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Nuveen S&P 500 Buy-Write Income Fund (BXMX) NPORT-PNuveen S&P 500 Buy-Write Income Fund (Sep 2022 report)

Filed: 23 Nov 22, 10:48am

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1

Nuveen

S&P

500

Buy-Write

Income

Fund

Portfolio

of

Investments

September

30,

2022

(Unaudited)

BXMX

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.0%

X

1,226,987,139

COMMON

STOCKS

-

98.9%

(2)

X

1,226,987,139

Aerospace

&

Defense

-

1.6%

28,960

Boeing

Co/The

(3)

$

3,506,477

9,566

HEICO

Corp

1,377,313

62,456

Howmet

Aerospace

Inc

1,931,764

10,463

Northrop

Grumman

Corp

4,920,958

99,428

Raytheon

Technologies

Corp

8,139,176

4,597

Woodward

Inc

368,955

Total

Aerospace

&

Defense

20,244,643

Air

Freight

&

Logistics

-

0.6%

8,966

FedEx

Corp

1,331,182

40,842

United

Parcel

Service

Inc,

Class

B

6,597,617

Total

Air

Freight

&

Logistics

7,928,799

Airlines

-

0.2%

68,557

American

Airlines

Group

Inc

(3)

825,427

47,025

United

Airlines

Holdings

Inc

(3)

1,529,723

Total

Airlines

2,355,150

Auto

Components

-

0.1%

50,606

Gentex

Corp

1,206,447

9,851

Goodyear

Tire

&

Rubber

Co

(3)

99,397

Total

Auto

Components

1,305,844

Automobiles

-

2.6%

211,763

Ford

Motor

Co

2,371,746

16,446

Harley-Davidson

Inc

573,636

110,669

Tesla

Inc

(3)

29,354,952

Total

Automobiles

32,300,334

Banks

-

3.7%

81,507

Citigroup

Inc

3,396,397

26,341

Comerica

Inc

1,872,845

162,841

Fifth

Third

Bancorp

5,204,398

51,859

First

Horizon

Corp

1,187,571

132,821

JPMorgan

Chase

&

Co

13,879,795

165,652

KeyCorp

2,653,745

14,051

M&T

Bank

Corp

2,477,472

41,891

PNC

Financial

Services

Group

Inc

6,259,353

195,504

Wells

Fargo

&

Co

7,863,171

31,763

Zions

Bancorp

NA

1,615,466

Total

Banks

46,410,213

Beverages

-

1.9%

265,212

Coca-Cola

Co

14,857,176

134,640

Keurig

Dr

Pepper

Inc

4,822,805

47,494

Monster

Beverage

Corp

(3)

4,130,078

Total

Beverages

23,810,059

Biotechnology

-

2.2%

78,698

AbbVie

Inc

10,562,059

1,757

Alnylam

Pharmaceuticals

Inc

(3)

351,681

28,228

Amgen

Inc

6,362,591

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

September

30,

2022

(Unaudited)

2

BXMX

Shares

Description

(1)

Value

Biotechnology

(continued)

9,647

Biogen

Inc

(3)

$

2,575,749

9,243

BioMarin

Pharmaceutical

Inc

(3)

783,529

2,000

Exact

Sciences

Corp

(3)

64,980

67,257

Gilead

Sciences

Inc

4,149,084

15,810

Moderna

Inc

(3)

1,869,533

3,237

Seagen

Inc

(3)

442,919

Total

Biotechnology

27,162,125

Building

Products

-

0.4%

15,381

Allegion

PLC

1,379,368

23,666

Fortune

Brands

Home

&

Security

Inc

1,270,628

43,726

Masco

Corp

2,041,567

Total

Building

Products

4,691,563

Capital

Markets

-

2.6%

83,608

Charles

Schwab

Corp

6,008,907

23,102

CME

Group

Inc

4,092,057

44,488

Intercontinental

Exchange

Inc

4,019,491

53,398

Jefferies

Financial

Group

Inc

1,575,241

86,746

Morgan

Stanley

6,853,801

8,344

MSCI

Inc

3,519,416

19,659

S&P

Global

Inc

6,002,876

Total

Capital

Markets

32,071,789

Chemicals

-

1.6%

16,669

Chemours

Co

410,891

52,881

Corteva

Inc

3,022,149

53,214

Dow

Inc

2,337,691

42,507

DuPont

de

Nemours

Inc

2,142,353

23,362

Eastman

Chemical

Co

1,659,870

30,588

Linde

PLC

8,246,219

10,656

Olin

Corp

456,929

14,399

RPM

International

Inc

1,199,581

Total

Chemicals

19,475,683

Commercial

Services

&

Supplies

-

0.7%

20,246

Waste

Connections

Inc

2,735,842

37,983

Waste

Management

Inc

6,085,256

Total

Commercial

Services

&

Supplies

8,821,098

Communications

Equipment

-

0.9%

19,049

Ciena

Corp

(3)

770,151

220,344

Cisco

Systems

Inc

8,813,760

5,140

Lumentum

Holdings

Inc

(3)

352,450

74,070

Viavi

Solutions

Inc

(3)

966,613

Total

Communications

Equipment

10,902,974

Consumer

Finance

-

0.4%

42,085

Discover

Financial

Services

3,826,368

89,957

SLM

Corp

1,258,499

Total

Consumer

Finance

5,084,867

Containers

&

Packaging

-

0.5%

9,313

Avery

Dennison

Corp

1,515,225

20,677

Crown

Holdings

Inc

1,675,457

15,364

Packaging

Corp

of

America

1,725,224

18,945

Sonoco

Products

Co

1,074,750

Total

Containers

&

Packaging

5,990,656

3

Shares

Description

(1)

Value

Distributors

-

0.2%

51,888

LKQ

Corp

$

2,446,519

Diversified

Financial

Services

-

2.0%

93,321

Berkshire

Hathaway

Inc,

Class

B

(3)

24,918,573

Diversified

Telecommunication

Services

-

1.1%

379,832

AT&T

Inc

5,826,623

207,579

Verizon

Communications

Inc

7,881,774

Total

Diversified

Telecommunication

Services

13,708,397

Electric

Utilities

-

1.2%

90,850

Alliant

Energy

Corp

4,814,141

22,757

Constellation

Energy

Corp

1,893,155

58,152

Evergy

Inc

3,454,229

74,176

OGE

Energy

Corp

2,704,457

29,198

Pinnacle

West

Capital

Corp

1,883,563

Total

Electric

Utilities

14,749,545

Electrical

Equipment

-

0.7%

54,146

Emerson

Electric

Co

3,964,570

8,860

Hubbell

Inc

1,975,780

10,242

Rockwell

Automation

Inc

2,203,157

Total

Electrical

Equipment

8,143,507

Electronic

Equipment,

Instruments

&

Components

-

0.5%

20,728

CDW

Corp/DE

3,235,226

86,143

Corning

Inc

2,499,870

Total

Electronic

Equipment,

Instruments

&

Components

5,735,096

Energy

Equipment

&

Services

-

0.4%

72,910

Halliburton

Co

1,795,044

77,600

Schlumberger

NV

2,785,840

Total

Energy

Equipment

&

Services

4,580,884

Entertainment

-

1.2%

22,085

Netflix

Inc

(3)

5,199,692

1,091

Roku

Inc

(3)

61,532

85,224

Walt

Disney

Co

(3)

8,039,180

146,699

Warner

Bros

Discovery

Inc

(3)

1,687,039

Total

Entertainment

14,987,443

Equity

Real

Estate

Investment

Trusts

-

0.2%

94,015

Weyerhaeuser

Co

2,685,068

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.4%

97,035

American

Homes

4

Rent,

Class

A

3,183,718

30,488

American

Tower

Corp

6,545,774

17,121

Apartment

Income

REIT

Corp

661,213

73,114

Apartment

Investment

and

Management

Co,

Class

A

533,732

123,846

Brandywine

Realty

Trust

835,961

55,269

CubeSmart

2,214,076

51,595

Equity

Commonwealth

1,256,854

84,268

Healthcare

Realty

Trust

Inc

1,756,988

159,619

Invitation

Homes

Inc

5,390,334

19,823

LXP

Industrial

Trust

181,579

51,162

Sabra

Health

Care

REIT

Inc

671,245

16,725

Sun

Communities

Inc

2,263,394

59,317

Welltower

Inc

3,815,269

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

29,310,137

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

September

30,

2022

(Unaudited)

4

BXMX

Shares

Description

(1)

Value

Food

&

Staples

Retailing

-

1.6%

4,507

Casey's

General

Stores

Inc

$

912,758

24,465

Costco

Wholesale

Corp

11,554,085

73,551

Kroger

Co

3,217,856

47,866

Sysco

Corp

3,384,605

15,913

US

Foods

Holding

Corp

(3)

420,740

Total

Food

&

Staples

Retailing

19,490,044

Food

Products

-

0.9%

71,353

Hormel

Foods

Corp

3,242,280

133,397

Mondelez

International

Inc,

Class

A

7,314,158

12,100

Post

Holdings

Inc

(3)

991,111

Total

Food

Products

11,547,549

Gas

Utilities

-

0.2%

23,637

Atmos

Energy

Corp

2,407,429

2,933

National

Fuel

Gas

Co

180,526

Total

Gas

Utilities

2,587,955

Health

Care

Equipment

&

Supplies

-

2.3%

98,976

Abbott

Laboratories

9,576,918

19,319

Alcon

Inc

1,123,979

7,646

Avanos

Medical

Inc

(3)

166,530

49,755

Baxter

International

Inc

2,679,804

130,178

Boston

Scientific

Corp

(3)

5,041,794

8,009

IDEXX

Laboratories

Inc

(3)

2,609,332

89,338

Medtronic

PLC

7,214,044

Total

Health

Care

Equipment

&

Supplies

28,412,401

Health

Care

Providers

&

Services

-

3.6%

20,430

Cigna

Corp

5,668,712

8,265

Covetrus

Inc

(3)

172,573

69,178

CVS

Health

Corp

6,597,506

15,832

Elevance

Health

Inc

7,191,528

16,250

HCA

Inc

2,986,587

43,595

UnitedHealth

Group

Inc

22,017,219

Total

Health

Care

Providers

&

Services

44,634,125

Health

Care

Technology

-

0.1%

6,414

Veeva

Systems

Inc,

Class

A

(3)

1,057,540

Hotels,

Restaurants

&

Leisure

-

1.9%

2,484

Booking

Holdings

Inc

(3)

4,081,734

31,485

Marriott

International

Inc/MD,

Class

A

4,412,308

39,518

McDonald's

Corp

9,118,383

16,077

Restaurant

Brands

International

Inc

854,975

67,125

Starbucks

Corp

5,655,952

Total

Hotels,

Restaurants

&

Leisure

24,123,352

Household

Durables

-

0.3%

16,552

Garmin

Ltd

1,329,291

32,919

KB

Home

853,260

6,575

TopBuild

Corp

(3)

1,083,429

Total

Household

Durables

3,265,980

Household

Products

-

1.5%

144,112

Procter

&

Gamble

Co

18,194,140

13,445

Spectrum

Brands

Holdings

Inc

524,758

Total

Household

Products

18,718,898

5

Shares

Description

(1)

Value

Industrial

Conglomerates

-

1.2%

38,682

3M

Co

$

4,274,361

60,545

General

Electric

Co

3,748,341

40,807

Honeywell

International

Inc

6,813,545

Total

Industrial

Conglomerates

14,836,247

Insurance

-

2.2%

1,670

Alleghany

Corp

(3)

1,401,748

28,004

Allstate

Corp/The

3,487,338

37,438

Arthur

J

Gallagher

&

Co

6,410,134

37,130

CNO

Financial

Group

Inc

667,226

23,577

Fidelity

National

Financial

Inc

853,487

16,078

Genworth

Financial

Inc,

Class

A

(3)

56,273

38,545

Hartford

Financial

Services

Group

Inc

2,387,477

4,703

Kemper

Corp

194,046

33,540

Lincoln

National

Corp

1,472,742

7,573

RenaissanceRe

Holdings

Ltd

1,063,174

32,951

Travelers

Cos

Inc/The

5,048,093

71,665

W

R

Berkley

Corp

4,628,126

Total

Insurance

27,669,864

Interactive

Media

&

Services

-

4.9%

268,491

Alphabet

Inc,

Class

A

(3)

25,681,164

209,307

Alphabet

Inc,

Class

C

(3)

20,124,868

93,805

Meta

Platforms

Inc

(3)

12,727,462

42,710

Twitter

Inc

(3)

1,872,407

Total

Interactive

Media

&

Services

60,405,901

Internet

&

Direct

Marketing

Retail

-

3.4%

371,437

Amazon.com

Inc

(3)

41,972,381

5,685

JD.com

Inc,

ADR

285,955

Total

Internet

&

Direct

Marketing

Retail

42,258,336

IT

Services

-

4.4%

34,892

Accenture

PLC,

Class

A

8,977,711

20,604

Akamai

Technologies

Inc

(3)

1,654,913

28,578

Automatic

Data

Processing

Inc

6,464,058

15,971

Broadridge

Financial

Solutions

Inc

2,304,935

39,198

Fidelity

National

Information

Services

Inc

2,962,193

39,289

Mastercard

Inc

11,171,434

55,304

PayPal

Holdings

Inc

(3)

4,760,015

9,442

Twilio

Inc,

Class

A

(3)

652,820

14,844

VeriSign

Inc

(3)

2,578,403

75,786

Visa

Inc,

Class

A

13,463,383

Total

IT

Services

54,989,865

Leisure

Products

-

0.1%

25,861

Mattel

Inc

(3)

489,808

6,048

Polaris

Inc

578,491

Total

Leisure

Products

1,068,299

Life

Sciences

Tools

&

Services

-

2.0%

38,822

Danaher

Corp

10,027,334

10,529

Illumina

Inc

(3)

2,008,828

21,185

Thermo

Fisher

Scientific

Inc

10,744,820

7,519

Waters

Corp

(3)

2,026,596

Total

Life

Sciences

Tools

&

Services

24,807,578

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

September

30,

2022

(Unaudited)

6

BXMX

Shares

Description

(1)

Value

Machinery

-

1.6%

29,025

Caterpillar

Inc

$

4,762,422

13,565

Deere

&

Co

4,529,218

31,851

Graco

Inc

1,909,468

39,784

Otis

Worldwide

Corp

2,538,219

15,767

Parker-Hannifin

Corp

3,820,502

16,044

Stanley

Black

&

Decker

Inc

1,206,669

10,383

Timken

Co

613,012

Total

Machinery

19,379,510

Media

-

0.7%

216,324

Comcast

Corp,

Class

A

6,344,783

17,899

New

York

Times

Co,

Class

A

514,596

78,489

News

Corp,

Class

A

1,185,969

Total

Media

8,045,348

Metals

&

Mining

-

0.3%

15,262

Arconic

Corp

(3)

260,065

42,845

Newmont

Corp

1,800,775

20,588

Nucor

Corp

2,202,710

Total

Metals

&

Mining

4,263,550

Mortgage

Real

Estate

Investment

Trusts

(Reits)

-

0.0%

6,701

Annaly

Capital

Management

Inc

114,981

Multiline

Retail

-

0.4%

25,320

Macy's

Inc

396,765

16,563

Nordstrom

Inc

(4)

277,099

31,203

Target

Corp

4,630,213

Total

Multiline

Retail

5,304,077

Multi-Utilities

-

1.7%

80,101

Ameren

Corp

6,452,136

17,519

NorthWestern

Corp

863,336

105,501

Public

Service

Enterprise

Group

Inc

5,932,321

81,221

WEC

Energy

Group

Inc

7,263,594

Total

Multi-Utilities

20,511,387

Oil,

Gas

&

Consumable

Fuels

-

4.2%

44,283

Cenovus

Energy

Inc

680,630

8,394

Cheniere

Energy

Inc

1,392,648

84,740

Chevron

Corp

12,174,596

9,675

CNX

Resources

Corp

(3)

150,253

81,811

ConocoPhillips

8,372,538

15,719

Continental

Resources

Inc/OK

1,050,186

183,113

Exxon

Mobil

Corp

15,987,596

25,709

Hess

Corp

2,802,024

30,656

Marathon

Petroleum

Corp

3,045,060

17,934

Ovintiv

Inc

824,964

26,554

Phillips

66

2,143,439

26,407

Suncor

Energy

Inc

743,357

25,961

Valero

Energy

Corp

2,773,933

Total

Oil,

Gas

&

Consumable

Fuels

52,141,224

Personal

Products

-

0.0%

15,340

BellRing

Brands

Inc

(3)

316,157

7

Shares

Description

(1)

Value

Pharmaceuticals

-

4.7%

105,941

Bristol-Myers

Squibb

Co

$

7,531,346

36,480

Eli

Lilly

&

Co

11,795,808

115,829

Johnson

&

Johnson

18,921,826

112,570

Merck

&

Co

Inc

9,694,528

241,787

Pfizer

Inc

10,580,599

Total

Pharmaceuticals

58,524,107

Professional

Services

-

0.3%

29,484

CoStar

Group

Inc

(3)

2,053,561

9,803

ManpowerGroup

Inc

634,156

23,554

TransUnion

1,401,227

Total

Professional

Services

4,088,944

Road

&

Rail

-

0.8%

30,324

Canadian

Pacific

Railway

Ltd

2,023,217

4,425

Lyft

Inc,

Class

A

(3)

58,277

21,947

Norfolk

Southern

Corp

4,601,189

11,774

Old

Dominion

Freight

Line

Inc

2,929,018

31,571

Uber

Technologies

Inc

(3)

836,632

Total

Road

&

Rail

10,448,333

Semiconductors

&

Semiconductor

Equipment

-

4.8%

82,790

Advanced

Micro

Devices

Inc

(3)

5,245,575

56,923

Applied

Materials

Inc

4,663,701

20,036

Broadcom

Inc

8,896,184

7,284

Enphase

Energy

Inc

(3)

2,021,092

203,100

Intel

Corp

5,233,887

10,447

Lam

Research

Corp

3,823,602

32,109

Marvell

Technology

Inc

1,377,797

62,434

Micron

Technology

Inc

3,127,943

111,295

NVIDIA

Corp

13,510,100

23,765

NXP

Semiconductors

NV

3,505,575

36,779

ON

Semiconductor

Corp

(3)

2,292,435

53,276

QUALCOMM

Inc

6,019,123

Total

Semiconductors

&

Semiconductor

Equipment

59,717,014

Software

-

8.5%

23,165

Adobe

Inc

(3)

6,375,008

15,194

Autodesk

Inc

(3)

2,838,239

16,990

Black

Knight

Inc

(3)

1,099,763

10,744

Check

Point

Software

Technologies

Ltd

(3)

1,203,543

48,865

Fortinet

Inc

(3)

2,400,737

313,964

Microsoft

Corp

73,122,216

81,715

Oracle

Corp

4,990,335

9,327

Palo

Alto

Networks

Inc

(3)

1,527,669

47,152

Salesforce

Inc

(3)

6,782,344

12,353

ServiceNow

Inc

(3)

4,664,616

9,651

VMware

Inc,

Class

A

1,027,446

Total

Software

106,031,916

Specialty

Retail

-

2.1%

8,358

American

Eagle

Outfitters

Inc

81,323

24,636

Best

Buy

Co

Inc

1,560,444

4,047

Burlington

Stores

Inc

(3)

452,819

14,810

CarMax

Inc

(3)

977,756

4,736

Five

Below

Inc

(3)

652,005

50,051

Home

Depot

Inc

13,811,073

38,481

Lowe's

Cos

Inc

7,227,117

4,641

Ulta

Beauty

Inc

(3)

1,861,923

Total

Specialty

Retail

26,624,460

Nuveen

S&P

500

Buy-Write

Income

Fund

(continued)

Portfolio

of

Investments

September

30,

2022

(Unaudited)

8

BXMX

Investments

in

Derivatives

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

Shares

Description

(1)

Value

Technology

Hardware,

Storage

&

Peripherals

-

7.1%

630,066

Apple

Inc

$

87,075,121

26,933

Dell

Technologies

Inc,

Class

C

920,301

Total

Technology

Hardware,

Storage

&

Peripherals

87,995,422

Textiles,

Apparel

&

Luxury

Goods

-

0.6%

6,689

Kontoor

Brands

Inc

224,817

3,315

Lululemon

Athletica

Inc

(3)

926,742

72,500

NIKE

Inc,

Class

B

6,026,200

Total

Textiles,

Apparel

&

Luxury

Goods

7,177,759

Thrifts

&

Mortgage

Finance

-

0.1%

48,313

MGIC

Investment

Corp

619,373

Tobacco

-

0.5%

148,308

Altria

Group

Inc

5,988,677

Total

Long-Term

Investments

(cost

$586,282,470)

1,226,987,139

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0

%

X

310,318

MONEY

MARKET

FUNDS

-

0.0%

X

310,318

310,318

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

3.070%(6)

$

310,318

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$310,318)

310,318

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

3.8%

47,541,151

REPURCHASE

AGREEMENTS

-

3.9%

47,541,151

$

47,541

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

9/30/22,

repurchase

price

$47,544,439,

collateralized

by

$52,459,300,

U.S.

Treasury

Notes,

2.25%

due

8/15/27,

value

$48,492,039

0.830%

10/03/22

$

47,541,151

Total

Short-Term

Investments

(cost

$47,541,151)

47,541,151

Total

Investments

(cost

$

634,133,939

)

-

102

.8

%

1,274,838,608

Other

Assets

Less

Liabilities

- (2.8)%(7)

(

34,299,830

)

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,240,538,778

Options

Written

Description

(8)

Type

Number

of

Contracts

Notional

Amount

(9)

Exercise

Price

Expiration

Date

Value

S&P

500®

Index

Call

(755)

$

(

302,000,000

)

$

4,000

10/21/22

$

(

200,075

)

S&P

500®

Index

Call

(370)

(

159,100,000

)

4,300

10/21/22

(

5,550

)

S&P

500®

Index

Call

(378)

(

139,860,000

)

3,700

10/31/22

(

2,562,840

)

S&P

500®

Index

Call

(378)

(

154,035,000

)

4,075

10/31/22

(

108,675

)

S&P

500®

Index

Call

(748)

(

276,760,000

)

3,700

11/18/22

(

7,143,400

)

S&P

500®

Index

Call

(378)

(

145,530,000

)

3,850

11/18/22

(

1,610,280

)

S&P

500®

Index

Call

(378)

(

149,310,000

)

3,950

11/18/22

(

831,600

)

Total

Options

Written

(premiums

received

$37,794,210)

(3,385)

$(1,326,595,000)

$(12,462,420)

9

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

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).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

1,226,987,139

$

–

$

–

$

1,226,987,139

Investments

Purchased

with

Collateral

from

Securities

Lending

310,318

–

–

310,318

Short-Term

Investments:

Repurchase

Agreements

–

47,541,151

–

47,541,151

Investments

in

Derivatives:

Options

Written*

(12,462,420)

–

–

(12,462,420)

Total

$

1,214,835,037

$

47,541,151

$

–

$

1,262,376,188

*

Represents

net

unrealized

appreciation

(depreciation).

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

The

Fund

may

designate

up

to

100%

of

its

common

stock

investments

to

cover

outstanding

options

written.

(3)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(4)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$268,851.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(7)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

(8)

Exchange-traded,

unless

otherwise

noted.

(9)

For

disclosure

purposes,

Notional

Amount

is

calculated

by

multiplying

the

Number

of

Contracts

by

the

Exercise

Price

by

100.

ADR

American

Depositary

Receipt

MSCI

Morgan

Stanley

Capital

International

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

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