Edgar Filing: Nuveen Core Equity Alpha Fund

Nuveen Core Equity Alpha Fund

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-22003

Nuveen Core Equity Alpha Fund

(Exact name of registrant as specified in charter)

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2015

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

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

Item 1. Schedule of Investments

JCE


Nuveen Core Equity Alpha Fund
Portfolio of Investments		September 30, 2015 (Unaudited)


Shares		Description (1)	Value

		LONG-TERM INVESTMENTS – 97.6%

		COMMON STOCKS – 97.6%

		Aerospace & Defense – 3.6%

	10,800	General Dynamics Corporation	$	1,489,860
	18,100	Lockheed Martin Corporation		3,752,311
	7,000	Northrop Grumman Corporation		1,161,650
	6,700	Raytheon Company		732,042
	10,600	Rockwell Collins, Inc.		867,504
	9,000	Textron Inc.		338,760
		Total Aerospace & Defense		8,342,127

		Air Freight & Logistics – 0.4%

	6,800	FedEx Corporation		979,064

		Auto Components – 1.9%

	11,500	BorgWarner Inc.		478,285
	32,300	Delphi Automotive PLC		2,456,092
	45,200	Goodyear Tire & Rubber Company		1,325,716
	2,000	Johnson Controls, Inc.		82,720
		Total Auto Components		4,342,813

		Banks – 2.9%

	8,400	BB&T Corporation		299,040
	29,100	Comerica Incorporated		1,196,010
	22,700	Fifth Third Bancorp.		429,257
	58,100	Huntington BancShares Inc.		615,860
	51,400	KeyCorp.		668,714
	50,500	People's United Financial, Inc.		794,365
	45,500	Regions Financial Corporation		409,955
	4,600	SunTrust Banks, Inc.		175,904
	23,550	Wells Fargo & Company		1,209,293
	34,400	Zions Bancorporation		947,376
		Total Banks		6,745,774

		Beverages – 1.3%

	5,600	Brown-Forman Corporation, Class B		542,640
	3,000	Coca-Cola Enterprises Inc.		145,050
	8,000	Constellation Brands, Inc., Class A		1,001,680
	14,300	Dr. Pepper Snapple Group		1,130,415
	1,600	Monster Beverage Corporation, (2)		216,224
		Total Beverages		3,036,009

		Biotechnology – 2.1%

	8,500	AbbVie Inc.		462,485
	14,900	Gilead Sciences, Inc.		1,463,031
	6,100	Regeneron Pharmaceuticals, Inc., (2)		2,837,354
	1,300	Vertex Pharmaceuticals Inc., (2)		135,382
		Total Biotechnology		4,898,252

		Building Products – 0.6%

	10,200	Allegion PLC		588,132
	29,200	Masco Corporation		735,256
		Total Building Products		1,323,388


Nuveen Investments			1


JCE	Nuveen Core Equity Alpha Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)


Shares		Description (1)	Value

		Capital Markets – 4.7%

	4,300	Affiliated Managers Group Inc., (2)	$	735,257
	9,500	Bank New York Mellon		371,925
	23,000	Charles Schwab Corporation		656,880
	29,600	E*Trade Group Inc., (2)		779,368
	17,800	Goldman Sachs Group, Inc., (3)		3,092,928
	78,000	Morgan Stanley		2,457,000
	29,300	Northern Trust Corporation		1,997,088
	11,500	State Street Corporation		772,915
		Total Capital Markets		10,863,361

		Chemicals – 3.8%

	17,600	CF Industries Holdings, Inc.		790,240
	22,400	Dow Chemical Company		949,760
	17,800	Eastman Chemical Company		1,152,016
	10,300	Ecolab Inc.		1,130,116
	39,500	LyondellBasell Industries NV, Class A		3,292,720
	2,900	PPG Industries, Inc.		254,301
	5,400	Sherwin-Williams Company		1,203,012
		Total Chemicals		8,772,165

		Commercial Services & Supplies – 1.2%

	19,300	Cintas Corporation		1,654,975
	17,000	Republic Services, Inc.		700,400
	2,200	Stericycle Inc., (2)		306,482
		Total Commercial Services & Supplies		2,661,857

		Communications Equipment – 0.6%

	7,200	F5 Networks, Inc., (2)		833,760
	17,700	Juniper Networks Inc.		455,067
		Total Communications Equipment		1,288,827

		Construction & Engineering – 0.2%

	21,900	Quanta Services Incorporated, (2)		530,199

		Construction Materials – 0.8%

	900	Martin Marietta Materials		136,755
	18,400	Vulcan Materials Company		1,641,280
		Total Construction Materials		1,778,035

		Consumer Finance – 1.1%

	13,900	Capital One Financial Corporation		1,008,028
	28,400	Discover Financial Services		1,476,516
		Total Consumer Finance		2,484,544

		Containers & Packaging – 1.1%

	15,200	Avery Dennison Corporation		859,864
	3,500	Ball Corporation		217,700
	29,600	Sealed Air Corporation		1,387,648
		Total Containers & Packaging		2,465,212

		Distributors – 0.1%

	1,500	Genuine Parts Company		124,335

		Diversified Financial Services – 3.3%

	32,300	CME Group, Inc., (3)		2,995,502
	40,400	Leucadia National Corporation		818,504
	16,400	McGraw-Hill Companies, Inc.		1,418,600
	12,400	Moody's Corporation		1,217,680
	23,100	NASDAQ Stock Market, Inc.		1,231,923
		Total Diversified Financial Services		7,682,209


	2			Nuveen Investments


Shares		Description (1)	Value

		Diversified Telecommunication Services – 0.7%

	39,500	Level 3 Communications Inc., (2)	$	1,725,755

		Electrical Equipment – 0.3%

	7,600	Ametek Inc.		397,632
	2,100	Rockwell Automation, Inc.		213,087
		Total Electrical Equipment		610,719

		Electronic Equipment, Instruments & Comp – 0.4%

	19,900	Amphenol Corporation, Class A		1,014,104

		Energy Equipment & Services – 1.6%

	21,700	Baker Hughes Incorporated		1,129,268
	15,700	Cooper Cameron Corporation, (2)		962,724
	22,600	Halliburton Company		798,910
	15,400	Helmerich & Payne Inc.		727,804
		Total Energy Equipment & Services		3,618,706

		Food & Staples Retailing – 2.8%

	45,400	CVS Health Corporation		4,380,192
	55,400	Kroger Co.		1,998,278
	1,000	Walgreens Boots Alliance Inc.		83,100
		Total Food & Staples Retailing		6,461,570

		Food Products – 1.3%

	8,500	Archer-Daniels-Midland Company		352,325
	34,800	ConAgra Foods, Inc.		1,409,748
	1,300	McCormick & Company, Incorporated		106,834
	26,300	Tyson Foods, Inc., Class A		1,133,530
		Total Food Products		3,002,437

		Health Care Equipment & Supplies – 1.0%

	7,900	Abbott Laboratories		317,738
	51,900	Boston Scientific Corporation, (2)		851,679
	3,300	Edwards Lifesciences Corporation, (2)		469,161
	1,300	Intuitive Surgical, Inc., (2)		597,454
	1,300	Saint Jude Medical Inc.		82,017
	1,000	Stryker Corporation		94,100
		Total Health Care Equipment & Supplies		2,412,149

		Health Care Providers & Services – 10.8%

	27,759	Aetna Inc., (3)		3,037,112
	40,600	AmerisourceBergen Corporation, (3)		3,856,594
	45,800	Anthem Inc., (3)		6,412,000
	34,800	Cardinal Health, Inc.		2,673,336
	28,000	CIGNA Corporation		3,780,560
	5,800	Davita Inc., (2)		419,514
	7,100	HCA Holdings Inc., (2)		549,256
	3,800	Humana Inc.		680,200
	5,800	McKesson HBOC Inc.		1,073,174
	3,100	Patterson Companies, Inc.		134,075
	6,100	Tenet Healthcare Corporation, (2)		225,212
	8,600	UnitedHealth Group Incorporated		997,686
	9,100	Universal Health Services, Inc., Class B		1,135,771
		Total Health Care Providers & Services		24,974,490

		Health Care Technology – 0.4%

	15,000	Cerner Corporation, (2)		899,400

		Hotels, Restaurants & Leisure – 1.5%

	13,100	Carnival Corporation		651,070
	9,600	Darden Restaurants, Inc.		657,984


Nuveen Investments			3


JCE	Nuveen Core Equity Alpha Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)


Shares		Description (1)	Value

		Hotels, Restaurants & Leisure (continued)

	16,900	Marriott International, Inc., Class A	$	1,152,580
	7,400	Starbucks Corporation		420,616
	8,200	YUM! Brands, Inc.		655,590
		Total Hotels, Restaurants & Leisure		3,537,840

		Household Durables – 1.8%

	31,700	D.R. Horton, Inc.		930,712
	23,100	Leggett and Platt Inc.		952,875
	2,900	Mohawk Industries Inc., (2)		527,191
	43,900	Newell Rubbermaid Inc.		1,743,269
		Total Household Durables		4,154,047

		Independent Power & Renewable Electricity Producers – 0.1%

	25,000	AES Corporation		244,750

		Industrial Conglomerates – 0.3%

	4,500	Roper Technologies, Inc.		705,150

		Insurance – 4.4%

	6,800	AFLAC Incorporated		395,284
	6,800	Allstate Corporation		396,032
	8,000	American International Group, Inc.		454,560
	4,200	AON PLC		372,162
	3,300	Assurant Inc.		260,733
	35,900	Hartford Financial Services Group, Inc.		1,643,502
	23,000	Lincoln National Corporation		1,091,580
	16,700	Marsh & McLennan Companies, Inc.		872,074
	17,400	MetLife, Inc.		820,410
	3,600	Principal Financial Group, Inc.		170,424
	10,200	Progressive Corporation		312,528
	5,900	Prudential Financial, Inc.		449,639
	17,600	Torchmark Corporation		992,640
	28,500	Unum Group		914,280
	24,800	XL Capital Ltd		900,736
		Total Insurance		10,046,584

		Internet & Catalog Retail – 1.0%

	700	Expedia, Inc.		82,376
	20,700	NetFlix.com Inc., (2)		2,137,482
		Total Internet & Catalog Retail		2,219,858

		Internet Software & Services – 1.7%

	8,000	Akamai Technologies, Inc., (2)		552,480
	34,600	Facebook Inc., Class A, (2)		3,110,540
	2,200	VeriSign, Inc., (2)		155,232
		Total Internet Software & Services		3,818,252

		IT Services – 2.5%

	2,300	Alliance Data Systems Corporation, (2)		595,654
	6,000	Automatic Data Processing, Inc.		482,160
	9,600	Fidelity National Information Services		643,968
	26,000	Fiserv, Inc., (2)		2,251,860
	11,900	Paychex, Inc.		566,797
	16,300	Total System Services Inc.		740,509
	20,600	Western Union Company		378,216
		Total IT Services		5,659,164

		Leisure Products – 0.7%

	23,800	Hasbro, Inc.		1,716,932


	4			Nuveen Investments


Shares		Description (1)	Value

		Life Sciences Tools & Services – 0.6%

	25,900	Perkinelmer Inc.	$	1,190,364
	1,100	Waters Corporation, (2)		130,031
		Total Life Sciences Tools & Services		1,320,395

		Machinery – 0.9%

	1,000	Deere & Company		74,000
	4,000	Ingersoll Rand Company Limited		203,080
	7,000	Snap-on Incorporated		1,056,580
	8,800	Stanley Black & Decker Inc.		853,424
		Total Machinery		2,187,084

		Media – 1.6%

	2,400	Comcast Corporation, Class A		136,512
	42,900	TEGNA Inc.		960,531
	3,100	Time Warner Cable, Class A		556,047
	10,500	Time Warner Inc.		721,875
	12,700	Walt Disney Company		1,297,940
		Total Media		3,672,905

		Metals & Mining – 0.4%

	64,500	Newmont Mining Corporation		1,036,515

		Multiline Retail – 3.1%

	17,300	Dollar General Corporation		1,253,212
	24,500	Dollar Tree Stores Inc., (2)		1,633,170
	31,600	Kohl's Corporation		1,463,396
	36,200	Target Corporation		2,847,492
		Total Multiline Retail		7,197,270

		Multi-Utilities – 0.1%

	15,500	NiSource Inc.		287,525

		Oil, Gas & Consumable Fuels – 3.7%

	35,300	Cabot Oil & Gas Corporation		771,658
	16,200	Cimarex Energy Company		1,660,176
	15,500	Columbia Pipeline Group, Inc.		283,495
	8,400	EQT Corporation		544,068
	29,500	Marathon Petroleum Corporation		1,366,735
	15,100	Newfield Exploration Company, (2)		496,790
	10,100	Phillips 66		776,084
	11,200	Tesoro Corporation		1,089,088
	23,300	Valero Energy Corporation		1,400,330
	1,700	Williams Companies, Inc.		62,645
		Total Oil, Gas & Consumable Fuels		8,451,069

		Personal Products – 0.2%

	5,100	Estee Lauder Companies Inc., Class A		411,468

		Pharmaceuticals – 4.2%

	13,317	Allergan PLC, (2)		3,619,694
	9,700	Eli Lilly and Company, (3)		811,793
	8,400	Endo International PLC, (2)		581,952
	21,500	Mallinckrodt PLC, (2)		1,374,710
	80,600	Zoetis Incorporated, (3)		3,319,108
		Total Pharmaceuticals		9,707,257

		Professional Services – 0.4%

	3,300	Dun and Bradstreet Inc.		346,500
	5,400	Equifax Inc.		524,772
		Total Professional Services		871,272


Nuveen Investments			5


JCE	Nuveen Core Equity Alpha Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)


Shares		Description (1)	Value

		Real Estate Investment Trust – 0.4%

	1,600	Equinix Inc.	$	437,440
	2,300	Equity Residential		172,776
	1,000	Essex Property Trust Inc.		223,420
		Total Real Estate Investment Trust		833,636

		Real Estate Management & Development – 0.2%

	13,300	CBRE Group Inc., Class A, (2)		425,600

		Semiconductors & Semiconductor Equipment – 4.6%

	13,500	Analog Devices, Inc.		761,535
	26,500	Avago Technologies Limited		3,312,765
	26,600	Broadcom Corporation, Class A		1,368,038
	11,700	Lam Research Corporation		764,361
	3,100	Microchip Technology Incorporated		133,579
	10,300	NVIDIA Corporation		253,895
	11,100	Qorvo Inc., (2)		500,055
	37,000	Skyworks Solutions Inc.		3,115,770
	8,900	Xilinx, Inc.		377,360
		Total Semiconductors & Semiconductor Equipment		10,587,358

		Software – 3.3%

	13,400	Activision Blizzard Inc.		413,926
	8,200	Adobe Systems Incorporated, (2)		674,204
	21,200	CA Technologies		578,760
	62,300	Electronic Arts Inc., (2)		4,220,825
	10,100	Intuit, Inc.		896,375
	12,300	Red Hat, Inc., (2)		884,124
		Total Software		7,668,214

		Specialty Retail – 7.5%

	800	Advance Auto Parts, Inc.		151,624
	6,400	AutoNation Inc., (2)		372,352
	1,500	AutoZone, Inc., (2)		1,085,745
	20,100	CarMax, Inc., (2)		1,192,332
	17,200	GameStop Corporation, Class A		708,812
	30,300	Home Depot, Inc.		3,499,347
	29,700	L Brands Inc.		2,676,861
	36,400	Lowe's Companies, Inc.		2,508,688
	7,300	O'Reilly Automotive Inc., (2)		1,825,000
	25,000	Ross Stores, Inc.		1,211,750
	23,100	Tractor Supply Company		1,947,792
		Total Specialty Retail		17,180,303

		Technology Hardware, Storage & Peripherals – 0.6%

	12,200	Apple, Inc.		1,345,660

		Textiles, Apparel & Luxury Goods – 2.0%

	75,300	Hanesbrands Inc.		2,179,182
	100	Nike, Inc., Class B		12,297
	12,200	Under Armour, Inc., Class A, (2)		1,180,716
	18,800	VF Corporation		1,282,348
		Total Textiles, Apparel & Luxury Goods		4,654,543

		Tobacco – 0.8%

	16,100	Altria Group, Inc.		875,840
	23,278	Reynolds American Inc.		1,030,517
		Total Tobacco		1,906,357
		Total Long-Term Investments (cost $211,756,799)		224,884,509


	6			Nuveen Investments

Principal
Amount (000)

Description (1)

Coupon

Maturity

Ratings (4)

Value

SHORT-TERM INVESTMENTS – 2.1%

REPURCHASE AGREEMENTS – 1.0%

2,328

Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/15, repurchase price $2,327,793, collateralized by $2,275,000 U.S. Treasury Notes, 2.500%, due 8/15/23, value $2,380,219

0.000%

10/01/15

N/A

2,327,793

U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 1.1%

2,500

U.S. Treasury Bills, (3)

0.000%

11/12/15

AAA

2,500,037

4,828

Total Short-Term Investments (cost $4,827,438)

4,827,830

Total Investments (cost $216,584,237) – 99.7%

229,712,339

Other Assets Less Liabilities – 0.3% (5)

637,987

Net Assets – 100%

230,350,326

Investments in Derivatives as of September 30, 2015

Options Written outstanding:


Number of Contracts	Description	Counterparty	Notional Amount			Expiration Date		Strike Price		Value
(150)	CBOE Volatility Index^®	N/A (8)	$	(450,000	) (6)		10/21/15	$	30	$	(12,750	)
(150)	CBOE Volatility Index^®	N/A (8)		(375,000	) (6)		10/21/15		25		(25,875	)
(100,623)	Custom Basket*	BNP Paribas		(10,062,300	) (7)		10/15/15		103		(43,660	)
(150)	RUSSELL 2000^® Index	N/A (8)		(17,700,000	) (6)		11/20/15		1,180		(82,500	)
(150)	RUSSELL 2000^® Index	N/A (8)		(17,250,000	) (6)		11/20/15		1,150		(200,250	)
(125)	RUSSELL 2000^® Index	N/A (8)		(14,625,000	) (6)		11/20/15		1,170		(95,625	)
(125)	RUSSELL 2000^® Index	N/A (8)		(14,500,000	) (6)		11/20/15		1,160		(128,750	)
(300)	S&P Midcap 400^® Index	Deutsche Bank		(43,500,000	) (6)		10/14/15		1,450		(27,860	)
(101,773)	Total Options Written (premiums received $1,009,734)		$	(118,462,300	)					$	(617,270	)

* The following table represents the individual common stock holdings comprising the Custom Basket Options Written as of September 30, 2015.


Shares		Description	Value
	15,250	Anadarko Petroleum Corp	$	(4,349	)
	8,750	Apple, Inc.		(4,415	)
	13,250	Chevron Corporation		(4,436	)
	21,000	Conocophillips		(4,308	)
	13,000	EOG Resources Inc.		(4,357	)
	13,750	Exxon Mobil Corporation		(4,347	)
	73,000	Ford Motor Company		(4,533	)
	27,000	Halliburton Company		(4,336	)
	36,500	Twitter Inc.		(4,303	)
	31,750	Yahoo! Inc.		(4,276	)
			$	(43,660	)

Futures Contracts outstanding:


Description	Contract Position		Number of Contracts		Contract Expiration		Notional Amount at Value		Variation Margin Receivable/ (Payable)		Unrealized Appreciation (Depreciation)
S&P 500 E-Mini		Long		55		12/15	$	5,248,925	$	94,050	$	(97,514	)

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and


Nuveen Investments			7


JCE	NuveenCore Equity Alpha Fund
	Portfolio of Investments (continued)	September 30, 2015 (Unaudited)

minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


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

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


	Level 1			Level 2			Level 3		Total
Long-Term Investments:
Common Stocks	$	224,884,509		$	—		$	—	$	224,884,509
Short-Term Investments:
Repurchase Agreements		—			2,327,793			—		2,327,793
U.S. Government and Agency Obligations		—			2,500,037			—		2,500,037
Investments in Derivatives:
Options Written		(545,750	)		(71,520	)		—		(617,270	)
Futures Contracts*		(97,514	)		—					(97,514	)
Total	$	224,241,245		$	4,756,310		$	—	$	228,997,555

*	Represents net unrealized appreciation (depreciation).

Income Tax Information

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

As of September 30, 2015, the cost of investments (excluding investments in derivatives) was $216,993,650.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of September 30, 2015, were as follows:


Gross unrealized:
Appreciation	$	23,797,296
Depreciation		(11,078,607	)
Net unrealized appreciation (depreciation) of investments	$	12,718,689

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

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Non-income producing; issuer has not declared a dividend within the past twelve months.

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

(4)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

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

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

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

(8)	Option is exchange-traded and therefore the counterparty is not applicable.

N/A	Not applicable


	8			Nuveen Investments

Item 2. Controls and Procedures.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

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


(Registrant)		Nuveen Core Equity Alpha Fund

By (Signature and Title)		/s/ Kevin J. McCarthy
		Kevin J. McCarthy
		Vice President and Secretary

Date: November 27, 2015

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


By (Signature and Title)		/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman
		Chief Administrative Officer (principal executive officer)

Date: November 27, 2015

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

Date: November 27, 2015