traded, unless otherwise
noted.
(b)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.
33
Portfolio of Investments June 30,
2026
JCE
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 100.0%
290941410
COMMON
STOCKS - 98.3%
290941410
AUTOMOBILES
& COMPONENTS - 1.3%
8,920
(a)
Tesla, Inc
$
3,751,752
1,080
(a)
Versigent plc
45,371
TOTAL
AUTOMOBILES &
COMPONENTS
3,797,123
BANKS
- 4.1%
4,155
Bank
of America Corp
236,752
23,480
Citigroup, Inc
3,286,261
18,110
JPMorgan Chase & Co
5,927,946
32,480
Wells Fargo & Co
2,684,147
TOTAL
BANKS
12,135,106
CAPITAL
GOODS - 7.4%
12,660
3M
Co
2,049,781
14,140
AECOM
986,972
7,280
AMETEK, Inc
1,761,323
2,430
(a)
ATI,
Inc
478,953
6,560
(a)
Everus
Construction Group, Inc
1,088,632
5,690
General Dynamics Corp
2,015,625
650
General Electric Co
242,924
1,880
Howmet Aerospace, Inc
505,457
12,770
Johnson Controls International plc
1,865,825
1,410
Lockheed Martin Corp
718,339
3,130
Northrop Grumman Corp
1,594,140
12,480
nVent Electric plc
2,116,733
2,280
Parker-Hannifin Corp
2,230,114
14,710
RTX Corp
2,790,928
4,040
Vertiv Holdings Co, Class A
1,352,673
TOTAL
CAPITAL
GOODS
21,798,419
COMMERCIAL
& PROFESSIONAL SERVICES - 1.2%
22,590
(a)
Amentum Holdings, Inc
466,935
5,400
Broadridge Financial Solutions, Inc
739,530
39,810
Genpact Ltd
1,094,775
22,460
SS&C Technologies Holdings, Inc
1,393,643
TOTAL
COMMERCIAL & PROFESSIONAL
SERVICES
3,694,883
CONSUMER
DISCRETIONARY DISTRIBUTION & RETAIL - 6.0%
50,260
(a),(b)
Amazon.com, Inc
11,978,969
3,130
(a)
Coupang,
Inc
54,368
9,160
Home Depot, Inc
3,230,549
2,350
(a)
Ollie's
Bargain Outlet Holdings, Inc
180,668
2,470
(a)
O'Reilly
Automotive, Inc
227,462
9,680
Ross Stores, Inc
2,060,388
TOTAL
CONSUMER DISCRETIONARY DISTRIBUTION &
RETAIL
17,732,404
CONSUMER
SERVICES - 1.1%
7,960
(a)
Airbnb, Inc, Class A
1,139,076
2,190
Booking Holdings, Inc
390,346
53,870
(a)
Chipotle
Mexican Grill, Inc
1,831,580
TOTAL
CONSUMER
SERVICES
3,361,002
CONSUMER
STAPLES DISTRIBUTION & RETAIL - 1.4%
490
Costco
Wholesale Corp
458,380
11,760
Kroger Co
653,033
20,990
SYSCO Corp
1,754,344
2,580
Target Corp
336,974
7,807
Walmart, Inc
884,221
TOTAL
CONSUMER STAPLES DISTRIBUTION &
RETAIL
4,086,952
ENERGY
- 3.1%
10,440
Expand
Energy Corp
952,024
8,280
Exxon Mobil Corp
1,132,042
37,970
Halliburton Co
1,289,081
23,430
HF Sinclair Corp
1,631,899
Portfolio of Investments June 30, 2026
(continued)
JCE
34
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
ENERGY
(continued)
11,230
Phillips 66
$
1,898,432
8,600
Valero
Energy Corp
2,239,784
TOTAL
ENERGY
9,143,262
EQUITY
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.1%
21,900
Park
Hotels & Resorts, Inc
312,075
TOTAL
EQUITY REAL ESTATE INVESTMENT TRUSTS
(REITS)
312,075
EQUITY
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.4%
27,630
Kilroy
Realty Corp
1,035,296
TOTAL
EQUITY REAL ESTATE INVESTMENT TRUSTS
(REITS)
1,035,296
FINANCIAL
SERVICES - 7.4%
5,660
(a)
Berkshire Hathaway, Inc, Class B
2,832,208
2,150
BlackRock, Inc
2,067,354
13,490
Charles Schwab Corp
1,244,722
5,020
CME Group, Inc
1,108,567
27,980
Fidelity National Information Services, Inc
1,087,862
600
Goldman Sachs Group, Inc
606,822
13,650
Intercontinental Exchange, Inc
1,680,452
771
Mastercard, Inc, Class A
395,986
13,660
Morgan Stanley
2,855,486
2,850
MSCI, Inc
1,596,114
5,070
S&P Global, Inc
2,064,808
12,560
Visa, Inc, Class A
4,309,210
TOTAL
FINANCIAL
SERVICES
21,849,591
FOOD,
BEVERAGE & TOBACCO - 1.3%
15,400
PepsiCo,
Inc
2,085,160
29,700
Tyson Foods, Inc, Class A
1,700,325
TOTAL
FOOD, BEVERAGE &
TOBACCO
3,785,485
HEALTH
CARE EQUIPMENT & SERVICES - 4.2%
38,870
(a)
Boston Scientific Corp
1,658,972
10,870
Cardinal Health, Inc
2,582,277
37,780
(a)
Centene
Corp
2,425,098
1,590
(a)
IDEXX
Laboratories, Inc
837,040
790
(a)
Insulet
Corp
120,277
4,640
(a)
Intuitive
Surgical, Inc
1,845,235
2,410
McKesson Corp
1,820,996
15,360
Medtronic plc
1,201,613
810
(a)
Solventum
Corp
62,491
TOTAL
HEALTH CARE EQUIPMENT &
SERVICES
12,553,999
HOUSEHOLD
& PERSONAL PRODUCTS - 0.6%
20,720
Colgate-Palmolive
Co
1,899,610
TOTAL
HOUSEHOLD & PERSONAL
PRODUCTS
1,899,610
INSURANCE
- 0.6%
22,940
American
International Group, Inc
1,709,718
TOTAL
INSURANCE
1,709,718
MATERIALS
- 1.2%
12,180
AngloGold
Ashanti PLC
985,240
3,250
Linde PLC
1,686,555
6,910
Newmont Corp
645,394
7,650
Silgan Holdings, Inc
354,884
TOTAL
MATERIALS
3,672,073
MEDIA
& ENTERTAINMENT - 9.2%
28,140
(b)
Alphabet, Inc, Class A
10,056,392
27,780
(b)
Alphabet,
Inc, Class C
9,815,507
7,790
Meta Platforms, Inc
4,388,029
37,460
(a)
NetFlix,
Inc
2,674,644
4,190
Versant Media Group, Inc
150,882
TOTAL
MEDIA & ENTERTAINMENT
27,085,454
35
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
PHARMACEUTICALS,
BIOTECHNOLOGY & LIFE SCIENCES - 5.5%
1,790
AbbVie,
Inc
$
450,436
3,560
(a)
BioMarin Pharmaceutical, Inc
203,703
7,040
Bristol-Myers Squibb Co
405,645
3,380
Eli Lilly & Co
4,054,073
15,420
(a)
Exelixis,
Inc
839,002
17,760
Gilead Sciences, Inc
2,243,799
20,139
Johnson & Johnson
5,114,702
4,431
Merck & Co, Inc
569,384
10,400
Pfizer, Inc
250,432
1,460
(a)
Sarepta
Therapeutics, Inc
26,236
2,140
Thermo Fisher Scientific, Inc
1,072,910
63,330
Viatris, Inc
1,005,680
TOTAL
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE
SCIENCES
16,236,002
REAL
ESTATE MANAGEMENT & DEVELOPMENT - 0.8%
13,490
(a)
CBRE Group, Inc, Class A
1,816,968
1,260
(a)
CoStar
Group, Inc
35,683
16,790
(a)
Zillow
Group, Inc, Class A
526,703
TOTAL
REAL ESTATE MANAGEMENT &
DEVELOPMENT
2,379,354
SEMICONDUCTORS
& SEMICONDUCTOR EQUIPMENT - 19.4%
5,180
(a)
Advanced Micro Devices, Inc
3,009,114
7,470
Applied Materials, Inc
5,400,810
24,800
Broadcom, Inc
9,368,200
8,740
GLOBALFOUNDRIES, Inc
720,263
7,650
(a)
Intel
Corp
1,068,169
8,470
Lam Research Corp
3,670,305
1,330
Marvell Technology, Inc
396,194
7,010
Micron Technology, Inc
8,091,573
120,950
(b)
NVIDIA
Corp
24,200,885
8,050
QUALCOMM, Inc
1,487,560
TOTAL
SEMICONDUCTORS & SEMICONDUCTOR
EQUIPMENT
57,413,073
SOFTWARE
& SERVICES - 8.8%
7,810
Accenture
plc, Class A
971,876
7,460
(a)
Adobe,
Inc
1,529,449
12,030
(a)
Docusign,
Inc
534,373
27,220
(a)
Dropbox,
Inc, Class A
747,733
9,680
(a)
Fortinet,
Inc
1,487,042
39,825
Microsoft Corp
14,855,522
4,050
(a)
Nutanix,
Inc, Class A
206,388
5,760
(a)
Palantir
Technologies, Inc, Class A
672,019
21,680
(a)
ServiceNow,
Inc
2,152,390
16,560
(a)
Teradata
Corp
573,804
16,770
(a)
Trade
Desk, Inc, Class A
303,202
6,920
VeriSign, Inc
1,740,795
2,600
(a)
Zoom
Communications, Inc
224,406
TOTAL
SOFTWARE &
SERVICES
25,998,999
TECHNOLOGY
HARDWARE & EQUIPMENT - 10.9%
74,178
(b)
Apple, Inc
21,464,146
3,250
(a)
Arista
Networks, Inc
552,110
4,640
(a)
F5,
Inc
1,930,055
52,000
Ingram Micro Holding Corp
1,426,360
2,930
Jabil, Inc
1,129,456
3,510
(a)
Keysight
Technologies, Inc
1,228,746
1,030
(a)
SanDisk
Corp
2,341,942
2,020
Seagate Technology Holdings plc
1,949,300
4,180
(a)
Super
Micro Computer, Inc
122,599
TOTAL
TECHNOLOGY HARDWARE &
EQUIPMENT
32,144,714
TELECOMMUNICATION
SERVICES - 0.1%
2,550
T-Mobile
US, Inc
427,711
TOTAL
TELECOMMUNICATION SERVICES
427,711
Portfolio of Investments June 30, 2026
(continued)
JCE
36
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets
applicable to common shares unless otherwise
noted.
SHARES
DESCRIPTION
VALUE
TRANSPORTATION
- 0.3%
4,450
(a)
FedEx Freight Holding Co, Inc
$
671,950
1,350
Landstar
System, Inc
279,193
TOTAL
TRANSPORTATION
951,143
UTILITIES
- 1.9%
5,040
American
Electric Power Co, Inc
689,522
670
Constellation Energy Corp
166,408
27,680
Dominion Energy, Inc
1,890,267
16,400
PPL Corp
596,140
19,460
Sempra
1,804,137
6,180
Southern Co
591,488
TOTAL
UTILITIES
5,737,962
TOTAL
COMMON STOCKS
(Cost
$181,779,873)
290,941,410
SHARES
DESCRIPTION
VALUE
5,137,385
EXCHANGE-TRADED
FUNDS - 1.7%
5,137,385
6,860
iShares Core S&P 500 ETF
5,137,385
TOTAL
EXCHANGE-TRADED FUNDS
(Cost
$4,401,831)
5,137,385
TYPE
DESCRIPTION(c)
NUMBER
OF
CONTRACTS
NOTIONAL
AMOUNT(d)
EXERCISE
PRICE
EXPIRATION
DATE
VALUE
OPTIONS PURCHASED - 0.0%
Call
International
Business Machines
Corp
20
$
640,000
$
320
07/17/26
2,230
Call
Walmart
Inc
20
270,000
135
08/21/26
760
TOTAL
OPTIONS PURCHASED
(Cost
$11,163)
40
$
910,000
2,990
TOTAL LONG-TERM
INVESTMENTS
(Cost
$186,192,867)
296,081,785
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 2.2%
6,545,327
REPURCHASE
AGREEMENTS - 2.2%
6,545,327
$
6,545,327
(e)
Fixed Income Clearing Corporation
1.060
%
07/01/26
6,545,327
TOTAL REPURCHASE
AGREEMENTS
(Cost
$6,545,327)
6,545,327
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$6,545,327)
6,545,327
TOTAL
INVESTMENTS - 102.2%
(Cost
$192,738,194)
302,627,112
OTHER
ASSETS & LIABILITIES, NET
-
(2.2)%
(6,651,516)
NET
ASSETS APPLICABLE TO COMMON SHARES -
100%
$
295,975,596
ETF
Exchange-Traded
Fund
S&P
Standard
&
Poor's
(a)
Non-income
producing; issuer has not declared an ex-dividend date within the past twelve
months.
(b)
Investment,
or portion of investment, has been pledged to collateralize the net payment obligations for investments in
derivatives.
(c)
Exchange-traded,
unless otherwise
noted.
(d)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by
100.
(e)
Agreement
with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $6,545,520 on 7/1/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and
maturity date 12/31/30, valued at $6,676,393.
37
See Notes to Financial Statements
Investments in
Derivatives
Options
Written
Type
Description(a)
Number
of
Contracts
Notional
Amount
(b)
Exercise
Price
Expiration
Date
Value
Call
Russell 2000
Index/Old
(20)
$
(6,200,000)
$
3,100
7/17/26
$
(34,200)
Call
S&P
500
Index
(25)
(19,000,000)
7,600
7/17/26
(87,500)
Call
S&P 500
Index
(50)
(39,000,000)
7,800
7/31/26
(85,750)
Call
S&P 500
Index
(25)
(19,500,000)
7,800
8/21/26
(108,875)
Call
S&P 500
Index
(30)
(23,700,000)
7,900
8/21/26
(71,850)
Total
Options Written (premiums received
$382,336)
(150)
$(107,400,000)
$(388,175)
(a)
Exchange-traded, unless otherwise
noted.
(b)
For
disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.
Statement of Assets and Liabilities
See Notes to Financial Statements
38
June 30, 2026
(Unaudited)
SPXX
QQQX
JCE
ASSETS
Long-term investments, at
value
†‡
$
2,831,707,311
$
1,564,667,324
$
296,081,785
Investments
purchased with collateral from securities lending, at value (cost approximates
value)
6,213,856
3,575,248
–
Short-term
investments, at
value
◊
59,551,975
37,281,243
6,545,327
Cash
17,371
–
3,656
Receivables:
Dividends
1,296,525
96,656
90,671
Interest
1,753
1,098
193
Investments
sold
1,490,294
366,731
–
Reclaims
5,197
–
–
Deferred
offering
costs
117,072
99,629
54,171
Other
148,475
69,340
22,464
Total
assets
2,900,549,829
1,606,157,269
302,798,267
LIABILITIES
Written options, at
value
#
15,025,425
13,334,350
388,175
Payables:
Management
fees
1,751,793
1,050,573
221,775
Collateral
from securities
lending
6,213,856
3,575,248
–
Dividends
56,259,207
34,793,635
6,039,126
Accrued
expenses:
Custodian
fees
277,921
149,975
74,323
Investor
relations
fees
204,423
223,928
47,854
Trustees
fees
161,915
72,646
17,783
Professional
fees
46,308
16,059
20,338
Shareholder
reporting
expenses
91,599
60,392
13,297
Other
1,209,850
43,746
–
Total
liabilities
81,242,297
53,320,552
6,822,671
Net
assets applicable to common shares
$
2,819,307,532
$
1,552,836,717
$
295,975,596
Common shares
outstanding
137,814,975
48,826,783
17,002,678
Net
asset value ("NAV") per common share
outstanding
$
20.46
$
31.80
$
17.41
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST
OF:
Common shares, $0.01 par value per
share
$
1,378,150
$
488,268
$
170,027
Paid-in
capital
2,223,659,974
366,013,851
182,052,825
Total
distributable earnings
(loss)
594,269,408
1,186,334,598
113,752,744
Net
assets applicable to common
shares
$
2,819,307,532
$
1,552,836,717
$
295,975,596
Authorized
shares:
Common
Unlimited
Unlimited
Unlimited
†
Long-term investments,
cost
$
929,226,063
$
405,757,307
$
186,192,867
◊
Short-term investments,
cost
$
59,551,975
$
37,281,243
$
6,545,327
‡ Includes securities loaned of
$
6,053,564
$
3,377,776
$
—
#
Written options, premiums
received
$
21,300,384
$
18,989,050
$
382,336
Statement of Operations
See Notes to Financial Statements
39
Six Months Ended June 30, 2026
(Unaudited)
SPXX
QQQX
JCE
INVESTMENT
INCOME
Dividends
$
9,538,057
$
5,242,362
$
1,511,095
Interest
12,516
9,458
2,501
Securities
lending income,
net
10,559
76,677
272
Tax
withheld
(
23,459
)
(
4,736
)
(
645
)
Total
investment
income
9,537,673
5,323,761
1,513,223
EXPENSES
–
–
–
Management
fees
6,005,620
6,154,922
1,296,590
Shareholder
servicing agent
fees
210
431
147
Interest
expense
5,892
3,799
227
Trustees
fees
27,807
46,294
8,711
Custodian
expenses
38,450
38,577
22,570
Investor
relations
expenses
173,589
168,895
30,564
Merger
expenses
10,000
—
—
Professional
fees
25,509
37,258
28,604
Shareholder
reporting
expenses
64,566
61,868
17,613
Stock
exchange listing
fees
3,801
—
4,304
Other
143,463
184,368
10,992
Total
expenses
6,498,907
6,696,412
1,420,322
Net
investment income
(loss)
3,038,766
(
1,372,651
)
92,901
REALIZED
AND UNREALIZED GAIN (LOSS)
Realized gain (loss)
from:
Investments
405,082,122
157,068,852
14,910,024
Written
options
(
42,095,892
)
(
59,091,102
)
(
728,359
)
Foreign
currency
transactions
134
—
—
Net
realized gain
(loss)
362,986,364
97,977,750
14,181,665
Change
in unrealized appreciation (depreciation) on:
Investments
38,920,958
12,307,984
6,124,801
Written
options
(
13,460,935
)
93,734
(
206,009
)
Foreign
currency
translations
10
—
—
Net
change in unrealized appreciation
(depreciation)
25,460,033
12,401,718
5,918,792
Net
realized and unrealized gain
(loss)
388,446,397
110,379,468
20,100,457
Net
increase (decrease) in net assets applicable to common shares from
operations
$
391,485,163
$
109,006,817
$
20,193,358
Statement of Changes in Net Assets
See Notes to Financial Statements
40
SPXX
QQQX
Unaudited
Six
Months
Ended
6/30/26
Year
Ended
12/31/25
Unaudited
Six Months
Ended
6/30/26
Year
Ended
12/31/25
OPERATIONS
Net investment income
(loss)
$
3,038,766
$
798,353
$
(1,372,651)
$
(1,939,805)
Net realized gain (loss)
362,986,364
(1,984,822)
97,977,750
77,284,225
Net change in unrealized appreciation (depreciation)
25,460,033
41,372,994
12,401,718
107,871,235
Net increase (decrease) in net assets applicable to common shares
from
operations
391,485,163
40,186,525
109,006,817
183,215,655
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(64,156,096)
(956,093)
(66,062,637)
(73,955,559)
Return
of
Capital
–
(23,306,665)
–
(35,416,434)
Total
distributions
(64,156,096)
(24,262,758)
(66,062,637)
(109,371,993)
CAPITAL SHARE
TRANSACTIONS
Common
shares:
Fund
Merger
2,144,603,374
—
—
—
Proceeds from shelf offering, net of offering
costs
—
278,690
—
—
Net increase (decrease) applicable to common shares from capital
share
transactions
2,144,603,374
278,690
—
—
Net increase (decrease) in net assets applicable to common
shares
2,471,932,441
16,202,457
42,944,180
73,843,662
Net assets applicable to common shares at the beginning of
period
347,375,091
331,172,634
1,509,892,537
1,436,048,875
Net assets applicable to common shares at the end of
period
$
2,819,307,532
$
347,375,091
$
1,552,836,717
$
1,509,892,537
See Notes to Financial Statements
41
JCE
Unaudited
Six Months
Ended
6/30/26
Year
Ended
12/31/25
OPERATIONS
Net investment income
(loss)
$
92,901
$
282,668
Net realized gain (loss)
14,181,665
20,680,203
Net change in unrealized appreciation (depreciation)
5,918,792
25,653,187
Net increase (decrease) in net assets applicable to common shares from
operations
20,193,358
46,616,058
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(11,969,885)
(21,716,151)
Total
distributions
(11,969,885)
(21,716,151)
CAPITAL SHARE
TRANSACTIONS
Common
shares:
Proceeds from shelf offering, net of offering
costs
—
4,207,517
Reinvestments of
distributions
—
22,504
Net increase (decrease) applicable to common shares from capital share
transactions
—
4,230,021
Net increase (decrease) in net assets applicable to common
shares
8,223,473
29,129,928
Net assets applicable to common shares at the beginning of
period
287,752,123
258,622,195
Net assets applicable to common shares at the end of
period
$
295,975,596
$
287,752,123
Financial Highlights
42
The following data is for a common share outstanding for each fiscal year
end unless otherwise noted:
Investment
Operations
Less Distributions
to
Common
Shareholders
Common
Share
Common
Share
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Shelf
Offering
Costs
Premium
per
Share
Sold
through
Shelf
Offering
Net
Asset
Value,
End
of
Period
Share
Price,
End
of
Period
SPXX
6/30/26
(c)
$
19.32
$
0.04
$
1.86
$
1.90
$
(
0.76
)
$
—
$
—
$
(
0.76
)
$
—
$
—
$
20.46
$
18.64
12/31/25
18.44
0.04
2.19
2.23
(
0.05
)
—
(
1.30
)
(
1.35
)
—
(e)
—
(e)
19.32
18.04
12/31/24
16.29
0.08
3.29
3.37
(
0.08
)
(
0.34
)
(
0.80
)
(
1.22
)
—
(e)
—
18.44
17.75
12/31/23
14.80
0.11
2.56
2.67
(
0.12
)
(
0.63
)
(
0.43
)
(
1.18
)
—
—
16.29
15.04
12/31/22
18.70
0.13
(
2.85
)
(
2.72
)
(
0.13
)
(
1.05
)
—
(
1.18
)
—
—
14.80
16.12
12/31/21
16.17
0.11
3.40
3.51
(
0.11
)
(
0.60
)
(
0.27
)
(
0.98
)
—
(e)
—
(e)
18.70
18.60
QQQX
6/30/26
(c)
30.92
(
0.03
)
2.26
2.23
(
1.35
)
—
—
(
1.35
)
—
—
31.80
30.14
12/31/25
29.41
(
0.04
)
3.79
3.75
—
(
1.51
)
(
0.73
)
(
2.24
)
—
—
30.92
28.52
12/31/24
24.68
(
0.01
)
6.56
6.55
—
(
1.58
)
(
0.24
)
(
1.82
)
—
(e)
—
29.41
27.05
12/31/23
19.61
—
(e)
6.74
6.74
—
(
1.22
)
(
0.46
)
(
1.68
)
—
(e)
0.01
24.68
23.15
12/31/22
29.63
0.01
(
8.06
)
(
8.05
)
(
0.01
)
(
1.96
)
—
(
1.97
)
—
—
19.61
20.43
12/31/21
26.32
(
0.06
)
5.12
5.06
—
(
0.78
)
(
1.01
)
(
1.79
)
—
(e)
0.04
29.63
30.65
JCE
6/30/26
(c)
16.92
0.01
1.18
1.19
(
0.70
)
—
—
(
0.70
)
—
—
17.41
16.36
12/31/25
15.48
0.02
2.68
2.70
(
0.03
)
(
1.25
)
—
(
1.28
)
—
(e)
0.02
16.92
15.94
12/31/24
13.28
0.04
3.40
3.44
(
0.03
)
(
1.25
)
—
(
1.28
)
—
(e)
0.04
15.48
15.90
12/31/23
12.04
0.06
2.46
2.52
(
0.06
)
(
0.02
)
(
1.20
)
(
1.28
)
—
—
13.28
13.55
12/31/22
17.33
0.10
(
3.06
)
(
2.96
)
(
0.10
)
(
1.93
)
(
0.30
)
(
2.33
)
—
—
12.04
13.54
12/31/21
15.21
0.01
3.95
3.96
(
0.07
)
(
1.77
)
—
(
1.84
)
—
—
17.33
18.58
(a)
Based
on average shares
outstanding.
(b)
Total
Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first
business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may
often be based on the Fund’s market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not
annualized.
Total Return Based on Common Share Price is the combination of
changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last
distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price.
The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
43
Common Share Supplemental
Data/
Ratios Applicable to Common
Shares
Common
Share
Total
Returns
Ratios to
Average
Net
Assets
Based
on
Net
Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End
of
Period
(000)
Expenses
Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate
10
.06
%
7
.86
%
$
2,819,308
0
.84
%
(d)
0
.39
%
(d)
41
%
12
.70
9
.74
347,375
0
.97
0
.24
22
21
.14
26
.92
331,173
0
.91
0
.46
17
18
.45
0
.75
292,558
0
.94
0
.71
21
(
14
.70
)
(
6
.79
)
265,760
0
.92
0
.78
32
22
.15
29
.03
323,415
0
.90
0
.61
26
7
.47
10
.70
1,552,837
0
.89
(d)
(
0
.18
)
(d)
21
13
.58
14
.68
1,509,893
0
.89
(
0
.14
)
31
27
.13
25
.44
1,436,049
0
.90
(
0
.04
)
18
35
.03
21
.78
1,204,825
0
.92
(
0
.01
)
35
(
27
.68
)
(
27
.25
)
949,718
0
.92
0
.04
36
19
.85
25
.39
1,334,867
0
.90
(
0
.21
)
32
7
.29
7
.32
295,976
0
.99
(d)
0
.06
(d)
51
18
.40
8
.85
287,752
0
.99
0
.11
106
26
.90
27
.77
258,622
1
.00
0
.25
112
21
.68
10
.60
213,669
1
.02
0
.48
105
(
17
.30
)
(
14
.07
)
193,568
1
.00
0
.66
92
26
.91
47
.15
278,044
0
.98
0
.09
104
(c)
Unaudited.
(d)
Annualized.
(e)
Value
rounded to zero.
44
Notes to Financial Statements
(Unaudited)
1.
General Information
Fund Information:
The funds covered in this report and their corresponding
New York Stock Exchange (“NYSE”)
or
Nasdaq National Market
(“Nasdaq”) symbols are as follows (each a
“Fund” and collectively, the “Funds”):
Nuveen S&P 500
Dynamic Overwrite Fund (SPXX)
Nuveen Nasdaq 100 Dynamic Overwrite Fund
(QQQX)
Nuveen Core Equity Alpha Fund
(JCE)
The Funds are registered under the Investment Company Act
of 1940 (the “1940 Act”), as amended, as closed-end management investment
companies. Shares of SPXX and JCE are traded on the NYSE while
shares of QQQX are traded on the Nasdaq. SPXX, QQQX and JCE were
organized as Massachusetts business trusts on November 11,
2004, May 20, 2014 and January 9, 2007, respectively.
Current
Fiscal Period
: The end of the reporting period for the
Funds is June 30, 2026, and the period covered by these Notes to Financial
Statements is the six months ended June 30, 2026 (the
"current fiscal period").
Investment Adviser and
Sub-Adviser:
The Funds’ investment adviser is Nuveen Fund Advisors, LLC
(the “Adviser”), a subsidiary of Nuveen, LLC
(“Nuveen”). Nuveen is the investment management
arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has overall
responsibility for management of the Funds, oversees the
management of the Funds’ portfolios, manages the Funds’ business affairs and provides
certain clerical, bookkeeping and other administrative
services, and, if necessary, asset allocation decisions. The Adviser has entered into
sub-
advisory agreements with Nuveen Asset Management, LLC (the
“Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolios of SPXX, QQQX and
JCE.
SPXX – Fund
Mergers:
Effective prior to opening of business on March
30, 2026, Nuveen S&P 500 Buy-Write Income Fund (BXMX) and Nuveen
Dow 30SM Dynamic Overwrite Fund (DIAX) (the “Target
Funds”) were reorganized into SPXX (the “Acquiring Fund”) (the “Merger”). With respect to
the Merger of the Target Funds with and into the Acquiring
Fund, the separate legal existence of the Target Funds ceased for all purposes and the
Acquiring Fund succeeded to all the assets and assumed all the
liabilities of the Target Funds. Shares of the Target Funds were converted into newly
issued shares of the Acquiring Fund. Holders of common shares
of the Target Funds received newly issued common shares of the Acquiring Fund,
the aggregate net asset value (“NAV”) of which was
equal to the aggregate NAV of the common shares of the Target Funds held immediately prior
to the Merger (including for this purpose fractional Acquiring
Fund shares to which shareholders were entitled). For accounting and performance
reporting purposes, the Acquiring Fund is the survivor.
2. Significant Accounting
Policies
The accompanying financial statements were prepared in
accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”), which may require the use of
estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies
and follow accounting guidance in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification 946, Financial Services —
Investment Companies. The NAV for financial reporting purposes may differ from
the NAV for processing security and common share transactions.
The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is
computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently
followed by the
Funds.
Compensation:
The
Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds
from the Adviser or its affiliates. The Funds' Board of
Trustees (the "Board") has adopted a deferred compensation plan for independent trustees
that enables trustees to elect to defer receipt of all or a
portion of the annual compensation they are entitled to receive from certain Nuveen-advised
funds. Under the plan, deferred amounts are treated as though
equal dollar amounts had been invested in shares of select Nuveen-advised
funds.
Distributions to
Common Shareholders:
Distributions to
common shareholders are recorded on the ex-dividend date. The amount, character and
timing of distributions are determined in accordance with
federal income tax regulations, which may differ from U.S.
GAAP.
The Funds' distribution policy, which may be changed
by the Board, is to make regular monthly cash distributions to holders of their common shares
(stated in terms of a fixed cents per common share dividend
distributions rate which may be set from time to time). Each Fund intends to distribute
all or substantially all of its net investment income each
year through its regular monthly distribution and to distribute realized capital gains at least
annually. In addition, in any monthly period, to maintain its
declared per common share distribution amount, a Fund may distribute more or less than
its net investment income during the period. In the event a
Fund distributes more than its net investment income during any yearly period, such
distributions may also include realized gains and/or a return
of capital. To the extent that a distribution includes a return of capital the NAV per share
may
erode.
Foreign Currency Transactions and
Translation:
To the extent that the Funds invest in
securities and/or contracts that are denominated in a currency
other than U.S. dollars, the Funds will be subject to
currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency
will reduce returns or portfolio value. Generally, when the
U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated
in that currency will lose value because their currency is
worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value.
45
Investments and other assets and liabilities denominated in foreign
currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot
rate prevailing in the foreign currency exchange market at the
time of valuation. Purchases and sales of investments and income denominated in
foreign currencies are translated into U.S. dollars on the
respective dates of such transactions.The books and records of the Funds are maintained in
U.S. dollars. Assets, including investments, and liabilities
denominated in foreign currencies are translated into U.S. dollars at the end of each day.
Purchases and sales of securities, income and expenses are
translated into U.S. dollars at the prevailing exchange rate on the respective dates of the
transactions.
Some markets in which the Funds invest impose capital controls,
repatriation limits and/or transaction fees, for example, on the amount of foreign
currency that may be converted to U.S. dollars. These
restrictions, in some markets where foreign exchange restrictions are imposed, may be
reflected in non-deliverable
forward rates (NDF), or prevailing “offshore” rates that apply to non-local investors. Accordingly, the Fund may apply
NDF rates, or another alternative exchange rate believed by the
Adviser to be more reflective of the rates at which the Funds may transact, where
applicable, to convert the value of non-U.S. dollar denominated securities to U.S.
dollars. The U.S. dollar market value of such securities held in
markets where NDF rates exist may be lower than the U.S. dollar
market value of securities using prevailing local or “onshore” foreign currency
exchange rates.
Net realized foreign currency gains and losses resulting
from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)
derivatives include foreign currency gains and losses between
trade date and settlement date of the transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends
recorded on the books of the Funds and the amounts actually received are recognized
as a component of “Net realized gain (loss) from foreign
currency transactions” on the Statement of Operations, when
applicable.
The unrealized gains and losses resulting from
changes in foreign currency exchange rates and changes in foreign exchange rates associated with
(i) investments and (ii) other assets and liabilities are
recognized as a component of “Change in unrealized appreciation (depreciation) on foreign
currency translations” on the Statement of Operations,
when applicable. The unrealized gains and losses resulting from changes in foreign exchange
rates associated with investments in derivatives are recognized
as a component of the respective derivative’s related “Change in unrealized
appreciation (depreciation)” on the Statement of
Operations, when applicable.
Foreign
Taxes:
The Funds may be subject to foreign taxes on
income, gains on investments or foreign currency repatriation, a portion of which may
be recoverable. The Funds will accrue such taxes and recoveries
as applicable, based upon the current interpretation of tax rules and regulations that
exist in the markets in which the Funds
invest.
Indemnifications:
Under the Funds' organizational documents, their
officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Funds. In addition, in
the normal course of business, the Funds enter into contracts that provide general
indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Funds that have not yet occurred.
However, the Funds have not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be
remote.
Investments and Investment
Income:
Securities transactions are accounted for as of
the trade date for financial reporting purposes. Realized gains
and losses on securities transactions are based upon the
specific identification method. Dividend income is recorded on the ex-dividend date or, for
certain foreign securities, when information is available.
Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend
date and recorded at fair value. Interest income is recorded on
an accrual basis. Interest income also reflects payment-in-kind (“PIK”) interest and
paydown gains and losses, if any. PIK interest represents income
received in the form of securities in lieu of cash.
Securities lending income is
comprised of fees earned from borrowers and income earned on
cash collateral
investments.
Netting
Agreements:
In the ordinary course of business, the Funds
may enter into transactions subject to enforceable International Swaps and
Derivatives Association, Inc. (ISDA) master agreements or other
similar arrangements (“netting agreements”). Generally, the right to offset in netting
agreements allows each Fund to offset certain securities and
derivatives with a specific counterparty, when applicable, as well as any collateral
received or delivered to that counterparty based on the terms of
the agreements. Generally, each Fund manages its cash collateral and securities
collateral on a counterparty basis. With respect to certain
counterparties, in accordance with the terms of the netting agreements, collateral posted
to the Funds is held in a segregated account by the Funds’
custodian and/or with respect to those amounts which can be sold or repledged, are
presented in the Funds’ Portfolio of Investments or
Statement of Assets and Liabilities.
The Funds’ investments
subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial
Statements.
Segment
Reporting:
Each Fund represents a single operating
segment. The officers of the Funds act as the chief operating decision maker
(“CODM”), as defined in U.S. GAAP. The CODM
monitors the operating results of each Fund as a whole and is responsible for each Fund’s
long-
term strategic asset allocation in accordance with the
terms of its prospectus, based on a defined investment strategy which is executed by the
Fund’s portfolio managers as a team. The financial
information in the form of the Fund’s portfolio composition, total returns, expense ratios and
changes in net assets (i.e., changes in net assets resulting
from operations, subscriptions and redemptions), which are used by the CODM to assess
the segment’s performance versus the Fund’s
comparative benchmarks and to make resource allocation decisions for the Fund’s single segment,
is consistent with that presented within the Fund’s
financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as
“total assets” and significant segment revenues and
expenses are listed on the Statement of
Operations.
New Accounting Pronouncement (ASU
No. 2025-11)
: In December 2025, the FASB issued
Accounting Standard Updated ("ASU") No. 2025-11,
Interim Reporting (Topic 270) Narrow Scope Improvements
(“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of
interim disclosures that are required by U.S. GAAP. ASU 2025-11
also includes a disclosure principle that requires entities to disclose events since the
46
Notes to Financial Statements
(continued)
end of the last annual reporting period that have a material impact on
the entity. The amendments in ASU 2025-11 are effective for interim reporting
periods within annual reporting periods beginning after December
15, 2027. Early adoption is permitted for all entities. Management is currently
evaluating the implications of these changes on the financial
statements.
3. Investment Valuation and Fair Value
Measurements
The Funds’ investments in securities are
recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price
that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most
advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of
unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect
the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources
independent of the reporting entity. Unobservable inputs reflect management’s
assumptions about the assumptions market participants would use
in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a
summary of the three-tiered hierarchy of valuation input
levels.
Level 1 – Inputs are unadjusted and prices are
determined using quoted prices in active markets for identical
securities.
Level 2 – Prices are determined using other
significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads,
etc.).
Level 3 – Prices are determined using significant
unobservable inputs (including management’s assumptions in determining the fair value of
investments).
A
description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value
follows:
Equity securities and exchange-traded funds listed or
traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange
on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales
price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on
the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when
the Funds' net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to
the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified
as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally
classified as Level 2.
Prices of certain American Depositary
Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price,
official closing price, or an
evaluated price provided by the pricing services and are generally classified as Level 1 or
2.
Purchased and written options traded and listed on a national
market or exchange are valued at the mean of the closing bid and asked prices and
are generally classified as Level
1.
Over-the-counter (“OTC”) options are
marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified
as Level
2.
Investments in investment companies are valued at their
respective NAVs or share price on the valuation date and are generally classified as Level
1.
Repurchase agreements are valued at contract amount plus
accrued interest, which approximates market value. These securities are generally
classified as Level
2.
For any portfolio security or derivative for which market
quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect
fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of
the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current
sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following:
yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security
dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the
obligor’s credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise
they would be classified as Level 3.
The following table summarizes the market value of
the Funds’ investments, and the fair value of certain other assets and liabilities, when
applicable, as of the end of the current fiscal period,
based on the inputs used to value them:
47
4. Portfolio Securities
Repurchase
Agreements:
In connection with transactions in
repurchase agreements, it is each Fund's policy that its custodian take possession of the
underlying collateral securities, the fair value of which
exceeds the principal amount of the repurchase transaction, including accrued interest, at all
times. If the counterparty defaults, and the fair value of
the collateral declines, realization of the collateral may be delayed or
limited.
The following table presents the repurchase
agreements for the Funds that are subject to netting agreements as of the end of the current fiscal
period, and the collateral delivered related to those
repurchase
agreements.
SPXX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
2,773,065,184
$
–
$
–
$
2,773,065,184
Exchange-Traded
Funds
58,621,445
–
–
58,621,445
Options
Purchased
20,525
–
–
20,525
Warrants
157
–
–
157
Investments
Purchased with Collateral from Securities
Lending
6,213,856
–
–
6,213,856
Short-Term
Investments:
Repurchase
Agreements
–
59,551,975
–
59,551,975
$
2,837,921,167
$
59,551,975
$
–
$
2,897,473,142
Investments in
Derivatives:
Options
Written
(15,025,425)
–
–
(15,025,425)
$
(15,025,425)
$
–
$
–
$
(15,025,425)
QQQX
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
1,537,777,904
$
–
$
–
$
1,537,777,904
Exchange-Traded
Funds
26,878,600
–
–
26,878,600
Options
Purchased
10,820
–
–
10,820
Investments Purchased with Collateral from Securities
Lending
3,575,248
–
–
3,575,248
Short-Term
Investments:
Repurchase
Agreements
–
37,281,243
–
37,281,243
$
1,568,242,572
$
37,281,243
$
–
$
1,605,523,815
Investments in
Derivatives:
Options
Written
(13,334,350)
–
–
(13,334,350)
$
(13,334,350)
$
–
$
–
$
(13,334,350)
JCE
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
290,941,410
$
–
$
–
$
290,941,410
Exchange-Traded
Funds
5,137,385
–
–
5,137,385
Options
Purchased
2,990
–
–
2,990
Short-Term
Investments:
Repurchase
Agreements
–
6,545,327
–
6,545,327
$
296,081,785
$
6,545,327
$
–
$
302,627,112
Investments in
Derivatives:
Options
Written
(388,175)
–
–
(388,175)
$
(388,175)
$
–
$
–
$
(388,175)
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
SPXX
Fixed Income Clearing
Corporation
$
59,551,975
$
(60,743,193)
QQQX
Fixed
Income Clearing
Corporation
37,281,243
(38,026,879)
JCE
Fixed
Income Clearing
Corporation
6,545,327
(6,676,393)
48
Notes to Financial Statements
(continued)
Securities
Lending:
Each Fund may lend securities representing up to
one-third of the value of its total assets to broker-dealers, banks, and other
institutions in order to generate additional income. When
loaning securities, a Fund retains the benefits of owning the securities, including the
economic equivalent of dividends or interest generated by the
security. The loans are continuous, can be recalled at any time, and have no set
maturity. The Funds' custodian, State Street Bank and
Trust Company, serves as the securities lending agent (the
“Agent”).
When a Fund loans its portfolio
securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the
market value of the loaned securities. The actual percentage
of the cash collateral will vary depending upon the asset type of the loaned securities.
Collateral for the loaned securities is invested in a
government money market vehicle maintained by the Agent, which is subject to the requirements
of Rule 2a-7 under the 1940 Act. The value of the loaned
securities and the liability to return the cash collateral received are recognized on the
Statement of Assets and Liabilities. If the market value of
the loaned securities increases, the borrower must furnish additional collateral to the Fund,
which is also recognized on the Statement of Assets and
Liabilities. The market value of securities loaned is determined at the close of business of
the Funds and any additional required collateral is delivered
to the Funds on the next business day. Securities out on loan are subject to termination
at any time at the option of the borrower or the Fund. Upon
termination, the borrower is required to return to the Fund securities identical to the
securities loaned. During the term of the loan, the Fund
bears the market risk with respect to the investment of collateral and the risk that the Agent
may default on its contractual obligations to the Fund. The
Agent bears the risk that the borrower may default on its obligation to return the loaned
securities as the Agent is contractually obligated to
indemnify the Fund if at the time of a default by a borrower some or all of the loan securities
have not been
returned.
Securities lending income recognized by a Fund
consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and
compensation to the Agent. Such income is recognized on the
Statement of Operations.
As of the end of the current fiscal
period, the total value of the loaned securities and the total value of collateral received were as
follows:
Purchases and
Sales:
Long-term purchases and sales during the
current fiscal period were as follows:
The Funds may
purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not
accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding
when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and
Liabilities.
5. Derivative
Investments
Each Fund is authorized to invest in certain
derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange
rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if
any, are included within the Statement of Assets and Liabilities and the Statement of
Operations,
respectively.
Options
Transactions
:
During
the current fiscal period, SPXX, QQQX and JCE, each wrote put and call options on equity indices as per its stated
dynamic overwriting strategy with the notional amounts of
these options ranging from approximately 35-75% of each Fund’s assets. SPXX, QQQX,
and JCE also purchased put and call options as part of their
overwrite strategy.
The Funds may purchase (buy) or write
(sell) put and call options on specific securities (including groups or "baskets" of specific securities), interest
rates, stock indices and/or bond indices (each a
“financial instrument”). Options can be settled either directly with the counterparty (over the
counter) or through a central clearing house (exchange
traded). Call and put options give the holder the right, in return for a premium paid, to
purchase or sell, respectively, a financial instrument at a
specified exercise price at any time during the period of the option.
When a Fund purchases an option, an amount equal to the
premium paid (the premium plus commission) is recognized as an asset on the Statement
of Asset and Liabilities. When a Fund writes an option, an
amount equal to the net premium received (the premium less commission) is recognized
as a liability on the Statement of Assets and Liabilities
and is subsequently adjusted to reflect the current value of the written option until the option
Aggregate Value of
Securities on
Loan
Fund
Equity
Securities
Cash
Collateral
Received*
SPXX
$6,053,564
$6,213,856
QQQX
3,377,776
3,575,248
*May
include cash and investment of cash
collateral.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
SPXX
$
712,659,155
$
825,368,537
QQQX
317,678,367
441,795,493
JCE
148,140,029
160,967,949
49
is exercised or expires or the Fund enters into a closing purchase
transaction. The changes in the value of options purchased and/or written during
the fiscal period are recognized as in unrealized appreciation
(depreciation) on the Statement of Operations. When an option expires, the premiums
received or paid are recognized as realized gains or losses on
the Statement of Operations. When an option is exercised or a closing purchase
transaction is entered into, the difference between the premium
and the amount received or paid in a closing transaction is recognized as a realized
gain or loss on the Statement of
Operations.
The market risk associated with purchasing options is
limited to the premium paid. The Fund, as writer of an option, has no control over whether
the underlying instrument may be sold (called) or purchased
(put) and as a result bears the risk of an unfavorable change in the market value of the
instrument underlying the written option. There is also the risk
the Fund may not be able to enter into a closing transaction because of an illiquid
market.
The
average notional amount of outstanding options purchased during the current fiscal period, was as
follows:
The average notional amount of outstanding options
written during the current fiscal period, was as follows:
As
of the end of the current fiscal period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets
and Liabilities as
follows:
Fund
Average
Notional Amount of Purchased
Options Contracts
Outstanding
*
SPXX
$
3,883,333
QQQX
10,245,000
JCE
1,220,000
*
The
average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period
and at the end of each fiscal quarter within the current fiscal
period.
Fund
Average
Notional Amount of Written
Options Contracts
Outstanding
*
SPXX
$
1,206,621,667
QQQX
941,820,000
JCE
121,193,333
*
The
average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period
and at the end of each fiscal quarter within the current fiscal
period.
Asset
Derivatives
Liability
Derivatives
Derivative
Instrument
Risk
Exposure
Location
Value
Location
Value
SPXX
Options
Purchased
Equity
Long-term
investments, at
value
$
20,525
-
$-
Options
Written
Equity
-
–
Options
written, at
value
$
(15,025,425)
1
1
1
1
1
1
1
1
QQQX
Options
Purchased
Equity
Long-term
investments, at
value
10,820
-
$-
Options
Written
Equity
-
–
Options
written, at
value
(13,334,350)
1
1
1
1
1
1
1
1
JCE
Options
Purchased
Equity
Long-term
investments, at
value
2,990
-
$-
Options
Written
Equity
-
–
Options
written, at
value
(388,175)
1
1
1
1
1
1
1
1
50
Notes to Financial Statements
(continued)
During the current fiscal period, the effect of derivative contracts on
the Funds' Statement of Operations was as follows:
Market
and Counterparty Credit Risk:
In the normal course of business each Fund may
invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed
the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each
Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and
Liabilities.
Each Fund helps manage counterparty credit risk
by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the
Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily
valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored
and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold
amount.
6. Fund
Shares
Common Shares Equity Shelf Programs and Offering
Costs:
The following Funds have filed a registration
statement with the Securities and
Exchange Commission
("SEC") authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf
Offering”), which became effective with the SEC during
the current and prior fiscal period.
Under this Shelf
Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time
to time in varying amounts and by different offering methods
at a net price at or above each Fund’s NAV per common share. In the event the Fund’s
Shelf Offering registration statement is no longer current,
the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the
SEC.
Maximum aggregate offering, common shares sold and
offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s
current and prior fiscal periods were as follows:
Costs incurred by the Funds in connection with their
initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred
offering costs” on the Statement of Assets and
Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as
a component of “Proceeds from shelf offering, net of
offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs
remaining after the effectiveness of the initial shelf
registration will be expensed. Costs incurred by the Funds to keep the shelf registration current
are expensed as incurred and recognized as a component of
“Other expenses” on the Statement of
Operations.
Derivative
Instrument
Risk
Exposure
Net Realized Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
SPXX
Purchased
options
Equity
$
(29,715)
$
(46,113)
Written
options
Equity
(42,095,892)
(13,460,935)
QQQX
Purchased
options
Equity
(44,221)
(3,567)
Written
options
Equity
(59,091,102)
93,734
JCE
Purchased
options
Equity
(10,988)
(5,899)
Written
options
Equity
(728,359)
(206,009)
SPXX
QQQX
JCE
Six Months
Ended
6/30/26
Year
Ended
12/31/25
Six Months
Ended
6/30/26
Year
Ended
12/31/25
Six Months
Ended
6/30/26
Year
Ended
12/31/25
Maximum aggregate
offering
4,235,232
4,235,232
Unlimited
Unlimited
1,599,292
1,599,292
Common shares
sold
–
16,523
–
–
–
291,604
Offering proceeds, net of offering
costs
$–
$278,690
$–
$–
$–
$4,207,517
51
Common Share
Transactions:
Transactions in common shares
for the Funds during the Funds’ current and prior fiscal period, where applicable,
were as
follows:
7. Income Tax
Information
Each Fund is a separate taxpayer for federal income tax purposes. Each
Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with
the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax
provision is required.
Each Fund files income tax returns in
U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years
after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each
Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the
Fund's financial statements.
As of the end of the
reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as
follows:
For purposes of this disclosure, tax cost generally
includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement
reporting but realized income and/or capital gains for tax reporting, if
applicable.
As of prior fiscal period end, the components of
accumulated earnings on a tax basis were as follows:
As of
prior fiscal period end, the Funds had capital loss carryforwards, which will not
expire:
8. Management Fees and Other Transactions with
Affiliates
Management
Fees:
Management fee compensates the Adviser for
overall investment advisory and administrative services and general office
facilities. The Sub-Adviser is compensated for their
services to the Funds from the management fees paid to the
Adviser.
SPXX
JCE
Unaudited
Six Months
Ended
6/30/26
Year
Ended
12/31/25
Unaudited
Six Months
Ended
6/30/26
Year
Ended
12/31/25
Common
Shares:
Sold through shelf
offering
—
16,523
—
291,604
Issued to shareholders due to reinvestment of
distributions
—
—
—
1,552
Total
—
16,523
—
293,156
Weighted
average common share:
Premium to NAV per shelf offering common share
sold
–%
0.50%
–%
1.45%
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
SPXX
$
1,001,939,686
$
1,906,907,886
$
(5,099,471)
$
1,901,808,415
QQQX
456,134,974
1,169,267,170
(14,223,629)
1,155,043,541
JCE
194,202,439
118,738,709
(10,319,875)
108,418,834
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
SPXX
$
—
$
—
$
269,881,418
$
(2,941,195)
$
—
$
—
$
266,940,223
QQQX
—
—
1,143,390,418
—
—
—
1,143,390,418
JCE
3,248,737
—
102,296,307
—
—
(15,773)
105,529,271
Fund
Short-Term
Long-Term
Total
SPXX
$
2,941,195
$
—
$
2,941,195
QQQX
—
—
—
JCE
—
—
—
52
Notes to Financial Statements
(continued)
Each Fund’s management fee consists of two components – a
fund-level fee, based only on the amount of assets within each individual Fund,
and a complex-level fee, based on the aggregate amount of all
eligible fund assets managed by the Adviser. This pricing structure enables Fund
shareholders to benefit from growth in the assets within their
respective Fund as well as from growth in the amount of complex-wide assets managed
by the
Adviser.
The annual fund-level fee, payable monthly, for each Fund
is calculated according to the following schedules:
The annual
complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily
“eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual
Funds”). Except as described below, eligible assets include the
assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market
funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the
aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage
will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by
Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these
purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate
securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust’s issuance of
floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain
circumstances.
As of the end of the current fiscal
period, the fund-level and complex-level fee for each Fund was as
follows:
Other Transactions with Affiliates:
Each Fund is permitted to purchase or sell securities
from or to certain other funds or accounts managed by the
Sub-Adviser or by an affiliate of the Adviser (each
an, “Affiliated Entity”) under specified conditions outlined in procedures adopted by the Board
("cross-trade"). These procedures have been
designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by
virtue of having a common investment adviser (or affiliated
investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the
current market price (as provided by an independent pricing service) without incurring
broker
commissions.
During the current fiscal period, the Funds
engaged in cross-trades pursuant to these procedures as
follows:
9. Inter-Fund Borrowing and
Lending
Inter-Fund Lending Program:
The SEC has granted an exemptive order permitting
registered open-end and closed-end Nuveen funds to participate
in an inter-fund lending facility whereby the Nuveen funds
may directly lend to and borrow money from each other for temporary purposes (e.g., to
satisfy redemption requests or when a sale of securities
“fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The
closed-
Average Daily Managed
Assets*
SPXX
QQQX
JCE
For
the first $500
million
0.6600
%
0.6900
%
0.7500
%
For the next $500
million
0.6350
0.6650
0.7250
For
the next $500
million
0.6100
0.6400
0.7000
For
the next $500
million
0.5850
0.6150
0.6750
For
managed assets over $2
billion
0.5600
0.5900
0.6500
Complex-Level
Asset Breakpoint Level*
Complex-Level
Fee
For the first $124.3
billion
0.1600
%
For the next $75.7
billion
0.1350
For
the next $200
billion
0.1325
For
eligible assets over $400
billion
0.1300
Fund
Fund-Level
Fee
Complex-Level
Fee
Total Management
Fee
SPXX
0.6004
%
0.1544
%
0.7548
%
QQQX
0.6558
0.1544
0.8102
JCE
0.7441
0.1544
0.8985
Fund
Purchases
Sales
Realized
Gain
(Loss)
SPXX
$
2,357,271
$
7,029,236
$
2,839,054
QQQX
—
—
—
JCE
7,771,017
121,458
13,853
53
end Nuveen funds, including the Funds covered by this shareholder report,
will participate only as lenders, and not as borrowers, in the Inter-Fund
Program because such closed-end funds rarely, if ever, need to
borrow cash to meet redemptions. The Inter-Fund Program is subject to a number
of conditions, including, among other things, the requirements
that (1) no fund may borrow or lend money through the Inter-Fund Program unless
it receives a more favorable interest rate than is typically
available from a bank or other financial institution for a comparable transaction; (2) no fund
may borrow on an unsecured basis through the Inter-Fund Program
unless the fund’s outstanding borrowings from all sources immediately after the
inter-fund borrowing total 10% or less of its total assets;
provided that if the borrowing fund has a secured borrowing outstanding from any other
lender, including but not limited to another fund, the
inter-fund loan must be secured on at least an equal priority basis with at least an equivalent
percentage of collateral to loan value; (3) if a fund’s
total outstanding borrowings immediately after an inter-fund borrowing would be greater than
10% of its total assets, the fund may borrow through the
inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would
cause its aggregate outstanding loans through the Inter-Fund
Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund
loans to any one fund shall not exceed 5% of the lending
fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to
receive payment for securities sold, but in no event more than
seven days; and (7) each inter-fund loan may be called on one business day’s notice
by a lending fund and may be repaid on any day by a borrowing
fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only
if and to the extent that such participation is consistent with
the fund’s investment objective and investment policies. The Board is responsible for
overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the
SEC exemptive order permitting the Inter-Fund Program are designed to minimize
the risks associated with Inter-Fund Program for both the
lending fund and the borrowing fund. However, no borrowing or lending activity is without
risk. When a fund borrows money from another fund, there is a
risk that the loan could be called on one day’s notice or not renewed, in which case
the fund may have to borrow from a bank at a higher rate or
take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a
lost investment opportunity or additional borrowing costs.
During
the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan
activity.
10. Fund
Mergers
The Merger as previously described in these Notes to
Financial Statements was structured to qualify as a tax-free merger under the Internal Revenue
Code for federal income tax purposes, and the Target
Funds’ shareholders recognized no gain or loss for federal income tax purposes as a result.
Prior to the closing of the Merger, the Target Funds distributed
all of its net investment income and capital gains, if any. Such a distribution may be
taxable to the Target Funds’ shareholders for federal
income tax
purposes.
Investments:
The
cost, fair value and net unrealized appreciation (depreciation) of the investments (including investments in derivatives) of the
Target Funds as of the date of the Merger, were as follows:
For financial reporting purposes, assets received and shares
issued by the Acquiring Fund was recorded at fair value; however, the cost basis of the
investments received from the Target Fund was carried forward
to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and
losses with amounts distributable to shareholders for tax
purposes.
Common
Shares:
The common shares outstanding, net assets
applicable to common shares and NAV per common share outstanding immediately
before and after the Merger were as
follows:
BXMX
DIAX
Cost of
investments
$340,555,124
$217,733,813
Fair value of
investments
1,574,757,216
595,764,600
Net unrealized appreciation (depreciation) of
investments
1,234,202,092
378,030,787
Target Fund - Prior to
Merger
BXMX
DIAX
Common shares
outstanding
104,165,286
36,366,913
Net assets applicable to common
shares
$1,565,237,003
$579,366,371
NAV per common share
outstanding
$15.03
$15.93
Acquiring Fund - Prior to
Merger
SPXX
Common
shares
outstanding
17,976,544
Net
assets applicable to common
shares
$321,704,343
NAV
per common share
outstanding
$17.90
Acquiring
Fund - After
Merger
SPXX
Common
shares
outstanding
137,814,975
Net
assets applicable to common
shares
$2,466,307,717
NAV
per common share outstanding
$17.90
54
Notes to Financial Statements
(continued)
Pro Forma Results of
Operations:
The beginning of BXMX and DIAX’s current
fiscal period was January 1, 2026. Assuming the Merger had been
completed on January 1, 2026, the beginning of the Acquiring
Fund’s current fiscal period, the pro forma results of operations for the Fund’s current
fiscal period, are as
follows:
Acquiring Fund - Pro Forma Results from
Operations
SPXX
Net investment income
(loss)
$2,847,793
Net
realized and unrealized gains
(losses)
2,028,129,209
Change
in net assets resulting from operations
2,030,977,002
Shareholder Meeting Report
55
(Unaudited)
The
annual meeting of shareholders for SPXX was held on January 29, 2026 and subsquently adjourned to March, 5, 2026; at this meeting the
shareholders were asked to elect Board Members and approve the
issuance of additional common shares.
The vote totals for SPXX
are set forth
below:
SPXX
Common
shares voting
together as a
class
To
approve the issuance of additional common
shares:
For
5,605,824
Against
117,208
Abstain
122,142
Broker
Non-Votes
8,656,817
Total
14,501,991
Approval
of the Board Members was reached as follows:
Joseph A.
Boateng
For
13,977,787
Withhold
524,204
Total
14,501,991
Amy B. R.
Lancellotta
For
14,008,135
Withhold
493,856
Total
14,501,991
John K.
Nelson
For
14,054,385
Withhold
447,606
Total
14,501,991
Terence J.
Toth
For
14,003,252
Withhold
498,739
Total
14,501,991
56
(continued)
The annual meeting of shareholders for QQQX and JCE was held on
April 16, 2026; at this meeting the shareholders were asked to elect Board
Members.
The
vote totals for QQQX and JCE are set forth
below:
QQQX
JCE
Common
shares voting
together as a
class
Common
shares voting
together as a
class
Approval
of the Board Members was reached as follows:
Joseph A.
Boateng
For
35,846,333
13,340,945
Withhold
3,617,734
822,231
Total
39,464,067
14,163,176
Amy B. R.
Lancellotta
For
35,880,063
13,346,005
Withhold
3,584,004
817,171
Total
39,464,067
14,163,176
John K.
Nelson
For
31,396,511
12,383,625
Withhold
8,067,556
1,779,551
Total
39,464,067
14,163,176
Terence
J.
Toth
For
31,352,213
12,363,676
Withhold
8,111,854
1,799,500
Total
39,464,067
14,163,176
57
Additional Fund Information
(Unaudited)
Portfolio
of Investments Information
Each Fund is required to
file its complete schedule of portfolio holdings with
the
Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its
report on Form N-PORT. You may obtain this information on the
SEC’s website at http://www.sec.gov.
Nuveen
Funds’ Proxy Voting Information
You may obtain (i)
information regarding how each fund voted proxies
relating to
portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon
request, by calling Nuveen toll-free at (800) 257-8787 or on
Nuveen’s website at www.nuveen.com and (ii) a description
of the policies and procedures that each fund used to
determine how to vote proxies relating to portfolio securities
without charge, upon request, by calling Nuveen toll-free at
(800) 257-8787. You may also obtain this information
directly
from the SEC. Visit the SEC on-line at
http://www.sec.gov.
CEO Certification
Disclosure
Each Fund’s Chief Executive Officer
(CEO) has submitted to the New York Stock
Exchange (NYSE) the
annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its CEO
and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley
Act.
Common Share Repurchases
Each Fund intends to repurchase, through its
open-market share repurchase program,
shares of its own
common stock at such times and in such amounts as is deemed advisable. During the period covered
by this report, each Fund repurchased shares of its common
stock as shown in the accompanying table. Any future
repurchases will be reported to shareholders in the next
annual or semi-annual report.
FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA)
provides information regarding the
disciplinary history of
FINRA member firms and associated investment professionals. This information as well as an
investor brochure describing FINRA BrokerCheck is available
to the public by calling the FINRA BrokerCheck Hotline
number at (800) 289-9999 or by visiting
www.FINRA.org.
Board of
Trustees
Joseph A. Boateng
Michael A. Forrester
Thomas J.
Kenny
Amy B.R.
Lancellotta
Joanne T.
Medero
Albin F.
Moschner
John K.
Nelson
Loren M.
Starr
Matthew Thornton
III
Terence J.
Toth
Margaret L.
Wolff
Robert L.
Young
Investment
Adviser
Nuveen Fund Advisors,
LLC
333 West Wacker
Drive
Chicago, IL
60606
Custodian
State
Street Bank
& Trust
Company
One Congress
Street
Suite
1
Boston, MA
02114-2016
Legal
Counsel
Chapman and Cutler
LLP
Chicago,
IL 60606
Independent Registered
Public Accounting
Firm
PricewaterhouseCoopers
LLP
One North Wacker
Drive
Chicago, IL
60606
Transfer Agent
and
Shareholder
Services
Computershare Trust Company,
N.A.
150 Royall
Street
Canton, MA
02021
(800)
257-8787
SPXX
QQQX
JCE
Common
shares
repurchased
0
0
0
58
Glossary of Terms Used in this Report
(Unaudited)
19(a)
Notice:
Section 19(a) of the Investment Company Act of 1940 requires
that the payment of any distribution which is made
from a source other than
the fund’s net income be accompanied by a written notice that discloses the estimated sources of such
payment.
Average
Annual Total Return
: This is a commonly used method to express an
investment’s performance over a particular, usually
multi-year time
period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative
performance (including change in NAV or offer price and reinvested dividends
and capital gains distributions, if any) over the time
period being
considered.
Net Asset Value (NAV) Per
Share:
A fund’s Net Assets is equal to its total assets
(securities, cash, accrued earnings and
receivables) less its total
liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Statement Regarding Basis for Approval of
Investment Advisory Contract
59
(Unaudited)
Nuveen
S&P 500 Dynamic Overwrite Fund
Nuveen Nasdaq 100
Dynamic Overwrite Fund
Nuveen Core Equity Alpha
Fund
(collectively, the
“Funds”
)
I. The Approval
Process
At an in-person meeting held on April 28 and 29, 2026
(the “Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a
“Board Member”) of the Funds approved, for their
respective Fund, the renewal of the investment management agreement (each, an “Investment
Management Agreement”) with Nuveen Fund Advisors, LLC
(“NFAL” or the “Adviser”) pursuant to which NFAL serves as the investment adviser
to such Fund. Similarly, for each Fund, the Board approved
the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with
Nuveen Asset Management, LLC (“NAM” or the “Sub-Adviser”)
pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. At the
time of the Meeting, prior to an internal restructuring
pursuant to which Teachers Advisors, LLC (“TAL”) was merged into NAM (the “Restructuring”),
the Nuveen fund complex consisted of the group of funds
advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds
advised by TAL (the “TC Funds”; the NFAL Funds
and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and
NFAL were affiliates as NFAL is a subsidiary of Nuveen, LLC,
the investment management arm of Teachers Insurance and Annuity Association of
America (“TIAA”), and TAL was an indirect wholly
owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.
The Board Members are not “interested persons”
(as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the
Board is comprised of all disinterested Board Members.
References to the Board and the Board Members are interchangeable. Below is a summary
of the annual review process the Board undertook related to
its most recent renewal of each Investment Management Agreement and Sub-Advisory
Agreement on behalf of the applicable
Fund.
In accordance with applicable law, following up to an
initial two-year period, the Board considers the approval of the continuance of each Investment
Management Agreement and Sub-Advisory Agreement on behalf of
the applicable Fund on an annual basis. The Investment Management
Agreements and Sub-Advisory Agreements are collectively
referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are
collectively, the “Fund Advisers” and each, a
“Fund Adviser.”
In considering the continuance of
each Advisory Agreement, the Board considered information received by it throughout the year as well as
materials prepared specifically at the Board’s request
for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members
considered the review of the Advisory Agreements to be an
ongoing process. The Board and its committees meet regularly throughout the year,
including in executive sessions, providing the Board Members
with the opportunity to assess the quality and scope of the various services provided
by a Fund Adviser during the year through the written
materials, oral presentations and discussions with senior management. The information
provided to the Board and/or its committees at these meetings
covered a wide range of topics pertinent to the annual consideration of the renewal
of the Advisory Agreements, including, but not limited to:
(a) the investment performance of the Nuveen funds over various periods and the reasons
for any outperformance or underperformance relative to peers
and/or benchmarks or other performance metrics (as applicable); (b) strategic
priorities for the business of the Adviser, including
significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d)
compliance, regulatory and risk management reports, including
any initiatives in seeking to strengthen compliance capabilities and controls and to
meet regulatory requirements, compliance policies and
procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable);
(f) reports on the valuation of securities; (g) periodic
investment team presentations; (h) evaluations on fund expenses; (i) trading practices and
execution quality of portfolio transactions; (j) management
of distributions; and (k) with respect to closed-end funds, closed-end fund market activity,
capital management initiatives, institutional ownership, management of leverage
financing, the secondary market trading of the closed-end funds
and any actions taken to address market discounts to net
asset value.
In addition to the materials and discussions that
occurred at prior meetings, the Board, through its independent legal counsel, requested and
received extensive materials and information prepared
specifically for its review of the Advisory Agreements. The materials provided in conjunction
with the Meeting included, among other things, (a) a
description of the nature, extent and quality of services provided by the Fund Advisers; (b) a
review of the Sub-Adviser and/or investment team (as
applicable); (c) fund performance over various periods with a focus on funds considered to
have met certain challenged performance measurements; (d)
the fees and expense ratios of the funds with a focus on funds considered to have
certain expense characteristics; (e) a list of management
fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees
assessed to other types of clients; (g) a description of
portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary
of the investments made in 2025 by the Adviser and/or its
affiliates in technology enhancements; and (j) a description of indirect benefits received
by the Fund Advisers as a result of their relationships with
the funds. The Board also considered information provided by Broadridge Financial
Solutions, Inc. (“Broadridge”), an independent
provider of investment company data, comparing fee and expense levels of each Fund to those of a
peer universe, as well as a description of
Broadridge’s methodology in compiling the expense universe.
The information prepared specifically for the annual review
supplemented the information provided to the Board and its committees and the
evaluations of the Nuveen funds by the Board and its
committees during the year. The performance, fee and expense data and other information
provided by a Fund Adviser, Broadridge or other service
providers were not independently verified by the Board Members. The Board Members
employed the accumulated information, knowledge and
experience they had gained during their tenure as disinterested Board Members on the
Board and its committees in overseeing the applicable Nuveen
funds and working with the respective Fund Advisers in their review of the Advisory
Agreements.
60
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
As part of their review, the Board Members and independent legal counsel
met in executive session on April 17, 2026 (the “April Executive Session”)
to review and discuss materials provided in connection with their
annual review of the Advisory Agreements. After reviewing this information, the
Board Members requested, directly or through independent legal
counsel, additional information and received the responses to these follow-up
questions and requests. In addition to the April Executive
Session, the Board Members met in additional executive sessions prior to and during
the Meeting. During the Meeting, the Board Members considered the
materials, invited representatives of management to provide additional
information and determined that the information provided (whether
oral or written) was responsive to their requests.
The Board
Members had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with
independent legal counsel at various executive sessions without
the presence of any Fund Adviser management. In connection with their annual
review, the Board Members also received a memorandum from
independent legal counsel outlining their fiduciary duties and legal standards in
reviewing the Advisory Agreements, including guidance from court
cases evaluating advisory fees.
After the discussions and with
the background and knowledge described above, the Board Members approved the continuation of the Advisory
Agreements on behalf of the Funds for an additional one-year
period until May 1, 2027. The Board did not identify any single factor as all-important
or controlling, but rather each decision reflected the
comprehensive consideration of all the information (written or oral) provided to the Board and
its committees throughout the year as well as the materials
prepared specifically in connection with the annual review process. The contractual
arrangements may reflect the results of prior year(s) of review,
negotiation and information provided in connection with the Board’s annual review of
the Funds’ advisory arrangements and oversight of the
Funds. Each Board Member may have attributed different levels of importance to the various
factors and information considered in connection with the annual
review process and may have placed different emphasis on the relevant information
year
to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not
all the factors, the Board considered in deciding to renew the
Advisory Agreements is set forth below.
In addition, as noted
above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual
basis. In connection with the annual review, management and the
Board proposed to reset the annual review schedule for the Advisory Agreements
to permit the agreements to continue for a one-year period until
August 1st following the renewal as opposed to the current May 1st deadline. To
implement the new review schedule, at its in-person meeting held
on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance
of the Advisory Agreements through July 31, 2027. A discussion
of the Board’s approval at the May Meeting of the continuance of the Advisory
Agreements is set forth in Section II
below.
A. Nature, Extent and Quality of
Services
In evaluating the renewal of the Advisory Agreements at
the Meeting, the Board Members received and considered information regarding the
nature, extent and quality of the applicable Fund
Adviser’s services provided to each respective Fund. With this approach, they considered the roles
of the Adviser and the Sub-Adviser in providing services to the
Funds.
The Board considered that the Adviser provides a wide
array of management, oversight and other services necessary to manage and operate
the Funds. The Board considered the Adviser’s and its
affiliates’ dedication of resources, time, people and capital as well as consistent program
of improvement and innovation aimed at keeping the Nuveen fund
complex relevant and attractive for existing and new investors and meeting
the needs of an increasingly complex regulatory environment. In
its review of the services provided by the Adviser and its affiliates, the Board
considered a description of the staffing levels of the
investment and non-investment personnel; the experience and qualifications of key personnel;
succession planning and staffing in seeking to help ensure the
continuation of services and avoid business disruptions as a result of retirements or
departures; business continuity functions which seek to develop
and monitor corporate-wide standards and procedures in seeking to help ensure
the firm may continue to operate in the event of business
disruptions; ongoing investments in the infrastructure and technology in enhancing the
services provided to the applicable Nuveen funds; certain
financial data of the Adviser and/or TIAA in assessing the financial stability and condition
of the Adviser to continue to provide a high level of quality
services to the applicable Nuveen funds; and portfolio manager compensation structure
in seeking to attract and retain high quality talent.
In its evaluation, the Board considered that the Adviser is
responsible for providing investment advisory services and does so indirectly through
a sub-adviser. In this regard, the Funds utilize the Sub-Adviser
and its investment teams to manage the portfolios of the Funds subject to the
supervision of the Adviser. In evaluating the investment
advisory services, the Board and/or its investment committee considered the Adviser’s
role, among other things, in monitoring and reporting to the
Board on fund performance, market conditions and investment team matters; setting
and
evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and
investment capabilities of the Sub-Adviser and/or investment
teams and recommending changes thereto as appropriate; monitoring compliance with
portfolio guidelines; monitoring and analyzing the trade execution of the funds’
portfolios; and managing valuation matters.
The Board
considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its
investment personnel, as noted, generally are responsible for
the management of the respective Fund’s portfolio under the oversight of the Adviser
and the Board. The Board considered an analysis of the
Sub-Adviser which included, among other things, a summary of changes (if any) in the
leadership teams and/or portfolio manager teams; the performance of the Nuveen funds
sub-advised by the Sub-Adviser over various periods of
time
that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The
Board considered that the Adviser recommended the renewal of
the Sub-Advisory Agreements.
In addition to the portfolio
management services provided to the Funds, the Board considered the comprehensive package of non-management
services the Adviser and its various teams and affiliates
provide to manage and operate the applicable Nuveen funds, including compliance,
regulatory, administrative and other services which have
expanded over the years as a result of market, regulatory and other developments. Such
services include, but are not limited to: distribution
management services pursuant to which management seeks to implement distribution policies
and set distribution levels consistent with each fund’s
product design and positioning; compliance services including establishing and maintaining
broad-based compliance policies across the Nuveen fund complex,
evaluating the compliance programs of various fund services providers,
61
conducting ongoing risk assessments and testing, monitoring portfolio
compliance with investment and regulatory requirements and providing a
comprehensive compliance training program; regulatory and
regulatory advocacy services, including monitoring regulatory developments that may
impact the fund(s), responding to regulatory inquiries and
examinations and fulfilling regulatory filing requirements; Board and committee support
services, including organizing meetings and coordinating site
visits and presentations with affiliated and/or external investment teams and providing
reports on a wide range of topics relating to the operations and
management of the funds, including strategic initiatives and priorities, fund
performance, trade execution, securities lending (as applicable),
compliance matters, valuation matters, liquidity and derivatives risk management;
oversight services, including establishing and coordinating the
services provided by other fund service providers (such as a fund’s custodian,
accountant, and transfer agent); and legal support
services.
With respect to closed-end Nuveen funds, such services
also include managing leverage; managing distributions; providing capital management
and secondary market services (such as implementing common share
shelf offerings, rights offerings, capital return programs and common share
repurchases); and maintaining a closed-end fund investor
relations program. The Board considered that, with respect to such funds, management
actively monitors any discount from net asset value per share at
which the respective fund’s common stock trades and evaluates potential avenues to
mitigate the discount, including evaluating the level of distributions that the fund
pays.
Aside from the services provided, the Board considered the
financial resources of the Adviser and/or its affiliates and their willingness to make
investments to support the funds. The Board considered the
funds’ access to a seed capital budget provided by the Adviser and/or its affiliates
to support new or existing funds and/or facilitate changes for a
respective fund. The Board considered the benefits to shareholders of investing in
a fund that is a part of a large fund complex with a variety of
investment disciplines, capabilities, and expertise. The Board considered the overall
reputation and capabilities of the Adviser and its affiliates
and the Adviser’s continuing commitment to provide high quality services.
In its review, the Board also considered the significant risks
borne by the Adviser and its affiliates in connection with their services to the Nuveen
funds, including entrepreneurial risks in sponsoring and
supporting new funds and smaller funds and ongoing risks with managing the funds, such as
investment, operational, reputational, regulatory, compliance
and litigation risks.
Based on its review, the Board determined,
in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and
quality of services provided to the respective Funds under each
applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund
Advisers
The Board, directly or through its Investment Committee,
which is comprised of all Board Members, provides oversight of the investment
performance process. In evaluating the quality of the services
provided by the Fund Advisers, the Board and/or its Investment Committee
monitors Fund performance on an ongoing basis, which includes
quarterly performance reporting at each of its quarterly meetings with an annual
performance review at its February 10-12, 2026 meeting (the
“February Meeting”). At the February Meeting, the Board and/or its Investment
Committee considered, among other things, Fund performance
(based on net asset value net of fees) over the quarter, one-, three- and five-year
periods ended December 31, 2025 on an absolute basis and as
compared to the performance of comparable funds (the “Performance Peer Group”)
and to a benchmark for the prescribed periods. Prior to the
Meeting, the Board also received updated Fund performance over various periods
ended March 31, 2026. The Board also considered the respective
Fund’s performance relative to its blended benchmark as well as the performance
attributed to the equity portion and the options portion of the
Fund’s portfolio relative to their respective benchmark for the trailing five-year period
ended December 31, 2025. In its review of relative
performance, the Board considered a Fund’s performance relative to its Performance Peer
Group, among other things, by evaluating its quartile ranking
with the 1st quartile being the most desirable quartile ranking and the 4th quartile
being the least desirable. The Board considered, in particular,
the performance of funds that met certain screening measurements as determined
pursuant to a methodology approved by the Board or additional
measurements as determined by management’s investment analysts.
In evaluating performance, the Board considered some of the
limitations of the performance data including, in particular, that differences between
a Nuveen fund and its Performance Peer Group and its benchmark
(such as with respect to the investment objectives and strategies) may lead to
significantly different
results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the
relevancy of a Performance Peer Group to the respective fund as
low, medium or high. In addition, the Board considered, among other things, that
performance data reflects performance over a specified period
which may differ significantly depending on the ending dates selected, particularly
during periods of market volatility. The Board also considered
that shareholders may evaluate performance based on their own respective holding
periods which may differ from the performance of the periods
reviewed by the Board.
With respect to closed-end Nuveen funds,
the Board also considered that secondary market trading of shares of the closed-end funds also continues
to be a priority for the Board given its importance to
shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviewed certain
performance data reflecting, among other things,
premium/discount data at their quarterly meetings with an annual review of the closed-end fund
market for the 2025 calendar year at the February Meeting. As
applicable, the Board considered, among other things, the impact of leverage on a
closed-end fund’s common share earnings and total
return.
The Board evaluated performance in light of various
relevant factors which may include, among other things, general market conditions,
issuer-
specific information,
asset class information, leverage and fund cash flows. From year to year, the Board may place different emphasis on
particular performance information given changing circumstances
in market and economic conditions. The Board considered that long-term
performance could be impacted by even one period of significant
outperformance or underperformance and that a single investment theme
could disproportionately affect performance. Further, the Board
considered that market and economic conditions may significantly impact a fund’s
performance, particularly over shorter periods, and such
performance may be more reflective of such economic or market events and not necessarily
reflective of management
skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that
longer periods of performance may reflect full market cycles.
62
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
In evaluating performance, the Board focused particular attention on
funds with less favorable performance records over various time periods in its
discussions with management. Depending on the facts and
circumstances, including any differences between the respective fund and its benchmark
and/or Performance Peer Group, the Board may be satisfied with a
fund’s performance notwithstanding that its performance may be below that of
its benchmark and/or peer group for certain periods. With respect
to any funds for which the Board has identified as experiencing performance
issues, the Board seeks to discuss with the Adviser the reasons
for the underperformance and any recommendations to improve performance and to
monitor such funds more closely until performance
improves.
Additional Fund-specific performance factors for
periods ending December 31, 2025 that the Board considered in addition to those described above
are set forth below in Section
I.F.
With respect to each Fund, on the basis of the Board’s
ongoing review of investment performance and all relevant factors, including the relative
market conditions during certain reporting periods, the
Fund’s investment objective(s) and management’s discussion of performance, the Board
concluded that the Fund’s performance supported renewal of
the Advisory Agreements.
C. Fees, Expenses and
Profitability
1. Fees and
Expenses
As part of the annual review, the Board Members
considered, among other things, the management fee schedules for the respective Fund. In
addition to the management fee arrangements, the Board Members
considered a Fund’s operating expense ratio as it more directly reflected a
shareholder’s total costs in investing in the respective
Fund.
In its review, the Board considered that the management
fees of the Funds were generally comprised of two components, a fund-level component
and a complex-level component, each with its own breakpoint
schedule. The Board considered that in 2024, the Board approved a revised
complex-
wide breakpoint schedule which simplified and reduced
the complex-level fee rates at various thresholds and expanded the eligible funds whose
assets would be included in calculating the complex-level fee,
effective May 1, 2024. The Board considered that the complex-level component is
intended to be an efficient mechanism designed to help share
cost efficiencies with shareholders as the complex-wide assets grow.
The Board also considered comparative fee and expense
information prepared by Broadridge, an independent third-party provider of fund data.
More specifically, the Board Members generally considered, among
other things, each Fund’s management fee rates and net total expense ratio in
relation to similar data for a comparable universe of peers (the
“Expense Universe”). The Board considered, in particular, each fund with a net total
expense ratio (based on common assets and excluding
investment-related costs such as the costs of leverage and taxes for closed-end funds) that
met certain expense screening criteria adopted by the Board when
compared to its Expense Universe and management’s commentary as to the
factors contributing to each such fund’s relative net
total expense ratio.
In evaluating the fees and expenses of the
Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce
some of the value of the comparative data. In addition, the
Board considered that the fee and expense information in the Broadridge report for
each fund reflected information for a specific period and that
historic asset levels and expenses may differ from current levels, particularly in a period
of market
volatility.
The Board Members also considered that it can be
difficult to compare management fees among funds with peers as there are variations in the
services that are included for the fees paid. The Board Members
took these differences into account in considering the comparative peer
data.
The Board further considered, in relevant part, a
fund’s management fee in light of its performance history with particular focus on any fund identified
as having a higher management fee and/or expense ratio compared
to peers coupled with experiencing a period of challenged
performance.
In addition, although the Board reviewed a
fund’s net total expense ratio both including and excluding investment-related expenses (e.g., leverage
costs) for certain of the closed-end Nuveen funds, the Board
considered that leverage expenses will vary across funds and peers because of
differences in the forms and terms of leverage employed by the
respective fund and therefore generally considered the fund’s net total expense ratio
and fees excluding investment-related costs and taxes for the
closed-end funds. The Board also considered that the use of leverage for
closed-
end funds may create a conflict of interest for the
Adviser and Sub-Adviser (as applicable) given the increase of assets from leverage upon which an
advisory or sub-advisory fee is based but also considered the
impact of leverage on the applicable fund’s return.
With
respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of
the sub-advisory services provided to the respective Fund. In
its review, the Board considered that the compensation paid to the Sub-Adviser is the
responsibility of the Adviser, not the
Funds.
Additional Fund-specific comparative fee and expense data
that the Board considered in addition to that described above is set forth in Section I.F
below. Based on its review of the information provided, the
Board determined that each Fund’s management fees (as applicable) to a Fund Adviser
were reasonable in light of the nature, extent and quality of
services provided to the Fund.
2. Comparisons with the Fees of Other
Clients
In evaluating the appropriateness of fees, the Board
also requested and received information concerning the advisory fees and services provided
to other clients of the Adviser, affiliated sub-advisers and/or
advisory affiliates which may include, among others: separately managed accounts
(“SMAs”), foreign funds (UCITS), other investment
companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable).
The Board considered certain fee data for these other types of
clients managed in a similar manner to certain of the open-end funds compared to
the management fee of the applicable fund. The Board
considered, among other things, that differences in the breadth of services provided to the
63
funds compared to other types of clients (including the differences in
the level of advisory services required of passively managed funds compared
to actively managed funds); the expenses the Adviser and its
affiliates incur in launching, operating and supporting a fund; the differences in
regulatory, disclosure and governance requirements applicable to
funds and the infrastructure and activities necessary to support such requirements;
the establishment and maintenance of servicing relationships with
various service providers for the funds; the differences in investment policies
and strategies, investor profiles and account sizes; and other
factors all may contribute to the variations in relative fee rates. The Board, however,
considered that there were no comparable clients for the
closed-end Nuveen funds. Further, the Board considered the differences in risks the
Adviser incurs, including entrepreneurial, legal and regulatory
risks when sponsoring and managing funds compared to serving as adviser to other
types
of clients or sub-adviser to other funds.
With respect to the
Sub-Adviser, the Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and
therefore more comparable to the fees received for retail wrap
accounts and other external sub-advisory mandates.
The Board
concluded that the varying levels of fees were reasonable given the
foregoing.
3. Profitability of Fund
Advisers
In considering the costs of services to be provided and
profits to be realized by the Adviser (which encompassed the affiliated sub-advisers) from
its relationship with the Funds, the Board Members considered a
variety of estimated profitability data from various perspectives including, among
other things, (a) historical pre-distribution and
post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b)
certain profitability data on behalf of the Adviser (as well as
the Adviser and TAL on a combined basis) attributable to servicing all applicable funds
for 2025 and 2024; (c) certain profitability data of both the
Adviser and TAL on a combined basis derived from the type of fund in the aggregate
(i.e., from the closed-end funds, exchange-traded funds,
interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of
both the Adviser and TAL on a combined basis provided by asset
grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index,
municipal bond and taxable fixed income funds). In addition, the
Board considered estimated profitability data at the per fund level for the
Adviser.
In reviewing the profitability data, the Board Members
recognized the subjective nature and difficulty in calculating profitability, particularly on a
per fund level. The Board considered that the information is not
audited and is based on cost allocation methodologies seeking to allocate various
expenses throughout the complex and among the various advisory
products. The Board Members considered the allocation methodology used
to prepare the profitability data but considered that other
valid and reasonable methodologies also could be used and could lead to significantly
different profit and loss
results.
Further, the Board considered Nuveen’s estimated
profitability (pre- and post-distribution margins and pre-tax) from its services to the funds
compared to the profitability margins of certain peers. The
Board Members, however, considered the inherent limitations of the comparative data
given that profitability data is only available from peers which
publish publicly available information and may be affected by numerous factors
including, among other things, the types of funds a peer manages, its business mix,
cost of capital, the assumptions and allocation methodology
used
in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).
Aside from the foregoing profitability data, the Board also
considered the financial condition of TIAA. The Board Members considered certain
financial data of TIAA as of
December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant
resources, particularly during periods of market volatility.
In evaluating the reasonableness of the compensation, the Board
Members also considered the indirect benefits the Adviser or Sub-Adviser received
that were directly attributable to the management of the
applicable funds as discussed in further detail below. Based on its review, the Board
was satisfied that the Adviser’s (together with its
affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not
unreasonable in light of the nature, extent and quality of
services provided.
D. Economies of Scale and Whether Fee Levels Reflect These
Economies of Scale
The Board considered whether there have been
economies of scale with respect to the management of the Nuveen funds, whether these economies
of scale have been appropriately shared with the funds and
whether there is potential for realization of further economies of scale as a fund and/or
the complex grows larger. The Board considered the difficulty in
measuring economies of scale with any precision but considered the various means
the Fund Advisers employ to help share the benefits of economies
of scale with the respective funds and their shareholders.
The
Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management
fees of the funds generally are comprised of a fund-level
component and a complex-level component, each with its own breakpoint schedule,
subject to certain exceptions. The Board considered that in
2024, the Board revised the breakpoint schedule which reduced the complex-level fee
rates at various thresholds and expanded the assets included in
calculating the complex-level fee rates. The Board considered that the
complex-
level breakpoint schedule was designed to share the
benefits of economies of scale with the participating funds as a result of an increase in the asset
size of the complex even if the particular fund has not grown
or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to
share economies of scale with shareholders if the particular
fund grows. The Board considered the fee reductions achieved overall from the
fund-
level breakpoints and the complex-level breakpoints for
the 2025 calendar year. With respect to closed-end funds, the Board considered the limited
ability of closed-end funds to increase their assets as fund
growth is primarily a result of portfolio appreciation with some funds occasionally raising
assets in rights offerings and shelf offerings. In addition,
the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business,
including investments in various technology initiatives from
which the fund complex may benefit as well as ongoing efforts to streamline the product
line-up, among other things, to create more scaled funds which
may help improve both expense and trading economies for participating
funds.
The Board further considered that the scope of services
of the Adviser and its affiliates have expanded over time without raising advisory fees to the
funds, and this was also a means of sharing economies of scale
with the funds and their shareholders.
64
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
Based on its review, the Board was satisfied that the current fee
arrangements together with the reinvestment in management’s business
appropriately shared any economies of scale with shareholders.
E. Indirect
Benefits
The Board Members received and considered information
regarding various indirect benefits the respective Fund Adviser or its affiliates may receive
as a result of their relationship with the Nuveen funds. These
benefits include, among other things, fees paid to affiliates of the Adviser for services
as noted below, the sharing of personnel and investment-related
infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in
which case all the advisory revenue generated from such funds
remains within Nuveen, and the use of certain funds as investment options for other
products offered by the Adviser and/or its affiliates (such as
life insurance separate account products, fund of funds or 529 education savings plans).
Further, the funds may pay the Adviser and/or its affiliates for
other services, such as distribution. In this regard, the Board Members considered that
an affiliate of the Adviser serves as principal underwriter
providing distribution and/or shareholder services to the open-end funds for which it may
be compensated. To the extent an open-end fund pays 12b-1 fees,
the Board Members considered that some of those fees may be retained by the
Adviser’s affiliate. In addition, the Board considered
that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on
shelf offerings of existing closed-end Nuveen funds and reviewed
the amounts paid for such services in 2025 and 2024.
In
addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the
respective funds to obtain research and other services for any
or all of their clients but such costs are reimbursed to the
funds.
The Adviser and its affiliates may also benefit from the
advisory relationships with the funds in the fund complex to the extent this relationship
results in potential investors viewing the TIAA group of
companies as a leading retirement plan provider in the academic and non-profit market and
a single source for all their financial service needs. The
Adviser and/or its affiliates may further benefit to the extent that they have pricing or other
information regarding vendors the funds utilize in establishing
arrangements with such vendors for other products.
Based on its
review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were
reasonable in light of the services
provided.
F. Additional Fund-Specific
Factors
For each Fund, set forth below are (i) additional
Fund-specific performance factors for periods ending December 31, 2025 that the Board considered
in addition to those described above; and (ii) additional
Fund-specific comparative fee and expense data that the Board considered in addition to
that described above.
______________________________________________________________________________
Nuveen
S&P 500 Dynamic Overwrite Fund
(SPXX)
Relative Net
Performance
Comparative Fees and
Expenses
One-Year
Period
Three-Year
Period
Five-Year
Period
Performance Peer Group
Quartile
Third
Quartile
Second
Quartile
Second
Quartile
Performance
Benchmark
Underperformed
Underperformed
Underperformed
Expense
Universe
Actual Management Fee
Rate
Below
Median
Net Total Expense
Ratio
Below Median
65
______________________________________________________________________________
Nuveen
Nasdaq 100 Dynamic Overwrite Fund (QQQX)
Relative Net
Performance
Comparative Fees and
Expenses
•• In considering performance, the Board
considered, among other things, that the Performance Peer Group was classified as low for relevancy.
______________________________________________________________________________
Nuveen
Core Equity Alpha Fund
(JCE)
Relative Net
Performance
Comparative Fees and
Expenses
______________________________________________________________________________
G. Other
Considerations
The Board Members did not identify any single
factor discussed previously as all-important or controlling. The Board Members concluded that the
terms of each Advisory Agreement were reasonable, that the
respective Fund Adviser’s fees were reasonable in light of the services provided to each
Fund and that the Advisory Agreements be renewed for an
additional one-year period.
II. Subsequent Approvals of
Advisory Agreements
As noted above, the 1940 Act provides, in
general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more
than two years only so long as the board, including a
majority of the disinterested trustees, approves its continuance. During the annual review,
management and the Board proposed, in relevant part, to reset
the annual review schedule for the advisory and sub-advisory agreements of the
Nuveen funds to permit the agreements to continue for a
one-year period until August 1st the following year as opposed to the existing May 1st
annual
deadline.
At its May Meeting, with respect to the Funds, the
Board approved the Investment Management Agreements with certain minor changes and the
Sub-Advisory Agreements to continue through July 31, 2027.
As part of its review of the foregoing arrangements, the Board, through independent
legal counsel, requested and received information regarding,
among other things, the proposed renewal of the Advisory
Agreements.
In their review, the Board Members considered
that they had recently completed their annual review of the Advisory Agreements at the Meeting and
many of the factors considered at the annual review were
applicable to their evaluation of the continuance of the Advisory Agreements. Accordingly,
in evaluating the respective advisory and sub-advisory
agreements, the Board Members relied upon their knowledge and experience with the
Adviser and the Sub-Adviser and considered the information
received and their evaluations and conclusions drawn at the annual review. The
Board considered management’s representation that the
information and materials provided in connection with the annual review of the Advisory
Agreements at the Meeting remained unchanged in all material
respects. Further, with respect to the continuance of the Advisory Agreements, the
Board considered the terms of such agreements with certain
minor changes as appropriate to reflect the Restructuring.
One-Year
Period
Three-Year
Period
Five-Year
Period
Performance Peer Group
Quartile
Third
Quartile
First
Quartile
Second
Quartile
Performance
Benchmark
Underperformed
Performed
in line
with
Underperformed
Expense
Universe
Actual Management Fee
Rate
Below
Median
Net Total Expense
Ratio
Below
Median
One-Year
Period
Three-Year
Period
Five-Year
Period
Performance Peer Group
Quartile
Second
Quartile
First
Quartile
First
Quartile
Performance
Benchmark
Outperformed
Outperformed
Outperformed
Expense
Universe
Actual Management Fee
Rate
Below
Median
Net Total Expense
Ratio
Below Median
66
Statement Regarding Basis for Approval of Investment Advisory Contract
(continued)
The Board Members did not identify any single factor discussed previously
as all-important or controlling. The Board Members concluded that the
terms of each Advisory Agreement were reasonable, that the fees
of each of the Adviser and Sub-Adviser were reasonable in light of the services
provided to each Fund and that each Advisory Agreement be renewed
for an additional one-year period through July 31, 2027.
Nuveen Securities, LLC, member FINRA and
SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0626P 5711764
Nuveen:
Serving
Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable
investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core
portfolio.
Focused
on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global
asset managers, with specialist knowledge across all major asset classes and particular strength
in solutions that provide income for investors and that draw on our expertise in alternatives and
responsible investing. Nuveen is driven not only by the independent investment processes across
the firm, but also the insights, risk management, analytics and other tools and resources that a truly
world-class platform provides. As a global asset manager, our mission is to work in partnership with
our clients to create solutions which help them secure their financial
future.
Find out how we can help
you.
To learn more about how the products and services of Nuveen may be able to help you meet your
financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read
the information
provided carefully before you invest. Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where applicable, be sure
to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,
please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send
money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
NOT
FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
| Item 2. | Code of Ethics. |
Not applicable to this filing.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to this filing.
| Item 6. | Investments. |
| (a) | Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
| (b) | Not applicable. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. | Controls and Procedures. |
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| Item 19. | Exhibits. |
| (a)(1) |
Not applicable to this filing. | |
| (a)(2) |
Not applicable to this filing. | |
| (a)(3) |
||
| (a)(4) |
Not applicable. | |
| (a)(5) |
Not applicable. | |
| (b) |
||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Nuveen S&P 500 Dynamic Overwrite Fund
| Date: September 3, 2026 |
By: /s/ David J. Lamb David J. Lamb Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: September 3, 2026 |
By: /s/ David J. Lamb David J. Lamb Chief Administrative Officer (principal executive officer) | |
| Date: September 3, 2026 |
By: /s/ Marc Cardella Marc Cardella Vice President and Controller (principal financial officer) | |
ATTACHMENTS / EXHIBITS
CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT
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