N-CSRS 1 a12-16432_24ncsrs.htm N-CSRS

 

UNITED 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

811-21731

 

Nuveen Equity Premium Advantage Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 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:

June 30, 2012

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

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

 



 

ITEM 1. REPORTS TO STOCKHOLDERS.

 



Closed-End Funds

Nuveen Investments

Closed-End Funds

Seeks Attractive Quarterly Distributions from an Integrated Index Option and Equity Strategy

Semi-Annual Report

June 30, 2012

Nuveen Equity Premium Income Fund

JPZ

Nuveen Equity Premium Opportunity Fund

JSN

Nuveen Equity Premium Advantage Fund

JLA

Nuveen Equity Premium and Growth Fund

JPG



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Table of Contents

Chairman's Letter to Shareholders   4  
Portfolio Managers' Comments   5  
Share Distribution and Price Information   8  
Performance Overviews   11  
Shareholder Meeting Report   15  
Portfolios of Investments   16  
Statement of Assets & Liabilities   48  
Statement of Operations   49  
Statement of Changes in Net Assets   50  
Financial Highlights   52  
Notes to Financial Statements   54  
Annual Investment Management Agreement Approval Process   66  
Reinvest Automatically, Easily and Conveniently   75  
Glossary of Terms Used in this Report   77  
Additional Fund Information   79  



Chairman's
Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner
Chairman of the Board
August 23, 2012

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Portfolio Managers' Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Nuveen Equity Premium Income Fund (JPZ)
Nuveen Equity Premium Opportunity Fund (JSN)
Nuveen Equity Premium Advantage Fund (JLA)
Nuveen Equity Premium and Growth Fund (JPG)

These Funds feature portfolio management by Gateway Investment Advisers, LLC. J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 and is currently Senior Vice President and Portfolio Manager. Here they talk about their management strategies and the performance of the Funds for the six-months ended June 30, 2012.

What key strategies were used to manage the Funds during this reporting period?

Each Fund invests in an equity portfolio and writes (sells) index call options against all or a portion of the notional value of its stock portfolio. The premium generated by the index call options is intended to supplement the dividend yield on the underlying stock portfolio to support each Fund's distribution policy and provides the potential for growth in value in rising markets and/or risk mitigation in the event of market decline. These strategies remained consistent in each Fund throughout the period.

For JPZ and JPG, the equity portfolio seeks to track the price movements of the S&P 500® Index. The JSN equity portfolio is invested to replicate the price performance of a custom index consisting of 75% S&P 500® Index and 25% NASDAQ -100 Index. JLA seeks to replicate a 50/50 blend of the S&P 500® Index and NASDAQ -100 Index. JPZ, JSN and JLA actively write (sell) listed index call options against their entire stock portfolios. JPG differs in that its index option hedging activity is applied to 80% of the value of the equity portfolio.

The writing of call options on a broad equity index, while investing in a portfolio of equi- ties, has the potential to enhance returns while exposing the Funds to less risk. Those portions of the Funds subject to the overwrite have their upside potential capped at the amount of premium received for the option. The down-side is buffered by the amount of the cash flow premium received. In flat or declining markets, the option premium can enhance total returns relative to the comparative index. In rising markets, the options can hurt the Funds' total return relative to their comparative index. The reporting period

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Past performance is not predictive of 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.

For additional information, see the Performance Overview page for your Fund in this report.

*  Six-month returns are cumulative; all other returns are annualized.

**  Since inception returns for JPZ and its comparative index are from 10/26/04; since inception returns for JSN and its comparative index are from 1/26/05; since inception returns for JLA and its comparative index are from 5/25/05; since inception returns for JPG and its comparative index are from 11/22/05.

***  Refer to Glossary of Terms Used in this Report for definitions. Indexes are not available for direct investment.

was marked by an essentially flat market, with high volatility. This was one factor in the underperformance of each Fund during the period.

How did the Funds perform over this six-month reporting period?

The performance of the Funds, as well as for comparative indexes, is presented in the accompanying table.

Annual Total Returns on Net Asset Value*

For periods ended 6/30/12

Fund   6-Month   1-Year   5-Year   Since
Inception**
 
JPZ     6.79 %     7.66 %     2.54 %     4.48 %  
S&P 500® Index***     9.49 %     5.45 %     0.22 %     4.83 %  
JSN     6.03 %     6.95 %     2.74 %     4.56 %  
Comparative Index***     10.82 %     7.22 %     1.76 %     5.10 %  
JLA     6.43 %     8.84 %     3.35 %     4.73 %  
Comparative Index***     12.16 %     8.99 %     3.28 %     6.01 %  
JPG     6.80 %     7.19 %     1.69 %     3.90 %  
S&P 500® Index***     9.49 %     5.45 %     0.22 %     3.32 %  

 

For the six-month period ended June 30, 2012, the Funds lagged their respective comparative unhedged equity indexes. In the first quarter of 2012, an unusually strong quarter for the comparative indexes, the Funds performed as would be expected given the premium available from their call selling programs. As sellers of index call options, the Funds sell upside exposure to call buyers in return for option premium. As such, in a sharply rising market, call sellers tend to forego full participation in strong up-market moves. In the second quarter, when the comparative indexes declined, similar premium capture allowed each Fund to show a positive return. While the Funds performed in line with expectations and produced positive returns in both quarters, and with less volatility than the comparative indexes, the performance gain in the second quarter was not as large as the shortfall in the first quarter.

Throughout the period, the Funds' management team was able to benefit from the spikes in volatility that occurred by closing out near term (generally out-of-the-money) index option contracts and rewriting (rolling) closer-to-the-money longer-term contracts. A more conservative approach to adjusting strikes, lagging the more extreme market movements, benefited performance as the Funds suffered less from the whipsaws, where a security's price heads in one direction, but then is followed quickly by a movement in the opposite direction, which occurred during the choppy market.

Since the Funds follow a fairly stable investment discipline, market factors were the primary constraints on performance. In the first quarter, although option premium levels generally adhered to their long-term averages, the levels were down from the fourth quarter of 2011. During the second quarter, the primary constraint was the equity market sell-off during May 2012. Moreover, the recovery in June, occurring after a steep market decline, was problematic for index option call selling strategies. Once calls are written

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6



and the market rallies, the call strikes constrain upside market participation. These factors contributed to the Funds' six-month underperformance versus the market indexes.

RISK CONSIDERATIONS

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Shares of closed-end funds are subject to investment risks, including the possible loss of principal invested. Past performance is no guarantee of future results. The following risks are listed in order of priority.

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Funds, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations. This is particularly true for funds employing a managed distribution program.

Common Stock Risk. Common stocks returns often have experienced significant volatility.

Call Option Risk. The value of call options sold (written) by the Funds will fluctuate. The Funds may not participate in any appreciation of its equity portfolio as fully as it would if the Funds did not sell call options. In addition, the Funds will continue to bear the risk of declines in the value of the equity portfolio.

Derivatives Strategy Risk. Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.

Index Call Option Risk. Because index options are settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities.

Reinvestment Risk. If market interest rates decline, income earned from the Fund's portfolio may be reinvested at rates below that of the original bond that generated the income.

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Share Distribution and
Price Information

Distribution Information

The following information regarding each Fund's distributions is current as of June 30, 2012, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the six-month reporting period, all funds maintained steady quarterly distributions. Some of the important factors affecting the amount and composition of these distributions are summarized below.

Each Fund has a managed distribution program. The goal of this program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting the Fund's expected long-term return potential into regular distributions. As a result, regular distributions throughout the year are likely to include a portion of expected long-term gains (both realized and unrealized), along with net investment income.

Important points to understand about the managed distribution program are:

•  Each Fund seeks to establish a relatively stable distribution rate that roughly corresponds to the projected total return from its investment strategy over an extended period of time. However, you should not draw any conclusions about a Fund's past or future investment performance from its current distribution rate.

•  Actual returns will differ from projected long-term returns (and therefore a Fund's distribution rate), at least over shorter time periods. Over a specific timeframe, the difference between actual returns and total distributions will be reflected in an increasing (returns exceed distributions) or a decreasing (distributions exceed returns) Fund net asset value.

•  Each distribution is expected to be paid from some or all of the following sources:

•  net investment income (regular interest and dividends),

•  realized capital gains, and

•  unrealized gains, or, in certain cases, a return of principal (non-taxable distributions).

•  A non-taxable distribution is a payment of a portion of a Fund's capital. When a Fund's returns exceed distributions, it may represent portfolio gains generated, but not realized as a taxable capital gain. In periods when a Fund's return falls short of distributions, the shortfall will represent a portion of your original principal, unless the shortfall is offset during other time periods over the life of your investment (previous or subsequent) when a Fund's total return exceeds distributions.

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•  Because distribution source estimates are updated during the year based on a Fund's performance and forecast for its current fiscal year (which is the calendar year for each Fund), estimates on the nature of your distributions provided at the time distributions are paid may differ from both the tax information reported to you in your Fund's IRS Form 1099 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment.

The following table provides estimated information regarding each Fund's distributions and total return performance for the six months ended June 30, 2012. This information is provided on a tax basis rather than a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Funds' returns for the specified time period were sufficient to meet each Fund's distributions.

As of 6/30/12   JPZ   JSN   JLA   JPG  
Inception date   10/26/04   1/26/05   5/25/05   11/22/05  
Six months ended June 30, 2012:  
Per share distribution:  
From net investment income   $ 0.11     $ 0.08     $ 0.05     $ 0.11    
From realized capital gains     0.00       0.00       0.00       0.00    
Return of capital     0.43       0.48       0.52       0.45    
Total per share distribution   $ 0.54     $ 0.56     $ 0.57     $ 0.56    
Annualized distribution rate on NAV     8.17 %     8.52 %     8.44 %     7.80 %  
Average annual total returns:  
6-Month (Cumulative) on NAV     6.79 %     6.03 %     6.43 %     6.80 %  
1-Year on NAV     7.66 %     6.95 %     8.84 %     7.19 %  
5-Year on NAV     2.54 %     2.74 %     3.35 %     1.69 %  
Since inception on NAV     4.48 %     4.56 %     4.73 %     3.90 %  

 

Share Repurchases and Price Information

As of June 30, 2012, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

Fund   Shares
Repurchased
and Retired
  % of
Outstanding Shares
 
JPZ     455,176       1.2 %  
JSN     545,900       0.8 %  
JLA     430,716       1.7 %  
JPG     371,763       2.3 %  

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During the current reporting period, the Funds repurchased and retired their shares at a weighted average price and a weighted average discount per share as shown in the accompanying table.

Fund   Shares
Repurchased
and Retired
  Weighted Average
Price Per Share
Repurchased
and Retired
  Weighted Average
Discount Per Share
Repurchased
and Retired
 
JPZ     12,600     $ 11.57       11.88 %  
JSN                    
JLA     43,477     $ 11.80       12.72 %  
JPG     1,800     $ 12.68       11.14 %  

 

As of June 30, 2012, and during the six-month reporting period, the Funds' share prices were trading at (–) discounts relative to their NAVs as shown in the accompanying table.

Fund   6/30/12
(–) Discount
  Six-Month Average
(–) Discount
 
JPZ   (-) 8.47%   (-) 10.42%  
JSN   (-) 9.44%   (-) 9.56%  
JLA   (-) 10.96%   (-) 11.35%  
JPG   (-) 10.87%   (-) 10.81%  

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JPZ

Performance

OVERVIEW

Nuveen Equity Premium Income Fund

  as of June 30, 2012

Fund Allocation (as a % of total net assets)3

2011-2012 Quarterly Distributions Per Share

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2  Other assets less liabilities.

3  Holdings are subject to change.

Fund Snapshot

Share Price   $ 12.10    
Net Asset Value (NAV)   $ 13.22    
Premium/(Discount) to NAV     -8.47 %  
Current Distribution Rate1     8.96 %  
Net Assets ($000)   $ 508,416    

 

Average Annual Total Returns

(Inception 10/26/04)

    On Share Price   On NAV  
6-Month
(Cumulative)
    13.15 %     6.79 %  
1-Year     6.80 %     7.66 %  
5-Year     2.03 %     2.54 %  
Since Inception     3.24 %     4.48 %  

 

Portfolio Composition3

(as a % of total common stocks)

Oil, Gas, & Consumable Fuels     9.2 %  
Pharmaceuticals     7.5 %  
Computers & Peripherals     5.3 %  
IT Services     4.1 %  
Diversified Telecommunication Services     3.9 %  
Software     3.7 %  
Diversified Financial Services     3.3 %  
Beverages     3.2 %  
Industrial Conglomerates     2.8 %  
Media     2.8 %  
Commercial Banks     2.8 %  
Aerospace & Defense     2.6 %  
Real Estate Investment Trust     2.6 %  
Machinery     2.5 %  
Semiconductors & Equipment     2.5 %  
Tobacco     2.4 %  
Specialty Retail     2.4 %  
Chemicals     2.2 %  
Health Care Providers & Services     2.2 %  
Internet Software & Services     2.1 %  
Household Products     1.9 %  
Communications Equipment     1.9 %  
Multi-Utilities     1.9 %  
Food & Staples Retailing     1.9 %  
Energy Equipment & Services     1.9 %  
Electric Utilities     1.8 %  
Other     18.6 %  

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Fund Snapshot

Share Price   $ 11.90    
Net Asset Value (NAV)   $ 13.14    
Premium/(Discount) to NAV     -9.44 %  
Current Distribution Rate1     9.38 %  
Net Assets ($000)   $ 873,908    

 

Average Annual Total Returns

(Inception 1/26/05)

    On Share Price   On NAV  
6-Month
(Cumulative)
    9.09 %     6.03 %  
1-Year     5.52 %     6.95 %  
5-Year     2.02 %     2.74 %  
Since Inception     3.14 %     4.56 %  

 

Portfolio Composition3

(as a % of total common stocks)

Computers & Peripherals     9.8 %  
Software     7.2 %  
Oil, Gas & Consumable Fuels     6.7 %  
Pharmaceuticals     6.1 %  
Internet Software & Services     4.5 %  
Media     3.7 %  
IT Services     3.7 %  
Semiconductors & Equipment     3.5 %  
Communications Equipment     3.3 %  
Beverages     2.6 %  
Diversified Telecommunication Services     2.4 %  
Diversified Financial Services     2.3 %  
Food & Staples Retailing     2.2 %  
Specialty Retail     2.1 %  
Internet & Catalog Retail     2.0 %  
Health Care Providers & Services     2.0 %  
Machinery     2.0 %  
Commercial Banks     1.9 %  
Insurance     1.9 %  
Tobacco     1.8 %  
Biotechnology     1.8 %  
Real Estate Investment Trust     1.7 %  
Chemicals     1.7 %  
Electric Utilities     1.7 %  
Hotels, Restaurants & Leisure     1.6 %  
Other     19.8 %  

JSN

Performance

OVERVIEW

Nuveen Equity Premium Opportunity Fund

  as of June 30, 2012

Fund Allocation (as a % of total net assets)3

2011-2012 Quarterly Distributions Per Share

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2  Other assets less liabilities.

3  Holdings are subject to change.

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JLA

Performance

OVERVIEW

Nuveen Equity Premium Advantage Fund

  as of June 30, 2012

Fund Allocation (as a % of total net assets)3

2011-2012 Quarterly Distributions Per Share

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2  Other assets less liabilities.

3  Holdings are subject to change.

Fund Snapshot

Share Price   $ 12.02    
Net Asset Value (NAV)   $ 13.50    
Premium/(Discount) to NAV     -10.96 %  
Current Distribution Rate1     9.45 %  
Net Assets ($000)   $ 347,189    

 

Average Annual Total Returns

(Inception 5/25/05)

    On Share Price   On NAV  
6-Month
(Cumulative)
    9.89 %     6.43 %  
1-Year     5.59 %     8.84 %  
5-Year     1.93 %     3.35 %  
Since Inception     3.05 %     4.73 %  

 

Portfolio Composition3

(as a % of total common stocks)

Computers & Peripherals     12.7 %  
Software     11.1 %  
Internet Software & Services     6.5 %  
Semiconductors & Equipment     5.9 %  
Internet & Catalog Retail     5.4 %  
Oil, Gas & Consumable Fuels     4.7 %  
Pharmaceuticals     4.6 %  
Communications Equipment     4.3 %  
Media     4.2 %  
IT Services     3.2 %  
Biotechnology     2.6 %  
Specialty Retail     2.2 %  
Hotels, Restaurants & Leisure     1.9 %  
Diversified Telecommunication Services     1.8 %  
Electric Utilities     1.7 %  
Food & Staples Retailing     1.7 %  
Electrical Equipment     1.7 %  
Machinery     1.6 %  
Commercial Banks     1.6 %  
Health Care Providers & Services     1.5 %  
Other     19.1 %  

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Fund Snapshot

Share Price   $ 12.79    
Net Asset Value (NAV)   $ 14.35    
Premium/(Discount) to NAV     -10.87 %  
Current Distribution Rate1     8.76 %  
Net Assets ($000)   $ 231,981    

 

Average Annual Total Returns

(Inception 11/22/05)

    On Share Price   On NAV  
6-Month
(Cumulative)
    10.56 %     6.80 %  
1-Year     5.36 %     7.19 %  
5-Year     1.15 %     1.69 %  
Since Inception     2.15 %     3.90 %  

 

Portfolio Composition3

(as a % of total common stocks)

Oil, Gas & Consumable Fuels     9.6 %  
Pharmaceuticals     7.7 %  
Computers & Peripherals     5.4 %  
Software     4.0 %  
Diversified Telecommunication Services     3.9 %  
IT Services     3.8 %  
Diversified Financial Services     3.5 %  
Insurance     3.1 %  
Commercial Banks     2.9 %  
Specialty Retail     2.9 %  
Aerospace & Defense     2.7 %  
Machinery     2.5 %  
Semiconductors & Equipment     2.5 %  
Chemicals     2.4 %  
Real Estate Investment Trust     2.4 %  
Beverages     2.4 %  
Tobacco     2.4 %  
Health Care Providers & Services     2.3 %  
Internet Software & Services     2.3 %  
Media     2.2 %  
Multi-Utilities     2.2 %  
Energy Equipment & Services     2.1 %  
Food & Staples Retailing     2.1 %  
Communications Equipment     2.1 %  
Household Products     1.9 %  
Other     18.7 %  

JPG

Performance

OVERVIEW

Nuveen Equity Premium and Growth Fund

  as of June 30, 2012

Fund Allocation (as a % of total net assets)3

2011-2012 Quarterly Distributions Per Share

Share Price Performance — Weekly Closing Price

  Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund's Performance Overview page.

1  Current Distribution Rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes.

2  Other assets less liabilities.

3  Holdings are subject to change.

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JPZ

Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments on March 30, 2012; at this meeting the shareholders were asked to vote on the election of Board Members.

    JPZ   JSN   JLA   JPG  
    Common
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  Common
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  Common
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Approval of the Board Members was reached as follows:  
Robert P. Bremner  
For     32,125,320       56,586,035       22,316,521       13,834,116    
Withhold     631,374       949,515       490,014       247,325    
Total     32,756,694       57,535,550       22,806,535       14,081,441    
Jack B. Evans  
For     32,128,993       56,513,885       22,325,396       13,832,379    
Withhold     627,701       1,021,665       481,139       249,062    
Total     32,756,694       57,535,550       22,806,535       14,081,441    
William J. Schneider  
For     32,111,757       56,513,601       22,308,682       13,824,221    
Withhold     644,937       1,021,949       497,853       257,220    
Total     32,756,694       57,535,550       22,806,535       14,081,441    

 

 

Nuveen Investments
15




JPZ

Nuveen Equity Premium Income Fund

Portfolio of Investments

  June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Common Stocks – 99.5% (5)  
    Aerospace & Defense – 2.6%  
  44,366     Boeing Company   $ 3,296,394    
  65,577     Honeywell International Inc.     3,661,820    
  32,905     Raytheon Company     1,862,094    
  54,843     United Technologies Corporation     4,142,292    
    Total Aerospace & Defense     12,962,600    
    Air Freight & Logistics – 1.0%  
  62,893     United Parcel Service, Inc., Class B     4,953,453    
    Airlines – 0.0%  
  3,957     United Continental Holdings Inc., (2)     96,274    
    Auto Components – 0.1%  
  30,296     Cooper Tire & Rubber     531,392    
    Automobiles – 0.7%  
  195,811     Ford Motor Company     1,877,827    
  32,461     Harley-Davidson, Inc.     1,484,442    
    Total Automobiles     3,362,269    
    Beverages – 3.1%  
  109,041     Coca-Cola Company     8,525,916    
  14,852     Monster Beverage Corporation, (2)     1,057,462    
  89,906     PepsiCo, Inc.     6,352,758    
    Total Beverages     15,936,136    
    Biotechnology – 1.1%  
  41,504     Amgen Inc.     3,031,452    
  18,099     Celgene Corporation, (2)     1,161,232    
  23,687     Gilead Sciences, Inc., (2)     1,214,669    
    Total Biotechnology     5,407,353    
    Building Products – 0.1%  
  42,748     Masco Corporation     592,915    
    Capital Markets – 1.6%  
  109,476     Charles Schwab Corporation     1,415,525    
  22,272     Goldman Sachs Group, Inc.     2,134,994    
  48,534     Jefferies Group, Inc.     630,457    
  40,593     Legg Mason, Inc.     1,070,437    
  107,319     Morgan Stanley     1,565,784    
  38,635     Waddell & Reed Financial, Inc., Class A     1,169,868    
    Total Capital Markets     7,987,065    

 

Nuveen Investments
16



Shares   Description (1)   Value  
    Chemicals – 2.2%  
  53,348     Dow Chemical Company   $ 1,680,462    
  54,215     E.I. Du Pont de Nemours and Company     2,741,653    
  34,457     Eastman Chemical Company     1,735,599    
  25,853     Monsanto Company     2,140,111    
  53,293     Olin Corporation     1,113,291    
  60,403     RPM International, Inc.     1,642,962    
    Total Chemicals     11,054,078    
    Commercial Banks – 2.8%  
  33,724     Comerica Incorporated     1,035,664    
  16,998     HSBC Holdings PLC, Sponsored ADR     750,122    
  10,984     PNC Financial Services Group, Inc.     671,232    
  120,668     U.S. Bancorp     3,880,683    
  232,364     Wells Fargo & Company     7,770,252    
    Total Commercial Banks     14,107,953    
    Commercial Services & Supplies – 0.7%  
  3,177     Avery Dennison Corporation     86,859    
  56,149     Deluxe Corporation     1,400,356    
  40,642     Pitney Bowes Inc.     608,411    
  16,031     R.R. Donnelley & Sons Company     188,685    
  35,497     Waste Management, Inc.     1,185,600    
    Total Commercial Services & Supplies     3,469,911    
    Communications Equipment – 1.9%  
  14,156     ADTRAN, Inc.     427,370    
  3,408     Ciena Corporation, (2)     55,789    
  230,385     Cisco Systems, Inc.     3,955,710    
  11,034     JDS Uniphase Corporation, (2)     121,374    
  25,703     Motorola Solutions Inc.     1,236,571    
  71,809     QUALCOMM, Inc.     3,998,325    
    Total Communications Equipment     9,795,139    
    Computers & Peripherals – 5.3%  
  38,524     Apple, Inc., (2)     22,498,016    
  67,332     Dell Inc., (2)     842,997    
  112,953     EMC Corporation, (2)     2,894,985    
  29,315     Hewlett-Packard Company     589,525    
    Total Computers & Peripherals     26,825,523    
    Consumer Finance – 0.4%  
  17,046     American Express Company     992,248    
  32,690     Discover Financial Services     1,130,420    
    Total Consumer Finance     2,122,668    
    Containers & Packaging – 0.3%  
  43,759     Packaging Corp. of America     1,235,754    
  5,718     Sonoco Products Company     172,398    
    Total Containers & Packaging     1,408,152    
    Distributors – 0.3%  
  29,044     Genuine Parts Company     1,749,901    
    Diversified Consumer Services – 0.1%  
  7,623     Apollo Group, Inc., Class A, (2)     275,876    

 

Nuveen Investments
17



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Diversified Financial Services – 3.3%  
  414,679     Bank of America Corporation   $ 3,392,074    
  108,986     Citigroup Inc.     2,987,306    
  6,790     CME Group, Inc.     1,820,467    
  198,535     JP Morgan Chase & Co.     7,093,656    
  47,644     New York Stock Exchange Euronext     1,218,734    
    Total Diversified Financial Services     16,512,237    
    Diversified Telecommunication Services – 3.8%  
  306,134     AT&T Inc.     10,916,738    
  29,237     CenturyLink Inc.     1,154,569    
  250,097     Frontier Communications Corporation     957,872    
  141,690     Verizon Communications Inc.     6,296,704    
  18,198     Windstream Corporation     175,793    
    Total Diversified Telecommunication Services     19,501,676    
    Electric Utilities – 1.8%  
  101,943     Duke Energy Corporation     2,350,806    
  6,959     Exelon Corporation     261,798    
  27,323     Great Plains Energy Incorporated     584,985    
  27,698     OGE Energy Corp.     1,434,479    
  80,800     Pepco Holdings, Inc.     1,581,256    
  29,370     Progress Energy, Inc.     1,767,193    
  27,732     Southern Company     1,283,992    
    Total Electric Utilities     9,264,509    
    Electrical Equipment – 0.6%  
  49,909     Emerson Electric Company     2,324,761    
  14,553     Rockwell Automation, Inc.     961,371    
    Total Electrical Equipment     3,286,132    
    Electronic Equipment & Instruments – 0.3%  
  118,215     Corning Incorporated     1,528,520    
    Energy Equipment & Services – 1.9%  
  6,964     Diamond Offshore Drilling, Inc.     411,781    
  18,452     Ensco International PLC, Class A, Sponsored ADR     866,690    
  83,720     Halliburton Company     2,376,811    
  16,059     Patterson-UTI Energy, Inc.     233,819    
  73,781     Schlumberger Limited     4,789,125    
  16,157     Tidewater Inc.     749,039    
    Total Energy Equipment & Services     9,427,265    
    Food & Staples Retailing – 1.9%  
  79,319     CVS Caremark Corporation     3,706,577    
  38,696     SUPERVALU INC.     200,445    
  80,168     Wal-Mart Stores, Inc.     5,589,313    
    Total Food & Staples Retailing     9,496,335    
    Food Products – 0.9%  
  116,351     Kraft Foods Inc., Class A     4,493,476    
    Gas Utilities – 1.0%  
  36,141     AGL Resources Inc.     1,400,464    
  25,536     Atmos Energy Corporation     895,548    
  22,995     National Fuel Gas Company     1,080,305    
  42,966     ONEOK, Inc.     1,817,891    
    Total Gas Utilities     5,194,208    

 

Nuveen Investments
18



Shares   Description (1)   Value  
    Health Care Equipment & Supplies – 1.0%  
  4,460     Hologic Inc., (2)   $ 80,458    
  3,342     Intuitive Surgical, Inc., (2)     1,850,766    
  78,706     Medtronic, Inc.     3,048,283    
    Total Health Care Equipment & Supplies     4,979,507    
    Health Care Providers & Services – 2.1%  
  6,901     Brookdale Senior Living Inc., (2)     122,424    
  15,450     Coventry Health Care, Inc.     491,156    
  59,980     Express Scripts, (2)     3,348,683    
  17,609     HCA Holdings Inc.     535,842    
  1,116     Henry Schein Inc., (2)     87,595    
  39,267     Kindred Healthcare Inc., (2)     385,995    
  73,429     UnitedHealth Group Incorporated     4,295,597    
  25,221     Wellpoint Inc.     1,608,848    
    Total Health Care Providers & Services     10,876,140    
    Health Care Technology – 0.0%  
  114     Cerner Corporation, (2)     9,423    
    Hotels, Restaurants & Leisure – 1.4%  
  22,200     Carnival Corporation     760,794    
  42,761     International Game Technology     673,486    
  2,272     Interval Leisure Group Inc.     43,191    
  63,999     McDonald's Corporation     5,665,831    
    Total Hotels, Restaurants & Leisure     7,143,302    
    Household Durables – 0.5%  
  2,990     Garmin Limited     114,487    
  64,653     Newell Rubbermaid Inc.     1,172,805    
  13,864     Tupperware Corporation     759,193    
  11,356     Whirlpool Corporation     694,533    
    Total Household Durables     2,741,018    
    Household Products – 1.9%  
  15,477     Colgate-Palmolive Company     1,611,156    
  12,645     Kimberly-Clark Corporation     1,059,272    
  117,090     Procter & Gamble Company     7,171,763    
    Total Household Products     9,842,191    
    Industrial Conglomerates – 2.8%  
  42,942     3M Co.     3,847,603    
  505,901     General Electric Company     10,542,977    
  57     Siemens AG, Sponsored ADR     4,792    
    Total Industrial Conglomerates     14,395,372    
    Insurance – 1.8%  
  47,749     Allstate Corporation     1,675,512    
  8,871     Arthur J. Gallagher & Co.     311,106    
  36,694     Fidelity National Title Group Inc., Class A     706,726    
  26,683     Hartford Financial Services Group, Inc.     470,421    
  13,665     Kemper Corporation     420,199    
  63,881     Lincoln National Corporation     1,397,077    
  63,867     Marsh & McLennan Companies, Inc.     2,058,433    
  35,702     Travelers Companies, Inc.     2,279,216    
    Total Insurance     9,318,690    

 

Nuveen Investments
19



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Internet & Catalog Retail – 1.1%  
  15,029     Amazon.com, Inc., (2)   $ 3,431,872    
  3,103     HSN, Inc.     125,206    
  2,786     Priceline.com Incorporated, (2)     1,851,353    
    Total Internet & Catalog Retail     5,408,431    
    Internet Software & Services – 2.1%  
  10,937     Akamai Technologies, Inc., (2)     347,250    
  52,022     eBay Inc., (2)     2,185,444    
  10,446     Google Inc., Class A, (2)     6,059,411    
  44,605     United Online, Inc.     188,233    
  5,616     ValueClick, Inc., (2)     92,046    
  10,122     VeriSign, Inc., (2)     441,016    
  72,091     Yahoo! Inc., (2)     1,141,201    
    Total Internet Software & Services     10,454,601    
    IT Services – 4.1%  
  34,496     Automatic Data Processing, Inc.     1,920,047    
  17,199     Cognizant Technology Solutions Corporation, Class A, (2)     1,031,940    
  32,696     Fidelity National Information Services     1,114,280    
  54,848     International Business Machines Corporation (IBM)     10,727,172    
  3,197     Lender Processing Services Inc.     80,820    
  5,940     MasterCard, Inc.     2,554,853    
  42,671     Paychex, Inc.     1,340,296    
  17,159     Visa Inc., Class A     2,121,367    
    Total IT Services     20,890,775    
    Leisure Equipment & Products – 0.3%  
  19,609     Polaris Industries Inc.     1,401,651    
    Machinery – 2.5%  
  28,606     Caterpillar Inc.     2,428,935    
  17,395     Cummins Inc.     1,685,749    
  20,434     Deere & Company     1,652,498    
  13,600     Graco Inc.     626,688    
  13,107     Ingersoll Rand Company Limited, Class A     552,853    
  16,893     Parker Hannifin Corporation     1,298,734    
  11,767     Snap-on Incorporated     732,496    
  22,597     SPX Corporation     1,476,036    
  27,348     Stanley Black & Decker Inc.     1,760,117    
  12,000     Timken Company     549,480    
    Total Machinery     12,763,586    
    Media – 2.8%  
  56,665     CBS Corporation, Class B     1,857,479    
  117,549     Comcast Corporation, Class A     3,758,042    
  39,613     New York Times, Class A, (2)     308,981    
  35,396     Omnicom Group, Inc.     1,720,246    
  114,479     Regal Entertainment Group, Class A     1,575,231    
  103,897     Walt Disney Company     5,039,005    
    Total Media     14,258,984    
    Metals & Mining – 0.9%  
  88,284     Alcoa Inc.     772,485    
  44,474     Freeport-McMoRan Copper & Gold, Inc.     1,515,229    
  6,726     Newmont Mining Corporation     326,278    
  28,148     Nucor Corporation     1,066,809    
  32,749     Southern Copper Corporation     1,031,921    
    Total Metals & Mining     4,712,722    

 

Nuveen Investments
20



Shares   Description (1)   Value  
    Multiline Retail – 1.0%  
  20     Dollar Tree Stores Inc., (2)   $ 1,076    
  4,000     Family Dollar Stores, Inc.     265,920    
  36,680     Macy's, Inc.     1,259,958    
  25,718     Nordstrom, Inc.     1,277,927    
  8,076     Sears Holding Corporation, (2)     482,137    
  34,401     Target Corporation     2,001,794    
    Total Multiline Retail     5,288,812    
    Multi-Utilities – 1.9%  
  40,360     Ameren Corporation     1,353,674    
  25,585     Consolidated Edison, Inc.     1,591,131    
  71,595     Integrys Energy Group, Inc.     4,071,608    
  15,861     Northwestern Corporation     582,099    
  60,504     Public Service Enterprise Group Incorporated     1,966,380    
    Total Multi-Utilities     9,564,892    
    Oil, Gas & Consumable Fuels – 9.2%  
  9,051     Cenovus Energy Inc.     287,822    
  94,802     Chevron Corporation     10,001,611    
  77,146     ConocoPhillips     4,310,918    
  39,168     CONSOL Energy Inc.     1,184,440    
  22,718     Continental Resources Inc., (2)     1,513,473    
  16,151     EnCana Corporation     336,425    
  28,911     EOG Resources, Inc.     2,605,170    
  220,293     Exxon Mobil Corporation     18,850,472    
  48,380     Occidental Petroleum Corporation     4,149,553    
  38,573     Phillips 66     1,282,167    
  4,626     Total SA, Sponsored ADR     207,939    
  76,829     Valero Energy Corporation     1,855,420    
    Total Oil, Gas & Consumable Fuels     46,585,410    
    Pharmaceuticals – 7.4%  
  91,791     Abbott Laboratories     5,917,766    
  120,797     Bristol-Myers Squibb Company     4,342,652    
  57,664     Eli Lilly and Company     2,474,362    
  136,111     Johnson & Johnson     9,195,659    
  165,408     Merck & Company Inc.     6,905,784    
  384,228     Pfizer Inc.     8,837,244    
    Total Pharmaceuticals     37,673,467    
    Professional Services – 0.0%  
  3,665     Manpower Inc.     134,322    
  6,949     Resources Connection, Inc.     85,473    
    Total Professional Services     219,795    
    Real Estate Investment Trust – 2.6%  
  111,810     Annaly Capital Management Inc.     1,876,172    
  39,521     Brandywine Realty Trust     487,689    
  44,183     CapLease Inc.     183,359    
  25,456     CommonWealth REIT     486,719    
  55,131     CubeSmart     643,379    
  15,432     Health Care REIT, Inc.     899,686    
  49,625     Healthcare Realty Trust, Inc.     1,183,060    
  45,684     Hospitality Properties Trust     1,131,593    
  88,469     Lexington Corporate Properties Trust     749,332    
  27,077     Liberty Property Trust     997,517    
  17,263     Medical Properties Trust Inc.     166,070    
  28,311     MFA Mortgage Investments, Inc.     223,374    
  26,716     Senior Housing Properties Trust     596,301    

 

Nuveen Investments
21



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Real Estate Investment Trust (continued)  
  11,215     Sun Communities Inc.   $ 496,152    
  25,359     Ventas Inc.     1,600,660    
  54,475     Weyerhaeuser Company     1,218,061    
    Total Real Estate Investment Trust     12,939,124    
    Road & Rail – 0.8%  
  17,765     Norfolk Southern Corporation     1,274,994    
  25,475     Union Pacific Corporation     3,039,422    
    Total Road & Rail     4,314,416    
    Semiconductors & Equipment – 2.4%  
  25,275     Analog Devices, Inc.     952,109    
  96,369     Applied Materials, Inc.     1,104,389    
  21,444     Broadcom Corporation, Class A     724,807    
  252,373     Intel Corporation     6,725,740    
  12,846     Intersil Holding Corporation, Class A     136,810    
  3,087     Lam Research Corporation, (2)     116,503    
  24,776     Microchip Technology Incorporated     819,590    
  27,856     NVIDIA Corporation, (2)     384,970    
  51,579     Texas Instruments Incorporated     1,479,802    
    Total Semiconductors & Equipment     12,444,720    
    Software – 3.7%  
  23,572     Adobe Systems Incorporated, (2)     763,026    
  18,599     Autodesk, Inc., (2)     650,779    
  349,236     Microsoft Corporation     10,683,129    
  181,902     Oracle Corporation     5,402,489    
  9,475     Salesforce.com, Inc., (2)     1,310,014    
    Total Software     18,809,437    
    Specialty Retail – 2.4%  
  18,330     Abercrombie & Fitch Co., Class A     625,786    
  41,497     American Eagle Outfitters, Inc.     818,736    
  21,475     Best Buy Co., Inc.     450,116    
  81,211     Home Depot, Inc.     4,303,371    
  36,817     Limited Brands, Inc.     1,565,827    
  74,638     Lowe's Companies, Inc.     2,122,705    
  364     Orchard Supply Hardware Stores Corporation, (2)     6,053    
  472     Ross Stores, Inc.     29,486    
  13,465     Tiffany & Co.     712,972    
  30,741     TJX Companies, Inc.     1,319,711    
    Total Specialty Retail     11,954,763    
    Textiles, Apparel & Luxury Goods – 0.4%  
  7,159     Cherokee Inc.     99,725    
  15,061     VF Corporation     2,009,890    
    Total Textiles, Apparel & Luxury Goods     2,109,615    
    Thrifts & Mortgage Finance – 0.2%  
  36,703     Hudson City Bancorp, Inc.     233,798    
  60,610     New York Community Bancorp Inc.     759,443    
    Total Thrifts & Mortgage Finance     993,241    

 

Nuveen Investments
22



Shares   Description (1)   Value  
    Tobacco – 2.4%  
  110,378     Altria Group, Inc.   $ 3,813,560    
  81,518     Philip Morris International     7,113,261    
  21,468     Reynolds American Inc.     963,269    
  4,866     Vector Group Ltd.     82,819    
    Total Tobacco     11,972,909    
    Wireless Telecommunication Services – 0.0%  
  5,500     USA Mobility Inc.     70,728    
    Total Common Stocks (cost $395,302,622)     505,480,738    

 

Principal
Amount (000)
  Description (1)   Coupon   Maturity   Value  
    Short-Term Investments – 5.6%  
$ 28,704

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/29/12,
repurchase price $28,703,861, collateralized by $28,360,000 U.S. Treasury Notes,
1.500%, due 3/31/19, value $29,281,700
    0.010 %   7/02/12   $ 28,703,837    
    Total Short-Term Investments (cost $28,703,837)             28,703,837    
    Total Investments (cost $424,006,459) – 105.1%             534,184,575    
    Other Assets Less Liabilities – (5.1)% (3)             (25,768,151 )  
    Net Assets – 100%           $ 508,416,424    

 

Investments in Derivatives at June 30, 2012

Call Options Written outstanding:

Number of
Contracts
  Type   Notional
Amount (4)
  Expiration
Date
  Strike
Price
  Value  
    Call Options Written – (3.2)%  
  (468 )   S&P 500 Index   $ (60,840,000 )   7/21/12   $ 1,300     $ (3,065,400 )  
  (898 )   S&P 500 Index     (118,985,000 )   7/21/12     1,325       (3,969,160 )  
  (425 )   S&P 500 Index     (57,375,000 )   7/21/12     1,350       (1,088,000 )  
  (500 )   S&P 500 Index     (68,750,000 )   7/21/12     1,375       (587,500 )  
  (459 )   S&P 500 Index     (59,670,000 )   8/18/12     1,300       (3,369,060 )  
  (426 )   S&P 500 Index     (56,445,000 )   8/18/12     1,325       (2,300,400 )  
  (496 )   S&P 500 Index     (66,960,000 )   8/18/12     1,350       (1,825,280 )  
  (3,672 )   Total Call Options Written (premiums received $14,212,430)   $ (489,025,000 )               $ (16,204,800 )  

 

    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 the 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 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)  Other Assets Less Liabilities includes the Value of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

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

  (5)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
23



JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of Investments

  June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Common Stocks – 98.3% (5)  
    Aerospace & Defense – 1.6%  
  38,656     Boeing Company   $ 2,872,141    
  52,665     Honeywell International Inc.     2,940,814    
  8,874     Huntington Ingalls Industries Inc., (2)     357,090    
  17,575     Lockheed Martin Corporation     1,530,431    
  34,529     Northrop Grumman Corporation     2,202,605    
  32,796     Raytheon Company     1,855,926    
  28,284     United Technologies Corporation     2,136,291    
    Total Aerospace & Defense     13,895,298    
    Air Freight & Logistics – 0.9%  
  99,086     United Parcel Service, Inc., Class B     7,804,013    
    Auto Components – 0.1%  
  60,739     Gentex Corporation     1,267,623    
    Automobiles – 0.4%  
  213,263     Ford Motor Company     2,045,192    
  33,442     Harley-Davidson, Inc.     1,529,303    
    Total Automobiles     3,574,495    
    Beverages – 2.6%  
  152,435     Coca-Cola Company     11,918,893    
  28,504     Monster Beverage Corporation, (2)     2,029,485    
  117,272     PepsiCo, Inc.     8,286,440    
    Total Beverages     22,234,818    
    Biotechnology – 1.7%  
  109,715     Celgene Corporation, (2)     7,039,314    
  159,283     Gilead Sciences, Inc., (2)     8,168,032    
    Total Biotechnology     15,207,346    
    Capital Markets – 1.2%  
  129,710     Charles Schwab Corporation     1,677,150    
  48,725     Eaton Vance Corporation     1,313,139    
  27,060     Goldman Sachs Group, Inc.     2,593,972    
  43,099     Legg Mason, Inc.     1,136,521    
  121,415     Morgan Stanley     1,771,445    
  61,497     Waddell & Reed Financial, Inc., Class A     1,862,129    
    Total Capital Markets     10,354,356    
    Chemicals – 1.7%  
  63,776     Dow Chemical Company     2,008,944    
  42,800     E.I. Du Pont de Nemours and Company     2,164,396    
  61,739     Eastman Chemical Company     3,109,793    
  42,416     Monsanto Company     3,511,196    
  27,307     Potash Corporation of Saskatchewan     1,193,043    
  95,980     RPM International, Inc.     2,610,656    
    Total Chemicals     14,598,028    

 

Nuveen Investments
24



Shares   Description (1)   Value  
    Commercial Banks – 1.9%  
  65,480     Fifth Third Bancorp.   $ 877,432    
  86,613     First Horizon National Corporation     749,202    
  143     HSBC Holdings PLC, Sponsored ADR     6,311    
  6     Lloyds TSB Group PLC, Sponsored ADR, (2)     12    
  176,748     U.S. Bancorp     5,684,216    
  276,832     Wells Fargo & Company     9,257,262    
    Total Commercial Banks     16,574,435    
    Commercial Services & Supplies – 0.4%  
  23,371     Deluxe Corporation     582,873    
  49,936     R.R. Donnelley & Sons Company     587,747    
  77,545     Waste Management, Inc.     2,590,003    
    Total Commercial Services & Supplies     3,760,623    
    Communications Equipment – 3.2%  
  45,063     ADTRAN, Inc.     1,360,452    
  13,861     Aviat Networks Inc., (2)     38,811    
  630,518     Cisco Systems, Inc.     10,825,994    
  19,247     Harris Corporation     805,487    
  14,940     Motorola Solutions Inc.     718,763    
  256,488     QUALCOMM, Inc.     14,281,252    
    Total Communications Equipment     28,030,759    
    Computers & Peripherals – 9.7%  
  125,079     Apple, Inc., (2)     73,046,135    
  211,358     Dell Inc., (2)     2,646,202    
  157,114     EMC Corporation, (2)     4,026,832    
  125,310     Hewlett-Packard Company     2,519,984    
  72,669     NetApp, Inc., (2)     2,312,328    
    Total Computers & Peripherals     84,551,481    
    Consumer Finance – 0.8%  
  59,964     American Express Company     3,490,504    
  55,844     Discover Financial Services     1,931,086    
  77,393     SLM Corporation     1,215,844    
    Total Consumer Finance     6,637,434    
    Containers & Packaging – 0.4%  
  63,738     Packaging Corp. of America     1,799,961    
  50,628     Sonoco Products Company     1,526,434    
    Total Containers & Packaging     3,326,395    
    Distributors – 0.2%  
  31,204     Genuine Parts Company     1,880,041    
    Diversified Consumer Services – 0.1%  
  35,953     Hillenbrand Inc.     660,816    
    Diversified Financial Services – 2.2%  
  600,967     Bank of America Corporation     4,915,910    
  134,600     Citigroup Inc.     3,689,386    
  10,689     CME Group, Inc.     2,865,828    
  3,691     ING Groep N.V, Sponsored ADR, (2)     24,656    
  224,788     JP Morgan Chase & Co.     8,031,675    
    Total Diversified Financial Services     19,527,455    

 

Nuveen Investments
25



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Diversified Telecommunication Services – 2.4%  
  346,193     AT&T Inc.   $ 12,345,242    
  93,521     Frontier Communications Corporation     358,185    
  181,521     Verizon Communications Inc.     8,066,793    
    Total Diversified Telecommunication Services     20,770,220    
    Electric Utilities – 1.6%  
  38,821     Companhia Energetica de Minas Gerais, Sponsored ADR     715,083    
  187,421     Duke Energy Corporation     4,321,928    
  112,676     Great Plains Energy Incorporated     2,412,393    
  57,468     OGE Energy Corp.     2,976,268    
  129,707     Pepco Holdings, Inc.     2,538,366    
  25,438     Pinnacle West Capital Corporation     1,316,162    
    Total Electric Utilities     14,280,200    
    Electrical Equipment – 1.3%  
  23,275     Cooper Industries Inc.     1,586,890    
  59,698     Emerson Electric Company     2,780,733    
  11,240     Hubbell Incorporated, Class B     876,046    
  31,575     Rockwell Automation, Inc.     2,085,845    
  42,974     Roper Industries Inc.     4,236,377    
    Total Electrical Equipment     11,565,891    
    Electronic Equipment & Instruments – 0.2%  
  102,078     Corning Incorporated     1,319,869    
    Energy Equipment & Services – 1.6%  
  25,308     Diamond Offshore Drilling, Inc.     1,496,462    
  36,079     Ensco International PLC, Class A, Sponsored ADR     1,694,631    
  117,793     Halliburton Company     3,344,143    
  54,107     Patterson-UTI Energy, Inc.     787,798    
  86,859     Schlumberger Limited     5,638,018    
  17,510     Tidewater Inc.     811,764    
    Total Energy Equipment & Services     13,772,816    
    Food & Staples Retailing – 2.1%  
  102,543     CVS Caremark Corporation     4,791,834    
  82,219     Kroger Co.     1,906,659    
  38,974     SUPERVALU INC.     201,885    
  68,576     Walgreen Co.     2,028,478    
  140,159     Wal-Mart Stores, Inc.     9,771,885    
    Total Food & Staples Retailing     18,700,741    
    Food Products – 0.6%  
  144,950     Kraft Foods Inc., Class A     5,597,969    
    Gas Utilities – 1.1%  
  57,627     AGL Resources Inc.     2,233,046    
  34,085     Atmos Energy Corporation     1,195,361    
  41,373     National Fuel Gas Company     1,943,704    
  99,610     ONEOK, Inc.     4,214,499    
    Total Gas Utilities     9,586,610    
    Health Care Equipment & Supplies – 1.0%  
  65,107     Baxter International, Inc.     3,460,437    
  36,821     Hill Rom Holdings Inc.     1,135,928    
  97,109     Hologic Inc., (2)     1,751,846    
  69,279     Medtronic, Inc.     2,683,176    
    Total Health Care Equipment & Supplies     9,031,387    

 

Nuveen Investments
26



Shares   Description (1)   Value  
    Health Care Providers & Services – 2.0%  
  47,194     Aetna Inc.   $ 1,829,711    
  62,293     Brookdale Senior Living Inc., (2)     1,105,078    
  27,564     Coventry Health Care, Inc.     876,260    
  103,880     Express Scripts, (2)     5,799,620    
  84,329     UnitedHealth Group Incorporated     4,933,247    
  40,174     Wellpoint Inc.     2,562,699    
    Total Health Care Providers & Services     17,106,615    
    Hotels, Restaurants & Leisure – 1.6%  
  51,390     International Game Technology     809,393    
  17,582     Las Vegas Sands     764,641    
  98,283     McDonald's Corporation     8,700,994    
  21,179     Starwood Hotels & Resorts Worldwide, Inc.     1,123,334    
  25,889     Wynn Resorts Ltd     2,685,207    
    Total Hotels, Restaurants & Leisure     14,083,569    
    Household Durables – 0.3%  
  68,264     KB Home     668,987    
  54,753     Newell Rubbermaid Inc.     993,219    
  19,851     Whirlpool Corporation     1,214,087    
    Total Household Durables     2,876,293    
    Household Products – 1.5%  
  40,780     Colgate-Palmolive Company     4,245,198    
  142,569     Procter & Gamble Company     8,732,351    
    Total Household Products     12,977,549    
    Industrial Conglomerates – 1.6%  
  18,623     3M Co.     1,668,621    
  595,443     General Electric Company     12,409,032    
    Total Industrial Conglomerates     14,077,653    
    Insurance – 1.9%  
  65,172     Allstate Corporation     2,286,885    
  19,096     American International Group, (2)     612,791    
  26,066     Arthur J. Gallagher & Co.     914,135    
  63,742     Berkshire Hathaway Inc., Class B, (2)     5,311,621    
  92,800     CNO Financial Group Inc.     723,840    
  60,339     Fidelity National Title Group Inc., Class A     1,162,129    
  65,958     Genworth Financial Inc., Class A, (2)     373,322    
  30,951     Hartford Financial Services Group, Inc.     545,666    
  13,952     Kemper Corporation     429,024    
  35,717     Lincoln National Corporation     781,131    
  103,489     Marsh & McLennan Companies, Inc.     3,335,450    
    Total Insurance     16,475,994    
    Internet & Catalog Retail – 2.0%  
  71,741     Amazon.com, Inc., (2)     16,382,057    
  27,170     HSN, Inc.     1,096,310    
    Total Internet & Catalog Retail     17,478,367    
    Internet Software & Services – 4.4%  
  39,603     Akamai Technologies, Inc., (2)     1,257,395    
  28,789     Baidu.com, Inc., Sponsored ADR, (2)     3,310,159    
  58,343     Earthlink, Inc.     434,072    
  199,069     eBay Inc., (2)     8,362,889    
  35,490     Google Inc., Class A, (2)     20,586,683    

 

Nuveen Investments
27



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Internet Software & Services (continued)  
  22,576     IAC/InterActiveCorp.   $ 1,029,466    
  83,134     VeriSign, Inc., (2)     3,622,148    
    Total Internet Software & Services     38,602,812    
    IT Services – 3.6%  
  117,025     Automatic Data Processing, Inc.     6,513,612    
  61,069     Fidelity National Information Services     2,081,232    
  77,353     International Business Machines Corporation (IBM)     15,128,700    
  14,762     Lender Processing Services Inc.     373,183    
  108,876     Paychex, Inc.     3,419,795    
  31,831     Visa Inc., Class A     3,935,267    
    Total IT Services     31,451,789    
    Leisure Equipment & Products – 0.5%  
  77,138     Mattel, Inc.     2,502,357    
  29,666     Polaris Industries Inc.     2,120,526    
    Total Leisure Equipment & Products     4,622,883    
    Machinery – 1.9%  
  53,257     Caterpillar Inc.     4,522,052    
  25,197     Deere & Company     2,037,681    
  43,913     Graco Inc.     2,023,511    
  26,329     Joy Global Inc.     1,493,644    
  27,707     SPX Corporation     1,809,821    
  40,513     Stanley Black & Decker Inc.     2,607,417    
  50,568     Timken Company     2,315,509    
    Total Machinery     16,809,635    
    Media – 3.7%  
  322,788     Comcast Corporation, Special Class A     10,135,543    
  97,817     New York Times, Class A, (2)     762,973    
  309,975     News Corporation, Class A     6,909,343    
  58,689     Omnicom Group, Inc.     2,852,285    
  82,498     Regal Entertainment Group, Class A     1,135,172    
  44,293     Viacom Inc., Class B     2,082,657    
  168,852     Walt Disney Company     8,189,322    
    Total Media     32,067,295    
    Metals & Mining – 0.9%  
  287,484     Alcoa Inc.     2,515,485    
  33,263     Barrick Gold Corporation     1,249,691    
  66,105     Freeport-McMoRan Copper & Gold, Inc.     2,252,197    
  148,596     Hecla Mining Company     705,831    
  28,154     Southern Copper Corporation     887,133    
    Total Metals & Mining     7,610,337    
    Multiline Retail – 1.0%  
  59,243     Macy's, Inc.     2,034,997    
  47,582     Nordstrom, Inc.     2,364,350    
  21,415     Sears Holding Corporation, (2)     1,278,476    
  57,463     Target Corporation     3,343,772    
    Total Multiline Retail     9,021,595    
    Multi-Utilities – 0.6%  
  62,041     Ameren Corporation     2,080,855    
  97,043     Public Service Enterprise Group Incorporated     3,153,898    
    Total Multi-Utilities     5,234,753    

 

Nuveen Investments
28



Shares   Description (1)   Value  
    Oil, Gas & Consumable Fuels – 6.6%  
  127,777     Chevron Corporation   $ 13,480,474    
  2,747     CNOOC Limited, Sponsored ADR     552,834    
  109,700     ConocoPhillips     6,130,036    
  301,343     Exxon Mobil Corporation     25,785,920    
  34,787     Hess Corporation     1,511,495    
  58,407     Occidental Petroleum Corporation     5,009,568    
  3,274     PetroChina Company Limited, Sponsored ADR     422,804    
  54,850     Phillips 66     1,823,214    
  3,460     Royal Dutch Shell PLC, Class A, Sponsored ADR     233,308    
  122,639     SandRidge Energy Inc., (2)     820,455    
  39,133     StatoilHydro ASA, Sponsored ADR     933,713    
  28,912     Suncor Energy, Inc.     837,002    
    Total Oil, Gas & Consumable Fuels     57,540,823    
    Pharmaceuticals – 6.0%  
  144,749     Abbott Laboratories     9,331,968    
  153,480     Bristol-Myers Squibb Company     5,517,606    
  102,340     Eli Lilly and Company     4,391,409    
  1,112     GlaxoSmithKline PLC, Sponsored ADR     50,674    
  198,321     Johnson & Johnson     13,398,567    
  209,654     Merck & Company Inc.     8,753,055    
  460,108     Pfizer Inc.     10,582,484    
    Total Pharmaceuticals     52,025,763    
    Professional Services – 0.1%  
  29,079     Manpower Inc.     1,065,745    
  18,692     Resources Connection, Inc.     229,912    
    Total Professional Services     1,295,657    
    Real Estate Investment Trust – 1.7%  
  60,679     Apartment Investment & Management Company, Class A     1,640,153    
  69,975     Brandywine Realty Trust     863,492    
  34,687     CBL & Associates Properties Inc.     677,784    
  129,993     CubeSmart     1,517,018    
  114,294     DCT Industrial Trust Inc.     720,052    
  43,378     Health Care REIT, Inc.     2,528,937    
  79,809     Lexington Corporate Properties Trust     675,982    
  46,608     Liberty Property Trust     1,717,039    
  71,664     Ventas Inc.     4,523,432    
    Total Real Estate Investment Trust     14,863,889    
    Road & Rail – 0.7%  
  12,904     Dollar Thrifty Automotive Group Inc., (2)     1,044,708    
  41,968     Union Pacific Corporation     5,007,202    
    Total Road & Rail     6,051,910    
    Semiconductors & Equipment – 3.5%  
  95,384     Altera Corporation     3,227,795    
  64,144     Analog Devices, Inc.     2,416,304    
  103,217     Broadcom Corporation, Class A     3,488,735    
  693,497     Intel Corporation     18,481,695    
  26,060     Intersil Holding Corporation, Class A     277,539    
  78,287     Linear Technology Corporation     2,452,732    
    Total Semiconductors & Equipment     30,344,800    

 

Nuveen Investments
29



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Software – 7.1%  
  296,620     Activision Blizzard Inc.   $ 3,556,474    
  141,680     Adobe Systems Incorporated, (2)     4,586,182    
  79,219     Autodesk, Inc., (2)     2,771,873    
  1,057,612     Microsoft Corporation     32,352,350    
  623,263     Oracle Corporation     18,510,910    
    Total Software     61,777,789    
    Specialty Retail – 2.0%  
  20,823     Abercrombie & Fitch Co., Class A     710,897    
  59,432     American Eagle Outfitters, Inc.     1,172,593    
  51,495     Best Buy Co., Inc.     1,079,335    
  58,779     CarMax, Inc., (2)     1,524,727    
  73,397     Gap, Inc.     2,008,142    
  97,158     Home Depot, Inc.     5,148,402    
  63,713     Limited Brands, Inc.     2,709,714    
  118,515     Lowe's Companies, Inc.     3,370,567    
    Total Specialty Retail     17,724,377    
    Thrifts & Mortgage Finance – 0.1%  
  40,800     MGIC Investment Corporation, (2)     117,504    
  56,714     New York Community Bancorp Inc.     710,626    
    Total Thrifts & Mortgage Finance     828,130    
    Tobacco – 1.8%  
  68,111     Altria Group, Inc.     2,353,235    
  130,794     Philip Morris International     11,413,084    
  36,132     Reynolds American Inc.     1,621,243    
    Total Tobacco     15,387,562    
    Wireless Telecommunication Services – 0.2%  
  9,818     China Mobile Limited, Sponsored ADR     536,750    
  444,739     Sprint Nextel Corporation, (2)     1,449,849    
    Total Wireless Telecommunication Services     1,986,599    
    Total Common Stocks (cost $626,602,050)     858,835,557    

 

Principal
Amount (000)
  Description (1)   Coupon   Maturity   Value  
    Short-Term Investments – 6.8%  
$ 59,764

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/29/12,
repurchase price $59,764,386, collateralized by $54,490,000 U.S. Treasury Notes,
2.750%, due 2/15/19, value $60,960,688
    0.010 %   7/02/12   $ 59,764,336    
    Total Short-Term Investments (cost $59,764,336)             59,764,336    
    Total Investments (cost $686,366,386) – 105.1%             918,599,893    
    Other Assets Less Liabilities – (5.1)% (3)             (44,691,402 )  
    Net Assets – 100%           $ 873,908,491    

 

Nuveen Investments
30



Investments in Derivatives at June 30, 2012

Call Options Written outstanding:

Number of
Contracts
  Type   Notional
Amount (4)
  Expiration
Date
  Strike
Price
  Value  
    Call Options Written – (3.2)%  
  (999 )   MINI-Nasdaq-100 Index   $ (24,975,000 )   7/21/12   $ 250.0     $ (1,276,223 )  
  (958 )   MINI-Nasdaq-100 Index     (24,189,500 )   7/21/12     252.5       (998,715 )  
  (1,051 )   MINI-Nasdaq-100 Index     (26,800,500 )   7/21/12     255.0       (890,723 )  
  (963 )   MINI-Nasdaq-100 Index     (25,278,750 )   7/21/12     262.5       (344,272 )  
  (1,060 )   MINI-Nasdaq-100 Index     (28,090,000 )   7/21/12     265.0       (278,780 )  
  (996 )   MINI-Nasdaq-100 Index     (25,149,000 )   8/18/12     252.5       (1,242,510 )  
  (1,097 )   MINI-Nasdaq-100 Index     (27,973,500 )   8/18/12     255.0       (1,187,502 )  
  (992 )   MINI-Nasdaq-100 Index     (25,544,000 )   8/18/12     257.5       (920,080 )  
  (599 )   S&P 500 Index     (77,870,000 )   7/21/12     1,300.0       (3,923,450 )  
  (1,140 )   S&P 500 Index     (151,050,000 )   7/21/12     1,325.0       (5,038,800 )  
  (555 )   S&P 500 Index     (74,925,000 )   7/21/12     1,350.0       (1,420,800 )  
  (598 )   S&P 500 Index     (82,225,000 )   7/21/12     1,375.0       (702,650 )  
  (602 )   S&P 500 Index     (78,260,000 )   8/18/12     1,300.0       (4,418,680 )  
  (555 )   S&P 500 Index     (73,537,500 )   8/18/12     1,325.0       (2,997,000 )  
  (638 )   S&P 500 Index     (86,130,000 )   8/18/12     1,350.0       (2,347,840 )  
  (12,803 )   Total Call Options Written (premiums received $24,350,565)   $ (831,997,750 )               $ (27,988,025 )  

    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 the 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 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)  Other Assets Less Liabilities includes the Value of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

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

  (5)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
31



JLA

Nuveen Equity Premium Advantage Fund

Portfolio of Investments

  June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Common Stocks – 98.0% (5)  
    Aerospace & Defense – 1.2%  
  15,525     Boeing Company   $ 1,153,508    
  29,256     Honeywell International Inc.     1,633,655    
  19,873     United Technologies Corporation     1,501,008    
    Total Aerospace & Defense     4,288,171    
    Air Freight & Logistics – 0.5%  
  21,594     United Parcel Service, Inc., Class B     1,700,743    
    Airlines – 0.1%  
  5,693     Delta Air Lines, Inc., (2)     62,338    
  26,363     Southwest Airlines Co.     243,067    
    Total Airlines     305,405    
    Auto Components – 0.0%  
  10,102     American Axle and Manufacturing Holdings Inc., (2)     105,970    
    Automobiles – 0.4%  
  59,240     Ford Motor Company     568,112    
  14,597     Harley-Davidson, Inc.     667,521    
    Total Automobiles     1,235,633    
    Beverages – 1.4%  
  23,650     Coca-Cola Company     1,849,194    
  16,426     Monster Beverage Corporation, (2)     1,169,531    
  26,928     PepsiCo, Inc.     1,902,732    
    Total Beverages     4,921,457    
    Biotechnology – 2.6%  
  73,157     Amgen Inc.     5,343,387    
  55,390     Celgene Corporation, (2)     3,553,822    
    Total Biotechnology     8,897,209    
    Capital Markets – 0.8%  
  28,502     Bank of New York Company, Inc.     625,619    
  62,652     Charles Schwab Corporation     810,090    
  49,137     Morgan Stanley     716,909    
  17,346     Waddell & Reed Financial, Inc., Class A     525,237    
    Total Capital Markets     2,677,855    
    Chemicals – 1.1%  
  586     CF Industries Holdings, Inc.     113,532    
  45,174     Dow Chemical Company     1,422,981    
  24,616     E.I. Du Pont de Nemours and Company     1,244,831    
  10,514     Monsanto Company     870,349    
  935     Mosaic Company     51,201    
    Total Chemicals     3,702,894    

 

Nuveen Investments
32



Shares   Description (1)   Value  
    Commercial Banks – 1.5%  
  65,040     U.S. Bancorp   $ 2,091,686    
  95,980     Wells Fargo & Company     3,209,571    
    Total Commercial Banks     5,301,257    
    Commercial Services & Supplies – 0.1%  
  26,895     R.R. Donnelley & Sons Company     316,554    
    Communications Equipment – 4.2%  
  6,820     Aviat Networks Inc., (2)     19,096    
  399,665     Cisco Systems, Inc.     6,862,248    
  136,570     QUALCOMM, Inc.     7,604,218    
    Total Communications Equipment     14,485,562    
    Computers & Peripherals – 12.5%  
  70,815     Apple, Inc., (2)     41,355,963    
  54,919     EMC Corporation, (2)     1,407,574    
  22,423     Hewlett-Packard Company     450,927    
  1,485     Western Digital Corporation, (2)     45,263    
    Total Computers & Peripherals     43,259,727    
    Consumer Finance – 0.5%  
  21,573     American Express Company     1,255,764    
  27,215     SLM Corporation     427,548    
    Total Consumer Finance     1,683,312    
    Containers & Packaging – 0.2%  
  19,780     Packaging Corp. of America     558,587    
  4,824     Sonoco Products Company     145,444    
    Total Containers & Packaging     704,031    
    Distributors – 0.1%  
  3,449     Genuine Parts Company     207,802    
    Diversified Consumer Services – 0.1%  
  4,119     ITT Educational Services, Inc., (2)     250,229    
  21,475     Service Corporation International     265,646    
    Total Diversified Consumer Services     515,875    
    Diversified Financial Services – 1.0%  
  55,518     Bank of America Corporation     454,137    
  50,290     Citigroup Inc.     1,378,449    
  3,847     CME Group, Inc.     1,031,419    
  6,121     JP Morgan Chase & Co.     218,703    
  13,902     Moody's Corporation     508,118    
    Total Diversified Financial Services     3,590,826    
    Diversified Telecommunication Services – 1.7%  
  93,269     AT&T Inc.     3,325,973    
  1     Frontier Communications Corporation     4    
  59,414     Verizon Communications Inc.     2,640,358    
    Total Diversified Telecommunication Services     5,966,335    
    Electric Utilities – 1.6%  
  93,478     Duke Energy Corporation     2,155,603    
  48,358     Great Plains Energy Incorporated     1,035,345    
  19,953     OGE Energy Corp.     1,033,366    
  28,722     Pinnacle West Capital Corporation     1,486,076    
    Total Electric Utilities     5,710,390    

 

Nuveen Investments
33



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Electrical Equipment – 1.6%  
  15,491     Cooper Industries Inc.   $ 1,056,176    
  29,935     Emerson Electric Company     1,394,372    
  11,238     Hubbell Incorporated, Class B     875,890    
  15,244     Rockwell Automation, Inc.     1,007,019    
  13,012     Roper Industries Inc.     1,282,723    
    Total Electrical Equipment     5,616,180    
    Electronic Equipment & Instruments – 0.4%  
  17,200     Amphenol Corporation, Class A     944,624    
  47,715     Corning Incorporated     616,955    
    Total Electronic Equipment & Instruments     1,561,579    
    Energy Equipment & Services – 1.1%  
  26,765     Cameron International Corporation, (2)     1,143,133    
  9,396     Diamond Offshore Drilling, Inc.     555,585    
  33,334     Halliburton Company     946,352    
  19,559     Schlumberger Limited     1,269,575    
    Total Energy Equipment & Services     3,914,645    
    Food & Staples Retailing – 1.6%  
  37,645     CVS Caremark Corporation     1,759,151    
  27,808     Kroger Co.     644,868    
  28,483     Walgreen Co.     842,527    
  34,046     Wal-Mart Stores, Inc.     2,373,687    
    Total Food & Staples Retailing     5,620,233    
    Food Products – 0.6%  
  8,233     Archer-Daniels-Midland Company     243,038    
  47,590     Kraft Foods Inc., Class A     1,837,926    
    Total Food Products     2,080,964    
    Gas Utilities – 0.4%  
  21,576     AGL Resources Inc.     836,070    
  15,026     Piedmont Natural Gas Company     483,687    
    Total Gas Utilities     1,319,757    
    Health Care Equipment & Supplies – 0.9%  
  16,835     Baxter International, Inc.     894,780    
  9,327     CareFusion Corporation, (2)     239,517    
  4,652     Covidien PLC     248,882    
  12,334     Hill Rom Holdings Inc.     380,504    
  7,766     Medtronic, Inc.     300,777    
  11,540     Saint Jude Medical Inc.     460,561    
  8,617     Zimmer Holdings, Inc.     554,590    
    Total Health Care Equipment & Supplies     3,079,611    
    Health Care Providers & Services – 1.5%  
  13,759     Brookdale Senior Living Inc., (2)     244,085    
  23,480     Cardinal Health, Inc.     986,160    
  25,434     Lincare Holdings     865,265    
  898     McKesson HBOC Inc.     84,188    
  11,450     Omnicare, Inc.     357,584    
  48,700     Tenet Healthcare Corporation, (2)     255,188    
  15,892     UnitedHealth Group Incorporated     929,682    
  20,106     Universal Health Services, Inc., Class B     867,775    
  8,528     Wellpoint Inc.     544,001    
    Total Health Care Providers & Services     5,133,928    

 

Nuveen Investments
34



Shares   Description (1)   Value  
    Hotels, Restaurants & Leisure – 1.9%  
  19,168     Carnival Corporation   $ 656,887    
  21,506     International Game Technology     338,720    
  29,562     McDonald's Corporation     2,617,124    
  26,474     Starwood Hotels & Resorts Worldwide, Inc.     1,404,181    
  84,855     The Wendy's Company     400,516    
  19,573     Tim Hortons Inc.     1,030,323    
    Total Hotels, Restaurants & Leisure     6,447,751    
    Household Durables – 0.4%  
  41,536     KB Home     407,053    
  36,936     Newell Rubbermaid Inc.     670,019    
  7,376     Whirlpool Corporation     451,116    
    Total Household Durables     1,528,188    
    Household Products – 0.6%  
  32,355     Procter & Gamble Company     1,981,744    
    Industrial Conglomerates – 0.9%  
  9,297     3M Co.     833,011    
  12,006     Danaher Corporation     625,272    
  72,788     General Electric Company     1,516,902    
    Total Industrial Conglomerates     2,975,185    
    Insurance – 1.3%  
  3,318     Arch Capital Group Limited, (2)     131,691    
  26,516     Fidelity National Title Group Inc., Class A     510,698    
  29,867     Marsh & McLennan Companies, Inc.     962,613    
  24,982     Prudential Financial, Inc.     1,209,878    
  24,970     Travelers Companies, Inc.     1,594,085    
    Total Insurance     4,408,965    
    Internet & Catalog Retail – 5.3%  
  78,646     Amazon.com, Inc., (2)     17,958,814    
  10,391     HSN, Inc.     419,277    
    Total Internet & Catalog Retail     18,378,091    
    Internet Software & Services – 6.4%  
  30,462     Akamai Technologies, Inc., (2)     967,169    
  2,017     AOL Inc., (2)     56,637    
  19,115     Baidu.com, Inc., Sponsored ADR, (2)     2,197,843    
  121,109     eBay Inc., (2)     5,087,789    
  20,389     Google Inc., Class A, (2)     11,827,047    
  20,300     IAC/InterActiveCorp.     925,680    
  69,658     Yahoo! Inc., (2)     1,102,686    
    Total Internet Software & Services     22,164,851    
    IT Services – 3.2%  
  46,267     Automatic Data Processing, Inc.     2,575,221    
  23,280     Fidelity National Information Services     793,382    
  8,158     Global Payments Inc.     352,670    
  14,822     Infosys Technologies Limited, Sponsored ADR     667,879    
  17,369     International Business Machines Corporation (IBM)     3,397,029    
  12,871     Lender Processing Services Inc.     325,379    
  58,743     Paychex, Inc.     1,845,118    
  8,257     Visa Inc., Class A     1,020,813    
    Total IT Services     10,977,491    

 

Nuveen Investments
35



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Life Sciences Tools & Services – 0.1%  
  15,384     Agilent Technologies, Inc.   $ 603,668    
    Machinery – 1.5%  
  18,500     Caterpillar Inc.     1,570,835    
  9,695     Deere & Company     784,035    
  22,173     Eaton Corporation     878,716    
  22,531     Graco Inc.     1,038,228    
  16,187     SPX Corporation     1,057,335    
    Total Machinery     5,329,149    
    Media – 4.1%  
  23,415     CBS Corporation, Class B     767,544    
  162,514     Comcast Corporation, Special Class A     5,102,940    
  72,075     DIRECTV Group, Inc., (2)     3,518,702    
  2,751     Liberty Media Corporation-Liberty Capital, Class A, (2)     241,840    
  51,552     News Corporation, Class B     1,160,951    
  20,124     Omnicom Group, Inc.     978,026    
  6,780     Time Warner Cable Inc.     556,638    
  9,864     Time Warner Inc.     379,764    
  30,876     Walt Disney Company     1,497,486    
    Total Media     14,203,891    
    Metals & Mining – 0.2%  
  8,735     AngloGold Ashanti Limited, Sponsored ADR     299,960    
  720     Cliffs Natural Resources Inc.     35,489    
  54,923     Companhia Siderurgica Nacional S.A., Sponsored ADR     311,413    
  1,194     Freeport-McMoRan Copper & Gold, Inc.     40,680    
  1,736     Newmont Mining Corporation     84,213    
  1,849     United States Steel Corporation     38,089    
    Total Metals & Mining     809,844    
    Multiline Retail – 0.6%  
  10,865     Family Dollar Stores, Inc.     722,305    
  10,883     J.C. Penney Company, Inc.     253,683    
  4,511     Kohl's Corporation     205,205    
  29,265     Macy's, Inc.     1,005,253    
    Total Multiline Retail     2,186,446    
    Multi-Utilities – 0.3%  
  21,316     Integrys Energy Group, Inc.     1,212,241    
    Oil, Gas & Consumable Fuels – 4.6%  
  3,368     Cabot Oil & Gas Corporation     132,699    
  47,033     Chevron Corporation     4,961,982    
  45,298     ConocoPhillips     2,531,252    
  83,497     Exxon Mobil Corporation     7,144,838    
  1,606     Marathon Oil Corporation     41,065    
  22,649     Phillips 66     752,853    
  5,224     Royal Dutch Shell PLC, Class A, Sponsored ADR     352,254    
    Total Oil, Gas & Consumable Fuels     15,916,943    
    Paper & Forest Products – 0.1%  
  21,984     International Paper Company     635,557    
    Pharmaceuticals – 4.5%  
  41,688     Abbott Laboratories     2,687,625    
  13,538     Allergan, Inc.     1,253,213    
  69,669     Bristol-Myers Squibb Company     2,504,601    

 

Nuveen Investments
36



Shares   Description (1)   Value  
    Pharmaceuticals (continued)  
  6,329     Eli Lilly and Company   $ 271,577    
  13,675     Forest Laboratories, Inc., (2)     478,488    
  7,458     GlaxoSmithKline PLC, Sponsored ADR     339,861    
  35,148     Johnson & Johnson     2,374,599    
  92,859     Merck & Company Inc.     3,876,863    
  6,190     Novartis AG, Sponsored ADR     346,021    
  60,885     Pfizer Inc.     1,400,355    
    Total Pharmaceuticals     15,533,203    
    Professional Services – 0.4%  
  18,950     Manpower Inc.     694,518    
  30,314     Robert Half International Inc.     866,071    
    Total Professional Services     1,560,589    
    Real Estate Investment Trust – 1.0%  
  18,413     Apartment Investment & Management Company, Class A     497,703    
  28,958     CubeSmart     337,940    
  4,590     Developers Diversified Realty Corporation     67,198    
  40,126     Senior Housing Properties Trust     895,612    
  25,511     Ventas Inc.     1,610,254    
    Total Real Estate Investment Trust     3,408,707    
    Road & Rail – 0.0%  
  4,314     CSX Corporation     96,461    
    Semiconductors & Equipment – 5.8%  
  54,140     Advanced Micro Devices, Inc., (2)     310,222    
  52,172     Altera Corporation     1,765,500    
  25,698     Analog Devices, Inc.     968,044    
  96,224     Applied Materials, Inc.     1,102,727    
  93,518     Atmel Corporation, (2)     626,571    
  48,224     Broadcom Corporation, Class A     1,629,971    
  4,697     Cree, Inc., (2)     120,572    
  1,090     Cymer, Inc., (2)     64,256    
  11,761     Cypress Semiconductor Corporation     155,480    
  28,948     Fairchild Semiconductor International Inc., Class A, (2)     408,167    
  17,789     Integrated Device Technology, Inc., (2)     99,974    
  363,454     Intel Corporation     9,686,049    
  2,596     Intersil Holding Corporation, Class A     27,647    
  5,499     Lam Research Corporation, (2)     207,532    
  45,919     Linear Technology Corporation     1,438,642    
  35,700     LSI Logic Corporation, (2)     227,409    
  5,819     MEMC Electronic Materials, (2)     12,627    
  78,957     NVIDIA Corporation, (2)     1,091,186    
  2,774     Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR     38,725    
    Total Semiconductors & Equipment     19,981,301    
    Software – 10.9%  
  171,474     Activision Blizzard Inc.     2,055,973    
  60,160     Adobe Systems Incorporated, (2)     1,947,379    
  43,406     Autodesk, Inc., (2)     1,518,776    
  65,185     CA Inc.     1,765,862    
  33,659     Cadence Design Systems, Inc., (2)     369,912    
  623,086     Microsoft Corporation     19,060,201    
  372,244     Oracle Corporation     11,055,647    
    Total Software     37,773,750    

 

Nuveen Investments
37



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Specialty Retail – 2.2%  
  16,694     Best Buy Co., Inc.   $ 349,906    
  18,012     Gap, Inc.     492,808    
  36,723     Home Depot, Inc.     1,945,952    
  32,217     Limited Brands, Inc.     1,370,189    
  35,867     Lowe's Companies, Inc.     1,020,057    
  814     Orchard Supply Hardware Stores Corporation, (2)     13,537    
  31,159     TJX Companies, Inc.     1,337,656    
  35,381     Urban Outfitters, Inc., (2)     976,162    
    Total Specialty Retail     7,506,267    
    Textiles, Apparel & Luxury Goods – 0.3%  
  15,790     Coach, Inc.     923,399    
    Thrifts & Mortgage Finance – 0.0%  
  1,712     Tree.com Inc., (2)     19,585    
    Tobacco – 1.2%  
  34,008     Altria Group, Inc.     1,174,976    
  33,961     Philip Morris International     2,963,437    
    Total Tobacco     4,138,413    
    Wireless Telecommunication Services – 0.5%  
  9,319     Crown Castle International Corporation, (2)     546,653    
  39,960     Vodafone Group PLC, Sponsored ADR     1,126,073    
    Total Wireless Telecommunication Services     1,672,726    
    Total Common Stocks (cost $220,460,728)     340,278,311    

 

Principal
Amount (000)
  Description (1)   Coupon   Maturity   Value  
    Short-Term Investments – 7.2%  
$ 25,016

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/29/12,
repurchase price $25,015,847, collateralized by $24,715,000 U.S. Treasury Notes,
1.500%, due 3/31/19, value $25,518,238
    0.010 %   7/02/12   $ 25,015,826    
    Total Short-Term Investments (cost $25,015,826)             25,015,826    
    Total Investments (cost $245,476,554) – 105.2%             365,294,137    
    Other Assets Less Liabilities – (5.2)% (3)             (18,105,304 )  
    Net Assets – 100%           $ 347,188,833    

 

Nuveen Investments
38



Investments in Derivatives at June 30, 2012

Call Options Written outstanding:

Number of
Contracts
  Type   Notional
Amount (4)
  Expiration
Date
  Strike
Price
  Value  
    Call Options Written – (3.2)%  
  (840 )   MINI-Nasdaq-100 Index   $ (21,000,000 )   7/21/12   $ 250.0     $ (1,073,100 )  
  (748 )   MINI-Nasdaq-100 Index     (18,887,000 )   7/21/12     252.5       (779,790 )  
  (795 )   MINI-Nasdaq-100 Index     (20,272,500 )   7/21/12     255.0       (673,763 )  
  (746 )   MINI-Nasdaq-100 Index     (19,582,500 )   7/21/12     262.5       (266,695 )  
  (823 )   MINI-Nasdaq-100 Index     (21,809,500 )   7/21/12     265.0       (216,449 )  
  (781 )   MINI-Nasdaq-100 Index     (19,720,250 )   8/18/12     252.5       (974,297 )  
  (908 )   MINI-Nasdaq-100 Index     (23,154,000 )   8/18/12     255.0       (982,910 )  
  (777 )   MINI-Nasdaq-100 Index     (20,007,750 )   8/18/12     257.5       (720,668 )  
  (156 )   S&P 500 Index     (20,280,000 )   7/21/12     1,300.0       (1,021,800 )  
  (294 )   S&P 500 Index     (38,955,000 )   7/21/12     1,325.0       (1,299,480 )  
  (149 )   S&P 500 Index     (20,115,000 )   7/21/12     1,350.0       (381,440 )  
  (182 )   S&P 500 Index     (25,025,000 )   7/21/12     1,375.0       (213,850 )  
  (151 )   S&P 500 Index     (19,630,000 )   8/18/12     1,300.0       (1,108,340 )  
  (149 )   S&P 500 Index     (19,742,500 )   8/18/12     1,325.0       (804,600 )  
  (163 )   S&P 500 Index     (22,005,000 )   8/18/12     1,350.0       (599,840 )  
  (7,662 )   Total Call Options Written (premiums received $9,950,027)   $ (330,186,000 )               $ (11,117,022 )  

    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 the 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 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)  Other Assets Less Liabilities includes the Value of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

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

  (5)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
39



JPG

Nuveen Equity Premium and Growth Fund

Portfolio of Investments

  June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Common Stocks – 99.1% (5)  
    Aerospace & Defense – 2.6%  
  21,609     Boeing Company   $ 1,605,549    
  5,209     Goodrich Corporation     661,022    
  24,637     Honeywell International Inc.     1,375,730    
  14,434     Raytheon Company     816,820    
  22,344     United Technologies Corporation     1,687,642    
    Total Aerospace & Defense     6,146,763    
    Air Freight & Logistics – 0.9%  
  25,839     United Parcel Service, Inc., Class B     2,035,080    
    Airlines – 0.1%  
  13,205     Lan Airlines S.A., Sponsored ADR     344,651    
    Auto Components – 0.1%  
  9,310     Cooper Tire & Rubber     163,297    
  5,900     Dana Holding Corporation     75,579    
    Total Auto Components     238,876    
    Automobiles – 0.4%  
  92,502     Ford Motor Company     887,094    
    Beverages – 2.4%  
  43,294     Coca-Cola Company     3,385,158    
  29,903     PepsiCo, Inc.     2,112,946    
    Total Beverages     5,498,104    
    Biotechnology – 0.8%  
  11,864     Celgene Corporation, (2)     761,194    
  20,273     Gilead Sciences, Inc., (2)     1,039,599    
  10,546     PDL Biopahrma Inc.     69,920    
    Total Biotechnology     1,870,713    
    Capital Markets – 1.2%  
  53,257     Charles Schwab Corporation     688,613    
  24,627     Federated Investors Inc., Class B     538,100    
  4,957     Goldman Sachs Group, Inc.     475,178    
  46,141     Morgan Stanley     673,197    
  14,786     Waddell & Reed Financial, Inc., Class A     447,720    
    Total Capital Markets     2,822,808    
    Chemicals – 2.4%  
  28,233     Dow Chemical Company     889,340    
  21,896     E.I. Du Pont de Nemours and Company     1,107,281    
  14,249     Eastman Chemical Company     717,722    
  11,108     Monsanto Company     919,520    
  27,207     Olin Corporation     568,354    
  8,609     PPG Industries, Inc.     913,587    
  16,530     RPM International, Inc.     449,616    
    Total Chemicals     5,565,420    

 

Nuveen Investments
40



Shares   Description (1)   Value  
    Commercial Banks – 2.9%  
  12,843     Comerica Incorporated   $ 394,409    
  12,783     Fifth Third Bancorp.     171,292    
  11,582     First Horizon National Corporation     100,184    
  8,574     FirstMerit Corporation     141,642    
  49,105     Huntington BancShares Inc.     314,272    
  33,673     Regions Financial Corporation     227,293    
  54,531     U.S. Bancorp     1,753,717    
  109,746     Wells Fargo & Company     3,669,906    
    Total Commercial Banks     6,772,715    
    Commercial Services & Supplies – 0.2%  
  5,330     Avery Dennison Corporation     145,722    
  14,872     Deluxe Corporation     370,908    
  8,400     Kimball International Inc., Class B     64,680    
    Total Commercial Services & Supplies     581,310    
    Communications Equipment – 2.1%  
  119,640     Cisco Systems, Inc.     2,054,219    
  14,740     Motorola Solutions Inc.     709,141    
  36,045     QUALCOMM, Inc.     2,006,986    
  2,984     Research In Motion Limited, (2)     22,052    
    Total Communications Equipment     4,792,398    
    Computers & Peripherals – 5.4%  
  17,499     Apple, Inc., (2)     10,219,416    
  30,455     Dell Inc., (2)     381,297    
  53,151     EMC Corporation, (2)     1,362,260    
  25,651     Hewlett-Packard Company     515,842    
    Total Computers & Peripherals     12,478,815    
    Consumer Finance – 0.5%  
  21,390     American Express Company     1,245,112    
    Containers & Packaging – 0.2%  
  18,995     Packaging Corp. of America     536,419    
    Distributors – 0.5%  
  20,246     Genuine Parts Company     1,219,822    
    Diversified Consumer Services – 0.1%  
  5,562     Apollo Group, Inc., (2)     201,289    
    Diversified Financial Services – 3.5%  
  225,158     Bank of America Corporation     1,841,792    
  55,290     Citigroup Inc.     1,515,499    
  2,592     CME Group, Inc.     694,941    
  4,327     Intercontinental Exchange, Inc., (2)     588,385    
  87,433     JP Morgan Chase & Co.     3,123,981    
  9,862     New York Stock Exchange Euronext     252,270    
    Total Diversified Financial Services     8,016,868    
    Diversified Telecommunication Services – 3.9%  
  3,700     Alaska Communications Systems Group Inc.     7,770    
  147,120     AT&T Inc.     5,246,299    
  111,815     Frontier Communications Corporation     428,251    
  76,024     Verizon Communications Inc.     3,378,507    
    Total Diversified Telecommunication Services     9,060,827    

 

Nuveen Investments
41



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Electric Utilities – 1.8%  
  65,207     Duke Energy Corporation   $ 1,503,673    
  60,263     Great Plains Energy Incorporated     1,290,231    
  21,943     Progress Energy, Inc.     1,320,310    
    Total Electric Utilities     4,114,214    
    Electrical Equipment – 0.8%  
  5,127     Cooper Industries Inc.     349,559    
  23,705     Emerson Electric Company     1,104,179    
  6,854     Rockwell Automation, Inc.     452,775    
    Total Electrical Equipment     1,906,513    
    Electronic Equipment & Instruments – 0.3%  
  48,583     Corning Incorporated     628,178    
    Energy Equipment & Services – 2.1%  
  12,363     Baker Hughes Incorporated     508,119    
  2,246     Carbo Ceramics Inc.     172,336    
  31,808     Halliburton Company     903,029    
  9,961     National-Oilwell Varco Inc.     641,887    
  12,997     Noble Corporation     422,792    
  32,514     Schlumberger Limited     2,110,484    
  1,869     Tidewater Inc.     86,647    
    Total Energy Equipment & Services     4,845,294    
    Food & Staples Retailing – 2.1%  
  28,828     CVS Caremark Corporation     1,347,132    
  23,426     SUPERVALU INC.     121,347    
  40,066     Wal-Mart Stores, Inc.     2,793,402    
  5,987     Whole Foods Market, Inc.     570,681    
    Total Food & Staples Retailing     4,832,562    
    Food Products – 1.3%  
  13,960     Archer-Daniels-Midland Company     412,099    
  33,648     ConAgra Foods, Inc.     872,493    
  46,877     Kraft Foods Inc., Class A     1,810,390    
    Total Food Products     3,094,982    
    Gas Utilities – 0.5%  
  13,418     AGL Resources Inc.     519,948    
  14,636     ONEOK, Inc.     619,249    
    Total Gas Utilities     1,139,197    
    Health Care Equipment & Supplies – 0.6%  
  28,854     Boston Scientific Corporation, (2)     163,602    
  3,976     Hologic Inc., (2)     71,727    
  31,998     Medtronic, Inc.     1,239,283    
    Total Health Care Equipment & Supplies     1,474,612    
    Health Care Providers & Services – 2.3%  
  13,746     Aetna Inc.     532,932    
  1,637     Brookdale Senior Living Inc., (2)     29,040    
  30,290     Express Scripts, (2)     1,691,091    
  5,614     Humana Inc.     434,748    
  3,420     Lincare Holdings     116,348    
  24,649     Tenet Healthcare Corporation, (2)     129,161    
  28,552     UnitedHealth Group Incorporated     1,670,292    
  11,994     Wellpoint Inc.     765,097    
    Total Health Care Providers & Services     5,368,709    

 

Nuveen Investments
42



Shares   Description (1)   Value  
    Hotels, Restaurants & Leisure – 1.4%  
  9,393     International Game Technology   $ 147,940    
  23,840     McDonald's Corporation     2,110,555    
  13,188     MGM Resorts International Inc., (2)     147,178    
  43,350     The Wendy's Company     204,612    
  4,557     Tim Hortons Inc.     239,880    
  5,749     Wyndham Worldwide Corporation     303,202    
    Total Hotels, Restaurants & Leisure     3,153,367    
    Household Durables – 0.3%  
  9,410     KB Home     92,218    
  7,325     Lennar Corporation, Class A     226,416    
  16,964     Newell Rubbermaid Inc.     307,727    
  2,393     Whirlpool Corporation     146,356    
    Total Household Durables     772,717    
    Household Products – 1.9%  
  5,228     Colgate-Palmolive Company     544,235    
  9,977     Kimberly-Clark Corporation     835,773    
  49,271     Procter & Gamble Company     3,017,849    
    Total Household Products     4,397,857    
    Industrial Conglomerates – 1.3%  
  16,204     3M Co.     1,451,878    
  79,853     General Electric Company     1,664,137    
    Total Industrial Conglomerates     3,116,015    
    Insurance – 3.1%  
  19,845     Arthur J. Gallagher & Co.     695,964    
  23,775     Berkshire Hathaway Inc., Class B, (2)     1,981,171    
  16,883     Fidelity National Title Group Inc., Class A     325,167    
  20,130     Genworth Financial Inc., Class A, (2)     113,936    
  12,560     Kemper Corporation     386,220    
  26,486     Lincoln National Corporation     579,249    
  26,240     Marsh & McLennan Companies, Inc.     845,715    
  16,516     Mercury General Corporation     688,222    
  14,302     Prudential Financial, Inc.     692,646    
  12,126     Travelers Companies, Inc.     774,124    
    Total Insurance     7,082,414    
    Internet & Catalog Retail – 0.8%  
  7,862     Amazon.com, Inc., (2)     1,795,288    
    Internet Software & Services – 2.2%  
  5,170     Akamai Technologies, Inc., (2)     164,148    
  27,248     eBay Inc., (2)     1,144,688    
  5,266     Google Inc., Class A, (2)     3,054,649    
  22,961     United Online, Inc.     96,895    
  6,424     VeriSign, Inc., (2)     279,894    
  27,685     Yahoo! Inc., (2)     438,254    
    Total Internet Software & Services     5,178,528    
    IT Services – 3.8%  
  33,179     Automatic Data Processing, Inc.     1,846,743    
  9,387     Cognizant Technology Solutions Corporation, Class A, (2)     563,220    
  11,474     Fidelity National Information Services     391,034    
  24,270     International Business Machines Corporation (IBM)     4,746,727    
  2,687     Lender Processing Services Inc.     67,927    
  9,814     Visa Inc., Class A     1,213,305    
    Total IT Services     8,828,956    

 

Nuveen Investments
43



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Leisure Equipment & Products – 0.9%  
  28,686     Mattel, Inc.   $ 930,574    
  14,742     Polaris Industries Inc.     1,053,758    
    Total Leisure Equipment & Products     1,984,332    
    Life Sciences Tools & Services – 0.1%  
  1,370     Covance, Inc., (2)     65,555    
  4,213     Life Technologies Corporation, (2)     189,543    
    Total Life Sciences Tools & Services     255,098    
    Machinery – 2.5%  
  3,706     Briggs & Stratton Corporation     64,818    
  14,300     Caterpillar Inc.     1,214,213    
  5,474     Cummins Inc.     530,485    
  11,992     Deere & Company     969,793    
  15,241     Illinois Tool Works, Inc.     806,096    
  5,351     Pentair, Inc.     204,836    
  11,866     Snap-on Incorporated     738,659    
  18,194     Stanley Black & Decker Inc.     1,170,966    
    Total Machinery     5,699,866    
    Media – 2.2%  
  12,544     CBS Corporation, Class B     411,192    
  90,457     Comcast Corporation, Class A     2,891,910    
  5,612     DIRECTV Group, Inc., (2)     273,978    
  8,126     Gannett Company Inc.     119,696    
  5,070     Lamar Advertising Company, (2)     145,002    
  28,121     New York Times, Class A, (2)     219,344    
  51,096     Regal Entertainment Group, Class A     703,081    
  45,144     Sirius XM Radio Inc., (2)     83,516    
  24,892     World Wrestling Entertainment Inc.     194,655    
    Total Media     5,042,374    
    Metals & Mining – 0.6%  
  4,770     Companhia Siderurgica Nacional S.A., Sponsored ADR     27,046    
  24,931     Freeport-McMoRan Copper & Gold, Inc.     849,399    
  11,424     Southern Copper Corporation     359,970    
  3,047     United States Steel Corporation     62,768    
    Total Metals & Mining     1,299,183    
    Multiline Retail – 0.7%  
  9,458     Nordstrom, Inc.     469,968    
  20,117     Target Corporation     1,170,608    
    Total Multiline Retail     1,640,576    
    Multi-Utilities – 2.2%  
  14,000     Ameren Corporation     469,560    
  52,946     CenterPoint Energy, Inc.     1,094,394    
  8,627     Consolidated Edison, Inc.     536,513    
  23,753     Dominion Resources, Inc.     1,282,662    
  28,718     Integrys Energy Group, Inc.     1,633,193    
    Total Multi-Utilities     5,016,322    
    Oil, Gas & Consumable Fuels – 9.5%  
  32,095     Chesapeake Energy Corporation     596,967    
  44,537     Chevron Corporation     4,698,654    
  21,946     ConocoPhillips     1,226,342    
  11,317     CONSOL Energy Inc.     342,226    

 

Nuveen Investments
44



Shares   Description (1)   Value  
    Oil, Gas & Consumable Fuels (continued)  
  6,936     EOG Resources, Inc.   $ 625,003    
  99,882     Exxon Mobil Corporation     8,546,903    
  7,395     Hess Corporation     321,313    
  20,768     Marathon Oil Corporation     531,038    
  10,284     Marathon Petroleum Corporation     461,957    
  22,150     Occidental Petroleum Corporation     1,899,806    
  23,308     Peabody Energy Corporation     571,512    
  10,973     Phillips 66     364,743    
  24,031     Ship Financial International Limited     375,605    
  17,375     Southwestern Energy Company, (2)     554,784    
  23,750     StatoilHydro ASA, Sponsored ADR     566,675    
  18,205     Valero Energy Corporation     439,651    
    Total Oil, Gas & Consumable Fuels     22,123,179    
    Personal Products – 0.1%  
  21,653     Avon Products, Inc.     350,995    
    Pharmaceuticals – 7.6%  
  46,321     Abbott Laboratories     2,986,315    
  476     AstraZeneca PLC, Sponsored ADR     21,301    
  53,176     Bristol-Myers Squibb Company     1,911,677    
  29,375     Eli Lilly and Company     1,260,481    
  57,590     Johnson & Johnson     3,890,780    
  74,356     Merck & Company Inc.     3,104,363    
  183,187     Pfizer Inc.     4,213,301    
  5,422     Sanofi-Aventis, Sponsored ADR     204,843    
    Total Pharmaceuticals     17,593,061    
    Real Estate Investment Trust – 2.4%  
  56,142     Annaly Capital Management Inc.     942,063    
  35,857     Brandywine Realty Trust     442,475    
  14,334     CubeSmart     167,278    
  16,442     Hospitality Properties Trust     407,268    
  54,457     Lexington Corporate Properties Trust     461,251    
  49,304     Senior Housing Properties Trust     1,100,465    
  24,968     Ventas Inc.     1,575,980    
  19,112     Weyerhaeuser Company     427,344    
    Total Real Estate Investment Trust     5,524,124    
    Road & Rail – 0.7%  
  13,398     Union Pacific Corporation     1,598,515    
    Semiconductors & Equipment – 2.4%  
  16,358     Analog Devices, Inc.     616,206    
  35,188     Applied Materials, Inc.     403,254    
  959     First Solar Inc., (2)     14,443    
  112,800     Intel Corporation     3,006,120    
  17,124     Microchip Technology Incorporated     566,462    
  19,215     NVIDIA Corporation, (2)     265,551    
  27,352     Texas Instruments Incorporated     784,729    
    Total Semiconductors & Equipment     5,656,765    
    Software – 4.0%  
  16,588     Adobe Systems Incorporated, (2)     536,954    
  8,286     Autodesk, Inc., (2)     289,927    
  170,635     Microsoft Corporation     5,219,725    
  82,095     Oracle Corporation     2,438,222    
  5,607     Salesforce.com, Inc., (2)     775,224    
    Total Software     9,260,052    

 

Nuveen Investments
45



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2012 (Unaudited)

Shares   Description (1)   Value  
    Specialty Retail – 2.9%  
  6,506     Abercrombie & Fitch Co., Class A   $ 222,115    
  19,409     American Eagle Outfitters, Inc.     382,940    
  14,239     Best Buy Co., Inc.     298,449    
  17,529     Gap, Inc.     479,593    
  35,984     Home Depot, Inc.     1,906,792    
  18,793     Limited Brands, Inc.     799,266    
  39,272     Lowe's Companies, Inc.     1,116,896    
  7,525     Tiffany & Co.     398,449    
  26,602     TJX Companies, Inc.     1,142,024    
    Total Specialty Retail     6,746,524    
    Textiles, Apparel & Luxury Goods – 0.5%  
  9,120     VF Corporation     1,217,064    
    Thrifts & Mortgage Finance – 0.3%  
  52,183     New York Community Bancorp Inc.     653,853    
    Tobacco – 2.3%  
  55,859     Altria Group, Inc.     1,929,928    
  29,796     Philip Morris International     2,599,999    
  19,686     Reynolds American Inc.     883,311    
    Total Tobacco     5,413,238    
    Trading Companies & Distributors – 0.3%  
  3,200     W.W. Grainger, Inc.     611,968    
    Wireless Telecommunication Services – 0.1%  
  54,217     Sprint Nextel Corporation, (2)     176,746    
  2,175     Vodafone Group PLC, Sponsored ADR     61,291    
    Total Wireless Telecommunication Services     238,037    
    Total Common Stocks (cost $186,090,724)     229,969,613    

 

Principal
Amount (000)
  Description (1)   Coupon   Maturity   Value  
    Short-Term Investments – 5.3%  
$ 12,259

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/29/12,
repurchase price $12,259,007, collateralized by $8,930,000 U.S. Treasury Notes,
4.625%, due 2/15/40, value $12,504,483
    0.010 %   7/02/12   $ 12,258,997    
    Total Short-Term Investments (cost $12,258,997)             12,258,997    
    Total Investments (cost $198,349,721) – 104.4%             242,228,610    
    Other Assets Less Liabilities – (4.4)% (3)             (10,247,300 )  
    Net Assets – 100%           $ 231,981,310    

 

Nuveen Investments
46



Investments in Derivatives at June 30, 2012

Call Options Written outstanding:

Number of
Contracts
  Type   Notional
Amount (4)
  Expiration
Date
  Strike
Price
  Value  
    Call Options Written – (2.5)%  
  (169 )   S&P 500 Index   $ (21,970,000 )   7/21/12   $ 1,300     $ (1,106,950 )  
  (322 )   S&P 500 Index     (42,665,000 )   7/21/12     1,325       (1,423,240 )  
  (156 )   S&P 500 Index     (21,060,000 )   7/21/12     1,350       (399,360 )  
  (184 )   S&P 500 Index     (25,300,000 )   7/21/12     1,375       (216,200 )  
  (175 )   S&P 500 Index     (22,750,000 )   8/18/12     1,300       (1,284,500 )  
  (157 )   S&P 500 Index     (20,802,500 )   8/18/12     1,325       (847,800 )  
  (173 )   S&P 500 Index     (23,355,000 )   8/18/12     1,350       (636,640 )  
  (1,336 )   Total Call Options Writen (premiums received $5,207,140)   $ (177,902,500 )               $ (5,914,690 )  

    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 the 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 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)  Other Assets Less Liabilities includes the Value of derivative instruments as noted within Investments in Derivatives at June 30, 2012.

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

  (5)  The Fund may designate up to 100% of its common stock investments to cover outstanding call options written.

  ADR  American Depositary Receipt.

See accompanying notes to financial statements.

Nuveen Investments
47




Statement of

ASSETS & LIABILITIES

June 30, 2012 (Unaudited)

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Assets  
Investments, at value (cost $424,006,459, $686,366,386, $245,476,554
and $198,349,721, respectively)
  $ 534,184,575     $ 918,599,893     $ 365,294,137     $ 242,228,610    
Cash denominated in foreign currencies (cost $—, $2,856, $—and $—, respectively)           2,887                
Receivables:  
Dividends and interest     778,477       1,047,249       320,800       329,460    
Investments sold                 1,294          
Reclaims     790             145          
Other assets     53,017       73,699       33,336       21,992    
Total assets     535,016,859       919,723,728       365,649,712       242,580,062    
Liabilities  
Call options written, at value (premiums received $14,212,430, $24,350,565,
$9,950,027 and $5,207,140, respectively)
    16,204,800       27,988,025       11,117,022       5,914,690    
Dividends payable     9,877,090       16,928,385       6,967,008       4,431,606    
Accrued expenses:  
Management fees     330,356       561,013       245,707       159,754    
Other     188,189       337,814       131,142       92,702    
Total liabilities     26,600,435       45,815,237       18,460,879       10,598,752    
Net assets   $ 508,416,424     $ 873,908,491     $ 347,188,833     $ 231,981,310    
Shares outstanding     38,470,035       66,492,444       25,711,334       16,164,579    
Net asset value per share outstanding   $ 13.22     $ 13.14     $ 13.50     $ 14.35    
Net assets consist of:  
Shares, $.01 par value per share   $ 384,700     $ 664,924     $ 257,113     $ 161,646    
Paid-in surplus     483,880,779       772,680,680       283,295,661       238,968,734    
Undistributed (Over-distribution of) net investment income     (16,770,395 )     (31,818,770 )     (13,224,828 )     (7,242,788 )  
Accumulated net realized gain (loss)     (67,264,417 )     (96,214,421 )     (41,789,701 )     (43,077,621 )  
Net unrealized appreciation (depreciation)     108,185,757       228,596,078       118,650,588       43,171,339    
Net assets   $ 508,416,424     $ 873,908,491     $ 347,188,833     $ 231,981,310    
Authorized shares     Unlimited       Unlimited       Unlimited       Unlimited    

 

See accompanying notes to financial statements.

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48



Statement of

OPERATIONS

Six Months Ended June 30, 2012 (Unaudited)

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Investment Income  
Dividends (net of foreign tax withheld of $2,790, $21,465,
$9,324 and $9,484, respectively)
  $ 6,349,465     $ 9,113,185     $ 3,112,115     $ 2,917,889    
Interest     1,065       2,185       879       371    
Total investment income     6,350,530       9,115,370       3,112,994       2,918,260    
Expenses  
Management fees     2,206,503       3,765,433       1,512,457       986,173    
Shareholders' servicing agent fees and expenses     933       1,312       717       616    
Custodian's fees and expenses     41,151       66,309       33,646       23,363    
Trustees' fees and expenses     7,479       12,805       5,179       3,517    
Professional fees     31,708       55,546       30,553       22,265    
Shareholders' reports — printing and mailing expenses     53,550       94,257       29,222       20,409    
Stock exchange listing fees     6,017       10,500       4,203       4,203    
Investor relations expense     64,706       111,437       37,881       26,963    
Other expenses     32,702       71,304       68,356       20,905    
Total expenses before custodian fee credit and expense reimbursement     2,444,749       4,188,903       1,722,214       1,108,414    
Custodian fee credit     (276 )     (437 )     (203 )     (90 )  
Expense reimbursement     (176,909 )     (357,110 )              
Net expenses     2,267,564       3,831,356       1,722,011       1,108,324    
Net investment income (loss)     4,082,966       5,284,014       1,390,983       1,809,936    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) from:  
Investments and foreign currency     4,082,596       20,062,568       16,471,717       1,180,579    
Call options written     (10,609,879 )     (26,570,747 )     (14,561,759 )     (3,614,402 )  
Change in net unrealized appreciation (depreciation) of:  
Investments and foreign currency     37,913,365       59,725,390       22,045,582       16,913,217    
Call options written     (2,138,500 )     (6,818,759 )     (3,556,075 )     (896,904 )  
Net realized and unrealized gain (loss)     29,247,582       46,398,452       20,399,465       13,582,490    
Net increase (decrease) in net assets from operations   $ 33,330,548     $ 51,682,466     $ 21,790,448     $ 15,392,426    

 

See accompanying notes to financial statements.

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49



Statement of

CHANGES in NET ASSETS (Unaudited)

    Equity Premium
Income (JPZ)
  Equity Premium
Opportunity (JSN)
 
    Six Months
Ended
6/30/12
  Year
Ended
12/31/11
  Six Months
Ended
6/30/12
  Year
Ended
12/31/11
 
Operations  
Net investment income (loss)   $ 4,082,966     $ 8,760,447     $ 5,284,014     $ 12,064,655    
Net realized gain (loss) from:  
Investments and foreign currency     4,082,596       16,618,497       20,062,568       35,216,557    
Call options written     (10,609,879 )     6,090,806       (26,570,747 )     14,882,498    
Change in net unrealized appreciation (depreciation) of:  
Investments and foreign currency     37,913,365       (8,413,092 )     59,725,390       (21,844,932 )  
Call options written     (2,138,500 )     4,282,450       (6,818,759 )     8,297,702    
Net increase (decrease) in net assets from operations     33,330,548       27,339,108       51,682,466       48,616,480    
Distributions to Shareholders  
From and in excess of net investment income     (20,853,361 )           (37,102,784 )        
From net investment income           (28,891,374 )           (68,934,322 )  
Return of capital           (15,989,671 )           (11,166,014 )  
Decrease in net assets from distributions to shareholders     (20,853,361 )     (44,881,045 )     (37,102,784 )     (80,100,336 )  
Capital Share Transactions  
Cost of shares repurchased or retired     (146,097 )     (1,962,247 )           (704,719 )  
Net proceeds from shares issued to shareholders due to
reinvestment of distributions
                         
Net increase (decrease) in net assets from capital share transactions     (146,097 )     (1,962,247 )           (704,719 )  
Net increase (decrease) in net assets     12,331,090       (19,504,184 )     14,579,682       (32,188,575 )  
Net assets at the beginning of period     496,085,334       515,589,518       859,328,809       891,517,384    
Net assets at the end of period   $ 508,416,424     $ 496,085,334     $ 873,908,491     $ 859,328,809    
Undistributed (Over-distribution of) net investment income at
the end of period
  $ (16,770,395 )   $     $ (31,818,770 )   $    

 

See accompanying notes to financial statements.

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50



Statement of

CHANGES in NET ASSETS (Unaudited) (continued)

    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Six Months
Ended
6/30/12
  Year
Ended
12/31/11
  Six Months
Ended
6/30/12
  Year
Ended
12/31/11
 
Operations  
Net investment income (loss)   $ 1,390,983     $ 3,021,132     $ 1,809,936     $ 3,840,600    
Net realized gain (loss) from:  
Investments and foreign currency     16,471,717       8,482,789       1,180,579       (1,541,071 )  
Call options written     (14,561,759 )     7,418,649       (3,614,402 )     2,537,159    
Change in net unrealized appreciation (depreciation) of:  
Investments and foreign currency     22,045,582       (1,596,017 )     16,913,217       3,980,788    
Call options written     (3,556,075 )     3,585,041       (896,904 )     1,703,631    
Net increase (decrease) in net assets from operations     21,790,448       20,911,594       15,392,426       10,521,107    
Distributions to Shareholders  
From and in excess of net investment income     (14,615,811 )           (9,052,724 )        
From net investment income           (22,520,322 )           (6,455,660 )  
Return of capital           (8,943,289 )           (11,765,192 )  
Decrease in net assets from distributions to shareholders     (14,615,811 )     (31,463,611 )     (9,052,724 )     (18,220,852 )  
Capital Share Transactions  
Cost of shares repurchased or retired     (514,454 )     (1,350,259 )     (22,856 )     (1,730,753 )  
Net proceeds from shares issued to shareholders due to
reinvestment of distributions
                         
Net increase (decrease) in net assets from capital share transactions     (514,454 )     (1,350,259 )     (22,856 )     (1,730,753 )  
Net increase (decrease) in net assets     6,660,183       (11,902,276 )     6,316,846       (9,430,498 )  
Net assets at the beginning of period     340,528,650       352,430,926       225,664,464       235,094,962    
Net assets at the end of period   $ 347,188,833     $ 340,528,650     $ 231,981,310     $ 225,664,464    
Undistributed (Over-distribution of) net investment income at
the end of period
  $ (13,224,828 )   $     $ (7,242,788 )   $    

 

See accompanying notes to financial statements.

Nuveen Investments
51




Financial

HIGHLIGHTS (Unaudited)

Selected data for a share outstanding throughout each period:

       
        Investment Operations   Less Distributions                      
    Beginning
Net Asset
Value
  Net
Investment
Income
(Loss)(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Total   Net
Investment
Income
  Capital
Gains
  Return of
Capital
  Total   Offering
Costs
  Discount
From Shares
Repurchased
and Retired
  Ending
Net Asset
Value
  Ending
Market
Value
 
Equity Premium Income (JPZ)      
Year Ended 12/31:  
2012(e)   $ 12.89     $ .11     $ .76     $ .87     $ (.54 )***   $     $     $ (.54 )   $     $ **   $ 13.22     $ 12.10    
2011     13.34       .23       .48       .71       (.75 )           (.41 )     (1.16 )           **     12.89       11.18    
2010     13.08       .26       1.25       1.51       (.27 )           (.98 )     (1.25 )                 13.34       12.76    
2009     12.75       .27       1.35       1.62       (.28 )     (.24 )     (.77 )     (1.29 )           **     13.08       13.00    
2008     18.30       .39       (4.41 )     (4.02 )     (.39 )     (1.14 )           (1.53 )           **     12.75       10.74    
2007     18.59       .44       .98       1.42       (.54 )           (1.17 )     (1.71 )                 18.30       16.41    
Equity Premium Opportunity (JSN)      
Year Ended 12/31:  
2012(e)     12.92       .08       .70       .78       (.56 )***                 (.56 )                 13.14       11.90    
2011     13.39       .18       .55       .73       (1.03 )           (.17 )     (1.20 )           **     12.92       11.42    
2010     13.30       .18       1.21       1.39       (.18 )           (1.12 )     (1.30 )                 13.39       12.88    
2009     12.69       .21       1.73       1.94       (.22 )           (1.12 )     (1.34 )           .01       13.30       13.20    
2008     18.60       .30       (4.62 )     (4.32 )     (.62 )     (.97 )           (1.59 )           **     12.69       10.68    
2007     18.36       .36       1.66       2.02       (.35 )           (1.43 )     (1.78 )                 18.60       16.34    
Equity Premium Advantage (JLA)      
Year Ended 12/31:  
2012(e)     13.22       .05       .80       .85       (.57 )***                 (.57 )           **     13.50       12.02    
2011     13.62       .12       .70       .82       (.87 )           (.35 )     (1.22 )           **     13.22       11.46    
2010     13.54       .11       1.27       1.38       (.11 )           (1.19 )     (1.30 )                 13.62       12.90    
2009     12.47       .13       2.25       2.38       (.14 )           (1.18 )     (1.32 )           .01       13.54       13.07    
2008     18.57       .17       (4.67 )     (4.50 )     (.92 )     (.69 )           (1.61 )           .01       12.47       10.34    
2007     18.35       .22       1.82       2.04       (.21 )           (1.61 )     (1.82 )                 18.57       16.45    
Equity Premium and Growth (JPG)      
Year Ended 12/31:  
2012(e)     13.96       .11       .84       .95       (.56 )***                 (.56 )           **     14.35       12.79    
2011     14.41       .24       .42       .66       (.40 )           (.72 )     (1.12 )           .01       13.96       12.07    
2010     13.87       .24       1.42       1.66       (.24 )           (.88 )     (1.12 )                 14.41       13.85    
2009     13.17       .26       1.55       1.81       (.27 )     (.21 )     (.64 )     (1.12 )           .01       13.87       13.09    
2008     19.31       .36       (5.02 )     (4.66 )     (.40 )     (1.09 )           (1.49 )           .01       13.17       10.77    
2007     19.60       .68       .65       1.33       (.79 )           (.83 )     (1.62 )     **           19.31       17.13    

Nuveen Investments
52



        Ratios/Supplemental Data  
    Total Returns       Ratios to Average Net Assets
Before Reimbursement(d)
  Ratios to Average Net Assets
After Reimbursement(c)(d)
     
    Based
on
Market
Value(b)
  Based
on
Net Asset
Value(b)
  Ending
Net Assets
(000)
  Expenses   Net
Investment
Income (Loss)
  Expenses   Net
Investment
Income (Loss)
  Portfolio
Turnover
Rate
 
Equity Premium Income (JPZ)  
Year Ended 12/31:  
2012(e)     13.15 %     6.79 %   $ 508,416       .97 %*     1.55 %*     .90 %*     1.62 %*     2 %  
2011     (3.41 )     5.63       496,085       .97       1.60       .84       1.73       4    
2010     8.10       12.22       515,590       .98       1.78       .77       1.99       3    
2009     35.46       13.74       502,488       .99       1.93       .71       2.21       9    
2008     (26.73 )     (23.27 )     491,706       .97       2.08       .67       2.39       6    
2007     (6.07 )     7.80       707,933       .95       2.05       .65       2.35       7    
Equity Premium Opportunity (JSN)  
Year Ended 12/31:  
2012(e)     9.09       6.03       873,908       .96 *     1.13 *     .88 *     1.21 *     5    
2011     (2.02 )     5.78       859,329       .96       1.23       .81       1.38       4    
2010     7.85       11.17       891,517       .97       1.15       .75       1.37       3    
2009     38.49       16.39       878,321       .98       1.35       .68       1.65       4    
2008     (26.64 )     (24.65 )     841,579       .96       1.52       .66       1.82       8    
2007     (3.03 )     11.35       1,237,527       .94       1.62       .64       1.93       4    
Equity Premium Advantage (JLA)  
Year Ended 12/31:  
2012(e)     9.89       6.43       347,189       .99 *     .80 *     N/A       N/A       3    
2011     (1.82 )     6.35       340,529       .98       .83       .94 %     .87 %     14    
2010     8.95       10.83       352,431       1.00       .66       .85       .80       5    
2009     41.37       20.21       349,898       1.01       .82       .81       1.02       10    
2008     (29.22 )     (25.63 )     323,971       .99       .88       .79       1.08       12    
2007     (5.15 )     11.50       484,998       .98       .99       .78       1.19       3    
Equity Premium and Growth (JPG)  
Year Ended 12/31:  
2012(e)     10.56       6.80       231,981       .96 *     1.57 *     N/A       N/A       ****  
2011     (4.88 )     4.89       225,664       .96       1.66       N/A       N/A       4    
2010     14.90       12.60       235,095       .98       1.75       N/A       N/A       3    
2009     33.63       14.77       226,187       .98       1.99       N/A       N/A       6    
2008     (30.09 )     (25.38 )     216,044       .96       2.13       N/A       N/A       12    
2007     (3.55 )     6.86       319,300       .95       3.40       N/A       N/A       26    

 

(a)  Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)  Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend 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 dividend 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.

  Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend 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 net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

(c)  After expense reimbursement from Adviser, where applicable. As of May 31, 2011, the Advisor is no longer reimbursing Equity Premium Advantage (JLA) for any fees or expenses.

(d)  Ratios do not reflect the effect of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable.

(e)  For the six months ended June 30, 2012.

N/A  Fund does not have, or no longer has, a contractual reimbursement agreement with the Adviser.

*  Annualized.

**  Rounds to less than $.01 per share.

***  Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2012.

****  Rounds to less than 1%.

 

See accompanying notes to financial statements.

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53




Notes to

FINANCIAL STATEMENTS (Unaudited)

1. General Information and Significant Accounting Policies

General Information

The funds covered in this report and their corresponding NYSE MKT (formerly known as NYSE Amex) symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) (each a "Fund" and collectively, the "Funds"). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end registered investment companies.

Equity Premium Income's (JPZ) investment objective is to provide a high level of current income and gains. The Fund invests its Managed Assets (as defined in Footnote 7—Management Fees and Other Transactions with Affiliates) in a diversified equity portfolio that seeks to substantially replicate price movements of the Standard & Poor's ("S&P") 500® Index. The Fund also uses an index option strategy of writing (selling) index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium Opportunity's (JSN) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its Managed Assets in a diversified equity portfolio that seeks to substantially replicate price movements of a 75% / 25% combination of the S&P 500® Index and the NASDAQ-100 Index, respectively. The Fund also uses an index option strategy of writing (selling) S&P 500® and NASDAQ Index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium Advantage's (JLA) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its Managed Assets in a diversified equity portfolio that seeks to substantially replicate price movements of a 50% / 50% combination of the S&P 500® Index and the NASDAQ-100 Index, respectively. The Fund also uses an index option strategy of writing (selling) S&P 500 and NASDAQ Index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

Equity Premium and Growth's (JPG) primary investment objective is to provide a high level of current income and gains from net index option premiums. The Fund's secondary investment objective is to seek capital appreciation consistent with the Fund's strategy and its primary objective. The Fund invests its Managed Assets in a diversified equity portfolio that seeks to substantially replicate price movements of the S&P 500® Index. The Fund also uses an index option strategy of writing (selling) index call options covering approximately 80% of the value of the Fund's equity portfolio in seeking to moderate the volatility of returns relative to an all equity portfolio.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted principles ("U.S. GAAP").

Investment Valuation

Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the last quoted bid price and 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 the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time foreign currencies may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange ("NYSE"). These securities generally represents a transfer from a Level 1 to a Level 2 security.

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54



Index options are valued at the mean of the closing bid and ask prices. The close of trading of index options traded on the Chicago Board Options Exchange normally occurs at 4:15 Eastern Time (ET), which is different from the normal 4:00 ET close of the NYSE (the time of day as of which each Fund's NAV is calculated). Under normal market circumstances, closing index option quotations are considered to reflect the index option contract values as of the close of the NYSE and will be used to value the option contracts. However, a significant change in the S&P 500® or NASDAQ-100 futures contracts between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Fund's Board of Trustees or its designee will determine a value for the options. Any such valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances. Index options 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.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds' Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be 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. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds' Board of Trustees or its designee.

Refer to Footnote 2—Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.

Investment Income

Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies ("RICs"). In any year when the Funds realize net capital gains, each Fund may choose to distribute all or a portion of its net capital gains to shareholders, or alternatively, to retain all or a portion of its net capital gains and pay federal corporate income taxes on such retained gains.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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55



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Dividends and Distributions to Shareholders

Each Fund makes quarterly cash distributions to shareholders of a stated dollar amount per share. Subject to approval and oversight by the Funds' Board of Trustees, each Fund seeks to maintain a stable distribution level designed to deliver the long-term return potential of each Fund's investment strategy through regular quarterly distributions (a "Managed Distribution Program"). Total distributions during a calendar year generally will be made from each Fund's net investment income, net realized capital gains and net unrealized capital gains in the Fund's portfolio, if any. The portion of distributions paid attributed to net unrealized gains, if any, is distributed from the Fund's assets and is treated by shareholders as a non-taxable distribution ("Return of Capital") for tax purposes. In the event that total distributions during a calendar year exceed a Fund's total return on net asset value, the difference will reduce net asset value per share. If a Fund's total return on net asset value exceeds total distributions during a calendar year, the excess will be reflected as an increase in net asset value per share. The final determination of the source and character of all distributions for the fiscal year are made after the end of the fiscal year and are reflected in the financial statements contained in the annual report as of December 31 each year.

The distributions made by the Fund during the six months ended June 30, 2012, are provisionally classified as being "From and in excess of net investment income," and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (over-distribution of) net investment income" as of June 30, 2012, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2012 reflect an over-distribution of net investment income.

The actual character of distributions made by the Funds during the fiscal year ended December 31, 2011 are reflected in the accompanying financial statements.

Foreign Currency Transactions

Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. 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 Fund's investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. 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. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. ET. Investments transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates 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.

The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of "Net realized gain (loss) from investments and foreign currency," 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 other assets and liabilities on investments are recognized as a component of "Change in net unrealized appreciation (depreciation) of investments and foreign currency," on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with foreign currency exchange contracts, futures, options purchased, options written and swaps are recognized as a component of "Change in net unrealized appreciation (depreciation) of

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56



foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively" on the Statement of Operations, when applicable.

Options Transactions

Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to write (sell) call options in an attempt to manage such risk. When the Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "Call options written, at value" on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options written during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of call options written" on the Statement of Operations. When an option is exercised or expires or a Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of "Net realized gain (loss) from call options written " on the Statement of Operations. The Fund, as a 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.

During the six months ended June 30, 2012, each Fund wrote call options on a broad equity index, while investing in a portfolio of equities, to enhance returns while foregoing some upside potential of its equity portfolio.

The average notional amount of call options written during the six months ended June 30, 2012, for each Fund was as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Average notional amount of call options written*   $ (483,858,333 )   $ (829,295,083 )   $ (330,140,000 )   $ (177,910,833 )  

 

*  The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3—Derivative Instruments and Hedging Activities and Footnote 5—Investment Transactions for further details on options activity.

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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties Nuveen Fund Advisors, Inc. (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments Inc. ("Nuveen") 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.

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.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

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57



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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 expect the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

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

Level 1 —  Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 —  Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 —  Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

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

Equity Premium Income (JPZ)   Level 1   Level 2   Level 3   Total  
Long-Term Investments*:  
Common Stocks   $ 505,480,738     $     $     $ 505,480,738    
Short-Term Investments:  
Repurchase Agreements           28,703,837             28,703,837    
Derivatives:  
Call Options Written     (16,204,800 )                 (16,204,800 )  
Total   $ 489,275,938     $ 28,703,837     $     $ 517,979,775    
Equity Premium Opportunity (JSN)   Level 1   Level 2   Level 3   Total  
Long-Term Investments*:  
Common Stocks   $ 858,835,557     $     $     $ 858,835,557    
Short-Term Investments:  
Repurchase Agreements           59,764,336             59,764,336    
Derivatives:  
Call Options Written     (27,988,025 )                 (27,988,025 )  
Total   $ 830,847,532     $ 59,764,336     $     $ 890,611,868    

 

*  Refer to the Fund's Portfolio of Investments for industry classifications.

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58



Equity Premium Advantage (JLA)   Level 1   Level 2   Level 3   Total  
Long-Term Investments*:  
Common Stocks   $ 340,278,311     $     $     $ 340,278,311    
Short-Term Investments:  
Repurchase Agreements           25,015,826             25,015,826    
Derivatives:  
Call Options Written     (11,117,022 )                 (11,117,022 )  
Total   $ 329,161,289     $ 25,015,826     $     $ 354,177,115    
Equity Premium and Growth (JPG)   Level 1   Level 2   Level 3   Total  
Long-Term Investments*:  
Common Stocks   $ 229,969,613     $     $     $ 229,969,613    
Short-Term Investments:  
Repurchase Agreements           12,258,997             12,258,997    
Derivatives:  
Call Options Written     (5,914,690 )                 (5,914,690 )  
Total   $ 224,054,923     $ 12,258,997     $     $ 236,313,920    

 

*  Refer to the Fund's Portfolio of Investments for industry classifications.

The Nuveen funds' Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds' pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer's financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts' research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1—General Information and Significant Accounting Policies.

The following tables present the fair value of all derivative instruments held by the Funds as of June 30, 2012, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.

Equity Premium Income (JPZ)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ (16,204,800 )  

 

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59



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Equity Premium Opportunity (JSN)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ (27,988,025 )  

 

Equity Premium Advantage (JLA)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ (11,117,022 )  

 

Equity Premium and Growth (JPG)

        Location on the Statement of Assets and Liabilities  
Underlying   Derivative   Asset Derivatives   Liability Derivatives  
Risk Exposure   Instrument   Location   Value   Location   Value  
Equity Price   Options         $     Call options written, at value   $ (5,914,690 )  

 

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Call Options Written   Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Risk Exposure  
Equity Price   $ (10,609,879 )   $ (26,570,747 )   $ (14,561,759 )   $ (3,614,402 )  
Change in Net Unrealized Appreciation (Depreciation) of
Call Options Written
  Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Risk Exposure  
Equity Price   $ (2,138,500 )   $ (6,818,759 )   $ (3,556,075 )   $ (896,904 )  

 

4. Fund Shares

Transactions in shares were as follows:

    Equity Premium
Income (JPZ)
  Equity Premium
Opportunity (JSN)
 
    Six Months
Ended
6/30/12
  Year
Ended
12/31/11
  Six Months
Ended
6/30/12
  Year
Ended
12/31/11
 
Shares repurchased and retired     (12,600 )     (178,376 )           (66,600 )  
Weighted average:  
Price per share repurchased and retired   $ 11.57     $ 10.98     $     $ 10.56    
Discount per share repurchased and retired     11.88 %     13.69 %     %     15.38 %  

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60



    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Six Months
Ended
6/30/12
  Year
Ended
12/31/11
  Six Months
Ended
6/30/12
  Year
Ended
12/31/11
 
Shares repurchased and retired     (43,477 )     (119,189 )     (1,800 )     (145,263 )  
Weighted average:  
Price per share repurchased and retired   $ 11.80     $ 11.31     $ 12.68     $ 11.89    
Discount per share repurchased and retired     12.72 %     13.39 %     11.14 %     13.56 %  

 

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the six months ended June 30, 2012, were as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Purchases   $ 9,626,545     $ 44,652,466     $ 11,584,498     $ 810,613    
Sales     31,271,250       104,434,494       46,268,783       11,419,364    

 

Transactions in call options written during the six months ended June 30, 2012, were as follows:

    Equity Premium
Income (JPZ)
  Equity Premium
Opportunity (JSN)
 
    Number of
Contracts
  Premiums
Received
  Number of
Contracts
  Premiums
Received
 
Options outstanding, beginning of period     3,800     $ 23,565,960       13,873     $ 39,105,309    
Options written     15,326       55,128,955       55,529       103,625,582    
Options terminated in closing purchase transactions     (15,454 )     (64,482,485 )     (55,603 )     (117,036,800 )  
Options expired                 (996 )     (1,343,526 )  
Options outstanding, end of period     3,672     $ 14,212,430       12,803     $ 24,350,565    
    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Number of
Contracts
  Premiums
Received
  Number of
Contracts
  Premiums
Received
 
Options outstanding, beginning of period     8,649     $ 14,772,216       1,408     $ 8,825,084    
Options written     33,785       45,020,117       5,614       20,238,286    
Options terminated in closing purchase transactions     (33,991 )     (48,771,288 )     (5,686 )     (23,856,230 )  
Options expired     (781 )     (1,071,018 )              
Options outstanding, end of period     7,662     $ 9,950,027       1,336     $ 5,207,140    

 

6. 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 recording income, timing differences in recognizing certain gains and losses on investment transactions and the recognition of unrealized gain or loss for tax (mark-to-market) on option contracts. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

 

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

At June 30, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Cost of investments   $ 424,418,704     $ 686,574,939     $ 245,477,319     $ 198,371,052    
Gross unrealized:  
Appreciation   $ 161,842,804     $ 280,242,775     $ 124,217,251     $ 66,012,830    
Depreciation     (52,076,933 )     (48,217,821 )     (4,400,433 )     (22,155,272 )  
Net unrealized appreciation (depreciation) of investments   $ 109,765,871     $ 232,024,954     $ 119,816,818     $ 43,857,558    

 

Permanent differences, primarily due to Real Estate Investment Trust (REIT) adjustments, return of capital distributions and tax basis earnings and profit adjustments resulted in reclassifications among the Funds' components of net assets at December 31, 2011, the Funds' last tax year-end, as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Paid-in surplus   $ (20,215,038 )   $ (56,976,889 )   $ (19,536,329 )   $ (2,660,546 )  
Undistributed (Over-distribution) of net investment income     20,130,927       56,869,667       19,499,190       2,615,060    
Accumulated net realized gain (loss)     84,111       107,222       37,139       45,486    

 

The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2011, the Funds' last tax year end, were as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Undistributed net ordinary income   $     $     $     $    
Undistributed net long-term capital gains                          

 

The tax character of distributions paid during the Funds' last tax year ended December 31, 2011 was designated for purposes of the dividends paid deduction as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Distributions from net ordinary income*   $ 28,891,374     $ 68,934,322     $ 22,520,322     $ 6,455,660    
Distributions from net long-term capital gains                          
Return of capital     15,989,671       11,166,014       8,943,289       11,765,192    

 

*  Net ordinary income consists of net taxable income derived from dividends and interest, and current year earnings and profits attributed to realized gains.

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At December 31, 2011, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Expiration:  
December 31, 2017   $ 55,219,862     $ 47,988,639     $ 26,956,858     $ 30,503,738    
December 31, 2018     4,958,903       38,327,754       14,352,958       7,655,485    
Total   $ 60,178,765     $ 86,316,393     $ 41,309,816     $ 38,159,223    

 

During the Funds' last tax year ended December 31, 2011, the following Funds utilized their capital loss carryforwards as follows:

    Equity
Premium
Income
(JPZ)
  Equity
Premium
Opportunity
(JSN)
  Equity
Premium
Advantage
(JLA)
  Equity
Premium
and Growth
(JPG)
 
Utilized capital loss carryforwards   $ 20,223,084     $ 56,964,259     $ 19,523,618     $ 2,667,174    

 

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.

During the Funds' last tax year ended December 31, 2011, there were no post-enactment capital losses generated by any of the Funds.

The Funds have elected to defer losses incurred from November 1, 2011 through December 31, 2011, the Fund's last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:

    Equity
Premium
and Growth
(JPG)
 
Post-October capital losses   $ 2,273,890    
Late-year ordinary losses        

 

7. Management Fees and Other Transactions with Affiliates

Each Fund's management fee consists of two components–a fund-level fee, based only on the amount of assets within the 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 Funds as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Managed Assets*   Equity Premium Income (JPZ)
Equity Premium Opportunity (JSN)
Equity Premium Advantage (JLA)
Fund-Level Fee Rate
 
For the first $500 million     .7000 %  
For the next $500 million     .6750    
For the next $500 million     .6500    
For the next $500 million     .6250    
For managed assets over $2 billion     .6000    

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Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

Average Daily Managed Assets*   Equity Premium and Growth (JPG)
Fund-Level Fee Rate
 
For the first $500 million     .6800 %  
For the next $500 million     .6550    
For the next $500 million     .6300    
For the next $500 million     .6050    
For managed assets over $2 billion     .5800    

 

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*   Effective Rate at Breakpoint Level  
$55 billion     .2000 %  
$56 billion     .1996    
$57 billion     .1989    
$60 billion     .1961    
$63 billion     .1931    
$66 billion     .1900    
$71 billion     .1851    
$76 billion     .1806    
$80 billion     .1773    
$91 billion     .1691    
$125 billion     .1599    
$200 billion     .1505    
$250 billion     .1469    
$300 billion     .1445    

 

*  For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the 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 managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of June 30, 2012, the complex-level fee rate for each of these Funds was .1731%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Gateway Investment Advisers, LLC ("Gateway"), under which Gateway manages the investment portfolios of the Funds. Gateway is compensated for its services to the Funds from the management fees paid to the Adviser.

The Funds pay no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Trustees 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.

 

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For the first eight years of Equity Premium Income's (JPZ) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending
October 31,
  Year Ending
October 31,
 
  2004 *     .30 %     2009       .30 %  
  2005       .30       2010       .22    
  2006       .30       2011       .14    
  2007       .30       2012       .07    
  2008       .30                

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any portion of its fees and expenses beyond October 31, 2012.

For the first eight years of Equity Premium Opportunity's (JSN) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending
January 31,
  Year Ending
January 31,
 
  2005 *     .30 %     2010       .30 %  
  2006       .30       2011       .22    
  2007       .30       2012       .14    
  2008       .30       2013       .07    
  2009       .30                

 

*  From the commencement of operations.

The Adviser has not agreed to reimburse Equity Premium Opportunity (JSN) for any portion of its fees and expenses beyond January 31, 2013.

8. New Accounting Pronouncements

Financial Accounting Standards Board ("FASB") Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-11 ("ASU No. 2011-11") to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting ("netting") on the Statement of Assets and Liabilities. This information will enable users of the entity's financial statements to evaluate the effect or potential effect of netting arrangements on the entity's financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

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Annual Investment Management
Agreement Approval Process
(Unaudited)

The Board of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for approving the advisory agreements (each, an "Investment Management Agreement") between each Fund and Nuveen Fund Advisors, Inc. (the "Advisor") and the sub-advisory agreements (each, a "Sub-Advisory Agreement") between the Advisor and Gateway Investment Advisers, LLC (the "Sub-Advisor") (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the "Advisory Agreements") and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for their considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the "Fund Advisers" and each, a "Fund Adviser"). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor's profitability with comparisons to comparable peers in the managed fund business. As part of their annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds' investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor's investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of their review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through

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its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund's Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser's services, including

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor's integrity and the Advisor's responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser's organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor's investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team's philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser's ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor's execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance, legal support, managing leverage and promoting an orderly secondary market for common shares. The Board further recognized Nuveen's additional investments in personnel, including in compliance and risk management.

In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the closed-end fund product line. These initiatives included completion of the refinancing of auction rate preferred securities; efforts to eliminate product overlap with fund mergers; elimination of the insurance mandate on several funds; ongoing services to manage leverage that has become increasingly complex; continued secondary market offerings, share repurchases and other support initiatives for certain funds; and continued communications efforts with shareholders, fund analysts and financial advisers. With respect to the

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latter, the Independent Board Members noted Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen's support services included, among other things: continuing communications concerning the refinancing efforts related to auction rate preferred securities; supporting and promoting munifund term preferred shares (MTP) including by launching a microsite dedicated to MTP shares; sponsoring and participating in conferences; communicating with closed-end fund analysts covering the Nuveen funds throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds' performance and the applicable investment team. In this regard, the Board reviewed each Fund's total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

The Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder's investment period. In addition, although the performance below reflects the performance results for the time periods

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund's peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund's investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen Equity Premium Advantage Fund (the "Premium Advantage Fund") and the Nuveen Equity Premium Opportunity Fund (the "Premium Opportunity Fund") had demonstrated generally favorable performance in comparison to their peers, performing in the top two quartiles (except that the Premium Opportunity Fund was in the third quartile for the three-year period). In addition, the Independent Board Members observed that the Nuveen Equity Premium Income Fund and the Nuveen Equity Premium and Growth Fund had demonstrated generally satisfactory performance compared to their peers, falling within the second or third quartile over various periods.

Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the "Peer Universe") and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In

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reviewing fees and expenses (excluding leverage costs and leveraged assets), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.

The Independent Board Members noted that each Fund had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below its peer averages.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees were reasonable in light of the nature, extent and quality of services provided to it.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen, and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. The Independent Board Members noted that the sub-advisory fees were the result of arm's-length negotiations.

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the

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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor's continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen's investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor's level of profitability for its advisory activities was reasonable in light of the services provided.

The Independent Board Members also considered the Sub-Advisor's revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities with the Funds. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor's level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

Nuveen Investments
72



D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds' investment portfolio.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds' assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that the Advisor has the authority to pay a higher commission in return for brokerage and research services if it determines

Nuveen Investments
73



Annual Investment Management Agreement
Approval Process (Unaudited) (continued)

in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by the Advisor may also benefit a Fund and shareholders to the extent the research enhances the ability of the Advisor to manage the Fund. The Independent Board Members noted that the profitability of the Advisor may be somewhat lower if it did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly. Additionally, the Board considered that while the Sub-Advisor may select brokers that provide it with research services, it is the Sub-Advisor's current practice not to receive soft dollar credits in connection with trades executed for the Funds.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser's fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments
74



Reinvest Automatically,
Easily and Conveniently

Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.

By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.

It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each quarter you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid

Nuveen Investments
75



Reinvest Automatically,
Easily and Conveniently (continued)

by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your financial advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.

The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

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76



Glossary of Terms
Used in this Report

•  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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

•  Comparative Index for JLA: A blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ -100 Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

•  Comparative Index for JSN: A blended return consisting of: 1) 75% of the return of the S&P 500® Index and 2) 25% of the NASDAQ -100 Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

•  Current Distribution Rate: Current distribution rate is based on the Fund's current annualized quarterly distribution divided by the Fund's current market price. The Fund's quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a tax return of capital.

•  NASDAQ -100 Index: An index including 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

•  Net Asset Value (NAV): The net market value of all securities held in a portfolio.

•  Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund's total assets (securities, cash, and accrued earnings), subtracting the Fund's liabilities, and dividing by the number of shares outstanding.

•  S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

Nuveen Investments
77



Intentionally Left Blank

Nuveen Investments
78




Additional Fund Information

Board of Trustees

John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer
Terence J. Toth

Fund Manager

Nuveen Fund Advisers, Inc.
333 West Wacker Drive
Chicago, IL 60606

Custodian

State Street Bank & Trust Company
Boston, MA

Transfer Agent and
Shareholder Services

State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

Legal Counsel

Chapman and Cutler LLP
Chicago, IL

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

CEO Certification Disclosure

Each Fund's Chief Executive Officer 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 Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

Fund   Shares
Repurchased
 
JPZ     12,600    
JSN        
JLA     43,477    
JPG     1,800    

 

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

Nuveen Investments
79




Nuveen Investments:
Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $212 billion as of June 30, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments 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 Investments, 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/cef

Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com/cef

ESA-D-0612D




 

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. SCHEDULE OF INVESTMENTS.

 

a) See Portfolio of Investments in Item 1.

 

b) Not applicable.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to this filing.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

 

 

 

 

(b)

 

(c)

 

(d)*

 

 

 

(a)

 

AVERAGE

 

TOTAL NUMBER OF SHARES

 

MAXIMUM NUMBER (OR

 

 

 

TOTAL NUMBER OF

 

PRICE

 

(OR UNITS) PURCHASED AS

 

APPROXIMATE DOLLAR VALUE) OF

 

 

 

SHARES (OR

 

PAID PER

 

PART OF PUBLICLY

 

SHARES (OR UNITS) THAT MAY YET

 

 

 

UNITS)

 

SHARE (OR

 

ANNOUNCED PLANS OR

 

BE PURCHASED UNDER THE PLANS OR

 

Period*

 

PURCHASED

 

UNIT)

 

PROGRAMS

 

PROGRAMS

 

 

 

 

 

 

 

 

 

 

 

JANUARY 1-31, 2012

 

3,000

 

11.35

 

3,000

 

2,478,711

 

 

 

 

 

 

 

 

 

 

 

FEBRUARY 1-29, 2012

 

0

 

 

 

0

 

2,478,711

 

 

 

 

 

 

 

 

 

 

 

MARCH 1-31, 2012

 

2,600

 

12.04

 

2,600

 

2,476,111

 

 

 

 

 

 

 

 

 

 

 

APRIL 1-30, 2012

 

12,000

 

11.93

 

12,000

 

2,464,111

 

 

 

 

 

 

 

 

 

 

 

MAY 1-31, 2012

 

10,000

 

11.97

 

10,000

 

2,454,111

 

 

 

 

 

 

 

 

 

 

 

JUNE 1-30, 2012

 

15,877

 

11.67

 

15,877

 

2,438,234

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

43,477

 

 

 

 

 

 

 

 


* The registrant’s repurchase program, which authorized the repurchase of 2,580,000 shares, was announced November 16, 2011.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

 

ITEM 10. 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 11. 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 second fiscal quarter of 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 12. EXHIBITS.

 

File the exhibits listed below as part of this Form.

 

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

 

(a)(2) 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)) in the exact form set forth below: Ex-99.CERT attached hereto.

 

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

 

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 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 Equity Premium Advantage Fund

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

Vice President and Secretary

 

 

Date: September 7, 2012

 

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: September 7, 2012

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

Vice President and Controller

 

(principal financial officer)

 

 

Date: September 7, 2012