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 |
811-21619 | |||||
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Nuveen Equity Premium Income Fund | ||||||
(Exact name of registrant as specified in charter) | ||||||
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Nuveen Investments | ||||||
(Address of principal executive offices) (Zip code) | ||||||
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Kevin J. McCarthy | ||||||
(Name and address of agent for service) | ||||||
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Registrant’s telephone number, including area code: |
(312) 917-7700 |
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Date of fiscal year end: |
December 31 |
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Date of reporting period: |
December 31, 2012 |
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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
Annual Report
December 31, 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 |
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Portfolio Managers' Comments |
5 |
||||||
Share Distribution and Price Information |
10 |
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Performance Overviews |
13 |
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Report of Independent Registered Public Accounting Firm |
17 |
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Portfolios of Investments |
18 |
||||||
Statement of Assets & Liabilities |
50 |
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Statement of Operations |
51 |
||||||
Statement of Changes in Net Assets |
52 |
||||||
Financial Highlights |
54 |
||||||
Notes to Financial Statements |
56 |
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Board Members & Officers |
68 |
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Glossary of Terms Used in this Report |
73 |
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Additional Fund Information |
75 |
Chairman's
Letter to Shareholders
Dear Shareholders,
Despite the global economy's ability to muddle through the many economic headwinds of 2012, investors continue to have good reasons to remain cautious. The European Central Bank's decisions to extend intermediate term financing to major European banks and to support sovereign debt markets have begun to show signs of a stabilized euro area financial market. The larger member states of the European Union (EU) are working diligently to strengthen the framework for a tighter financial and banking union and meaningful progress has been made by agreeing to centralize large bank regulation under the European Central Bank. However, economic conditions in the southern tier members are not improving and the pressures on their political leadership remain intense. The jury is out on whether the respective populations will support the continuing austerity measures that are needed to meet the EU fiscal targets.
In the U.S., the Fed remains committed to low interest rates into 2015 through its third program of Quantitative Easing (QE3). Inflation remains low but a growing number of economists are expressing concern about the economic distortions resulting from negative real interest rates. The highly partisan atmosphere in Congress led to a disappointingly modest solution for dealing with the end-of-year tax and spending issues. Early indications for the new Congressional term have not given much encouragement that the atmosphere for dealing with the sequestration legislation and the debt ceiling issues, let alone a more encompassing "grand bargain," will be any better than the last Congress. Over the longer term, there are some encouraging trends for the U.S. economy: house prices are beginning to recover, banks and corporations continue to strengthen their financial positions and incentives for capital investment in the U.S. by domestic and foreign corporations are increasing due to more competitive energy and labor costs.
During 2012 U.S. investors have benefited from strong returns in the domestic equity markets and solid returns in most fixed income markets. However, many of the macroeconomic risks of 2012 remain unresolved, including negotiating through the many U.S. fiscal issues, managing the risks of another year of abnormally low U.S. interest rates, sustaining the progress being made in the euro area and reducing the potential economic impact of geopolitical issues, particularly in the Middle East. In the face of these uncertainties, the experienced investment professionals at Nuveen Investments seek out investments that are enjoying positive economic conditions. At the same time they are always on the alert for risks in markets subject to excessive optimism or for opportunities in markets experiencing undue pessimism. Monitoring this process is a critical function for the Fund Board as it oversees your Nuveen Fund on your behalf.
As always, I encourage you to communicate with 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
February 22, 2013
Nuveen Investments
4
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, President, and Kenneth H. Toft, Vice President, serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius, Senior Vice President, are co-portfolio managers for JPZ and JPG. Here they discuss the general market conditions, their management strategies and the performance of the Funds for the twelve-months ended December 31, 2012.
Effective February 21, 2013, Michael Buckius and Kenneth Toft, both of Gateway Investment Advisers, LLC, have been appointed co-portfolio managers of the Funds. J. Patrick Rogers no longer serves as a portfolio manager of the Funds. Each Fund's investment objectives and investment strategies remain unchanged.
What were the general market conditions and trends over the course of this reporting period?
During this period, the U.S. economy's progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. The central bank decided during its December 2012 meeting to keep the fed funds rate at "exceptionally low levels" until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed's holdings of longer-term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer-term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed's mandates of maximum employment and price stability.
In the fourth quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), decreased at an estimated annualized rate of 0.1%, down from a 3.1%
Nuveen Investments
5
increase in the third quarter. This slight decline was due to lower inventory investment, federal spending and net exports. The Consumer Price Index (CPI) rose 1.7% year-over-year as of December 2012, after a 3.0% increase in 2011. The core CPI (which excludes food and energy) increased 1.9% during the period, staying just within the Fed's unofficial objective of 2.0% or lower for this inflation measure. As of January 2013, the national unemployment rate was 7.9%, slightly higher than the 7.8% unemployment rate for December 2012 but below the 8.3% level recorded in January 2012. The housing market continued to show signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 5.5% for the twelve months ended November 2012 (most recent data available at the time this report was prepared). This was the largest year-over-year price gain since August 2006. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets and the continued negotiations by Congress regarding potential spending cuts and tax policy reform.
At the global level, all major markets skirted potentially serious economic disruption. Arguably, Europe was the most acute with multiple threats of sovereign defaults. The United States spent much of the year hoping to avoid a stalemated fiscal policy which would lead to an economic slowdown. In Asia, both China and Japan underwent regime changes with uncertainty in the background, particularly worrisome in China since it had been providing an important growth engine for the global economy. Countering these risks were substantial liquidity infusions in all three regions by central banking authorities, as monetary policy sought to compensate for the lack of fiscal stimulus.
Against this backdrop, it is hardly surprising that domestic equity investors took a risk-on/risk-off path during the year. After a strong first quarter, equity market optimism turned to apprehension as worldwide concerns clouded economic forecasts. Consequently, the S&P 500® Index ended the year up 16.00%, having earned 12.58% of this return in the risk-on first quarter. Paralleling the S&P 500® Index, the technology-laden, growth stock-oriented NASDAQ-100 Index exhibited a see-saw pattern of returns, posting a strong 21.24% in the first quarter, then playing defense the remainder of 2012 to finish the year at 18.33%.
Measures of market volatility, the Chicago Board Options Exchange Volatility Index (the "VIX"), which is reflective of S&P 500® Index option volatility, and the CBOE NASDAQ-100 Volatility Index (the "VXN"), which reflects volatility in NASDAQ-100 Index options, both declined during the year. Such declines have been related to large central bank liquidity infusions which occurred during the year.
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.
Nuveen Investments
6
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.
* 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.
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 approximately 80% of the value of the equity portfolio.
The writing of call options on a broad equity index, while investing in a portfolio of equities, 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 downside 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 was marked by rising markets, during the first and third quarters. This is one factor which contributed to the underperformance of each Fund during the period.
How did the Funds perform during this twelve-month period ended December 31, 2012?
The performance of the Funds, as well as for comparative indexes, is presented in the accompanying table.
Average Annual Total Returns on Net Asset Value
For periods ended 12/31/12
Fund |
1-Year |
5-Year |
Since Inception* |
||||||||||||
JPZ |
10.43 |
% |
2.70 |
% |
4.62 |
% |
|||||||||
S&P 500® Index** |
16.00 |
% |
1.66 |
% |
5.27 |
% |
JSN |
9.62 |
% |
2.49 |
% |
4.71 |
% |
Comparative Index** |
16.63 |
% |
2.75 |
% |
5.57 |
% |
JLA |
9.54 |
% |
2.91 |
% |
4.81 |
% |
Comparative Index** |
17.23 |
% |
3.81 |
% |
6.47 |
% |
JPG |
11.03 |
% |
2.35 |
% |
4.19 |
% |
S&P 500® Index** |
16.00 |
% |
1.66 |
% |
3.92 |
% |
For the twelve-month period ended December 31, 2012, the Funds lagged their respective comparative unhedged equity indexes. During the first quarter and third quarters of 2012, when the S&P 500® Index and the NASDAQ 100 Index showed strong positive returns, 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 and fourth quarter, when the comparative indexes declined, similar premium capture allowed each Fund to slightly outperform their comparative equity indexes. As compared to the
Nuveen Investments
7
S&P 500® Index, which earned the bulk of its annual return in the first quarter, and the NASDAQ-100 Index, which earned more than its annual return in the first quarter, all four Funds earned steady quarterly returns as is the nature of these hedged equity investments.
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. This more conservative approach to adjusting strikes, lagging the more extreme market movements, benefited performance as the Funds suffered less from the whipsaws. When whipsaws occur during choppy markets, 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 risk-managed investment discipline and strive to limit market volatility, the Funds will tend to post their most attractive relative returns in generally weak stock market environments: as noted above, all four Funds posted positive returns in the second quarter when the S&P 500® Index and NASDAQ-100 Index were down 2.75% and 4.79%, respectively. Conversely, when equity markets are generally strong, the call-writing portion of the Funds' strategy will tend to constrain relative performance. This was evident in the first quarter when the S&P 500® Index and NASDAQ-100 Index rose 12.59% and 21.24%, respectively. The range of the four Funds' net asset value (NAV) performance that quarter was from 5.26% to 6.46%.
We continue to maintain a cautious posture poised to benefit from market volatility through the sale of index call options. As we have seen over the last several years, especially within a whipsawing market that is driven more by liquidity infusions than economic growth, challenges facing investors appear more acute.
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. Fund common shares are subject to a variety of risks including:
Investment, Market and Price 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. Shares of closed-end investment companies like the Fund frequently trade at a discount to NAV. 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.
Nuveen Investments
8
Common Stock Risk. Common stock 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 a Fund's portfolio may be reinvested at rates below that of the original bond that generated the income.
Nuveen Investments
9
Share Distribution and
Price Information
Distribution Information
The following information regarding each Fund's distributions is current as of December 31, 2012, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.
During the current reporting period, each of the 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.
Nuveen Investments
10
• 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 year ended December 31, 2012. 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 12/31/12 |
JPZ |
JSN |
JLA |
JPG |
|||||||||||||||
Inception date |
10/26/04 |
1/26/05 |
5/25/05 |
11/22/05 |
|||||||||||||||
Fiscal year (calendar year) ended December 31, 2012: |
|||||||||||||||||||
Per share distribution: |
|||||||||||||||||||
From net investment income |
$ |
0.25 |
$ |
0.20 |
$ |
0.21 |
$ |
0.26 |
|||||||||||
From long-term capital gains |
0.00 |
0.00 |
0.00 |
0.00 |
|||||||||||||||
From short-term capital gains |
0.00 |
0.00 |
0.00 |
0.00 |
|||||||||||||||
Return of capital |
0.83 |
0.92 |
0.93 |
0.86 |
|||||||||||||||
Total per share distribution |
$ |
1.08 |
$ |
1.12 |
$ |
1.14 |
$ |
1.12 |
|||||||||||
Distribution rate on NAV |
8.23 |
% |
8.60 |
% |
8.55 |
% |
7.80 |
% |
|||||||||||
Average annual total returns: |
|||||||||||||||||||
1-Year on NAV |
10.43 |
% |
9.62 |
% |
9.54 |
% |
11.03 |
% |
|||||||||||
5-Year on NAV |
2.70 |
% |
2.49 |
% |
2.91 |
% |
2.35 |
% |
|||||||||||
Since inception on NAV |
4.62 |
% |
4.71 |
% |
4.81 |
% |
4.19 |
% |
Share Repurchases and Price Information
During November 2012, the Nuveen Funds Board of Directors/Trustees reauthorized the Funds' open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of December 31, 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 |
460,238 |
1.2 |
% |
||||||||
JSN |
550,600 |
0.8 |
% |
||||||||
JLA |
462,633 |
1.8 |
% |
||||||||
JPG |
383,763 |
2.4 |
% |
Nuveen Investments
11
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 |
17,662 |
$ |
11.50 |
19.37 |
% |
||||||||||
JSN |
4,700 |
$ |
11.31 |
12.12 |
% |
||||||||||
JLA |
75,394 |
$ |
11.83 |
12.36 |
% |
||||||||||
JPG |
13,800 |
$ |
12.60 |
11.72 |
% |
As of December 31, 2012, and during the twelve-month reporting period, the Funds' share prices were trading at (–) discounts relative to their NAVs as shown in the accompanying table.
Fund |
12/31/12 |
Twelve-Month Average |
|||||||||
JPZ |
(-) 9.90% |
(-) 9.25% |
|||||||||
JSN |
(-) 7.37% |
(-) 8.65% |
|||||||||
JLA |
(-) 10.73% |
(-) 10.77% |
|||||||||
JPG |
(-) 9.96% |
(-) 10.28% |
Nuveen Investments
12
JPZ
Performance
OVERVIEW
Nuveen Equity Premium Income Fund
as of December 31, 2012
Fund Allocation (as a % of total net assets)3
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.
4 Rounds to less than 0.1%.
Fund Snapshot
Share Price |
$ |
11.83 |
|||||
Net Asset Value (NAV) |
$ |
13.13 |
|||||
Premium/(Discount) to NAV |
-9.90 |
% |
|||||
Current Distribution Rate1 |
9.16 |
% |
|||||
Net Assets ($000) |
$ |
504,982 |
Average Annual Total Returns
(Inception 10/26/04)
On Share Price |
On NAV |
||||||||||
1-Year |
15.58 |
% |
10.43 |
% |
|||||||
5-Year |
3.65 |
% |
2.70 |
% |
|||||||
Since Inception |
3.31 |
% |
4.62 |
% |
Portfolio Composition3
(as a % of total common stocks)
Oil, Gas & Consumable Fuels |
9.3 |
% |
|||||
Pharmaceuticals |
5.9 |
% |
|||||
Computers & Peripherals |
4.4 |
% |
|||||
Diversified Financial Services |
4.3 |
% |
|||||
IT Services |
3.7 |
% |
|||||
Software |
3.7 |
% |
|||||
Diversified Telecommunication Services |
3.4 |
% |
|||||
Media |
3.0 |
% |
|||||
Machinery |
2.7 |
% |
|||||
Aerospace & Defense |
2.7 |
% |
|||||
Commercial Banks |
2.7 |
% |
|||||
Real Estate Investment Trust |
2.6 |
% |
|||||
Industrial Conglomerates |
2.5 |
% |
|||||
Beverages |
2.5 |
% |
|||||
Specialty Retail |
2.4 |
% |
|||||
Internet Software & Services |
2.4 |
% |
|||||
Chemicals |
2.4 |
% |
|||||
Semiconductors & Equipment |
2.2 |
% |
|||||
Communications Equipment |
2.2 |
% |
|||||
Tobacco |
2.1 |
% |
|||||
Food & Staples Retailing |
2.1 |
% |
|||||
Energy Equipment & Services |
2.1 |
% |
|||||
Insurance |
2.1 |
% |
|||||
Household Products |
2.1 |
% |
|||||
Health Care Providers & Services |
2.0 |
% |
|||||
Capital Markets |
1.9 |
% |
|||||
Health Care Equipment & Supplies |
1.9 |
% |
|||||
Other |
18.7 |
% |
Nuveen Investments
13
Fund Snapshot
Share Price |
$ |
12.07 |
|||||
Net Asset Value (NAV) |
$ |
13.03 |
|||||
Premium/(Discount) to NAV |
-7.37 |
% |
|||||
Current Distribution Rate1 |
9.25 |
% |
|||||
Net Assets ($000) |
$ |
866,395 |
Average Annual Total Returns
(Inception 1/26/05)
On Share Price |
On NAV |
||||||||||
1-Year |
15.68 |
% |
9.62 |
% |
|||||||
5-Year |
4.41 |
% |
2.49 |
% |
|||||||
Since Inception |
3.70 |
% |
4.71 |
% |
Portfolio Composition3
(as a % of total common stocks)
Computers & Peripherals |
8.5 |
% |
|||||
Software |
6.9 |
% |
|||||
Oil, Gas & Consumable Fuels |
6.4 |
% |
|||||
Pharmaceuticals |
5.0 |
% |
|||||
Internet Software & Services |
4.5 |
% |
|||||
Media |
3.7 |
% |
|||||
IT Services |
3.6 |
% |
|||||
Communications Equipment |
3.5 |
% |
|||||
Semiconductors & Equipment |
3.1 |
% |
|||||
Diversified Financial Services |
2.9 |
% |
|||||
Specialty Retail |
2.4 |
% |
|||||
Diversified Telecommunication Services |
2.3 |
% |
|||||
Insurance |
2.3 |
% |
|||||
Biotechnology |
2.2 |
% |
|||||
Internet & Catalog Retail |
2.1 |
% |
|||||
Commercial Banks |
2.1 |
% |
|||||
Beverages |
2.1 |
% |
|||||
Machinery |
2.1 |
% |
|||||
Health Care Providers & Services |
2.0 |
% |
|||||
Health Care Equipment & Supplies |
1.9 |
% |
|||||
Chemicals |
1.8 |
% |
|||||
Real Estate Investment Trust |
1.8 |
% |
|||||
Aerospace & Defense |
1.8 |
% |
|||||
Energy Equipment & Services |
1.8 |
% |
|||||
Food & Staples Retailing |
1.7 |
% |
|||||
Industrial Conglomerates |
1.7 |
% |
|||||
Other |
19.8 |
% |
JSN
Performance
OVERVIEW
Nuveen Equity Premium Opportunity Fund
as of December 31, 2012
Fund Allocation (as a % of total net assets)3
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.
4 Rounds to less than 0.1%.
Nuveen Investments
14
JLA
Performance
OVERVIEW
Nuveen Equity Premium Advantage Fund
as of December 31, 2012
Fund Allocation (as a % of total net assets)3
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.
4 Rounds to less than (0.1)%.
Fund Snapshot
Share Price |
$ |
11.90 |
|||||
Net Asset Value (NAV) |
$ |
13.33 |
|||||
Premium/(Discount) to NAV |
-10.73 |
% |
|||||
Current Distribution Rate1 |
9.55 |
% |
|||||
Net Assets ($000) |
$ |
342,191 |
Average Annual Total Returns
(Inception 5/25/05)
On Share Price |
On NAV |
||||||||||
1-Year |
13.89 |
% |
9.54 |
% |
|||||||
5-Year |
4.02 |
% |
2.91 |
% |
|||||||
Since Inception |
3.33 |
% |
4.81 |
% |
Portfolio Composition3
(as a % of total common stocks)
Software |
10.6 |
% |
|||||
Computers & Peripherals |
10.4 |
% |
|||||
Internet Software & Services |
7.3 |
% |
|||||
Semiconductors & Equipment |
5.1 |
% |
|||||
Oil, Gas & Consumable Fuels |
4.8 |
% |
|||||
Communications Equipment |
4.7 |
% |
|||||
Media |
4.6 |
% |
|||||
Pharmaceuticals |
3.9 |
% |
|||||
Biotechnology |
3.3 |
% |
|||||
IT Services |
3.1 |
% |
|||||
Internet & Catalog Retail |
2.9 |
% |
|||||
Specialty Retail |
2.3 |
% |
|||||
Diversified Financial Services |
2.2 |
% |
|||||
Electrical Equipment |
2.1 |
% |
|||||
Hotels, Restaurants & Leisure |
1.9 |
% |
|||||
Health Care Equipment & Supplies |
1.8 |
% |
|||||
Insurance |
1.8 |
% |
|||||
Food & Staples Retailing |
1.7 |
% |
|||||
Diversified Telecommunication Services |
1.7 |
% |
|||||
Commercial Banks |
1.6 |
% |
|||||
Electric Utilities |
1.6 |
% |
|||||
Aerospace & Defense |
1.5 |
% |
|||||
Other |
19.1 |
% |
Nuveen Investments
15
Fund Snapshot
Share Price |
$ |
12.93 |
|||||
Net Asset Value (NAV) |
$ |
14.36 |
|||||
Premium/(Discount) to NAV |
-9.96 |
% |
|||||
Current Distribution Rate1 |
8.66 |
% |
|||||
Net Assets ($000) |
$ |
232,005 |
Average Annual Total Returns
(Inception 11/22/05)
On Share Price |
On NAV |
||||||||||
1-Year |
16.58 |
% |
11.03 |
% |
|||||||
5-Year |
3.53 |
% |
2.35 |
% |
|||||||
Since Inception |
2.76 |
% |
4.19 |
% |
Portfolio Composition3
(as a % of total common stocks)
Oil, Gas & Consumable Fuels |
9.5 |
% |
|||||
Pharmaceuticals |
6.3 |
% |
|||||
Computers & Peripherals |
4.5 |
% |
|||||
Diversified Financial Services |
4.3 |
% |
|||||
IT Services |
3.9 |
% |
|||||
Software |
3.7 |
% |
|||||
Diversified Telecommunication Services |
3.5 |
% |
|||||
Insurance |
3.4 |
% |
|||||
Specialty Retail |
2.9 |
% |
|||||
Commercial Banks |
2.7 |
% |
|||||
Machinery |
2.7 |
% |
|||||
Internet Software & Services |
2.6 |
% |
|||||
Chemicals |
2.6 |
% |
|||||
Media |
2.6 |
% |
|||||
Real Estate Investment Trust |
2.4 |
% |
|||||
Aerospace & Defense |
2.4 |
% |
|||||
Beverages |
2.3 |
% |
|||||
Communications Equipment |
2.3 |
% |
|||||
Health Care Providers & Services |
2.2 |
% |
|||||
Semiconductors & Equipment |
2.1 |
% |
|||||
Energy Equipment & Services |
2.1 |
% |
|||||
Tobacco |
2.1 |
% |
|||||
Household Products |
2.0 |
% |
|||||
Multi-Utilities |
2.0 |
% |
|||||
Health Care Equipment & Supplies |
2.0 |
% |
|||||
Food & Staples Retailing |
1.9 |
% |
|||||
Other |
19.0 |
% |
JPG
Performance
OVERVIEW
Nuveen Equity Premium and Growth Fund
as of December 31, 2012
Fund Allocation (as a % of total net assets)3
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.
4 Rounds to less than 0.1%.
Nuveen Investments
16
Report of INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Board of Trustees and Shareholders of
Nuveen Equity Premium Income Fund
Nuveen Equity Premium Opportunity Fund
Nuveen Equity Premium Advantage Fund
Nuveen Equity Premium and Growth Fund:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund, and Nuveen Equity Premium and Growth Fund (hereinafter referred to as the "Funds") at December 31, 2012, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, IL
February 28, 2013
Nuveen Investments
17
JPZ
Nuveen Equity Premium Income Fund
Portfolio of Investments
December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Common Stocks – 99.1% (5) |
|||||||||||
Aerospace & Defense – 2.7% |
|||||||||||
44,366 |
Boeing Company |
$ |
3,343,422 |
||||||||
62,823 |
Honeywell International Inc. |
3,987,376 |
|||||||||
32,905 |
Raytheon Company |
1,894,012 |
|||||||||
52,443 |
United Technologies Corporation |
4,300,850 |
|||||||||
Total Aerospace & Defense |
13,525,660 |
||||||||||
Air Freight & Logistics – 0.9% |
|||||||||||
60,593 |
United Parcel Service, Inc., Class B |
4,467,522 |
|||||||||
Airlines – 0.0% |
|||||||||||
3,957 |
United Continental Holdings Inc., (2) |
92,515 |
|||||||||
Auto Components – 0.2% |
|||||||||||
30,296 |
Cooper Tire & Rubber |
768,307 |
|||||||||
Automobiles – 0.8% |
|||||||||||
195,811 |
Ford Motor Company |
2,535,752 |
|||||||||
32,461 |
Harley-Davidson, Inc. |
1,585,395 |
|||||||||
Total Automobiles |
4,121,147 |
||||||||||
Beverages – 2.5% |
|||||||||||
180,676 |
Coca-Cola Company |
6,549,505 |
|||||||||
14,723 |
Monster Beverage Corporation, (2) |
778,552 |
|||||||||
75,742 |
PepsiCo, Inc. |
5,183,025 |
|||||||||
Total Beverages |
12,511,082 |
||||||||||
Biotechnology – 1.4% |
|||||||||||
40,799 |
Amgen Inc. |
3,521,770 |
|||||||||
22,699 |
Celgene Corporation, (2) |
1,786,865 |
|||||||||
23,687 |
Gilead Sciences, Inc., (2) |
1,739,810 |
|||||||||
Total Biotechnology |
7,048,445 |
||||||||||
Building Products – 0.1% |
|||||||||||
42,748 |
Masco Corporation |
712,182 |
|||||||||
Capital Markets – 1.9% |
|||||||||||
109,476 |
Charles Schwab Corporation |
1,572,075 |
|||||||||
21,672 |
Goldman Sachs Group, Inc. |
2,764,480 |
|||||||||
48,534 |
Jefferies Group, Inc. |
901,276 |
|||||||||
40,593 |
Legg Mason, Inc. |
1,044,052 |
|||||||||
107,319 |
Morgan Stanley |
2,051,939 |
|||||||||
38,635 |
Waddell & Reed Financial, Inc., Class A |
1,345,271 |
|||||||||
Total Capital Markets |
9,679,093 |
Nuveen Investments
18
Shares |
Description (1) |
Value |
|||||||||
Chemicals – 2.3% |
|||||||||||
53,348 |
Dow Chemical Company |
$ |
1,724,207 |
||||||||
54,215 |
E.I. Du Pont de Nemours and Company |
2,438,049 |
|||||||||
34,457 |
Eastman Chemical Company |
2,344,799 |
|||||||||
24,907 |
Monsanto Company |
2,357,448 |
|||||||||
53,293 |
Olin Corporation |
1,150,596 |
|||||||||
60,403 |
RPM International, Inc. |
1,773,432 |
|||||||||
Total Chemicals |
11,788,531 |
||||||||||
Commercial Banks – 2.7% |
|||||||||||
33,724 |
Comerica Incorporated |
1,023,186 |
|||||||||
16,998 |
HSBC Holdings PLC, Sponsored ADR |
902,084 |
|||||||||
17,184 |
PNC Financial Services Group, Inc. |
1,001,999 |
|||||||||
100,054 |
U.S. Bancorp |
3,195,725 |
|||||||||
213,264 |
Wells Fargo & Company |
7,289,364 |
|||||||||
Total Commercial Banks |
13,412,358 |
||||||||||
Commercial Services & Supplies – 0.7% |
|||||||||||
3,177 |
Avery Dennison Corporation |
110,941 |
|||||||||
56,149 |
Deluxe Corporation |
1,810,244 |
|||||||||
40,642 |
Pitney Bowes Inc. |
432,431 |
|||||||||
16,031 |
R.R. Donnelley & Sons Company |
144,279 |
|||||||||
35,497 |
Waste Management, Inc. |
1,197,669 |
|||||||||
Total Commercial Services & Supplies |
3,695,564 |
||||||||||
Communications Equipment – 2.2% |
|||||||||||
14,156 |
ADTRAN, Inc. |
276,608 |
|||||||||
3,408 |
Ciena Corporation, (2) |
53,506 |
|||||||||
230,385 |
Cisco Systems, Inc. |
4,527,065 |
|||||||||
11,034 |
JDS Uniphase Corporation, (2) |
149,400 |
|||||||||
25,703 |
Motorola Solutions Inc. |
1,431,143 |
|||||||||
71,809 |
QUALCOMM, Inc. |
4,453,594 |
|||||||||
Total Communications Equipment |
10,891,316 |
||||||||||
Computers & Peripherals – 4.3% |
|||||||||||
34,529 |
Apple, Inc. |
18,404,992 |
|||||||||
67,332 |
Dell Inc. |
682,073 |
|||||||||
108,453 |
EMC Corporation, (2) |
2,743,861 |
|||||||||
Total Computers & Peripherals |
21,830,926 |
||||||||||
Consumer Finance – 0.5% |
|||||||||||
23,246 |
American Express Company |
1,336,180 |
|||||||||
32,690 |
Discover Financial Services |
1,260,200 |
|||||||||
Total Consumer Finance |
2,596,380 |
||||||||||
Containers & Packaging – 0.4% |
|||||||||||
43,759 |
Packaging Corp. of America |
1,683,409 |
|||||||||
5,718 |
Sonoco Products Company |
169,996 |
|||||||||
Total Containers & Packaging |
1,853,405 |
||||||||||
Distributors – 0.4% |
|||||||||||
29,044 |
Genuine Parts Company |
1,846,618 |
|||||||||
Diversified Consumer Services – 0.0% |
|||||||||||
7,623 |
Apollo Group, Inc., Class A, (2) |
159,473 |
Nuveen Investments
19
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Diversified Financial Services – 4.2% |
|||||||||||
414,679 |
Bank of America Corporation |
$ |
4,810,276 |
||||||||
118,386 |
Citigroup Inc. |
4,683,350 |
|||||||||
33,950 |
CME Group, Inc. |
1,721,605 |
|||||||||
194,835 |
JP Morgan Chase & Co. |
8,566,895 |
|||||||||
47,644 |
New York Stock Exchange Euronext |
1,502,692 |
|||||||||
Total Diversified Financial Services |
21,284,818 |
||||||||||
Diversified Telecommunication Services – 3.4% |
|||||||||||
262,347 |
AT&T Inc. |
8,843,717 |
|||||||||
29,237 |
CenturyLink Inc. |
1,143,751 |
|||||||||
250,097 |
Frontier Communications Corporation |
1,070,415 |
|||||||||
134,231 |
Verizon Communications Inc. |
5,808,175 |
|||||||||
18,198 |
Windstream Corporation |
150,679 |
|||||||||
Total Diversified Telecommunication Services |
17,016,737 |
||||||||||
Electric Utilities – 1.5% |
|||||||||||
55,280 |
Duke Energy Corporation |
3,526,864 |
|||||||||
27,323 |
Great Plains Energy Incorporated |
554,930 |
|||||||||
19,046 |
OGE Energy Corp. |
1,072,480 |
|||||||||
80,800 |
Pepco Holdings, Inc. |
1,584,488 |
|||||||||
20,004 |
Southern Company |
856,371 |
|||||||||
Total Electric Utilities |
7,595,133 |
||||||||||
Electrical Equipment – 0.7% |
|||||||||||
47,209 |
Emerson Electric Company |
2,500,189 |
|||||||||
14,553 |
Rockwell Automation, Inc. |
1,222,306 |
|||||||||
Total Electrical Equipment |
3,722,495 |
||||||||||
Electronic Equipment & Instruments – 0.3% |
|||||||||||
118,215 |
Corning Incorporated |
1,491,873 |
|||||||||
Energy Equipment & Services – 2.1% |
|||||||||||
6,964 |
Diamond Offshore Drilling, Inc. |
473,273 |
|||||||||
18,452 |
Ensco International PLC, Class A, Sponsored ADR |
1,093,835 |
|||||||||
83,720 |
Halliburton Company |
2,904,247 |
|||||||||
16,059 |
Patterson-UTI Energy, Inc. |
299,179 |
|||||||||
72,390 |
Schlumberger Limited |
5,015,903 |
|||||||||
16,157 |
Tidewater Inc. |
721,895 |
|||||||||
Total Energy Equipment & Services |
10,508,332 |
||||||||||
Food & Staples Retailing – 2.1% |
|||||||||||
97,386 |
CVS Caremark Corporation |
4,708,613 |
|||||||||
38,696 |
SUPERVALU INC., (2) |
95,579 |
|||||||||
84,905 |
Wal-Mart Stores, Inc. |
5,793,068 |
|||||||||
Total Food & Staples Retailing |
10,597,260 |
||||||||||
Food Products – 0.9% |
|||||||||||
37,375 |
Kraft Foods Inc., Class A |
1,699,441 |
|||||||||
112,127 |
Mondelez International Inc. |
2,855,875 |
|||||||||
Total Food Products |
4,555,316 |
||||||||||
Gas Utilities – 0.9% |
|||||||||||
36,031 |
AGL Resources Inc. |
1,440,159 |
|||||||||
12,516 |
Atmos Energy Corporation |
439,562 |
|||||||||
22,995 |
National Fuel Gas Company |
1,165,617 |
|||||||||
38,518 |
ONEOK, Inc. |
1,646,645 |
|||||||||
Total Gas Utilities |
4,691,983 |
Nuveen Investments
20
Shares |
Description (1) |
Value |
|||||||||
Health Care Equipment & Supplies – 1.9% |
|||||||||||
72,041 |
Abbott Laboratories |
$ |
4,718,686 |
||||||||
4,460 |
Hologic Inc., (2) |
89,334 |
|||||||||
3,342 |
Intuitive Surgical, Inc., (2) |
1,638,817 |
|||||||||
78,706 |
Medtronic, Inc. |
3,228,520 |
|||||||||
Total Health Care Equipment & Supplies |
9,675,357 |
||||||||||
Health Care Providers & Services – 2.0% |
|||||||||||
6,901 |
Brookdale Senior Living Inc., (2) |
174,733 |
|||||||||
15,450 |
Coventry Health Care, Inc. |
692,624 |
|||||||||
48,093 |
Express Scripts, (2) |
2,597,022 |
|||||||||
17,609 |
HCA Holdings Inc. |
531,264 |
|||||||||
1,116 |
Henry Schein Inc., (2) |
89,793 |
|||||||||
39,267 |
Kindred Healthcare Inc., (2) |
424,869 |
|||||||||
71,299 |
UnitedHealth Group Incorporated |
3,867,258 |
|||||||||
25,221 |
Wellpoint Inc. |
1,536,463 |
|||||||||
Total Health Care Providers & Services |
9,914,026 |
||||||||||
Health Care Technology – 0.0% |
|||||||||||
114 |
Cerner Corporation, (2) |
8,851 |
|||||||||
Hotels, Restaurants & Leisure – 1.4% |
|||||||||||
22,200 |
Carnival Corporation |
816,294 |
|||||||||
42,761 |
International Game Technology |
605,923 |
|||||||||
2,272 |
Interval Leisure Group Inc. |
44,054 |
|||||||||
63,330 |
McDonald's Corporation |
5,586,339 |
|||||||||
Total Hotels, Restaurants & Leisure |
7,052,610 |
||||||||||
Household Durables – 0.7% |
|||||||||||
2,990 |
Garmin Limited |
122,052 |
|||||||||
64,653 |
Newell Rubbermaid Inc. |
1,439,822 |
|||||||||
13,864 |
Tupperware Corporation |
888,682 |
|||||||||
11,356 |
Whirlpool Corporation |
1,155,473 |
|||||||||
Total Household Durables |
3,606,029 |
||||||||||
Household Products – 2.0% |
|||||||||||
14,878 |
Colgate-Palmolive Company |
1,555,346 |
|||||||||
11,711 |
Kimberly-Clark Corporation |
988,760 |
|||||||||
114,328 |
Procter & Gamble Company |
7,761,728 |
|||||||||
Total Household Products |
10,305,834 |
||||||||||
Industrial Conglomerates – 2.5% |
|||||||||||
40,506 |
3M Co. |
3,760,982 |
|||||||||
421,001 |
General Electric Company |
8,836,811 |
|||||||||
57 |
Siemens AG, Sponsored ADR |
6,240 |
|||||||||
Total Industrial Conglomerates |
12,604,033 |
||||||||||
Insurance – 2.1% |
|||||||||||
47,749 |
Allstate Corporation |
1,918,077 |
|||||||||
8,871 |
Arthur J. Gallagher & Co. |
307,380 |
|||||||||
36,694 |
Fidelity National Title Group Inc., Class A |
864,144 |
|||||||||
26,683 |
Hartford Financial Services Group, Inc. |
598,767 |
|||||||||
13,665 |
Kemper Corporation |
403,118 |
|||||||||
60,781 |
Lincoln National Corporation |
1,574,228 |
|||||||||
63,707 |
Marsh & McLennan Companies, Inc. |
2,195,980 |
|||||||||
35,546 |
Travelers Companies, Inc. |
2,552,914 |
|||||||||
Total Insurance |
10,414,608 |
Nuveen Investments
21
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Internet & Catalog Retail – 1.1% |
|||||||||||
14,883 |
Amazon.com, Inc., (2) |
$ |
3,737,717 |
||||||||
3,103 |
HSN, Inc. |
170,913 |
|||||||||
2,786 |
Priceline.com Incorporated, (2) |
1,730,663 |
|||||||||
Total Internet & Catalog Retail |
5,639,293 |
||||||||||
Internet Software & Services – 2.4% |
|||||||||||
10,937 |
Akamai Technologies, Inc., (2) |
447,433 |
|||||||||
49,259 |
eBay Inc., (2) |
2,513,194 |
|||||||||
9,760 |
Google Inc., Class A, (2) |
6,923,451 |
|||||||||
44,605 |
United Online, Inc. |
249,342 |
|||||||||
5,616 |
ValueClick, Inc., (2) |
109,007 |
|||||||||
10,002 |
VeriSign, Inc., (2) |
388,278 |
|||||||||
71,826 |
Yahoo! Inc., (2) |
1,429,337 |
|||||||||
Total Internet Software & Services |
12,060,042 |
||||||||||
IT Services – 3.7% |
|||||||||||
34,359 |
Automatic Data Processing, Inc. |
1,958,807 |
|||||||||
17,199 |
Cognizant Technology Solutions Corporation, Class A, (2) |
1,273,586 |
|||||||||
32,696 |
Fidelity National Information Services |
1,138,148 |
|||||||||
38,580 |
International Business Machines Corporation (IBM) |
7,389,999 |
|||||||||
3,197 |
Lender Processing Services Inc. |
78,710 |
|||||||||
5,819 |
MasterCard, Inc. |
2,858,758 |
|||||||||
42,671 |
Paychex, Inc. |
1,328,775 |
|||||||||
16,519 |
Visa Inc., Class A |
2,503,950 |
|||||||||
Total IT Services |
18,530,733 |
||||||||||
Leisure Equipment & Products – 0.3% |
|||||||||||
19,609 |
Polaris Industries Inc. |
1,650,097 |
|||||||||
Machinery – 2.7% |
|||||||||||
19,606 |
Caterpillar Inc. |
1,756,305 |
|||||||||
16,595 |
Cummins Inc. |
1,798,068 |
|||||||||
24,334 |
Deere & Company |
2,102,944 |
|||||||||
13,600 |
Graco Inc. |
700,264 |
|||||||||
13,107 |
Ingersoll Rand Company Limited, Class A |
628,612 |
|||||||||
16,893 |
Parker Hannifin Corporation |
1,436,919 |
|||||||||
11,767 |
Snap-on Incorporated |
929,475 |
|||||||||
22,597 |
SPX Corporation |
1,585,180 |
|||||||||
27,348 |
Stanley Black & Decker Inc. |
2,022,932 |
|||||||||
12,000 |
Timken Company |
573,960 |
|||||||||
Total Machinery |
13,534,659 |
||||||||||
Media – 3.0% |
|||||||||||
56,665 |
CBS Corporation, Class B |
2,156,103 |
|||||||||
114,249 |
Comcast Corporation, Class A |
4,270,628 |
|||||||||
39,613 |
New York Times, Class A, (2) |
337,899 |
|||||||||
35,396 |
Omnicom Group, Inc. |
1,768,384 |
|||||||||
114,479 |
Regal Entertainment Group, Class A |
1,596,982 |
|||||||||
96,590 |
Walt Disney Company |
4,809,216 |
|||||||||
Total Media |
14,939,212 |
||||||||||
Metals & Mining – 1.0% |
|||||||||||
88,284 |
Alcoa Inc. |
766,305 |
|||||||||
44,474 |
Freeport-McMoRan Copper & Gold, Inc. |
1,521,011 |
|||||||||
6,726 |
Newmont Mining Corporation |
312,355 |
|||||||||
28,148 |
Nucor Corporation |
1,215,431 |
|||||||||
32,749 |
Southern Copper Corporation |
1,239,877 |
|||||||||
Total Metals & Mining |
5,054,979 |
Nuveen Investments
22
Shares |
Description (1) |
Value |
|||||||||
Multiline Retail – 1.0% |
|||||||||||
4,000 |
Family Dollar Stores, Inc. |
$ |
253,640 |
||||||||
36,680 |
Macy's, Inc. |
1,431,254 |
|||||||||
25,718 |
Nordstrom, Inc. |
1,375,913 |
|||||||||
8,076 |
Sears Holding Corporation, (2) |
334,023 |
|||||||||
30,023 |
Target Corporation |
1,776,461 |
|||||||||
Total Multiline Retail |
5,171,291 |
||||||||||
Multi-Utilities – 1.6% |
|||||||||||
40,212 |
Ameren Corporation |
1,235,313 |
|||||||||
22,660 |
Consolidated Edison, Inc. |
1,258,536 |
|||||||||
63,324 |
Integrys Energy Group, Inc. |
3,306,779 |
|||||||||
15,734 |
Northwestern Corporation |
546,442 |
|||||||||
60,347 |
Public Service Enterprise Group Incorporated |
1,846,618 |
|||||||||
Total Multi-Utilities |
8,193,688 |
||||||||||
Oil, Gas & Consumable Fuels – 9.2% |
|||||||||||
9,051 |
Cenovus Energy Inc. |
303,571 |
|||||||||
88,783 |
Chevron Corporation |
9,600,994 |
|||||||||
74,346 |
ConocoPhillips |
4,311,325 |
|||||||||
39,168 |
CONSOL Energy Inc. |
1,257,293 |
|||||||||
22,581 |
Continental Resources Inc., (2) |
1,659,478 |
|||||||||
16,151 |
EnCana Corporation |
319,144 |
|||||||||
28,180 |
EOG Resources, Inc. |
3,403,862 |
|||||||||
201,503 |
Exxon Mobil Corporation |
17,440,085 |
|||||||||
45,954 |
Occidental Petroleum Corporation |
3,520,536 |
|||||||||
38,405 |
Phillips 66 |
2,039,306 |
|||||||||
4,626 |
Total SA, Sponsored ADR |
240,598 |
|||||||||
74,029 |
Valero Energy Corporation |
2,525,869 |
|||||||||
Total Oil, Gas & Consumable Fuels |
46,622,061 |
||||||||||
Pharmaceuticals – 5.9% |
|||||||||||
116,326 |
Bristol-Myers Squibb Company |
3,791,064 |
|||||||||
56,803 |
Eli Lilly and Company |
2,801,524 |
|||||||||
131,044 |
Johnson & Johnson |
9,186,184 |
|||||||||
152,239 |
Merck & Company Inc. |
6,232,665 |
|||||||||
308,278 |
Pfizer Inc. |
7,731,612 |
|||||||||
Total Pharmaceuticals |
29,743,049 |
||||||||||
Professional Services – 0.1% |
|||||||||||
3,665 |
Manpower Inc. |
155,543 |
|||||||||
6,949 |
Resources Connection, Inc. |
82,971 |
|||||||||
Total Professional Services |
238,514 |
||||||||||
Real Estate Investment Trust (REIT) – 2.6% |
|||||||||||
111,810 |
Annaly Capital Management Inc. |
1,569,812 |
|||||||||
39,521 |
Brandywine Realty Trust |
481,761 |
|||||||||
44,183 |
CapLease Inc. |
246,099 |
|||||||||
25,456 |
CommonWealth REIT |
403,223 |
|||||||||
55,131 |
CubeSmart |
803,259 |
|||||||||
15,432 |
Health Care REIT, Inc. |
945,827 |
|||||||||
47,225 |
Healthcare Realty Trust, Inc. |
1,133,872 |
|||||||||
45,684 |
Hospitality Properties Trust |
1,069,919 |
|||||||||
88,469 |
Lexington Corporate Properties Trust |
924,501 |
|||||||||
27,077 |
Liberty Property Trust |
968,544 |
|||||||||
17,263 |
Medical Properties Trust Inc. |
206,465 |
|||||||||
28,311 |
MFA Mortgage Investments, Inc. |
229,602 |
|||||||||
26,716 |
Senior Housing Properties Trust |
631,566 |
Nuveen Investments
23
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Real Estate Investment Trust (continued) | |||||||||||
11,215 |
Sun Communities Inc. |
$ |
447,366 |
||||||||
25,238 |
Ventas Inc. |
1,633,403 |
|||||||||
54,475 |
Weyerhaeuser Company |
1,515,495 |
|||||||||
Total Real Estate Investment Trust |
13,210,714 |
||||||||||
Road & Rail – 0.9% |
|||||||||||
17,765 |
Norfolk Southern Corporation |
1,098,588 |
|||||||||
25,475 |
Union Pacific Corporation |
3,202,717 |
|||||||||
Total Road & Rail |
4,301,305 |
||||||||||
Semiconductors & Equipment – 2.2% |
|||||||||||
25,275 |
Analog Devices, Inc. |
1,063,067 |
|||||||||
96,369 |
Applied Materials, Inc. |
1,102,461 |
|||||||||
21,444 |
Broadcom Corporation, Class A |
712,155 |
|||||||||
247,273 |
Intel Corporation |
5,101,242 |
|||||||||
12,846 |
Intersil Holding Corporation, Class A |
106,493 |
|||||||||
3,087 |
Lam Research Corporation, (2) |
111,533 |
|||||||||
24,776 |
Microchip Technology Incorporated |
807,450 |
|||||||||
27,856 |
NVIDIA Corporation |
342,350 |
|||||||||
51,579 |
Texas Instruments Incorporated |
1,595,854 |
|||||||||
Total Semiconductors & Equipment |
10,942,605 |
||||||||||
Software – 3.6% |
|||||||||||
23,572 |
Adobe Systems Incorporated, (2) |
888,193 |
|||||||||
18,599 |
Autodesk, Inc., (2) |
657,475 |
|||||||||
343,555 |
Microsoft Corporation |
9,183,225 |
|||||||||
181,687 |
Oracle Corporation |
6,053,811 |
|||||||||
9,475 |
Salesforce.com, Inc., (2) |
1,592,748 |
|||||||||
Total Software |
18,375,452 |
||||||||||
Specialty Retail – 2.4% |
|||||||||||
18,330 |
Abercrombie & Fitch Co., Class A |
879,290 |
|||||||||
41,497 |
American Eagle Outfitters, Inc. |
851,103 |
|||||||||
21,475 |
Best Buy Co., Inc. |
254,479 |
|||||||||
62,729 |
Home Depot, Inc. |
3,879,789 |
|||||||||
36,675 |
Limited Brands, Inc. |
1,725,926 |
|||||||||
71,238 |
Lowe's Companies, Inc. |
2,530,374 |
|||||||||
364 |
Orchard Supply Hardware Stores Corporation, (2) |
2,697 |
|||||||||
472 |
Ross Stores, Inc. |
25,559 |
|||||||||
13,465 |
Tiffany & Co. |
772,083 |
|||||||||
28,637 |
TJX Companies, Inc. |
1,215,641 |
|||||||||
Total Specialty Retail |
12,136,941 |
||||||||||
Textiles, Apparel & Luxury Goods – 0.4% |
|||||||||||
7,159 |
Cherokee Inc. |
98,150 |
|||||||||
14,066 |
VF Corporation |
2,123,544 |
|||||||||
Total Textiles, Apparel & Luxury Goods |
2,221,694 |
||||||||||
Thrifts & Mortgage Finance – 0.2% |
|||||||||||
36,703 |
Hudson City Bancorp, Inc. |
298,395 |
|||||||||
60,610 |
New York Community Bancorp Inc. |
793,991 |
|||||||||
Total Thrifts & Mortgage Finance |
1,092,386 |
Nuveen Investments
24
Shares |
Description (1) |
Value |
|||||||||
Tobacco – 2.1% |
|||||||||||
102,342 |
Altria Group, Inc. |
$ |
3,215,586 |
||||||||
77,216 |
Philip Morris International |
6,458,346 |
|||||||||
20,787 |
Reynolds American Inc. |
861,205 |
|||||||||
5,109 |
Vector Group Ltd. |
75,971 |
|||||||||
Total Tobacco |
10,611,108 |
||||||||||
Wireless Telecommunication Services – 0.0% |
|||||||||||
5,500 |
USA Mobility Inc. |
64,240 |
|||||||||
Total Common Stocks (cost $377,164,727) |
500,379,882 |
Principal Amount (000) |
Description (1) |
Coupon |
Maturity |
Value |
|||||||||||||||
Short-Term Investments – 3.6% |
|||||||||||||||||||
$ |
18,137 |
Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $18,136,903, collateralized by $17,730,000 U.S. Treasury Notes, 1.750%, due 7/31/15, value $18,504,482 |
0.010 |
% |
1/02/13 |
$ |
18,136,893 |
||||||||||||
Total Short-Term Investments (cost $18,136,893) |
18,136,893 |
||||||||||||||||||
Total Investments (cost $395,301,620) – 102.7% |
518,516,775 |
||||||||||||||||||
Other Assets Less Liabilities – (2.7)% (3) |
(13,534,720 |
) |
|||||||||||||||||
Net Assets – 100% |
$ |
504,982,055 |
Investments in Derivatives as of December 31, 2012
Call Options Written outstanding:
Number of Contracts |
Type |
Notional Amount (4) |
Expiration Date |
Strike Price |
Value (3) |
||||||||||||||||||
Call Options Written – (2.7)% |
|||||||||||||||||||||||
(399 |
) |
S&P 500 Index |
$ |
(53,865,000 |
) |
1/19/13 |
$ |
1,350 |
$ |
(3,273,795 |
) |
||||||||||||
(406 |
) |
S&P 500 Index |
(55,825,000 |
) |
1/19/13 |
1,375 |
(2,419,760 |
) |
|||||||||||||||
(668 |
) |
S&P 500 Index |
(93,520,000 |
) |
1/19/13 |
1,400 |
(2,655,300 |
) |
|||||||||||||||
(436 |
) |
S&P 500 Index |
(62,130,000 |
) |
1/19/13 |
1,425 |
(996,260 |
) |
|||||||||||||||
(648 |
) |
S&P 500 Index |
(93,960,000 |
) |
1/19/13 |
1,450 |
(592,920 |
) |
|||||||||||||||
(474 |
) |
S&P 500 Index |
(66,360,000 |
) |
2/16/13 |
1,400 |
(2,301,270 |
) |
|||||||||||||||
(444 |
) |
S&P 500 Index |
(63,270,000 |
) |
2/16/13 |
1,425 |
(1,423,020 |
) |
|||||||||||||||
(3,475 |
) |
Total Call Options Written (premiums received $12,043,556) |
$ |
(488,930,000 |
) |
$ |
(13,662,325 |
) |
For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) All percentages 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 listed within Investments in Derivatives at the end of the reporting period.
(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
25
JSN
Nuveen Equity Premium Opportunity Fund
Portfolio of Investments
December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Common Stocks – 99.9% (5) |
|||||||||||
Aerospace & Defense – 1.8% |
|||||||||||
41,310 |
Boeing Company |
$ |
3,113,122 |
||||||||
56,028 |
Honeywell International Inc. |
3,556,097 |
|||||||||
8,874 |
Huntington Ingalls Industries Inc. |
384,599 |
|||||||||
17,575 |
Lockheed Martin Corporation |
1,621,997 |
|||||||||
34,529 |
Northrop Grumman Corporation |
2,333,470 |
|||||||||
32,796 |
Raytheon Company |
1,887,738 |
|||||||||
31,622 |
United Technologies Corporation |
2,593,320 |
|||||||||
Total Aerospace & Defense |
15,490,343 |
||||||||||
Air Freight & Logistics – 0.9% |
|||||||||||
102,575 |
United Parcel Service, Inc., Class B |
7,562,855 |
|||||||||
Auto Components – 0.1% |
|||||||||||
60,739 |
Gentex Corporation |
1,143,108 |
|||||||||
Automobiles – 0.5% |
|||||||||||
213,263 |
Ford Motor Company |
2,761,756 |
|||||||||
33,442 |
Harley-Davidson, Inc. |
1,633,307 |
|||||||||
Total Automobiles |
4,395,063 |
||||||||||
Beverages – 2.1% |
|||||||||||
281,224 |
Coca-Cola Company |
10,194,370 |
|||||||||
28,504 |
Monster Beverage Corporation, (2) |
1,507,292 |
|||||||||
91,296 |
PepsiCo, Inc. |
6,247,385 |
|||||||||
Total Beverages |
17,949,047 |
||||||||||
Biotechnology – 2.2% |
|||||||||||
109,715 |
Celgene Corporation, (2) |
8,636,765 |
|||||||||
146,183 |
Gilead Sciences, Inc., (2) |
10,737,141 |
|||||||||
Total Biotechnology |
19,373,906 |
||||||||||
Capital Markets – 1.4% |
|||||||||||
129,710 |
Charles Schwab Corporation |
1,862,636 |
|||||||||
48,725 |
Eaton Vance Corporation |
1,551,891 |
|||||||||
27,060 |
Goldman Sachs Group, Inc. |
3,451,774 |
|||||||||
43,099 |
Legg Mason, Inc. |
1,108,506 |
|||||||||
121,415 |
Morgan Stanley |
2,321,455 |
|||||||||
61,497 |
Waddell & Reed Financial, Inc., Class A |
2,141,326 |
|||||||||
Total Capital Markets |
12,437,588 |
||||||||||
Chemicals – 1.8% |
|||||||||||
63,776 |
Dow Chemical Company |
2,061,240 |
|||||||||
42,800 |
E.I. Du Pont de Nemours and Company |
1,924,716 |
|||||||||
61,739 |
Eastman Chemical Company |
4,201,339 |
|||||||||
43,409 |
Monsanto Company |
4,108,662 |
|||||||||
21,181 |
Potash Corporation of Saskatchewan |
861,855 |
|||||||||
95,980 |
RPM International, Inc. |
2,817,973 |
|||||||||
Total Chemicals |
15,975,785 |
Nuveen Investments
26
Shares |
Description (1) |
Value |
|||||||||
Commercial Banks – 2.1% |
|||||||||||
71,851 |
Fifth Third Bancorp. |
$ |
1,091,417 |
||||||||
86,613 |
First Horizon National Corporation |
858,335 |
|||||||||
143 |
HSBC Holdings PLC, Sponsored ADR |
7,589 |
|||||||||
6 |
Lloyds TSB Group PLC, Sponsored ADR, (2) |
19 |
|||||||||
187,221 |
U.S. Bancorp |
5,979,839 |
|||||||||
293,450 |
Wells Fargo & Company |
10,030,121 |
|||||||||
Total Commercial Banks |
17,967,320 |
||||||||||
Commercial Services & Supplies – 0.4% |
|||||||||||
23,371 |
Deluxe Corporation |
753,481 |
|||||||||
49,936 |
R.R. Donnelley & Sons Company |
449,424 |
|||||||||
77,545 |
Waste Management, Inc. |
2,616,368 |
|||||||||
Total Commercial Services & Supplies |
3,819,273 |
||||||||||
Communications Equipment – 3.6% |
|||||||||||
45,063 |
ADTRAN, Inc. |
880,531 |
|||||||||
13,861 |
Aviat Networks Inc., (2) |
45,603 |
|||||||||
630,518 |
Cisco Systems, Inc. |
12,389,679 |
|||||||||
19,247 |
Harris Corporation |
942,333 |
|||||||||
14,940 |
Motorola Solutions Inc. |
831,859 |
|||||||||
252,230 |
QUALCOMM, Inc. |
15,643,305 |
|||||||||
Total Communications Equipment |
30,733,310 |
||||||||||
Computers & Peripherals – 8.5% |
|||||||||||
118,462 |
Apple, Inc. |
63,143,797 |
|||||||||
211,358 |
Dell Inc. |
2,141,057 |
|||||||||
157,114 |
EMC Corporation, (2) |
3,974,984 |
|||||||||
125,310 |
Hewlett-Packard Company |
1,785,668 |
|||||||||
72,669 |
NetApp, Inc., (2) |
2,438,045 |
|||||||||
Total Computers & Peripherals |
73,483,551 |
||||||||||
Consumer Finance – 0.8% |
|||||||||||
59,964 |
American Express Company |
3,446,731 |
|||||||||
55,844 |
Discover Financial Services |
2,152,786 |
|||||||||
77,393 |
SLM Corporation |
1,325,742 |
|||||||||
Total Consumer Finance |
6,925,259 |
||||||||||
Containers & Packaging – 0.5% |
|||||||||||
63,738 |
Packaging Corp. of America |
2,452,001 |
|||||||||
50,628 |
Sonoco Products Company |
1,505,170 |
|||||||||
Total Containers & Packaging |
3,957,171 |
||||||||||
Distributors – 0.2% |
|||||||||||
31,204 |
Genuine Parts Company |
1,983,950 |
|||||||||
Diversified Consumer Services – 0.1% |
|||||||||||
35,953 |
Hillenbrand Inc. |
812,897 |
|||||||||
Diversified Financial Services – 2.9% |
|||||||||||
600,967 |
Bank of America Corporation |
6,971,217 |
|||||||||
134,600 |
Citigroup Inc. |
5,324,776 |
|||||||||
53,445 |
CME Group, Inc. |
2,710,196 |
|||||||||
3,691 |
ING Groep N.V., Sponsored ADR, (2) |
35,028 |
|||||||||
224,788 |
JP Morgan Chase & Co. |
9,883,928 |
|||||||||
Total Diversified Financial Services |
24,925,145 |
Nuveen Investments
27
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Diversified Telecommunication Services – 2.4% |
|||||||||||
353,211 |
AT&T Inc. |
$ |
11,906,743 |
||||||||
93,521 |
Frontier Communications Corporation |
400,270 |
|||||||||
185,468 |
Verizon Communications Inc. |
8,025,200 |
|||||||||
Total Diversified Telecommunication Services |
20,332,213 |
||||||||||
Electric Utilities – 1.6% |
|||||||||||
38,821 |
Companhia Energetica de Minas Gerais, Sponsored ADR |
421,596 |
|||||||||
65,844 |
Duke Energy Corporation |
4,200,847 |
|||||||||
112,676 |
Great Plains Energy Incorporated |
2,288,450 |
|||||||||
50,368 |
OGE Energy Corp. |
2,836,222 |
|||||||||
129,707 |
Pepco Holdings, Inc. |
2,543,554 |
|||||||||
25,438 |
Pinnacle West Capital Corporation |
1,296,829 |
|||||||||
Total Electric Utilities |
13,587,498 |
||||||||||
Electrical Equipment – 1.5% |
|||||||||||
19,020 |
Eaton PLC |
1,030,884 |
|||||||||
59,698 |
Emerson Electric Company |
3,161,606 |
|||||||||
11,240 |
Hubbell Incorporated, Class B |
951,241 |
|||||||||
31,575 |
Rockwell Automation, Inc. |
2,651,984 |
|||||||||
42,974 |
Roper Industries Inc. |
4,790,742 |
|||||||||
Total Electrical Equipment |
12,586,457 |
||||||||||
Electronic Equipment & Instruments – 0.1% |
|||||||||||
102,078 |
Corning Incorporated |
1,288,224 |
|||||||||
Energy Equipment & Services – 1.8% |
|||||||||||
25,308 |
Diamond Offshore Drilling, Inc. |
1,719,932 |
|||||||||
36,079 |
Ensco International PLC, Class A, Sponsored ADR |
2,138,763 |
|||||||||
109,180 |
Halliburton Company |
3,787,454 |
|||||||||
54,107 |
Patterson-UTI Energy, Inc. |
1,008,013 |
|||||||||
83,227 |
Schlumberger Limited |
5,766,799 |
|||||||||
17,510 |
Tidewater Inc. |
782,347 |
|||||||||
Total Energy Equipment & Services |
15,203,308 |
||||||||||
Food & Staples Retailing – 1.7% |
|||||||||||
102,543 |
CVS Caremark Corporation |
4,957,954 |
|||||||||
82,219 |
Kroger Co. |
2,139,338 |
|||||||||
38,974 |
SUPERVALU INC., (2) |
96,266 |
|||||||||
68,576 |
Walgreen Co. |
2,537,998 |
|||||||||
76,927 |
Wal-Mart Stores, Inc. |
5,248,729 |
|||||||||
Total Food & Staples Retailing |
14,980,285 |
||||||||||
Food Products – 0.7% |
|||||||||||
49,868 |
Kraft Foods Inc., Class A |
2,267,498 |
|||||||||
149,606 |
Mondelez International Inc. |
3,810,465 |
|||||||||
Total Food Products |
6,077,963 |
||||||||||
Gas Utilities – 1.1% |
|||||||||||
57,627 |
AGL Resources Inc. |
2,303,351 |
|||||||||
34,085 |
Atmos Energy Corporation |
1,197,065 |
|||||||||
41,373 |
National Fuel Gas Company |
2,097,197 |
|||||||||
99,610 |
ONEOK, Inc. |
4,258,328 |
|||||||||
Total Gas Utilities |
9,855,941 |
Nuveen Investments
28
Shares |
Description (1) |
Value |
|||||||||
Health Care Equipment & Supplies – 1.9% |
|||||||||||
91,444 |
Abbott Laboratories |
$ |
5,989,582 |
||||||||
68,517 |
Baxter International, Inc. |
4,567,343 |
|||||||||
36,821 |
Hill Rom Holdings Inc. |
1,049,399 |
|||||||||
97,109 |
Hologic Inc., (2) |
1,945,093 |
|||||||||
69,279 |
Medtronic, Inc. |
2,841,825 |
|||||||||
Total Health Care Equipment & Supplies |
16,393,242 |
||||||||||
Health Care Providers & Services – 2.0% |
|||||||||||
47,194 |
Aetna Inc. |
2,185,082 |
|||||||||
62,293 |
Brookdale Senior Living Inc., (2) |
1,577,259 |
|||||||||
27,564 |
Coventry Health Care, Inc. |
1,235,694 |
|||||||||
106,974 |
Express Scripts, (2) |
5,776,596 |
|||||||||
80,097 |
UnitedHealth Group Incorporated |
4,344,461 |
|||||||||
40,174 |
Wellpoint Inc. |
2,447,400 |
|||||||||
Total Health Care Providers & Services |
17,566,492 |
||||||||||
Hotels, Restaurants & Leisure – 1.7% |
|||||||||||
51,390 |
International Game Technology |
728,196 |
|||||||||
17,582 |
Las Vegas Sands |
811,585 |
|||||||||
98,066 |
McDonald's Corporation |
8,650,402 |
|||||||||
21,179 |
Starwood Hotels & Resorts Worldwide, Inc. |
1,214,827 |
|||||||||
25,889 |
Wynn Resorts Ltd |
2,912,254 |
|||||||||
Total Hotels, Restaurants & Leisure |
14,317,264 |
||||||||||
Household Durables – 0.5% |
|||||||||||
68,264 |
KB Home |
1,078,571 |
|||||||||
54,753 |
Newell Rubbermaid Inc. |
1,219,349 |
|||||||||
19,851 |
Whirlpool Corporation |
2,019,839 |
|||||||||
Total Household Durables |
4,317,759 |
||||||||||
Household Products – 1.6% |
|||||||||||
41,616 |
Colgate-Palmolive Company |
4,350,537 |
|||||||||
143,912 |
Procter & Gamble Company |
9,770,186 |
|||||||||
Total Household Products |
14,120,723 |
||||||||||
Industrial Conglomerates – 1.7% |
|||||||||||
21,774 |
3M Co. |
2,021,716 |
|||||||||
595,443 |
General Electric Company |
12,498,349 |
|||||||||
Total Industrial Conglomerates |
14,520,065 |
||||||||||
Insurance – 2.3% |
|||||||||||
65,172 |
Allstate Corporation |
2,617,959 |
|||||||||
23,207 |
American International Group, (2) |
819,207 |
|||||||||
26,066 |
Arthur J. Gallagher & Co. |
903,187 |
|||||||||
82,207 |
Berkshire Hathaway Inc., Class B, (2) |
7,373,968 |
|||||||||
92,800 |
CNO Financial Group Inc. |
865,824 |
|||||||||
60,339 |
Fidelity National Title Group Inc., Class A |
1,420,983 |
|||||||||
65,958 |
Genworth Financial Inc., Class A, (2) |
495,345 |
|||||||||
30,951 |
Hartford Financial Services Group, Inc. |
694,540 |
|||||||||
13,952 |
Kemper Corporation |
411,584 |
|||||||||
35,717 |
Lincoln National Corporation |
925,070 |
|||||||||
103,489 |
Marsh & McLennan Companies, Inc. |
3,567,266 |
|||||||||
Total Insurance |
20,094,933 |
Nuveen Investments
29
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Internet & Catalog Retail – 2.1% |
|||||||||||
66,713 |
Amazon.com, Inc., (2) |
$ |
16,754,303 |
||||||||
27,170 |
HSN, Inc. |
1,496,524 |
|||||||||
Total Internet & Catalog Retail |
18,250,827 |
||||||||||
Internet Software & Services – 4.5% |
|||||||||||
39,603 |
Akamai Technologies, Inc., (2) |
1,620,159 |
|||||||||
58,343 |
Earthlink, Inc. |
376,896 |
|||||||||
199,069 |
eBay Inc., (2) |
10,156,500 |
|||||||||
33,280 |
Google Inc., Class A, (2) |
23,607,834 |
|||||||||
22,576 |
IAC/InterActiveCorp. |
1,067,845 |
|||||||||
64,234 |
VeriSign, Inc., (2) |
2,493,564 |
|||||||||
Total Internet Software & Services |
39,322,798 |
||||||||||
IT Services – 3.7% |
|||||||||||
117,025 |
Automatic Data Processing, Inc. |
6,671,595 |
|||||||||
61,069 |
Fidelity National Information Services |
2,125,812 |
|||||||||
73,744 |
International Business Machines Corporation (IBM) |
14,125,663 |
|||||||||
14,762 |
Lender Processing Services Inc. |
363,440 |
|||||||||
108,876 |
Paychex, Inc. |
3,390,399 |
|||||||||
32,522 |
Visa Inc., Class A |
4,929,685 |
|||||||||
Total IT Services |
31,606,594 |
||||||||||
Leisure Equipment & Products – 0.6% |
|||||||||||
77,138 |
Mattel, Inc. |
2,824,794 |
|||||||||
29,666 |
Polaris Industries Inc. |
2,496,394 |
|||||||||
Total Leisure Equipment & Products |
5,321,188 |
||||||||||
Machinery – 2.1% |
|||||||||||
49,486 |
Caterpillar Inc. |
4,432,956 |
|||||||||
25,197 |
Deere & Company |
2,177,525 |
|||||||||
43,913 |
Graco Inc. |
2,261,080 |
|||||||||
26,329 |
Joy Global Inc. |
1,679,264 |
|||||||||
27,707 |
SPX Corporation |
1,943,646 |
|||||||||
40,513 |
Stanley Black & Decker Inc. |
2,996,747 |
|||||||||
50,568 |
Timken Company |
2,418,667 |
|||||||||
Total Machinery |
17,909,885 |
||||||||||
Media – 3.7% |
|||||||||||
314,985 |
Comcast Corporation, Special Class A |
11,323,711 |
|||||||||
97,817 |
New York Times, Class A, (2) |
834,379 |
|||||||||
309,975 |
News Corporation, Class A |
7,916,762 |
|||||||||
58,689 |
Omnicom Group, Inc. |
2,932,102 |
|||||||||
82,498 |
Regal Entertainment Group, Class A |
1,150,847 |
|||||||||
164,210 |
Walt Disney Company |
8,176,016 |
|||||||||
Total Media |
32,333,817 |
||||||||||
Metals & Mining – 0.9% |
|||||||||||
287,484 |
Alcoa Inc. |
2,495,361 |
|||||||||
33,263 |
Barrick Gold Corporation |
1,164,538 |
|||||||||
66,105 |
Freeport-McMoRan Copper & Gold, Inc. |
2,260,791 |
|||||||||
148,596 |
Hecla Mining Company |
866,315 |
|||||||||
28,154 |
Southern Copper Corporation |
1,065,910 |
|||||||||
Total Metals & Mining |
7,852,915 |
Nuveen Investments
30
Shares |
Description (1) |
Value |
|||||||||
Multiline Retail – 0.9% |
|||||||||||
59,243 |
Macy's, Inc. |
$ |
2,311,662 |
||||||||
47,582 |
Nordstrom, Inc. |
2,545,637 |
|||||||||
21,415 |
Sears Holding Corporation, (2) |
885,724 |
|||||||||
37,279 |
Target Corporation |
2,205,798 |
|||||||||
Total Multiline Retail |
7,948,821 |
||||||||||
Multi-Utilities – 0.6% |
|||||||||||
62,041 |
Ameren Corporation |
1,905,900 |
|||||||||
97,043 |
Public Service Enterprise Group Incorporated |
2,969,516 |
|||||||||
Total Multi-Utilities |
4,875,416 |
||||||||||
Oil, Gas & Consumable Fuels – 6.4% |
|||||||||||
111,313 |
Chevron Corporation |
12,037,388 |
|||||||||
2,747 |
CNOOC Limited, Sponsored ADR |
604,340 |
|||||||||
105,076 |
ConocoPhillips |
6,093,357 |
|||||||||
280,195 |
Exxon Mobil Corporation |
24,250,877 |
|||||||||
34,787 |
Hess Corporation |
1,842,320 |
|||||||||
58,407 |
Occidental Petroleum Corporation |
4,474,560 |
|||||||||
3,274 |
PetroChina Company Limited, Sponsored ADR |
470,736 |
|||||||||
54,850 |
Phillips 66 |
2,912,535 |
|||||||||
3,460 |
Royal Dutch Shell PLC, Class A, Sponsored ADR |
238,567 |
|||||||||
122,639 |
SandRidge Energy Inc., (2) |
778,758 |
|||||||||
39,133 |
StatoilHydro ASA, Sponsored ADR |
979,890 |
|||||||||
28,912 |
Suncor Energy, Inc. |
953,518 |
|||||||||
Total Oil, Gas & Consumable Fuels |
55,636,846 |
||||||||||
Pharmaceuticals – 5.0% |
|||||||||||
158,937 |
Bristol-Myers Squibb Company |
5,179,757 |
|||||||||
106,819 |
Eli Lilly and Company |
5,268,313 |
|||||||||
1,112 |
GlaxoSmithKline PLC, Sponsored ADR |
48,339 |
|||||||||
182,759 |
Johnson & Johnson |
12,811,406 |
|||||||||
211,656 |
Merck & Company Inc. |
8,665,197 |
|||||||||
460,108 |
Pfizer Inc. |
11,539,509 |
|||||||||
Total Pharmaceuticals |
43,512,521 |
||||||||||
Professional Services – 0.2% |
|||||||||||
29,079 |
Manpower Inc. |
1,234,113 |
|||||||||
18,692 |
Resources Connection, Inc. |
223,182 |
|||||||||
Total Professional Services |
1,457,295 |
||||||||||
Real Estate Investment Trust (REIT) – 1.8% |
|||||||||||
60,679 |
Apartment Investment & Management Company, Class A |
1,641,974 |
|||||||||
69,975 |
Brandywine Realty Trust |
852,995 |
|||||||||
34,687 |
CBL & Associates Properties Inc. |
735,711 |
|||||||||
129,993 |
CubeSmart |
1,893,998 |
|||||||||
114,294 |
DCT Industrial Trust Inc. |
741,768 |
|||||||||
43,378 |
Health Care REIT, Inc. |
2,658,638 |
|||||||||
79,809 |
Lexington Corporate Properties Trust |
834,004 |
|||||||||
46,608 |
Liberty Property Trust |
1,667,168 |
|||||||||
71,664 |
Ventas Inc. |
4,638,094 |
|||||||||
Total Real Estate Investment Trust |
15,664,350 |
||||||||||
Road & Rail – 0.6% |
|||||||||||
41,968 |
Union Pacific Corporation |
5,276,217 |
Nuveen Investments
31
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Semiconductors & Equipment – 3.1% |
|||||||||||
98,918 |
Altera Corporation |
$ |
3,406,736 |
||||||||
64,144 |
Analog Devices, Inc. |
2,697,897 |
|||||||||
107,440 |
Broadcom Corporation, Class A |
3,568,082 |
|||||||||
699,018 |
Intel Corporation |
14,420,741 |
|||||||||
26,060 |
Intersil Holding Corporation, Class A |
216,037 |
|||||||||
81,111 |
Linear Technology Corporation |
2,782,107 |
|||||||||
Total Semiconductors & Equipment |
27,091,600 |
||||||||||
Software – 6.9% |
|||||||||||
296,620 |
Activision Blizzard Inc. |
3,150,104 |
|||||||||
141,680 |
Adobe Systems Incorporated, (2) |
5,338,502 |
|||||||||
79,219 |
Autodesk, Inc., (2) |
2,800,392 |
|||||||||
1,048,957 |
Microsoft Corporation |
28,038,621 |
|||||||||
623,263 |
Oracle Corporation |
20,767,123 |
|||||||||
Total Software |
60,094,742 |
||||||||||
Specialty Retail – 2.4% |
|||||||||||
20,823 |
Abercrombie & Fitch Co., Class A |
998,879 |
|||||||||
59,432 |
American Eagle Outfitters, Inc. |
1,218,950 |
|||||||||
51,495 |
Best Buy Co., Inc. |
610,216 |
|||||||||
58,779 |
CarMax, Inc., (2) |
2,206,564 |
|||||||||
73,397 |
Gap, Inc. |
2,278,243 |
|||||||||
101,477 |
Home Depot, Inc. |
6,276,352 |
|||||||||
63,713 |
Limited Brands, Inc. |
2,998,334 |
|||||||||
118,515 |
Lowe's Companies, Inc. |
4,209,653 |
|||||||||
Total Specialty Retail |
20,797,191 |
||||||||||
Thrifts & Mortgage Finance – 0.1% |
|||||||||||
40,800 |
MGIC Investment Corporation, (2) |
108,528 |
|||||||||
56,714 |
New York Community Bancorp Inc. |
742,953 |
|||||||||
Total Thrifts & Mortgage Finance |
851,481 |
||||||||||
Tobacco – 1.5% |
|||||||||||
72,934 |
Altria Group, Inc. |
2,291,586 |
|||||||||
114,180 |
Philip Morris International |
9,550,015 |
|||||||||
36,132 |
Reynolds American Inc. |
1,496,949 |
|||||||||
Total Tobacco |
13,338,550 |
||||||||||
Wireless Telecommunication Services – 0.3% |
|||||||||||
4,018 |
China Mobile Limited, Sponsored ADR |
235,937 |
|||||||||
444,739 |
Sprint Nextel Corporation, (2) |
2,521,670 |
|||||||||
Total Wireless Telecommunication Services |
2,757,607 |
||||||||||
Total Common Stocks (cost $609,936,844) |
866,078,599 |
Principal Amount (000) |
Description (1) |
Coupon |
Maturity |
Value |
|||||||||||||||
Short-Term Investments – 2.8% |
|||||||||||||||||||
$ |
24,042 |
Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $24,042,112, collateralized by $18,760,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $24,528,700 |
0.010 |
% |
1/02/13 |
$ |
24,042,099 |
||||||||||||
Total Short-Term Investments (cost $24,042,099) |
24,042,099 |
||||||||||||||||||
Total Investments (cost $633,978,944) – 102.7% |
890,120,698 |
||||||||||||||||||
Other Assets Less Liabilities – (2.7)% (3) |
(23,725,974 |
) |
|||||||||||||||||
Net Assets – 100% |
$ |
866,394,724 |
Nuveen Investments
32
Investments in Derivatives as of December 31, 2012
Call Options Written outstanding:
Number of Contracts |
Type |
Notional Amount (4) |
Expiration Date |
Strike Price |
Value (3) |
||||||||||||||||||
Call Options Written – (2.7)% |
|||||||||||||||||||||||
(1,998 |
) |
MINI-Nasdaq-100 Index |
$ |
(51,448,500 |
) |
1/19/13 |
$ |
257.5 |
$ |
(2,087,910 |
) |
||||||||||||
(1,064 |
) |
MINI-Nasdaq-100 Index |
(27,664,000 |
) |
1/19/13 |
260.0 |
(909,720 |
) |
|||||||||||||||
(963 |
) |
MINI-Nasdaq-100 Index |
(25,278,750 |
) |
1/19/13 |
262.5 |
(650,025 |
) |
|||||||||||||||
(999 |
) |
MINI-Nasdaq-100 Index |
(26,473,500 |
) |
1/19/13 |
265.0 |
(514,485 |
) |
|||||||||||||||
(1,010 |
) |
MINI-Nasdaq-100 Index |
(27,017,500 |
) |
1/19/13 |
267.5 |
(376,225 |
) |
|||||||||||||||
(816 |
) |
MINI-Nasdaq-100 Index |
(21,828,000 |
) |
2/16/13 |
267.5 |
(510,000 |
) |
|||||||||||||||
(992 |
) |
MINI-Nasdaq-100 Index |
(26,784,000 |
) |
2/16/13 |
270.0 |
(503,440 |
) |
|||||||||||||||
(555 |
) |
S&P 500 Index |
(74,925,000 |
) |
1/19/13 |
1,350.0 |
(4,553,775 |
) |
|||||||||||||||
(555 |
) |
S&P 500 Index |
(76,312,500 |
) |
1/19/13 |
1,375.0 |
(3,307,800 |
) |
|||||||||||||||
(896 |
) |
S&P 500 Index |
(125,440,000 |
) |
1/19/13 |
1,400.0 |
(3,561,600 |
) |
|||||||||||||||
(577 |
) |
S&P 500 Index |
(82,222,500 |
) |
1/19/13 |
1,425.0 |
(1,318,445 |
) |
|||||||||||||||
(774 |
) |
S&P 500 Index |
(112,230,000 |
) |
1/19/13 |
1,450.0 |
(708,210 |
) |
|||||||||||||||
(612 |
) |
S&P 500 Index |
(85,680,000 |
) |
2/16/13 |
1,400.0 |
(2,971,260 |
) |
|||||||||||||||
(577 |
) |
S&P 500 Index |
(82,222,500 |
) |
2/16/13 |
1,425.0 |
(1,849,285 |
) |
|||||||||||||||
(12,388 |
) |
Total Call Options Written (premiums received $21,157,896) |
$ |
(845,526,750 |
) |
$ |
(23,822,180 |
) |
For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) All percentages 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 listed within Investments in Derivatives at the end of the reporting period.
(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
33
JLA
Nuveen Equity Premium Advantage Fund
Portfolio of Investments
December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Common Stocks – 99.5% (5) |
|||||||||||
Aerospace & Defense – 1.5% |
|||||||||||
19,091 |
Boeing Company |
$ |
1,438,698 |
||||||||
29,256 |
Honeywell International Inc. |
1,856,878 |
|||||||||
20,561 |
United Technologies Corporation |
1,686,208 |
|||||||||
Total Aerospace & Defense |
4,981,784 |
||||||||||
Air Freight & Logistics – 0.5% |
|||||||||||
24,839 |
United Parcel Service, Inc., Class B |
1,831,379 |
|||||||||
Airlines – 0.1% |
|||||||||||
12,008 |
Delta Air Lines, Inc., (2) |
142,535 |
|||||||||
26,363 |
Southwest Airlines Co. |
269,957 |
|||||||||
Total Airlines |
412,492 |
||||||||||
Auto Components – 0.0% |
|||||||||||
10,102 |
American Axle and Manufacturing Holdings Inc., (2) |
113,142 |
|||||||||
Automobiles – 0.4% |
|||||||||||
59,240 |
Ford Motor Company |
767,158 |
|||||||||
14,597 |
Harley-Davidson, Inc. |
712,917 |
|||||||||
Total Automobiles |
1,480,075 |
||||||||||
Beverages – 1.4% |
|||||||||||
56,899 |
Coca-Cola Company |
2,062,589 |
|||||||||
15,729 |
Monster Beverage Corporation, (2) |
831,750 |
|||||||||
26,928 |
PepsiCo, Inc. |
1,842,683 |
|||||||||
Total Beverages |
4,737,022 |
||||||||||
Biotechnology – 3.3% |
|||||||||||
80,965 |
Amgen Inc. |
6,988,899 |
|||||||||
55,390 |
Celgene Corporation, (2) |
4,360,301 |
|||||||||
Total Biotechnology |
11,349,200 |
||||||||||
Capital Markets – 0.9% |
|||||||||||
32,441 |
Bank of New York Company, Inc. |
833,734 |
|||||||||
62,652 |
Charles Schwab Corporation |
899,683 |
|||||||||
1,581 |
Goldman Sachs Group, Inc. |
201,672 |
|||||||||
30,105 |
Morgan Stanley |
575,608 |
|||||||||
17,346 |
Waddell & Reed Financial, Inc., Class A |
603,988 |
|||||||||
Total Capital Markets |
3,114,685 |
||||||||||
Chemicals – 1.2% |
|||||||||||
973 |
CF Industries Holdings, Inc. |
197,675 |
|||||||||
45,174 |
Dow Chemical Company |
1,460,024 |
|||||||||
25,684 |
E.I. Du Pont de Nemours and Company |
1,155,009 |
|||||||||
10,514 |
Monsanto Company |
995,150 |
|||||||||
4,219 |
Mosaic Company |
238,922 |
|||||||||
Total Chemicals |
4,046,780 |
Nuveen Investments
34
Shares |
Description (1) |
Value |
|||||||||
Commercial Banks – 1.6% |
|||||||||||
65,040 |
U.S. Bancorp |
$ |
2,077,378 |
||||||||
101,331 |
Wells Fargo & Company |
3,463,494 |
|||||||||
Total Commercial Banks |
5,540,872 |
||||||||||
Commercial Services & Supplies – 0.0% |
|||||||||||
10,378 |
R.R. Donnelley & Sons Company |
93,402 |
|||||||||
Communications Equipment – 4.7% |
|||||||||||
6,820 |
Aviat Networks Inc., (2) |
22,438 |
|||||||||
399,665 |
Cisco Systems, Inc. |
7,853,417 |
|||||||||
132,642 |
QUALCOMM, Inc. |
8,226,457 |
|||||||||
Total Communications Equipment |
16,102,312 |
||||||||||
Computers & Peripherals – 10.4% |
|||||||||||
63,545 |
Apple, Inc. |
33,871,390 |
|||||||||
54,919 |
EMC Corporation, (2) |
1,389,451 |
|||||||||
19,045 |
Hewlett-Packard Company |
271,391 |
|||||||||
1,485 |
Western Digital Corporation |
63,098 |
|||||||||
Total Computers & Peripherals |
35,595,330 |
||||||||||
Consumer Finance – 0.6% |
|||||||||||
20,371 |
American Express Company |
1,170,925 |
|||||||||
6,671 |
Capital One Financial Corporation |
386,451 |
|||||||||
27,215 |
SLM Corporation |
466,193 |
|||||||||
Total Consumer Finance |
2,023,569 |
||||||||||
Containers & Packaging – 0.3% |
|||||||||||
19,780 |
Packaging Corp. of America |
760,937 |
|||||||||
4,824 |
Sonoco Products Company |
143,418 |
|||||||||
Total Containers & Packaging |
904,355 |
||||||||||
Distributors – 0.1% |
|||||||||||
3,449 |
Genuine Parts Company |
219,287 |
|||||||||
Diversified Consumer Services – 0.1% |
|||||||||||
4,119 |
ITT Educational Services, Inc., (2) |
71,300 |
|||||||||
21,475 |
Service Corporation International |
296,570 |
|||||||||
Total Diversified Consumer Services |
367,870 |
||||||||||
Diversified Financial Services – 2.2% |
|||||||||||
149,582 |
Bank of America Corporation |
1,735,151 |
|||||||||
56,156 |
Citigroup Inc. |
2,221,531 |
|||||||||
19,235 |
CME Group, Inc. |
975,407 |
|||||||||
39,922 |
JP Morgan Chase & Co. |
1,755,370 |
|||||||||
13,902 |
Moody's Corporation |
699,549 |
|||||||||
Total Diversified Financial Services |
7,387,008 |
||||||||||
Diversified Telecommunication Services – 1.7% |
|||||||||||
93,269 |
AT&T Inc. |
3,144,098 |
|||||||||
1 |
Frontier Communications Corporation |
4 |
|||||||||
59,414 |
Verizon Communications Inc. |
2,570,844 |
|||||||||
Total Diversified Telecommunication Services |
5,714,946 |
Nuveen Investments
35
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Electric Utilities – 1.6% |
|||||||||||
30,093 |
Duke Energy Corporation |
$ |
1,919,933 |
||||||||
48,358 |
Great Plains Energy Incorporated |
982,151 |
|||||||||
19,953 |
OGE Energy Corp. |
1,123,553 |
|||||||||
28,722 |
Pinnacle West Capital Corporation |
1,464,248 |
|||||||||
Total Electric Utilities |
5,489,885 |
||||||||||
Electrical Equipment – 2.0% |
|||||||||||
33,441 |
Eaton PLC |
1,812,502 |
|||||||||
28,532 |
Emerson Electric Company |
1,511,055 |
|||||||||
11,238 |
Hubbell Incorporated, Class B |
951,072 |
|||||||||
15,244 |
Rockwell Automation, Inc. |
1,280,344 |
|||||||||
13,012 |
Roper Industries Inc. |
1,450,578 |
|||||||||
Total Electrical Equipment |
7,005,551 |
||||||||||
Electronic Equipment & Instruments – 0.5% |
|||||||||||
17,200 |
Amphenol Corporation, Class A |
1,112,840 |
|||||||||
39,646 |
Corning Incorporated |
500,333 |
|||||||||
Total Electronic Equipment & Instruments |
1,613,173 |
||||||||||
Energy Equipment & Services – 1.3% |
|||||||||||
26,765 |
Cameron International Corporation, (2) |
1,511,152 |
|||||||||
9,396 |
Diamond Offshore Drilling, Inc. |
638,552 |
|||||||||
29,446 |
Halliburton Company |
1,021,482 |
|||||||||
18,594 |
Schlumberger Limited |
1,288,378 |
|||||||||
Total Energy Equipment & Services |
4,459,564 |
||||||||||
Food & Staples Retailing – 1.7% |
|||||||||||
37,645 |
CVS Caremark Corporation |
1,820,136 |
|||||||||
27,808 |
Kroger Co. |
723,564 |
|||||||||
26,567 |
Walgreen Co. |
983,245 |
|||||||||
33,111 |
Wal-Mart Stores, Inc. |
2,259,164 |
|||||||||
Total Food & Staples Retailing |
5,786,109 |
||||||||||
Food Products – 0.8% |
|||||||||||
10,080 |
Archer-Daniels-Midland Company |
276,091 |
|||||||||
15,863 |
Kraft Foods Inc., Class A |
721,291 |
|||||||||
72,807 |
Mondelez International Inc. |
1,854,394 |
|||||||||
Total Food Products |
2,851,776 |
||||||||||
Gas Utilities – 0.4% |
|||||||||||
21,576 |
AGL Resources Inc. |
862,393 |
|||||||||
15,026 |
Piedmont Natural Gas Company |
470,464 |
|||||||||
Total Gas Utilities |
1,332,857 |
||||||||||
Health Care Equipment & Supplies – 1.8% |
|||||||||||
41,688 |
Abbott Laboratories |
2,730,564 |
|||||||||
16,835 |
Baxter International, Inc. |
1,122,221 |
|||||||||
9,327 |
CareFusion Corporation, (2) |
266,566 |
|||||||||
5,822 |
Covidien PLC |
336,162 |
|||||||||
12,334 |
Hill Rom Holdings Inc. |
351,519 |
|||||||||
11,631 |
Medtronic, Inc. |
477,104 |
|||||||||
11,540 |
Saint Jude Medical Inc. |
417,056 |
|||||||||
8,617 |
Zimmer Holdings, Inc. |
574,409 |
|||||||||
Total Health Care Equipment & Supplies |
6,275,601 |
Nuveen Investments
36
Shares |
Description (1) |
Value |
|||||||||
Health Care Providers & Services – 1.4% |
|||||||||||
13,759 |
Brookdale Senior Living Inc., (2) |
$ |
348,378 |
||||||||
23,480 |
Cardinal Health, Inc. |
966,906 |
|||||||||
1,520 |
McKesson HBOC Inc. |
147,379 |
|||||||||
11,450 |
Omnicare, Inc. |
413,345 |
|||||||||
12,175 |
Tenet Healthcare Corporation, (2) |
395,322 |
|||||||||
19,406 |
UnitedHealth Group Incorporated |
1,052,581 |
|||||||||
20,106 |
Universal Health Services, Inc., Class B |
972,125 |
|||||||||
8,528 |
Wellpoint Inc. |
519,526 |
|||||||||
Total Health Care Providers & Services |
4,815,562 |
||||||||||
Hotels, Restaurants & Leisure – 1.9% |
|||||||||||
20,714 |
Carnival Corporation |
761,654 |
|||||||||
17,543 |
International Game Technology |
248,584 |
|||||||||
29,562 |
McDonald's Corporation |
2,607,664 |
|||||||||
26,474 |
Starwood Hotels & Resorts Worldwide, Inc. |
1,518,549 |
|||||||||
84,855 |
The Wendy's Company |
398,819 |
|||||||||
19,573 |
Tim Hortons Inc. |
962,600 |
|||||||||
Total Hotels, Restaurants & Leisure |
6,497,870 |
||||||||||
Household Durables – 0.7% |
|||||||||||
41,536 |
KB Home |
656,269 |
|||||||||
36,936 |
Newell Rubbermaid Inc. |
822,565 |
|||||||||
7,376 |
Whirlpool Corporation |
750,508 |
|||||||||
Total Household Durables |
2,229,342 |
||||||||||
Household Products – 0.6% |
|||||||||||
32,355 |
Procter & Gamble Company |
2,196,581 |
|||||||||
Industrial Conglomerates – 1.0% |
|||||||||||
10,431 |
3M Co. |
968,518 |
|||||||||
13,006 |
Danaher Corporation |
727,035 |
|||||||||
82,528 |
General Electric Company |
1,732,263 |
|||||||||
Total Industrial Conglomerates |
3,427,816 |
||||||||||
Insurance – 1.8% |
|||||||||||
12,439 |
American International Group, (2) |
439,097 |
|||||||||
3,318 |
Arch Capital Group Limited, (2) |
146,058 |
|||||||||
7,497 |
Berkshire Hathaway Inc., Class B, (2) |
672,481 |
|||||||||
26,516 |
Fidelity National Title Group Inc., Class A |
624,452 |
|||||||||
29,867 |
Marsh & McLennan Companies, Inc. |
1,029,515 |
|||||||||
24,982 |
Prudential Financial, Inc. |
1,332,290 |
|||||||||
24,970 |
Travelers Companies, Inc. |
1,793,345 |
|||||||||
Total Insurance |
6,037,238 |
||||||||||
Internet & Catalog Retail – 2.9% |
|||||||||||
36,959 |
Amazon.com, Inc., (2) |
9,281,883 |
|||||||||
10,391 |
HSN, Inc. |
572,336 |
|||||||||
Total Internet & Catalog Retail |
9,854,219 |
||||||||||
Internet Software & Services – 7.3% |
|||||||||||
30,462 |
Akamai Technologies, Inc., (2) |
1,246,200 |
|||||||||
2,017 |
AOL Inc. |
59,723 |
|||||||||
16,544 |
Baidu.com, Inc., Sponsored ADR, (2) |
1,659,198 |
|||||||||
115,993 |
eBay Inc., (2) |
5,917,963 |
|||||||||
19,217 |
Google Inc., Class A, (2) |
13,631,963 |
|||||||||
20,300 |
IAC/InterActiveCorp. |
960,190 |
|||||||||
69,658 |
Yahoo! Inc., (2) |
1,386,194 |
|||||||||
Total Internet Software & Services |
24,861,431 |
Nuveen Investments
37
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
IT Services – 3.1% |
|||||||||||
46,267 |
Automatic Data Processing, Inc. |
$ |
2,637,682 |
||||||||
23,280 |
Fidelity National Information Services |
810,377 |
|||||||||
8,158 |
Global Payments Inc. |
369,557 |
|||||||||
14,822 |
Infosys Technologies Limited, Sponsored ADR |
626,971 |
|||||||||
14,439 |
International Business Machines Corporation (IBM) |
2,765,790 |
|||||||||
12,871 |
Lender Processing Services Inc. |
316,884 |
|||||||||
58,743 |
Paychex, Inc. |
1,829,257 |
|||||||||
7,718 |
Visa Inc., Class A |
1,169,894 |
|||||||||
Total IT Services |
10,526,412 |
||||||||||
Life Sciences Tools & Services – 0.2% |
|||||||||||
15,384 |
Agilent Technologies, Inc. |
629,821 |
|||||||||
Machinery – 1.4% |
|||||||||||
18,500 |
Caterpillar Inc. |
1,657,230 |
|||||||||
10,346 |
Deere & Company |
894,101 |
|||||||||
22,531 |
Graco Inc. |
1,160,121 |
|||||||||
16,187 |
SPX Corporation |
1,135,518 |
|||||||||
Total Machinery |
4,846,970 |
||||||||||
Media – 4.6% |
|||||||||||
23,415 |
CBS Corporation, Class B |
890,941 |
|||||||||
157,751 |
Comcast Corporation, Special Class A |
5,671,148 |
|||||||||
68,525 |
DIRECTV Group, Inc., (2) |
3,437,214 |
|||||||||
2,751 |
Liberty Media Corporation, Liberty Capital Class A, Tracking Stock, (2) |
319,144 |
|||||||||
51,552 |
News Corporation, Class B |
1,352,724 |
|||||||||
20,124 |
Omnicom Group, Inc. |
1,005,395 |
|||||||||
6,011 |
Time Warner Cable, Class A |
584,209 |
|||||||||
21,163 |
Time Warner Inc. |
1,012,226 |
|||||||||
30,876 |
Walt Disney Company |
1,537,316 |
|||||||||
Total Media |
15,810,317 |
||||||||||
Metals & Mining – 0.4% |
|||||||||||
8,735 |
AngloGold Ashanti Limited, Sponsored ADR |
274,017 |
|||||||||
7,972 |
Cliffs Natural Resources Inc. |
307,400 |
|||||||||
54,923 |
Companhia Siderurgica Nacional S.A., Sponsored ADR |
324,046 |
|||||||||
5,432 |
Freeport-McMoRan Copper & Gold, Inc. |
185,774 |
|||||||||
1,736 |
Newmont Mining Corporation |
80,620 |
|||||||||
7,686 |
United States Steel Corporation |
183,465 |
|||||||||
Total Metals & Mining |
1,355,322 |
||||||||||
Multiline Retail – 0.6% |
|||||||||||
10,865 |
Family Dollar Stores, Inc. |
688,950 |
|||||||||
4,575 |
J.C. Penney Company, Inc., (2) |
90,173 |
|||||||||
4,511 |
Kohl's Corporation |
193,883 |
|||||||||
25,836 |
Macy's, Inc. |
1,008,121 |
|||||||||
Total Multiline Retail |
1,981,127 |
||||||||||
Multi-Utilities – 0.3% |
|||||||||||
21,316 |
Integrys Energy Group, Inc. |
1,113,122 |
|||||||||
Oil, Gas & Consumable Fuels – 4.8% |
|||||||||||
1,231 |
Anadarko Petroleum Corporation |
91,476 |
|||||||||
4,671 |
Cabot Oil & Gas Corporation |
232,336 |
|||||||||
43,696 |
Chevron Corporation |
4,725,285 |
|||||||||
44,045 |
ConocoPhillips |
2,554,170 |
|||||||||
79,182 |
Exxon Mobil Corporation |
6,853,202 |
|||||||||
1,606 |
Marathon Oil Corporation |
49,240 |
Nuveen Investments
38
Shares |
Description (1) |
Value |
|||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||||
6,095 |
Occidental Petroleum Corporation |
$ |
466,938 |
||||||||
22,649 |
Phillips 66 |
1,202,662 |
|||||||||
4,232 |
Royal Dutch Shell PLC, Class A, Sponsored ADR |
291,796 |
|||||||||
Total Oil, Gas & Consumable Fuels |
16,467,105 |
||||||||||
Paper & Forest Products – 0.3% |
|||||||||||
21,984 |
International Paper Company |
875,843 |
|||||||||
Pharmaceuticals – 3.9% |
|||||||||||
13,538 |
Allergan, Inc. |
1,241,841 |
|||||||||
69,669 |
Bristol-Myers Squibb Company |
2,270,513 |
|||||||||
7,517 |
Eli Lilly and Company |
370,738 |
|||||||||
13,675 |
Forest Laboratories, Inc., (2) |
483,001 |
|||||||||
7,458 |
GlaxoSmithKline PLC, Sponsored ADR |
324,199 |
|||||||||
35,898 |
Johnson & Johnson |
2,516,450 |
|||||||||
91,276 |
Merck & Company Inc. |
3,736,839 |
|||||||||
6,190 |
Novartis AG, Sponsored ADR |
391,827 |
|||||||||
82,836 |
Pfizer Inc. |
2,077,527 |
|||||||||
Total Pharmaceuticals |
13,412,935 |
||||||||||
Professional Services – 0.5% |
|||||||||||
18,950 |
Manpower Inc. |
804,238 |
|||||||||
30,314 |
Robert Half International Inc. |
964,591 |
|||||||||
Total Professional Services |
1,768,829 |
||||||||||
Real Estate Investment Trust – 1.1% |
|||||||||||
18,413 |
Apartment Investment & Management Company, Class A |
498,256 |
|||||||||
28,958 |
CubeSmart |
421,918 |
|||||||||
4,590 |
Developers Diversified Realty Corporation |
71,879 |
|||||||||
40,126 |
Senior Housing Properties Trust |
948,579 |
|||||||||
25,511 |
Ventas Inc. |
1,651,072 |
|||||||||
Total Real Estate Investment Trust |
3,591,704 |
||||||||||
Road & Rail – 0.1% |
|||||||||||
23,916 |
CSX Corporation |
471,863 |
|||||||||
Semiconductors & Equipment – 5.1% |
|||||||||||
54,140 |
Advanced Micro Devices, Inc., (2) |
129,936 |
|||||||||
49,030 |
Altera Corporation |
1,688,593 |
|||||||||
25,698 |
Analog Devices, Inc. |
1,080,858 |
|||||||||
65,680 |
Applied Materials, Inc. |
751,379 |
|||||||||
93,518 |
Atmel Corporation, (2) |
612,543 |
|||||||||
48,224 |
Broadcom Corporation, Class A |
1,601,519 |
|||||||||
4,697 |
Cree, Inc., (2) |
159,604 |
|||||||||
1,090 |
Cymer, Inc., (2) |
98,569 |
|||||||||
11,761 |
Cypress Semiconductor Corporation |
127,489 |
|||||||||
28,948 |
Fairchild Semiconductor International Inc., Class A, (2) |
416,851 |
|||||||||
17,789 |
Integrated Device Technology, Inc., (2) |
129,860 |
|||||||||
363,454 |
Intel Corporation |
7,498,056 |
|||||||||
2,596 |
Intersil Holding Corporation, Class A |
21,521 |
|||||||||
8,733 |
Lam Research Corporation, (2) |
315,523 |
|||||||||
45,919 |
Linear Technology Corporation |
1,575,022 |
|||||||||
35,700 |
LSI Logic Corporation, (2) |
252,756 |
|||||||||
5,819 |
MEMC Electronic Materials, (2) |
18,679 |
|||||||||
76,193 |
NVIDIA Corporation |
936,412 |
|||||||||
2,774 |
Taiwan Semiconductor Manufacturing Company Limited, Sponsored ADR |
47,602 |
|||||||||
Total Semiconductors & Equipment |
17,462,772 |
Nuveen Investments
39
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Software – 10.6% |
|||||||||||
171,474 |
Activision Blizzard Inc. |
$ |
1,821,054 |
||||||||
60,160 |
Adobe Systems Incorporated, (2) |
2,266,829 |
|||||||||
43,406 |
Autodesk, Inc., (2) |
1,534,402 |
|||||||||
65,185 |
CA Inc. |
1,432,766 |
|||||||||
33,659 |
Cadence Design Systems, Inc., (2) |
454,733 |
|||||||||
616,868 |
Microsoft Corporation |
16,488,882 |
|||||||||
367,125 |
Oracle Corporation |
12,232,605 |
|||||||||
Total Software |
36,231,271 |
||||||||||
Specialty Retail – 2.3% |
|||||||||||
1,126 |
Best Buy Co., Inc. |
13,343 |
|||||||||
16,073 |
Gap, Inc. |
498,906 |
|||||||||
32,724 |
Home Depot, Inc. |
2,023,979 |
|||||||||
32,217 |
Limited Brands, Inc. |
1,516,132 |
|||||||||
35,867 |
Lowe's Companies, Inc. |
1,273,996 |
|||||||||
814 |
Orchard Supply Hardware Stores Corporation, (2) |
6,032 |
|||||||||
28,032 |
TJX Companies, Inc. |
1,189,958 |
|||||||||
35,381 |
Urban Outfitters, Inc., (2) |
1,392,596 |
|||||||||
Total Specialty Retail |
7,914,942 |
||||||||||
Textiles, Apparel & Luxury Goods – 0.2% |
|||||||||||
14,587 |
Coach, Inc. |
809,724 |
|||||||||
Thrifts & Mortgage Finance – 0.0% |
|||||||||||
1,712 |
Tree.com Inc. |
30,867 |
|||||||||
Tobacco – 1.1% |
|||||||||||
34,008 |
Altria Group, Inc. |
1,068,531 |
|||||||||
33,961 |
Philip Morris International |
2,840,498 |
|||||||||
Total Tobacco |
3,909,029 |
||||||||||
Wireless Telecommunication Services – 0.2% |
|||||||||||
9,319 |
Crown Castle International Corporation, (2) |
672,459 |
|||||||||
Total Common Stocks (cost $214,811,546) |
340,632,519 |
Principal Amount (000) |
Description (1) |
Coupon |
Maturity |
Value |
|||||||||||||||
Short-Term Investments – 3.2% |
|||||||||||||||||||
$ |
10,810 |
Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $10,810,122, collateralized by $8,435,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $11,028,763 |
0.010 |
% |
1/02/13 |
$ |
10,810,116 |
||||||||||||
Total Short-Term Investments (cost $10,810,116) |
10,810,116 |
||||||||||||||||||
Total Investments (cost $225,621,662) – 102.7% |
351,442,635 |
||||||||||||||||||
Other Assets Less Liabilities – (2.7)% (3) |
(9,251,409 |
) |
|||||||||||||||||
Net Assets – 100% |
$ |
342,191,226 |
Nuveen Investments
40
Investments in Derivatives as of December 31, 2012
Call Options Written outstanding:
Number of Contracts |
Type |
Notional Amount (4) |
Expiration Date |
Strike Price |
Value (3) |
||||||||||||||||||
Call Options Written – (2.7)% |
|||||||||||||||||||||||
(1,519 |
) |
MINI-Nasdaq-100 Index |
$ |
(39,114,250 |
) |
1/19/13 |
$ |
257.5 |
$ |
(1,587,355 |
) |
||||||||||||
(781 |
) |
MINI-Nasdaq-100 Index |
(20,306,000 |
) |
1/19/13 |
260.0 |
(667,755 |
) |
|||||||||||||||
(746 |
) |
MINI-Nasdaq-100 Index |
(19,582,500 |
) |
1/19/13 |
262.5 |
(503,550 |
) |
|||||||||||||||
(974 |
) |
MINI-Nasdaq-100 Index |
(25,811,000 |
) |
1/19/13 |
265.0 |
(501,610 |
) |
|||||||||||||||
(763 |
) |
MINI-Nasdaq-100 Index |
(20,410,250 |
) |
1/19/13 |
267.5 |
(284,217 |
) |
|||||||||||||||
(781 |
) |
MINI-Nasdaq-100 Index |
(20,891,750 |
) |
2/16/13 |
267.5 |
(488,125 |
) |
|||||||||||||||
(777 |
) |
MINI-Nasdaq-100 Index |
(20,979,000 |
) |
2/16/13 |
270.0 |
(394,328 |
) |
|||||||||||||||
(146 |
) |
S&P 500 Index |
(19,710,000 |
) |
1/19/13 |
1,350.0 |
(1,197,930 |
) |
|||||||||||||||
(119 |
) |
S&P 500 Index |
(16,362,500 |
) |
1/19/13 |
1,375.0 |
(709,240 |
) |
|||||||||||||||
(230 |
) |
S&P 500 Index |
(32,200,000 |
) |
1/19/13 |
1,400.0 |
(914,250 |
) |
|||||||||||||||
(151 |
) |
S&P 500 Index |
(21,517,500 |
) |
1/19/13 |
1,425.0 |
(345,035 |
) |
|||||||||||||||
(224 |
) |
S&P 500 Index |
(32,480,000 |
) |
1/19/13 |
1,450.0 |
(204,960 |
) |
|||||||||||||||
(168 |
) |
S&P 500 Index |
(23,520,000 |
) |
2/16/13 |
1,400.0 |
(815,640 |
) |
|||||||||||||||
(143 |
) |
S&P 500 Index |
(20,377,500 |
) |
2/16/13 |
1,425.0 |
(458,315 |
) |
|||||||||||||||
(7,522 |
) |
Total Call Options Written (premiums received $8,436,242) |
$ |
(333,262,250 |
) |
$ |
(9,072,310 |
) |
For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) All percentages 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 listed within Investments in Derivatives at the end of the reporting period.
(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
41
JPG
Nuveen Equity Premium and Growth Fund
Portfolio of Investments
December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Common Stocks – 100.0% (5) |
|||||||||||
Aerospace & Defense – 2.4% |
|||||||||||
21,609 |
Boeing Company |
$ |
1,628,454 |
||||||||
20,644 |
Honeywell International Inc. |
1,310,275 |
|||||||||
14,434 |
Raytheon Company |
830,821 |
|||||||||
22,344 |
United Technologies Corporation |
1,832,431 |
|||||||||
Total Aerospace & Defense |
5,601,981 |
||||||||||
Air Freight & Logistics – 0.8% |
|||||||||||
25,299 |
United Parcel Service, Inc., Class B |
1,865,295 |
|||||||||
Airlines – 0.1% |
|||||||||||
13,205 |
Latam Airlines Group, Sponsored ADR |
311,110 |
|||||||||
Auto Components – 0.1% |
|||||||||||
9,310 |
Cooper Tire & Rubber |
236,102 |
|||||||||
5,900 |
Dana Holding Corporation |
92,099 |
|||||||||
Total Auto Components |
328,201 |
||||||||||
Automobiles – 0.5% |
|||||||||||
92,502 |
Ford Motor Company |
1,197,901 |
|||||||||
Beverages – 2.3% |
|||||||||||
86,588 |
Coca-Cola Company |
3,138,815 |
|||||||||
33,203 |
PepsiCo, Inc. |
2,272,081 |
|||||||||
Total Beverages |
5,410,896 |
||||||||||
Biotechnology – 1.1% |
|||||||||||
11,864 |
Celgene Corporation, (2) |
933,934 |
|||||||||
20,273 |
Gilead Sciences, Inc., (2) |
1,489,052 |
|||||||||
10,546 |
PDL Biopahrma Inc. |
74,349 |
|||||||||
Total Biotechnology |
2,497,335 |
||||||||||
Capital Markets – 1.6% |
|||||||||||
53,257 |
Charles Schwab Corporation |
764,771 |
|||||||||
24,627 |
Federated Investors Inc. |
498,204 |
|||||||||
7,757 |
Goldman Sachs Group, Inc. |
989,483 |
|||||||||
46,141 |
Morgan Stanley |
882,216 |
|||||||||
14,786 |
Waddell & Reed Financial, Inc., Class A |
514,849 |
|||||||||
Total Capital Markets |
3,649,523 |
||||||||||
Chemicals – 2.6% |
|||||||||||
26,983 |
Dow Chemical Company |
872,091 |
|||||||||
21,896 |
E.I. Du Pont de Nemours and Company |
984,663 |
|||||||||
14,249 |
Eastman Chemical Company |
969,644 |
|||||||||
11,108 |
Monsanto Company |
1,051,372 |
|||||||||
27,207 |
Olin Corporation |
587,399 |
|||||||||
8,038 |
PPG Industries, Inc. |
1,087,943 |
|||||||||
16,530 |
RPM International, Inc. |
485,321 |
|||||||||
Total Chemicals |
6,038,433 |
Nuveen Investments
42
Shares |
Description (1) |
Value |
|||||||||
Commercial Banks – 2.7% |
|||||||||||
12,843 |
Comerica Incorporated |
$ |
389,657 |
||||||||
12,783 |
Fifth Third Bancorp. |
194,174 |
|||||||||
11,582 |
First Horizon National Corporation |
114,778 |
|||||||||
8,574 |
FirstMerit Corporation |
121,665 |
|||||||||
49,105 |
Huntington BancShares Inc. |
313,781 |
|||||||||
33,673 |
Regions Financial Corporation |
239,752 |
|||||||||
46,627 |
U.S. Bancorp |
1,489,266 |
|||||||||
101,536 |
Wells Fargo & Company |
3,470,500 |
|||||||||
Total Commercial Banks |
6,333,573 |
||||||||||
Commercial Services & Supplies – 0.3% |
|||||||||||
5,330 |
Avery Dennison Corporation |
186,124 |
|||||||||
14,872 |
Deluxe Corporation |
479,473 |
|||||||||
8,400 |
Kimball International Inc., Class B |
97,524 |
|||||||||
Total Commercial Services & Supplies |
763,121 |
||||||||||
Communications Equipment – 2.3% |
|||||||||||
113,457 |
Cisco Systems, Inc. |
2,229,430 |
|||||||||
14,740 |
Motorola Solutions Inc. |
820,723 |
|||||||||
35,475 |
QUALCOMM, Inc. |
2,200,160 |
|||||||||
2,984 |
Research In Motion Limited, (2) |
35,450 |
|||||||||
Total Communications Equipment |
5,285,763 |
||||||||||
Computers & Peripherals – 4.5% |
|||||||||||
16,159 |
Apple, Inc. |
8,613,228 |
|||||||||
30,455 |
Dell Inc. |
308,509 |
|||||||||
47,936 |
EMC Corporation, (2) |
1,212,781 |
|||||||||
25,651 |
Hewlett-Packard Company |
365,527 |
|||||||||
Total Computers & Peripherals |
10,500,045 |
||||||||||
Consumer Finance – 0.5% |
|||||||||||
21,390 |
American Express Company |
1,229,497 |
|||||||||
Containers & Packaging – 0.3% |
|||||||||||
17,965 |
Packaging Corp. of America |
691,114 |
|||||||||
Distributors – 0.5% |
|||||||||||
19,736 |
Genuine Parts Company |
1,254,815 |
|||||||||
Diversified Consumer Services – 0.1% |
|||||||||||
5,562 |
Apollo Group, Inc., Class A, (2) |
116,357 |
|||||||||
Diversified Financial Services – 4.3% |
|||||||||||
220,358 |
Bank of America Corporation |
2,556,153 |
|||||||||
53,890 |
Citigroup Inc. |
2,131,888 |
|||||||||
12,960 |
CME Group, Inc. |
657,202 |
|||||||||
4,327 |
Intercontinental Exchange, Inc., (2) |
535,726 |
|||||||||
83,543 |
JP Morgan Chase & Co. |
3,673,386 |
|||||||||
9,862 |
New York Stock Exchange Euronext |
311,047 |
|||||||||
Total Diversified Financial Services |
9,865,402 |
||||||||||
Diversified Telecommunication Services – 3.5% |
|||||||||||
3,700 |
Alaska Communications Systems Group Inc., (2) |
7,178 |
|||||||||
136,321 |
AT&T Inc. |
4,595,381 |
|||||||||
111,815 |
Frontier Communications Corporation |
478,568 |
|||||||||
72,804 |
Verizon Communications Inc. |
3,150,229 |
|||||||||
Total Diversified Telecommunication Services |
8,231,356 |
Nuveen Investments
43
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Electric Utilities – 1.5% |
|||||||||||
34,345 |
Duke Energy Corporation |
$ |
2,191,211 |
||||||||
60,263 |
Great Plains Energy Incorporated |
1,223,942 |
|||||||||
Total Electric Utilities |
3,415,153 |
||||||||||
Electrical Equipment – 0.9% |
|||||||||||
3,151 |
Eaton PLC |
170,784 |
|||||||||
23,075 |
Emerson Electric Company |
1,222,052 |
|||||||||
6,854 |
Rockwell Automation, Inc. |
575,667 |
|||||||||
Total Electrical Equipment |
1,968,503 |
||||||||||
Electronic Equipment & Instruments – 0.3% |
|||||||||||
48,583 |
Corning Incorporated |
613,117 |
|||||||||
Energy Equipment & Services – 2.1% |
|||||||||||
12,363 |
Baker Hughes Incorporated |
504,905 |
|||||||||
2,246 |
Carbo Ceramics Inc. |
175,952 |
|||||||||
30,868 |
Halliburton Company |
1,070,811 |
|||||||||
9,961 |
National-Oilwell Varco Inc. |
680,834 |
|||||||||
12,997 |
Noble Corporation |
452,556 |
|||||||||
27,641 |
Schlumberger Limited |
1,915,245 |
|||||||||
1,869 |
Tidewater Inc. |
83,507 |
|||||||||
Total Energy Equipment & Services |
4,883,810 |
||||||||||
Food & Staples Retailing – 1.9% |
|||||||||||
28,828 |
CVS Caremark Corporation |
1,393,834 |
|||||||||
23,426 |
SUPERVALU INC., (2) |
57,862 |
|||||||||
35,291 |
Wal-Mart Stores, Inc. |
2,407,905 |
|||||||||
5,987 |
Whole Foods Market, Inc. |
546,793 |
|||||||||
Total Food & Staples Retailing |
4,406,394 |
||||||||||
Food Products – 1.4% |
|||||||||||
13,960 |
Archer-Daniels-Midland Company |
382,364 |
|||||||||
33,648 |
ConAgra Foods, Inc. |
992,616 |
|||||||||
15,625 |
Kraft Foods Inc., Class A |
710,469 |
|||||||||
46,877 |
Mondelez International Inc. |
1,193,957 |
|||||||||
Total Food Products |
3,279,406 |
||||||||||
Gas Utilities – 0.5% |
|||||||||||
13,418 |
AGL Resources Inc. |
536,317 |
|||||||||
14,636 |
ONEOK, Inc. |
625,689 |
|||||||||
Total Gas Utilities |
1,162,006 |
||||||||||
Health Care Equipment & Supplies – 2.0% |
|||||||||||
45,691 |
Abbott Laboratories |
2,992,761 |
|||||||||
28,854 |
Boston Scientific Corporation, (2) |
165,333 |
|||||||||
3,976 |
Hologic Inc., (2) |
79,639 |
|||||||||
31,998 |
Medtronic, Inc. |
1,312,558 |
|||||||||
Total Health Care Equipment & Supplies |
4,550,291 |
||||||||||
Health Care Providers & Services – 2.2% |
|||||||||||
13,746 |
Aetna Inc. |
636,440 |
|||||||||
1,637 |
Brookdale Senior Living Inc., (2) |
41,449 |
|||||||||
26,964 |
Express Scripts, (2) |
1,456,056 |
|||||||||
5,614 |
Humana Inc. |
385,289 |
|||||||||
6,162 |
Tenet Healthcare Corporation, (2) |
200,080 |
|||||||||
28,552 |
UnitedHealth Group Incorporated |
1,548,660 |
|||||||||
11,994 |
Wellpoint Inc. |
730,674 |
|||||||||
Total Health Care Providers & Services |
4,998,648 |
Nuveen Investments
44
Shares |
Description (1) |
Value |
|||||||||
Hotels, Restaurants & Leisure – 1.3% |
|||||||||||
9,393 |
International Game Technology |
$ |
133,099 |
||||||||
22,404 |
McDonald's Corporation |
1,976,257 |
|||||||||
13,188 |
MGM Resorts International Inc., (2) |
153,508 |
|||||||||
43,350 |
The Wendy's Company |
203,745 |
|||||||||
4,557 |
Tim Hortons Inc. |
224,113 |
|||||||||
5,749 |
Wyndham Worldwide Corporation |
305,904 |
|||||||||
Total Hotels, Restaurants & Leisure |
2,996,626 |
||||||||||
Household Durables – 0.5% |
|||||||||||
9,410 |
KB Home |
148,678 |
|||||||||
7,325 |
Lennar Corporation, Class A |
283,258 |
|||||||||
16,964 |
Newell Rubbermaid Inc. |
377,788 |
|||||||||
2,393 |
Whirlpool Corporation |
243,488 |
|||||||||
Total Household Durables |
1,053,212 |
||||||||||
Household Products – 2.0% |
|||||||||||
5,228 |
Colgate-Palmolive Company |
546,535 |
|||||||||
9,977 |
Kimberly-Clark Corporation |
842,358 |
|||||||||
47,393 |
Procter & Gamble Company |
3,217,511 |
|||||||||
Total Household Products |
4,606,404 |
||||||||||
Industrial Conglomerates – 1.6% |
|||||||||||
15,527 |
3M Co. |
1,441,682 |
|||||||||
108,753 |
General Electric Company |
2,282,725 |
|||||||||
Total Industrial Conglomerates |
3,724,407 |
||||||||||
Insurance – 3.4% |
|||||||||||
18,935 |
Arthur J. Gallagher & Co. |
656,098 |
|||||||||
27,775 |
Berkshire Hathaway Inc., Class B, (2) |
2,491,418 |
|||||||||
16,883 |
Fidelity National Title Group Inc., Class A |
397,595 |
|||||||||
20,130 |
Genworth Financial Inc., Class A, (2) |
151,176 |
|||||||||
12,560 |
Kemper Corporation |
370,520 |
|||||||||
26,486 |
Lincoln National Corporation |
685,987 |
|||||||||
26,240 |
Marsh & McLennan Companies, Inc. |
904,493 |
|||||||||
16,516 |
Mercury General Corporation |
655,520 |
|||||||||
14,302 |
Prudential Financial, Inc. |
762,726 |
|||||||||
11,626 |
Travelers Companies, Inc. |
834,979 |
|||||||||
Total Insurance |
7,910,512 |
||||||||||
Internet & Catalog Retail – 0.8% |
|||||||||||
7,722 |
Amazon.com, Inc., (2) |
1,939,303 |
|||||||||
Internet Software & Services – 2.6% |
|||||||||||
5,170 |
Akamai Technologies, Inc., (2) |
211,505 |
|||||||||
26,548 |
eBay Inc., (2) |
1,354,479 |
|||||||||
5,040 |
Google Inc., Class A, (2) |
3,575,225 |
|||||||||
22,961 |
United Online, Inc. |
128,352 |
|||||||||
6,424 |
VeriSign, Inc., (2) |
249,380 |
|||||||||
27,685 |
Yahoo! Inc., (2) |
550,932 |
|||||||||
Total Internet Software & Services |
6,069,873 |
||||||||||
IT Services – 3.9% |
|||||||||||
29,841 |
Automatic Data Processing, Inc. |
1,701,235 |
|||||||||
9,387 |
Cognizant Technology Solutions Corporation, Class A, (2) |
695,107 |
|||||||||
11,474 |
Fidelity National Information Services |
399,410 |
|||||||||
24,100 |
International Business Machines Corporation (IBM) |
4,616,355 |
|||||||||
2,687 |
Lender Processing Services Inc. |
66,154 |
|||||||||
9,814 |
Visa Inc., Class A |
1,487,606 |
|||||||||
Total IT Services |
8,965,867 |
Nuveen Investments
45
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Leisure Equipment & Products – 0.9% |
|||||||||||
24,528 |
Mattel, Inc. |
$ |
898,215 |
||||||||
14,292 |
Polaris Industries Inc. |
1,202,672 |
|||||||||
Total Leisure Equipment & Products |
2,100,887 |
||||||||||
Life Sciences Tools & Services – 0.1% |
|||||||||||
1,370 |
Covance, Inc., (2) |
79,145 |
|||||||||
4,213 |
Life Technologies Corporation, (2) |
206,774 |
|||||||||
Total Life Sciences Tools & Services |
285,919 |
||||||||||
Machinery – 2.7% |
|||||||||||
3,706 |
Briggs & Stratton Corporation |
78,122 |
|||||||||
13,149 |
Caterpillar Inc. |
1,177,887 |
|||||||||
5,474 |
Cummins Inc. |
593,108 |
|||||||||
11,992 |
Deere & Company |
1,036,349 |
|||||||||
14,691 |
Illinois Tool Works, Inc. |
893,360 |
|||||||||
5,351 |
Pentair Limited |
263,002 |
|||||||||
11,866 |
Snap-on Incorporated |
937,295 |
|||||||||
18,194 |
Stanley Black & Decker Inc. |
1,345,810 |
|||||||||
Total Machinery |
6,324,933 |
||||||||||
Media – 2.6% |
|||||||||||
12,544 |
CBS Corporation, Class B |
477,299 |
|||||||||
82,347 |
Comcast Corporation, Class A |
3,078,131 |
|||||||||
14,912 |
DIRECTV Group, Inc., (2) |
747,986 |
|||||||||
8,126 |
Gannett Company Inc. |
146,349 |
|||||||||
5,070 |
Lamar Advertising Company, (2) |
196,463 |
|||||||||
28,121 |
New York Times, Class A, (2) |
239,872 |
|||||||||
51,096 |
Regal Entertainment Group, Class A |
712,789 |
|||||||||
45,144 |
Sirius XM Radio Inc. |
130,466 |
|||||||||
24,892 |
World Wrestling Entertainment Inc. |
196,398 |
|||||||||
Total Media |
5,925,753 |
||||||||||
Metals & Mining – 0.6% |
|||||||||||
4,770 |
Companhia Siderurgica Nacional S.A., Sponsored ADR |
28,143 |
|||||||||
24,931 |
Freeport-McMoRan Copper & Gold, Inc. |
852,640 |
|||||||||
11,424 |
Southern Copper Corporation |
432,513 |
|||||||||
3,047 |
United States Steel Corporation |
72,732 |
|||||||||
Total Metals & Mining |
1,386,028 |
||||||||||
Multiline Retail – 0.7% |
|||||||||||
8,878 |
Nordstrom, Inc. |
474,973 |
|||||||||
19,537 |
Target Corporation |
1,156,004 |
|||||||||
Total Multiline Retail |
1,630,977 |
||||||||||
Multi-Utilities – 2.0% |
|||||||||||
14,000 |
Ameren Corporation |
430,080 |
|||||||||
52,946 |
CenterPoint Energy, Inc. |
1,019,211 |
|||||||||
8,097 |
Consolidated Edison, Inc. |
449,707 |
|||||||||
23,143 |
Dominion Resources, Inc. |
1,198,807 |
|||||||||
28,718 |
Integrys Energy Group, Inc. |
1,499,654 |
|||||||||
Total Multi-Utilities |
4,597,459 |
||||||||||
Oil, Gas & Consumable Fuels – 9.5% |
|||||||||||
32,095 |
Chesapeake Energy Corporation |
533,419 |
|||||||||
41,178 |
Chevron Corporation |
4,452,989 |
|||||||||
21,336 |
ConocoPhillips |
1,237,275 |
|||||||||
11,317 |
CONSOL Energy Inc. |
363,276 |
|||||||||
6,936 |
EOG Resources, Inc. |
837,799 |
Nuveen Investments
46
Shares |
Description (1) |
Value |
|||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||||
91,175 |
Exxon Mobil Corporation |
$ |
7,891,196 |
||||||||
7,395 |
Hess Corporation |
391,639 |
|||||||||
20,768 |
Marathon Oil Corporation |
636,747 |
|||||||||
10,284 |
Marathon Petroleum Corporation |
647,892 |
|||||||||
20,324 |
Occidental Petroleum Corporation |
1,557,022 |
|||||||||
23,308 |
Peabody Energy Corporation |
620,226 |
|||||||||
10,973 |
Phillips 66 |
582,666 |
|||||||||
24,031 |
Ship Financial International Limited |
399,636 |
|||||||||
17,375 |
Southwestern Energy Company, (2) |
580,499 |
|||||||||
23,750 |
StatoilHydro ASA, Sponsored ADR |
594,700 |
|||||||||
18,205 |
Valero Energy Corporation |
621,155 |
|||||||||
Total Oil, Gas & Consumable Fuels |
21,948,136 |
||||||||||
Personal Products – 0.1% |
|||||||||||
21,653 |
Avon Products, Inc. |
310,937 |
|||||||||
Pharmaceuticals – 6.3% |
|||||||||||
476 |
AstraZeneca PLC, Sponsored ADR |
22,501 |
|||||||||
47,168 |
Bristol-Myers Squibb Company |
1,537,205 |
|||||||||
28,605 |
Eli Lilly and Company |
1,410,799 |
|||||||||
57,590 |
Johnson & Johnson |
4,037,059 |
|||||||||
70,896 |
Merck & Company Inc. |
2,902,482 |
|||||||||
181,817 |
Pfizer Inc. |
4,559,970 |
|||||||||
5,422 |
Sanofi-Aventis, Sponsored ADR |
256,894 |
|||||||||
Total Pharmaceuticals |
14,726,910 |
||||||||||
Real Estate Investment Trust – 2.4% |
|||||||||||
52,352 |
Annaly Capital Management Inc. |
735,022 |
|||||||||
35,857 |
Brandywine Realty Trust |
437,097 |
|||||||||
14,334 |
CubeSmart |
208,846 |
|||||||||
16,442 |
Hospitality Properties Trust |
385,072 |
|||||||||
54,457 |
Lexington Corporate Properties Trust |
569,076 |
|||||||||
49,304 |
Senior Housing Properties Trust |
1,165,547 |
|||||||||
24,458 |
Ventas Inc. |
1,582,922 |
|||||||||
19,112 |
Weyerhaeuser Company |
531,696 |
|||||||||
Total Real Estate Investment Trust |
5,615,278 |
||||||||||
Road & Rail – 0.7% |
|||||||||||
12,780 |
Union Pacific Corporation |
1,606,702 |
|||||||||
Semiconductors & Equipment – 2.1% |
|||||||||||
15,548 |
Analog Devices, Inc. |
653,949 |
|||||||||
35,188 |
Applied Materials, Inc. |
402,551 |
|||||||||
959 |
First Solar Inc., (2) |
29,614 |
|||||||||
109,250 |
Intel Corporation |
2,253,828 |
|||||||||
17,124 |
Microchip Technology Incorporated |
558,071 |
|||||||||
19,215 |
NVIDIA Corporation |
236,152 |
|||||||||
27,352 |
Texas Instruments Incorporated |
846,271 |
|||||||||
Total Semiconductors & Equipment |
4,980,436 |
||||||||||
Software – 3.7% |
|||||||||||
16,588 |
Adobe Systems Incorporated, (2) |
625,036 |
|||||||||
8,286 |
Autodesk, Inc., (2) |
292,910 |
|||||||||
159,313 |
Microsoft Corporation |
4,258,436 |
|||||||||
76,771 |
Oracle Corporation |
2,558,010 |
|||||||||
4,926 |
Salesforce.com, Inc., (2) |
828,061 |
|||||||||
Total Software |
8,562,453 |
Nuveen Investments
47
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2012
Shares |
Description (1) |
Value |
|||||||||
Specialty Retail – 2.9% |
|||||||||||
6,506 |
Abercrombie & Fitch Co., Class A |
312,093 |
|||||||||
19,409 |
American Eagle Outfitters, Inc. |
398,079 |
|||||||||
14,239 |
Best Buy Co., Inc. |
168,732 |
|||||||||
12,843 |
Gap, Inc. |
398,647 |
|||||||||
32,302 |
Home Depot, Inc. |
1,997,879 |
|||||||||
18,133 |
Limited Brands, Inc. |
853,339 |
|||||||||
34,642 |
Lowe's Companies, Inc. |
1,230,484 |
|||||||||
7,525 |
Tiffany & Co. |
431,484 |
|||||||||
19,611 |
TJX Companies, Inc. |
832,487 |
|||||||||
Total Specialty Retail |
6,623,224 |
||||||||||
Textiles, Apparel & Luxury Goods – 0.5% |
|||||||||||
8,185 |
VF Corporation |
1,235,689 |
|||||||||
Thrifts & Mortgage Finance – 0.3% |
|||||||||||
52,183 |
New York Community Bancorp Inc. |
683,597 |
|||||||||
Tobacco – 2.1% |
|||||||||||
51,979 |
Altria Group, Inc. |
1,633,180 |
|||||||||
29,266 |
Philip Morris International |
2,447,808 |
|||||||||
18,986 |
Reynolds American Inc. |
786,590 |
|||||||||
Total Tobacco |
4,867,578 |
||||||||||
Trading Companies & Distributors – 0.3% |
|||||||||||
3,200 |
W.W. Grainger, Inc. |
647,584 |
|||||||||
Wireless Telecommunication Services – 0.1% |
|||||||||||
54,217 |
Sprint Nextel Corporation, (2) |
307,410 |
|||||||||
1,065 |
Vodafone Group PLC, Sponsored ADR |
26,827 |
|||||||||
Total Wireless Telecommunication Services |
334,237 |
||||||||||
Total Common Stocks (cost $181,240,535) |
232,109,967 |
Principal Amount (000) |
Description (1) |
Coupon |
Maturity |
Value |
|||||||||||||||
Short-Term Investments – 2.2% |
|||||||||||||||||||
$ |
5,076 |
Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/12, repurchase price $5,075,661, collateralized by $3,960,000 U.S. Treasury Bonds, 10.625%, due 8/15/15, value $5,177,700 |
0.010 |
% |
1/02/13 |
$ |
5,075,658 |
||||||||||||
Total Short-Term Investments (cost $5,075,658) |
5,075,658 |
||||||||||||||||||
Total Investments (cost $186,316,193) – 102.2% |
237,185,625 |
||||||||||||||||||
Other Assets Less Liabilities – (2.2)% (3) |
(5,180,452 |
) |
|||||||||||||||||
Net Assets – 100% |
$ |
232,005,173 |
Nuveen Investments
48
Investments in Derivatives as of December 31, 2012
Call Options Written outstanding:
Number of Contracts |
Type |
Notional Amount (4) |
Expiration Date |
Strike Price |
Value (3) |
||||||||||||||||||
Call Options Written – (2.2)% |
|||||||||||||||||||||||
(156 |
) |
S&P 500 Index |
$ |
(21,060,000 |
) |
1/19/13 |
$ |
1,350 |
$ |
(1,279,980 |
) |
||||||||||||
(157 |
) |
S&P 500 Index |
(21,587,500 |
) |
1/19/13 |
1,375 |
(935,720 |
) |
|||||||||||||||
(260 |
) |
S&P 500 Index |
(36,400,000 |
) |
1/19/13 |
1,400 |
(1,033,500 |
) |
|||||||||||||||
(158 |
) |
S&P 500 Index |
(22,515,000 |
) |
1/19/13 |
1,425 |
(361,030 |
) |
|||||||||||||||
(234 |
) |
S&P 500 Index |
(33,930,000 |
) |
1/19/13 |
1,450 |
(214,110 |
) |
|||||||||||||||
(179 |
) |
S&P 500 Index |
(25,060,000 |
) |
2/16/13 |
1,400 |
(869,045 |
) |
|||||||||||||||
(159 |
) |
S&P 500 Index |
(22,657,500 |
) |
2/16/13 |
1,425 |
(509,595 |
) |
|||||||||||||||
(1,303 |
) |
Total Call Options Written (premiums received $4,537,048) |
$ |
(183,210,000 |
) |
$ |
(5,202,980 |
) |
For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) All percentages 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 listed within Investments in Derivatives at the end of the reporting period.
(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
49
Statement of
ASSETS & LIABILITIES
December 31, 2012
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
||||||||||||||||
Assets |
|||||||||||||||||||
Investments, at value (cost $395,301,620, $633,978,944, $225,621,662 and $186,316,193, respectively) |
$ |
518,516,775 |
$ |
890,120,698 |
$ |
351,442,635 |
$ |
237,185,625 |
|||||||||||
Cash |
3,043 |
— |
— |
— |
|||||||||||||||
Cash denominated in foreign currencies (cost $—, $2,965, $—and $—, respectively) |
— |
2,955 |
— |
— |
|||||||||||||||
Receivables: |
|||||||||||||||||||
Dividends and interest |
662,891 |
970,268 |
243,806 |
281,960 |
|||||||||||||||
Investments sold |
— |
— |
1,294 |
— |
|||||||||||||||
Reclaims |
555 |
— |
145 |
— |
|||||||||||||||
Other assets |
51,057 |
80,232 |
32,076 |
19,855 |
|||||||||||||||
Total assets |
519,234,321 |
891,174,153 |
351,719,956 |
237,487,440 |
|||||||||||||||
Liabilities |
|||||||||||||||||||
Call options written, at value (premiums received $12,043,556, $21,157,896, $8,436,242 and $4,537,048, respectively) |
13,662,325 |
23,822,180 |
9,072,310 |
5,202,980 |
|||||||||||||||
Accrued expenses: |
|||||||||||||||||||
Management fees |
373,571 |
581,096 |
252,679 |
167,623 |
|||||||||||||||
Trustees fees |
50,975 |
80,704 |
31,868 |
19,618 |
|||||||||||||||
Other |
165,395 |
295,449 |
171,873 |
92,046 |
|||||||||||||||
Total liabilities |
14,252,266 |
24,779,429 |
9,528,730 |
5,482,267 |
|||||||||||||||
Net assets |
$ |
504,982,055 |
$ |
866,394,724 |
$ |
342,191,226 |
$ |
232,005,173 |
|||||||||||
Shares outstanding |
38,464,973 |
66,487,744 |
25,679,417 |
16,152,579 |
|||||||||||||||
Net asset value per share outstanding |
$ |
13.13 |
$ |
13.03 |
$ |
13.33 |
$ |
14.36 |
|||||||||||
Net assets consist of: |
|||||||||||||||||||
Shares, $.01 par value per share |
$ |
384,650 |
$ |
664,877 |
$ |
256,794 |
$ |
161,526 |
|||||||||||
Paid-in surplus |
451,585,563 |
711,829,282 |
257,378,943 |
224,856,899 |
|||||||||||||||
Undistributed (Over-distribution of) net investment income |
— |
— |
— |
— |
|||||||||||||||
Accumulated net realized gain (loss) |
(68,584,544 |
) |
(99,576,895 |
) |
(40,629,416 |
) |
(43,216,752 |
) |
|||||||||||
Net unrealized appreciation (depreciation) |
121,596,386 |
253,477,460 |
125,184,905 |
50,203,500 |
|||||||||||||||
Net assets |
$ |
504,982,055 |
$ |
866,394,724 |
$ |
342,191,226 |
$ |
232,005,173 |
|||||||||||
Authorized shares |
Unlimited |
Unlimited |
Unlimited |
Unlimited |
See accompanying notes to financial statements.
Nuveen Investments
50
Statement of
OPERATIONS
Year Ended December 31, 2012
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 $5,245, $29,215, $13,393 and $9,817, respectively) |
$ |
14,039,376 |
$ |
20,695,631 |
$ |
7,066,591 |
$ |
6,317,522 |
|||||||||||
Interest |
2,062 |
4,070 |
1,685 |
815 |
|||||||||||||||
Total investment income |
14,041,438 |
20,699,701 |
7,068,276 |
6,318,337 |
|||||||||||||||
Expenses |
|||||||||||||||||||
Management fees |
4,450,361 |
7,582,617 |
3,042,810 |
1,992,518 |
|||||||||||||||
Shareholder servicing agent fees and expenses |
1,384 |
2,087 |
947 |
734 |
|||||||||||||||
Custodian fees and expenses |
89,059 |
146,391 |
70,618 |
49,226 |
|||||||||||||||
Trustees fees and expenses |
14,028 |
24,088 |
9,660 |
6,513 |
|||||||||||||||
Professional fees |
58,863 |
93,407 |
53,108 |
42,987 |
|||||||||||||||
Shareholder reporting expenses |
104,956 |
179,892 |
60,244 |
44,528 |
|||||||||||||||
Stock exchange listing fees |
12,102 |
20,910 |
8,453 |
8,453 |
|||||||||||||||
Investor relations expense |
130,124 |
224,100 |
76,178 |
54,222 |
|||||||||||||||
Other expenses |
68,444 |
157,808 |
131,703 |
45,059 |
|||||||||||||||
Total expenses before expense reimbursement |
4,929,321 |
8,431,300 |
3,453,721 |
2,244,240 |
|||||||||||||||
Expense reimbursement |
(298,329 |
) |
(668,221 |
) |
— |
— |
|||||||||||||
Net expenses |
4,630,992 |
7,763,079 |
3,453,721 |
2,244,240 |
|||||||||||||||
Net investment income (loss) |
9,410,446 |
12,936,622 |
3,614,555 |
4,074,097 |
|||||||||||||||
Realized and Unrealized Gain (Loss) |
|||||||||||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||
Investments and foreign currency |
14,716,979 |
36,351,932 |
24,558,199 |
5,360,151 |
|||||||||||||||
Call options written |
(22,510,016 |
) |
(45,753,145 |
) |
(21,432,485 |
) |
(7,866,299 |
) |
|||||||||||
Change in net unrealized appreciation (depreciation) of: |
|||||||||||||||||||
Investments and foreign currency |
50,950,393 |
83,633,596 |
28,048,972 |
23,903,760 |
|||||||||||||||
Call options written |
(1,764,899 |
) |
(5,845,583 |
) |
(3,025,148 |
) |
(855,286 |
) |
|||||||||||
Net realized and unrealized gain (loss) |
41,392,457 |
68,386,800 |
28,149,538 |
20,542,326 |
|||||||||||||||
Net increase (decrease) in net assets from operations |
$ |
50,802,903 |
$ |
81,323,422 |
$ |
31,764,093 |
$ |
24,616,423 |
See accompanying notes to financial statements.
Nuveen Investments
51
Statement of
CHANGES in NET ASSETS
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
||||||||||||||||||
Year Ended 12/31/12 |
Year Ended 12/31/11 |
Year Ended 12/31/12 |
Year Ended 12/31/11 |
||||||||||||||||
Operations |
|||||||||||||||||||
Net investment income (loss) |
$ |
9,410,446 |
$ |
8,760,447 |
$ |
12,936,622 |
$ |
12,064,655 |
|||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||
Investments and foreign currency |
14,716,979 |
16,618,497 |
36,351,932 |
35,216,557 |
|||||||||||||||
Call options written |
(22,510,016 |
) |
6,090,806 |
(45,753,145 |
) |
14,882,498 |
|||||||||||||
Change in net unrealized appreciation (depreciation) of: |
|||||||||||||||||||
Investments and foreign currency |
50,950,393 |
(8,413,092 |
) |
83,633,596 |
(21,844,932 |
) |
|||||||||||||
Call options written |
(1,764,899 |
) |
4,282,450 |
(5,845,583 |
) |
8,297,702 |
|||||||||||||
Net increase (decrease) in net assets from operations |
50,802,903 |
27,339,108 |
81,323,422 |
48,616,480 |
|||||||||||||||
Distributions to Shareholders |
|||||||||||||||||||
From net investment income |
(9,513,512 |
) |
(28,891,374 |
) |
(13,421,449 |
) |
(68,934,322 |
) |
|||||||||||
Return of capital |
(32,189,236 |
) |
(15,989,671 |
) |
(60,782,807 |
) |
(11,166,014 |
) |
|||||||||||
Decrease in net assets from distributions to shareholders |
(41,702,748 |
) |
(44,881,045 |
) |
(74,204,256 |
) |
(80,100,336 |
) |
|||||||||||
Capital Share Transactions |
|||||||||||||||||||
Cost of shares repurchased or retired |
(203,434 |
) |
(1,962,247 |
) |
(53,251 |
) |
(704,719 |
) |
|||||||||||
Net increase (decrease) in net assets from capital share transactions |
(203,434 |
) |
(1,962,247 |
) |
(53,251 |
) |
(704,719 |
) |
|||||||||||
Net increase (decrease) in net assets |
8,896,721 |
(19,504,184 |
) |
7,065,915 |
(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 |
$ |
504,982,055 |
$ |
496,085,334 |
$ |
866,394,724 |
$ |
859,328,809 |
|||||||||||
Undistributed (Over-distribution of) net investment income at the end of period |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
See accompanying notes to financial statements.
Nuveen Investments
52
Statement of
CHANGES in NET ASSETS (continued)
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
||||||||||||||||||
Year Ended 12/31/12 |
Year Ended 12/31/11 |
Year Ended 12/31/12 |
Year Ended 12/31/11 |
||||||||||||||||
Operations |
|||||||||||||||||||
Net investment income (loss) |
$ |
3,614,555 |
$ |
3,021,132 |
$ |
4,074,097 |
$ |
3,840,600 |
|||||||||||
Net realized gain (loss) from: |
|||||||||||||||||||
Investments and foreign currency |
24,558,199 |
8,482,789 |
5,360,151 |
(1,541,071 |
) |
||||||||||||||
Call options written |
(21,432,485 |
) |
7,418,649 |
(7,866,299 |
) |
2,537,159 |
|||||||||||||
Change in net unrealized appreciation (depreciation) of: |
|||||||||||||||||||
Investments and foreign currency |
28,048,972 |
(1,596,017 |
) |
23,903,760 |
3,980,788 |
||||||||||||||
Call options written |
(3,025,148 |
) |
3,585,041 |
(855,286 |
) |
1,703,631 |
|||||||||||||
Net increase (decrease) in net assets from operations |
31,764,093 |
20,911,594 |
24,616,423 |
10,521,107 |
|||||||||||||||
Distributions to Shareholders |
|||||||||||||||||||
From net investment income |
(5,357,420 |
) |
(22,520,322 |
) |
(4,142,189 |
) |
(6,455,660 |
) |
|||||||||||
Return of capital |
(23,850,406 |
) |
(8,943,289 |
) |
(13,959,339 |
) |
(11,765,192 |
) |
|||||||||||
Decrease in net assets from distributions to shareholders |
(29,207,826 |
) |
(31,463,611 |
) |
(18,101,528 |
) |
(18,220,852 |
) |
|||||||||||
Capital Share Transactions |
|||||||||||||||||||
Cost of shares repurchased or retired |
(893,691 |
) |
(1,350,259 |
) |
(174,186 |
) |
(1,730,753 |
) |
|||||||||||
Net increase (decrease) in net assets from capital share transactions |
(893,691 |
) |
(1,350,259 |
) |
(174,186 |
) |
(1,730,753 |
) |
|||||||||||
Net increase (decrease) in net assets |
1,662,576 |
(11,902,276 |
) |
6,340,709 |
(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 |
$ |
342,191,226 |
$ |
340,528,650 |
$ |
232,005,173 |
$ |
225,664,464 |
|||||||||||
Undistributed (Over-distribution of) net investment income at the end of period |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
See accompanying notes to financial statements.
Nuveen Investments
53
Financial
HIGHLIGHTS
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 |
From Net Investment Income |
From Accumulated Net Realized Gains |
Return of Capital |
Total |
Discount From Shares Repurchased and Retired |
Ending Net Asset Value |
Ending Market Value |
|||||||||||||||||||||||||||||||||||||
Equity Premium Income (JPZ) |
|||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||||||||||||||
2012 |
$ |
12.89 |
$ |
.24 |
$ |
1.08 |
$ |
1.32 |
$ |
(.25 |
) |
$ |
— |
$ |
(.83 |
) |
$ |
(1.08 |
) |
$ |
— |
* |
$ |
13.13 |
$ |
11.83 |
|||||||||||||||||||||
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 |
||||||||||||||||||||||||||||||
Equity Premium Opportunity (JSN) |
|||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||||||||||||||
2012 |
12.92 |
.19 |
1.04 |
1.23 |
(.20 |
) |
— |
(.92 |
) |
(1.12 |
) |
— |
* |
13.03 |
12.07 |
||||||||||||||||||||||||||||||||
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 |
||||||||||||||||||||||||||||||
Equity Premium Advantage (JLA) |
|||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||||||||||||||
2012 |
13.22 |
.14 |
1.11 |
1.25 |
(.21 |
) |
— |
(.93 |
) |
(1.14 |
) |
— |
* |
13.33 |
11.90 |
||||||||||||||||||||||||||||||||
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 |
|||||||||||||||||||||||||||||||
Equity Premium and Growth (JPG) |
|||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||||||||||||||
2012 |
13.96 |
.25 |
1.27 |
1.52 |
(.26 |
) |
— |
(.86 |
) |
(1.12 |
) |
— |
* |
14.36 |
12.93 |
||||||||||||||||||||||||||||||||
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 |
Nuveen Investments
54
Ratios/Supplemental Data |
|||||||||||||||||||||||||||||||||||
Total Returns |
Ratios to Average Net Assets Before Reimbursement |
Ratios to Average Net Assets After Reimbursement(c) |
|||||||||||||||||||||||||||||||||
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 |
15.58 |
% |
10.43 |
% |
$ |
504,982 |
.96 |
% |
1.78 |
% |
.91 |
% |
1.84 |
% |
3 |
% |
|||||||||||||||||||
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 |
|||||||||||||||||||||||||
Equity Premium Opportunity (JSN) |
|||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||
2012 |
15.68 |
9.62 |
866,395 |
.96 |
1.39 |
.88 |
1.47 |
6 |
|||||||||||||||||||||||||||
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 |
|||||||||||||||||||||||||
Equity Premium Advantage (JLA) |
|||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||
2012 |
13.89 |
9.54 |
342,191 |
.99 |
1.04 |
N/A |
N/A |
6 |
|||||||||||||||||||||||||||
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 |
|||||||||||||||||||||||||
Equity Premium and Growth (JPG) |
|||||||||||||||||||||||||||||||||||
Year Ended 12/31: |
|||||||||||||||||||||||||||||||||||
2012 |
16.58 |
11.03 |
232,005 |
.96 |
1.74 |
N/A |
N/A |
1 |
|||||||||||||||||||||||||||
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 |
(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.
N/A Fund does not have, or no longer has, a contractual reimbursement agreement with the Adviser.
* Rounds to less than $.01 per share.
See accompanying notes to financial statements.
Nuveen Investments
55
Notes to
FINANCIAL STATEMENTS
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") 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 diversified closed-end registered investment companies.
On December 31, 2012, the Funds' investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), changed its name to Nuveen Fund Advisers, LLC (the "Adviser"). There were no changes to the identities or roles of any personnel as a result of the change.
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,
Nuveen Investments
56
adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time 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 NYSE. These securities generally represent a transfer from a Level 1 to a Level 2 security.
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. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
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. 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,
Nuveen Investments
57
Notes to
FINANCIAL STATEMENTS (continued)
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.
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 actual character of distributions made by the Funds during the fiscal years ended December 31, 2012 and 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 forwards, 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 foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively" on the Statement of Operations, when applicable.
Nuveen Investments
58
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 fiscal year ended December 31, 2012, each Fund wrote call options on a stock index, or a blend of stock indexes, while investing in a portfolio of equities, to enhance returns while foregoing some upside potential of its equity portfolio. Equity Premium Income (JPZ) and Equity Premium and Growth (JPG) wrote call options on the S&P 500® Index. Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA) wrote call options on a blend of the S&P 500® and NASDAQ 100 Indexes.
The average notional amount of call options written during the fiscal year ended December 31, 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* |
$ |
(489,377,500 |
) |
$ |
(839,854,500 |
) |
$ |
(333,129,800 |
) |
$ |
(180,303,500 |
) |
* 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 the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
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.
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.
Nuveen Investments
59
Notes to
FINANCIAL STATEMENTS (continued)
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 |
$ |
500,379,882 |
$ |
— |
$ |
— |
$ |
500,379,882 |
|||||||||||
Short-Term Investments: |
|||||||||||||||||||
Repurchase Agreements |
— |
18,136,893 |
— |
18,136,893 |
|||||||||||||||
Derivatives: |
|||||||||||||||||||
Call Options Written |
(13,662,325 |
) |
— |
— |
(13,662,325 |
) |
|||||||||||||
Total |
$ |
486,717,557 |
$ |
18,136,893 |
$ |
— |
$ |
504,854,450 |
|||||||||||
Equity Premium Opportunity (JSN) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||
Long-Term Investments*: |
|||||||||||||||||||
Common Stocks |
$ |
866,078,599 |
$ |
— |
$ |
— |
$ |
866,078,599 |
|||||||||||
Short-Term Investments: |
|||||||||||||||||||
Repurchase Agreements |
— |
24,042,099 |
— |
24,042,099 |
|||||||||||||||
Derivatives: |
|||||||||||||||||||
Call Options Written |
(23,822,180 |
) |
— |
— |
(23,822,180 |
) |
|||||||||||||
Total |
$ |
842,256,419 |
$ |
24,042,099 |
$ |
— |
$ |
866,298,518 |
* Refer to the Fund's Portfolio of Investments for industry classifications.
Nuveen Investments
60
Equity Premium Advantage (JLA) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||
Long-Term Investments*: |
|||||||||||||||||||
Common Stocks |
$ |
340,632,519 |
$ |
— |
$ |
— |
$ |
340,632,519 |
|||||||||||
Short-Term Investments: |
|||||||||||||||||||
Repurchase Agreements |
— |
10,810,116 |
— |
10,810,116 |
|||||||||||||||
Derivatives: |
|||||||||||||||||||
Call Options Written |
(9,072,310 |
) |
— |
— |
(9,072,310 |
) |
|||||||||||||
Total |
$ |
331,560,209 |
$ |
10,810,116 |
$ |
— |
$ |
342,370,325 |
|||||||||||
Equity Premium and Growth (JPG) |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||||||||||||
Long-Term Investments*: |
|||||||||||||||||||
Common Stocks |
$ |
232,109,967 |
$ |
— |
$ |
— |
$ |
232,109,967 |
|||||||||||
Short-Term Investments: |
|||||||||||||||||||
Repurchase Agreements |
— |
5,075,658 |
— |
5,075,658 |
|||||||||||||||
Derivatives: |
|||||||||||||||||||
Call Options Written |
(5,202,980 |
) |
— |
— |
(5,202,980 |
) |
|||||||||||||
Total |
$ |
226,906,987 |
$ |
5,075,658 |
$ |
— |
$ |
231,982,645 |
* 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 December 31, 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 |
$ |
(13,662,325 |
) |
Nuveen Investments
61
Notes to
FINANCIAL STATEMENTS (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 |
$ |
(23,822,180 |
) |
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 |
$ |
(9,072,310 |
) |
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 |
$ |
(5,202,980 |
) |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended December 31, 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 |
$ |
(22,510,016 |
) |
$ |
(45,753,145 |
) |
$ |
(21,432,485 |
) |
$ |
(7,866,299 |
) |
|||||||
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 |
$ |
(1,764,899 |
) |
$ |
(5,845,583 |
) |
$ |
(3,025,148 |
) |
$ |
(855,286 |
) |
4. Fund Shares
Transactions in shares were as follows:
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
||||||||||||||||||
Year Ended 12/31/12 |
Year Ended 12/31/11 |
Year Ended 12/31/12 |
Year Ended 12/31/11 |
||||||||||||||||
Shares repurchased and retired |
(17,662 |
) |
(178,376 |
) |
(4,700 |
) |
(66,600 |
) |
|||||||||||
Weighted average: |
|||||||||||||||||||
Price per share repurchased and retired |
$ |
11.50 |
$ |
10.98 |
$ |
11.31 |
$ |
10.56 |
|||||||||||
Discount per share repurchased and retired |
19.37 |
% |
13.69 |
% |
12.12 |
% |
15.38 |
% |
Nuveen Investments
62
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
||||||||||||||||||
Year Ended 12/31/12 |
Year Ended 12/31/11 |
Year Ended 12/31/12 |
Year Ended 12/31/11 |
||||||||||||||||
Shares repurchased and retired |
(75,394 |
) |
(119,189 |
) |
(13,800 |
) |
(145,263 |
) |
|||||||||||
Weighted average: |
|||||||||||||||||||
Price per share repurchased and retired |
$ |
11.83 |
$ |
11.31 |
$ |
12.60 |
$ |
11.89 |
|||||||||||
Discount per share repurchased and retired |
12.36 |
% |
13.39 |
% |
11.72 |
% |
13.56 |
% |
5. Investment Transactions
Purchases and sales (excluding short-term investments and derivative transactions) during the fiscal year ended December 31, 2012, were as follows:
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
||||||||||||||||
Purchases |
$ |
16,075,146 |
$ |
54,757,201 |
$ |
21,844,250 |
$ |
2,807,082 |
|||||||||||
Sales |
66,516,438 |
145,351,332 |
67,551,094 |
21,447,874 |
Transactions in call options written during the fiscal year ended December 31, 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 |
29,630 |
104,102,673 |
104,798 |
189,566,594 |
|||||||||||||||
Options terminated in closing purchase transactions |
(29,955 |
) |
(115,625,077 |
) |
(102,545 |
) |
(204,524,727 |
) |
|||||||||||
Options expired |
— |
— |
(3,738 |
) |
(2,989,280 |
) |
|||||||||||||
Options outstanding, end of period |
3,475 |
$ |
12,043,556 |
12,388 |
$ |
21,157,896 |
|||||||||||||
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 |
63,362 |
79,696,507 |
10,868 |
38,251,731 |
|||||||||||||||
Options terminated in closing purchase transactions |
(61,435 |
) |
(83,576,971 |
) |
(10,973 |
) |
(42,539,767 |
) |
|||||||||||
Options expired |
(3,054 |
) |
(2,455,510 |
) |
— |
— |
|||||||||||||
Options outstanding, end of period |
7,522 |
$ |
8,436,242 |
1,303 |
$ |
4,537,048 |
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.
Nuveen Investments
63
Notes to
FINANCIAL STATEMENTS (continued)
As of December 31, 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 |
$ |
395,593,326 |
$ |
634,350,746 |
$ |
225,597,784 |
$ |
186,300,378 |
|||||||||||
Gross unrealized: |
|||||||||||||||||||
Appreciation |
$ |
167,138,999 |
$ |
298,973,253 |
$ |
128,311,025 |
$ |
69,833,109 |
|||||||||||
Depreciation |
(44,215,550 |
) |
(43,203,301 |
) |
(2,466,174 |
) |
(18,947,862 |
) |
|||||||||||
Net unrealized appreciation (depreciation) of investments |
$ |
122,923,449 |
$ |
255,769,952 |
$ |
125,844,851 |
$ |
50,885,247 |
Permanent differences, primarily due to Real Estate Investment Trust (REIT) adjustments, reclassification of litigation proceeds, return of capital distributions and tax basis earnings and profit adjustments resulted in reclassifications among the Funds' components of net assets as of December 31, 2012, the Funds' 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 |
$ |
(32,237,929 |
) |
$ |
(60,798,194 |
) |
$ |
(25,537,800 |
) |
$ |
(13,960,625 |
) |
|||||||
Undistributed (Over-distribution of) net investment income |
32,292,302 |
61,267,634 |
25,593,271 |
14,027,431 |
|||||||||||||||
Accumulated net realized gain (loss) |
(54,373 |
) |
(469,440 |
) |
(55,471 |
) |
(66,806 |
) |
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2012, the Funds' 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' tax years ended December 31, 2012 and December 31, 2011, was designated for purposes of the dividends paid deduction as follows:
2012 |
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
|||||||||||||||
Distributions from net ordinary income* |
$ |
9,513,512 |
$ |
13,421,449 |
$ |
5,357,420 |
$ |
4,142,189 |
|||||||||||
Distributions from net long-term capital gains |
— |
— |
— |
— |
|||||||||||||||
Return of capital |
32,189,236 |
60,782,807 |
23,850,406 |
13,959,339 |
* Net ordinary income consists of net taxable income derived from dividends and interest, and current year earnings and profits attributed to realized gains.
Nuveen Investments
64
2011 |
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.
As of December 31, 2012, the Funds' tax year end, the 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 |
$ |
25,262,705 |
$ |
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 |
$ |
39,615,663 |
$ |
38,159,223 |
During the Funds' tax year ended December 31, 2012, the following Fund utilized its capital loss carryforwards as follows:
Equity Premium Advantage (JLA) |
|||||||
Utilized capital loss carryforwards |
$ |
1,694,153 |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration.
Capital losses incurred that will be carried forward under the provisions of the Act are as follows:
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
Equity Premium and Growth (JPG) |
|||||||||||||
Post-enactment losses |
|||||||||||||||
Short-term |
$ |
7,288,963 |
$ |
10,105,025 |
$ |
2,770,620 |
|||||||||
Long-term |
649,615 |
— |
1,940,680 |
The Funds have elected to defer losses incurred from November 1, 2012 through December 31, 2012, the Funds' tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:
Equity Premium Income (JPZ) |
Equity Premium Opportunity (JSN) |
Equity Premium Advantage (JLA) |
Equity Premium and Growth (JPG) |
||||||||||||||||
Post-October capital losses |
$ |
1,673,731 |
$ |
5,340,042 |
$ |
1,649,058 |
$ |
990,831 |
|||||||||||
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.
Nuveen Investments
65
Notes to
FINANCIAL STATEMENTS (continued)
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 |
||||||
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 December 31, 2012, the complex-level fee rate for each of these Funds was .1684%.
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 strategy and asset allocation decisions. The Adviser has entered into
Nuveen Investments
66
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.
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.
Nuveen Investments
67
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not "interested" persons of the Funds (referred to herein as "independent board members") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
Name, Birthdate & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||||||||||||
Independent Board Members: |
|||||||||||||||||||
nROBERT P. BREMNER | |||||||||||||||||||
8/22/40 333 W. Wacker Drive Chicago, IL 60606 |
Chairman of the Board and Board Member |
1996 Class III |
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. |
216 |
|||||||||||||||
nJACK B. EVANS | |||||||||||||||||||
10/22/48 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
1999 Class III |
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. |
216 |
|||||||||||||||
nWILLIAM C. HUNTER | |||||||||||||||||||
3/6/48 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2004 Class I |
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. |
216 |
Nuveen Investments
68
Name, Birthdate & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||||||||||||
Independent Board Members (continued): |
|||||||||||||||||||
nDAVID J. KUNDERT | |||||||||||||||||||
10/28/42 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2005 Class II |
Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible. |
216 |
|||||||||||||||
nWILLIAM J. SCHNEIDER | |||||||||||||||||||
9/24/44 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
1996 Class III |
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. |
216 |
|||||||||||||||
nJUDITH M. STOCKDALE | |||||||||||||||||||
12/29/47 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
1997 Class I |
Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). |
216 |
|||||||||||||||
nCAROLE E. STONE | |||||||||||||||||||
6/28/47 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2007 Class I |
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). |
216 |
|||||||||||||||
nVIRGINIA L. STRINGER | |||||||||||||||||||
8/16/44 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2011 Class I |
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). |
216 |
Nuveen Investments
69
Board Members & Officers (Unaudited) (continued)
Name, Birthdate & Address |
Position(s) Held with the Funds |
Year First Elected or Appointed and Term(1) |
Principal Occupation(s) including other Directorships During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Board Member |
|||||||||||||||
Independent Board Members (continued): |
|||||||||||||||||||
nTERENCE J. TOTH | |||||||||||||||||||
9/29/59 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2008 Class II |
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). |
216 |
|||||||||||||||
Interested Board Member: |
|||||||||||||||||||
nJOHN P. AMBOIAN(2) | |||||||||||||||||||
6/14/61 333 W. Wacker Drive Chicago, IL 60606 |
Board Member |
2008 Class II |
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, LLC. |
216 |
|||||||||||||||
Name, Birthdate and Address |
Position(s) Held with the Funds |
Year First Elected or Appointed(3) |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||||||||||||
Officers of the Funds: |
|||||||||||||||||||
nGIFFORD R. ZIMMERMAN | |||||||||||||||||||
9/9/56 333 W. Wacker Drive Chicago, IL 60606 |
Chief Administrative Officer |
1988 |
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. |
216 |
Nuveen Investments
70
Name, Birthdate and Address |
Position(s) Held with the Funds |
Year First Elected or Appointed(3) |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||||||||||||
Officers of the Funds (continued): |
|||||||||||||||||||
nWILLIAM ADAMS IV | |||||||||||||||||||
6/9/55 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
2007 |
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC. |
116 |
|||||||||||||||
nCEDRIC H. ANTOSIEWICZ | |||||||||||||||||||
1/11/62 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
2007 |
Managing Director of Nuveen Securities, LLC. |
116 |
|||||||||||||||
nMARGO L. COOK | |||||||||||||||||||
4/11/64 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
2009 |
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. |
216 |
|||||||||||||||
nLORNA C. FERGUSON | |||||||||||||||||||
10/24/45 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
1998 |
Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004). |
216 |
|||||||||||||||
nSTEPHEN D. FOY | |||||||||||||||||||
5/31/54 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Controller |
1998 |
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. |
216 |
|||||||||||||||
nSCOTT S. GRACE | |||||||||||||||||||
8/20/70 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Treasurer |
2009 |
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation. |
216 |
Nuveen Investments
71
Board Members & Officers (Unaudited) (continued)
Name, Birthdate and Address |
Position(s) Held with the Funds |
Year First Elected or Appointed(3) |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Officer |
|||||||||||||||
Officers of the Funds (continued): |
|||||||||||||||||||
nWALTER M. KELLY | |||||||||||||||||||
2/24/70 333 W. Wacker Drive Chicago, IL 60606 |
Chief Compliance Officer and Vice President |
2003 |
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, LLC; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. |
216 |
|||||||||||||||
nTINA M. LAZAR | |||||||||||||||||||
8/27/61 333 W. Wacker Drive Chicago, IL 60606 |
Vice President |
2002 |
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, LLC. |
216 |
|||||||||||||||
nKEVIN J. MCCARTHY | |||||||||||||||||||
3/26/66 333 W. Wacker Drive Chicago, IL 60606 |
Vice President and Secretary |
2007 |
Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC,Symphony Asset Management LLC, Santa Barbara Asset Management,LLC, and of Winslow Capital Management, LLC (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). |
216 |
|||||||||||||||
nKATHLEEN L. PRUDHOMME | |||||||||||||||||||
3/30/53 901 Marquette Avenue Minneapolis, MN 55402 |
Vice President and Assistant Secretary |
2011 |
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). |
216 |
(1) The Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2) Mr. Amboian is an interested Director because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
Nuveen Investments
72
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.
• Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
• 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
73
Notes
Nuveen Investments
74
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, LLC
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.
Distribution Information
The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (DRD) for corporations and their percentages as qualified dividend income (QDI) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
% of DRD |
% of QDI |
||||||||||
JPZ |
100 |
% |
100 |
% |
|||||||
JSN |
100 |
% |
100 |
% |
|||||||
JLA |
100 |
% |
100 |
% |
|||||||
JPG |
100 |
% |
100 |
% |
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 |
17,662 |
||||||
JSN |
4,700 |
||||||
JLA |
75,394 |
||||||
JPG |
13,800 |
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
Nuveen Investments
75
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 $219 billion as of December 31, 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
EAN-D-1212D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Equity Premium Income Fund
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
|
|
Audit Fees Billed |
|
Audit-Related Fees |
|
Tax Fees |
|
All Other Fees |
| ||||
Fiscal Year Ended |
|
to Fund (1) |
|
Billed to Fund (2) |
|
Billed to Fund (3) |
|
Billed to Fund (4) |
| ||||
December 31, 2012 |
|
$ |
27,045 |
|
$ |
0 |
|
$ |
1,960 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
| ||||
Percentage approved pursuant to pre-approval exception |
|
0 |
% |
0 |
% |
0 |
% |
0 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2011 |
|
$ |
28,136 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
| ||||
Percentage approved pursuant to pre-approval exception |
|
0 |
% |
0 |
% |
0 |
% |
0 |
% |
(1) “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
(2) “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
(3) “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
(4) “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
|
|
Audit-Related Fees |
|
Tax Fees Billed to |
|
All Other Fees |
| |||
|
|
Billed to Adviser and |
|
Adviser and |
|
Billed to Adviser |
| |||
|
|
Affiliated Fund |
|
Affiliated Fund |
|
and Affiliated Fund |
| |||
Fiscal Year Ended |
|
Service Providers |
|
Service Providers |
|
Service Providers |
| |||
December 31, 2012 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
| |||
Percentage approved pursuant to pre-approval exception |
|
0 |
% |
0 |
% |
0 |
% | |||
|
|
|
|
|
|
|
| |||
December 31, 2011 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
| |||
Percentage approved pursuant to pre-approval exception |
|
0 |
% |
0 |
% |
0 |
% |
NON-AUDIT SERVICES
The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.
|
|
|
|
Total Non-Audit Fees |
|
|
|
|
| ||||
|
|
|
|
billed to Adviser and |
|
|
|
|
| ||||
|
|
|
|
Affiliated Fund Service |
|
Total Non-Audit Fees |
|
|
| ||||
|
|
|
|
Providers (engagements |
|
billed to Adviser and |
|
|
| ||||
|
|
|
|
related directly to the |
|
Affiliated Fund Service |
|
|
| ||||
|
|
Total Non-Audit Fees |
|
operations and financial |
|
Providers (all other |
|
|
| ||||
Fiscal Year Ended |
|
Billed to Fund |
|
reporting of the Fund) |
|
engagements) |
|
Total |
| ||||
December 31, 2012 |
|
$ |
1,960 |
|
$ |
0 |
|
$ |
0 |
|
$ |
1,960 |
|
December 31, 2011 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, David J. Kundert, William J. Schneider, Carole E. Stone and Terence J. Toth.
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.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:
Gateway recognizes that voting rights are financial assets of a client’s account and that they must be managed accordingly, with voting decisions made in the client’s best interest. To that end and because of increasing complexity in administering voting policies, Gateway has contracted with Institutional Shareholder Services (“ISS”), a subsidiary of RiskMetrics and a nationally-recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendations on each ballot issue. ISS has developed its U.S. and Global Proxy Voting Guidelines for proxy voting, which are designed to serve the best interests of investors. For all client ballots received by ISS, Gateway has instructed ISS to vote according to these guidelines.
Gateway’s Proxy Voting Policy addresses the rare circumstances in which ISS’s voting recommendations may not be followed. The Policy also addresses conflicts of interest. From time to time, Gateway or an employee may have a conflict of interest with respect to a proxy vote. A conflict of interest may exist, for example, if Gateway has a business relationship (or potential business relationship) with either the company soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Only in those instances where an ISS voting recommendation is not being followed, any individual with knowledge of any actual or potential conflict of interest shall disclose that conflict to Gateway’s Legal and Compliance Department. In such cases, the Legal and Compliance Department will determine and record how the proxies in question will be voted.
Gateway’s Proxy Voting Policy also states that if voting on any particular security compromises Gateway’s ability to later transact in such security (e.g. “shareblocking” practices) or if, in Gateway’s judgment, the expected cost associated with the vote exceeds the expected benefits of the vote, then Gateway will abstain from voting on a particular security.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc. (“NFALLC”), is the registrant’s investment adviser (NFALLC is also referred to as the “Adviser”). NFALLC is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or the “Sub-Adviser”), as sub-adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser.
Item 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHIES
Michael T. Buckius and Kenneth H. Toft - Michael T. Buckius, CFA and Kenneth H. Toft, CFA, are responsible for investing the Managed Assets of the Nuveen Equity Premium Income Fund, Nuveen Equity Premium and Growth Fund, Nuveen Equity Premium Opportunity Fund, and Nuveen Equity Premium Advantage Fund. Mr. Buckius is Gateway’s Chief Investment Officer as well as a Senior Vice President and Portfolio Manager. He joined Gateway in 1999 as Vice President and Portfolio Manager, prior to which he worked as an equity derivative sales professional at Bear Stearns & Co. and Bankers Trust Company. Mr. Toft joined Gateway in 1992 and is currently a Senior Vice President and Portfolio Manager. He had been a Vice President and Portfolio Manager for the firm since 1997, prior to which he held the position of Senior Trader and Research Analyst. Messrs. Buckius and Toft also serve as co-portfolio managers of Gateway’s flagship open-end fund, the Gateway Fund.
Item 8 (a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS
As of December 31, 2012, Mr. Rogers was responsible for day-to-day management of 2 registered investment company accounts (excluding the Funds) having assets of approximately $7.2 billion. Mr. Buckius was responsible for day-to-day management of 3 registered investment company accounts (excluding the Funds) having assets of approximately $7.2 billion. Mr. Rogers and Mr. Buckius were responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $17 million. Mr. Rogers was responsible for day-to-day management of 27 other accounts having assets of approximately $1.4 billion in the aggregate, and Mr. Buckius was responsible for day-to-day management of 15 other accounts having assets of approximately $1.1 billion in the aggregate. Neither Mr. Rogers nor Mr. Buckius managed any accounts having a performance based investment advisory fee.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
As described above, the portfolio managers may manage other accounts with investment strategies similar to the Funds, including other investment companies and separately managed accounts. Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming one or more of the Funds. A conflict may also
exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but one or more of the Funds are not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by one or more of the Funds. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.
Item 8 (a)(3). FUND MANAGER COMPENSATION
Messrs. Buckius and Toft are compensated for their services by Gateway. Their compensation consists of a fixed salary, retention incentives, incentive compensation related to the financial performance of Gateway (but not based on the investment performance of any of the Funds or any other managed account, either absolutely or in relation to any benchmark), and a retirement plan. The incentive compensation component is anticipated to be larger than the base salary component. Messrs. Rogers and Buckius are parties to employment agreements that provide for automatic renewals for successive one-calendar-year periods and, among other things, a specified base salary, retention incentives and certain undertakings not to compete with the Adviser or solicit its clients. For Messrs. Buckius and Toft, the non-competition and non-solicitation undertakings will expire the later of one year from the termination of employment, or one year after the period during which severance payments are made pursuant to the agreement. The incentive compensation plan applicable to Messrs. Buckius and Toft provides for both a long-term incentive pool and a short-term incentive pool, the sizes of which are determined based on profitability of Gateway.
Item 8 (a)(4). OWNERSHIP OF JPZ SECURITIES AS OF DECEMBER 31, 2012
Name of Portfolio Manager |
|
Dollar range of equity securities beneficially owned |
| |
J. Patrick Rogers |
|
$ |
0 |
|
Michael T. Buckius |
|
$ |
0 |
|
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 |
|
$ |
11.14 |
|
3,000 |
|
3,739,154 |
|
|
|
|
|
|
|
|
|
|
| |
FEBRUARY 1-29, 2012 |
|
0 |
|
|
|
0 |
|
3,739,154 |
| |
|
|
|
|
|
|
|
|
|
| |
MARCH 1-31, 2012 |
|
2,300 |
|
$ |
11.84 |
|
2,300 |
|
3,736,854 |
|
|
|
|
|
|
|
|
|
|
| |
APRIL 1-30, 2012 |
|
0 |
|
|
|
0 |
|
3,736,854 |
| |
|
|
|
|
|
|
|
|
|
| |
MAY 1-31, 2012 |
|
7,300 |
|
$ |
11.67 |
|
7,300 |
|
3,729,554 |
|
|
|
|
|
|
|
|
|
|
| |
JUNE 1-30, 2012 |
|
0 |
|
|
|
0 |
|
3,729,554 |
| |
|
|
|
|
|
|
|
|
|
| |
JULY 1-31, 2012 |
|
0 |
|
|
|
0 |
|
3,729,554 |
| |
|
|
|
|
|
|
|
|
|
| |
AUGUST 1-31, 2012 |
|
0 |
|
|
|
0 |
|
3,729,554 |
| |
|
|
|
|
|
|
|
|
|
| |
SEPTEMBER 1-30, 2012 |
|
0 |
|
|
|
0 |
|
3,729,554 |
| |
|
|
|
|
|
|
|
|
|
| |
OCTOBER 1-31, 2012 |
|
0 |
|
|
|
0 |
|
3,729,554 |
| |
|
|
|
|
|
|
|
|
|
| |
NOVEMBER 1-30, 2012 |
|
5,062 |
|
$ |
11.31 |
|
5,062 |
|
3,839,938 |
|
|
|
|
|
|
|
|
|
|
| |
DECEMBER 1-31, 2012 |
|
0 |
|
|
|
0 |
|
3,839,938 |
| |
|
|
|
|
|
|
|
|
|
| |
TOTAL |
|
17,662 |
|
|
|
|
|
|
|
* The registrant’s repurchase program, for the repurchase of 3,850,000 shares, was authorized November 16, 2011. The program was reauthorized for a maximum repurchase amount of 3,845,000 shares on November 15, 2012. 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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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 Income Fund
By (Signature and Title) |
/s/ Kevin J. McCarthy |
|
|
Kevin J. McCarthy |
|
|
Vice President and Secretary |
|
Date: March 8, 2013
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: March 8, 2013
By (Signature and Title) |
/s/ Stephen D. Foy |
|
|
Stephen D. Foy |
|
|
Vice President and Controller |
|
|
(principal financial officer) |
|
Date: March 8, 2013