N-CSRS 1 a13-16100_28ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21731

 

Nuveen Equity Premium Advantage Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive

Chicago, IL 60606

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(312) 917-7700

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2013

 

 

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

 

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

 



 

ITEM 1. REPORTS TO STOCKHOLDERS.

 



Closed-End Funds

Nuveen Investments

Closed-End Funds

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

Semi-Annual Report

June 30, 2013

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

Letter to Shareholders

   

4

   

Portfolio Managers' Comments

   

5

   

Share Information

   

7

   

Risk Considerations

   

10

   

Performance Overviews and Holding Summaries

   

11

   

Shareholder Meeting Report

   

15

   

Portfolios of Investments

   

16

   

Statement of Assets & Liabilities

   

48

   

Statement of Operations

   

49

   

Statement of Changes in Net Assets

   

50

   

Financial Highlights

   

52

   

Notes to Financial Statements

   

54

   

Annual Investment Management Agreement Approval Process

   

65

   

Reinvest Automatically, Easily and Conveniently

   

73

   

Glossary of Terms Used in this Report

   

75

   

Additional Fund Information

   

79

   



Letter to Shareholders

Dear Shareholders,

After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office has come to an end as of June 30, 2013. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.

My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.

Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds' risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Nuveen Fund Board has enthusiastically encouraged these initiatives.

The Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.

As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.

Very sincerely,

Robert P. Bremner
August 22, 2013

Nuveen Investments
4



Portfolio Managers' Comments

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. Kenneth H. Toft and Michael T. Buckius are co-portfolio managers for all four Funds. During the reporting period, effective February 21, 2013, J. Patrick Rogers no longer serves as a portfolio manager of the Funds. Each Fund's investment objectives and investment strategies remain unchanged.

Here they discuss their management strategies and the performance of the Funds for the six-month reporting period ended June 30, 2013.

What key strategies were used to manage the Funds during this six-month reporting period ended June 30, 2013?

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 to provide the potential for growth in value during rising markets and/or risk mitigation in the event of a market decline. These strategies remained consistent for each Fund throughout the period.

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

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 sacrifice some of their upside potential in return for premium received for the written index call options. 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.

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 Investments
5



How did the Funds perform during this six-month reporting period ended June 30, 2013?

The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for the Funds for the six-month, one-year, five-year and since inception periods ended June 30, 2013. For the six-month period ended June 30, 2013, the Funds' shares at net asset value (NAV) underperformed their respective comparative unhedged equity indexes. The two referenced indexes, the S&P 500® Index and the NDX, both advanced significantly, primarily on the strength of strong first-quarter performance. Concurrently, implied volatility, which affects option premiums on both indexes, was slightly below historical averages, primarily due to the presence of ample central bank liquidity. For the first six months of 2013, the Chicago Board Options Exchange Volatility Index (the "VIX") averaged 14.20 while the Chicago Board Options Exchange NDX Volatility Index (the "VXN") averaged 15.27. Nevertheless, rising equity markets and modest option premiums were sufficient so that the four Funds produced positive returns for the reporting period. Most importantly, all four Funds delivered their returns with less risk than long only equities and, like the referenced indexes, most of their returns occurred during the first quarter.

Also impacting performance was low implied volatility, which reduced the amount of option premium available to earn during the first six months of 2013. During the second quarter, market reversals were particularly problematic. These whipsaws were challenging for the Funds' call selling because, on the upside, performance was capped by at-the-money strike prices while, on the downside, declines were limited by the amount of premium earned.

Most of the underperformance for all four strategies was attributable to writing call options relative to equity only benchmarks such as the S&P 500 Index or a blend of the S&P 500 Index and the NASDAQ 100 Index. However, compared to 100% hedged passive equity indices, such as the CBOE S&P 500 BuyWrite Index (BXM) and the CBOE NASDAQ-100 BuyWrite Index (BXN), all four strategies exceeded the returns of the corresponding hedged equity index (or blend of the two hedged equity indices as in the case of JSN and JLA) for the six month period ending June 30, 2013. BXM returned approximately 4.9% and BXN returned approximately 5.0% for the six month period ending June 30, 2013.

Nuveen Investments
6



Share Information

Distribution Information

The following information regarding each Fund's distributions is current as of June 30, 2013, and likely will vary over time based on the Fund's investment activities and portfolio investment value changes.

During the current reporting period, the Funds' quarterly dividends to shareholders were as shown in the accompanying table.

 

Per Share Amounts

 

 

JPZ

 

JSN

 

JLA

 

JPG

 

March

 

$

0.2710

   

$

0.2790

   

$

0.2840

   

$

0.2800

   

June

   

0.2710

     

0.2790

     

0.2840

     

0.2800

   

Current Distribution Rate*

   

8.62

%

   

9.04

%

   

9.21

%

   

8.12

%

 

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

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
7



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

The following table provides estimated information regarding each Fund's distributions and total return performance for the six months ended June 30, 2013. This information is provided on a tax basis rather than a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Funds' returns for the specified time period were sufficient to meet each Fund's distributions.

As of June 30, 2013

 

JPZ

 

JSN

 

JLA

 

JPG

 

Inception date

   

10/26/04

     

1/26/05

     

5/25/05

     

11/22/05

   

Six months ended June 30, 2013:

 

Per share distribution:

 

From net investment income

 

$

0.10

   

$

0.08

   

$

0.07

   

$

0.11

   

From realized capital gains

   

0.00

     

0.00

     

0.16

     

0.00

   

Return of capital

   

0.44

     

0.48

     

0.34

     

0.45

   

Total per share distribution

 

$

0.54

   

$

0.56

   

$

0.57

   

$

0.56

   

Annualized distribution rate on NAV

   

8.09

%

   

8.46

%

   

8.45

%

   

7.52

%

 

Average annual total returns:

 

6-Month (Cumulative) on NAV

   

5.82

%

   

5.92

%

   

5.49

%

   

7.69

%

 
1-Year on NAV    

9.44

%

   

9.51

%

   

8.58

%

   

11.96

%

 
5-Year on NAV    

4.69

%

   

4.31

%

   

4.90

%

   

5.15

%

 

Since inception on NAV

   

5.04

%

   

5.14

%

   

5.20

%

   

4.93

%

 

Share Repurchases

As of June 30, 2013, 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 Shares
Authorized
for Repurchase
 

JPZ

   

460,238

     

1.2

%

 

JSN

   

550,600

     

0.8

%

 

JLA

   

462,633

     

1.8

%

 

JPG

   

383,763

     

2.4

%

 

During the current reporting period, the Funds did not repurchase any of their outstanding shares.

Nuveen Investments
8



Other Share Information

As of June 30, 2013, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

 

JPZ

 

JSN

 

JLA

 

JPG

 

Share NAV

 

$

13.35

   

$

13.24

   

$

13.49

   

$

14.90

   

Share Price

 

$

12.57

   

$

12.35

   

$

12.34

   

$

13.80

   

Premium/(Discount) to NAV

   

(5.84

)%

   

(6.72

)%

   

(8.52

)%

   

(7.38

)%

 

6-Month Average Premium/(Discount) to NAV

   

(6.45

)%

   

(6.40

)%

   

(8.36

)%

   

(8.41

)%

 

Nuveen Investments
9



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 Funds 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.

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 their equity portfolios as fully as they 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 their equity portfolio.

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.

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.

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
10




Nuveen Equity Premium Income Fund (JPZ)

Performance Overview and Holding Summaries as of June 30, 2013

Average Annual Total Returns as of June 30, 2013

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

 

5-Year

  Since
Inception3
 

JPZ at NAV

   

5.82

%

   

9.44

%

   

4.69

%

   

5.04

%

 

JPZ at Share Price

   

10.84

%

   

13.23

%

   

6.70

%

   

4.35

%

 

S&P 500® Index

   

13.82

%

   

20.60

%

   

7.01

%

   

6.55

%

 

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation1

(as a % of net assets)

Common Stocks

   

98.7

%

 

Short-Term Investments

   

5.3

%

 

Call Options Written

   

(2.1

)%

 

Other4

   

(1.9

)%

 
Portfolio Composition1,2
(as a % of total investments)
 

Oil, Gas & Consumable Fuels

   

7.9

%

 

Pharmaceuticals

   

6.3

%

 

Diversified Financial Services

   

4.6

%

 

IT Services

   

3.8

%

 

Software

   

3.4

%

 

Diversified Telecommunication Services

   

3.2

%

 

Media

   

3.2

%

 

Computers & Peripherals

   

3.0

%

 

Commercial Banks

   

2.8

%

 

Beverages

   

2.7

%

 

Real Estate Investment Trust

   

2.6

%

 

Aerospace & Defense

   

2.5

%

 

Specialty Retail

   

2.5

%

 

Internet Software & Services

   

2.5

%

 

Industrial Conglomerates

   

2.4

%

 

Semiconductors & Equipment

   

2.2

%

 

Insurance

   

2.2

%

 

Chemicals

   

2.2

%

 

Communications Equipment

   

2.2

%

 

Energy Equipment & Services

   

2.1

%

 

Machinery

   

2.1

%

 

Tobacco

   

2.0

%

 

Capital Markets

   

2.0

%

 

Short-Term Investments

   

5.1

%

 

Other

   

24.5

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Holdings are subject to change.

2  Excluding investments in derivatives.

3  Since inception returns are from 10/26/04.

4  Other assets less liabilities.

Nuveen Investments
11



Nuveen Equity Premium Opportunity Fund (JSN)

Performance Overview and Holding Summaries as of June 30, 2013

Average Annual Total Returns as of June 30, 2013

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

 

5-Year

  Since
Inception3
 

JSN at NAV

   

5.92

%

   

9.51

%

   

4.31

%

   

5.14

%

 

JSN at Share Price

   

6.95

%

   

13.42

%

   

6.01

%

   

4.31

%

 

JSN Blended Index (Comparative Index)

   

12.70

%

   

18.22

%

   

7.74

%

   

6.60

%

 

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation1

(as a % of net assets)

 

 

Common Stocks

   

97.9

%

 

Short-Term Investments

   

6.0

%

 

Call Options Written

   

(2.0

)%

 

Other4

   

(1.9

)%

 
Portfolio Composition1,2
(as a % of total investments)
 

Software

   

6.5

%

 

Computers & Peripherals

   

5.9

%

 

Oil, Gas & Consumable Fuels

   

5.3

%

 

Pharmaceuticals

   

5.0

%

 

Internet Software & Services

   

4.7

%

 

Communications Equipment

   

3.6

%

 

Media

   

3.5

%

 

IT Services

   

3.4

%

 

Semiconductors & Equipment

   

3.3

%

 

Diversified Financial Services

   

3.1

%

 

Biotechnology

   

2.9

%

 

Insurance

   

2.5

%

 

Specialty Retail

   

2.1

%

 

Commercial Banks

   

2.1

%

 

Health Care Providers & Services

   

2.1

%

 

Diversified Telecommunication Services

   

2.0

%

 

Internet & Catalog Retail

   

2.0

%

 

Aerospace & Defense

   

1.9

%

 

Beverages

   

1.9

%

 

Machinery

   

1.8

%

 

Household Products

   

1.7

%

 

Food & Staples Retailing

   

1.7

%

 

Energy Equipment & Services

   

1.6

%

 

Short-Term Investments

   

5.8

%

 

Other

   

23.6

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Holdings are subject to change.

2  Excluding investments in derivatives.

3  Since inception returns are from 1/26/05.

4  Other assets less liabilities.

Nuveen Investments
12



Nuveen Equity Premium Advantage Fund (JLA)

Performance Overview and Holding Summaries as of June 30, 2013

Average Annual Total Returns as of June 30, 2013

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

 

5-Year

  Since
Inception3
 

JLA at NAV

   

5.49

%

   

8.58

%

   

4.90

%

   

5.20

%

 

JLA at Share Price

   

8.49

%

   

12.44

%

   

6.04

%

   

4.16

%

 

JLA Blended Index (Comparative Index)

   

11.58

%

   

15.87

%

   

8.42

%

   

7.21

%

 

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation1

(as a % of net assets)

Common Stocks

   

98.6

%

 

Short-Term Investments

   

5.3

%

 

Call Options Written

   

(1.9

)%

 

Other4

   

(2.0

)%

 
Portfolio Composition1,2
(as a % of total investments)
 

Software

   

9.7

%

 

Computers & Peripherals

   

7.5

%

 

Internet Software & Services

   

7.3

%

 

Semiconductors & Equipment

   

5.5

%

 

Media

   

4.9

%

 

Communications Equipment

   

4.8

%

 

Biotechnology

   

4.4

%

 

Oil, Gas & Consumable Fuels

   

4.1

%

 

Pharmaceuticals

   

3.9

%

 

IT Services

   

3.1

%

 

Internet & Catalog Retail

   

2.6

%

 

Health Care Providers & Services

   

2.5

%

 

Diversified Financial Services

   

2.3

%

 

Specialty Retail

   

1.8

%

 

Food & Staples Retailing

   

1.7

%

 

Electrical Equipment

   

1.7

%

 

Commercial Banks

   

1.7

%

 

Hotels, Restaurants & Leisure

   

1.6

%

 

Short-Term Investments

   

5.1

%

 

Other

   

23.8

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Holdings are subject to change.

2  Excluding investments in derivatives.

3  Since inception returns are from 5/25/05.

4  Other assets less liabilities.

Nuveen Investments
13



Nuveen Equity Premium and Growth Fund (JPG)

Performance Overview and Holding Summaries as of June 30, 2013

Average Annual Total Returns as of June 30, 2013

   

Cumulative

 

Average Annual

 
   

6-Month

 

1-Year

 

5-Year

  Since
Inception3
 

JPG at NAV

   

7.69

%

   

11.96

%

   

5.15

%

   

4.93

%

 

JPG at Share Price

   

11.12

%

   

17.12

%

   

6.96

%

   

4.01

%

 

S&P 500® Index

   

13.82

%

   

20.60

%

   

7.01

%

   

5.45

%

 

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. Comparative index return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.

Share Price Performance — Weekly Closing Price

Portfolio Allocation1

(as a % of net assets)

Common Stocks

   

98.3

%

 

Short-Term Investments

   

5.2

%

 

Call Options Written

   

(1.7

)%

 

Other4

   

(1.8

)%

 
Portfolio Composition1,2
(as a % of total investments)
 

Oil, Gas & Consumable Fuels

   

8.5

%

 

Pharmaceuticals

   

6.1

%

 

Diversified Financial Services

   

4.6

%

 

Insurance

   

3.8

%

 

Software

   

3.7

%

 

IT Services

   

3.6

%

 

Computers & Peripherals

   

3.2

%

 

Diversified Telecommunication Services

   

3.1

%

 

Aerospace & Defense

   

2.7

%

 

Commercial Banks

   

2.7

%

 

Internet Software & Services

   

2.6

%

 

Specialty Retail

   

2.6

%

 

Media

   

2.5

%

 

Machinery

   

2.4

%

 

Health Care Providers & Services

   

2.4

%

 

Chemicals

   

2.4

%

 

Beverages

   

2.3

%

 

Semiconductors & Equipment

   

2.3

%

 

Communications Equipment

   

2.3

%

 

Real Estate Investment Trust

   

2.2

%

 

Household Products

   

2.1

%

 

Tobacco

   

2.1

%

 

Short-Term Investments

   

5.0

%

 

Other

   

24.8

%

 

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.

1  Holdings are subject to change.

2  Excluding investments in derivatives.

3  Since inception returns are from 11/22/05.

4  Other assets less liabilities.

Nuveen Investments
14




JPZ
JSN

JLA

JPG

Shareholder Meeting Report

The annual meeting of shareholders was held in the offices of Nuveen Investments on April 3, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.

   

JPZ

 

JSN

 

JLA

 

JPG

 

  Common
Shares
  Common
Shares
  Common
Shares
  Common
Shares
 

Approval of the Board Members was reached as follows:

 

William C. Hunter

 

For

   

33,506,869

     

57,566,929

     

23,181,576

     

14,985,693

   

Withhold

   

805,434

     

1,345,936

     

556,920

     

220,517

   

Total

   

34,312,303

     

58,912,865

     

23,738,496

     

15,206,210

   

Judith M. Stockdale

 

For

   

33,505,293

     

57,617,838

     

23,181,968

     

15,009,943

   

Withhold

   

807,010

     

1,295,027

     

556,528

     

196,267

   

Total

   

34,312,303

     

58,912,865

     

23,738,496

     

15,206,210

   

Carole E. Stone

 

For

   

33,432,348

     

57,559,605

     

23,195,696

     

14,994,097

   

Withhold

   

879,955

     

1,353,260

     

542,800

     

212,113

   

Total

   

34,312,303

     

58,912,865

     

23,738,496

     

15,206,210

   

Virginia L. Stringer

 

For

   

33,480,215

     

57,626,759

     

23,203,597

     

14,997,449

   

Withhold

   

832,088

     

1,286,106

     

534,899

     

208,761

   

Total

   

34,312,303

     

58,912,865

     

23,738,496

     

15,206,210

   

Nuveen Investments
15




JPZ

Nuveen Equity Premium Income Fund

Portfolio of Investments

  June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Common Stocks – 98.7% (5)

 
   

Aerospace & Defense – 2.6%

 
  44,366    

Boeing Company

 

$

4,544,853

   
  44,474    

Honeywell International Inc.

   

3,528,567

   
  32,905    

Raytheon Company

   

2,175,679

   
  35,076    

United Technologies Corporation

   

3,259,963

   
   

Total Aerospace & Defense

   

13,509,062

   
   

Air Freight & Logistics – 0.7%

 
  41,809    

United Parcel Service, Inc., Class B

   

3,615,642

   
   

Airlines – 0.0%

 
  3,957    

United Continental Holdings Inc., (2)

   

123,815

   
   

Auto Components – 0.2%

 
  30,296    

Cooper Tire & Rubber

   

1,004,918

   
   

Automobiles – 0.8%

 
  185,001    

Ford Motor Company

   

2,861,965

   
  8,800    

General Motors Company, (2)

   

293,128

   
  16,861    

Harley-Davidson, Inc.

   

924,320

   
   

Total Automobiles

   

4,079,413

   
   

Beverages – 2.8%

 
  180,676    

Coca-Cola Company

   

7,246,914

   
  14,723    

Monster Beverage Corporation, (2)

   

894,717

   
  75,742    

PepsiCo, Inc.

   

6,194,938

   
   

Total Beverages

   

14,336,569

   
   

Biotechnology – 1.8%

 
  40,799    

Amgen Inc.

   

4,025,229

   
  22,699    

Celgene Corporation, (2)

   

2,653,740

   
  47,374    

Gilead Sciences, Inc., (2)

   

2,426,023

   
   

Total Biotechnology

   

9,104,992

   
   

Building Products – 0.2%

 
  42,748    

Masco Corporation

   

833,159

   
   

Capital Markets – 2.0%

 
  99,725    

Charles Schwab Corporation

   

2,117,162

   
  20,622    

Goldman Sachs Group, Inc.

   

3,119,078

   
  35,138    

Legg Mason, Inc.

   

1,089,629

   
  100,638    

Morgan Stanley

   

2,458,586

   
  38,635    

Waddell & Reed Financial, Inc., Class A

   

1,680,623

   
   

Total Capital Markets

   

10,465,078

   
   

Chemicals – 2.3%

 
  48,008    

Dow Chemical Company

   

1,544,417

   
  42,638    

E.I. Du Pont de Nemours and Company

   

2,238,495

   

Nuveen Investments
16



Shares  

Description (1)

 

Value

 
    Chemicals (continued)  
  34,457    

Eastman Chemical Company

 

$

2,412,335

   
  22,507    

Monsanto Company

   

2,223,692

   
  53,293    

Olin Corporation

   

1,274,769

   
  60,403    

RPM International, Inc.

   

1,929,272

   
   

Total Chemicals

   

11,622,980

   
   

Commercial Banks – 2.9%

 
  33,724    

Comerica Incorporated

   

1,343,227

   
  16,998    

HSBC Holdings PLC, Sponsored ADR

   

882,196

   
  17,184    

PNC Financial Services Group, Inc.

   

1,253,057

   
  95,133    

U.S. Bancorp

   

3,439,058

   
  196,464    

Wells Fargo & Company

   

8,108,069

   
   

Total Commercial Banks

   

15,025,607

   
   

Commercial Services & Supplies – 0.5%

 
  3,177    

Avery Dennison Corporation

   

135,849

   
  3,549    

Deluxe Corporation

   

122,973

   
  40,642    

Pitney Bowes Inc.

   

596,625

   
  16,031    

R.R. Donnelley & Sons Company

   

224,594

   
  35,497    

Waste Management, Inc.

   

1,431,594

   
   

Total Commercial Services & Supplies

   

2,511,635

   
   

Communications Equipment – 2.3%

 
  14,156    

ADTRAN, Inc.

   

348,379

   
  3,408    

Ciena Corporation, (2)

   

66,183

   
  222,389    

Cisco Systems, Inc.

   

5,406,277

   
  11,034    

JDS Uniphase Corporation, (2)

   

158,669

   
  21,303    

Motorola Solutions Inc.

   

1,229,822

   
  71,809    

QUALCOMM, Inc.

   

4,386,094

   
   

Total Communications Equipment

   

11,595,424

   
   

Computers & Peripherals – 3.2%

 
  32,229    

Apple, Inc.

   

12,765,262

   
  67,332    

Dell Inc.

   

898,882

   
  108,453    

EMC Corporation

   

2,561,660

   
   

Total Computers & Peripherals

   

16,225,804

   
   

Consumer Finance – 0.6%

 
  23,246    

American Express Company

   

1,737,871

   
  32,690    

Discover Financial Services

   

1,557,352

   
   

Total Consumer Finance

   

3,295,223

   
   

Containers & Packaging – 0.4%

 
  37,972    

Packaging Corp. of America

   

1,859,109

   
  5,718    

Sonoco Products Company

   

197,671

   
   

Total Containers & Packaging

   

2,056,780

   
   

Distributors – 0.4%

 
  29,044    

Genuine Parts Company

   

2,267,465

   
   

Diversified Consumer Services – 0.0%

 
  7,623    

Apollo Group, Inc., Class A, (2)

   

135,080

   
   

Diversified Financial Services – 4.8%

 
  414,679    

Bank of America Corporation

   

5,332,772

   
  112,577    

Citigroup Inc.

   

5,400,319

   
  33,950    

CME Group, Inc.

   

2,579,521

   

Nuveen Investments
17



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
    Diversified Financial Services (continued)  
  163,114    

JPMorgan Chase & Co.

 

$

8,610,788

   
  39,312    

Leucadia National Corporation

   

1,030,761

   
  40,722    

New York Stock Exchange Euronext

   

1,685,891

   
   

Total Diversified Financial Services

   

24,640,052

   
   

Diversified Telecommunication Services – 3.3%

 
  248,747    

AT&T Inc.

   

8,805,644

   
  24,804    

CenturyLink Inc.

   

876,821

   
  250,097    

Frontier Communications Corporation

   

1,012,893

   
  123,469    

Verizon Communications Inc.

   

6,215,429

   
  18,198    

Windstream Corporation

   

140,307

   
   

Total Diversified Telecommunication Services

   

17,051,094

   
   

Electric Utilities – 1.6%

 
  55,280    

Duke Energy Corporation

   

3,731,400

   
  27,323    

Great Plains Energy Incorporated

   

615,860

   
  19,046    

OGE Energy Corp.

   

1,298,937

   
  80,800    

Pepco Holdings, Inc.

   

1,628,928

   
  20,004    

Southern Company

   

882,777

   
   

Total Electric Utilities

   

8,157,902

   
   

Electrical Equipment – 0.5%

 
  28,305    

Emerson Electric Company

   

1,543,755

   
  14,553    

Rockwell Automation, Inc.

   

1,209,936

   
   

Total Electrical Equipment

   

2,753,691

   
   

Electronic Equipment & Instruments – 0.3%

 
  118,215    

Corning Incorporated

   

1,682,199

   
   

Energy Equipment & Services – 2.1%

 
  6,964    

Diamond Offshore Drilling, Inc.

   

479,054

   
  18,452    

Ensco International PLC, Class A, Sponsored ADR

   

1,072,430

   
  79,215    

Halliburton Company

   

3,304,850

   
  16,059    

Patterson-UTI Energy, Inc.

   

310,822

   
  68,690    

Schlumberger Limited

   

4,922,325

   
  16,157    

Tidewater Inc.

   

920,464

   
   

Total Energy Equipment & Services

   

11,009,945

   
   

Food & Staples Retailing – 1.4%

 
  39,079    

CVS Caremark Corporation

   

2,234,537

   
  38,696    

SUPERVALU INC., (2)

   

240,689

   
  59,540    

Wal-Mart Stores, Inc.

   

4,435,135

   
   

Total Food & Staples Retailing

   

6,910,361

   
   

Food Products – 1.0%

 
  37,375    

Kraft Foods Inc., Class A

   

2,088,141

   
  112,127    

Mondelez International Inc.

   

3,198,983

   
   

Total Food Products

   

5,287,124

   
   

Gas Utilities – 1.0%

 
  36,031    

AGL Resources Inc.

   

1,544,289

   
  12,516    

Atmos Energy Corporation

   

513,907

   
  22,995    

National Fuel Gas Company

   

1,332,560

   
  38,518    

ONEOK, Inc.

   

1,591,179

   
   

Total Gas Utilities

   

4,981,935

   

Nuveen Investments
18



Shares  

Description (1)

 

Value

 
   

Health Care Equipment & Supplies – 1.6%

 
  72,041    

Abbott Laboratories

 

$

2,512,790

   
  4,460    

Hologic Inc., (2)

   

86,078

   
  3,342    

Intuitive Surgical, Inc., (2)

   

1,692,990

   
  78,706    

Medtronic, Inc.

   

4,050,998

   
   

Total Health Care Equipment & Supplies

   

8,342,856

   
   

Health Care Providers & Services – 2.0%

 
  6,002    

Aetna Inc.

   

381,367

   
  6,901    

Brookdale Senior Living Inc., (2)

   

182,462

   
  33,153    

Express Scripts, (2)

   

2,045,209

   
  13,578    

HCA Holdings Inc.

   

489,623

   
  1,116    

Henry Schein Inc., (2)

   

106,857

   
  39,267    

Kindred Healthcare Inc., (2)

   

515,576

   
  71,299    

UnitedHealth Group Incorporated

   

4,668,658

   
  25,221    

Wellpoint Inc.

   

2,064,087

   
   

Total Health Care Providers & Services

   

10,453,839

   
   

Health Care Technology – 0.0%

 
  114    

Cerner Corporation, (2)

   

10,954

   
   

Hotels, Restaurants & Leisure – 1.3%

 
  22,200    

Carnival Corporation

   

761,238

   
  42,761    

International Game Technology

   

714,536

   
  2,272    

Interval Leisure Group Inc.

   

45,258

   
  53,750    

McDonald's Corporation

   

5,321,250

   
   

Total Hotels, Restaurants & Leisure

   

6,842,282

   
   

Household Durables – 0.8%

 
  2,990    

Garmin Limited

   

108,118

   
  64,653    

Newell Rubbermaid Inc.

   

1,697,141

   
  13,864    

Tupperware Corporation

   

1,077,094

   
  11,356    

Whirlpool Corporation

   

1,298,672

   
   

Total Household Durables

   

4,181,025

   
   

Household Products – 1.9%

 
  29,756    

Colgate-Palmolive Company

   

1,704,721

   
  11,711    

Kimberly-Clark Corporation

   

1,137,607

   
  90,419    

Procter & Gamble Company

   

6,961,359

   
   

Total Household Products

   

9,803,687

   
   

Industrial Conglomerates – 2.5%

 
  38,964    

3M Co.

   

4,260,713

   
  367,915    

General Electric Company

   

8,531,949

   
  57    

Siemens AG, Sponsored ADR

   

5,775

   
   

Total Industrial Conglomerates

   

12,798,437

   
   

Insurance – 2.3%

 
  47,749    

Allstate Corporation

   

2,297,682

   
  8,871    

Arthur J. Gallagher & Co.

   

387,574

   
  36,694    

Fidelity National Title Group Inc., Class A

   

873,684

   
  20,464    

Hartford Financial Services Group, Inc.

   

632,747

   
  13,665    

Kemper Corporation

   

468,026

   
  44,881    

Lincoln National Corporation

   

1,636,810

   
  63,707    

Marsh & McLennan Companies, Inc.

   

2,543,183

   
  35,546    

Travelers Companies, Inc.

   

2,840,836

   
   

Total Insurance

   

11,680,542

   

Nuveen Investments
19



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Internet & Catalog Retail – 1.3%

 
  14,883    

Amazon.com, Inc., (2)

 

$

4,132,860

   
  3,103    

HSN, Inc.

   

166,693

   
  2,786    

Priceline.com Incorporated, (2)

   

2,304,384

   
   

Total Internet & Catalog Retail

   

6,603,937

   
   

Internet Software & Services – 2.6%

 
  10,937    

Akamai Technologies, Inc., (2)

   

465,369

   
  49,259    

eBay Inc., (2)

   

2,547,675

   
  8,710    

Google Inc., Class A, (2)

   

7,668,023

   
  44,605    

United Online, Inc.

   

338,106

   
  5,616    

ValueClick, Inc., (2)

   

138,603

   
  10,002    

VeriSign, Inc., (2)

   

446,689

   
  71,826    

Yahoo! Inc., (2)

   

1,803,551

   
   

Total Internet Software & Services

   

13,408,016

   
   

IT Services – 4.0%

 
  1,600    

Alliance Data Systems Corporation, (2)

   

289,648

   
  34,359    

Automatic Data Processing, Inc.

   

2,365,961

   
  17,199    

Cognizant Technology Solutions Corporation, Class A, (2)

   

1,076,829

   
  32,696    

Fidelity National Information Services

   

1,400,697

   
  38,580    

International Business Machines Corporation (IBM)

   

7,373,024

   
  3,197    

Lender Processing Services Inc.

   

103,423

   
  5,819    

MasterCard, Inc.

   

3,343,015

   
  42,671    

Paychex, Inc.

   

1,558,345

   
  16,519    

Visa Inc., Class A

   

3,018,847

   
   

Total IT Services

   

20,529,789

   
   

Leisure Equipment & Products – 0.4%

 
  19,609    

Polaris Industries Inc.

   

1,862,855

   
   

Machinery – 2.1%

 
  15,616    

Caterpillar Inc.

   

1,288,164

   
  15,272    

Cummins Inc.

   

1,656,401

   
  20,884    

Deere & Company

   

1,696,825

   
  13,600    

Graco Inc.

   

859,656

   
  13,107    

Ingersoll Rand Company Limited, Class A

   

727,701

   
  16,893    

Parker Hannifin Corporation

   

1,611,592

   
  11,767    

Snap-on Incorporated

   

1,051,734

   
  5,979    

SPX Corporation

   

430,368

   
  12,948    

Stanley Black & Decker Inc.

   

1,000,880

   
  12,000    

Timken Company

   

675,360

   
   

Total Machinery

   

10,998,681

   
   

Media – 3.3%

 
  44,936    

CBS Corporation, Class B

   

2,196,022

   
  114,249    

Comcast Corporation, Class A

   

4,784,748

   
  6,400    

DISH Network Corp, Class A

   

272,128

   
  39,613    

New York Times, Class A, (2)

   

438,120

   
  8,100    

News Corporation, Class B

   

265,842

   
  35,396    

Omnicom Group, Inc.

   

2,225,347

   
  114,479    

Regal Entertainment Group, Class A

   

2,049,174

   
  73,604    

Walt Disney Company

   

4,648,093

   
   

Total Media

   

16,879,474

   
   

Metals & Mining – 0.7%

 
  88,284    

Alcoa Inc.

   

690,381

   
  29,074    

Freeport-McMoRan Copper & Gold, Inc.

   

802,733

   
  6,726    

Newmont Mining Corporation

   

201,444

   

Nuveen Investments
20



Shares  

Description (1)

 

Value

 
    Metals & Mining (continued)  
  24,595    

Nucor Corporation

 

$

1,065,455

   
  32,749    

Southern Copper Corporation

   

904,527

   
   

Total Metals & Mining

   

3,664,540

   
   

Multiline Retail – 1.2%

 
  4,000    

Family Dollar Stores, Inc.

   

249,240

   
  36,680    

Macy's, Inc.

   

1,760,640

   
  25,718    

Nordstrom, Inc.

   

1,541,537

   
  8,076    

Sears Holding Corporation, (2)

   

339,838

   
  30,023    

Target Corporation

   

2,067,384

   
   

Total Multiline Retail

   

5,958,639

   
   

Multi-Utilities – 1.4%

 
  40,212    

Ameren Corporation

   

1,384,901

   
  22,660    

Consolidated Edison, Inc.

   

1,321,305

   
  30,824    

Integrys Energy Group, Inc.

   

1,804,129

   
  15,734    

Northwestern Corporation

   

627,787

   
  60,347    

Public Service Enterprise Group Incorporated

   

1,970,933

   
   

Total Multi-Utilities

   

7,109,055

   
   

Oil, Gas & Consumable Fuels – 8.2%

 
  9,051    

Cenovus Energy Inc.

   

258,135

   
  75,513    

Chevron Corporation

   

8,936,208

   
  59,011    

ConocoPhillips

   

3,570,166

   
  39,168    

CONSOL Energy Inc.

   

1,061,453

   
  22,581    

Continental Resources Inc., (2)

   

1,943,321

   
  16,151    

EnCana Corporation

   

273,598

   
  20,469    

EOG Resources, Inc.

   

2,695,358

   
  170,355    

Exxon Mobil Corporation

   

15,391,574

   
  36,332    

Occidental Petroleum Corporation

   

3,241,904

   
  38,405    

Phillips 66

   

2,262,439

   
  4,626    

Total SA, Sponsored ADR

   

225,286

   
  69,748    

Valero Energy Corporation

   

2,425,138

   
   

Total Oil, Gas & Consumable Fuels

   

42,284,580

   
   

Pharmaceuticals – 6.6%

 
  72,041    

AbbVie Inc.

   

2,978,175

   
  111,190    

Bristol-Myers Squibb Company

   

4,969,081

   
  41,183    

Eli Lilly and Company

   

2,022,909

   
  116,804    

Johnson & Johnson

   

10,028,791

   
  132,433    

Merck & Company Inc.

   

6,151,513

   
  270,678    

Pfizer Inc.

   

7,581,691

   
   

Total Pharmaceuticals

   

33,732,160

   
   

Professional Services – 0.1%

 
  3,665    

Manpower Inc.

   

200,842

   
  6,949    

Resources Connection, Inc.

   

80,608

   
   

Total Professional Services

   

281,450

   
   

Real Estate Investment Trust – 2.8%

 
  96,573    

Annaly Capital Management Inc.

   

1,213,923

   
  39,521    

Brandywine Realty Trust

   

534,324

   
  44,183    

CapLease Inc.

   

372,905

   
  25,456    

CommonWealth REIT

   

588,543

   
  55,131    

CubeSmart

   

880,993

   
  15,432    

Health Care REIT, Inc.

   

1,034,407

   
  47,225    

Healthcare Realty Trust, Inc.

   

1,204,238

   

Nuveen Investments
21



JPZ

Nuveen Equity Premium Income Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
    Real Estate Investment Trust (continued)  
  45,684    

Hospitality Properties Trust

 

$

1,200,576

   
  88,469    

Lexington Corporate Properties Trust

   

1,033,318

   
  27,077    

Liberty Property Trust

   

1,000,766

   
  17,263    

Medical Properties Trust Inc.

   

247,206

   
  28,311    

MFA Mortgage Investments, Inc.

   

239,228

   
  26,716    

Senior Housing Properties Trust

   

692,746

   
  11,215    

Sun Communities Inc.

   

558,058

   
  25,238    

Ventas Inc.

   

1,753,031

   
  54,475    

Weyerhaeuser Company

   

1,551,993

   
   

Total Real Estate Investment Trust

   

14,106,255

   
   

Road & Rail – 1.0%

 
  17,765    

Norfolk Southern Corporation

   

1,290,627

   
  24,329    

Union Pacific Corporation

   

3,753,478

   
   

Total Road & Rail

   

5,044,105

   
   

Semiconductors & Equipment – 2.3%

 
  25,275    

Analog Devices, Inc.

   

1,138,892

   
  96,369    

Applied Materials, Inc.

   

1,436,862

   
  21,444    

Broadcom Corporation, Class A

   

723,949

   
  213,873    

Intel Corporation

   

5,180,004

   
  12,846    

Intersil Holding Corporation, Class A

   

100,456

   
  3,087    

Lam Research Corporation, (2)

   

136,878

   
  24,776    

Microchip Technology Incorporated

   

922,906

   
  27,856    

NVIDIA Corporation

   

390,820

   
  51,579    

Texas Instruments Incorporated

   

1,798,560

   
   

Total Semiconductors & Equipment

   

11,829,327

   
   

Software – 3.5%

 
  23,572    

Adobe Systems Incorporated, (2)

   

1,073,940

   
  18,599    

Autodesk, Inc., (2)

   

631,250

   
  304,276    

Microsoft Corporation

   

10,506,650

   
  146,688    

Oracle Corporation

   

4,506,255

   
  37,900    

Salesforce.com, Inc., (2)

   

1,447,022

   
   

Total Software

   

18,165,117

   
   

Specialty Retail – 2.6%

 
  18,330    

Abercrombie & Fitch Co., Class A

   

829,433

   
  41,497    

American Eagle Outfitters, Inc.

   

757,735

   
  21,475    

Best Buy Co., Inc.

   

586,912

   
  7,749    

CST Brands Inc., (2)

   

238,747

   
  50,218    

Home Depot, Inc.

   

3,890,388

   
  36,675    

Limited Brands Inc.

   

1,806,244

   
  71,238    

Lowe's Companies, Inc.

   

2,913,634

   
  472    

Ross Stores, Inc.

   

30,590

   
  13,465    

Tiffany & Co.

   

980,791

   
  28,637    

TJX Companies, Inc.

   

1,433,568

   
   

Total Specialty Retail

   

13,468,042

   
   

Textiles, Apparel & Luxury Goods – 0.2%

 
  7,159    

Cherokee Inc.

   

91,492

   
  3,766    

VF Corporation

   

727,064

   
   

Total Textiles, Apparel & Luxury Goods

   

818,556

   

Nuveen Investments
22



Shares  

Description (1)

 

Value

 
   

Thrifts & Mortgage Finance – 0.2%

 
  36,703    

Hudson City Bancorp, Inc.

 

$

336,199

   
  60,610    

New York Community Bancorp Inc.

   

848,540

   
   

Total Thrifts & Mortgage Finance

   

1,184,739

   
   

Tobacco – 2.1%

 
  97,022    

Altria Group, Inc.

   

3,394,800

   
  69,806    

Philip Morris International

   

6,046,596

   
  20,787    

Reynolds American Inc.

   

1,005,467

   
  5,109    

Vector Group Ltd.

   

82,868

   
   

Total Tobacco

   

10,529,731

   
   

Wireless Telecommunication Services – 0.0%

 
  5,500    

USA Mobility Inc.

   

74,635

   
   

Total Common Stocks (cost $348,158,368)

   

506,930,254

   

 

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Value

 
   

Short-Term Investments – 5.3%

 

$

27,177

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/13,
repurchase price $27,177,065, collateralized by $28,215,000 U.S. Treasury Notes,
1.000%, due 5/31/18, value $27,721,238
  0.010
 
 

%

  7/01/13
 
 
 

$

27,177,042
 
 
 
   

Total Short-Term Investments (cost $27,177,042)

           

27,177,042

   
   

Total Investments (cost $375,335,410) – 104.0%

           

534,107,296

   
   

Other Assets Less Liabilities – (4.0)% (3)

           

(20,481,835

)

 
   

Net Assets – 100%

         

$

513,625,461

   

Investments in Derivatives as of June 30, 2013

Call Options Written outstanding:

Number of
Contracts
 

Type

  Notional
Amount (4)
  Expiration
Date
  Strike
Price
 

Value (3)

 
  (426

)

 

S&P 500® Index

 

$

(66,030,000

)

 

7/20/13

 

$

1,550

   

$

(2,643,330

)

 
  (382

)

 

S&P 500® Index

   

(60,165,000

)

 

7/20/13

   

1575

     

(1,615,860

)

 
  (685

)

 

S&P 500® Index

   

(109,600,000

)

 

7/20/13

   

1600

     

(1,743,325

)

 
  (750

)

 

S&P 500® Index

   

(121,875,000

)

 

7/20/13

   

1625

     

(933,750

)

 
  (285

)

 

S&P 500® Index

   

(44,887,500

)

 

8/17/13

   

1575

     

(1,541,850

)

 
  (602

)

 

S&P 500® Index

   

(96,320,000

)

 

8/17/13

   

1600

     

(2,269,540

)

 
  (3,130

)

 

Total Call Options Written (premiums received $12,322,155)

 

$

(498,877,500

)

 

 

 

 

 

$

(10,747,655

)

 

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

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

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

  (3)  Other Assets Less Liabilities includes the Value of derivative instruments as listed within Investments in Derivatives as of 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
23



JSN

Nuveen Equity Premium Opportunity Fund

Portfolio of Investments

  June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Common Stocks – 97.9% (5)

 
   

Aerospace & Defense – 2.0%

 
  37,352    

Boeing Company

 

$

3,826,339

   
  48,538    

Honeywell International Inc.

   

3,851,005

   
  8,874    

Huntington Ingalls Industries Inc.

   

501,204

   
  17,575    

Lockheed Martin Corporation

   

1,906,185

   
  31,240    

Northrop Grumman Corporation

   

2,586,672

   
  32,796    

Raytheon Company

   

2,168,472

   
  31,622    

United Technologies Corporation

   

2,938,949

   
   

Total Aerospace & Defense

   

17,778,826

   
   

Air Freight & Logistics – 0.8%

 
  82,888    

United Parcel Service, Inc., Class B

   

7,168,154

   
   

Auto Components – 0.2%

 
  60,739    

Gentex Corporation

   

1,400,034

   
   

Automobiles – 0.6%

 
  213,263    

Ford Motor Company

   

3,299,179

   
  33,442    

Harley-Davidson, Inc.

   

1,833,290

   
   

Total Automobiles

   

5,132,469

   
   

Beverages – 1.9%

 
  235,730    

Coca-Cola Company

   

9,455,130

   
  28,504    

Monster Beverage Corporation, (2)

   

1,732,188

   
  71,558    

PepsiCo, Inc.

   

5,852,729

   
   

Total Beverages

   

17,040,047

   
   

Biotechnology – 3.0%

 
  48,142    

Amgen Inc.

   

4,749,690

   
  81,056    

Celgene Corporation, (2)

   

9,476,257

   
  236,655    

Gilead Sciences, Inc., (2)

   

12,119,103

   
   

Total Biotechnology

   

26,345,050

   
   

Capital Markets – 1.6%

 
  129,710    

Charles Schwab Corporation

   

2,753,743

   
  48,725    

Eaton Vance Corporation

   

1,831,573

   
  20,275    

Goldman Sachs Group, Inc.

   

3,066,594

   
  43,099    

Legg Mason, Inc.

   

1,336,500

   
  101,241    

Morgan Stanley

   

2,473,318

   
  61,497    

Waddell & Reed Financial, Inc., Class A

   

2,675,119

   
   

Total Capital Markets

   

14,136,847

   
   

Chemicals – 1.4%

 
  35,894    

Dow Chemical Company

   

1,154,710

   
  26,873    

E.I. Du Pont de Nemours and Company

   

1,410,833

   
  61,739    

Eastman Chemical Company

   

4,322,347

   
  37,024    

Monsanto Company

   

3,657,971

   
  10,878    

Potash Corporation of Saskatchewan

   

414,778

   

Nuveen Investments
24



Shares  

Description (1)

 

Value

 
    Chemicals (continued)  
  33,218    

RPM International, Inc.

 

$

1,060,983

   
   

Total Chemicals

   

12,021,622

   
   

Commercial Banks – 2.2%

 
  71,851    

Fifth Third Bancorp.

   

1,296,911

   
  86,613    

First Horizon National Corporation

   

970,066

   
  143    

HSBC Holdings PLC, Sponsored ADR

   

7,422

   
  6    

Lloyds TSB Group PLC, Sponsored ADR, (2)

   

23

   
  174,188    

U.S. Bancorp

   

6,296,896

   
  267,373    

Wells Fargo & Company

   

11,034,484

   
   

Total Commercial Banks

   

19,605,802

   
   

Commercial Services & Supplies – 0.4%

 
  23,371    

Deluxe Corporation

   

809,805

   
  49,936    

R.R. Donnelley & Sons Company

   

699,603

   
  53,708    

Waste Management, Inc.

   

2,166,044

   
   

Total Commercial Services & Supplies

   

3,675,452

   
   

Communications Equipment – 3.8%

 
  45,063    

ADTRAN, Inc.

   

1,109,000

   
  13,861    

Aviat Networks Inc., (2)

   

36,316

   
  630,518    

Cisco Systems, Inc.

   

15,327,893

   
  19,247    

Harris Corporation

   

947,915

   
  14,940    

Motorola Solutions Inc.

   

862,486

   
  244,139    

QUALCOMM, Inc.

   

14,912,010

   
   

Total Communications Equipment

   

33,195,620

   
   

Computers & Peripherals – 6.1%

 
  106,907    

Apple, Inc.

   

42,343,725

   
  211,358    

Dell Inc.

   

2,821,629

   
  157,114    

EMC Corporation

   

3,711,033

   
  114,325    

Hewlett-Packard Company

   

2,835,260

   
  65,269    

NetApp, Inc.

   

2,465,863

   
   

Total Computers & Peripherals

   

54,177,510

   
   

Consumer Finance – 0.9%

 
  51,885    

American Express Company

   

3,878,923

   
  55,844    

Discover Financial Services

   

2,660,408

   
  77,393    

SLM Corporation

   

1,769,204

   
   

Total Consumer Finance

   

8,308,535

   
   

Containers & Packaging – 0.5%

 
  59,259    

Packaging Corp. of America

   

2,901,321

   
  50,628    

Sonoco Products Company

   

1,750,210

   
   

Total Containers & Packaging

   

4,651,531

   
   

Distributors – 0.3%

 
  31,204    

Genuine Parts Company

   

2,436,096

   
   

Diversified Consumer Services – 0.1%

 
  35,953    

Hillenbrand Inc.

   

852,446

   
   

Diversified Financial Services – 3.2%

 
  600,967    

Bank of America Corporation

   

7,728,436

   
  122,510    

Citigroup Inc.

   

5,876,805

   
  53,445    

CME Group, Inc.

   

4,060,751

   
  3,691    

ING Groep N.V., Sponsored ADR, (2)

   

33,551

   

Nuveen Investments
25



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
    Diversified Financial Services (continued)  
  201,985    

JPMorgan Chase & Co.

 

$

10,662,788

   
   

Total Diversified Financial Services

   

28,362,331

   
   

Diversified Telecommunication Services – 2.1%

 
  263,253    

AT&T Inc.

   

9,319,156

   
  93,521    

Frontier Communications Corporation

   

378,760

   
  174,210    

Verizon Communications Inc.

   

8,769,731

   
   

Total Diversified Telecommunication Services

   

18,467,647

   
   

Electric Utilities – 1.7%

 
  43,811    

Companhia Energetica de Minas Gerais, Sponsored ADR

   

392,985

   
  62,044    

Duke Energy Corporation

   

4,187,970

   
  112,676    

Great Plains Energy Incorporated

   

2,539,717

   
  50,368    

OGE Energy Corp.

   

3,435,098

   
  129,707    

Pepco Holdings, Inc.

   

2,614,893

   
  25,438    

Pinnacle West Capital Corporation

   

1,411,046

   
   

Total Electric Utilities

   

14,581,709

   
   

Electrical Equipment – 1.5%

 
  14,520    

Eaton PLC

   

955,561

   
  51,549    

Emerson Electric Company

   

2,811,482

   
  11,240    

Hubbell Incorporated, Class B

   

1,112,760

   
  31,575    

Rockwell Automation, Inc.

   

2,625,145

   
  42,974    

Roper Industries Inc.

   

5,338,230

   
   

Total Electrical Equipment

   

12,843,178

   
   

Electronic Equipment & Instruments – 0.1%

 
  88,036    

Corning Incorporated

   

1,252,752

   
   

Energy Equipment & Services – 1.7%

 
  25,308    

Diamond Offshore Drilling, Inc.

   

1,740,937

   
  36,079    

Ensco International PLC, Class A, Sponsored ADR

   

2,096,911

   
  90,607    

Halliburton Company

   

3,780,124

   
  54,107    

Patterson-UTI Energy, Inc.

   

1,047,241

   
  75,828    

Schlumberger Limited

   

5,433,834

   
  17,510    

Tidewater Inc.

   

997,545

   
   

Total Energy Equipment & Services

   

15,096,592

   
   

Food & Staples Retailing – 1.8%

 
  93,299    

CVS Caremark Corporation

   

5,334,837

   
  82,219    

Kroger Co.

   

2,839,844

   
  38,974    

SUPERVALU INC., (2)

   

242,418

   
  62,176    

Walgreen Co.

   

2,748,179

   
  57,835    

Wal-Mart Stores, Inc.

   

4,308,129

   
   

Total Food & Staples Retailing

   

15,473,407

   
   

Food Products – 0.8%

 
  49,868    

Kraft Foods Inc., Class A

   

2,786,125

   
  149,606    

Mondelez International Inc.

   

4,268,259

   
   

Total Food Products

   

7,054,384

   
   

Gas Utilities – 0.9%

 
  34,085    

Atmos Energy Corporation

   

1,399,530

   
  41,373    

National Fuel Gas Company

   

2,397,565

   
  99,610    

ONEOK, Inc.

   

4,114,889

   
   

Total Gas Utilities

   

7,911,984

   

Nuveen Investments
26



Shares  

Description (1)

 

Value

 
   

Health Care Equipment & Supplies – 1.7%

 
  91,444    

Abbott Laboratories

 

$

3,189,567

   
  68,517    

Baxter International, Inc.

   

4,746,173

   
  36,821    

Hill Rom Holdings Inc.

   

1,240,131

   
  97,109    

Hologic Inc., (2)

   

1,874,204

   
  69,279    

Medtronic, Inc.

   

3,565,790

   
   

Total Health Care Equipment & Supplies

   

14,615,865

   
   

Health Care Providers & Services – 2.2%

 
  52,702    

Aetna Inc.

   

3,348,685

   
  62,293    

Brookdale Senior Living Inc., (2)

   

1,647,027

   
  106,974    

Express Scripts, (2)

   

6,599,226

   
  75,497    

UnitedHealth Group Incorporated

   

4,943,544

   
  37,032    

Wellpoint Inc.

   

3,030,699

   
   

Total Health Care Providers & Services

   

19,569,181

   
   

Hotels, Restaurants & Leisure – 1.3%

 
  51,390    

International Game Technology

   

858,727

   
  8,487    

Las Vegas Sands

   

449,217

   
  63,671    

McDonald's Corporation

   

6,303,429

   
  21,179    

Starwood Hotels & Resorts Worldwide, Inc.

   

1,338,301

   
  23,029    

Wynn Resorts Ltd

   

2,947,712

   
   

Total Hotels, Restaurants & Leisure

   

11,897,386

   
   

Household Durables – 0.6%

 
  68,264    

KB Home

   

1,340,022

   
  54,753    

Newell Rubbermaid Inc.

   

1,437,266

   
  19,851    

Whirlpool Corporation

   

2,270,160

   
   

Total Household Durables

   

5,047,448

   
   

Household Products – 1.8%

 
  83,232    

Colgate-Palmolive Company

   

4,768,361

   
  139,512    

Procter & Gamble Company

   

10,741,029

   
   

Total Household Products

   

15,509,390

   
   

Industrial Conglomerates – 1.7%

 
  21,774    

3M Co.

   

2,380,987

   
  540,880    

General Electric Company

   

12,543,007

   
   

Total Industrial Conglomerates

   

14,923,994

   
   

Insurance – 2.6%

 
  59,372    

Allstate Corporation

   

2,856,981

   
  23,207    

American International Group

   

1,037,353

   
  26,066    

Arthur J. Gallagher & Co.

   

1,138,824

   
  82,207    

Berkshire Hathaway Inc., Class B, (2)

   

9,200,607

   
  92,800    

CNO Financial Group Inc.

   

1,202,688

   
  65,958    

Genworth Financial Inc., Class A, (2)

   

752,581

   
  23,657    

Hartford Financial Services Group, Inc.

   

731,474

   
  13,952    

Kemper Corporation

   

477,856

   
  35,717    

Lincoln National Corporation

   

1,302,599

   
  103,489    

Marsh & McLennan Companies, Inc.

   

4,131,281

   
   

Total Insurance

   

22,832,244

   
   

Internet & Catalog Retail – 2.1%

 
  51,843    

Amazon.com, Inc., (2)

   

14,396,283

   
  27,170    

HSN, Inc.

   

1,459,572

   
  2,747    

Priceline.com Incorporated, (2)

   

2,272,126

   
   

Total Internet & Catalog Retail

   

18,127,981

   

Nuveen Investments
27



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Internet Software & Services – 4.9%

 
  39,603    

Akamai Technologies, Inc., (2)

 

$

1,685,108

   
  58,343    

Earthlink, Inc.

   

362,310

   
  194,369    

eBay Inc., (2)

   

10,052,765

   
  30,939    

Google Inc., Class A, (2)

   

27,237,767

   
  22,576    

IAC/InterActiveCorp.

   

1,073,715

   
  59,649    

VeriSign, Inc., (2)

   

2,663,924

   
   

Total Internet Software & Services

   

43,075,589

   
   

IT Services – 3.6%

 
  117,025    

Automatic Data Processing, Inc.

   

8,058,341

   
  61,069    

Fidelity National Information Services

   

2,616,196

   
  54,830    

International Business Machines Corporation (IBM)

   

10,478,561

   
  14,762    

Lender Processing Services Inc.

   

477,551

   
  108,876    

Paychex, Inc.

   

3,976,152

   
  32,522    

Visa Inc., Class A

   

5,943,395

   
   

Total IT Services

   

31,550,196

   
   

Leisure Equipment & Products – 0.7%

 
  70,638    

Mattel, Inc.

   

3,200,608

   
  29,666    

Polaris Industries Inc.

   

2,818,270

   
   

Total Leisure Equipment & Products

   

6,018,878

   
   

Machinery – 1.9%

 
  36,452    

Caterpillar Inc.

   

3,006,925

   
  18,970    

Deere & Company

   

1,541,313

   
  43,913    

Graco Inc.

   

2,775,741

   
  23,133    

Joy Global Inc.

   

1,122,644

   
  27,707    

SPX Corporation

   

1,994,350

   
  40,513    

Stanley Black & Decker Inc.

   

3,131,655

   
  50,568    

Timken Company

   

2,845,967

   
   

Total Machinery

   

16,418,595

   
   

Media – 3.6%

 
  310,268    

Comcast Corporation, Special Class A

   

12,308,332

   
  97,817    

New York Times, Class A, (2)

   

1,081,856

   
  300,675    

News Corporation, Class A

   

9,802,005

   
  58,689    

Omnicom Group, Inc.

   

3,689,777

   
  82,498    

Regal Entertainment Group, Class A

   

1,476,714

   
  60,260    

Walt Disney Company

   

3,805,419

   
   

Total Media

   

32,164,103

   
   

Metals & Mining – 0.6%

 
  268,308    

Alcoa Inc.

   

2,098,169

   
  20,083    

Barrick Gold Corporation

   

316,106

   
  53,761    

Freeport-McMoRan Copper & Gold, Inc.

   

1,484,341

   
  148,596    

Hecla Mining Company

   

442,816

   
  28,154    

Southern Copper Corporation

   

777,613

   
   

Total Metals & Mining

   

5,119,045

   
   

Multiline Retail – 1.0%

 
  52,643    

Macy's, Inc.

   

2,526,864

   
  44,360    

Nordstrom, Inc.

   

2,658,938

   
  21,415    

Sears Holding Corporation, (2)

   

901,143

   
  37,279    

Target Corporation

   

2,567,032

   
   

Total Multiline Retail

   

8,653,977

   

Nuveen Investments
28



Shares  

Description (1)

 

Value

 
   

Multi-Utilities – 0.6%

 
  62,041    

Ameren Corporation

 

$

2,136,692

   
  97,043    

Public Service Enterprise Group Incorporated

   

3,169,424

   
   

Total Multi-Utilities

   

5,306,116

   
   

Oil, Gas & Consumable Fuels – 5.5%

 
  97,595    

Chevron Corporation

   

11,549,392

   
  2,747    

CNOOC Limited, Sponsored ADR

   

460,068

   
  81,203    

ConocoPhillips

   

4,912,781

   
  211,742    

Exxon Mobil Corporation

   

19,130,890

   
  27,119    

Hess Corporation

   

1,803,142

   
  51,327    

Occidental Petroleum Corporation

   

4,579,908

   
  3,274    

PetroChina Company Limited, Sponsored ADR

   

362,334

   
  54,850    

Phillips 66

   

3,231,213

   
  122,639    

SandRidge Energy Inc., (2)

   

583,762

   
  39,133    

StatoilHydro ASA, Sponsored ADR

   

809,662

   
  23,753    

Suncor Energy, Inc.

   

700,476

   
   

Total Oil, Gas & Consumable Fuels

   

48,123,628

   
   

Pharmaceuticals – 5.2%

 
  91,444    

AbbVie Inc.

   

3,780,295

   
  151,837    

Bristol-Myers Squibb Company

   

6,785,596

   
  106,819    

Eli Lilly and Company

   

5,246,949

   
  1,112    

GlaxoSmithKline PLC, Sponsored ADR

   

55,567

   
  137,675    

Johnson & Johnson

   

11,820,776

   
  200,466    

Merck & Company Inc.

   

9,311,646

   
  308,024    

Pfizer Inc.

   

8,627,752

   
   

Total Pharmaceuticals

   

45,628,581

   
   

Professional Services – 0.2%

 
  29,079    

Manpower Inc.

   

1,593,529

   
  18,692    

Resources Connection, Inc.

   

216,827

   
   

Total Professional Services

   

1,810,356

   
   

Real Estate Investment Trust – 1.4%

 
  60,679    

Apartment Investment & Management Company, Class A

   

1,822,797

   
  69,975    

Brandywine Realty Trust

   

946,062

   
  34,687    

CBL & Associates Properties Inc.

   

742,996

   
  129,993    

CubeSmart

   

2,077,288

   
  114,294    

DCT Industrial Trust Inc.

   

817,202

   
  43,378    

Health Care REIT, Inc.

   

2,907,627

   
  79,809    

Lexington Corporate Properties Trust

   

932,169

   
  46,608    

Liberty Property Trust

   

1,722,632

   
  8,511    

Ventas Inc.

   

591,174

   
   

Total Real Estate Investment Trust

   

12,559,947

   
   

Road & Rail – 0.7%

 
  41,968    

Union Pacific Corporation

   

6,474,823

   
   

Semiconductors & Equipment – 3.4%

 
  98,918    

Altera Corporation

   

3,263,305

   
  64,144    

Analog Devices, Inc.

   

2,890,329

   
  107,440    

Broadcom Corporation, Class A

   

3,627,174

   
  699,018    

Intel Corporation

   

16,930,216

   
  26,060    

Intersil Holding Corporation, Class A

   

203,789

   
  81,111    

Linear Technology Corporation

   

2,988,129

   
   

Total Semiconductors & Equipment

   

29,902,942

   

Nuveen Investments
29



JSN

Nuveen Equity Premium Opportunity Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Software – 6.7%

 
  154,461    

Activision Blizzard Inc.

 

$

2,202,614

   
  134,980    

Adobe Systems Incorporated, (2)

   

6,149,689

   
  79,219    

Autodesk, Inc., (2)

   

2,688,693

   
  920,600    

Microsoft Corporation

   

31,788,318

   
  533,031    

Oracle Corporation

   

16,374,712

   
   

Total Software

   

59,204,026

   
   

Specialty Retail – 2.2%

 
  20,823    

Abercrombie & Fitch Co., Class A

   

942,241

   
  59,432    

American Eagle Outfitters, Inc.

   

1,085,228

   
  51,495    

Best Buy Co., Inc.

   

1,407,358

   
  58,779    

CarMax, Inc., (2)

   

2,713,239

   
  73,397    

Gap, Inc.

   

3,062,857

   
  38,435    

Home Depot, Inc.

   

2,977,559

   
  58,013    

Limited Brands Inc.

   

2,857,140

   
  111,815    

Lowe's Companies, Inc.

   

4,573,233

   
   

Total Specialty Retail

   

19,618,855

   
   

Thrifts & Mortgage Finance – 0.1%

 
  40,800    

MGIC Investment Corporation, (2)

   

247,656

   
  56,714    

New York Community Bancorp Inc.

   

793,996

   
   

Total Thrifts & Mortgage Finance

   

1,041,652

   
   

Tobacco – 1.6%

 
  72,934    

Altria Group, Inc.

   

2,551,961

   
  111,624    

Philip Morris International

   

9,668,871

   
  36,132    

Reynolds American Inc.

   

1,747,705

   
   

Total Tobacco

   

13,968,537

   
   

Wireless Telecommunication Services – 0.4%

 
  4,018    

China Mobile Limited, Sponsored ADR

   

208,012

   
  444,739    

Sprint Nextel Corporation, (2)

   

3,122,068

   
   

Total Wireless Telecommunication Services

   

3,330,080

   
   

Total Common Stocks (cost $558,153,682)

   

861,463,440

   

 

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Value

 
   

Short-Term Investments – 6.0%

 

$

53,080

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/13,
repurchase price $53,080,044, collateralized by $53,280,000 U.S. Treasury Notes,
1.750%, due 10/31/18, value $54,145,800
  0.010
 
 

%

  7/01/13
 
 
 

$

53,080,000
 
 
 
   

Total Short-Term Investments (cost $53,080,000)

           

53,080,000

   
   

Total Investments (cost $611,233,682) – 103.9%

           

914,543,440

   
   

Other Assets Less Liabilities – (3.9)% (3)

           

(34,568,097

)

 
   

Net Assets – 100%

         

$

879,975,343

   

Nuveen Investments
30



Investments in Derivatives as of June 30, 2013

Call Options Written outstanding:

Number of
Contracts
 

Type

  Notional
Amount (4)
  Expiration
Date
  Strike
Price
 

Value (3)

 
  (919

)

 

MINI-NASDAQ-100 Index

 

$

(26,191,500

)

 

7/20/13

 

$

285.0

   

$

(732,902

)

 
  (921

)

 

MINI-NASDAQ-100 Index

   

(26,478,750

)

 

7/20/13

   

287.5

     

(557,205

)

 
  (919

)

 

MINI-NASDAQ-100 Index

   

(26,651,000

)

 

7/20/13

   

290.0

     

(419,523

)

 
  (900

)

 

MINI-NASDAQ-100 Index

   

(26,325,000

)

 

7/20/13

   

292.5

     

(292,500

)

 
  (949

)

 

MINI-NASDAQ-100 Index

   

(27,995,500

)

 

7/20/13

   

295.0

     

(170,346

)

 
  (914

)

 

MINI-NASDAQ-100 Index

   

(26,049,000

)

 

8/17/13

   

285.0

     

(902,575

)

 
  (940

)

 

MINI-NASDAQ-100 Index

   

(27,730,000

)

 

8/17/13

   

295.0

     

(392,450

)

 
  (889

)

 

MINI-NASDAQ-100 Index

   

(26,447,750

)

 

8/17/13

   

297.5

     

(270,701

)

 
  (538

)

 

S&P 500® Index

   

(83,390,000

)

 

7/20/13

   

1,550.0

     

(3,338,290

)

 
  (476

)

 

S&P 500® Index

   

(74,970,000

)

 

7/20/13

   

1,575.0

     

(2,013,480

)

 
  (884

)

 

S&P 500® Index

   

(141,440,000

)

 

7/20/13

   

1,600.0

     

(2,249,780

)

 
  (978

)

 

S&P 500® Index

   

(158,925,000

)

 

7/20/13

   

1,625.0

     

(1,217,610

)

 
  (359

)

 

S&P 500® Index

   

(56,542,500

)

 

8/17/13

   

1,575.0

     

(1,942,190

)

 
  (764

)

 

S&P 500® Index

   

(122,240,000

)

 

8/17/13

   

1,600.0

     

(2,880,280

)

 
  (11,350

)

 

Total Call Options Written (premiums received $20,452,710)

 

$

(851,376,000

)

 

 

 

 

 

$

(17,379,832

)

 

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

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

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

  (3)  Other Assets Less Liabilities includes the Value of derivative instruments as listed within Investments in Derivatives as of 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
31



JLA

Nuveen Equity Premium Advantage Fund

Portfolio of Investments

  June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Common Stocks – 98.6% (5)

 
   

Aerospace & Defense – 1.3%

 
  15,279    

Boeing Company

 

$

1,565,181

   
  16,032    

Honeywell International Inc.

   

1,271,979

   
  18,715    

United Technologies Corporation

   

1,739,372

   
   

Total Aerospace & Defense

   

4,576,532

   
   

Air Freight & Logistics – 0.6%

 
  23,585    

United Parcel Service, Inc., Class B

   

2,039,631

   
   

Airlines – 0.2%

 
  12,008    

Delta Air Lines, Inc.

   

224,670

   
  26,363    

Southwest Airlines Co.

   

339,819

   
   

Total Airlines

   

564,489

   
   

Auto Components – 0.1%

 
  10,102    

American Axle and Manufacturing Holdings Inc., (2)

   

188,200

   
   

Automobiles – 0.5%

 
  49,165    

Ford Motor Company

   

760,583

   
  14,597    

Harley-Davidson, Inc.

   

800,208

   
   

Total Automobiles

   

1,560,791

   
   

Beverages – 1.3%

 
  36,625    

Coca-Cola Company

   

1,469,029

   
  15,729    

Monster Beverage Corporation, (2)

   

955,851

   
  25,502    

PepsiCo, Inc.

   

2,085,809

   
   

Total Beverages

   

4,510,689

   
   

Biotechnology – 4.6%

 
  55,224    

Amgen Inc.

   

5,448,400

   
  36,471    

Celgene Corporation, (2)

   

4,263,825

   
  118,127    

Gilead Sciences, Inc., (2)

   

6,049,284

   
   

Total Biotechnology

   

15,761,509

   
   

Capital Markets – 1.1%

 
  32,441    

Bank of New York Company, Inc.

   

909,970

   
  62,652    

Charles Schwab Corporation

   

1,330,102

   
  1,581    

Goldman Sachs Group, Inc.

   

239,126

   
  30,105    

Morgan Stanley

   

735,465

   
  17,346    

Waddell & Reed Financial, Inc., Class A

   

754,551

   
   

Total Capital Markets

   

3,969,214

   
   

Chemicals – 1.0%

 
  973    

CF Industries Holdings, Inc.

   

166,869

   
  18,504    

Dow Chemical Company

   

595,274

   
  25,684    

E.I. Du Pont de Nemours and Company

   

1,348,410

   
  10,514    

Monsanto Company

   

1,038,783

   

Nuveen Investments
32



Shares  

Description (1)

 

Value

 
    Chemicals (continued)  
  4,219    

Mosaic Company

 

$

227,024

   
   

Total Chemicals

   

3,376,360

   
   

Commercial Banks – 1.7%

 
  56,406    

U.S. Bancorp

   

2,039,077

   
  95,589    

Wells Fargo & Company

   

3,944,958

   
   

Total Commercial Banks

   

5,984,035

   
   

Commercial Services & Supplies – 0.0%

 
  10,378    

R.R. Donnelley & Sons Company

   

145,396

   
   

Communications Equipment – 4.9%

 
  6,820    

Aviat Networks Inc., (2)

   

17,868

   
  374,559    

Cisco Systems, Inc.

   

9,105,529

   
  131,018    

QUALCOMM, Inc.

   

8,002,579

   
   

Total Communications Equipment

   

17,125,976

   
   

Computers & Peripherals – 7.8%

 
  61,423    

Apple, Inc.

   

24,328,422

   
  28,119    

EMC Corporation

   

664,171

   
  19,045    

Hewlett-Packard Company

   

472,316

   
  24,916    

Western Digital Corporation

   

1,547,034

   
   

Total Computers & Peripherals

   

27,011,943

   
   

Consumer Finance – 0.5%

 
  8,310    

American Express Company

   

621,256

   
  6,671    

Capital One Financial Corporation

   

419,006

   
  27,215    

SLM Corporation

   

622,135

   
   

Total Consumer Finance

   

1,662,397

   
   

Containers & Packaging – 0.3%

 
  19,780    

Packaging Corp. of America

   

968,429

   
  4,824    

Sonoco Products Company

   

166,766

   
   

Total Containers & Packaging

   

1,135,195

   
   

Distributors – 0.1%

 
  3,449    

Genuine Parts Company

   

269,263

   
   

Diversified Consumer Services – 0.1%

 
  4,119    

ITT Educational Services, Inc., (2)

   

100,504

   
  21,475    

Service Corporation International

   

387,194

   
   

Total Diversified Consumer Services

   

487,698

   
   

Diversified Financial Services – 2.4%

 
  149,582    

Bank of America Corporation

   

1,923,625

   
  39,530    

Citigroup Inc.

   

1,896,254

   
  19,235    

CME Group, Inc.

   

1,461,475

   
  39,922    

JPMorgan Chase & Co.

   

2,107,482

   
  13,902    

Moody's Corporation

   

847,049

   
   

Total Diversified Financial Services

   

8,235,885

   
   

Diversified Telecommunication Services – 1.5%

 
  63,546    

AT&T Inc.

   

2,249,528

   
  1    

Frontier Communications Corporation

   

4

   
  59,414    

Verizon Communications Inc.

   

2,990,901

   
   

Total Diversified Telecommunication Services

   

5,240,433

   

Nuveen Investments
33



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Electric Utilities – 1.5%

 
  30,093    

Duke Energy Corporation

 

$

2,031,277

   
  48,358    

Great Plains Energy Incorporated

   

1,089,989

   
  6,884    

OGE Energy Corp.

   

469,489

   
  28,722    

Pinnacle West Capital Corporation

   

1,593,209

   
   

Total Electric Utilities

   

5,183,964

   
   

Electrical Equipment – 1.7%

 
  33,441    

Eaton PLC

   

2,200,752

   
  28,532    

Emerson Electric Company

   

1,556,135

   
  11,238    

Hubbell Incorporated, Class B

   

1,112,562

   
  14,091    

Rockwell Automation, Inc.

   

1,171,526

   
   

Total Electrical Equipment

   

6,040,975

   
   

Electronic Equipment & Instruments – 0.6%

 
  17,200    

Amphenol Corporation, Class A

   

1,340,568

   
  39,646    

Corning Incorporated

   

564,163

   
   

Total Electronic Equipment & Instruments

   

1,904,731

   
   

Energy Equipment & Services – 1.3%

 
  23,374    

Cameron International Corporation, (2)

   

1,429,554

   
  9,396    

Diamond Offshore Drilling, Inc.

   

646,351

   
  29,446    

Halliburton Company

   

1,228,487

   
  18,594    

Schlumberger Limited

   

1,332,446

   
   

Total Energy Equipment & Services

   

4,636,838

   
   

Food & Staples Retailing – 1.8%

 
  33,338    

CVS Caremark Corporation

   

1,906,267

   
  27,808    

Kroger Co.

   

960,488

   
  23,214    

Walgreen Co.

   

1,026,059

   
  31,613    

Wal-Mart Stores, Inc.

   

2,354,852

   
   

Total Food & Staples Retailing

   

6,247,666

   
   

Food Products – 1.0%

 
  10,080    

Archer-Daniels-Midland Company

   

341,813

   
  15,863    

Kraft Foods Inc., Class A

   

886,266

   
  72,807    

Mondelez International Inc.

   

2,077,184

   
   

Total Food Products

   

3,305,263

   
   

Gas Utilities – 0.4%

 
  21,576    

AGL Resources Inc.

   

924,747

   
  15,026    

Piedmont Natural Gas Company

   

506,977

   
   

Total Gas Utilities

   

1,431,724

   
   

Health Care Equipment & Supplies – 1.6%

 
  41,688    

Abbott Laboratories

   

1,454,077

   
  16,835    

Baxter International, Inc.

   

1,166,160

   
  9,327    

CareFusion Corporation, (2)

   

343,700

   
  5,822    

Covidien PLC

   

365,854

   
  12,334    

Hill Rom Holdings Inc.

   

415,409

   
  11,631    

Medtronic, Inc.

   

598,648

   
  11,540    

Saint Jude Medical Inc.

   

526,570

   
  8,617    

Zimmer Holdings, Inc.

   

645,758

   
   

Total Health Care Equipment & Supplies

   

5,516,176

   
   

Health Care Providers & Services – 2.6%

 
  13,759    

Brookdale Senior Living Inc., (2)

   

363,788

   
  23,480    

Cardinal Health, Inc.

   

1,108,256

   

Nuveen Investments
34



Shares  

Description (1)

 

Value

 
    Health Care Providers & Services (continued)  
  50,126    

Express Scripts, (2)

 

$

3,092,273

   
  1,520    

McKesson HBOC Inc.

   

174,040

   
  11,450    

Omnicare, Inc.

   

546,279

   
  12,175    

Tenet Healthcare Corporation, (2)

   

561,267

   
  19,406    

UnitedHealth Group Incorporated

   

1,270,705

   
  20,106    

Universal Health Services, Inc., Class B

   

1,346,298

   
  8,528    

Wellpoint Inc.

   

697,932

   
   

Total Health Care Providers & Services

   

9,160,838

   
   

Hotels, Restaurants & Leisure – 1.7%

 
  20,714    

Carnival Corporation

   

710,283

   
  17,543    

International Game Technology

   

293,144

   
  25,719    

McDonald's Corporation

   

2,546,181

   
  12,224    

Starwood Hotels & Resorts Worldwide, Inc.

   

772,435

   
  84,855    

The Wendy's Company

   

494,705

   
  19,573    

Tim Hortons Inc.

   

1,059,486

   
   

Total Hotels, Restaurants & Leisure

   

5,876,234

   
   

Household Durables – 0.8%

 
  41,536    

KB Home

   

815,352

   
  36,936    

Newell Rubbermaid Inc.

   

969,570

   
  7,376    

Whirlpool Corporation

   

843,519

   
   

Total Household Durables

   

2,628,441

   
   

Household Products – 0.7%

 
  32,355    

Procter & Gamble Company

   

2,491,011

   
   

Industrial Conglomerates – 1.1%

 
  9,403    

3M Co.

   

1,028,218

   
  13,006    

Danaher Corporation

   

823,280

   
  82,528    

General Electric Company

   

1,913,824

   
   

Total Industrial Conglomerates

   

3,765,322

   
   

Insurance – 1.4%

 
  12,439    

American International Group

   

556,023

   
  824    

Arch Capital Group Limited, (2)

   

42,362

   
  3,641    

Berkshire Hathaway Inc., Class B, (2)

   

407,501

   
  26,516    

Fidelity National Title Group Inc., Class A

   

631,346

   
  24,192    

Marsh & McLennan Companies, Inc.

   

965,745

   
  13,163    

Prudential Financial, Inc.

   

961,294

   
  15,488    

Travelers Companies, Inc.

   

1,237,801

   
   

Total Insurance

   

4,802,072

   
   

Internet & Catalog Retail – 2.7%

 
  32,054    

Amazon.com, Inc., (2)

   

8,901,075

   
  10,391    

HSN, Inc.

   

558,205

   
   

Total Internet & Catalog Retail

   

9,459,280

   
   

Internet Software & Services – 7.6%

 
  30,462    

Akamai Technologies, Inc., (2)

   

1,296,158

   
  2,017    

AOL Inc., (2)

   

73,580

   
  16,544    

Baidu.com, Inc., Sponsored ADR, (2)

   

1,563,904

   
  92,095    

eBay Inc., (2)

   

4,763,153

   
  17,266    

Google Inc., Class A, (2)

   

15,200,468

   
  20,300    

IAC/InterActiveCorp.

   

965,468

   
  102,391    

Yahoo! Inc., (2)

   

2,571,038

   
   

Total Internet Software & Services

   

26,433,769

   

Nuveen Investments
35



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

IT Services – 3.2%

 
  46,267    

Automatic Data Processing, Inc.

 

$

3,185,946

   
  23,280    

Fidelity National Information Services

   

997,315

   
  8,158    

Global Payments Inc.

   

377,879

   
  14,822    

Infosys Technologies Limited, Sponsored ADR

   

610,518

   
  10,431    

International Business Machines Corporation (IBM)

   

1,993,468

   
  12,871    

Lender Processing Services Inc.

   

416,377

   
  58,743    

Paychex, Inc.

   

2,145,294

   
  7,718    

Visa Inc., Class A

   

1,410,464

   
   

Total IT Services

   

11,137,261

   
   

Life Sciences Tools & Services – 0.2%

 
  15,384    

Agilent Technologies, Inc.

   

657,820

   
   

Machinery – 1.2%

 
  13,470    

Caterpillar Inc.

   

1,111,140

   
  7,028    

Deere & Company

   

571,025

   
  22,531    

Graco Inc.

   

1,424,185

   
  16,187    

SPX Corporation

   

1,165,140

   
   

Total Machinery

   

4,271,490

   
   

Media – 5.1%

 
  23,415    

CBS Corporation, Class B

   

1,144,291

   
  153,751    

Comcast Corporation, Special Class A

   

6,099,302

   
  52,989    

DirecTV, (2)

   

3,265,182

   
  2,751    

Liberty Media Corporation, (2)

   

348,717

   
  51,552    

News Corporation, Class B

   

1,691,937

   
  20,124    

Omnicom Group, Inc.

   

1,265,196

   
  2,751    

Starz, (2)

   

60,797

   
  6,011    

Time Warner Cable, Class A

   

676,117

   
  21,163    

Time Warner Inc.

   

1,223,645

   
  30,876    

Walt Disney Company

   

1,949,819

   
   

Total Media

   

17,725,003

   
   

Metals & Mining – 0.2%

 
  4,949    

AngloGold Ashanti Limited, Sponsored ADR

   

70,771

   
  7,972    

Cliffs Natural Resources Inc.

   

129,545

   
  54,923    

Companhia Siderurgica Nacional S.A., Sponsored ADR

   

152,137

   
  5,432    

Freeport-McMoRan Copper & Gold, Inc.

   

149,978

   
  1,736    

Newmont Mining Corporation

   

51,993

   
  7,686    

United States Steel Corporation

   

134,736

   
   

Total Metals & Mining

   

689,160

   
   

Multiline Retail – 0.3%

 
  10,865    

Family Dollar Stores, Inc.

   

676,998

   
  4,575    

J.C. Penney Company, Inc., (2)

   

78,141

   
  4,511    

Kohl's Corporation

   

227,851

   
   

Total Multiline Retail

   

982,990

   
   

Multi-Utilities – 0.4%

 
  21,316    

Integrys Energy Group, Inc.

   

1,247,625

   
   

Oil, Gas & Consumable Fuels – 4.2%

 
  1,231    

Anadarko Petroleum Corporation

   

105,780

   
  4,671    

Cabot Oil & Gas Corporation

   

331,734

   
  36,527    

Chevron Corporation

   

4,322,605

   
  39,706    

ConocoPhillips

   

2,402,213

   
  59,547    

Exxon Mobil Corporation

   

5,380,071

   
  1,606    

Marathon Oil Corporation

   

55,535

   

Nuveen Investments
36



Shares  

Description (1)

 

Value

 
    Oil, Gas & Consumable Fuels (continued)  
  6,095    

Occidental Petroleum Corporation

 

$

543,857

   
  22,649    

Phillips 66

   

1,334,253

   
  2,785    

Royal Dutch Shell PLC, Class A, Sponsored ADR

   

177,683

   
   

Total Oil, Gas & Consumable Fuels

   

14,653,731

   
   

Paper & Forest Products – 0.3%

 
  21,984    

International Paper Company

   

974,111

   
   

Pharmaceuticals – 4.0%

 
  38,938    

AbbVie Inc.

   

1,609,697

   
  13,538    

Allergan, Inc.

   

1,140,441

   
  45,036    

Bristol-Myers Squibb Company

   

2,012,659

   
  7,517    

Eli Lilly and Company

   

369,235

   
  13,675    

Forest Laboratories, Inc., (2)

   

560,675

   
  7,458    

GlaxoSmithKline PLC, Sponsored ADR

   

372,676

   
  20,631    

Johnson & Johnson

   

1,771,378

   
  73,080    

Merck & Company Inc.

   

3,394,566

   
  4,647    

Novartis AG, Sponsored ADR

   

328,589

   
  82,836    

Pfizer Inc.

   

2,320,236

   
   

Total Pharmaceuticals

   

13,880,152

   
   

Professional Services – 0.6%

 
  18,950    

Manpower Inc.

   

1,038,460

   
  30,314    

Robert Half International Inc.

   

1,007,334

   
   

Total Professional Services

   

2,045,794

   
   

Real Estate Investment Trust – 1.1%

 
  18,413    

Apartment Investment & Management Company, Class A

   

553,127

   
  28,958    

CubeSmart

   

462,749

   
  4,590    

Developers Diversified Realty Corporation

   

76,424

   
  40,126    

Senior Housing Properties Trust

   

1,040,467

   
  25,511    

Ventas Inc.

   

1,771,994

   
   

Total Real Estate Investment Trust

   

3,904,761

   
   

Road & Rail – 0.2%

 
  23,916    

CSX Corporation

   

554,612

   
   

Semiconductors & Equipment – 5.7%

 
  54,140    

Advanced Micro Devices, Inc., (2)

   

220,891

   
  49,030    

Altera Corporation

   

1,617,500

   
  25,698    

Analog Devices, Inc.

   

1,157,952

   
  65,680    

Applied Materials, Inc.

   

979,289

   
  1,253    

ASML Holding N.V., Sponsored ADR

   

99,112

   
  93,518    

Atmel Corporation, (2)

   

687,357

   
  48,224    

Broadcom Corporation, Class A

   

1,628,042

   
  4,697    

Cree, Inc., (2)

   

299,950

   
  11,761    

Cypress Semiconductor Corporation, (2)

   

126,196

   
  28,948    

Fairchild Semiconductor International Inc., Class A, (2)

   

399,482

   
  17,789    

Integrated Device Technology, Inc., (2)

   

141,245

   
  363,454    

Intel Corporation

   

8,802,856

   
  2,596    

Intersil Holding Corporation, Class A

   

20,301

   
  8,733    

Lam Research Corporation, (2)

   

387,221

   
  45,919    

Linear Technology Corporation

   

1,691,656

   
  35,700    

LSI Logic Corporation

   

254,898

   
  76,193    

NVIDIA Corporation

   

1,068,988

   
  5,819    

SunEdison Inc., (2)

   

47,541

   
  2,774    

Taiwan Semiconductor Manufacturing Company Limited, Sponsored ADR

   

50,820

   
   

Total Semiconductors & Equipment

   

19,681,297

   

Nuveen Investments
37



JLA

Nuveen Equity Premium Advantage Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Software – 10.0%

 
  62,768    

Activision Blizzard Inc.

 

$

895,072

   
  56,823    

Adobe Systems Incorporated, (2)

   

2,588,856

   
  39,771    

Autodesk, Inc., (2)

   

1,349,828

   
  65,185    

CA Inc.

   

1,866,247

   
  33,659    

Cadence Design Systems, Inc., (2)

   

487,382

   
  542,531    

Microsoft Corporation

   

18,733,595

   
  288,883    

Oracle Corporation

   

8,874,486

   
   

Total Software

   

34,795,466

   
   

Specialty Retail – 1.9%

 
  1,126    

Best Buy Co., Inc.

   

30,774

   
  16,073    

Gap, Inc.

   

670,726

   
  29,287    

Home Depot, Inc.

   

2,268,864

   
  32,217    

Limited Brands Inc.

   

1,586,687

   
  2,484    

Lowe's Companies, Inc.

   

101,596

   
  10,184    

TJX Companies, Inc.

   

509,811

   
  32,475    

Urban Outfitters, Inc., (2)

   

1,306,145

   
   

Total Specialty Retail

   

6,474,603

   
   

Textiles, Apparel & Luxury Goods – 0.2%

 
  14,587    

Coach, Inc.

   

832,772

   
   

Thrifts & Mortgage Finance – 0.0%

 
  1,712    

Tree.com Inc.

   

29,344

   
   

Tobacco – 1.1%

 
  30,144    

Altria Group, Inc.

   

1,054,739

   
  32,805    

Philip Morris International

   

2,841,569

   
   

Total Tobacco

   

3,896,308

   
   

Wireless Telecommunication Services – 0.2%

 
  9,319    

Crown Castle International Corporation, (2)

   

674,602

   
   

Total Common Stocks (cost $204,627,654)

   

341,838,842

   

 

Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Value

 
   

Short-Term Investments – 5.3%

 

$

18,291

  Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/13,
repurchase price $18,291,332, collateralized by $18,360,000 U.S. Treasury Notes,
1.750%, due 10/31/18, value $18,658,350
  0.010
 
 

%

  7/01/13
 
 
 

$

18,291,317
 
 
 
   

Total Short-Term Investments (cost $18,291,317)

           

18,291,317

   
   

Total Investments (cost $222,918,971) – 103.9%

           

360,130,159

   
   

Other Assets Less Liabilities – (3.9)% (3)

           

(13,682,155

)

 
   

Net Assets – 100%

         

$

346,448,004

   

Nuveen Investments
38



Investments in Derivatives as of June 30, 2013

Call Options Written outstanding:

Number of
Contracts
 

Type

  Notional
Amount (4)
  Expiration
Date
  Strike
Price
 

Value (3)

 
  (705

)

 

MINI-NASDAQ-100 Index

 

$

(20,092,500

)

 

7/20/13

 

$

285.0

   

$

(562,237

)

 
  (734

)

 

MINI-NASDAQ-100 Index

   

(21,102,500

)

 

7/20/13

   

287.5

     

(444,070

)

 
  (705

)

 

MINI-NASDAQ-100 Index

   

(20,445,000

)

 

7/20/13

   

290.0

     

(321,833

)

 
  (698

)

 

MINI-NASDAQ-100 Index

   

(20,416,500

)

 

7/20/13

   

292.5

     

(226,850

)

 
  (763

)

 

MINI-NASDAQ-100 Index

   

(22,508,500

)

 

7/20/13

   

295.0

     

(136,959

)

 
  (728

)

 

MINI-NASDAQ-100 Index

   

(20,748,000

)

 

8/17/13

   

285.0

     

(718,900

)

 
  (807

)

 

MINI-NASDAQ-100 Index

   

(23,806,500

)

 

8/17/13

   

295.0

     

(336,922

)

 
  (682

)

 

MINI-NASDAQ-100 Index

   

(20,289,500

)

 

8/17/13

   

297.5

     

(207,669

)

 
  (131

)

 

S&P 500® Index

   

(20,632,500

)

 

7/20/13

   

1,575.0

     

(554,130

)

 
  (234

)

 

S&P 500® Index

   

(37,440,000

)

 

7/20/13

   

1,600.0

     

(595,530

)

 
  (256

)

 

S&P 500® Index

   

(41,600,000

)

 

7/20/13

   

1,625.0

     

(318,720

)

 
  (142

)

 

S&P 500® Index

   

(22,010,000

)

 

7/20/13

   

1,550.0

     

(881,110

)

 
  (97

)

 

S&P 500® Index

   

(15,277,500

)

 

8/17/13

   

1,575.0

     

(524,770

)

 
  (200

)

 

S&P 500® Index

   

(32,000,000

)

 

8/17/13

   

1,600.0

     

(754,000

)

 
  (6,882

)

 

Total Call Options Written (premiums received $7,965,180)

 

$

(338,369,000

)

 

 

 

 

 

$

(6,583,700

)

 

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

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

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

  (3)  Other Assets Less Liabilities includes the Value of derivative instruments as listed within Investments in Derivatives as of 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
39



JPG

Nuveen Equity Premium and Growth Fund

Portfolio of Investments

  June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Common Stocks – 98.3% (5)

 
   

Aerospace & Defense – 2.8%

 
  20,739    

Boeing Company

 

$

2,124,503

   
  19,938    

Honeywell International Inc.

   

1,581,881

   
  14,434    

Raytheon Company

   

954,376

   
  21,581    

United Technologies Corporation

   

2,005,738

   
   

Total Aerospace & Defense

   

6,666,498

   
   

Air Freight & Logistics – 0.5%

 
  15,007    

United Parcel Service, Inc., Class B

   

1,297,805

   
   

Airlines – 0.1%

 
  13,205    

Latam Airlines Group, Sponsored ADR

   

223,032

   
   

Auto Components – 0.2%

 
  9,310    

Cooper Tire & Rubber

   

308,813

   
  5,900    

Dana Holding Corporation

   

113,634

   
   

Total Auto Components

   

422,447

   
   

Automobiles – 0.6%

 
  92,502    

Ford Motor Company

   

1,431,006

   
   

Beverages – 2.4%

 
  86,588    

Coca-Cola Company

   

3,473,045

   
  28,103    

PepsiCo, Inc.

   

2,298,544

   
   

Total Beverages

   

5,771,589

   
   

Biotechnology – 1.5%

 
  11,864    

Celgene Corporation, (2)

   

1,387,020

   
  40,546    

Gilead Sciences, Inc., (2)

   

2,076,361

   
  10,546    

PDL BioPharma Inc.

   

81,415

   
   

Total Biotechnology

   

3,544,796

   
   

Capital Markets – 2.0%

 
  53,257    

Charles Schwab Corporation

   

1,130,646

   
  24,627    

Federated Investors Inc.

   

675,026

   
  7,757    

Goldman Sachs Group, Inc.

   

1,173,246

   
  46,141    

Morgan Stanley

   

1,127,225

   
  14,786    

Waddell & Reed Financial, Inc., Class A

   

643,191

   
   

Total Capital Markets

   

4,749,334

   
   

Chemicals – 2.5%

 
  22,557    

Dow Chemical Company

   

725,659

   
  17,703    

E.I. Du Pont de Nemours and Company

   

929,408

   
  14,249    

Eastman Chemical Company

   

997,572

   
  10,640    

Monsanto Company

   

1,051,232

   
  27,207    

Olin Corporation

   

650,791

   
  7,340    

PPG Industries, Inc.

   

1,074,649

   

Nuveen Investments
40



Shares  

Description (1)

 

Value

 
    Chemicals (continued)  
  16,530    

RPM International, Inc.

 

$

527,968

   
   

Total Chemicals

   

5,957,279

   
   

Commercial Banks – 2.7%

 
  12,843    

Comerica Incorporated

   

511,537

   
  12,783    

Fifth Third Bancorp.

   

230,733

   
  11,582    

First Horizon National Corporation

   

129,718

   
  8,574    

FirstMerit Corporation

   

171,737

   
  49,105    

Huntington BancShares Inc.

   

386,947

   
  33,673    

Regions Financial Corporation

   

320,904

   
  45,230    

U.S. Bancorp

   

1,635,065

   
  78,213    

Wells Fargo & Company

   

3,227,851

   
   

Total Commercial Banks

   

6,614,492

   
   

Commercial Services & Supplies – 0.3%

 
  5,330    

Avery Dennison Corporation

   

227,911

   
  14,872    

Deluxe Corporation

   

515,315

   
  8,400    

Kimball International Inc., Class B

   

81,564

   
   

Total Commercial Services & Supplies

   

824,790

   
   

Communications Equipment – 2.4%

 
  109,537    

Cisco Systems, Inc.

   

2,662,844

   
  14,740    

Motorola Solutions Inc.

   

850,940

   
  35,475    

QUALCOMM, Inc.

   

2,166,813

   
  2,984    

Research In Motion Limited, (2)

   

31,242

   
   

Total Communications Equipment

   

5,711,839

   
   

Computers & Peripherals – 3.4%

 
  15,359    

Apple, Inc.

   

6,083,393

   
  30,455    

Dell Inc.

   

406,574

   
  40,436    

EMC Corporation

   

955,098

   
  25,651    

Hewlett-Packard Company

   

636,145

   
   

Total Computers & Peripherals

   

8,081,210

   
   

Consumer Finance – 0.6%

 
  20,573    

American Express Company

   

1,538,037

   
   

Containers & Packaging – 0.3%

 
  16,760    

Packaging Corp. of America

   

820,570

   
   

Distributors – 0.0%

 
  796    

Genuine Parts Company

   

62,144

   
   

Diversified Consumer Services – 0.0%

 
  5,562    

Apollo Group, Inc., Class A, (2)

   

98,559

   
   

Diversified Financial Services – 4.8%

 
  200,358    

Bank of America Corporation

   

2,576,604

   
  52,605    

Citigroup Inc.

   

2,523,462

   
  12,960    

CME Group, Inc.

   

984,701

   
  4,327    

Intercontinental Exchange, Inc., (2)

   

769,168

   
  79,421    

JPMorgan Chase & Co.

   

4,192,635

   
  9,862    

New York Stock Exchange Euronext

   

408,287

   
   

Total Diversified Financial Services

   

11,454,857

   

Nuveen Investments
41



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
   

Diversified Telecommunication Services – 3.2%

 
  3,700    

Alaska Communications Systems Group Inc.

 

$

6,216

   
  106,776    

AT&T Inc.

   

3,779,870

   
  111,815    

Frontier Communications Corporation

   

452,851

   
  67,351    

Verizon Communications Inc.

   

3,390,449

   
   

Total Diversified Telecommunication Services

   

7,629,386

   
   

Electric Utilities – 0.9%

 
  33,596    

Duke Energy Corporation

   

2,267,730

   
  876    

Great Plains Energy Incorporated

   

19,745

   
   

Total Electric Utilities

   

2,287,475

   
   

Electrical Equipment – 0.8%

 
  3,151    

Eaton PLC

   

207,367

   
  22,224    

Emerson Electric Company

   

1,212,097

   
  6,854    

Rockwell Automation, Inc.

   

569,842

   
   

Total Electrical Equipment

   

1,989,306

   
   

Electronic Equipment & Instruments – 0.3%

 
  48,583    

Corning Incorporated

   

691,336

   
   

Energy Equipment & Services – 2.0%

 
  12,363    

Baker Hughes Incorporated

   

570,305

   
  2,246    

Carbo Ceramics Inc.

   

151,448

   
  29,590    

Halliburton Company

   

1,234,495

   
  9,961    

National-Oilwell Varco Inc.

   

686,313

   
  12,997    

Noble Corporation

   

488,427

   
  20,806    

Schlumberger Limited

   

1,490,958

   
  1,869    

Tidewater Inc.

   

106,477

   
   

Total Energy Equipment & Services

   

4,728,423

   
   

Food & Staples Retailing – 2.1%

 
  28,828    

CVS Caremark Corporation

   

1,648,385

   
  23,426    

SUPERVALU INC., (2)

   

145,710

   
  34,385    

Wal-Mart Stores, Inc.

   

2,561,339

   
  11,974    

Whole Foods Market, Inc.

   

616,422

   
   

Total Food & Staples Retailing

   

4,971,856

   
   

Food Products – 1.4%

 
  13,960    

Archer-Daniels-Midland Company

   

473,384

   
  17,628    

ConAgra Foods, Inc.

   

615,746

   
  15,625    

Kraft Foods Inc., Class A

   

872,969

   
  46,877    

Mondelez International Inc.

   

1,337,401

   
   

Total Food Products

   

3,299,500

   
   

Gas Utilities – 0.5%

 
  13,418    

AGL Resources Inc.

   

575,095

   
  14,636    

ONEOK, Inc.

   

604,613

   
   

Total Gas Utilities

   

1,179,708

   
   

Health Care Equipment & Supplies – 1.5%

 
  45,691    

Abbott Laboratories

   

1,593,702

   
  28,854    

Boston Scientific Corporation, (2)

   

267,477

   
  3,976    

Hologic Inc., (2)

   

76,737

   
  31,998    

Medtronic, Inc.

   

1,646,937

   
   

Total Health Care Equipment & Supplies

   

3,584,853

   

Nuveen Investments
42



Shares  

Description (1)

 

Value

 
   

Health Care Providers & Services – 2.5%

 
  13,746    

Aetna Inc.

 

$

873,421

   
  1,637    

Brookdale Senior Living Inc., (2)

   

43,282

   
  26,122    

Express Scripts, (2)

   

1,611,466

   
  5,614    

Humana Inc.

   

473,709

   
  6,162    

Tenet Healthcare Corporation, (2)

   

284,068

   
  27,666    

UnitedHealth Group Incorporated

   

1,811,570

   
  11,165    

Wellpoint Inc.

   

913,744

   
   

Total Health Care Providers & Services

   

6,011,260

   
   

Hotels, Restaurants & Leisure – 1.4%

 
  9,393    

International Game Technology

   

156,957

   
  21,646    

McDonald's Corporation

   

2,142,954

   
  13,188    

MGM Resorts International Inc., (2)

   

194,919

   
  43,350    

The Wendy's Company

   

252,731

   
  4,557    

Tim Hortons Inc.

   

246,670

   
  5,749    

Wyndham Worldwide Corporation

   

329,015

   
   

Total Hotels, Restaurants & Leisure

   

3,323,246

   
   

Household Durables – 0.5%

 
  9,410    

KB Home

   

184,718

   
  7,325    

Lennar Corporation, Class A

   

263,993

   
  16,964    

Newell Rubbermaid Inc.

   

445,305

   
  2,393    

Whirlpool Corporation

   

273,663

   
   

Total Household Durables

   

1,167,679

   
   

Household Products – 2.1%

 
  10,456    

Colgate-Palmolive Company

   

599,024

   
  9,977    

Kimberly-Clark Corporation

   

969,166

   
  46,510    

Procter & Gamble Company

   

3,580,805

   
   

Total Household Products

   

5,148,995

   
   

Industrial Conglomerates – 1.7%

 
  15,041    

3M Co.

   

1,644,733

   
  108,753    

General Electric Company

   

2,521,982

   
   

Total Industrial Conglomerates

   

4,166,715

   
   

Insurance – 3.9%

 
  18,935    

Arthur J. Gallagher & Co.

   

827,270

   
  27,775    

Berkshire Hathaway Inc., Class B, (2)

   

3,108,578

   
  16,883    

Fidelity National Title Group Inc., Class A

   

401,984

   
  20,130    

Genworth Financial Inc., Class A, (2)

   

229,683

   
  12,560    

Kemper Corporation

   

430,180

   
  26,486    

Lincoln National Corporation

   

965,944

   
  26,240    

Marsh & McLennan Companies, Inc.

   

1,047,501

   
  16,516    

Mercury General Corporation

   

726,043

   
  10,189    

Prudential Financial, Inc.

   

744,103

   
  11,626    

Travelers Companies, Inc.

   

929,150

   
   

Total Insurance

   

9,410,436

   
   

Internet & Catalog Retail – 0.9%

 
  7,722    

Amazon.com, Inc., (2)

   

2,144,322

   
   

Internet Software & Services – 2.7%

 
  5,170    

Akamai Technologies, Inc., (2)

   

219,984

   
  25,659    

eBay Inc., (2)

   

1,327,083

   
  4,340    

Google Inc., Class A, (2)

   

3,820,806

   
  22,961    

United Online, Inc.

   

174,044

   

Nuveen Investments
43



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
    Internet Software & Services (continued)  
  6,424    

VeriSign, Inc., (2)

 

$

286,896

   
  27,685    

Yahoo! Inc., (2)

   

695,170

   
   

Total Internet Software & Services

   

6,523,983

   
   

IT Services – 3.7%

 
  29,053    

Automatic Data Processing, Inc.

   

2,000,590

   
  9,387    

Cognizant Technology Solutions Corporation, Class A, (2)

   

587,720

   
  11,474    

Fidelity National Information Services

   

491,546

   
  20,319    

International Business Machines Corporation (IBM)

   

3,883,164

   
  2,687    

Lender Processing Services Inc.

   

86,924

   
  9,814    

Visa Inc., Class A

   

1,793,508

   
   

Total IT Services

   

8,843,452

   
   

Leisure Equipment & Products – 0.4%

 
  21,208    

Mattel, Inc.

   

960,934

   
  634    

Polaris Industries Inc.

   

60,230

   
   

Total Leisure Equipment & Products

   

1,021,164

   
   

Life Sciences Tools & Services – 0.2%

 
  1,370    

Covance, Inc., (2)

   

104,312

   
  4,213    

Life Technologies Corporation, (2)

   

311,804

   
   

Total Life Sciences Tools & Services

   

416,116

   
   

Machinery – 2.5%

 
  3,706    

Briggs & Stratton Corporation

   

73,379

   
  12,391    

Caterpillar Inc.

   

1,022,134

   
  3,774    

Cummins Inc.

   

409,328

   
  11,246    

Deere & Company

   

913,738

   
  13,943    

Illinois Tool Works, Inc.

   

964,437

   
  5,351    

Pentair Limited

   

308,699

   
  11,866    

Snap-on Incorporated

   

1,060,583

   
  17,297    

Stanley Black & Decker Inc.

   

1,337,058

   
   

Total Machinery

   

6,089,356

   
   

Media – 2.6%

 
  12,544    

CBS Corporation, Class B

   

613,025

   
  62,276    

Comcast Corporation, Class A

   

2,608,119

   
  14,912    

DirecTV, (2)

   

918,877

   
  8,126    

Gannett Company Inc.

   

198,762

   
  5,070    

Lamar Advertising Company, (2)

   

220,038

   
  28,121    

New York Times, Class A, (2)

   

311,018

   
  51,096    

Regal Entertainment Group, Class A

   

914,618

   
  45,144    

Sirius XM Radio Inc.

   

151,232

   
  24,892    

World Wrestling Entertainment Inc.

   

256,637

   
   

Total Media

   

6,192,326

   
   

Metals & Mining – 0.4%

 
  4,770    

Companhia Siderurgica Nacional S.A., Sponsored ADR

   

13,213

   
  23,593    

Freeport-McMoRan Copper & Gold, Inc.

   

651,403

   
  10,237    

Southern Copper Corporation

   

282,746

   
  3,047    

United States Steel Corporation

   

53,414

   
   

Total Metals & Mining

   

1,000,776

   
   

Multiline Retail – 0.8%

 
  8,878    

Nordstrom, Inc.

   

532,147

   
  18,749    

Target Corporation

   

1,291,056

   
   

Total Multiline Retail

   

1,823,203

   

Nuveen Investments
44



Shares  

Description (1)

 

Value

 
   

Multi-Utilities – 1.4%

 
  14,000    

Ameren Corporation

 

$

482,160

   
  52,946    

CenterPoint Energy, Inc.

   

1,243,702

   
  7,260    

Consolidated Edison, Inc.

   

423,331

   
  22,250    

Dominion Resources, Inc.

   

1,264,245

   
   

Total Multi-Utilities

   

3,413,438

   
   

Oil, Gas & Consumable Fuels – 8.8%

 
  32,095    

Chesapeake Energy Corporation

   

654,096

   
  34,906    

Chevron Corporation

   

4,130,776

   
  20,462    

ConocoPhillips

   

1,237,951

   
  11,317    

CONSOL Energy Inc.

   

306,691

   
  6,936    

EOG Resources, Inc.

   

913,332

   
  80,980    

Exxon Mobil Corporation

   

7,316,543

   
  7,395    

Hess Corporation

   

491,694

   
  20,768    

Marathon Oil Corporation

   

718,157

   
  10,284    

Marathon Petroleum Corporation

   

730,781

   
  19,605    

Occidental Petroleum Corporation

   

1,749,354

   
  21,448    

Peabody Energy Corporation

   

313,999

   
  10,973    

Phillips 66

   

646,419

   
  24,031    

Ship Financial International Limited

   

356,620

   
  17,375    

Southwestern Energy Company, (2)

   

634,709

   
  23,750    

StatoilHydro ASA, Sponsored ADR

   

491,388

   
  16,856    

Valero Energy Corporation

   

586,083

   
   

Total Oil, Gas & Consumable Fuels

   

21,278,593

   
   

Personal Products – 0.2%

 
  21,653    

Avon Products, Inc.

   

455,363

   
   

Pharmaceuticals – 6.3%

 
  45,691    

AbbVie Inc.

   

1,888,866

   
  476    

AstraZeneca PLC, Sponsored ADR

   

22,515

   
  42,537    

Bristol-Myers Squibb Company

   

1,900,979

   
  12,124    

Eli Lilly and Company

   

595,531

   
  56,610    

Johnson & Johnson

   

4,860,535

   
  56,106    

Merck & Company Inc.

   

2,606,124

   
  108,416    

Pfizer Inc.

   

3,036,732

   
  5,422    

Sanofi SA, Sponsored ADR

   

279,287

   
   

Total Pharmaceuticals

   

15,190,569

   
   

Real Estate Investment Trust – 2.2%

 
  46,182    

Annaly Capital Management Inc.

   

580,508

   
  35,857    

Brandywine Realty Trust

   

484,787

   
  14,334    

CubeSmart

   

229,057

   
  16,442    

Hospitality Properties Trust

   

432,096

   
  54,457    

Lexington Corporate Properties Trust

   

636,058

   
  32,604    

Senior Housing Properties Trust

   

845,422

   
  23,740    

Ventas Inc.

   

1,648,980

   
  19,112    

Weyerhaeuser Company

   

544,501

   
   

Total Real Estate Investment Trust

   

5,401,409

   
   

Road & Rail – 0.8%

 
  12,155    

Union Pacific Corporation

   

1,875,273

   
   

Semiconductors & Equipment – 2.4%

 
  15,548    

Analog Devices, Inc.

   

700,593

   
  35,188    

Applied Materials, Inc.

   

524,653

   
  959    

First Solar Inc., (2)

   

42,896

   
  107,122    

Intel Corporation

   

2,594,495

   

Nuveen Investments
45



JPG

Nuveen Equity Premium and Growth Fund (continued)

Portfolio of Investments June 30, 2013 (Unaudited)

Shares  

Description (1)

 

Value

 
    Semiconductors & Equipment (continued)  
  17,124    

Microchip Technology Incorporated

 

$

637,869

   
  19,215    

NVIDIA Corporation

   

269,586

   
  27,352    

Texas Instruments Incorporated

   

953,764

   
   

Total Semiconductors & Equipment

   

5,723,856

   
   

Software – 3.9%

 
  16,588    

Adobe Systems Incorporated, (2)

   

755,749

   
  8,286    

Autodesk, Inc., (2)

   

281,227

   
  151,552    

Microsoft Corporation

   

5,233,091

   
  75,428    

Oracle Corporation

   

2,317,148

   
  18,624    

Salesforce.com, Inc., (2)

   

711,064

   
   

Total Software

   

9,298,279

   
   

Specialty Retail – 2.7%

 
  6,506    

Abercrombie & Fitch Co., Class A

   

294,397

   
  19,409    

American Eagle Outfitters, Inc.

   

354,408

   
  14,239    

Best Buy Co., Inc.

   

389,152

   
  1,872    

CST Brands Inc., (2)

   

57,676

   
  11,367    

Gap, Inc.

   

474,345

   
  15,188    

Home Depot, Inc.

   

1,176,614

   
  17,078    

Limited Brands Inc.

   

841,092

   
  33,335    

Lowe's Companies, Inc.

   

1,363,402

   
  7,525    

Tiffany & Co.

   

548,121

   
  19,611    

TJX Companies, Inc.

   

981,727

   
   

Total Specialty Retail

   

6,480,934

   
   

Textiles, Apparel & Luxury Goods – 0.6%

 
  7,619    

VF Corporation

   

1,470,924

   
   

Thrifts & Mortgage Finance – 0.3%

 
  52,183    

New York Community Bancorp Inc.

   

730,562

   
   

Tobacco – 2.1%

 
  50,557    

Altria Group, Inc.

   

1,768,989

   
  28,556    

Philip Morris International

   

2,473,521

   
  17,888    

Reynolds American Inc.

   

865,243

   
   

Total Tobacco

   

5,107,753

   
   

Trading Companies & Distributors – 0.3%

 
  3,200    

W.W. Grainger, Inc.

   

806,976

   
   

Wireless Telecommunication Services – 0.2%

 
  54,217    

Sprint Nextel Corporation, (2)

   

380,603

   
  1,065    

Vodafone Group PLC, Sponsored ADR

   

30,608

   
   

Total Wireless Telecommunication Services

   

411,211

   
   

Total Common Stocks (cost $166,448,461)

   

236,560,296

   

Nuveen Investments
46



Principal
Amount (000)
 

Description (1)

 

Coupon

 

Maturity

 

Value

 
   

Short-Term Investments – 5.2%

 

$

12,513

    Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/28/13,
repurchase price $12,512,576, collateralized by $12,560,000 U.S. Treasury Notes,
1.750%, due 10/31/18, value $12,764,100
  0.010
 
 

%

  7/01/13
 
 
 

$

12,512,566
 
 
 
   

Total Short-Term Investments (cost $12,512,566)

           

12,512,566

   
   

Total Investments (cost $178,961,027) – 103.5%

           

249,072,862

   
   

Other Assets Less Liabilities – (3.5)% (3)

           

(8,382,812

)

 
   

Net Assets – 100%

         

$

240,690,050

   

Investments in Derivatives as of June 30, 2013

Call Options Written outstanding:

Number of
Contracts
 

Type

  Notional
Amount (4)
  Expiration
Date
  Strike
Price
 

Value (3)

 
  (158

)

 

S&P 500® Index

 

$

(24,490,000

)

 

7/20/13

 

$

1,550

   

$

(980,390

)

 
  (140

)

 

S&P 500® Index

   

(22,050,000

)

 

7/20/13

   

1575

     

(592,200

)

 
  (253

)

 

S&P 500® Index

   

(40,480,000

)

 

7/20/13

   

1600

     

(643,885

)

 
  (287

)

 

S&P 500® Index

   

(46,637,500

)

 

7/20/13

   

1625

     

(357,315

)

 
  (105

)

 

S&P 500® Index

   

(16,537,500

)

 

8/17/13

   

1575

     

(568,050

)

 
  (226

)

 

S&P 500® Index

   

(36,160,000

)

 

8/17/13

   

1600

     

(852,020

)

 
  (1,169

)

 

Total Call Options Written (premiums received $4,595,428)

 

$

(186,355,000

)

 

 

 

 

 

$

(3,993,860

)

 

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

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

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

  (3)  Other Assets Less Liabilities includes the Value of derivative instruments as listed within Investments in Derivatives as of 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
47




Statement of

ASSETS & LIABILITIES

June 30, 2013 (Unaudited)

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

Assets

 
Investments, at value (cost $375,335,410, $611,233,682, $222,918,971
and $178,961,027, respectively)
 

$

534,107,296

   

$

914,543,440

   

$

360,130,159

   

$

249,072,862

   

Cash

   

3,176

     

     

     

   

Receivables:

 

Dividends and interest

   

761,107

     

1,102,170

     

258,471

     

317,172

   

Investments sold

   

106

     

     

1,530

     

   

Reclaims

   

560

     

     

145

     

   

Other assets

   

59,317

     

94,714

     

37,511

     

24,793

   

Total assets

   

534,931,562

     

915,740,324

     

360,427,816

     

249,414,827

   

Liabilities

 
Call options written, at value (premiums received $12,322,155, $20,452,710,
$7,965,180 and $4,595,428, respectively)
   

10,747,655

     

17,379,832

     

6,583,700

     

3,993,860

   

Dividends payable

   

9,970,816

     

17,387,193

     

6,995,013

     

4,438,711

   

Accrued expenses:

 

Management fees

   

369,714

     

627,138

     

250,294

     

169,511

   

Trustees fees

   

55,730

     

88,465

     

34,935

     

21,672

   

Other

   

162,186

     

282,353

     

115,870

     

101,023

   

Total liabilities

   

21,306,101

     

35,764,981

     

13,979,812

     

8,724,777

   

Net assets

 

$

513,625,461

   

$

879,975,343

   

$

346,448,004

   

$

240,690,050

   

Shares outstanding

   

38,464,973

     

66,487,744

     

25,679,417

     

16,152,579

   

Net asset value per share outstanding

 

$

13.35

   

$

13.24

   

$

13.49

   

$

14.90

   

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

   

(17,084,095

)

   

(31,903,911

)

   

(12,902,597

)

   

(7,301,159

)

 

Accumulated net realized gain (loss)

   

(81,606,985

)

   

(106,997,541

)

   

(36,877,804

)

   

(47,740,619

)

 

Net unrealized appreciation (depreciation)

   

160,346,328

     

306,382,636

     

138,592,668

     

70,713,403

   

Net assets

 

$

513,625,461

   

$

879,975,343

   

$

346,448,004

   

$

240,690,050

   

Authorized shares

   

Unlimited

     

Unlimited

     

Unlimited

     

Unlimited

   

See accompanying notes to financial statements.

Nuveen Investments
48



Statement of

OPERATIONS

Six Months Ended June 30, 2013 (Unaudited)

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

Investment Income

 
Dividends (net of foreign tax withheld of $2,708, $18,075,
$5,211 and $7,251, respectively)
 

$

6,234,603

   

$

9,352,670

   

$

3,378,385

   

$

2,898,382

   

Interest

   

755

     

1,448

     

494

     

309

   

Total investment income

   

6,235,358

     

9,354,118

     

3,378,879

     

2,898,691

   

Expenses

 

Management fees

   

2,235,437

     

3,785,539

     

1,508,803

     

1,016,332

   

Shareholder servicing agent fees and expenses

   

455

     

779

     

248

     

123

   

Custodian fees and expenses

   

42,440

     

68,775

     

34,484

     

24,052

   

Trustees fees and expenses

   

14,015

     

23,894

     

9,510

     

6,562

   

Professional fees

   

20,350

     

25,581

     

17,939

     

16,384

   

Shareholder reporting expenses

   

60,343

     

105,645

     

33,764

     

24,725

   

Stock exchange listing fees

   

6,092

     

10,530

     

4,258

     

4,258

   

Investor relations expenses

   

56,511

     

83,996

     

29,275

     

32,750

   

Other expenses

   

35,795

     

105,426

     

57,286

     

29,220

   

Total expenses before expense reimbursement

   

2,471,438

     

4,210,165

     

1,695,567

     

1,154,406

   

Expense reimbursement

   

     

(52,297

)

   

     

   

Net expenses

   

2,471,438

     

4,157,868

     

1,695,567

     

1,154,406

   

Net investment income (loss)

   

3,763,920

     

5,196,250

     

1,683,312

     

1,744,285

   

Realized and Unrealized Gain (Loss)

 

Net realized gain (loss) from:

 

Investments and foreign currency

   

25,128,112

     

51,764,691

     

23,710,551

     

9,904,872

   

Call options written

   

(38,150,553

)

   

(59,185,337

)

   

(19,958,939

)

   

(14,428,739

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

35,556,673

     

47,168,014

     

11,390,215

     

19,242,403

   

Call options written

   

3,193,269

     

5,737,162

     

2,017,548

     

1,267,500

   

Net realized and unrealized gain (loss)

   

25,727,501

     

45,484,530

     

17,159,375

     

15,986,036

   

Net increase (decrease) in net assets from operations

 

$

29,491,421

   

$

50,680,780

   

$

18,842,687

   

$

17,730,321

   

See accompanying notes to financial statements.

Nuveen Investments
49



Statement of

CHANGES in NET ASSETS (Unaudited)

    Equity Premium
Income (JPZ)
  Equity Premium
Opportunity (JSN)
 
    Six Months
Ended
6/30/13
  Year
Ended
12/31/12
  Six Months
Ended
6/30/13
  Year
Ended
12/31/12
 

Operations

 

Net investment income (loss)

 

$

3,763,920

   

$

9,410,446

   

$

5,196,250

   

$

12,936,622

   

Net realized gain (loss) from:

 

Investments and foreign currency

   

25,128,112

     

14,716,979

     

51,764,691

     

36,351,932

   

Call options written

   

(38,150,553

)

   

(22,510,016

)

   

(59,185,337

)

   

(45,753,145

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

35,556,673

     

50,950,393

     

47,168,014

     

83,633,596

   

Call options written

   

3,193,269

     

(1,764,899

)

   

5,737,162

     

(5,845,583

)

 

Net increase (decrease) in net assets from operations

   

29,491,421

     

50,802,903

     

50,680,780

     

81,323,422

   

Distributions to Shareholders

 

From and in excess of net investment income

   

(20,848,015

)

   

     

(37,100,161

)

   

   

From net investment income

   

     

(9,513,512

)

   

     

(13,421,449

)

 

Return of capital

   

     

(32,189,236

)

   

     

(60,782,807

)

 

Decrease in net assets from distributions to shareholders

   

(20,848,015

)

   

(41,702,748

)

   

(37,100,161

)

   

(74,204,256

)

 

Capital Share Transactions

 

Cost of shares repurchased or retired

   

     

(203,434

)

   

     

(53,251

)

 

Net increase (decrease) in net assets from capital share transactions

   

     

(203,434

)

   

     

(53,251

)

 

Net increase (decrease) in net assets

   

8,643,406

     

8,896,721

     

13,580,619

     

7,065,915

   

Net assets at the beginning of period

   

504,982,055

     

496,085,334

     

866,394,724

     

859,328,809

   

Net assets at the end of period

 

$

513,625,461

   

$

504,982,055

   

$

879,975,343

   

$

866,394,724

   
Undistributed (Over-distribution of) net investment income at
the end of period
 

$

(17,084,095

)

 

$

   

$

(31,903,911

)

 

$

   

See accompanying notes to financial statements.

Nuveen Investments
50



Statement of

CHANGES in NET ASSETS (Unaudited) (continued)

    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Six Months
Ended
6/30/13
  Year
Ended
12/31/12
  Six Months
Ended
6/30/13
  Year
Ended
12/31/12
 

Operations

 

Net investment income (loss)

 

$

1,683,312

   

$

3,614,555

   

$

1,744,285

   

$

4,074,097

   

Net realized gain (loss) from:

 

Investments and foreign currency

   

23,710,551

     

24,558,199

     

9,904,872

     

5,360,151

   

Call options written

   

(19,958,939

)

   

(21,432,485

)

   

(14,428,739

)

   

(7,866,299

)

 

Change in net unrealized appreciation (depreciation) of:

 

Investments and foreign currency

   

11,390,215

     

28,048,972

     

19,242,403

     

23,903,760

   

Call options written

   

2,017,548

     

(3,025,148

)

   

1,267,500

     

(855,286

)

 

Net increase (decrease) in net assets from operations

   

18,842,687

     

31,764,093

     

17,730,321

     

24,616,423

   

Distributions to Shareholders

 

From and in excess of net investment income

   

(14,585,909

)

   

     

(9,045,444

)

   

   

From net investment income

   

     

(5,357,420

)

   

     

(4,142,189

)

 

Return of capital

   

     

(23,850,406

)

   

     

(13,959,339

)

 

Decrease in net assets from distributions to shareholders

   

(14,585,909

)

   

(29,207,826

)

   

(9,045,444

)

   

(18,101,528

)

 

Capital Share Transactions

 

Cost of shares repurchased or retired

   

     

(893,691

)

   

     

(174,186

)

 

Net increase (decrease) in net assets from capital share transactions

   

     

(893,691

)

   

     

(174,186

)

 

Net increase (decrease) in net assets

   

4,256,778

     

1,662,576

     

8,684,877

     

6,340,709

   

Net assets at the beginning of period

   

342,191,226

     

340,528,650

     

232,005,173

     

225,664,464

   

Net assets at the end of period

 

$

346,448,004

   

$

342,191,226

   

$

240,690,050

   

$

232,005,173

   
Undistributed (Over-distribution of) net investment income at
the end of period
 

$

(12,902,597

)

 

$

   

$

(7,301,159

)

 

$

   

See accompanying notes to financial statements.

Nuveen Investments
51




Financial

HIGHLIGHTS (Unaudited)

Selected data for a share outstanding throughout each period:

       
       

Investment Operations

 

Less Distributions

                 
    Beginning
Net Asset
Value
  Net
Investment
Income
(Loss)(a)
  Net
Realized/
Unrealized
Gain (Loss)
  Total   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:

 
 

2013

(d)

 

$

13.13

   

$

.10

   

$

.66

   

$

.76

   

$

(.54

)***

 

$

   

$

   

$

(.54

)

 

$

   

$

13.35

   

$

12.57

   
 

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:

 
 

2013

(d)

   

13.03

     

.08

     

.69

     

.77

     

(.56

)***

   

     

     

(.56

)

   

     

13.24

     

12.35

   
 

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:

 
 

2013

(d)

   

13.33

     

.07

     

.66

     

.73

     

(.57

)***

   

     

     

(.57

)

   

     

13.49

     

12.34

   
 

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:

 
 

2013

(d)

   

14.36

     

.11

     

.99

     

1.10

     

(.56

)***

   

     

     

(.56

)

   

     

14.90

     

13.80

   
 

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
52



       

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(e)
 

Equity Premium Income (JPZ)

 

Year Ended 12/31:

 
 

2013

(d)

   

10.84

%

   

5.82

%

 

$

513,625

     

.96

%**

   

1.46

%**

   

N/A

     

N/A

     

%****

 
 

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:

 
 

2013

(d)

   

6.95

     

5.92

     

879,975

     

.95

**

   

1.16

**

   

.94

**

   

1.17

**

   

1

   
 

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:

 
 

2013

(d)

   

8.49

     

5.49

     

346,448

     

.97

**

   

.97

**

   

N/A

     

N/A

     

3

   
 

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:

 
 

2013

(d)

   

11.12

     

7.69

     

240,690

     

.96

**

   

1.45

**

   

N/A

     

N/A

     

   
 

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 October 31, 2012, January 31, 2013 and May 31, 2011, the Adviser is no longer reimbursing Equity Premium Income (JPZ), Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA), respectively, for any fees or expenses.

(d)  For the six months ended June 30, 2013.

(e)  Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Footnote 5—Investment Transactions) divided by the average long-term market value during the period.

N/A  Fund no longer has a contractual reimbursement agreement with the Adviser.

*  Rounds to less than $.01 per share.

**  Annualized.

***  Represents distributions paid "From and in excess of net investment income" for the six months ended June 30, 2013.

****  Rounds to less than 1%.

See accompanying notes to financial statements.

Nuveen Investments
53




Notes to

FINANCIAL STATEMENTS (Unaudited)

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 as follows (each a "Fund" and collectively, the "Funds"):

•  Nuveen Equity Premium Income Fund (JPZ)  ("Equity Premium Income (JPZ)")

•  Nuveen Equity Premium Opportunity Fund (JSN)   ("Equity Premium Opportunity (JSN)")

•  Nuveen Equity Premium Advantage Fund (JLA)  ("Equity Premium Advantage (JLA)")

•  Nuveen Equity Premium and Growth Fund (JPG)  ("Equity Premium and Growth (JPG)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies. Equity Premium Income (JPZ), Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG) were organized as Massachusetts business trusts on July 23, 2004, November 11, 2004, February 22, 2005 and November 11, 2004, respectively.

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Gateway Investment Advisers, LLC ("Gateway"), under which Gateway manages the Funds' investment portfolios.

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 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® Index 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® Index 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 accounting principles generally accepted in the United States ("U.S. GAAP").

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.

Nuveen Investments
54



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. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.

Dividends and Distributions to Shareholders

Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

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 year ended December 31, 2012 are reflected in the accompanying financial statements.

The distributions made by each Fund during the six months ended June 30, 2013, are provisionally classified as being "From and in excess of net investment income," and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating "Undistributed (Over distribution of) net investment income" as of June 30, 2013, the distribution amounts provisionally classified as "From and in excess of net investment income" were treated as being entirely from net investment income. Consequently, the financial statements as of June 30, 2013, reflect an over-distribution of net investment income.

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.

Netting Agreements

In the ordinary course of business, the Funds have entered into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows the Funds to offset any exposure to a specific counterparty with any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis. As of June 30, 2013, the Funds are not invested in any portfolio securities or derivative instruments, with gross exposures recognized on the Statement of Assets and Liabilities, that could be netted subject to the netting agreements.

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. Investment Valuation and Fair Value Measurements

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

Nuveen Investments
55



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time 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 may represent a transfer from a Level 1 to a Level 2 security.

Index options are valued at the 4:00 p.m. Eastern Time (ET) close price of the NYSE. The values of exchange-traded options are based on the mean of the closing bid and ask prices. Index and exchange-traded options are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.

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.

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

 

$

506,930,254

   

$

   

$

   

$

506,930,254

   

Short-Term Investments:

 

Repurchase Agreements

   

     

27,177,042

     

     

27,177,042

   

Derivatives:

 

Call Options Written

   

(10,747,655

)

   

     

     

(10,747,655

)

 

Total

 

$

496,182,599

   

$

27,177,042

   

$

   

$

523,359,641

   

Nuveen Investments
56



Equity Premium Opportunity (JSN)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Long-Term Investments*:

 

Common Stocks

 

$

861,463,440

   

$

   

$

   

$

861,463,440

   

Short-Term Investments:

 

Repurchase Agreements

   

     

53,080,000

     

     

53,080,000

   

Derivatives:

 

Call Options Written

   

(17,379,832

)

   

     

     

(17,379,832

)

 

Total

 

$

844,083,608

   

$

53,080,000

   

$

   

$

897,163,608

   

Equity Premium Advantage (JLA)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Long-Term Investments*:

 

Common Stocks

 

$

341,838,842

   

$

   

$

   

$

341,838,842

   

Short-Term Investments:

 

Repurchase Agreements

   

     

18,291,317

     

     

18,291,317

   

Derivatives:

 

Call Options Written

   

(6,583,700

)

   

     

     

(6,583,700

)

 

Total

 

$

335,255,142

   

$

18,291,317

   

$

   

$

353,546,459

   

Equity Premium and Growth (JPG)

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Long-Term Investments*:

 

Common Stocks

 

$

236,560,296

   

$

   

$

   

$

236,560,296

   

Short-Term Investments:

 

Repurchase Agreements

   

     

12,512,566

     

     

12,512,566

   

Derivatives:

 

Call Options Written

   

(3,993,860

)

   

     

     

(3,993,860

)

 

Total

 

$

232,566,436

   

$

12,512,566

   

$

   

$

245,079,002

   

*  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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i.)  If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii.)  If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value 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 purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.

Nuveen Investments
57



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Foreign Currency Transactions

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 Funds' investments denominated in that currency will lose value because their 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, 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 forward foreign currency exchange contracts, futures, options purchased, options written and swaps contracts 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.

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.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund will limit its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from regulation by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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.

Options Transactions

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.

Nuveen Investments
58



During the six months ended June 30, 2013, 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 outstanding call options written during the six months ended June 30, 2013, 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 outstanding call options written*

 

$

(497,240,333

)

 

$

(852,402,333

)

 

$

(337,808,250

)

 

$

(185,909,667

)

 

*  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.

The following table presents the fair value of all options held by the Funds as of June 30, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

   

 

Location on the Statement of Assets and Liabilities

 

Underlying

 

Derivative

 

Asset Derivatives

 

(Liability) Derivatives

 

Risk Exposure

 

Instrument

 

Location

 

Value

 

Location

 

Value

 

Equity Premium Income (JPZ)

 

Equity price

 

Options

   

   

$

   

Call options written, at value

 

$

(10,747,655

)

 

Equity Premium Opportunity (JSN)

 

Equity price

 

Options

   

   

$

   

Call options written, at value

 

$

(17,379,832

)

 

Equity Premium Advantage (JLA)

 

Equity price

 

Options

   

   

$

   

Call options written, at value

 

$

(6,583,700

)

 

Equity Premium and Growth (JPG)

 

Equity price

 

Options

   

   

$

   

Call options written, at value

 

$

(3,993,860

)

 

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended June 30, 2013, on options, and the primary underlying risk exposure.

Fund   Underlying
Risk
Exposure
  Derivative
Instrument
  Net Realized
Gain (Loss)
  Change in Net
Unrealized
Appreciation
(Depreciation)
 

Equity Premium Income (JPZ)

 

Equity price

 

Options

 

$

(38,150,553

)

 

$

3,193,269

   

Equity Premium Opportunity (JSN)

 

Equity price

 

Options

   

(59,185,337

)

   

5,737,162

   

Equity Premium Advantage (JLA)

 

Equity price

 

Options

   

(19,958,939

)

   

2,017,548

   

Equity Premium and Growth (JPG)

 

Equity price

 

Options

   

(14,428,739

)

   

1,267,500

   

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. Credit risk is generally higher when a non-exchange-traded financial instrument is involved because the counterparty for exchange-traded financial instruments is the exchange's clearinghouse.

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.

Nuveen Investments
59



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

4. Fund Shares

Transactions in shares were as follows:

    Equity Premium
Income (JPZ)
  Equity Premium
Opportunity (JSN)
 
    Six Months
Ended
6/30/13
  Year
Ended
12/31/12
  Six Months
Ended
6/30/13
  Year
Ended
12/31/12
 

Shares repurchased and retired

   

     

(17,662

)

   

     

(4,700

)

 

Weighted average:

 

Price per share repurchased and retired

 

$

   

$

11.50

   

$

   

$

11.31

   

Discount per share repurchased and retired

   

%

   

19.37

%

   

%

   

12.12

%

 
    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Six Months
Ended
6/30/13
  Year
Ended
12/31/12
  Six Months
Ended
6/30/13
  Year
Ended
12/31/12
 

Shares repurchased and retired

   

     

(75,394

)

   

     

(13,800

)

 

Weighted average:

 

Price per share repurchased and retired

 

$

   

$

11.83

   

$

   

$

12.60

   

Discount per share repurchased and retired

   

%

   

12.36

%

   

%

   

11.72

%

 

5. Investment Transactions

Purchases and sales (excluding short-term investments and derivative transactions) during the six months ended June 30, 2013, were as follows:

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

Purchases

 

$

1,302,494

   

$

7,076,281

   

$

11,665,763

   

$

   

Sales

   

54,809,295

     

109,689,401

     

45,486,120

     

24,627,413

   

Transactions in call options written during the six months ended June 30, 2013, 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

   

3,475

   

$

12,043,556

     

12,388

   

$

21,157,896

   

Options written

   

15,169

     

47,425,924

     

53,162

     

82,516,183

   

Options terminated in closing purchase transactions

   

(15,514

)

   

(47,147,325

)

   

(54,200

)

   

(83,221,369

)

 

Options outstanding, end of period

   

3,130

   

$

12,322,155

     

11,350

   

$

20,452,710

   
    Equity Premium
Advantage (JLA)
  Equity Premium
and Growth (JPG)
 
    Number of
Contracts
  Premiums
Received
  Number of
Contracts
  Premiums
Received
 

Options outstanding, beginning of period

   

7,522

   

$

8,436,242

     

1,303

   

$

4,537,048

   

Options written

   

31,615

     

32,917,532

     

5,670

     

17,707,957

   

Options terminated in closing purchase transactions

   

(32,255

)

   

(33,388,594

)

   

(5,804

)

   

(17,649,577

)

 

Options outstanding, end of period

   

6,882

   

$

7,965,180

     

1,169

   

$

4,595,428

   

Nuveen Investments
60



6. Income Tax Information

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, 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.

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.

As of June 30, 2013, 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

 

$

375,747,655

   

$

611,713,405

   

$

222,919,736

   

$

178,982,358

   

Gross unrealized:

 

Appreciation

 

$

195,110,412

   

$

335,562,182

   

$

138,973,107

   

$

84,563,184

   

Depreciation

   

(36,750,771

)

   

(32,732,147

)

   

(1,762,684

)

   

(14,472,680

)

 

Net unrealized appreciation (depreciation) of investments

 

$

158,359,641

   

$

302,830,035

   

$

137,210,423

   

$

70,090,504

   

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' last tax year-end, as follows:

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

Paid-in surplus

 

$

(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' last tax year end, were as follows:

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

Undistributed net ordinary income

 

$

   

$

   

$

   

$

   

Undistributed net long-term capital gains

   

     

     

     

   

Nuveen Investments
61



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

The tax character of distributions paid during the Funds' last tax year ended December 31, 2012, was designated for purposes of the dividends paid deduction as follows:

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

Distributions from net ordinary income*

 

$

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, interest and current year earnings and profits attributed to realized gains.

As of December 31, 2012, the Funds' last 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' last 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 a Fund after December 31, 2010, will not be subject to expiration. During the Funds' last tax year ended December 31, 2012, the following Funds generated post-enactment capital losses 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' last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The 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

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. Gateway is compensated for its services to the Funds from the management fees paid to the Adviser.

Nuveen Investments
62



Each Fund's management fee consists of two components—a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Funds as well as from growth in the amount of complex-wide assets managed by the Adviser.

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

Average Daily Managed Assets*

  Equity Premium Income (JPZ)
Equity Premium Opportunity (JSN)
Equity Premium Advantage (JLA)
Fund-Level Fee Rate
 

For the first $500 million

   

.7000

%

 

For the next $500 million

   

.6750

   

For the next $500 million

   

.6500

   

For the next $500 million

   

.6250

   

For managed assets over $2 billion

   

.6000

   

Average Daily Managed Assets*

  Equity Premium and Growth (JPG)
Fund-Level Fee Rate
 

For the first $500 million

   

.6800

%

 

For the next $500 million

   

.6550

   

For the next $500 million

   

.6300

   

For the next $500 million

   

.6050

   

For managed assets over $2 billion

   

.5800

   

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

Complex-Level Managed Asset Breakpoint Level*

 

Effective Rate at Breakpoint Level

 
$55 billion    

.2000

%

 
$56 billion    

.1996

   
$57 billion    

.1989

   
$60 billion    

.1961

   
$63 billion    

.1931

   
$66 billion    

.1900

   
$71 billion    

.1851

   
$76 billion    

.1806

   
$80 billion    

.1773

   
$91 billion    

.1691

   
$125 billion    

.1599

   
$200 billion    

.1505

   
$250 billion    

.1469

   
$300 billion    

.1445

   

*  For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of June 30, 2013, the complex-level fee rate for each of these Funds was .1679%.

Nuveen Investments
63



Notes to

FINANCIAL STATEMENTS (Unaudited) (continued)

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 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.

Nuveen Investments
64




Annual Investment Management
Agreement Approval Process
(Unaudited)

The Board of Trustees (each, a "Board" and each Trustee, a "Board Member") of the Funds, including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for approving the advisory agreements (each, an "Investment Management Agreement") between each Fund and Nuveen Fund Advisors, LLC (the "Advisor") and the sub-advisory agreements (each, a "Sub-Advisory Agreement") between the Advisor and Gateway Investment Advisers, LLC (the "Sub-Advisor") (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the "Advisory Agreements") and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 20-22, 2013 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the "Fund Advisers" and each, a "Fund Adviser"). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks; a comparison of Fund fees and expenses relative to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and an analysis of the Advisor's profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 17-18, 2013, to review the Funds' investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor's investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor regarding, among other things, fund performance, fund expenses, premium and discount levels of closed-end funds, the performance of the investment teams, and compliance, regulatory and risk management matters. In addition to regular reports, the Advisor provides special reports to the Board or a committee thereof from time to time to enhance the Board's understanding of various topics that impact some or all the Nuveen funds (such as accounting and financial statement presentations of the various forms of leverage that may be used by a closed-end fund or an update on the valuation policies and procedures), to update the Board on regulatory developments impacting the investment company industry or to update the Board on the business plans or other matters impacting the Advisor. The Board also meets with key investment personnel managing the fund portfolios during the year. In October 2011, the Board also created two standing committees (the Open-End Fund Committee and the Closed-End Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of open-end and closed-end funds. These Committees meet prior to each quarterly Board meeting, and the Advisor provides presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

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

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made a site visit to the Sub-Advisor in June 2012. In addition, the ad hoc Securities Lending Committee of the Board met with certain service providers and the Audit Committee of the Board made a site visit to three pricing service providers.

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

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

A. Nature, Extent and Quality of Services

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

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

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also considered Nuveen's compliance program, including the report of the chief compliance officer regarding the Funds' compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures. Given the Advisor's emphasis on business risk, the Board also appointed an Independent Board Member as a point person to review and keep the Board apprised of developments in this area during the year.

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

In reviewing the services provided, the Board considered the new services and service enhancements that the Advisor has implemented since the various advisory agreements were last reviewed. In reviewing the activities of 2012, the Board recognized the Advisor's focus on product rationalization for both closed-end and open-end funds during the year, consolidating certain Nuveen funds through mergers that were designed to improve efficiencies and economies of scale for shareholders, repositioning various Nuveen funds through updates in their investment policies and guidelines with the expectation of bringing greater value to shareholders, and liquidating certain Nuveen funds. The Board recognized the Advisor's significant investment in technology initiatives to, among other things, create a central repository for fund and other Nuveen product data, develop a group within the Advisor designed to handle and analyze fund performance data, and implement a data system to support the risk oversight group. The Board also recognized the enhancements in the valuation group within the Advisor, including upgrading the team and process and automating certain basic systems, and in the compliance group with the addition of personnel, particularly within the testing group. With the advent of the Open-End Fund Committee and Closed-End Fund Committee, the Board also noted the enhanced support and comprehensive in-depth presentations provided by the Advisor to these committees.

In addition to the foregoing actions, the Board also considered other initiatives related to the Nuveen closed-end funds, including the significant level of oversight and administration necessary to manage leverage that has become increasingly varied and complex and the ongoing redesign of technology systems to manage and track the various forms of leverage; continued capital management services, including developing shelf offering programs for various funds; the implementation of projects designed to enhance data integrity for information published on the web and to increase the use of data received from third parties to gain market intelligence; and the continued communication efforts with shareholders, fund analysts and financial advisers. With respect to the latter, the Independent Board Members noted Nuveen's continued commitment to supporting the secondary market for the common shares of its closed-end funds through a comprehensive secondary market communication program and campaigns designed to raise investor and analyst awareness and understanding of closed-end funds. Nuveen's support services included, among other things: developing materials covering the Nuveen closed-end fund product line and educational materials regarding closed-end funds; designing and executing various marketing campaigns; supporting and promoting the alternative minimum tax (AMT)-free funds; sponsoring and participating in conferences; communicating with closed-end fund analysts and financial advisors throughout the year; providing marketing and product updates for the closed-end funds; and maintaining and enhancing a closed-end fund website.

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

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the applicable investment team. In general, in considering a fund's performance, the Board recognized that a fund's performance can be reviewed through various measures including the fund's absolute return, the fund's return compared to the performance of other peer funds, and the fund's performance compared to its respective benchmark. Accordingly, the Board reviewed, among other things, each Fund's historic investment performance as well as information comparing the Fund's performance information with that of other funds (the "Performance Peer Group") and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2012 as well as performance information reflecting the first quarter of 2013. In addition, with respect to closed-end funds (such as the Funds), the Independent Board Members also reviewed historic premium and discount levels, including a summary of actions taken to address or discuss other developments affecting the secondary market discounts of various funds. This information supplemented the fund performance information provided to the Board at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data. The Board recognized that the performance data reflects a snapshot of time, in this case as of the end of the most recent calendar year or quarter. The Board noted that selecting a different performance period could derive significantly different results. Further, the Board recognized that it is possible that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder's investment period.

With respect to the comparative performance information, the Board recognized that the usefulness of comparative performance data as a frame of reference to measure a fund's performance may be limited because the Performance Peer Group, among other things, does not adequately reflect the objectives and strategies of the fund, has a different investable universe, or the composition of the peer set may be limited in size or number as well as other factors. In this regard, the Board noted that the Advisor classified, in relevant part, the Performance Peer Groups of certain funds (including the Funds) as having significant differences from the funds but to still be somewhat relevant while the Performance Peer Groups of other funds were classified as having such significant differences as to be irrelevant. Accordingly, while the Board is cognizant of the relative performance of a fund's peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund's investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the funds with their peers and/or benchmarks result in differences in performance results. In addition, with respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Advisor the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.

In considering the performance data for the Funds, the Independent Board Members noted that the Nuveen Equity Premium and Growth Fund (the "Equity Premium and Growth Fund") had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. They also observed that the Equity Premium and Growth Fund outperformed its passive overwrite benchmark for the one-, three- and five-year periods. In addition, the Independent Board Members noted that each of the other Funds lagged its peers somewhat in the shorter periods, but demonstrated more favorable performance in the longer periods. In this regard, although the Nuveen Equity Premium Income Fund (the "Equity Premium Income Fund") performed in the third quartile for the

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one-year period, such Fund performed in the second quartile for the three- and five-year periods. Although the Nuveen Equity Premium Opportunity Fund (the "Equity Premium Opportunity Fund") and the Nuveen Equity Premium Advantage Fund (the "Equity Premium Advantage Fund") each performed in the fourth quartile in the one-year period, each such Fund performed in the second quartile for the three- and five-year periods. With respect to the Equity Premium Income Fund, the Equity Premium Opportunity Fund and the Equity Premium Advantage Fund, the Board also noted that the differences in the overwrite strategies applied by such Funds compared to peers generally contributed to the lower peer comparison during a rising equity market. Nevertheless, such Funds outperformed their passive overwrite benchmarks in the one-, three- and five-year periods.

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

C. Fees, Expenses and Profitability

1. Fees and Expenses

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

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

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets, as applicable), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.

The Independent Board Members noted that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements) that were below their peer averages.

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

2. Comparisons with the Fees of Other Clients

The Board recognized that all Nuveen funds have a sub-advisor (which, in the case of the Funds, is a non-affiliated sub-advisor), and therefore, the overall fund management fee can be divided into two components, the fee retained by the Advisor and the fee paid to the sub-advisor. In general terms, the fee to the Advisor reflects the administrative services it provides to support the funds, and while some administrative services may occur at the sub-advisor

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

level, the fee generally reflects the portfolio management services provided by the sub-advisor. The Independent Board Members reviewed information regarding the nature of services provided by the Advisor (including through its affiliated sub-advisors), and the range of fees and average fee such sub-advisors assessed for such services to other clients. Such other clients include separately managed accounts (both retail and institutional accounts), hedge funds, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen's investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Many of the additional administrative services provided by the Advisor are not required for institutional clients. The Independent Board Members further noted that the management fee rates of the foreign funds advised by the Advisor may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for other clients. The Independent Board Members noted that the Funds' sub-advisory fees were the result of arm's-length negotiations. The Independent Board Members further noted that the fees paid to the Sub-Advisor for its sub-advisory services were at or below the low end of its average fees earned.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen's advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2012. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen's revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor's continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses and that various allocation methodologies may each be reasonable but yield different results. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among

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other things, the adviser's particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen's methodology and assumptions for allocating expenses across product lines to determine profitability. Based on their review, the Independent Board Members concluded that the Advisor's level of profitability for its advisory activities was reasonable in light of the services provided.

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

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

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

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

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen's costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc. at the end of 2010, the Board noted that a portion of such funds' assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

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

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Advisor for serving

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

as co-manager in initial public offerings of new closed-end funds as well as revenues received in connection with secondary offerings.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Funds' portfolio transactions are determined by the Sub-Advisor. The Independent Board Members considered that while the Sub-Advisor may select brokers that provide it with research services, it is the Sub-Advisor's current practice not to receive soft dollar credits in connection with trades executed for the Nuveen funds it advises. Such funds, however, may participate in transactions in which the Sub-Advisor has received unsolicited proprietary research.

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

F. Other Considerations

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

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Reinvest Automatically,
Easily and Conveniently

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

Nuveen Closed-End Funds Automatic Reinvestment Plan

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

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

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

Easy and convenient

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

How shares are purchased

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

Flexible

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

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

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

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Reinvest Automatically,
Easily and Conveniently (continued)

Call today to start reinvesting distributions

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

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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.

•  Chicago Board Options Exchange (CBOE) S&P 500 BuyWrite Index (BXM): A benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

•  Chicago Board Options Exchange (CBOE) NASDAQ-100 BuyWrite Index (BXN): A benchmark index that measures the performance of a theoretical portfolio that owns a portfolio of the stocks included in the NASDAQ-100 Index®, and "writes" (or sells) NASDAQ-100 Index (NDX) covered call options. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.

•  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.

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Notes

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Notes

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Notes

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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 Form N-Q Portfolio of Investments Information

Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. 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 toll-free at (800) SEC -0330 for room hours and operation.

Nuveen Funds' Proxy Voting Information

You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund 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. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure

Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

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

Fund

  Shares
Repurchased
 

JPZ

   

   

JSN

   

   

JLA

   

   

JPG

   

   

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

Nuveen Investments
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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 approximately $216 billion as of June 30, 2013.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/cef

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

ESA-D-0613D




 

ITEM 2. CODE OF ETHICS.

 

Not applicable to this filing.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to this filing.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to this filing.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable to this filing.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

 

a) See Portfolio of Investments in Item 1.

 

b) Not applicable.

 

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

 

Not applicable to this filing.

 

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

 

Not applicable to this filing.

 

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

 

Not applicable.

 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a)

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

 

 

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 12. EXHIBITS.

 

File the exhibits listed below as part of this Form.

 

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

 

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto.

 

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

 

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

 



 

SIGNATURES

 

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

 

(Registrant) Nuveen Equity Premium Advantage Fund

 

By (Signature and Title)

/s/ Kevin J. McCarthy

 

 

Kevin J. McCarthy

 

Vice President and Secretary

 

 

Date: September 5, 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: September 5, 2013

 

 

By (Signature and Title)

/s/ Stephen D. Foy

 

 

Stephen D. Foy

 

Vice President and Controller

 

(principal financial officer)

 

 

Date: September 5, 2013