Edgar Filing: Nuveen Core Equity Alpha Fund

nvq

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: 12/31

Date of reporting period: 9/30/2010

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

Portfolio of Investments (Unaudited)

Nuveen Core Equity Alpha Fund (JCE)
September 30, 2010


Shares		Description (1)	Value


		Common Stocks – 98.8%

		Aerospace & Defense – 4.1%

	36,400	Boeing Company	$	2,422,056
	5,600	General Dynamics Corporation		351,736
	600	Goodrich Corporation		44,238
	13,300	L-3 Communications Holdings, Inc.		961,191
	27,100	Northrop Grumman Corporation		1,643,073
	12,900	Precision Castparts Corporation		1,642,815
	2,300	Raytheon Company		105,133
	16,100	Rockwell Collins, Inc.		937,825
	8,200	United Technologies Corporation		584,086

		Total Aerospace & Defense		8,692,153


		Air Freight & Logistics – 0.6%

	700	Expeditors International of Washington, Inc.		32,361
	15,300	FedEx Corporation		1,308,150

		Total Air Freight & Logistics		1,340,511


		Airlines – 0.9%

	147,900	Southwest Airlines Co.		1,933,053


		Automobiles – 0.2%

	39,400	Ford Motor Company, (2)		482,256


		Beverages – 1.3%

	3,000	Brown-Forman Corporation		184,920
	1,400	Coca-Cola Company		81,928
	21,300	Coca-Cola Enterprises Inc.		660,300
	51,000	Dr. Pepper Snapple Group		1,811,520
	800	Molson Coors Brewing Company, Class B		37,776

		Total Beverages		2,776,444


		Biotechnology – 0.2%

	1,600	Amgen Inc., (2)		88,176
	1,500	Biogen Idec Inc., (2)		84,180
	800	Celgene Corporation, (2)		46,088
	500	Cephalon, Inc., (2)		31,220
	1,500	Genzyme Corporation, (2)		106,185

		Total Biotechnology		355,849


		Capital Markets – 1.5%

	14,100	Ameriprise Financial, Inc.		667,353
	5,500	Bank of New York Company, Inc.		143,715
	21,700	Franklin Resources, Inc.		2,319,730
	1,300	Invesco LTD		27,599

		Total Capital Markets		3,158,397


		Chemicals – 1.3%

	8,000	Airgas, Inc.		543,600
	3,700	E.I. Du Pont de Nemours and Company		165,094
	3,000	Eastman Chemical Company		222,000
	800	Ecolab Inc.		40,592
	21,100	International Flavors & Fragrances Inc.		1,023,772
	10,700	Sherwin-Williams Company		803,998

		Total Chemicals		2,799,056


		Commercial Banks – 2.2%

	22,500	BB&T Corporation		541,800
	21,400	Comerica Incorporated		795,010
	15,700	Fifth Third Bancorp.		188,871
	2,100	First Horizon National Corporation, (2)		23,961
	33,100	Huntington BancShares Inc.		187,677
	2,800	KeyCorp.		22,288
	13,000	M&T Bank Corporation		1,063,530
	4,700	PNC Financial Services Group, Inc.		243,977
	61,100	Regions Financial Corporation		444,197
	3,700	SunTrust Banks, Inc.		95,571
	11,500	U.S. Bancorp		248,630
	8,950	Wells Fargo & Company		224,914
	28,700	Zions Bancorporation		613,032

		Total Commercial Banks		4,693,458


		Commercial Services & Supplies – 0.2%

	4,800	Republic Services, Inc.		146,352
	4,700	Stericycle Inc., (2)		326,556

		Total Commercial Services & Supplies		472,908


		Communications Equipment – 1.8%

	38,300	Harris Corporation		1,696,307
	20,800	JDS Uniphase Corporation, (2)		257,712
	800	Juniper Networks Inc., (2)		24,280
	123,400	Motorola, Inc., (2)		1,052,602
	500	QUALCOMM, Inc.		22,560
	88,100	Tellabs Inc.		656,345

		Total Communications Equipment		3,709,806


		Computers & Peripherals – 7.8%

	39,800	Apple, Inc., (2)		11,293,250
	25,900	Lexmark International, Inc., Class A, (2)		1,155,658
	77,000	Network Appliance Inc., (2)		3,833,830
	3,900	Western Digital Corporation, (2)		110,721

		Total Computers & Peripherals		16,393,459


		Construction & Engineering – 0.0%

	1,300	Fluor Corporation		64,389


		Consumer Finance – 0.0%

	2,500	Capital One Financial Corporation		98,875


		Containers & Packaging – 0.1%

	5,500	Pactiv Corporation, (2)		181,390


		Diversified Consumer Services – 0.7%

	20,800	Devry, Inc.		1,023,568
	36,200	H & R Block Inc.		468,790

		Total Diversified Consumer Services		1,492,358


		Diversified Financial Services – 0.3%

	15,700	Bank of America Corporation		205,827
	50,500	Citigroup Inc., (2)		196,950
	5,105	JPMorgan Chase & Co.		194,347
	5,500	Moody’s Corporation		137,390

		Total Diversified Financial Services		734,514


		Diversified Telecommunication Services – 0.9%

	3,200	AT&T Inc.		91,520
	7,600	Frontier Communications Corporation		62,092
	174,200	Qwest Communications International Inc.		1,092,234
	1,400	Verizon Communications Inc.		45,626
	42,300	Windstream Corporation		519,867

		Total Diversified Telecommunication Services		1,811,339


		Electric Utilities – 0.7%

	4,200	American Electric Power Company, Inc.		152,166
	1,500	Duke Energy Corporation		26,565
	1,100	NextEra Energy Inc.		59,829
	41,600	Pepco Holdings, Inc.		773,760
	7,000	Pinnacle West Capital Corporation		288,890
	1,900	Progress Energy, Inc.		84,398
	2,600	Southern Company		96,824

		Total Electric Utilities		1,482,432


		Electrical Equipment – 1.8%

	31,900	Emerson Electric Company		1,679,854
	34,500	Rockwell Automation, Inc.		2,129,685
	700	Roper Industries Inc.		45,626

		Total Electrical Equipment		3,855,165


		Electronic Equipment & Instruments – 1.3%

	65,400	Agilent Technologies, Inc., (2)		2,182,398
	1,300	Corning Incorporated		23,764
	23,300	FLIR Systems Inc., (2)		598,810

		Total Electronic Equipment & Instruments		2,804,972


		Energy Equipment & Services – 1.0%

	1,127	Baker Hughes Incorporated		48,010
	22,000	Halliburton Company		727,540
	22,642	Schlumberger Limited		1,394,974

		Total Energy Equipment & Services		2,170,524


		Food & Staples Retailing – 0.2%

	2,200	Kroger Co.		47,652
	2,400	Sysco Corporation		68,448
	8,200	Walgreen Co.		274,700
	700	Wal-Mart Stores, Inc.		37,464
	1,100	Whole Foods Market, Inc., (2)		40,821

		Total Food & Staples Retailing		469,085


		Food Products – 6.3%

	95,800	General Mills, Inc.		3,500,532
	19,100	Hershey Foods Corporation		908,969
	31,200	JM Smucker Company		1,888,536
	30,300	Kellogg Company		1,530,453
	3,100	Kraft Foods Inc.		95,666
	4,300	McCormick & Company, Incorporated		180,772
	24,500	Mead Johnson Nutrition Company, Class A Shares		1,394,295
	168,900	Sara Lee Corporation		2,268,327
	100,200	Tyson Foods, Inc., Class A		1,605,204

		Total Food Products		13,372,754


		Gas Utilities – 0.4%

	17,800	ONEOK, Inc.		801,712


		Health Care Equipment & Supplies – 6.1%

	39,500	CareFusion Corporation, (2)		981,180
	33,700	Hospira Inc., (2)		1,921,237
	14,600	Intuitive Surgical, Inc., (2)		4,142,604
	3,700	Medtronic, Inc.		124,246
	60,500	Stryker Corporation		3,028,025
	21,900	Varian Medical Systems, Inc., (2)		1,324,950
	26,400	Zimmer Holdings, Inc., (2)		1,381,512

		Total Health Care Equipment & Supplies		12,903,754


		Health Care Providers & Services – 6.0%

	116,900	AmerisourceBergen Corporation		3,584,154
	132,200	Cardinal Health, Inc.		4,367,888
	6,900	Express Scripts, Inc., (2)		336,030
	23,200	Humana Inc., (2)		1,165,568
	46,600	McKesson HBOC Inc.		2,878,948
	3,100	Medco Health Solutions, Inc., (2)		161,386
	1,900	UnitedHealth Group Incorporated		66,709
	1,600	Wellpoint Inc., (2)		90,624

		Total Health Care Providers & Services		12,651,307


		Hotels, Restaurants & Leisure – 3.4%

	35,300	Darden Restaurants, Inc.		1,510,134
	8,700	Marriott International, Inc., Class A		311,721
	5,500	McDonald’s Corporation		409,805
	135,400	Starbucks Corporation		3,463,532
	4,700	Starwood Hotels & Resorts Worldwide, Inc.		246,985
	6,500	Wyndham Worldwide Corporation		178,555
	600	Wynn Resorts Ltd.		52,062
	21,500	YUM! Brands, Inc.		990,290

		Total Hotels, Restaurants & Leisure		7,163,084


		Household Durables – 2.3%

	6,300	Fortune Brands Inc.		310,149
	6,100	Harman International Industries Inc., (2)		203,801
	10,300	Lennar Corporation, Class A		158,414
	53,987	Stanley Black & Decker Inc.		3,308,323
	11,500	Whirlpool Corporation		931,040

		Total Household Durables		4,911,727


		Household Products – 0.4%

	5,300	Clorox Company		353,828
	2,300	Colgate-Palmolive Company		176,778
	3,700	Kimberly-Clark Corporation		240,685

		Total Household Products		771,291


		Industrial Conglomerates – 0.5%

	2,500	3M Co.		216,775
	22,400	General Electric Company		364,000
	1,300	Textron Inc.		26,728
	10,400	Tyco International Ltd.		381,992

		Total Industrial Conglomerates		989,495


		Insurance – 1.4%

	5,600	Ace Limited		326,200
	2,500	AFLAC Incorporated		129,275
	1,800	American International Group, (2)		70,380
	5,300	Assurant Inc.		215,710
	3,331	Berkshire Hathaway Inc., Class B, (2)		275,407
	31,700	Progressive Corporation		661,579
	7,800	Torchmark Corporation		414,492
	15,000	Travelers Companies, Inc.		781,500

		Total Insurance		2,874,543


		Internet & Catalog Retail – 4.1%

	32,600	Amazon.com, Inc., (2)		5,120,156
	10,200	Priceline.com Incorporated, (2)		3,553,068

		Total Internet & Catalog Retail		8,673,224


		Internet Software & Services – 4.8%

	23,200	Akamai Technologies, Inc., (2)		1,164,176
	95,200	eBay Inc., (2)		2,322,880
	12,600	Google Inc., Class A, (2)		6,624,954

		Total Internet Software & Services		10,112,010


		IT Services – 3.9%

	84,700	Cognizant Technology Solutions Corporation, Class A, (2)		5,460,609
	6,500	Fidelity National Information Services		176,345
	12,100	International Business Machines Corporation (IBM)		1,623,094
	2,200	MasterCard, Inc.		492,800
	5,400	Visa Inc.		401,004

		Total IT Services		8,153,852


		Leisure Equipment & Products – 1.1%

	50,300	Hasbro, Inc.		2,238,853


		Life Sciences Tools & Services – 0.2%

	300	Life Technologies Corporation, (2)		14,007
	4,400	Perkinelmer Inc.		101,816
	3,000	Waters Corporation, (2)		212,340

		Total Life Sciences Tools & Services		328,163


		Machinery – 2.1%

	13,200	Caterpillar Inc.		1,038,576
	5,100	Cummins Inc.		461,958
	2,800	Deere & Company		195,384
	1,800	Dover Corporation		93,978
	25,300	Eaton Corporation		2,086,997
	1,600	PACCAR Inc.		77,040
	4,800	Parker Hannifin Corporation		336,288
	2,200	Snap-on Incorporated		102,322

		Total Machinery		4,392,543


		Media – 3.4%

	3,600	Comcast Corporation, Class A		65,088
	120,900	DIRECTV Group, Inc., (2)		5,033,067
	8,300	Discovery Communications Inc., Class A Shares, (2)		361,465
	4,400	McGraw-Hill Companies, Inc.		145,464
	19,000	Scripps Networks Interactive, Class A Shares		904,020
	4,900	Time Warner Cable, Class A		264,551
	7,400	Viacom Inc., Class B		267,806
	6,800	Walt Disney Company		225,148

		Total Media		7,266,609


		Metals & Mining – 0.2%

	1,500	Allegheny Technologies, Inc.		69,675
	900	Cliffs Natural Resources Inc.		57,528
	2,000	Nucor Corporation		76,400
	6,500	Titanium Metals Corporation, (2)		129,740

		Total Metals & Mining		333,343


		Multiline Retail – 1.2%

	24,400	Big Lots, Inc., (2)		811,300
	19,400	Family Dollar Stores, Inc.		856,704
	11,700	Sears Holding Corporation, (2)		844,038

		Total Multiline Retail		2,512,042


		Multi-Utilities – 3.0%

	41,600	CenterPoint Energy, Inc.		653,952
	16,400	CMS Energy Corporation		295,528
	5,400	Dominion Resources, Inc.		235,764
	54,300	DTE Energy Company		2,493,999
	28,800	Integrys Energy Group, Inc.		1,499,328
	30,700	NiSource Inc.		534,180
	2,400	Public Service Enterprise Group Incorporated		79,392
	900	Sempra Energy		48,420
	18,700	TECO Energy, Inc.		323,884
	3,600	Wisconsin Energy Corporation		208,080

		Total Multi-Utilities		6,372,527


		Oil, Gas & Consumable Fuels – 1.0%

	400	Chevron Corporation		32,420
	2,500	Denbury Resources Inc., (2)		39,725
	700	Hess Corporation		41,384
	28,700	Pioneer Natural Resources Company		1,866,361
	2,000	QEP Resources Inc., (2)		60,280
	500	Sunoco, Inc.		18,250

		Total Oil, Gas & Consumable Fuels		2,058,420


		Personal Products – 1.5%

	6,300	Avon Products, Inc.		202,293
	48,400	Estee Lauder Companies Inc., Class A		3,060,332

		Total Personal Products		3,262,625


		Pharmaceuticals – 3.1%

	30,800	Abbott Laboratories		1,608,992
	4,700	Bristol-Myers Squibb Company		127,417
	2,400	Eli Lilly and Company		87,672
	1,300	Johnson & Johnson		80,548
	94,232	Merck & Company Inc.		3,468,680
	62,600	Mylan Laboratories Inc., (2)		1,177,506

		Total Pharmaceuticals		6,550,815


		Professional Services – 0.2%

	16,600	Equifax Inc.		517,920


		Real Estate – 0.9%

	6,600	Apartment Investment & Management Company, Class A		141,108
	3,600	AvalonBay Communities, Inc.		374,148
	500	Boston Properties, Inc.		41,560
	13,300	Equity Residential		632,681
	900	Health Care REIT, Inc.		32,382
	3,600	Host Hotels & Resorts Inc.		52,128
	4,700	Public Storage, Inc.		456,088
	1,300	Ventas Inc.		67,041
	600	Vornado Realty Trust		51,318

		Total Real Estate		1,848,454


		Road & Rail – 0.0%

	400	Ryder System, Inc.		17,108
	500	Union Pacific Corporation		40,900

		Total Road & Rail		58,008


		Semiconductors & Equipment – 1.1%

	35,200	Advanced Micro Devices, Inc., (2)		250,272
	2,500	Altera Corporation		75,400
	2,100	Linear Technology Corporation		64,533
	3,800	Microchip Technology Incorporated		119,510
	800	Novellus Systems, Inc., (2)		21,264
	69,800	Texas Instruments Incorporated		1,894,372

		Total Semiconductors & Equipment		2,425,351


		Software – 2.1%

	1,400	Autodesk, Inc., (2)		44,758
	13,400	Intuit, Inc., (2)		587,054
	60,200	Microsoft Corporation		1,474,298
	105,700	Novell Inc., (2)		631,029
	14,300	Salesforce.com, Inc., (2)		1,598,740

		Total Software		4,335,879


		Specialty Retail – 4.6%

	900	Abercrombie & Fitch Co., Class A		35,388
	800	AutoNation Inc., (2)		18,600
	2,200	AutoZone, Inc., (2)		503,602
	6,300	GameStop Corporation, (2)		124,173
	38,000	Home Depot, Inc.		1,203,840
	87,300	Limited Brands, Inc.		2,337,894
	9,200	O’Reilly Automotive Inc., (2)		489,440
	2,400	RadioShack Corporation		51,192
	5,200	Ross Stores, Inc.		284,024
	14,000	Tiffany & Co.		657,860
	87,900	TJX Companies, Inc.		3,922,977

		Total Specialty Retail		9,628,990


		Textiles, Apparel & Luxury Goods – 0.1%

	2,900	Nike, Inc., Class B		232,406


		Thrifts & Mortgage Finance – 0.1%

	10,700	Hudson City Bancorp, Inc.		131,182


		Tobacco – 1.1%
	6,900	Altria Group, Inc.		165,738
	300	Lorillard Inc.		24,093
	900	Philip Morris International		50,418
	36,000	Reynolds American Inc.		2,138,040

		Total Tobacco		2,378,289


		Trading Companies & Distributors – 1.2%

	46,300	Fastenal Company		2,462,697


		Wireless Telecommunication Services – 1.9%

	74,300	American Tower Corporation, (2)		3,808,618
	45,400	Sprint Nextel Corporation, (2)		210,202

		Total Wireless Telecommunication Services		4,018,820

		Total Common Stocks (cost $185,086,331)		208,705,082


Principal
Amount (000)		Description (1)	Coupon			Maturity		Rating (3)	Value


		Short-Term Investments – 4.0%

		U.S. Government and Agency Obligations – 1.9%

$	2,000	U.S. Treasury Bills, (4)		0.000	%		1/27/11	AAA	$	1,999,214
	2,000	U.S. Treasury Bills		0.000	%		2/03/11	AAA		1,999,118

	4,000	Total U.S. Government and Agency Obligations								3,998,332

		Repurchase Agreements – 2.1%

	4,465	Repurchase Agreement with State Street Bank, dated 9/30/10, repurchase price $4,464,799, collateralized by $4,255,000 U.S. Treasury Notes, 2.500%, due 4/30/15, value $4,555,829		0.080	%		10/01/10	N/A		4,464,789

$	8,465	Total Short-Term Investments (cost $8,462,469)								8,463,121

		Total Investments (cost $193,548,800) — 102.8%								217,168,203

		Other Assets Less Liabilities — (2.8)%								(5,817,522	)

		Net Assets — 100%							$	211,350,681

Investments in Derivatives

Call Options Written outstanding at September 30, 2010:


Number of				Notional			Expiration		Strike
Contracts			Type	Amount (5)			Date		Price		Value

	(455,052	)	Custom Basket NASDAQ	$	(45,505,214	)		10/21/10	$	103.0	$	(817,319	)
	(463,508	)	Custom Basket NASDAQ		(46,350,790	)		11/04/10		103.0		(486,683	)

	(918,560	)	Total Call Options Written (premiums received $996,342)	$	(91,856,004	)					$	(1,304,002	)

Futures Contracts outstanding at September 30, 2010:

Unrealized

Contract

Number of

Contract

Value at

Appreciation

Type

Position

Contracts

Expiration

September 30, 2010

(Depreciation)

S&P 500 Index

Long

125

12/10

$7,104,375

$130,250

Fair Value Measurements

In determining the fair value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of September 30, 2010:


	Level 1		Level 2			Level 3		Total


Investments:
Common Stocks	$	208,705,082	$	—		$	—	$	208,705,082
Short-Term Investments		8,463,121		—			—		8,463,121
Derivatives:
Call Options Written		—		(1,304,002	)		—		(1,304,002	)
Futures Contracts *		130,250		—			—		130,250

Total	$	217,298,453	$	(1,304,002	)	$	—	$	215,994,451


*	Represents net unrealized appreciation (depreciation).

Derivative Instruments and Hedging Activities

The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

The following table presents the fair value of all derivative instruments held by the Fund as of September 30, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Location on the Statement of Assets and Liabilities

Underlying

Derivative

Asset Derivatives

Liability Derivatives

Risk Exposure

Instrument

Location

Value

Location

Value

Equity Price

Futures Contracts

Receivable for variation margin on futures contracts*

130,250

Payable for variation margin on futures contracts*

—

Equity Price

Options

—

Call options written, at value

1,304,002

Total

130,250

1,304,002


*	Value represents cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin presented on the Statement of Assets and Liabilities.

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.

At September 30, 2010, the cost of investments (excluding investments in derivatives) was $195,113,910.

Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) at September 30, 2010, were as follows:




Gross unrealized:
Appreciation	$	25,022,506
Depreciation		(2,968,213	)


Net unrealized appreciation (depreciation) of investments	$	22,054,293

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)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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.

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

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

N/A		Not applicable.

Item 2. 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 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)).

	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 29, 2010

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 29, 2010



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

Date November 29, 2010