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 | |||||
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Nuveen Equity Premium Advantage Fund | ||||||
(Exact name of registrant as specified in charter) | ||||||
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Nuveen Investments | ||||||
(Address of principal executive offices) (Zip code) | ||||||
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Kevin J. McCarthy | ||||||
(Name and address of agent for service) | ||||||
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Registrant’s telephone number, including area code: | (312) 917-7700 |
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Date of fiscal year end: | December 31 |
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Date of reporting period: | December 31, 2013 |
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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Closed-End Funds
Nuveen Investments
Closed-End Funds
Seeks Attractive Quarterly Distributions from an Integrated Index Option and Equity Strategy
Annual Report December 31, 2013
JPZ
Nuveen Equity Premium Income Fund
JSN
Nuveen Equity Premium Opportunity Fund
JLA
Nuveen Equity Premium Advantage Fund
JPG
Nuveen Equity Premium and Growth Fund
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Table
of Contents
Chairman's Letter to Shareholders | 4 | ||||||
Portfolio Managers' Comments | 5 | ||||||
Share Information | 8 | ||||||
Risk Considerations | 10 | ||||||
Performance Overviews and Holding Summaries | 11 | ||||||
Report of Independent Registered Public Accounting Firm | 15 | ||||||
Portfolios of Investments | 16 | ||||||
Statement of Assets and Liabilities | 48 | ||||||
Statement of Operations | 49 | ||||||
Statement of Changes in Net Assets | 50 | ||||||
Financial Highlights | 52 | ||||||
Notes to Financial Statements | 54 | ||||||
Additional Fund Information | 64 | ||||||
Glossary of Terms Used in this Report | 66 | ||||||
Reinvest Automatically, Easily and Conveniently | 67 | ||||||
Board Members & Officers | 68 |
Nuveen Investments
3
Chairman's Letter
to Shareholders
Dear Shareholders,
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board members, plan to continue his legacy of strong independent oversight of your funds.
The global economy has hit major turning points over the last several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of China's growth potential. Japan is entering a new era of growth after decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the financial stress in emerging markets could all reverse the recent progress in the global economy.
On the domestic front, recent events such as the Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going forward.
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveen's investment management teams work hard to balance return and risk with a range of investment strategies. I encourage you to read the following commentary on the management of your fund.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
William J. Schneider
Chairman of the Nuveen Fund Board
February 21, 2014
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 general market conditions and trends, their management strategies and the performance of the Funds for the twelve-month reporting period ended December 31, 2013.
What factors affected the U.S. economy and the equity market during the twelve-month reporting period ended December 31, 2013?
During the first part of this reporting period, markets staged a strong period of performance following the late December 2012 temporary resolution of the debt ceiling issue. However, widespread uncertainty about the next step for the Federal Reserve's (Fed) quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility in the second quarter of 2013. After surprising the market in September 2013 with its decision to wait for additional evidence of an improving economy before making any adjustments to the program, the Fed announced on December 18th that it would begin tapering its monthly bond-buying program by $10 billion (to $75 billion) in January 2014. The outlook for the U.S. economy was clouded by uncertainty about global financial markets and the outcome of the "fiscal cliff." The tax consequences of the fiscal cliff situation were averted through a last-minute deal that raised payroll taxes, but left in place a number of tax breaks. However, lawmakers failed to reach a resolution on $1.2 trillion in spending cuts intended to address the federal budget deficit. This triggered a program of automatic spending cuts (or sequestration) that impacted federal programs beginning March 1, 2013. Although Congress later passed legislation that established federal funding levels for the remainder of fiscal 2013, the federal budget for fiscal 2014 continued to be debated.
On October 1, 2013, the start date for fiscal 2014, the federal government shut down for 16 days until an interim appropriations bill was signed into law, funding the government at sequestration levels through January 15, 2014, and suspending the debt limit until February 7, 2014. At the end of the reporting period, Congress passed a federal budget deal that would guide government spending into 2015 and defuse the chances of another shutdown. In addition to the ongoing political debate over federal spending, Chairman Bernanke's June 2013 remarks about tapering the Fed's asset purchase program touched off widespread uncertainty about the next step for the Fed's quantitative easing program and about the potential impact on the economy and financial markets, leading to increased market volatility.
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
Portfolio Managers' Comments (continued)
In the third quarter of 2013, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 4.1%, up from 2.5% for the second quarter of 2013, continuing the pattern of positive economic growth for the tenth consecutive quarter. The Consumer Price Index (CPI) rose 1.5% year-over-year as of December 2013, while the core CPI (which excludes food and energy) increased 1.7% during the same period, staying within the Fed's unofficial objective of 2.0% or lower for this inflation measure. Improvements in the labor markets continued to be slow, and unemployment remained above the Fed's target of 6.5%. As of December 2013, the national unemployment rate was 6.7%, down from 7.0% in November 2013. The housing market continued to deliver good news, as the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 13.7% for the twelve months ended November 2013 (most recent data available at the time this report was prepared), the largest twelve-month percentage gain for the index since February 2006.
For much of the reporting period, low interest rates and a fairly benign macro environment caused U.S. investors to move out the risk spectrum, resulting in robust flows into U.S. equity funds. Leading U.S. stock market indexes, including the S&P 500® Index, and the Dow Jones Industrial Average, each hit all-time highs during the reporting period. The S&P 500® Index gained 32.39%, the Dow Jones Industrial Average gained 29.65% and the NASDAQ-100® Index gained 36.92% during the reporting period.
Volatility was low in the equity and equity index options markets. For the year, the S&P 500® Index and the NASDAQ-100® Index showed standard deviations of 11.07% and 12.36%, respectively. Not surprisingly, average S&P 500® Index option volatility in 2013, as measured by the Chicago Board Options Exchange Volatility (CBOE) Index (the "VIX"), was 14.23%, also lower than its annual historical average of 20.20% calculated from its inception in 1990. The CBOE NASDAQ-100 Volatility Index (the "VXN"), which measures the implied volatility for the NASDAQ-100® Index options market, averaged slightly higher at 15.14% for 2013, but still below its historical average of 27.46% since its inception in 2001. The lower volatility for the cash equity market and ample liquidity conspired to dampen the implied volatility measures. Note, however, that the implied volatility expressed in options prices was appreciably higher than the realized volatility in the corresponding equity markets
What key strategies were used to manage the Funds during this twelve-month reporting period ended December 31, 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 reporting 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.
Nuveen Investments
6
How did the Funds perform during this twelve-month reporting period ended December 31, 2013?
The tables in the Performance Overview and Holding Summaries section of this report provide total return performance for the Funds for the one-year, five-year and since inception periods ended December 31, 2013. For the twelve-month period ended December 31, 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 during the reporting period. 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. 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.
The Funds seek to generate returns by selling at-the-money index call options, which substitute a less variable option premium for market price appreciation. The Funds' returns were aided by the overall positive trend in the equity market, which permitted the Funds to consistently earn option premium.
Call option premiums were subdued throughout the reporting period, as evidenced by below-normal levels of the VIX and VXN, although market rallies provided an orderly environment to accrue the premium income. Often, as is typical in strongly rising equity markets, premium income was less than the market appreciation in the associated indexes. As a result, the costs of hedging during these periods limited the upside participation in the rally.
Nuveen Investments
7
Share
Information
DISTRIBUTION INFORMATION
The following information regarding each Fund's distributions is current as of December 31, 2013. Each Fund's distribution level may vary over time based on the Fund's investment activities and portfolio investment value changes.
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.
• 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.
Nuveen Investments
8
The following table provides estimated information regarding each Fund's distributions and total return performance for the fiscal year ended December 31, 2013. 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 December 31, 2013 | JPZ | JSN | JLA | JPG | |||||||||||||||
Inception date | 10/26/04 | 1/26/05 | 5/25/05 | 11/22/05 | |||||||||||||||
Fiscal year (calendar year) ended December 31, 2013: | |||||||||||||||||||
Per share distribution: | |||||||||||||||||||
From net investment income | $ | 0.20 | $ | 0.16 | $ | 0.13 | $ | 0.22 | |||||||||||
From long-term capital gains | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
From short-term capital gains | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Return of capital | 0.88 | 0.96 | 1.01 | 0.90 | |||||||||||||||
Total per share distribution | $ | 1.08 | $ | 1.12 | $ | 1.14 | $ | 1.12 | |||||||||||
Distribution rate on NAV | 7.82 | % | 8.21 | % | 8.08 | % | 7.14 | % | |||||||||||
Current distribution rate* | 8.64 | % | 8.82 | % | 8.99 | % | 7.93 | % | |||||||||||
Average annual total returns: | |||||||||||||||||||
1-Year on NAV | 13.85 | % | 13.74 | % | 14.88 | % | 17.47 | % | |||||||||||
5-Year on NAV | 11.13 | % | 11.28 | % | 12.26 | % | 12.07 | % | |||||||||||
Since inception on NAV | 5.59 | % | 5.68 | % | 5.93 | % | 5.74 | % |
* 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.
SHARE REPURCHASES
During November 2013, the Nuveen Funds' Board of Directors/Trustees authorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares. As of December 31, 2013, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired shares as shown in the accompanying table.
JPZ | JSN | JLA | JPG | ||||||||||||||||
Shares Cummulatively Repurchase and Retired | 460,238 | 550,600 | 462,633 | 383,763 | |||||||||||||||
Shares Authorized for Repurchase | 3,845,000 | 6,650,000 | 2,570,000 | 1,615,000 |
During the current reporting period, the Funds did not repurchase any of their outstanding shares.
OTHER SHARE INFORMATION
As of December 31, 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 | $ | 13.81 | $ | 13.65 | $ | 14.11 | $ | 15.68 | |||||||||||
Share Price | $ | 12.55 | $ | 12.65 | $ | 12.64 | $ | 14.12 | |||||||||||
Premium/(Discount) to NAV | (9.12 | )% | (7.33 | )% | (10.42 | )% | (9.95 | )% | |||||||||||
12-Month Average Premium/(Discount) to NAV | (7.76 | )% | (7.64 | )% | (9.39 | )% | (8.61 | )% |
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
JPZ
Nuveen Equity Premium Income Fund
Performance Overview and Holding Summaries as of December 31, 2013
Average Annual Total Returns as of December 31, 2013
Average Annual | |||||||||||||||
1-Year | 5-Year | Since Inception1 | |||||||||||||
JPZ at NAV | 13.85 | % | 11.13 | % | 5.59 | % | |||||||||
JPZ at Share Price | 15.53 | % | 13.56 | % | 4.58 | % | |||||||||
S&P 500® Index | 32.39 | % | 17.94 | % | 7.94 | % |
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 Allocation2
(as a % of net assets)
Common Stocks | 101.1 | % | |||||
Short-Term Investments | 1.9 | % | |||||
Call Options Written | (3.1 | )% | |||||
Other4 | 0.1 | % |
Portfolio Composition2,3
(as a % of total investments)
Oil, Gas & Consumable Fuels | 8.0 | % | |||||
Pharmaceuticals | 6.1 | % | |||||
Diversified Financial Services | 4.7 | % | |||||
Software | 3.9 | % | |||||
IT Services | 3.7 | % | |||||
Media | 3.5 | % | |||||
Computers & Peripherals | 3.5 | % | |||||
Aerospace & Defense | 3.0 | % | |||||
Diversified Telecommunication Services | 2.8 | % | |||||
Internet Software & Services | 2.8 | % | |||||
Specialty Retail | 2.6 | % | |||||
Industrial Conglomerates | 2.6 | % | |||||
Chemicals | 2.5 | % |
Insurance | 2.5 | % | |||||
Beverages | 2.5 | % | |||||
Semiconductors & Equipment | 2.4 | % | |||||
Machinery | 2.4 | % | |||||
Real Estate Investment Trust | 2.3 | % | |||||
Biotechnology | 2.2 | % | |||||
Health Care Providers & Services | 2.2 | % | |||||
Capital Markets | 2.2 | % | |||||
Commercial Banks | 2.1 | % | |||||
Energy Equipment & Services | 2.0 | % | |||||
Communications Equipment | 2.0 | % | |||||
Short-Term Investments | 1.9 | % | |||||
Other | 23.6 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1 Since inception returns are from 10/26/04.
2 Holdings are subject to change.
3 Excluding investments in derivatives.
4 Other assets less liabilities.
Nuveen Investments
11
JSN
Nuveen Equity Premium Opportunity Fund
Performance Overview and Holding Summaries as of December 31, 2013
Average Annual Total Returns as of December 31, 2013
Average Annual | |||||||||||||||
1-Year | 5-Year | Since Inception1 | |||||||||||||
JSN at NAV | 13.74 | % | 11.28 | % | 5.68 | % | |||||||||
JSN at Share Price | 14.50 | % | 14.15 | % | 4.86 | % | |||||||||
JSN Blended Index (Comparative Index) | 33.07 | % | 19.55 | % | 8.21 | % |
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 Allocation2
(as a % of net assets)
Common Stocks | 101.2 | % | |||||
Short-Term Investments | 2.0 | % | |||||
Call Options Written | (3.3 | )% | |||||
Other4 | 0.1 | % |
Portfolio Composition2,3
(as a % of total investments)
Computers & Peripherals | 6.5 | % | |||||
Software | 6.1 | % | |||||
Internet Software & Services | 5.8 | % | |||||
Oil, Gas & Consumable Fuels | 5.2 | % | |||||
Pharmaceuticals | 4.9 | % | |||||
Diversified Financial Services | 4.1 | % | |||||
Biotechnology | 3.9 | % | |||||
IT Services | 3.6 | % | |||||
Communications Equipment | 3.6 | % | |||||
Semiconductors & Equipment | 3.4 | % | |||||
Internet & Catalog Retail | 2.7 | % | |||||
Media | 2.6 | % | |||||
Aerospace & Defense | 2.5 | % |
Specialty Retail | 2.3 | % | |||||
Health Care Providers & Services | 2.1 | % | |||||
Diversified Telecommunication Services | 1.9 | % | |||||
Commercial Banks | 1.9 | % | |||||
Energy Equipment & Services | 1.9 | % | |||||
Machinery | 1.8 | % | |||||
Beverages | 1.8 | % | |||||
Insurance | 1.8 | % | |||||
Health Care Equipment & Supplies | 1.7 | % | |||||
Electrical Equipment | 1.7 | % | |||||
Short-Term Investments | 2.0 | % | |||||
Other | 24.2 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1 Since inception returns are from 1/26/05.
2 Holdings are subject to change.
3 Excluding investments in derivatives.
4 Other assets less liabilities.
Nuveen Investments
12
JLA
Nuveen Equity Premium Advantage Fund
Performance Overview and Holding Summaries as of December 31, 2013
Average Annual Total Returns as of December 31, 2013
Average Annual | |||||||||||||||
1-Year | 5-Year | Since Inception1 | |||||||||||||
JLA at NAV | 14.88 | % | 12.26 | % | 5.93 | % | |||||||||
JLA at Share Price | 16.23 | % | 14.89 | % | 4.75 | % | |||||||||
JLA Blended Index (Comparative Index) | 33.73 | % | 21.15 | % | 9.04 | % |
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 Allocation2
(as a % of net assets)
Common Stocks | 101.2 | % | |||||
Short-Term Investments | 2.1 | % | |||||
Call Options Written | (3.5 | )% | |||||
Other4 | 0.2 | % |
Portfolio Composition2,3
(as a % of total investments)
Internet Software & Services | 9.7 | % | |||||
Computers & Peripherals | 8.5 | % | |||||
Software | 7.8 | % | |||||
Biotechnology | 5.6 | % | |||||
Semiconductors & Equipment | 5.3 | % | |||||
Internet & Catalog Retail | 4.3 | % | |||||
Communications Equipment | 4.0 | % | |||||
Oil, Gas & Consumable Fuels | 3.8 | % | |||||
Pharmaceuticals | 3.7 | % | |||||
Media | 3.5 | % |
IT Services | 3.3 | % | |||||
Health Care Providers & Services | 2.7 | % | |||||
Diversified Financial Services | 2.6 | % | |||||
Electrical Equipment | 1.8 | % | |||||
Food & Staples Retailing | 1.8 | % | |||||
Specialty Retail | 1.7 | % | |||||
Hotels, Restaurants & Leisure | 1.6 | % | |||||
Health Care Equipment & Supplies | 1.6 | % | |||||
Short-Term Investments | 2.1 | % | |||||
Other | 24.6 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1 Since inception returns are from 5/25/05.
2 Holdings are subject to change.
3 Excluding investments in derivatives.
4 Other assets less liabilities.
Nuveen Investments
13
JPG
Nuveen Equity Premium and Growth Fund
Performance Overview and Holding Summaries as of December 31, 2013
Average Annual Total Returns as of December 31, 2013
Average Annual | |||||||||||||||
1-Year | 5-Year | Since Inception1 | |||||||||||||
JPG at NAV | 17.47 | % | 12.07 | % | 5.74 | % | |||||||||
JPG at Share Price | 18.32 | % | 15.03 | % | 4.56 | % | |||||||||
S&P 500® Index | 32.39 | % | 17.94 | % | 7.08 | % |
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 Allocation2
(as a % of net assets)
Common Stocks | 101.1 | % | |||||
Short-Term Investments | 1.3 | % | |||||
Call Options Written | (2.5 | )% | |||||
Other4 | 0.1 | % |
Portfolio Composition2,3
(as a % of total investments)
Oil, Gas & Consumable Fuels | 8.6 | % | |||||
Pharmaceuticals | 6.1 | % | |||||
Diversified Financial Services | 5.6 | % | |||||
Media | 4.0 | % | |||||
Computers & Peripherals | 3.7 | % | |||||
IT Services | 3.7 | % | |||||
Software | 3.6 | % | |||||
Internet Software & Services | 3.1 | % | |||||
Aerospace & Defense | 3.0 | % | |||||
Chemicals | 2.9 | % | |||||
Insurance | 2.7 | % | |||||
Commercial Banks | 2.7 | % | |||||
Machinery | 2.6 | % |
Semiconductors & Equipment | 2.4 | % | |||||
Diversified Telecommunication Services | 2.4 | % | |||||
Specialty Retail | 2.2 | % | |||||
Capital Markets | 2.2 | % | |||||
Food & Staples Retailing | 2.2 | % | |||||
Communications Equipment | 2.1 | % | |||||
Household Products | 2.1 | % | |||||
Tobacco | 2.1 | % | |||||
Energy Equipment & Services | 2.1 | % | |||||
Beverages | 2.0 | % | |||||
Short-Term Investments | 1.2 | % | |||||
Other | 24.7 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
1 Since inception returns are from 11/22/05.
2 Holdings are subject to change.
3 Excluding investments in derivatives.
4 Other assets less liabilities.
Nuveen Investments
14
Report of
Independent Registered Public Accounting Firm
To the Board of Trustees and Shareholders of
Nuveen Equity Premium Income Fund
Nuveen Equity Premium Opportunity Fund
Nuveen Equity Premium Advantage Fund
Nuveen Equity Premium and Growth Fund:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund, and Nuveen Equity Premium and Growth Fund (hereinafter referred to as the "Funds") at December 31, 2013, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at December 31, 2013 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, IL
February 27, 2014
Nuveen Investments
15
JPZ
Nuveen Equity Premium Income Fund
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
LONG-TERM INVESTMENTS – 101.1% | |||||||||||
COMMON STOCKS – 101.1% (5) | |||||||||||
Aerospace & Defense – 3.1% | |||||||||||
40,566 | Boeing Company | $ | 5,536,853 | ||||||||
44,474 | Honeywell International Inc. | 4,063,589 | |||||||||
32,905 | Raytheon Company | 2,984,484 | |||||||||
35,076 | United Technologies Corporation | 3,991,649 | |||||||||
Total Aerospace & Defense | 16,576,575 | ||||||||||
Air Freight & Logistics – 0.8% | |||||||||||
38,709 | United Parcel Service, Inc., Class B | 4,067,542 | |||||||||
Airlines – 0.0% | |||||||||||
3,957 | United Continental Holdings Inc., (2) | 149,693 | |||||||||
Auto Components – 0.1% | |||||||||||
30,296 | Cooper Tire & Rubber | 728,316 | |||||||||
Automobiles – 0.8% | |||||||||||
185,001 | Ford Motor Company | 2,854,565 | |||||||||
8,800 | General Motors Company, (2) | 359,656 | |||||||||
16,861 | Harley-Davidson, Inc. | 1,167,456 | |||||||||
Total Automobiles | 4,381,677 | ||||||||||
Beverages – 2.5% | |||||||||||
156,685 | Coca-Cola Company | 6,472,657 | |||||||||
14,723 | Monster Beverage Corporation, (2) | 997,778 | |||||||||
72,442 | PepsiCo, Inc. | 6,008,339 | |||||||||
Total Beverages | 13,478,774 | ||||||||||
Biotechnology – 2.3% | |||||||||||
40,799 | Amgen Inc. | 4,657,614 | |||||||||
22,699 | Celgene Corporation, (2) | 3,835,223 | |||||||||
47,374 | Gilead Sciences, Inc., (2) | 3,560,156 | |||||||||
Total Biotechnology | 12,052,993 | ||||||||||
Building Products – 0.2% | |||||||||||
4,369 | Allegion PLC, (2) | 193,066 | |||||||||
42,748 | Masco Corporation | 973,372 | |||||||||
Total Building Products | 1,166,438 | ||||||||||
Capital Markets – 2.2% | |||||||||||
99,725 | Charles Schwab Corporation | 2,592,850 | |||||||||
20,622 | Goldman Sachs Group, Inc. | 3,655,456 | |||||||||
35,138 | Legg Mason, Inc. | 1,527,800 | |||||||||
49,244 | Morgan Stanley | 1,544,292 | |||||||||
38,635 | Waddell & Reed Financial, Inc., Class A | 2,515,911 | |||||||||
Total Capital Markets | 11,836,309 | ||||||||||
Chemicals – 2.6% | |||||||||||
48,008 | Dow Chemical Company | 2,131,555 | |||||||||
42,638 | E.I. Du Pont de Nemours and Company | 2,770,191 |
Nuveen Investments
16
Shares | Description (1) | Value | |||||||||
Chemicals (continued) | |||||||||||
28,457 | Eastman Chemical Company | $ | 2,296,480 | ||||||||
22,507 | Monsanto Company | 2,623,191 | |||||||||
53,293 | Olin Corporation | 1,537,503 | |||||||||
60,403 | RPM International, Inc. | 2,507,329 | |||||||||
Total Chemicals | 13,866,249 | ||||||||||
Commercial Banks – 2.2% | |||||||||||
33,724 | Comerica Incorporated | 1,603,239 | |||||||||
16,998 | HSBC Holdings PLC, Sponsored ADR | 937,100 | |||||||||
17,184 | PNC Financial Services Group, Inc. | 1,333,135 | |||||||||
170,506 | Wells Fargo & Company | 7,740,972 | |||||||||
Total Commercial Banks | 11,614,446 | ||||||||||
Commercial Services & Supplies – 0.6% | |||||||||||
3,549 | Deluxe Corporation | 185,222 | |||||||||
40,642 | Pitney Bowes Inc. | 946,959 | |||||||||
16,031 | R.R. Donnelley & Sons Company | 325,109 | |||||||||
35,497 | Waste Management, Inc. | 1,592,750 | |||||||||
Total Commercial Services & Supplies | 3,050,040 | ||||||||||
Communications Equipment – 2.0% | |||||||||||
14,156 | ADTRAN, Inc. | 382,354 | |||||||||
3,408 | Ciena Corporation, (2) | 81,553 | |||||||||
222,389 | Cisco Systems, Inc. | 4,992,633 | |||||||||
11,034 | JDS Uniphase Corporation, (2) | 143,221 | |||||||||
21,303 | Motorola Solutions Inc. | 1,437,953 | |||||||||
50,347 | QUALCOMM, Inc. | 3,738,265 | |||||||||
Total Communications Equipment | 10,775,979 | ||||||||||
Computers & Peripherals – 3.6% | |||||||||||
28,795 | Apple, Inc. | 16,157,162 | |||||||||
108,453 | EMC Corporation | 2,727,593 | |||||||||
Total Computers & Peripherals | 18,884,755 | ||||||||||
Consumer Finance – 0.7% | |||||||||||
23,246 | American Express Company | 2,109,110 | |||||||||
28,647 | Discover Financial Services | 1,602,800 | |||||||||
Total Consumer Finance | 3,711,910 | ||||||||||
Containers & Packaging – 0.5% | |||||||||||
3,177 | Avery Dennison Corporation | 159,454 | |||||||||
37,972 | Packaging Corp. of America | 2,402,868 | |||||||||
5,718 | Sonoco Products Company | 238,555 | |||||||||
Total Containers & Packaging | 2,800,877 | ||||||||||
Distributors – 0.5% | |||||||||||
29,044 | Genuine Parts Company | 2,416,170 | |||||||||
Diversified Consumer Services – 0.0% | |||||||||||
7,623 | Apollo Group, Inc., (2) | 208,260 | |||||||||
Diversified Financial Services – 4.8% | |||||||||||
414,679 | Bank of America Corporation | 6,456,551 | |||||||||
112,577 | Citigroup Inc. | 5,866,387 | |||||||||
33,950 | CME Group, Inc. | 2,663,717 | |||||||||
6,934 | IntercontinentalExchange Group Inc. | 1,559,595 |
Nuveen Investments
17
JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Diversified Financial Services (continued) | |||||||||||
133,818 | JP Morgan Chase & Co. | $ | 7,825,677 | ||||||||
39,312 | Leucadia National Corporation | 1,114,102 | |||||||||
Total Diversified Financial Services | 25,486,029 | ||||||||||
Diversified Telecommunication Services – 2.9% | |||||||||||
211,856 | AT&T Inc. | 7,448,857 | |||||||||
24,804 | CenturyLink Inc. | 790,007 | |||||||||
248,097 | Frontier Communications Corporation | 1,153,651 | |||||||||
118,769 | Verizon Communications Inc. | 5,836,309 | |||||||||
18,198 | Windstream Holdings Inc. | 145,220 | |||||||||
Total Diversified Telecommunication Services | 15,374,044 | ||||||||||
Electric Utilities – 1.0% | |||||||||||
14,367 | Duke Energy Corporation | 991,467 | |||||||||
27,323 | Great Plains Energy Incorporated | 662,310 | |||||||||
38,092 | OGE Energy Corp. | 1,291,319 | |||||||||
80,800 | Pepco Holdings, Inc. | 1,545,704 | |||||||||
15,004 | Southern Company | 616,814 | |||||||||
Total Electric Utilities | 5,107,614 | ||||||||||
Electrical Equipment – 0.7% | |||||||||||
28,305 | Emerson Electric Company | 1,986,445 | |||||||||
14,553 | Rockwell Automation, Inc. | 1,719,582 | |||||||||
Total Electrical Equipment | 3,706,027 | ||||||||||
Electronic Equipment & Instruments – 0.4% | |||||||||||
118,215 | Corning Incorporated | 2,106,591 | |||||||||
Energy Equipment & Services – 2.1% | |||||||||||
4,164 | Diamond Offshore Drilling, Inc. | 237,015 | |||||||||
18,452 | Ensco PLC | 1,055,085 | |||||||||
75,115 | Halliburton Company | 3,812,086 | |||||||||
8,300 | Patterson-UTI Energy, Inc. | 210,156 | |||||||||
52,180 | Schlumberger Limited | 4,701,940 | |||||||||
16,157 | Tidewater Inc. | 957,625 | |||||||||
Total Energy Equipment & Services | 10,973,907 | ||||||||||
Food & Staples Retailing – 1.5% | |||||||||||
39,079 | CVS Caremark Corporation | 2,796,884 | |||||||||
38,696 | SUPERVALU INC., (2) | 282,094 | |||||||||
59,540 | Wal-Mart Stores, Inc. | 4,685,203 | |||||||||
Total Food & Staples Retailing | 7,764,181 | ||||||||||
Food Products – 1.1% | |||||||||||
37,375 | Kraft Foods Inc. | 2,015,260 | |||||||||
112,127 | Mondelez International Inc. | 3,958,083 | |||||||||
Total Food Products | 5,973,343 | ||||||||||
Gas Utilities – 1.2% | |||||||||||
36,031 | AGL Resources Inc. | 1,701,744 | |||||||||
12,516 | Atmos Energy Corporation | 568,477 | |||||||||
22,995 | National Fuel Gas Company | 1,641,843 | |||||||||
38,518 | ONEOK, Inc. | 2,395,049 | |||||||||
Total Gas Utilities | 6,307,113 |
Nuveen Investments
18
Shares | Description (1) | Value | |||||||||
Health Care Equipment & Supplies – 1.6% | |||||||||||
72,041 | Abbott Laboratories | $ | 2,761,332 | ||||||||
4,460 | Hologic Inc., (2) | 99,681 | |||||||||
3,342 | Intuitive Surgical, Inc., (2) | 1,283,595 | |||||||||
78,706 | Medtronic, Inc. | 4,516,937 | |||||||||
Total Health Care Equipment & Supplies | 8,661,545 | ||||||||||
Health Care Providers & Services – 2.2% | |||||||||||
6,002 | Aetna Inc. | 411,677 | |||||||||
6,901 | Brookdale Senior Living Inc., (2) | 187,569 | |||||||||
33,153 | Express Scripts, Holding Company, (2) | 2,328,667 | |||||||||
13,578 | HCA Holdings Inc., (2) | 647,806 | |||||||||
1,116 | Henry Schein Inc., (2) | 127,514 | |||||||||
39,267 | Kindred Healthcare Inc. | 775,131 | |||||||||
67,899 | UnitedHealth Group Incorporated | 5,112,794 | |||||||||
25,221 | Wellpoint Inc. | 2,330,168 | |||||||||
Total Health Care Providers & Services | 11,921,326 | ||||||||||
Health Care Technology – 0.0% | |||||||||||
228 | Cerner Corporation, (2) | 12,709 | |||||||||
Hotels, Restaurants & Leisure – 1.0% | |||||||||||
22,200 | Carnival Corporation | 891,774 | |||||||||
42,761 | International Game Technology | 776,540 | |||||||||
2,272 | Interval Leisure Group Inc. | 70,205 | |||||||||
39,308 | McDonald's Corporation | 3,814,055 | |||||||||
Total Hotels, Restaurants & Leisure | 5,552,574 | ||||||||||
Household Durables – 1.0% | |||||||||||
2,893 | Garmin Limited | 133,714 | |||||||||
64,653 | Newell Rubbermaid Inc. | 2,095,404 | |||||||||
13,864 | Tupperware Corporation | 1,310,564 | |||||||||
11,356 | Whirlpool Corporation | 1,781,302 | |||||||||
Total Household Durables | 5,320,984 | ||||||||||
Household Products – 2.0% | |||||||||||
29,756 | Colgate-Palmolive Company | 1,940,389 | |||||||||
11,711 | Kimberly-Clark Corporation | 1,223,331 | |||||||||
90,419 | Procter & Gamble Company | 7,361,011 | |||||||||
Total Household Products | 10,524,731 | ||||||||||
Industrial Conglomerates – 2.7% | |||||||||||
35,764 | 3M Co. | 5,015,901 | |||||||||
323,504 | General Electric Company | 9,067,816 | |||||||||
57 | Siemens AG, Sponsored ADR | 7,895 | |||||||||
Total Industrial Conglomerates | 14,091,612 | ||||||||||
Insurance – 2.6% | |||||||||||
47,749 | Allstate Corporation | 2,604,230 | |||||||||
8,871 | Arthur J. Gallagher & Co. | 416,316 | |||||||||
24,225 | Fidelity National Title Group Inc., Class A | 786,101 | |||||||||
20,464 | Hartford Financial Services Group, Inc. | 741,411 | |||||||||
13,665 | Kemper Corporation | 558,625 | |||||||||
44,881 | Lincoln National Corporation | 2,316,757 | |||||||||
63,707 | Marsh & McLennan Companies, Inc. | 3,080,871 | |||||||||
35,546 | Travelers Companies, Inc. | 3,218,335 | |||||||||
Total Insurance | 13,722,646 |
Nuveen Investments
19
JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Internet & Catalog Retail – 1.8% | |||||||||||
14,883 | Amazon.com, Inc., (2) | $ | 5,935,192 | ||||||||
8,921 | FTD Companies Inc., (2) | 290,646 | |||||||||
3,103 | Hosting Site Network, Inc. | 193,317 | |||||||||
2,786 | priceline.com Incorporated, (2) | 3,238,446 | |||||||||
Total Internet & Catalog Retail | 9,657,601 | ||||||||||
Internet Software & Services – 2.9% | |||||||||||
10,937 | Akamai Technologies, Inc., (2) | 516,008 | |||||||||
24,425 | eBay Inc., (2) | 1,340,688 | |||||||||
8,710 | Google Inc., Class A, (2) | 9,761,383 | |||||||||
6,372 | United Online, Inc. | 87,679 | |||||||||
5,616 | ValueClick, Inc., (2) | 131,246 | |||||||||
10,002 | VeriSign, Inc., (2) | 597,920 | |||||||||
71,826 | Yahoo! Inc., (2) | 2,904,643 | |||||||||
Total Internet Software & Services | 15,339,567 | ||||||||||
IT Services – 3.8% | |||||||||||
1,600 | Alliance Data Systems Corporation, (2) | 420,688 | |||||||||
34,359 | Automatic Data Processing, Inc. | 2,776,551 | |||||||||
17,199 | Cognizant Technology Solutions Corporation, Class A, (2) | 1,736,755 | |||||||||
32,696 | Fidelity National Information Services | 1,755,121 | |||||||||
23,813 | International Business Machines Corporation (IBM) | 4,466,604 | |||||||||
3,197 | Lender Processing Services Inc., (2) | 119,504 | |||||||||
5,819 | MasterCard, Inc. | 4,861,542 | |||||||||
42,671 | Paychex, Inc. | 1,942,811 | |||||||||
10,058 | Visa Inc. | 2,239,715 | |||||||||
Total IT Services | 20,319,291 | ||||||||||
Leisure Equipment & Products – 0.4% | |||||||||||
15,522 | Polaris Industries Inc. | 2,260,624 | |||||||||
Machinery – 2.5% | |||||||||||
15,616 | Caterpillar Inc. | 1,418,089 | |||||||||
15,272 | Cummins Inc. | 2,152,894 | |||||||||
20,884 | Deere & Company | 1,907,336 | |||||||||
13,600 | Graco Inc. | 1,062,432 | |||||||||
13,107 | Ingersoll Rand Company Limited, Class A | 807,391 | |||||||||
16,893 | Parker Hannifin Corporation | 2,173,116 | |||||||||
11,767 | Snap-on Incorporated | 1,288,722 | |||||||||
5,979 | SPX Corporation | 595,568 | |||||||||
12,948 | Stanley Black & Decker Inc. | 1,044,774 | |||||||||
12,000 | Timken Company | 660,840 | |||||||||
Total Machinery | 13,111,162 | ||||||||||
Media – 3.6% | |||||||||||
41,236 | CBS Corporation, Class B | 2,628,383 | |||||||||
86,888 | Comcast Corporation, Class A | 4,515,135 | |||||||||
6,400 | DISH Network Corporation – Class A, (2) | 370,688 | |||||||||
39,613 | New York Times, Class A | 628,658 | |||||||||
2,025 | News Corporation Class B Shares, (2) | 36,106 | |||||||||
35,396 | Omnicom Group, Inc. | 2,632,401 | |||||||||
113,479 | Regal Entertainment Group, Class A | 2,207,167 | |||||||||
8,100 | Twenty First Century Fox Inc., Class Bq Shares | 280,260 | |||||||||
73,604 | Walt Disney Company | 5,623,345 | |||||||||
Total Media | 18,922,143 | ||||||||||
Metals & Mining – 0.7% | |||||||||||
88,284 | Alcoa Inc. | 938,459 | |||||||||
8,274 | Freeport-McMoRan Copper & Gold, Inc. | 312,261 |
Nuveen Investments
20
Shares | Description (1) | Value | |||||||||
Metals & Mining (continued) | |||||||||||
6,726 | Newmont Mining Corporation | $ | 154,900 | ||||||||
24,595 | Nucor Corporation | 1,312,881 | |||||||||
32,749 | Southern Copper Corporation | 940,224 | |||||||||
Total Metals & Mining | 3,658,725 | ||||||||||
Multiline Retail – 1.1% | |||||||||||
4,000 | Family Dollar Stores, Inc. | 259,880 | |||||||||
36,680 | Macy's, Inc. | 1,958,712 | |||||||||
25,718 | Nordstrom, Inc. | 1,589,372 | |||||||||
8,076 | Sears Holding Corporation, (2) | 396,047 | |||||||||
26,723 | Target Corporation | 1,690,764 | |||||||||
Total Multiline Retail | 5,894,775 | ||||||||||
Multi-Utilities – 1.3% | |||||||||||
40,212 | Ameren Corporation | 1,454,066 | |||||||||
22,660 | Consolidated Edison, Inc. | 1,252,645 | |||||||||
30,824 | Integrys Energy Group, Inc. | 1,677,134 | |||||||||
15,734 | Northwestern Corporation | 681,597 | |||||||||
60,347 | Public Service Enterprise Group Incorporated | 1,933,518 | |||||||||
Total Multi-Utilities | 6,998,960 | ||||||||||
Oil, Gas & Consumable Fuels – 8.2% | |||||||||||
9,051 | Cenovus Energy Inc. | 259,311 | |||||||||
65,327 | Chevron Corporation | 8,159,996 | |||||||||
59,011 | ConocoPhillips | 4,169,127 | |||||||||
39,168 | CONSOL Energy Inc. | 1,489,951 | |||||||||
22,581 | Continental Resources Inc., (2) | 2,540,814 | |||||||||
16,151 | EnCana Corporation | 291,526 | |||||||||
20,469 | EOG Resources, Inc. | 3,435,517 | |||||||||
152,804 | Exxon Mobil Corporation | 15,463,764 | |||||||||
36,332 | Occidental Petroleum Corporation | 3,455,173 | |||||||||
38,405 | Phillips 66 | 2,962,178 | |||||||||
4,626 | Total SA, Sponsored ADR | 283,435 | |||||||||
22,108 | Valero Energy Corporation | 1,114,243 | |||||||||
Total Oil, Gas & Consumable Fuels | 43,625,035 | ||||||||||
Pharmaceuticals – 6.3% | |||||||||||
72,041 | AbbVie Inc. | 3,804,485 | |||||||||
68,565 | Bristol-Myers Squibb Company | 3,644,230 | |||||||||
41,183 | Eli Lilly and Company | 2,100,333 | |||||||||
98,400 | Johnson & Johnson | 9,012,456 | |||||||||
132,433 | Merck & Company Inc. | 6,628,272 | |||||||||
270,678 | Pfizer Inc. | 8,290,867 | |||||||||
Total Pharmaceuticals | 33,480,643 | ||||||||||
Professional Services – 0.1% | |||||||||||
3,665 | Manpower Inc. | 314,677 | |||||||||
6,949 | Resources Connection, Inc. | 99,579 | |||||||||
Total Professional Services | 414,256 | ||||||||||
Real Estate Investment Trust – 2.4% | |||||||||||
96,573 | Annaly Capital Management Inc. | 962,833 | |||||||||
39,521 | Brandywine Realty Trust | 556,851 | |||||||||
25,456 | CommonWealth REIT | 593,379 | |||||||||
55,131 | CubeSmart | 878,788 | |||||||||
15,432 | Health Care REIT, Inc. | 826,692 | |||||||||
47,225 | Healthcare Realty Trust, Inc. | 1,006,365 | |||||||||
45,684 | Hospitality Properties Trust | 1,234,839 |
Nuveen Investments
21
JPZ Nuveen Equity Premium Income Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Real Estate Investment Trust (continued) | |||||||||||
88,469 | Lexington Corporate Properties Trust | $ | 903,268 | ||||||||
27,077 | Liberty Property Trust | 917,098 | |||||||||
17,263 | Medical Properties Trust Inc. | 210,954 | |||||||||
28,311 | MFA Mortgage Investments, Inc. | 199,876 | |||||||||
26,716 | Senior Housing Properties Trust | 593,897 | |||||||||
11,215 | Sun Communities Inc. | 478,208 | |||||||||
25,238 | Ventas Inc. | 1,445,633 | |||||||||
54,475 | Weyerhaeuser Company | 1,719,776 | |||||||||
Total Real Estate Investment Trust | 12,528,457 | ||||||||||
Road & Rail – 1.1% | |||||||||||
17,765 | Norfolk Southern Corporation | 1,649,125 | |||||||||
24,329 | Union Pacific Corporation | 4,087,272 | |||||||||
Total Road & Rail | 5,736,397 | ||||||||||
Semiconductors & Equipment – 2.5% | |||||||||||
25,275 | Analog Devices, Inc. | 1,287,256 | |||||||||
96,369 | Applied Materials, Inc. | 1,704,768 | |||||||||
21,444 | Broadcom Corporation, Class A | 635,815 | |||||||||
213,873 | Intel Corporation | 5,552,142 | |||||||||
12,846 | Intersil Holding Corporation, Class A | 147,344 | |||||||||
3,087 | Lam Research Corporation, (2) | 168,087 | |||||||||
24,776 | Microchip Technology Incorporated | 1,108,726 | |||||||||
27,856 | NVIDIA Corporation | 446,253 | |||||||||
51,579 | Texas Instruments Incorporated | 2,264,834 | |||||||||
Total Semiconductors & Equipment | 13,315,225 | ||||||||||
Software – 4.0% | |||||||||||
23,572 | Adobe Systems Incorporated, (2) | 1,411,491 | |||||||||
18,599 | Autodesk, Inc., (2) | 936,088 | |||||||||
304,276 | Microsoft Corporation | 11,389,051 | |||||||||
146,688 | Oracle Corporation | 5,612,283 | |||||||||
37,900 | Salesforce.com, Inc., (2) | 2,091,701 | |||||||||
Total Software | 21,440,614 | ||||||||||
Specialty Retail – 2.7% | |||||||||||
18,330 | Abercrombie & Fitch Co., Class A | 603,240 | |||||||||
41,497 | American Eagle Outfitters, Inc. | 597,557 | |||||||||
21,475 | Best Buy Co., Inc. | 856,423 | |||||||||
7,749 | CST Brands Inc. | 284,543 | |||||||||
50,218 | Home Depot, Inc. | 4,134,949 | |||||||||
36,675 | L Brands Inc. | 2,268,349 | |||||||||
53,033 | Lowe's Companies, Inc. | 2,627,785 | |||||||||
472 | Ross Stores, Inc. | 35,367 | |||||||||
13,465 | Tiffany & Co. | 1,249,283 | |||||||||
28,637 | TJX Companies, Inc. | 1,825,036 | |||||||||
Total Specialty Retail | 14,482,532 | ||||||||||
Textiles, Apparel & Luxury Goods – 0.2% | |||||||||||
15,064 | VF Corporation | 939,090 | |||||||||
Thrifts & Mortgage Finance – 0.3% | |||||||||||
36,703 | Hudson City Bancorp, Inc. | 346,109 | |||||||||
60,610 | New York Community Bancorp Inc. | 1,021,279 | |||||||||
Total Thrifts & Mortgage Finance | 1,367,388 |
Nuveen Investments
22
Shares | Description (1) | Value | |||||||||
Tobacco – 1.7% | |||||||||||
97,022 | Altria Group, Inc. | $ | 3,724,675 | ||||||||
45,868 | Philip Morris International | 3,996,479 | |||||||||
20,787 | Reynolds American Inc. | 1,039,142 | |||||||||
5,364 | Vector Group Ltd. | 87,809 | |||||||||
Total Tobacco | 8,848,105 | ||||||||||
Wireless Telecommunication Services – 0.0% | |||||||||||
5,500 | USA Mobility Inc. | 78,540 | |||||||||
Total Long-Term Investments (cost $323,246,746) | 536,793,109 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS – 1.9% | |||||||||||||||||||||||
$ | 10,246 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $10,245,579, collateralized by $10,705,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $10,450,756 | 0.000 | % | 1/02/14 | | $ | 10,245,579 | |||||||||||||||
Total Short-Term Investments (cost $10,245,579) | 10,245,579 | ||||||||||||||||||||||
Total Investments (cost $333,492,325) – 103.0% | 547,038,688 | ||||||||||||||||||||||
Other Assets Less Liabilities – (3.0)% (3) | (15,926,194 | ) | |||||||||||||||||||||
Net Assets – 100% | $ | 531,112,494 |
Investments in Derivatives as of December 31, 2013
Options Written outstanding:
Number of Contracts | Type | Notional Amount (4) | Expiration Date | Strike Price | Value (3) | ||||||||||||||||||
(310 | ) | S&P 500® Index | $ | (55,180,000 | ) | 1/03/14 | $ | 1,780 | $ | (2,165,350 | ) | ||||||||||||
(322 | ) | S&P 500® Index | (58,282,000 | ) | 1/10/14 | 1,810 | (1,384,600 | ) | |||||||||||||||
(321 | ) | S&P 500® Index | (56,977,500 | ) | 1/18/14 | 1,775 | (2,523,060 | ) | |||||||||||||||
(265 | ) | S&P 500® Index | (47,435,000 | ) | 1/18/14 | 1,790 | (1,706,600 | ) | |||||||||||||||
(343 | ) | S&P 500® Index | (61,740,000 | ) | 1/18/14 | 1,800 | (1,913,940 | ) | |||||||||||||||
(343 | ) | S&P 500® Index | (62,083,000 | ) | 1/18/14 | 1,810 | (1,608,670 | ) | |||||||||||||||
(341 | ) | S&P 500® Index | (61,380,000 | ) | 2/22/14 | 1,800 | (2,177,285 | ) | |||||||||||||||
(284 | ) | S&P 500® Index | (51,404,000 | ) | 2/22/14 | 1,810 | (1,598,920 | ) | |||||||||||||||
(345 | ) | S&P 500® Index | (63,480,000 | ) | 2/22/14 | 1,840 | (1,238,550 | ) | |||||||||||||||
(2,874 | ) | Total Options Written (premiums received $7,923,665) | $ | (517,961,500 | ) | $ | (16,316,975 | ) |
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 options written.
ADR American Depositary Receipt.
See accompanying notes to financial statements.
Nuveen Investments
23
JSN
Nuveen Equity Premium Opportunity Fund
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
LONG-TERM INVESTMENTS – 101.2% | |||||||||||
COMMON STOCKS – 101.2% (5) | |||||||||||
Aerospace & Defense – 2.5% | |||||||||||
37,352 | Boeing Company | $ | 5,098,174 | ||||||||
48,538 | Honeywell International Inc. | 4,434,917 | |||||||||
8,874 | Huntington Ingalls Industries Inc. | 798,749 | |||||||||
17,575 | Lockheed Martin Corporation | 2,612,700 | |||||||||
31,240 | Northrop Grumman Corporation | 3,580,416 | |||||||||
32,796 | Raytheon Company | 2,974,597 | |||||||||
31,622 | United Technologies Corporation | 3,598,584 | |||||||||
Total Aerospace & Defense | 23,098,137 | ||||||||||
Air Freight & Logistics – 0.8% | |||||||||||
66,243 | United Parcel Service, Inc., Class B | 6,960,814 | |||||||||
Auto Components – 0.2% | |||||||||||
60,739 | Gentex Corporation | 2,003,780 | |||||||||
Automobiles – 0.6% | |||||||||||
213,263 | Ford Motor Company | 3,290,648 | |||||||||
33,442 | Harley-Davidson, Inc. | 2,315,524 | |||||||||
Total Automobiles | 5,606,172 | ||||||||||
Beverages – 1.8% | |||||||||||
235,730 | Coca-Cola Company | 9,738,006 | |||||||||
28,504 | Monster Beverage Corporation, (2) | 1,931,716 | |||||||||
61,746 | PepsiCo, Inc. | 5,121,213 | |||||||||
Total Beverages | 16,790,935 | ||||||||||
Biotechnology – 4.1% | |||||||||||
48,142 | Amgen Inc. | 5,495,891 | |||||||||
81,056 | Celgene Corporation, (2) | 13,695,222 | |||||||||
236,655 | Gilead Sciences, Inc., (2) | 17,784,623 | |||||||||
Total Biotechnology | 36,975,736 | ||||||||||
Capital Markets – 1.5% | |||||||||||
129,710 | Charles Schwab Corporation | 3,372,460 | |||||||||
48,725 | Eaton Vance Corporation | 2,084,943 | |||||||||
5,564 | Goldman Sachs Group, Inc. | 986,275 | |||||||||
43,099 | Legg Mason, Inc. | 1,873,945 | |||||||||
101,241 | Morgan Stanley | 3,174,918 | |||||||||
31,993 | Waddell & Reed Financial, Inc., Class A | 2,083,384 | |||||||||
Total Capital Markets | 13,575,925 | ||||||||||
Chemicals – 1.6% | |||||||||||
35,894 | Dow Chemical Company | 1,593,694 | |||||||||
26,873 | E.I. Du Pont de Nemours and Company | 1,745,939 | |||||||||
61,739 | Eastman Chemical Company | 4,982,337 | |||||||||
37,024 | Monsanto Company | 4,315,147 | |||||||||
10,878 | Potash Corporation of Saskatchewan | 358,539 | |||||||||
33,218 | RPM International, Inc. | 1,378,879 | |||||||||
Total Chemicals | 14,374,535 |
Nuveen Investments
24
Shares | Description (1) | Value | |||||||||
Commercial Banks – 2.0% | |||||||||||
71,851 | Fifth Third Bancorp. | $ | 1,511,027 | ||||||||
86,613 | First Horizon National Corporation | 1,009,041 | |||||||||
143 | HSBC Holdings PLC, Sponsored ADR | 7,884 | |||||||||
6 | Lloyds TSB Group PLC, Sponsored ADR, (2) | 32 | |||||||||
111,373 | U.S. Bancorp | 4,499,469 | |||||||||
241,110 | Wells Fargo & Company | 10,946,394 | |||||||||
Total Commercial Banks | 17,973,847 | ||||||||||
Commercial Services & Supplies – 0.5% | |||||||||||
23,371 | Deluxe Corporation | 1,219,732 | |||||||||
49,936 | R.R. Donnelley & Sons Company | 1,012,702 | |||||||||
53,708 | Waste Management, Inc. | 2,409,878 | |||||||||
Total Commercial Services & Supplies | 4,642,312 | ||||||||||
Communications Equipment – 3.7% | |||||||||||
45,063 | ADTRAN, Inc. | 1,217,152 | |||||||||
630,518 | Cisco Systems, Inc. | 14,155,129 | |||||||||
19,247 | Harris Corporation | 1,343,633 | |||||||||
14,940 | Motorola Solutions Inc. | 1,008,450 | |||||||||
213,763 | QUALCOMM, Inc. | 15,871,903 | |||||||||
Total Communications Equipment | 33,596,267 | ||||||||||
Computers & Peripherals – 6.7% | |||||||||||
91,568 | Apple, Inc. | 51,379,720 | |||||||||
157,114 | EMC Corporation | 3,951,417 | |||||||||
114,325 | Hewlett-Packard Company | 3,198,814 | |||||||||
65,269 | NetApp, Inc. | 2,685,167 | |||||||||
Total Computers & Peripherals | 61,215,118 | ||||||||||
Consumer Finance – 1.1% | |||||||||||
51,885 | American Express Company | 4,707,526 | |||||||||
55,844 | Discover Financial Services | 3,124,472 | |||||||||
77,393 | SLM Corporation | 2,033,888 | |||||||||
Total Consumer Finance | 9,865,886 | ||||||||||
Containers & Packaging – 0.6% | |||||||||||
59,259 | Packaging Corp. of America | 3,749,910 | |||||||||
50,628 | Sonoco Products Company | 2,112,200 | |||||||||
Total Containers & Packaging | 5,862,110 | ||||||||||
Distributors – 0.3% | |||||||||||
31,204 | Genuine Parts Company | 2,595,861 | |||||||||
Diversified Consumer Services – 0.1% | |||||||||||
35,953 | Hillenbrand Inc. | 1,057,737 | |||||||||
Diversified Financial Services – 4.2% | |||||||||||
529,867 | Bank of America Corporation | 8,250,029 | |||||||||
82,207 | Berkshire Hathaway Inc., Class B, (2) | 9,746,462 | |||||||||
97,595 | Citigroup Inc. | 5,085,675 | |||||||||
41,458 | CME Group, Inc. | 3,252,795 | |||||||||
3,691 | ING Groep N.V, Sponsored ADR, (2) | 51,711 | |||||||||
201,985 | JP Morgan Chase & Co. | 11,812,083 | |||||||||
Total Diversified Financial Services | 38,198,755 |
Nuveen Investments
25
JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Diversified Telecommunication Services – 2.0% | |||||||||||
263,253 | AT&T Inc. | $ | 9,255,975 | ||||||||
93,521 | Frontier Communications Corporation | 434,873 | |||||||||
174,210 | Verizon Communications Inc. | 8,560,679 | |||||||||
Total Diversified Telecommunication Services | 18,251,527 | ||||||||||
Electric Utilities – 1.4% | |||||||||||
43,811 | Companhia Energetica de Minas Gerais, Sponsored ADR | 341,288 | |||||||||
44,184 | Duke Energy Corporation | 3,049,138 | |||||||||
71,296 | Great Plains Energy Incorporated | 1,728,215 | |||||||||
100,736 | OGE Energy Corp. | 3,414,950 | |||||||||
129,707 | Pepco Holdings, Inc. | 2,481,295 | |||||||||
25,438 | Pinnacle West Capital Corporation | 1,346,179 | |||||||||
Total Electric Utilities | 12,361,065 | ||||||||||
Electrical Equipment – 1.7% | |||||||||||
14,520 | Eaton PLC | 1,105,262 | |||||||||
51,549 | Emerson Electric Company | 3,617,709 | |||||||||
11,240 | Hubbell Incorporated, Class B | 1,224,036 | |||||||||
31,575 | Rockwell Automation, Inc. | 3,730,902 | |||||||||
42,974 | Roper Industries Inc. | 5,959,634 | |||||||||
Total Electrical Equipment | 15,637,543 | ||||||||||
Electronic Equipment & Instruments – 0.2% | |||||||||||
88,036 | Corning Incorporated | 1,568,802 | |||||||||
Energy Equipment & Services – 1.9% | |||||||||||
25,308 | Diamond Offshore Drilling, Inc. | 1,440,531 | |||||||||
36,079 | Ensco PLC, Sponsored ADR | 2,062,997 | |||||||||
90,607 | Halliburton Company | 4,598,305 | |||||||||
54,107 | Patterson-UTI Energy, Inc. | 1,369,989 | |||||||||
75,828 | Schlumberger Limited | 6,832,861 | |||||||||
17,510 | Tidewater Inc. | 1,037,818 | |||||||||
Total Energy Equipment & Services | 17,342,501 | ||||||||||
Food & Staples Retailing – 1.1% | |||||||||||
40,610 | CVS Caremark Corporation | 2,906,458 | |||||||||
82,219 | Kroger Co. | 3,250,117 | |||||||||
38,974 | SUPERVALU INC., (2) | 284,120 | |||||||||
62,176 | Walgreen Co. | 3,571,389 | |||||||||
3,390 | Wal-Mart Stores, Inc. | 266,759 | |||||||||
Total Food & Staples Retailing | 10,278,843 | ||||||||||
Food Products – 0.9% | |||||||||||
49,868 | Kraft Foods Inc. | 2,688,883 | |||||||||
149,606 | Mondelez International Inc. | 5,281,092 | |||||||||
Total Food Products | 7,969,975 | ||||||||||
Gas Utilities – 1.2% | |||||||||||
34,085 | Atmos Energy Corporation | 1,548,141 | |||||||||
41,373 | National Fuel Gas Company | 2,954,032 | |||||||||
99,610 | ONEOK, Inc. | 6,193,750 | |||||||||
Total Gas Utilities | 10,695,923 | ||||||||||
Health Care Equipment & Supplies – 1.8% | |||||||||||
91,444 | Abbott Laboratories | 3,505,049 | |||||||||
68,517 | Baxter International, Inc. | 4,765,357 | |||||||||
36,821 | Hill Rom Holdings Inc. | 1,522,180 |
Nuveen Investments
26
Shares | Description (1) | Value | |||||||||
Health Care Equipment & Supplies (continued) | |||||||||||
97,109 | Hologic Inc., (2) | $ | 2,170,386 | ||||||||
69,279 | Medtronic, Inc. | 3,975,922 | |||||||||
Total Health Care Equipment & Supplies | 15,938,894 | ||||||||||
Health Care Providers & Services – 2.2% | |||||||||||
52,702 | Aetna Inc. | 3,614,830 | |||||||||
62,293 | Brookdale Senior Living Inc., (2) | 1,693,124 | |||||||||
106,974 | Express Scripts, Holding Company, (2) | 7,513,854 | |||||||||
54,234 | UnitedHealth Group Incorporated | 4,083,820 | |||||||||
28,746 | Wellpoint Inc. | 2,655,843 | |||||||||
Total Health Care Providers & Services | 19,561,471 | ||||||||||
Hotels, Restaurants & Leisure – 1.7% | |||||||||||
51,390 | International Game Technology | 933,242 | |||||||||
8,487 | Las Vegas Sands | 669,370 | |||||||||
38,552 | McDonald's Corporation | 3,740,701 | |||||||||
49,918 | Starbucks Corporation | 3,913,072 | |||||||||
21,179 | Starwood Hotels & Resorts Worldwide, Inc. | 1,682,672 | |||||||||
23,029 | Wynn Resorts Ltd | 4,472,462 | |||||||||
Total Hotels, Restaurants & Leisure | 15,411,519 | ||||||||||
Household Durables – 0.6% | |||||||||||
38,947 | KB Home | 711,951 | |||||||||
54,753 | Newell Rubbermaid Inc. | 1,774,545 | |||||||||
19,851 | Whirlpool Corporation | 3,113,828 | |||||||||
Total Household Durables | 5,600,324 | ||||||||||
Household Products – 1.7% | |||||||||||
83,232 | Colgate-Palmolive Company | 5,427,559 | |||||||||
122,264 | Procter & Gamble Company | 9,953,512 | |||||||||
Total Household Products | 15,381,071 | ||||||||||
Industrial Conglomerates – 1.7% | |||||||||||
17,826 | 3M Co. | 2,500,097 | |||||||||
466,839 | General Electric Company | 13,085,497 | |||||||||
Total Industrial Conglomerates | 15,585,594 | ||||||||||
Insurance – 1.8% | |||||||||||
59,372 | Allstate Corporation | 3,238,149 | |||||||||
23,207 | American International Group | 1,184,717 | |||||||||
26,066 | Arthur J. Gallagher & Co. | 1,223,277 | |||||||||
92,800 | CNO Financial Group Inc. | 1,641,632 | |||||||||
65,958 | Genworth Financial Inc., Class A, (2) | 1,024,328 | |||||||||
23,657 | Hartford Financial Services Group, Inc. | 857,093 | |||||||||
13,952 | Kemper Corporation | 570,358 | |||||||||
35,717 | Lincoln National Corporation | 1,843,712 | |||||||||
103,489 | Marsh & McLennan Companies, Inc. | 5,004,728 | |||||||||
Total Insurance | 16,587,994 | ||||||||||
Internet & Catalog Retail – 2.8% | |||||||||||
51,843 | Amazon.com, Inc., (2) | 20,674,470 | |||||||||
27,170 | Hosting Site Network, Inc. | 1,692,691 | |||||||||
2,747 | priceline.com Incorporated, (2) | 3,193,113 | |||||||||
Total Internet & Catalog Retail | 25,560,274 |
Nuveen Investments
27
JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Internet Software & Services – 6.0% | |||||||||||
39,603 | Akamai Technologies, Inc., (2) | $ | 1,868,470 | ||||||||
58,343 | Earthlink, Inc. | 295,799 | |||||||||
194,369 | eBay Inc., (2) | 10,668,914 | |||||||||
107,717 | Facebook Inc., Class A Shares, (2) | 5,887,811 | |||||||||
28,344 | Google Inc., Class A, (2) | 31,765,403 | |||||||||
22,576 | IAC/InterActiveCorp. | 1,550,745 | |||||||||
45,334 | VeriSign, Inc., (2) | 2,710,067 | |||||||||
Total Internet Software & Services | 54,747,209 | ||||||||||
IT Services – 3.8% | |||||||||||
105,019 | Automatic Data Processing, Inc. | 8,486,585 | |||||||||
61,069 | Fidelity National Information Services | 3,278,184 | |||||||||
51,410 | International Business Machines Corporation (IBM) | 9,642,974 | |||||||||
14,762 | Lender Processing Services Inc., (2) | 551,804 | |||||||||
108,876 | Paychex, Inc. | 4,957,124 | |||||||||
32,522 | Visa Inc. | 7,241,999 | |||||||||
Total IT Services | 34,158,670 | ||||||||||
Leisure Equipment & Products – 0.8% | |||||||||||
70,638 | Mattel, Inc. | 3,360,956 | |||||||||
29,666 | Polaris Industries Inc. | 4,320,556 | |||||||||
Total Leisure Equipment & Products | 7,681,512 | ||||||||||
Machinery – 1.9% | |||||||||||
16,432 | Caterpillar Inc. | 1,492,190 | |||||||||
18,970 | Deere & Company | 1,732,530 | |||||||||
43,913 | Graco Inc. | 3,430,484 | |||||||||
23,133 | Joy Global Inc. | 1,353,049 | |||||||||
27,707 | SPX Corporation | 2,759,894 | |||||||||
40,513 | Stanley Black & Decker Inc. | 3,268,994 | |||||||||
50,568 | Timken Company | 2,784,780 | |||||||||
Total Machinery | 16,821,921 | ||||||||||
Media – 2.7% | |||||||||||
97,817 | New York Times, Class A | 1,552,356 | |||||||||
75,168 | News Corporation, Class A Shares, (2) | 1,354,527 | |||||||||
58,689 | Omnicom Group, Inc. | 4,364,701 | |||||||||
82,498 | Regal Entertainment Group, Class A | 1,604,586 | |||||||||
300,675 | Twenty First Century Fox Inc., Class A Shares | 10,577,746 | |||||||||
60,260 | Walt Disney Company | 4,603,864 | |||||||||
Total Media | 24,057,780 | ||||||||||
Metals & Mining – 0.7% | |||||||||||
268,308 | Alcoa Inc. | 2,852,114 | |||||||||
20,083 | Barrick Gold Corporation | 354,063 | |||||||||
53,761 | Freeport-McMoRan Copper & Gold, Inc. | 2,028,940 | |||||||||
148,596 | Hecla Mining Company | 457,676 | |||||||||
16,325 | Southern Copper Corporation | 468,691 | |||||||||
Total Metals & Mining | 6,161,484 | ||||||||||
Multiline Retail – 1.0% | |||||||||||
52,643 | Macy's, Inc. | 2,811,136 | |||||||||
44,360 | Nordstrom, Inc. | 2,741,448 | |||||||||
21,415 | Sears Holding Corporation, (2) | 1,050,192 | |||||||||
37,279 | Target Corporation | 2,358,642 | |||||||||
Total Multiline Retail | 8,961,418 |
Nuveen Investments
28
Shares | Description (1) | Value | |||||||||
Multi-Utilities – 0.6% | |||||||||||
62,041 | Ameren Corporation | $ | 2,243,403 | ||||||||
97,043 | Public Service Enterprise Group Incorporated | 3,109,258 | |||||||||
Total Multi-Utilities | 5,352,661 | ||||||||||
Oil, Gas & Consumable Fuels – 5.4% | |||||||||||
97,595 | Chevron Corporation | 12,190,591 | |||||||||
2,747 | CNOOC Limited, Sponsored ADR | 515,502 | |||||||||
81,203 | ConocoPhillips | 5,736,992 | |||||||||
160,904 | Exxon Mobil Corporation | 16,283,484 | |||||||||
27,119 | Hess Corporation | 2,250,877 | |||||||||
51,327 | Occidental Petroleum Corporation | 4,881,198 | |||||||||
3,274 | PetroChina Company Limited, Sponsored ADR | 359,289 | |||||||||
54,850 | Phillips 66 | 4,230,581 | |||||||||
122,639 | SandRidge Energy Inc., (2) | 744,419 | |||||||||
39,133 | StatoilHydro ASA, Sponsored ADR | 944,279 | |||||||||
23,753 | Suncor Energy, Inc. | 832,543 | |||||||||
Total Oil, Gas & Consumable Fuels | 48,969,755 | ||||||||||
Pharmaceuticals – 5.1% | |||||||||||
83,632 | AbbVie Inc. | 4,416,606 | |||||||||
151,837 | Bristol-Myers Squibb Company | 8,070,137 | |||||||||
84,570 | Eli Lilly and Company | 4,313,070 | |||||||||
1,112 | GlaxoSmithKline PLC, Sponsored ADR | 59,370 | |||||||||
118,167 | Johnson & Johnson | 10,822,915 | |||||||||
174,141 | Merck & Company Inc. | 8,715,757 | |||||||||
308,024 | Pfizer Inc. | 9,434,775 | |||||||||
Total Pharmaceuticals | 45,832,630 | ||||||||||
Professional Services – 0.3% | |||||||||||
29,079 | Manpower Inc. | 2,496,723 | |||||||||
18,692 | Resources Connection, Inc. | 267,856 | |||||||||
Total Professional Services | 2,764,579 | ||||||||||
Real Estate Investment Trust – 1.2% | |||||||||||
60,679 | Apartment Investment & Management Company, Class A | 1,572,193 | |||||||||
69,975 | Brandywine Realty Trust | 985,948 | |||||||||
34,687 | CBL & Associates Properties Inc. | 622,979 | |||||||||
129,993 | CubeSmart | 2,072,088 | |||||||||
114,294 | DCT Industrial Trust Inc. | 814,916 | |||||||||
43,378 | Health Care REIT, Inc. | 2,323,759 | |||||||||
79,809 | Lexington Corporate Properties Trust | 814,850 | |||||||||
46,608 | Liberty Property Trust | 1,578,613 | |||||||||
8,511 | Ventas Inc. | 487,510 | |||||||||
Total Real Estate Investment Trust | 11,272,856 | ||||||||||
Road & Rail – 0.8% | |||||||||||
41,968 | Union Pacific Corporation | 7,050,624 | |||||||||
Semiconductors & Equipment – 3.5% | |||||||||||
98,918 | Altera Corporation | 3,217,803 | |||||||||
64,144 | Analog Devices, Inc. | 3,266,854 | |||||||||
107,440 | Broadcom Corporation, Class A | 3,185,596 | |||||||||
699,018 | Intel Corporation | 18,146,506 | |||||||||
26,060 | Intersil Holding Corporation, Class A | 298,908 | |||||||||
81,111 | Linear Technology Corporation | 3,694,606 | |||||||||
Total Semiconductors & Equipment | 31,810,273 |
Nuveen Investments
29
JSN Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Software – 6.3% | |||||||||||
154,461 | Activision Blizzard Inc. | $ | 2,754,040 | ||||||||
134,980 | Adobe Systems Incorporated, (2) | 8,082,602 | |||||||||
79,219 | Autodesk, Inc., (2) | 3,987,092 | |||||||||
920,600 | Microsoft Corporation | 34,458,057 | |||||||||
200,553 | Oracle Corporation | 7,673,158 | |||||||||
Total Software | 56,954,949 | ||||||||||
Specialty Retail – 2.4% | |||||||||||
20,823 | Abercrombie & Fitch Co., Class A | 685,285 | |||||||||
59,432 | American Eagle Outfitters, Inc. | 855,821 | |||||||||
51,495 | Best Buy Co., Inc. | 2,053,621 | |||||||||
58,779 | CarMax, Inc., (2) | 2,763,789 | |||||||||
73,397 | Gap, Inc. | 2,868,355 | |||||||||
38,435 | Home Depot, Inc. | 3,164,738 | |||||||||
58,013 | L Brands Inc. | 3,588,104 | |||||||||
111,815 | Lowe's Companies, Inc. | 5,540,433 | |||||||||
Total Specialty Retail | 21,520,146 | ||||||||||
Thrifts & Mortgage Finance – 0.1% | |||||||||||
40,800 | MGIC Investment Corporation, (2) | 344,352 | |||||||||
56,714 | New York Community Bancorp Inc. | 955,631 | |||||||||
Total Thrifts & Mortgage Finance | 1,299,983 | ||||||||||
Tobacco – 1.4% | |||||||||||
72,934 | Altria Group, Inc. | 2,799,936 | |||||||||
95,982 | Philip Morris International | 8,362,912 | |||||||||
36,132 | Reynolds American Inc. | 1,806,239 | |||||||||
Total Tobacco | 12,969,087 | ||||||||||
Wireless Telecommunication Services – 0.2% | |||||||||||
4,018 | China Mobile Limited, Sponsored ADR | 210,101 | |||||||||
116,407 | Sprint Corporation, (2) | 1,251,375 | |||||||||
Total Wireless Telecommunication Services | 1,461,476 | ||||||||||
Total Long-Term Investments (cost $519,370,589) | 917,976,260 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS – 2.0% | |||||||||||||||||||||||
$ | 18,587 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $18,587,179, collateralized by $19,550,000 U.S. Treasury Notes, 2.500%, due 8/15/23, value $18,963,500 | 0.000 | % | 1/02/14 | | $ | 18,587,179 | |||||||||||||||
Total Short-Term Investments (cost $18,587,179) | 18,587,179 | ||||||||||||||||||||||
Total Investments (cost $537,957,768) – 103.2% | 936,563,439 | ||||||||||||||||||||||
Other Assets Less Liabilities – (3.2)% (3) | (29,057,343 | ) | |||||||||||||||||||||
Net Assets – 100% | $ | 907,506,096 |
Nuveen Investments
30
Investments in Derivatives as of December 31, 2013
Options Written outstanding:
Number of Contracts | Type | Notional Amount (4) | Expiration Date | Strike Price | Value (3) | ||||||||||||||||||
(80 | ) | MINI-NASDAQ-100 Index | $ | (27,200,000 | ) | 1/18/14 | $ | 3,400 | $ | (1,606,400 | ) | ||||||||||||
(77 | ) | MINI-NASDAQ-100 Index | (26,565,000 | ) | 1/18/14 | 3,450 | (1,177,330 | ) | |||||||||||||||
(80 | ) | MINI-NASDAQ-100 Index | (27,800,000 | ) | 1/18/14 | 3,475 | (1,038,000 | ) | |||||||||||||||
(80 | ) | MINI-NASDAQ-100 Index | (28,400,000 | ) | 1/18/14 | 3,550 | (546,400 | ) | |||||||||||||||
(83 | ) | MINI-NASDAQ-100 Index | (28,220,000 | ) | 2/22/14 | 3,400 | (1,762,505 | ) | |||||||||||||||
(73 | ) | MINI-NASDAQ-100 Index | (25,367,500 | ) | 2/22/14 | 3,475 | (1,099,745 | ) | |||||||||||||||
(83 | ) | MINI-NASDAQ-100 Index | (29,050,000 | ) | 2/22/14 | 3,500 | (1,088,130 | ) | |||||||||||||||
(76 | ) | MINI-NASDAQ-100 Index | (26,980,000 | ) | 2/22/14 | 3,550 | (729,220 | ) | |||||||||||||||
(389 | ) | S&P 500® Index | (69,242,000 | ) | 1/03/14 | 1,780 | (2,717,165 | ) | |||||||||||||||
(429 | ) | S&P 500® Index | (77,649,000 | ) | 1/10/14 | 1,810 | (1,844,700 | ) | |||||||||||||||
(426 | ) | S&P 500® Index | (75,615,000 | ) | 1/18/14 | 1,775 | (3,348,360 | ) | |||||||||||||||
(348 | ) | S&P 500® Index | (62,292,000 | ) | 1/18/14 | 1,790 | (2,241,120 | ) | |||||||||||||||
(409 | ) | S&P 500® Index | (73,620,000 | ) | 1/18/14 | 1,800 | (2,282,220 | ) | |||||||||||||||
(420 | ) | S&P 500® Index | (76,020,000 | ) | 1/18/14 | 1,810 | (1,969,800 | ) | |||||||||||||||
(456 | ) | S&P 500® Index | (82,080,000 | ) | 2/22/14 | 1,800 | (2,911,560 | ) | |||||||||||||||
(358 | ) | S&P 500® Index | (64,798,000 | ) | 2/22/14 | 1,810 | (2,015,540 | ) | |||||||||||||||
(448 | ) | S&P 500® Index | (82,432,000 | ) | 2/22/14 | 1,840 | (1,608,320 | ) | |||||||||||||||
(4,315 | ) | Total Options Written (premiums received $15,265,138) | $ | (883,330,500 | ) | $ | (29,986,515 | ) |
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 options written.
ADR American Depositary Receipt.
See accompanying notes to financial statements.
Nuveen Investments
31
JLA
Nuveen Equity Premium Advantage Fund
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
LONG-TERM INVESTMENTS – 101.2% | |||||||||||
COMMON STOCKS – 101.2% (5) | |||||||||||
Aerospace & Defense – 1.5% | |||||||||||
15,279 | Boeing Company | $ | 2,085,431 | ||||||||
16,032 | Honeywell International Inc. | 1,464,844 | |||||||||
15,314 | United Technologies Corporation | 1,742,733 | |||||||||
Total Aerospace & Defense | 5,293,008 | ||||||||||
Air Freight & Logistics – 0.7% | |||||||||||
22,785 | United Parcel Service, Inc., Class B | 2,394,248 | |||||||||
Airlines – 0.2% | |||||||||||
12,008 | Delta Air Lines, Inc. | 329,860 | |||||||||
26,363 | Southwest Airlines Co. | 496,679 | |||||||||
Total Airlines | 826,539 | ||||||||||
Auto Components – 0.1% | |||||||||||
10,102 | American Axle and Manufacturing Holdings Inc., (2) | 206,586 | |||||||||
Automobiles – 0.5% | |||||||||||
49,165 | Ford Motor Company | 758,616 | |||||||||
14,597 | Harley-Davidson, Inc. | 1,010,696 | |||||||||
Total Automobiles | 1,769,312 | ||||||||||
Beverages – 1.3% | |||||||||||
36,625 | Coca-Cola Company | 1,512,979 | |||||||||
15,729 | Monster Beverage Corporation, (2) | 1,065,954 | |||||||||
24,602 | PepsiCo, Inc. | 2,040,490 | |||||||||
Total Beverages | 4,619,423 | ||||||||||
Biotechnology – 5.8% | |||||||||||
55,224 | Amgen Inc. | 6,304,372 | |||||||||
36,471 | Celgene Corporation, (2) | 6,162,140 | |||||||||
113,472 | Gilead Sciences, Inc., (2) | 8,527,421 | |||||||||
Total Biotechnology | 20,993,933 | ||||||||||
Capital Markets – 1.3% | |||||||||||
28,551 | Bank of New York Company, Inc. | 997,572 | |||||||||
62,652 | Charles Schwab Corporation | 1,628,952 | |||||||||
1,581 | Goldman Sachs Group, Inc. | 280,248 | |||||||||
24,475 | Morgan Stanley | 767,536 | |||||||||
17,346 | Waddell & Reed Financial, Inc., Class A | 1,129,572 | |||||||||
Total Capital Markets | 4,803,880 | ||||||||||
Chemicals – 1.1% | |||||||||||
973 | CF Industries Holdings, Inc. | 226,748 | |||||||||
18,504 | Dow Chemical Company | 821,578 | |||||||||
22,041 | E.I. Du Pont de Nemours and Company | 1,432,004 | |||||||||
10,514 | Monsanto Company | 1,225,407 | |||||||||
4,219 | Mosaic Company | 199,432 | |||||||||
Total Chemicals | 3,905,169 |
Nuveen Investments
32
Shares | Description (1) | Value | |||||||||
Commercial Banks – 1.4% | |||||||||||
47,336 | U.S. Bancorp | $ | 1,912,374 | ||||||||
66,560 | Wells Fargo & Company | 3,021,824 | |||||||||
Total Commercial Banks | 4,934,198 | ||||||||||
Commercial Services & Supplies – 0.1% | |||||||||||
10,378 | R.R. Donnelley & Sons Company | 210,466 | |||||||||
Communications Equipment – 4.2% | |||||||||||
348,053 | Cisco Systems, Inc. | 7,813,790 | |||||||||
98,669 | QUALCOMM, Inc. | 7,326,173 | |||||||||
Total Communications Equipment | 15,139,963 | ||||||||||
Computers & Peripherals – 8.8% | |||||||||||
51,048 | Apple, Inc. | 28,643,543 | |||||||||
28,119 | EMC Corporation | 707,193 | |||||||||
19,045 | Hewlett-Packard Company | 532,879 | |||||||||
24,916 | Western Digital Corporation | 2,090,452 | |||||||||
Total Computers & Peripherals | 31,974,067 | ||||||||||
Consumer Finance – 0.5% | |||||||||||
8,310 | American Express Company | 753,966 | |||||||||
6,671 | Capital One Financial Corporation | 511,065 | |||||||||
27,215 | SLM Corporation | 715,210 | |||||||||
Total Consumer Finance | 1,980,241 | ||||||||||
Containers & Packaging – 0.4% | |||||||||||
19,780 | Packaging Corp. of America | 1,251,678 | |||||||||
4,824 | Sonoco Products Company | 201,257 | |||||||||
Total Containers & Packaging | 1,452,935 | ||||||||||
Distributors – 0.1% | |||||||||||
3,449 | Genuine Parts Company | 286,922 | |||||||||
Diversified Consumer Services – 0.1% | |||||||||||
4,119 | ITT Educational Services, Inc., (2) | 138,316 | |||||||||
21,475 | Service Corporation International | 389,342 | |||||||||
Total Diversified Consumer Services | 527,658 | ||||||||||
Diversified Financial Services – 2.7% | |||||||||||
149,582 | Bank of America Corporation | 2,328,992 | |||||||||
3,641 | Berkshire Hathaway Inc., Class B, (2) | 431,677 | |||||||||
39,530 | Citigroup Inc. | 2,059,908 | |||||||||
19,235 | CME Group, Inc. | 1,509,178 | |||||||||
39,922 | JP Morgan Chase & Co. | 2,334,639 | |||||||||
13,902 | Moody's Corporation | 1,090,890 | |||||||||
Total Diversified Financial Services | 9,755,284 | ||||||||||
Diversified Telecommunication Services – 1.3% | |||||||||||
56,804 | AT&T Inc. | 1,997,229 | |||||||||
1 | Frontier Communications Corporation | 5 | |||||||||
58,014 | Verizon Communications Inc. | 2,850,808 | |||||||||
Total Diversified Telecommunication Services | 4,848,042 | ||||||||||
Electric Utilities – 1.4% | |||||||||||
26,993 | Duke Energy Corporation | 1,862,787 | |||||||||
48,358 | Great Plains Energy Incorporated | 1,172,198 |
Nuveen Investments
33
JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Electric Utilities (continued) | |||||||||||
13,768 | OGE Energy Corp. | $ | 466,735 | ||||||||
28,722 | Pinnacle West Capital Corporation | 1,519,968 | |||||||||
Total Electric Utilities | 5,021,688 | ||||||||||
Electrical Equipment – 1.9% | |||||||||||
29,489 | Eaton PLC | 2,244,703 | |||||||||
23,896 | Emerson Electric Company | 1,677,021 | |||||||||
11,238 | Hubbell Incorporated, Class B | 1,223,818 | |||||||||
13,491 | Rockwell Automation, Inc. | 1,594,097 | |||||||||
Total Electrical Equipment | 6,739,639 | ||||||||||
Electronic Equipment & Instruments – 0.6% | |||||||||||
17,200 | Amphenol Corporation, Class A | 1,533,896 | |||||||||
30,310 | Corning Incorporated | 540,124 | |||||||||
Total Electronic Equipment & Instruments | 2,074,020 | ||||||||||
Energy Equipment & Services – 1.3% | |||||||||||
23,374 | Cameron International Corporation, (2) | 1,391,454 | |||||||||
9,396 | Diamond Offshore Drilling, Inc. | 534,820 | |||||||||
25,616 | Halliburton Company | 1,300,012 | |||||||||
15,853 | Schlumberger Limited | 1,428,514 | |||||||||
Total Energy Equipment & Services | 4,654,800 | ||||||||||
Food & Staples Retailing – 1.8% | |||||||||||
28,444 | CVS Caremark Corporation | 2,035,737 | |||||||||
27,808 | Kroger Co. | 1,099,250 | |||||||||
23,214 | Walgreen Co. | 1,333,412 | |||||||||
28,013 | Wal-Mart Stores, Inc. | 2,204,343 | |||||||||
Total Food & Staples Retailing | 6,672,742 | ||||||||||
Food Products – 1.1% | |||||||||||
10,080 | Archer-Daniels-Midland Company | 437,472 | |||||||||
15,863 | Kraft Foods Inc. | 855,333 | |||||||||
72,807 | Mondelez International Inc. | 2,570,087 | |||||||||
Total Food Products | 3,862,892 | ||||||||||
Gas Utilities – 0.4% | |||||||||||
21,576 | AGL Resources Inc. | 1,019,034 | |||||||||
15,026 | Piedmont Natural Gas Company | 498,262 | |||||||||
Total Gas Utilities | 1,517,296 | ||||||||||
Health Care Equipment & Supplies – 1.7% | |||||||||||
41,688 | Abbott Laboratories | 1,597,901 | |||||||||
15,735 | Baxter International, Inc. | 1,094,369 | |||||||||
9,327 | CareFusion Corporation, (2) | 371,401 | |||||||||
5,822 | Covidien PLC | 396,478 | |||||||||
12,334 | Hill Rom Holdings Inc. | 509,888 | |||||||||
10,331 | Medtronic, Inc. | 592,896 | |||||||||
10,240 | Saint Jude Medical Inc. | 634,368 | |||||||||
8,617 | Zimmer Holdings, Inc. | 803,018 | |||||||||
Total Health Care Equipment & Supplies | 6,000,319 | ||||||||||
Health Care Providers & Services – 2.8% | |||||||||||
13,759 | Brookdale Senior Living Inc., (2) | 373,970 | |||||||||
22,180 | Cardinal Health, Inc. | 1,481,846 | |||||||||
47,084 | Express Scripts, Holding Company, (2) | 3,307,180 | |||||||||
1,520 | McKesson HBOC Inc. | 245,328 |
Nuveen Investments
34
Shares | Description (1) | Value | |||||||||
Health Care Providers & Services (continued) | |||||||||||
11,450 | Omnicare, Inc. | $ | 691,122 | ||||||||
12,175 | Tenet Healthcare Corporation, (2) | 512,811 | |||||||||
15,630 | UnitedHealth Group Incorporated | 1,176,939 | |||||||||
19,206 | Universal Health Services, Inc., Class B | 1,560,680 | |||||||||
8,528 | Wellpoint Inc. | 787,902 | |||||||||
Total Health Care Providers & Services | 10,137,778 | ||||||||||
Hotels, Restaurants & Leisure – 1.7% | |||||||||||
20,714 | Carnival Corporation | 832,081 | |||||||||
17,543 | International Game Technology | 318,581 | |||||||||
22,319 | McDonald's Corporation | 2,165,613 | |||||||||
12,224 | Starwood Hotels & Resorts Worldwide, Inc. | 971,197 | |||||||||
84,855 | The Wendy's Company | 739,936 | |||||||||
17,576 | Tim Hortons Inc. | 1,026,087 | |||||||||
Total Hotels, Restaurants & Leisure | 6,053,495 | ||||||||||
Household Durables – 0.9% | |||||||||||
41,536 | KB Home | 759,278 | |||||||||
36,936 | Newell Rubbermaid Inc. | 1,197,096 | |||||||||
7,376 | Whirlpool Corporation | 1,156,999 | |||||||||
Total Household Durables | 3,113,373 | ||||||||||
Household Products – 0.7% | |||||||||||
32,355 | Procter & Gamble Company | 2,634,021 | |||||||||
Industrial Conglomerates – 1.3% | |||||||||||
8,803 | 3M Co. | 1,234,621 | |||||||||
13,006 | Danaher Corporation | 1,004,063 | |||||||||
82,528 | General Electric Company | 2,313,260 | |||||||||
Total Industrial Conglomerates | 4,551,944 | ||||||||||
Insurance – 1.4% | |||||||||||
12,439 | American International Group | 635,011 | |||||||||
824 | Arch Capital Group Limited, (2) | 49,185 | |||||||||
26,516 | Fidelity National Title Group Inc., Class A | 860,444 | |||||||||
24,192 | Marsh & McLennan Companies, Inc. | 1,169,925 | |||||||||
13,163 | Prudential Financial, Inc. | 1,213,892 | |||||||||
14,688 | Travelers Companies, Inc. | 1,329,852 | |||||||||
Total Insurance | 5,258,309 | ||||||||||
Internet & Catalog Retail – 4.5% | |||||||||||
27,694 | Amazon.com, Inc., (2) | 11,044,090 | |||||||||
10,391 | Hosting Site Network, Inc. | 647,359 | |||||||||
3,853 | priceline.com Incorporated, (2) | 4,478,727 | |||||||||
Total Internet & Catalog Retail | 16,170,176 | ||||||||||
Internet Software & Services – 10.0% | |||||||||||
19,016 | Akamai Technologies, Inc., (2) | 897,175 | |||||||||
2,017 | AOL Inc., (2) | 94,033 | |||||||||
15,082 | Baidu Inc., Sponsored ADR, (2) | 2,682,786 | |||||||||
82,285 | eBay Inc., (2) | 4,516,624 | |||||||||
98,180 | Facebook Inc., Class A Shares, (2) | 5,366,519 | |||||||||
16,044 | Google Inc., Class A, (2) | 17,980,671 | |||||||||
19,941 | IAC/InterActiveCorp. | 1,369,747 | |||||||||
85,817 | Yahoo! Inc., (2) | 3,470,439 | |||||||||
Total Internet Software & Services | 36,377,994 |
Nuveen Investments
35
JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
IT Services – 3.4% | |||||||||||
45,367 | Automatic Data Processing, Inc. | $ | 3,666,107 | ||||||||
21,780 | Fidelity National Information Services | 1,169,150 | |||||||||
8,158 | Global Payments Inc. | 530,188 | |||||||||
8,467 | Infosys Technologies Limited, Sponsored ADR | 479,232 | |||||||||
9,631 | International Business Machines Corporation (IBM) | 1,806,487 | |||||||||
9,508 | Lender Processing Services Inc., (2) | 355,409 | |||||||||
58,743 | Paychex, Inc. | 2,674,569 | |||||||||
7,718 | Visa Inc. | 1,718,644 | |||||||||
Total IT Services | 12,399,786 | ||||||||||
Life Sciences Tools & Services – 0.2% | |||||||||||
15,384 | Agilent Technologies, Inc. | 879,811 | |||||||||
Machinery – 1.3% | |||||||||||
9,726 | Caterpillar Inc. | 883,218 | |||||||||
7,028 | Deere & Company | 641,867 | |||||||||
22,531 | Graco Inc. | 1,760,122 | |||||||||
16,187 | SPX Corporation | 1,612,387 | |||||||||
Total Machinery | 4,897,594 | ||||||||||
Media – 3.6% | |||||||||||
19,288 | CBS Corporation, Class B | 1,229,417 | |||||||||
49,965 | DirecTV, (2) | 3,452,082 | |||||||||
2,751 | Liberty Media Corporation, (2) | 402,884 | |||||||||
2,751 | Starz – Class A, (2) | 80,439 | |||||||||
12,888 | News Corporation Class B Shares, (2) | 229,793 | |||||||||
20,124 | Omnicom Group, Inc. | 1,496,622 | |||||||||
5,242 | Time Warner Cable, Class A | 710,291 | |||||||||
21,163 | Time Warner Inc. | 1,475,484 | |||||||||
51,552 | Twenty First Century Fox Inc., Class Bq Shares | 1,783,699 | |||||||||
30,876 | Walt Disney Company | 2,358,926 | |||||||||
Total Media | 13,219,637 | ||||||||||
Metals & Mining – 0.3% | |||||||||||
4,949 | AngloGold Ashanti Limited, Sponsored ADR | 58,002 | |||||||||
7,972 | Cliffs Natural Resources Inc. | 208,946 | |||||||||
54,923 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 340,523 | |||||||||
5,432 | Freeport-McMoRan Copper & Gold, Inc. | 205,004 | |||||||||
1,736 | Newmont Mining Corporation | 39,980 | |||||||||
7,686 | United States Steel Corporation | 226,737 | |||||||||
Total Metals & Mining | 1,079,192 | ||||||||||
Multiline Retail – 0.3% | |||||||||||
10,865 | Family Dollar Stores, Inc. | 705,899 | |||||||||
4,575 | J.C. Penney Company, Inc., (2) | 41,861 | |||||||||
4,511 | Kohl's Corporation | 255,999 | |||||||||
Total Multiline Retail | 1,003,759 | ||||||||||
Multi-Utilities – 0.3% | |||||||||||
21,316 | Integrys Energy Group, Inc. | 1,159,804 | |||||||||
Oil, Gas & Consumable Fuels – 3.9% | |||||||||||
1,231 | Anadarko Petroleum Corporation | 97,643 | |||||||||
9,342 | Cabot Oil & Gas Corporation | 362,096 | |||||||||
30,857 | Chevron Corporation | 3,854,348 | |||||||||
30,285 | ConocoPhillips | 2,139,635 | |||||||||
51,660 | Exxon Mobil Corporation | 5,227,992 | |||||||||
1,606 | Marathon Oil Corporation | 56,692 |
Nuveen Investments
36
Shares | Description (1) | Value | |||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||||
6,095 | Occidental Petroleum Corporation | $ | 579,635 | ||||||||
22,649 | Phillips 66 | 1,746,917 | |||||||||
1,685 | Royal Dutch Shell PLC, Class A, Sponsored ADR | 120,090 | |||||||||
Total Oil, Gas & Consumable Fuels | 14,185,048 | ||||||||||
Paper & Forest Products – 0.1% | |||||||||||
10,899 | International Paper Company | 534,378 | |||||||||
Pharmaceuticals – 3.9% | |||||||||||
34,838 | AbbVie Inc. | 1,839,795 | |||||||||
12,438 | Allergan, Inc. | 1,381,613 | |||||||||
40,636 | Bristol-Myers Squibb Company | 2,159,803 | |||||||||
6,117 | Eli Lilly and Company | 311,967 | |||||||||
13,675 | Forest Laboratories, Inc., (2) | 820,910 | |||||||||
3,397 | GlaxoSmithKline PLC, Sponsored ADR | 181,366 | |||||||||
20,631 | Johnson & Johnson | 1,889,593 | |||||||||
727 | Mallinckrodt PLC, (2) | 37,993 | |||||||||
52,757 | Merck & Company Inc. | 2,640,488 | |||||||||
3,747 | Novartis AG, Sponsored ADR | 301,184 | |||||||||
80,536 | Pfizer Inc. | 2,466,818 | |||||||||
Total Pharmaceuticals | 14,031,530 | ||||||||||
Professional Services – 0.8% | |||||||||||
18,950 | Manpower Inc. | 1,627,047 | |||||||||
30,314 | Robert Half International Inc. | 1,272,885 | |||||||||
Total Professional Services | 2,899,932 | ||||||||||
Real Estate Investment Trust – 0.9% | |||||||||||
18,413 | Apartment Investment & Management Company, Class A | 477,081 | |||||||||
28,958 | CubeSmart | 461,591 | |||||||||
4,590 | Developers Diversified Realty Corporation | 70,548 | |||||||||
40,126 | Senior Housing Properties Trust | 892,001 | |||||||||
25,511 | Ventas Inc. | 1,461,270 | |||||||||
Total Real Estate Investment Trust | 3,362,491 | ||||||||||
Road & Rail – 0.2% | |||||||||||
23,916 | CSX Corporation | 688,063 | |||||||||
Semiconductors & Equipment – 5.5% | |||||||||||
54,140 | Advanced Micro Devices, Inc., (2) | 209,522 | |||||||||
44,181 | Altera Corporation | 1,437,208 | |||||||||
25,698 | Analog Devices, Inc. | 1,308,799 | |||||||||
65,680 | Applied Materials, Inc. | 1,161,879 | |||||||||
1,253 | ASML Holding NV, Sponsored ADR | 117,406 | |||||||||
47,386 | Atmel Corporation, (2) | 371,032 | |||||||||
44,195 | Broadcom Corporation, Class A | 1,310,382 | |||||||||
4,697 | Cree, Inc., (2) | 293,891 | |||||||||
11,761 | Cypress Semiconductor Corporation | 123,491 | |||||||||
28,948 | Fairchild Semiconductor International Inc., Class A, (2) | 386,456 | |||||||||
17,789 | Integrated Device Technology, Inc., (2) | 181,270 | |||||||||
336,820 | Intel Corporation | 8,743,847 | |||||||||
2,596 | Intersil Holding Corporation, Class A | 29,776 | |||||||||
8,733 | Lam Research Corporation, (2) | 475,512 | |||||||||
45,919 | Linear Technology Corporation | 2,091,610 | |||||||||
35,700 | LSI Logic Corporation | 393,414 | |||||||||
76,193 | NVIDIA Corporation | 1,220,612 | |||||||||
5,819 | SunEdison Inc., (2) | 75,938 | |||||||||
2,774 | Taiwan Semiconductor Manufacturing Company Limited, Sponsored ADR | 48,379 | |||||||||
Total Semiconductors & Equipment | 19,980,424 |
Nuveen Investments
37
JLA Nuveen Equity Premium Advantage Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Software – 8.1% | |||||||||||
62,768 | Activision Blizzard Inc. | $ | 1,119,153 | ||||||||
43,455 | Adobe Systems Incorporated, (2) | 2,602,085 | |||||||||
31,158 | Autodesk, Inc., (2) | 1,568,182 | |||||||||
62,885 | CA Inc. | 2,116,080 | |||||||||
33,659 | Cadence Design Systems, Inc., (2) | 471,899 | |||||||||
496,139 | Microsoft Corporation | 18,570,483 | |||||||||
73,727 | Oracle Corporation | 2,820,795 | |||||||||
Total Software | 29,268,677 | ||||||||||
Specialty Retail – 1.7% | |||||||||||
1,126 | Best Buy Co., Inc. | 44,905 | |||||||||
16,073 | Gap, Inc. | 628,133 | |||||||||
26,305 | Home Depot, Inc. | 2,165,955 | |||||||||
29,574 | L Brands Inc. | 1,829,152 | |||||||||
2,484 | Lowe's Companies, Inc. | 123,082 | |||||||||
10,184 | TJX Companies, Inc. | 649,026 | |||||||||
23,096 | Urban Outfitters, Inc., (2) | 856,862 | |||||||||
Total Specialty Retail | 6,297,115 | ||||||||||
Textiles, Apparel & Luxury Goods – 0.2% | |||||||||||
13,384 | Coach, Inc. | 751,244 | |||||||||
Thrifts & Mortgage Finance – 0.0% | |||||||||||
1,712 | Tree.com Inc., (2) | 56,222 | |||||||||
Tobacco – 0.7% | |||||||||||
20,575 | Altria Group, Inc. | 789,874 | |||||||||
20,620 | Philip Morris International | 1,796,621 | |||||||||
Total Tobacco | 2,586,495 | ||||||||||
Wireless Telecommunication Services – 0.2% | |||||||||||
9,319 | Crown Castle International Corporation, (2) | 684,294 | |||||||||
Total Long-Term Investments (cost $190,095,904) | 366,727,856 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS – 2.1% | |||||||||||||||||||||||
$ | 7,680 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $7,680,103, collateralized by $8,025,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $7,834,406 | 0.000 | % | 1/02/14 | | $ | 7,680,103 | |||||||||||||||
Total Short-Term Investments (cost $7,680,103) | 7,680,103 | ||||||||||||||||||||||
Total Investments (cost $197,776,007) – 103.3% | 374,407,959 | ||||||||||||||||||||||
Other Assets Less Liabilities – (3.3)% (3) | (12,049,653 | ) | |||||||||||||||||||||
Net Assets – 100% | $ | 362,358,306 |
Nuveen Investments
38
Investments in Derivatives as of December 31, 2013
Options Written outstanding:
Number of Contracts | Type | Notional Amount (4) | Expiration Date | Strike Price | Value (3) | ||||||||||||||||||
(62 | ) | MINI-NASDAQ-100 Index | $ | (21,080,000 | ) | 1/18/14 | $ | 3,400 | $ | (1,244,960 | ) | ||||||||||||
(61 | ) | MINI-NASDAQ-100 Index | (21,045,000 | ) | 1/18/14 | 3,450 | (932,690 | ) | |||||||||||||||
(64 | ) | MINI-NASDAQ-100 Index | (22,240,000 | ) | 1/18/14 | 3,475 | (830,400 | ) | |||||||||||||||
(63 | ) | MINI-NASDAQ-100 Index | (22,365,000 | ) | 1/18/14 | 3,550 | (430,290 | ) | |||||||||||||||
(66 | ) | MINI-NASDAQ-100 Index | (22,440,000 | ) | 2/22/14 | 3,400 | (1,401,510 | ) | |||||||||||||||
(62 | ) | MINI-NASDAQ-100 Index | (21,545,000 | ) | 2/22/14 | 3,475 | (934,030 | ) | |||||||||||||||
(64 | ) | MINI-NASDAQ-100 Index | (22,400,000 | ) | 2/22/14 | 3,500 | (839,040 | ) | |||||||||||||||
(64 | ) | MINI-NASDAQ-100 Index | (22,720,000 | ) | 2/22/14 | 3,550 | (614,080 | ) | |||||||||||||||
(107 | ) | S&P 500® Index | (19,046,000 | ) | 1/03/14 | 1,780 | (747,395 | ) | |||||||||||||||
(116 | ) | S&P 500® Index | (20,996,000 | ) | 1/10/14 | 1,810 | (498,800 | ) | |||||||||||||||
(113 | ) | S&P 500® Index | (20,057,500 | ) | 1/18/14 | 1,775 | (888,180 | ) | |||||||||||||||
(88 | ) | S&P 500® Index | (15,752,000 | ) | 1/18/14 | 1,790 | (566,720 | ) | |||||||||||||||
(108 | ) | S&P 500® Index | (19,440,000 | ) | 1/18/14 | 1,800 | (602,640 | ) | |||||||||||||||
(115 | ) | S&P 500® Index | (20,815,000 | ) | 1/18/14 | 1,810 | (539,350 | ) | |||||||||||||||
(121 | ) | S&P 500® Index | (21,780,000 | ) | 2/22/14 | 1,800 | (772,585 | ) | |||||||||||||||
(94 | ) | S&P 500® Index | (17,014,000 | ) | 2/22/14 | 1,810 | (529,220 | ) | |||||||||||||||
(120 | ) | S&P 500® Index | (22,080,000 | ) | 2/22/14 | 1,840 | (430,800 | ) | |||||||||||||||
(1,488 | ) | Total Options Written (premiums received $6,784,410) | $ | (352,815,500 | ) | $ | (12,802,690 | ) |
For Fund portfolio compliance purposes, the Fund's industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by 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 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 December 31, 2013
Shares | Description (1) | Value | |||||||||
LONG-TERM INVESTMENTS – 101.1% | |||||||||||
COMMON STOCKS – 101.1% (5) | |||||||||||
Aerospace & Defense – 3.0% | |||||||||||
17,408 | Boeing Company | $ | 2,376,018 | ||||||||
19,938 | Honeywell International Inc. | 1,821,735 | |||||||||
11,161 | Raytheon Company | 1,012,303 | |||||||||
21,581 | United Technologies Corporation | 2,455,918 | |||||||||
Total Aerospace & Defense | 7,665,974 | ||||||||||
Air Freight & Logistics – 0.6% | |||||||||||
15,007 | United Parcel Service, Inc., Class B | 1,576,936 | |||||||||
Airlines – 0.1% | |||||||||||
13,205 | Latam Airlines Group S.A, Sponsored ADR | 215,374 | |||||||||
Auto Components – 0.1% | |||||||||||
9,310 | Cooper Tire & Rubber | 223,812 | |||||||||
5,900 | Dana Holding Corporation | 115,758 | |||||||||
Total Auto Components | 339,570 | ||||||||||
Automobiles – 0.6% | |||||||||||
92,502 | Ford Motor Company | 1,427,306 | |||||||||
Beverages – 2.1% | |||||||||||
70,266 | Coca-Cola Company | 2,902,688 | |||||||||
28,103 | PepsiCo, Inc. | 2,330,863 | |||||||||
Total Beverages | 5,233,551 | ||||||||||
Biotechnology – 1.9% | |||||||||||
11,565 | Celgene Corporation, (2) | 1,954,022 | |||||||||
35,792 | Gilead Sciences, Inc., (2) | 2,689,769 | |||||||||
10,546 | PDL Biopahrma Inc. | 89,008 | |||||||||
Total Biotechnology | 4,732,799 | ||||||||||
Capital Markets – 2.2% | |||||||||||
46,972 | Charles Schwab Corporation | 1,221,272 | |||||||||
24,627 | Federated Investors Inc. | 709,258 | |||||||||
7,757 | Goldman Sachs Group, Inc. | 1,375,006 | |||||||||
44,507 | Morgan Stanley | 1,395,740 | |||||||||
14,786 | Waddell & Reed Financial, Inc., Class A | 962,864 | |||||||||
Total Capital Markets | 5,664,140 | ||||||||||
Chemicals – 2.9% | |||||||||||
22,557 | Dow Chemical Company | 1,001,531 | |||||||||
17,703 | E.I. Du Pont de Nemours and Company | 1,150,164 | |||||||||
14,249 | Eastman Chemical Company | 1,149,894 | |||||||||
10,640 | Monsanto Company | 1,240,092 | |||||||||
27,207 | Olin Corporation | 784,922 | |||||||||
7,340 | PPG Industries, Inc. | 1,392,104 | |||||||||
16,530 | RPM International, Inc. | 686,160 | |||||||||
Total Chemicals | 7,404,867 |
Nuveen Investments
40
Shares | Description (1) | Value | |||||||||
Commercial Banks – 2.7% | |||||||||||
12,743 | Comerica Incorporated | $ | 605,802 | ||||||||
12,783 | Fifth Third Bancorp. | 268,826 | |||||||||
11,582 | First Horizon National Corporation | 134,930 | |||||||||
8,574 | FirstMerit Corporation | 190,600 | |||||||||
49,105 | Huntington BancShares Inc. | 473,863 | |||||||||
33,673 | Regions Financial Corporation | 333,026 | |||||||||
33,569 | U.S. Bancorp | 1,356,188 | |||||||||
78,213 | Wells Fargo & Company | 3,550,870 | |||||||||
Total Commercial Banks | 6,914,105 | ||||||||||
Commercial Services & Supplies – 0.2% | |||||||||||
9,103 | Deluxe Corporation | 475,086 | |||||||||
8,400 | Kimball International Inc., Class B | 126,252 | |||||||||
Total Commercial Services & Supplies | 601,338 | ||||||||||
Communications Equipment – 2.2% | |||||||||||
2,984 | Blackberry Limited, (2) | 22,231 | |||||||||
103,837 | Cisco Systems, Inc. | 2,331,141 | |||||||||
11,542 | Motorola Solutions Inc. | 779,085 | |||||||||
32,090 | QUALCOMM, Inc. | 2,382,683 | |||||||||
Total Communications Equipment | 5,515,140 | ||||||||||
Computers & Peripherals – 3.8% | |||||||||||
14,183 | Apple, Inc. | 7,958,223 | |||||||||
40,436 | EMC Corporation | 1,016,965 | |||||||||
25,651 | Hewlett-Packard Company | 717,715 | |||||||||
Total Computers & Peripherals | 9,692,903 | ||||||||||
Consumer Finance – 0.7% | |||||||||||
20,573 | American Express Company | 1,866,588 | |||||||||
Containers & Packaging – 0.5% | |||||||||||
5,330 | Avery Dennison Corporation | 267,513 | |||||||||
15,192 | Packaging Corp. of America | 961,350 | |||||||||
Total Containers & Packaging | 1,228,863 | ||||||||||
Distributors – 0.0% | |||||||||||
796 | Genuine Parts Company | 66,219 | |||||||||
Diversified Consumer Services – 0.1% | |||||||||||
5,562 | Apollo Group, Inc., (2) | 151,954 | |||||||||
Diversified Financial Services – 5.8% | |||||||||||
200,358 | Bank of America Corporation | 3,119,574 | |||||||||
27,775 | Berkshire Hathaway Inc., Class B, (2) | 3,293,004 | |||||||||
52,605 | Citigroup Inc. | 2,741,247 | |||||||||
10,081 | CME Group, Inc. | 790,955 | |||||||||
3,704 | IntercontinentalExchange Group Inc. | 833,104 | |||||||||
64,689 | JP Morgan Chase & Co. | 3,783,013 | |||||||||
Total Diversified Financial Services | 14,560,897 | ||||||||||
Diversified Telecommunication Services – 2.5% | |||||||||||
3,700 | Alaska Communications Systems Group Inc., (2) | 7,844 | |||||||||
96,576 | AT&T Inc. | 3,395,612 | |||||||||
111,815 | Frontier Communications Corporation | 519,940 | |||||||||
47,132 | Verizon Communications Inc. | 2,316,066 | |||||||||
Total Diversified Telecommunication Services | 6,239,462 |
Nuveen Investments
41
JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Electric Utilities – 0.8% | |||||||||||
27,724 | Duke Energy Corporation | $ | 1,913,233 | ||||||||
876 | Great Plains Energy Incorporated | 21,234 | |||||||||
Total Electric Utilities | 1,934,467 | ||||||||||
Electrical Equipment – 1.0% | |||||||||||
3,151 | Eaton PLC | 239,854 | |||||||||
22,224 | Emerson Electric Company | 1,559,680 | |||||||||
6,854 | Rockwell Automation, Inc. | 809,869 | |||||||||
Total Electrical Equipment | 2,609,403 | ||||||||||
Electronic Equipment & Instruments – 0.4% | |||||||||||
48,583 | Corning Incorporated | 865,749 | |||||||||
Energy Equipment & Services – 2.1% | |||||||||||
12,363 | Baker Hughes Incorporated | 683,179 | |||||||||
1,152 | Carbo Ceramics Inc. | 134,243 | |||||||||
24,408 | Halliburton Company | 1,238,706 | |||||||||
9,961 | National-Oilwell Varco Inc. | 792,198 | |||||||||
12,997 | Noble Corporation PLC | 486,998 | |||||||||
20,806 | Schlumberger Limited | 1,874,829 | |||||||||
1,869 | Tidewater Inc. | 110,776 | |||||||||
Total Energy Equipment & Services | 5,320,929 | ||||||||||
Food & Staples Retailing – 2.2% | |||||||||||
28,828 | CVS Caremark Corporation | 2,063,220 | |||||||||
23,426 | SUPERVALU INC., (2) | 170,776 | |||||||||
34,385 | Wal-Mart Stores, Inc. | 2,705,756 | |||||||||
11,974 | Whole Foods Market, Inc. | 692,456 | |||||||||
Total Food & Staples Retailing | 5,632,208 | ||||||||||
Food Products – 1.5% | |||||||||||
13,960 | Archer-Daniels-Midland Company | 605,864 | |||||||||
17,628 | ConAgra Foods, Inc. | 594,064 | |||||||||
15,625 | Kraft Foods Inc. | 842,500 | |||||||||
46,877 | Mondelez International Inc. | 1,654,758 | |||||||||
Total Food Products | 3,697,186 | ||||||||||
Gas Utilities – 0.6% | |||||||||||
13,418 | AGL Resources Inc. | 633,732 | |||||||||
14,636 | ONEOK, Inc. | 910,066 | |||||||||
Total Gas Utilities | 1,543,798 | ||||||||||
Health Care Equipment & Supplies – 1.6% | |||||||||||
45,691 | Abbott Laboratories | 1,751,336 | |||||||||
28,854 | Boston Scientific Corporation, (2) | 346,825 | |||||||||
3,976 | Hologic Inc., (2) | 88,864 | |||||||||
31,998 | Medtronic, Inc. | 1,836,365 | |||||||||
Total Health Care Equipment & Supplies | 4,023,390 | ||||||||||
Health Care Providers & Services – 2.0% | |||||||||||
9,358 | Aetna Inc. | 641,865 | |||||||||
1,637 | Brookdale Senior Living Inc., (2) | 44,494 | |||||||||
16,284 | Express Scripts, Holding Company, (2) | 1,143,788 | |||||||||
5,614 | Humana Inc. | 579,477 | |||||||||
6,162 | Tenet Healthcare Corporation, (2) | 259,543 | |||||||||
21,124 | UnitedHealth Group Incorporated | 1,590,637 | |||||||||
9,222 | Wellpoint Inc. | 852,021 | |||||||||
Total Health Care Providers & Services | 5,111,825 |
Nuveen Investments
42
Shares | Description (1) | Value | |||||||||
Hotels, Restaurants & Leisure – 1.4% | |||||||||||
9,393 | International Game Technology | $ | 170,577 | ||||||||
21,646 | McDonald's Corporation | 2,100,311 | |||||||||
13,188 | MGM Resorts International Inc., (2) | 310,182 | |||||||||
43,350 | The Wendy's Company | 378,012 | |||||||||
4,557 | Tim Hortons Inc. | 266,038 | |||||||||
5,749 | Wyndham Worldwide Corporation | 423,644 | |||||||||
Total Hotels, Restaurants & Leisure | 3,648,764 | ||||||||||
Household Durables – 0.6% | |||||||||||
9,410 | KB Home | 172,015 | |||||||||
7,325 | Lennar Corporation, Class A | 289,777 | |||||||||
16,964 | Newell Rubbermaid Inc. | 549,803 | |||||||||
2,393 | Whirlpool Corporation | 375,366 | |||||||||
Total Household Durables | 1,386,961 | ||||||||||
Household Products – 2.2% | |||||||||||
10,456 | Colgate-Palmolive Company | 681,836 | |||||||||
9,977 | Kimberly-Clark Corporation | 1,042,197 | |||||||||
46,510 | Procter & Gamble Company | 3,786,379 | |||||||||
Total Household Products | 5,510,412 | ||||||||||
Industrial Conglomerates – 2.0% | |||||||||||
15,041 | 3M Co. | 2,109,500 | |||||||||
108,753 | General Electric Company | 3,048,347 | |||||||||
Total Industrial Conglomerates | 5,157,847 | ||||||||||
Insurance – 2.8% | |||||||||||
16,090 | Arthur J. Gallagher & Co. | 755,104 | |||||||||
16,883 | Fidelity National Title Group Inc., Class A | 547,853 | |||||||||
20,130 | Genworth Financial Inc., Class A, (2) | 312,619 | |||||||||
12,560 | Kemper Corporation | 513,453 | |||||||||
26,486 | Lincoln National Corporation | 1,367,207 | |||||||||
26,240 | Marsh & McLennan Companies, Inc. | 1,268,966 | |||||||||
5,504 | Mercury General Corporation | 273,604 | |||||||||
10,189 | Prudential Financial, Inc. | 939,630 | |||||||||
11,626 | Travelers Companies, Inc. | 1,052,618 | |||||||||
Total Insurance | 7,031,054 | ||||||||||
Internet & Catalog Retail – 1.3% | |||||||||||
7,722 | Amazon.com, Inc., (2) | 3,079,456 | |||||||||
4,592 | FTD Companies Inc., (2) | 149,607 | |||||||||
Total Internet & Catalog Retail | 3,229,063 | ||||||||||
Internet Software & Services – 3.2% | |||||||||||
3,711 | Akamai Technologies, Inc., (2) | 175,085 | |||||||||
25,659 | eBay Inc., (2) | 1,408,423 | |||||||||
4,340 | Google Inc., Class A, (2) | 4,863,881 | |||||||||
3,280 | United Online, Inc. | 45,133 | |||||||||
6,424 | VeriSign, Inc., (2) | 384,027 | |||||||||
27,685 | Yahoo! Inc., (2) | 1,119,581 | |||||||||
Total Internet Software & Services | 7,996,130 | ||||||||||
IT Services – 3.8% | |||||||||||
28,378 | Automatic Data Processing, Inc. | 2,293,226 | |||||||||
9,387 | Cognizant Technology Solutions Corporation, Class A, (2) | 947,899 | |||||||||
11,474 | Fidelity National Information Services | 615,924 | |||||||||
18,769 | International Business Machines Corporation (IBM) | 3,520,501 |
Nuveen Investments
43
JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
IT Services (continued) | |||||||||||
2,687 | Lender Processing Services Inc., (2) | $ | 100,440 | ||||||||
9,814 | Visa Inc. | 2,185,382 | |||||||||
Total IT Services | 9,663,372 | ||||||||||
Leisure Equipment & Products – 0.4% | |||||||||||
21,208 | Mattel, Inc. | 1,009,077 | |||||||||
634 | Polaris Industries Inc. | 92,336 | |||||||||
Total Leisure Equipment & Products | 1,101,413 | ||||||||||
Life Sciences Tools & Services – 0.2% | |||||||||||
1,370 | Covance, Inc., (2) | 120,642 | |||||||||
4,213 | Life Technologies Corporation, (2) | 319,345 | |||||||||
Total Life Sciences Tools & Services | 439,987 | ||||||||||
Machinery – 2.7% | |||||||||||
3,706 | Briggs & Stratton Corporation | 80,643 | |||||||||
12,391 | Caterpillar Inc. | 1,125,227 | |||||||||
3,049 | Cummins Inc. | 429,818 | |||||||||
11,246 | Deere & Company | 1,027,097 | |||||||||
13,943 | Illinois Tool Works, Inc. | 1,172,327 | |||||||||
5,351 | Pentair Limited | 415,612 | |||||||||
11,866 | Snap-on Incorporated | 1,299,564 | |||||||||
15,824 | Stanley Black & Decker Inc. | 1,276,839 | |||||||||
Total Machinery | 6,827,127 | ||||||||||
Media – 4.1% | |||||||||||
12,544 | CBS Corporation, Class B | 799,555 | |||||||||
55,015 | Comcast Corporation, Class A | 2,858,854 | |||||||||
14,912 | DirecTV, (2) | 1,030,270 | |||||||||
8,126 | Gannett Company Inc. | 240,367 | |||||||||
5,070 | Lamar Advertising Company, (2) | 264,908 | |||||||||
28,121 | New York Times, Class A | 446,280 | |||||||||
27,140 | Regal Entertainment Group, Class A | 527,873 | |||||||||
45,144 | Sirius XM Holdings Inc., (2) | 157,553 | |||||||||
66,379 | Twenty First Century Fox Inc., Class A Shares | 2,335,213 | |||||||||
17,340 | Walt Disney Company | 1,324,776 | |||||||||
24,892 | World Wrestling Entertainment Inc. | 412,709 | |||||||||
Total Media | 10,398,358 | ||||||||||
Metals & Mining – 0.5% | |||||||||||
4,770 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 29,574 | |||||||||
23,593 | Freeport-McMoRan Copper & Gold, Inc. | 890,400 | |||||||||
10,237 | Southern Copper Corporation | 293,904 | |||||||||
3,047 | United States Steel Corporation | 89,887 | |||||||||
Total Metals & Mining | 1,303,765 | ||||||||||
Multiline Retail – 0.7% | |||||||||||
7,375 | Nordstrom, Inc. | 455,775 | |||||||||
18,749 | Target Corporation | 1,186,249 | |||||||||
Total Multiline Retail | 1,642,024 | ||||||||||
Multi-Utilities – 1.4% | |||||||||||
14,000 | Ameren Corporation | 506,240 | |||||||||
52,946 | CenterPoint Energy, Inc. | 1,227,288 | |||||||||
7,260 | Consolidated Edison, Inc. | 401,333 | |||||||||
22,250 | Dominion Resources, Inc. | 1,439,353 | |||||||||
Total Multi-Utilities | 3,574,214 |
Nuveen Investments
44
Shares | Description (1) | Value | |||||||||
Oil, Gas & Consumable Fuels – 8.8% | |||||||||||
25,995 | Chesapeake Energy Corporation | $ | 705,504 | ||||||||
34,906 | Chevron Corporation | 4,360,108 | |||||||||
20,462 | ConocoPhillips | 1,445,640 | |||||||||
11,317 | CONSOL Energy Inc. | 430,499 | |||||||||
6,936 | EOG Resources, Inc. | 1,164,138 | |||||||||
70,915 | Exxon Mobil Corporation | 7,176,598 | |||||||||
7,395 | Hess Corporation | 613,785 | |||||||||
20,768 | Marathon Oil Corporation | 733,110 | |||||||||
10,284 | Marathon Petroleum Corporation | 943,351 | |||||||||
16,727 | Occidental Petroleum Corporation | 1,590,738 | |||||||||
17,748 | Peabody Energy Corporation | 346,618 | |||||||||
10,973 | Phillips 66 | 846,347 | |||||||||
24,031 | Ship Financial International Limited | 393,628 | |||||||||
17,375 | Southwestern Energy Company, (2) | 683,359 | |||||||||
16,856 | Valero Energy Corporation | 849,542 | |||||||||
Total Oil, Gas & Consumable Fuels | 22,282,965 | ||||||||||
Personal Products – 0.1% | |||||||||||
21,653 | Avon Products, Inc. | 372,865 | |||||||||
Pharmaceuticals – 6.3% | |||||||||||
38,882 | AbbVie Inc. | 2,053,358 | |||||||||
476 | AstraZeneca PLC, Sponsored ADR | 28,260 | |||||||||
36,576 | Bristol-Myers Squibb Company | 1,944,014 | |||||||||
12,124 | Eli Lilly and Company | 618,324 | |||||||||
52,429 | Johnson & Johnson | 4,801,972 | |||||||||
56,106 | Merck & Company Inc. | 2,808,105 | |||||||||
108,416 | Pfizer Inc. | 3,320,782 | |||||||||
5,422 | Sanofi-Aventis, Sponsored ADR | 290,782 | |||||||||
Total Pharmaceuticals | 15,865,597 | ||||||||||
Real Estate Investment Trust – 1.9% | |||||||||||
46,182 | Annaly Capital Management Inc. | 460,435 | |||||||||
35,857 | Brandywine Realty Trust | 505,225 | |||||||||
14,334 | CubeSmart | 228,484 | |||||||||
16,442 | Hospitality Properties Trust | 444,427 | |||||||||
54,457 | Lexington Corporate Properties Trust | 556,006 | |||||||||
32,604 | Senior Housing Properties Trust | 724,787 | |||||||||
23,740 | Ventas Inc. | 1,359,827 | |||||||||
19,112 | Weyerhaeuser Company | 603,366 | |||||||||
Total Real Estate Investment Trust | 4,882,557 | ||||||||||
Road & Rail – 0.8% | |||||||||||
12,155 | Union Pacific Corporation | 2,042,040 | |||||||||
Semiconductors & Equipment – 2.5% | |||||||||||
15,548 | Analog Devices, Inc. | 791,860 | |||||||||
35,188 | Applied Materials, Inc. | 622,476 | |||||||||
959 | First Solar Inc., (2) | 52,400 | |||||||||
99,422 | Intel Corporation | 2,580,996 | |||||||||
17,124 | Microchip Technology Incorporated | 766,299 | |||||||||
19,215 | NVIDIA Corporation | 307,824 | |||||||||
27,352 | Texas Instruments Incorporated | 1,201,026 | |||||||||
Total Semiconductors & Equipment | 6,322,881 | ||||||||||
Software – 3.7% | |||||||||||
16,588 | Adobe Systems Incorporated, (2) | 993,289 | |||||||||
8,286 | Autodesk, Inc., (2) | 417,034 | |||||||||
122,975 | Microsoft Corporation | 4,602,954 |
Nuveen Investments
45
JPG Nuveen Equity Premium and Growth Fund (continued)
Portfolio of Investments December 31, 2013
Shares | Description (1) | Value | |||||||||
Software (continued) | |||||||||||
65,063 | Oracle Corporation | $ | 2,489,310 | ||||||||
16,980 | Salesforce.com, Inc., (2) | 937,126 | |||||||||
Total Software | 9,439,713 | ||||||||||
Specialty Retail – 2.3% | |||||||||||
6,506 | Abercrombie & Fitch Co., Class A | 214,112 | |||||||||
19,409 | American Eagle Outfitters, Inc. | 279,490 | |||||||||
14,239 | Best Buy Co., Inc. | 567,851 | |||||||||
1,872 | CST Brands Inc. | 68,740 | |||||||||
10,523 | Gap, Inc. | 411,239 | |||||||||
15,188 | Home Depot, Inc. | 1,250,581 | |||||||||
13,955 | L Brands Inc. | 863,117 | |||||||||
14,954 | Lowe's Companies, Inc. | 740,971 | |||||||||
7,525 | Tiffany & Co. | 698,170 | |||||||||
10,968 | TJX Companies, Inc. | 698,991 | |||||||||
Total Specialty Retail | 5,793,262 | �� | |||||||||
Textiles, Apparel & Luxury Goods – 0.5% | |||||||||||
20,604 | VF Corporation | 1,284,453 | |||||||||
Thrifts & Mortgage Finance – 0.3% | |||||||||||
41,183 | New York Community Bancorp Inc. | 693,934 | |||||||||
Tobacco – 2.1% | |||||||||||
50,557 | Altria Group, Inc. | 1,940,883 | |||||||||
28,556 | Philip Morris International | 2,488,084 | |||||||||
17,888 | Reynolds American Inc. | 894,221 | |||||||||
Total Tobacco | 5,323,188 | ||||||||||
Trading Companies & Distributors – 0.3% | |||||||||||
3,200 | W.W. Grainger, Inc. | 817,344 | |||||||||
Wireless Telecommunication Services – 0.0% | |||||||||||
3,490 | Sprint Corporation, (2) | 37,518 | |||||||||
1,065 | Vodafone Group PLC, Sponsored ADR | 41,865 | |||||||||
Total Wireless Telecommunication Services | 79,383 | ||||||||||
Total Long-Term Investments (cost $158,236,829) | 255,947,614 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||||
SHORT-TERM INVESTMENTS – 1.3% | |||||||||||||||||||||||
$ | 3,222 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/13, repurchase price $3,221,863, collateralized by $3,090,000 U.S. Treasury Notes, 2.000%, due 11/30/20, value $3,016,613 and collateralized by $235,000 U.S. Treasury Bonds, 4.625%, due 2/15/40, value $270,838 | 0.000 | % | 1/02/14 | | $ | 3,221,863 | |||||||||||||||
Total Short-Term Investments (cost $3,221,863) | 3,221,863 | ||||||||||||||||||||||
Total Investments (cost $161,458,692) – 102.4% | 259,169,477 | ||||||||||||||||||||||
Other Assets Less Liabilities – (2.4)% (3) | (5,953,670 | ) | |||||||||||||||||||||
Net Assets – 100% | $ | 253,215,807 |
Nuveen Investments
46
Investments in Derivatives as of December 31, 2013
Options Written outstanding:
Number of Contracts | Type | Notional Amount (4) | Expiration Date | Strike Price | Value (3) | ||||||||||||||||||
(126 | ) | S&P 500® Index | $ | (22,428,000 | ) | 1/03/14 | $ | 1,780 | $ | (880,110 | ) | ||||||||||||
(123 | ) | S&P 500® Index | (22,263,000 | ) | 1/10/14 | 1,810 | (528,900 | ) | |||||||||||||||
(130 | ) | S&P 500® Index | (23,075,000 | ) | 1/18/14 | 1,775 | (1,021,800 | ) | |||||||||||||||
(102 | ) | S&P 500® Index | (18,258,000 | ) | 1/18/14 | 1,790 | (656,880 | ) | |||||||||||||||
(133 | ) | S&P 500® Index | (23,940,000 | ) | 1/18/14 | 1,800 | (742,140 | ) | |||||||||||||||
(131 | ) | S&P 500® Index | (23,711,000 | ) | 1/18/14 | 1,810 | (614,390 | ) | |||||||||||||||
(129 | ) | S&P 500® Index | (23,220,000 | ) | 2/22/14 | 1,800 | (823,665 | ) | |||||||||||||||
(101 | ) | S&P 500® Index | (18,281,000 | ) | 2/22/14 | 1,810 | (568,630 | ) | |||||||||||||||
(128 | ) | S&P 500® Index | (23,552,000 | ) | 2/22/14 | 1,840 | (459,520 | ) | |||||||||||||||
(1,103 | ) | Total Options Written (premiums received $3,027,743) | $ | (198,728,000 | ) | $ | (6,296,035 | ) |
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 options written.
ADR American Depositary Receipt.
See accompanying notes to financial statements.
Nuveen Investments
47
Statement of
Assets and Liabilities December 31, 2013
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Assets | |||||||||||||||||||
Long-term Investments, at value (cost $323,246,746, $519,370,589, $190,095,904 and $158,236,829, respectively) | $ | 536,793,109 | $ | 917,976,260 | $ | 366,727,856 | $ | 255,947,614 | |||||||||||
Short-term Investments, at value (cost approximates value) | 10,245,579 | 18,587,179 | 7,680,103 | 3,221,863 | |||||||||||||||
Cash | — | — | — | 123,900 | |||||||||||||||
Receivable for: | |||||||||||||||||||
Dividends | 936,239 | 1,180,059 | 352,043 | 375,505 | |||||||||||||||
Premiums on options written | 334,530 | 1,059,725 | 966,740 | 136,290 | |||||||||||||||
Reclaims | 571 | — | 145 | — | |||||||||||||||
Other assets | 58,170 | 92,006 | 36,760 | 23,215 | |||||||||||||||
Total assets | 548,368,198 | 938,895,229 | 375,763,647 | 259,828,387 | |||||||||||||||
Liabilities | |||||||||||||||||||
Cash overdraft | 331,470 | 353,115 | 161,069 | — | |||||||||||||||
Options written, at value (premiums received $7,923,665, $15,265,138, $6,784,410 and $3,027,743, respectively) | 16,316,975 | 29,986,515 | 12,802,690 | 6,296,035 | |||||||||||||||
Accrued expenses: | |||||||||||||||||||
Management fees | 390,172 | 659,551 | 266,848 | 181,384 | |||||||||||||||
Trustees fees | 58,027 | 92,415 | 36,503 | 22,769 | |||||||||||||||
Other | 159,060 | 297,537 | 138,231 | 112,392 | |||||||||||||||
Total liabilities | 17,255,704 | 31,389,133 | 13,405,341 | 6,612,580 | |||||||||||||||
Net assets | $ | 531,112,494 | $ | 907,506,096 | $ | 362,358,306 | $ | 253,215,807 | |||||||||||
Shares outstanding | 38,464,973 | 66,487,744 | 25,679,417 | 16,152,579 | |||||||||||||||
Net asset value per share outstanding | $ | 13.81 | $ | 13.65 | $ | 14.11 | $ | 15.68 | |||||||||||
Net assets consist of: | |||||||||||||||||||
Shares, $.01 par value per share | $ | 384,650 | $ | 664,877 | $ | 256,794 | $ | 161,526 | |||||||||||
Paid-in surplus | 417,601,785 | 648,392,177 | 231,640,499 | 210,272,946 | |||||||||||||||
Undistributed (Over-distribution of) net investment income | — | — | — | — | |||||||||||||||
Accumulated net realized gain (loss) | (92,026,994 | ) | (125,435,252 | ) | (40,152,659 | ) | (51,661,158 | ) | |||||||||||
Net unrealized appreciation (depreciation) | 205,153,053 | 383,884,294 | 170,613,672 | 94,442,493 | |||||||||||||||
Net assets | $ | 531,112,494 | $ | 907,506,096 | $ | 362,358,306 | $ | 253,215,807 | |||||||||||
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited |
See accompanying notes to financial statements.
Nuveen Investments
48
Statement of
Operations Year Ended December 31, 2013
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Investment Income | |||||||||||||||||||
Dividends (net of foreign tax withheld of $5,076, $28,771, $8,040 and $7,615, respectively) | $ | 12,749,480 | $ | 19,261,948 | $ | 6,876,688 | $ | 5,866,791 | |||||||||||
Interest | 875 | 1,679 | 575 | 357 | |||||||||||||||
Total investment income | 12,750,355 | 19,263,627 | 6,877,263 | 5,867,148 | |||||||||||||||
Expenses | |||||||||||||||||||
Management fees | 4,530,741 | 7,672,785 | 3,067,850 | 2,076,493 | |||||||||||||||
Shareholder servicing agent fees and expenses | 1,000 | 1,624 | 551 | 266 | |||||||||||||||
Custodian fees and expenses | 89,961 | 145,114 | 74,652 | 52,062 | |||||||||||||||
Trustees fees and expenses | 21,444 | 36,650 | 14,553 | 10,057 | |||||||||||||||
Professional fees | 49,349 | 63,157 | 43,044 | 39,030 | |||||||||||||||
Shareholder reporting expenses | 105,337 | 185,225 | 61,770 | 45,669 | |||||||||||||||
Stock exchange listing fees | 12,285 | 21,235 | 8,586 | 8,586 | |||||||||||||||
Investor relations expenses | 115,912 | 195,787 | 63,713 | 72,579 | |||||||||||||||
Other expenses | 72,813 | 226,247 | 107,052 | 48,845 | |||||||||||||||
Total expenses before expense reimbursement | 4,998,842 | 8,547,824 | 3,441,771 | 2,353,587 | |||||||||||||||
Expense reimbursement | — | (52,297 | ) | — | — | ||||||||||||||
Net expenses | 4,998,842 | 8,495,527 | 3,441,771 | 2,353,587 | |||||||||||||||
Net investment income (loss) | 7,751,513 | 10,768,100 | 3,435,492 | 3,513,561 | |||||||||||||||
Realized and Unrealized Gain (Loss) | |||||||||||||||||||
Net realized gain (loss) from: | |||||||||||||||||||
Investments and foreign currency | 45,642,380 | 96,187,770 | 49,444,447 | 17,602,323 | |||||||||||||||
Options written | (69,124,090 | ) | (122,051,010 | ) | (48,969,808 | ) | (26,053,355 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
Investments and foreign currency | 90,331,208 | 142,463,927 | 50,810,979 | 46,841,353 | |||||||||||||||
Options written | (6,774,541 | ) | (12,057,093 | ) | (5,382,212 | ) | (2,602,360 | ) | |||||||||||
Net realized and unrealized gain (loss) | 60,074,957 | 104,543,594 | 45,903,406 | 35,787,961 | |||||||||||||||
Net increase (decrease) in net assets from operations | $ | 67,826,470 | $ | 115,311,694 | $ | 49,338,898 | $ | 39,301,522 |
See accompanying notes to financial statements.
Nuveen Investments
49
Statement of
Changes in Net Assets
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | ||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/13 | Year Ended 12/31/12 | ||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 7,751,513 | $ | 9,410,446 | $ | 10,768,100 | $ | 12,936,622 | |||||||||||
Net realized gain (loss) from: | |||||||||||||||||||
Investments and foreign currency | 45,642,380 | 14,716,979 | 96,187,770 | 36,351,932 | |||||||||||||||
Options written | (69,124,090 | ) | (22,510,016 | ) | (122,051,010 | ) | (45,753,145 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
Investments and foreign currency | 90,331,208 | 50,950,393 | 142,463,927 | 83,633,596 | |||||||||||||||
Options written | (6,774,541 | ) | (1,764,899 | ) | (12,057,093 | ) | (5,845,583 | ) | |||||||||||
Net increase (decrease) in net assets from operations | 67,826,470 | 50,802,903 | 115,311,694 | 81,323,422 | |||||||||||||||
Distributions to Shareholders | |||||||||||||||||||
From net investment income | (7,703,790 | ) | (9,513,512 | ) | (10,773,289 | ) | (13,421,449 | ) | |||||||||||
Return of capital | (33,992,241 | ) | (32,189,236 | ) | (63,427,033 | ) | (60,782,807 | ) | |||||||||||
Decrease in net assets from distributions to shareholders | (41,696,031 | ) | (41,702,748 | ) | (74,200,322 | ) | (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 | 26,130,439 | 8,896,721 | 41,111,372 | 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 | $ | 531,112,494 | $ | 504,982,055 | $ | 907,506,096 | $ | 866,394,724 | |||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | — | $ | — | $ | — | $ | — |
See accompanying notes to financial statements.
Nuveen Investments
50
Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/13 | Year Ended 12/31/12 | ||||||||||||||||
Operations | |||||||||||||||||||
Net investment income (loss) | $ | 3,435,492 | $ | 3,614,555 | $ | 3,513,561 | $ | 4,074,097 | |||||||||||
Net realized gain (loss) from: | |||||||||||||||||||
Investments and foreign currency | 49,444,447 | 24,558,199 | 17,602,323 | 5,360,151 | |||||||||||||||
Options written | (48,969,808 | ) | (21,432,485 | ) | (26,053,355 | ) | (7,866,299 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | |||||||||||||||||||
Investments and foreign currency | 50,810,979 | 28,048,972 | 46,841,353 | 23,903,760 | |||||||||||||||
Options written | (5,382,212 | ) | (3,025,148 | ) | (2,602,360 | ) | (855,286 | ) | |||||||||||
Net increase (decrease) in net assets from operations | 49,338,898 | 31,764,093 | 39,301,522 | 24,616,423 | |||||||||||||||
Distributions to Shareholders | |||||||||||||||||||
From net investment income | (3,442,882 | ) | (5,357,420 | ) | (3,514,811 | ) | (4,142,189 | ) | |||||||||||
Return of capital | (25,728,936 | ) | (23,850,406 | ) | (14,576,077 | ) | (13,959,339 | ) | |||||||||||
Decrease in net assets from distributions to shareholders | (29,171,818 | ) | (29,207,826 | ) | (18,090,888 | ) | (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 | 20,167,080 | 1,662,576 | 21,210,634 | 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 | $ | 362,358,306 | $ | 342,191,226 | $ | 253,215,807 | $ | 232,005,173 | |||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | — | $ | — | $ | — | $ | — |
See accompanying notes to financial statements.
Nuveen Investments
51
Financial
Highlights
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning Net Asset Value | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Return of Capital | Total | Discount From Shares Repurchased and Retired | Ending Net Asset Value | Ending Market Value | |||||||||||||||||||||||||||||||||||||
Equity Premium Income (JPZ) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 13.13 | $ | .20 | $ | 1.56 | $ | 1.76 | $ | (.20 | ) | $ | — | $ | (.88 | ) | $ | (1.08 | ) | $ | — | $ | 13.81 | $ | 12.55 | ||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Equity Premium Opportunity (JSN) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 13.03 | .16 | 1.58 | 1.74 | (.16 | ) | — | (.96 | ) | (1.12 | ) | — | 13.65 | 12.65 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Equity Premium Advantage (JLA) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 13.33 | .13 | 1.79 | 1.92 | (.13 | ) | — | (1.01 | ) | (1.14 | ) | — | 14.11 | 12.64 | |||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
Equity Premium and Growth (JPG) | |||||||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 14.36 | .22 | 2.22 | 2.44 | (.22 | ) | — | (.90 | ) | (1.12 | ) | — | 15.68 | 14.12 | |||||||||||||||||||||||||||||||||
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 |
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Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||||
Total Returns | Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(c) | |||||||||||||||||||||||||||||||||
Based on Net Asset Value(b) | Based on Market Value(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||||||
Equity Premium Income (JPZ) | |||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||
2013 | 13.85 | % | 15.53 | % | $ | 531,112 | .96 | % | 1.48 | % | N/A | N/A | — | %** | |||||||||||||||||||||
2012 | 10.43 | 15.58 | 504,982 | .96 | 1.78 | .91 | % | 1.84 | % | 3 | |||||||||||||||||||||||||
2011 | 5.63 | (3.41 | ) | 496,085 | .97 | 1.60 | .84 | 1.73 | 4 | ||||||||||||||||||||||||||
2010 | 12.22 | 8.10 | 515,590 | .98 | 1.78 | .77 | 1.99 | 3 | |||||||||||||||||||||||||||
2009 | 13.74 | 35.46 | 502,488 | .99 | 1.93 | .71 | 2.21 | 9 | |||||||||||||||||||||||||||
Equity Premium Opportunity (JSN) | |||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||
2013 | 13.74 | 14.50 | 907,506 | .95 | 1.20 | .95 | 1.20 | 1 | |||||||||||||||||||||||||||
2012 | 9.62 | 15.68 | 866,395 | .96 | 1.39 | .88 | 1.47 | 6 | |||||||||||||||||||||||||||
2011 | 5.78 | (2.02 | ) | 859,329 | .96 | 1.23 | .81 | 1.38 | 4 | ||||||||||||||||||||||||||
2010 | 11.17 | 7.85 | 891,517 | .97 | 1.15 | .75 | 1.37 | 3 | |||||||||||||||||||||||||||
2009 | 16.39 | 38.49 | 878,321 | .98 | 1.35 | .68 | 1.65 | 4 | |||||||||||||||||||||||||||
Equity Premium Advantage (JLA) | |||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||
2013 | 14.88 | 16.23 | 362,358 | .97 | .97 | N/A | N/A | 6 | |||||||||||||||||||||||||||
2012 | 9.54 | 13.89 | 342,191 | .99 | 1.04 | N/A | N/A | 6 | |||||||||||||||||||||||||||
2011 | 6.35 | (1.82 | ) | 340,529 | .98 | .83 | .94 | .87 | 14 | ||||||||||||||||||||||||||
2010 | 10.83 | 8.95 | 352,431 | 1.00 | .66 | .85 | .80 | 5 | |||||||||||||||||||||||||||
2009 | 20.21 | 41.37 | 349,898 | 1.01 | .82 | .81 | 1.02 | 10 | |||||||||||||||||||||||||||
Equity Premium and Growth (JPG) | |||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||
2013 | 17.47 | 18.32 | 253,216 | .96 | 1.43 | N/A | N/A | 1 | |||||||||||||||||||||||||||
2012 | 11.03 | 16.58 | 232,005 | .96 | 1.74 | N/A | N/A | 1 | |||||||||||||||||||||||||||
2011 | 4.89 | (4.88 | ) | 225,664 | .96 | 1.66 | N/A | N/A | 4 | ||||||||||||||||||||||||||
2010 | 12.60 | 14.90 | 235,095 | .98 | 1.75 | N/A | N/A | 3 | |||||||||||||||||||||||||||
2009 | 14.77 | 33.63 | 226,187 | .98 | 1.99 | N/A | N/A | 6 |
(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) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 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.
** Rounds to less than 1%.
See accompanying notes to financial statements.
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53
Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund 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.
Investment Adviser
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.
Investment Objectives
Equity Premium Income's (JPZ) investment objective is to provide a high level of current income and gains. 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 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").
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54
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. 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 years ended December 31, 2013 and December 31, 2012, are reflected in the accompanying financial statements.
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 may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund 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, each Fund manages its cash collateral and securities collateral on a counterparty basis. As of December 31, 2013, the Funds were not invested in any portfolio securities or derivatives, other than repurchase agreements further described in Note 3 – Portfolio Securities and Investments in Derivatives that are subject to 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
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55
Notes to Financial Statements (continued)
the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time 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 | $ | 536,793,109 | $ | — | $ | — | $ | 536,793,109 | |||||||||||
Short-Term Investments: | |||||||||||||||||||
Repurchase Agreements | — | 10,245,579 | — | 10,245,579 | |||||||||||||||
Derivatives: | |||||||||||||||||||
Options Written | (16,316,975 | ) | — | — | (16,316,975 | ) | |||||||||||||
Total | $ | 520,476,134 | $ | 10,245,579 | $ | — | $ | 530,721,713 | |||||||||||
Equity Premium Opportunity (JSN) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Long-Term Investments*: | |||||||||||||||||||
Common Stocks | $ | 917,976,260 | $ | — | $ | — | $ | 917,976,260 | |||||||||||
Short-Term Investments: | |||||||||||||||||||
Repurchase Agreements | — | 18,587,179 | — | 18,587,179 | |||||||||||||||
Derivatives: | |||||||||||||||||||
Options Written | (29,986,515 | ) | — | — | (29,986,515 | ) | |||||||||||||
Total | $ | 887,989,745 | $ | 18,587,179 | $ | — | $ | 906,576,924 |
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Equity Premium Advantage (JLA) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Long-Term Investments*: | |||||||||||||||||||
Common Stocks | $ | 366,727,856 | $ | — | $ | — | $ | 366,727,856 | |||||||||||
Short-Term Investments: | |||||||||||||||||||
Repurchase Agreements | — | 7,680,103 | — | 7,680,103 | |||||||||||||||
Derivatives: | |||||||||||||||||||
Options Written | (12,802,690 | ) | — | — | (12,802,690 | ) | |||||||||||||
Total | $ | 353,925,166 | $ | 7,680,103 | $ | — | $ | 361,605,269 | |||||||||||
Equity Premium and Growth (JPG) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Long-Term Investments*: | |||||||||||||||||||
Common Stocks | $ | 255,947,614 | $ | — | $ | — | $ | 255,947,614 | |||||||||||
Short-Term Investments: | |||||||||||||||||||
Repurchase Agreements | — | 3,221,863 | — | 3,221,863 | |||||||||||||||
Derivatives: | |||||||||||||||||||
Options Written | (6,296,035 | ) | — | — | (6,296,035 | ) | |||||||||||||
Total | $ | 249,651,579 | $ | 3,221,863 | $ | — | $ | 252,873,442 |
* 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.
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.
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57
Notes to Financial Statements (continued)
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 forward 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.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
Fund | Counterparty | Short-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | |||||||||||||||
Equity Premium Income (JPZ) | Fixed Income Clearing Corporation | $ | 10,245,579 | $ | (10,245,579 | ) | $ | — | |||||||||||
Equity Premium Opportunity (JSN) | Fixed Income Clearing Corporation | $ | 18,587,179 | $ | (18,587,179 | ) | $ | — | |||||||||||
Equity Premium Advantage (JLA) | Fixed Income Clearing Corporation | $ | 7,680,103 | $ | (7,680,103 | ) | $ | — | |||||||||||
Equity Premium and Growth (JPG) | Fixed Income Clearing Corporation | $ | 3,221,863 | $ | (3,221,863 | ) | $ | — |
* As of December 31, 2013, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund's Portfolio of Investments for details on the repurchase agreements.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments, such as futures, options and swap contracts. Each Fund limits 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 a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of "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 a 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 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 options written" on the Statement of Operations. The Fund, as a writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
During the fiscal year ended December 31, 2013, each Fund wrote 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 options on the S&P 500® Index. Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA) wrote options on a blend of the S&P 500® and NASDAQ 100 Indexes.
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The average notional amount of outstanding options contracts during the fiscal year ended December 31, 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 options written* | $ | (504,057,300 | ) | $ | (862,987,700 | ) | $ | (342,056,350 | ) | $ | (190,146,000 | ) |
* 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 December 31, 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 | — | $ | — | Options written, at value | $ | (16,316,975 | ) | |||||||||||||||
Equity Premium Opportunity (JSN) | |||||||||||||||||||||||
Equity price | Options | — | $ | — | Options written, at value | $ | (29,986,515 | ) | |||||||||||||||
Equity Premium Advantage (JLA) | |||||||||||||||||||||||
Equity price | Options | — | $ | — | Options written, at value | $ | (12,802,690 | ) | |||||||||||||||
Equity Premium and Growth (JPG) | |||||||||||||||||||||||
Equity price | Options | — | $ | — | Options written, at value | $ | (6,296,035 | ) |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on options contracts during the fiscal year ended December 31, 2013, and the primary underlying risk exposure.
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Options Written | Change in Net Unrealized Appreciation (Depreciation) of Options Written | |||||||||||||||
Equity Premium Income (JPZ) | Equity price | Options | $ | (69,124,090 | ) | $ | (6,774,541 | ) | |||||||||||
Equity Premium Opportunity (JSN) | Equity price | Options | (122,051,010 | ) | (12,057,093 | ) | |||||||||||||
Equity Premium Advantage (JLA) | Equity price | Options | (48,969,808 | ) | (5,382,212 | ) | |||||||||||||
Equity Premium and Growth (JPG) | Equity price | Options | (26,053,355 | ) | (2,602,360 | ) |
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.
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.
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Notes to Financial Statements (continued)
4. Fund Shares
Transactions in shares were as follows:
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | ||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/13 | 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) | ||||||||||||||||||
Year Ended 12/31/13 | Year Ended 12/31/12 | Year Ended 12/31/13 | 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 fiscal year ended December 31, 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 | $ | 13,299,352 | $ | 19,697,610 | $ | 3,334,549 | |||||||||||
Sales | 102,675,024 | 201,156,118 | 93,781,919 | 44,312,873 |
Transactions in options written during the fiscal year ended December 31, 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 | 29,905 | 91,423,433 | 80,745 | 160,287,942 | |||||||||||||||
Options terminated in closing purchase transactions | (30,506 | ) | (95,543,324 | ) | (88,818 | ) | (166,180,700 | ) | |||||||||||
Options outstanding, end of period | 2,874 | $ | 7,923,665 | 4,315 | $ | 15,265,138 | |||||||||||||
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 | 43,417 | 64,584,380 | 11,263 | 34,398,983 | |||||||||||||||
Options terminated in closing purchase transactions | (49,451 | ) | (66,236,212 | ) | (11,463 | ) | (35,908,288 | ) | |||||||||||
Options outstanding, end of period | 1,488 | $ | 6,784,410 | 1,103 | $ | 3,027,743 |
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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 December 31, 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 | $ | 333,766,027 | $ | 538,131,910 | $ | 197,761,637 | $ | 161,429,838 | |||||||||||
Gross unrealized: | |||||||||||||||||||
Appreciation | $ | 240,779,901 | $ | 419,274,037 | $ | 177,573,463 | $ | 108,237,557 | |||||||||||
Depreciation | (27,507,240 | ) | (20,842,508 | ) | (927,141 | ) | (10,497,918 | ) | |||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 213,272,661 | $ | 398,431,529 | $ | 176,646,322 | $ | 97,739,639 |
Permanent differences, primarily due to foreign currency reclassifications, Real Estate Investment Trust (REIT) adjustments, reclassification of litigation proceeds and return of capital distributions, resulted in reclassifications among the Funds' components of net assets as of December 31, 2013, the Funds' tax year end, as follows:
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Paid-in surplus | $ | (33,983,778 | ) | $ | (63,437,105 | ) | $ | (25,738,444 | ) | $ | (14,583,953 | ) | |||||||
Undistributed (Over-distribution of) net investment income | 33,944,518 | 63,432,222 | 25,736,326 | 14,577,327 | |||||||||||||||
Accumulated net realized gain (loss) | 39,260 | 4,883 | 2,118 | 6,626 |
The tax components of undistributed net ordinary income and net long-term capital gains as of December 31, 2013, the Funds' tax year end, were as follows:
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Undistributed net ordinary income | $ | — | $ | — | $ | — | $ | — | |||||||||||
Undistributed net long-term capital gains | — | — | — | — |
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Notes to Financial Statements (continued)
The tax character of distributions paid during the Funds' tax years ended December 31, 2013 and December 31, 2012, was designated for purposes of the dividends paid deduction as follows:
2013 | Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | |||||||||||||||
Distributions from net ordinary income1 | $ | 7,703,790 | $ | 10,773,289 | $ | 3,442,882 | $ | 3,514,811 | |||||||||||
Distributions from net long-term capital gains | — | — | — | — | |||||||||||||||
Return of capital | 33,992,241 | 63,427,033 | 25,728,936 | 14,576,077 | |||||||||||||||
2012 | Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | |||||||||||||||
Distributions from net ordinary income1 | $ | 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 |
1 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, 2013, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Expiration: | |||||||||||||||||||
December 31, 2017 | $ | 55,219,856 | $ | 47,988,639 | $ | 25,262,705 | $ | 30,503,738 | |||||||||||
December 31, 2018 | 4,958,903 | 38,327,754 | 14,352,958 | 7,655,485 | |||||||||||||||
Not subject to expiration: | 26,177,861 | 39,677,239 | 1,632,124 | 14,389,045 | |||||||||||||||
Total | $ | 86,356,620 | $ | 125,993,632 | $ | 41,247,787 | $ | 52,548,268 |
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:
Equity Premium Income (JPZ) | Equity Premium Opportunity (JSN) | Equity Premium Advantage (JLA) | Equity Premium and Growth (JPG) | ||||||||||||||||
Post-October capital losses2 | $ | 13,651,461 | $ | 13,891,831 | $ | 4,922,389 | $ | 2,381,183 | |||||||||||
Late-year ordinary losses3 | — | — | — | — |
2 Capital losses incurred from November 1, 2013 through December 31, 2013, the Funds' tax year end.
3 Specified losses incurred from November 1, 2013 through December 31, 2013.
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.
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.
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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 certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of December 31, 2013, the complex-level fee rate for each of these Funds was .1686%.
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.
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Additional
Fund Information
Board of Trustees
William Adams IV* | Robert P. Bremner | Jack B. Evans | William C. Hunter | David J. Kundert | John K. Nelson | ||||||||||||||||||
William J. Schneider | Thomas S. Schreier, Jr.* | Judith M. Stockdale | Carole E. Stone | Virginia L. Stringer | Terence J. Toth |
* Interested Board Member
Fund Manager Nuveen Fund Advisers, LLC 333 West Wacker Drive Chicago, IL 60606 | Custodian State Street Bank & Trust Company Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 60606 | Transfer Agent and Shareholder Services State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 |
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 (CEO) 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 CEO 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 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.
JPZ | JSN | JLA | JPG | ||||||||||||||||
Shares Repurchased | — | — | — | — |
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
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Distribution Information
Each Fund hereby designates its percentage of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (DRD) for corporations and its percentage as qualified dividend income (QDI) for individuals under Section 1(h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
JPZ | JSN | JLA | JPG | ||||||||||||||||
% QDI | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||
% DRD | 100 | % | 100 | % | 100 | % | 100 | % |
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Glossary of Terms
Used in this Report
n 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.
n Chicago Board Options Exchange (CBOE) NASDAQ-100 Volatility Index (the "VXN"): A measure of market expectations of 30-day volatility for the NASDAQ-100® Index, as implied by the price of near-term options on this index. The VXN index is a widely watched gauge of market sentiment and volatility for the NASDAQ-100® Index, which includes the top 100 U.S. and international non-financial securities by market capitalization listed on the NASDAQ. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
n Chicago Board Options Exchange (CBOE) Volatility Index (the "VIX"): A measure of market expectations of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500 index options. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
n 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.
n 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.
n Dow Jones Industrial Average: A price-weighted index of the 30 largest, most widely held stocks traded on the New York Stock Exchange. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
n 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.
n NASDAQ-100® Index (the "NDX"): 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.
n Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
n 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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66
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.
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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Board
Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at twelve. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term(1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | |||||||||||||||
Independent Board Members: | |||||||||||||||||||
nWILLIAM J. SCHNEIDER | |||||||||||||||||||
1944 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Board Member | 1996 Class III | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Mid-America Health System, Tech Town, Inc., a not-for-profit community development company, Board Member of WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council. | 206 | |||||||||||||||
nROBERT P. BREMNER | |||||||||||||||||||
1940 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1996 Class lll | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | 206 | |||||||||||||||
nJACK B. EVANS | |||||||||||||||||||
1948 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1999 Class lll | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Chairman, United Fire Group, a publicly held company; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 206 | |||||||||||||||
nWILLIAM C. HUNTER | |||||||||||||||||||
1948 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2004 Class l | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 206 | |||||||||||||||
nDAVID J. KUNDERT | |||||||||||||||||||
1942 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2005 Class ll | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible. | 206 |
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Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term(1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | |||||||||||||||
Independent Board Members (continued): | |||||||||||||||||||
nJOHN K. NELSON | |||||||||||||||||||
1962 333 West Wacker Drive Chicago, IL 60606 | Board Member | 2013 Class ll | Senior external advisor to the financial services practice of Deloitte Consulting LLP (since 2012); Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Chairman of the Board of Trustees of Marian University (since 2010 as trustee, 2011 as Chairman); Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Whole- sale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 206 | |||||||||||||||
nJUDITH M. STOCKDALE | |||||||||||||||||||
1947 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 1997 Class l | Formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 206 | |||||||||||||||
nCAROLE E. STONE | |||||||||||||||||||
1947 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2007 Class l | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | 206 | |||||||||||||||
nVIRGINIA L. STRINGER | |||||||||||||||||||
1944 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2011 Class l | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | 206 | |||||||||||||||
nTERENCE J. TOTH | |||||||||||||||||||
1959 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2008 Class lI | Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Chairman, and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | 206 |
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Board Members & Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed and Term(1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Board Member | |||||||||||||||
Interested Board Members: | |||||||||||||||||||
nWILLIAM ADAMS IV(2) | |||||||||||||||||||
1955 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2013 Class ll | Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda s Club Chicago. | 132 | |||||||||||||||
nTHOMAS S. SCHREIER, JR.(2) | |||||||||||||||||||
1962 333 W. Wacker Drive Chicago, IL 60606 | Board Member | 2013 Class lll | Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010). | 132 | |||||||||||||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |||||||||||||||
Officers of the Funds: | |||||||||||||||||||
nGIFFORD R. ZIMMERMAN | |||||||||||||||||||
1956 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | 206 | |||||||||||||||
nCEDRIC H. ANTOSIEWICZ | |||||||||||||||||||
1962 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2007 | Managing Director of Nuveen Securities, LLC. | 100 | |||||||||||||||
nMARGO L. COOK | |||||||||||||||||||
1964 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2009 | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | 206 | |||||||||||||||
nLORNA C. FERGUSON | |||||||||||||||||||
1945 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004). | 206 |
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Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |||||||||||||||
Officers of the Funds (continued): | |||||||||||||||||||
nSTEPHEN D. FOY | |||||||||||||||||||
1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Senior Vice President (2010-2011), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Senior Vice President (since 2013), formerly, Vice President of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | 206 | |||||||||||||||
nSCOTT S. GRACE | |||||||||||||||||||
1970 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2009 | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, LLC, Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley's Global Financial Services Group (2000-2003); Chartered Accountant Designation. | 206 | |||||||||||||||
nWALTER M. KELLY | |||||||||||||||||||
1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc. | 206 | |||||||||||||||
nTINA M. LAZAR | |||||||||||||||||||
1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Senior Vice President of Nuveen Investment Holdings, Inc. | 206 | |||||||||||||||
nKEVIN J. MCCARTHY | |||||||||||||||||||
1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. | 206 | |||||||||||||||
nKATHLEEN L. PRUDHOMME | |||||||||||||||||||
1953 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2011 | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | 206 |
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Board Members & Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(3) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | |||||||||||||||
Officers of the Funds (continued): | |||||||||||||||||||
nJOEL T. SLAGER | |||||||||||||||||||
1978 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since May, 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013); Tax Director at PricewaterhouseCoopers LLP (from 2008 to 2010). | 206 |
(1) The Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2) "Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
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Notes
Notes
Notes
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 $215 billion as of September 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
EAN-D-1213D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Equity Premium Advantage Fund
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with PricewaterhouseCoopers LLP the Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
|
| Audit Fees Billed |
| Audit-Related Fees |
| Tax Fees |
| All Other Fees |
| ||||
Fiscal Year Ended |
| to Fund (1) |
| Billed to Fund (2) |
| Billed to Fund (3) |
| Billed to Fund (4) |
| ||||
December 31, 2013 |
| $ | 27,630 |
| $ | 0 |
| $ | 3,250 |
| $ | 0 |
|
|
|
|
|
|
|
|
|
|
| ||||
Percentage approved pursuant to pre-approval exception |
| 0 | % | 0 | % | 0 | % | 0 | % | ||||
|
|
|
|
|
|
|
|
|
| ||||
December 31, 2012 |
| $ | 26,309 |
| $ | 0 |
| $ | 1,960 |
| $ | 0 |
|
|
|
|
|
|
|
|
|
|
| ||||
Percentage approved pursuant to pre-approval exception |
| 0 | % | 0 | % | 0 | % | 0 | % |
(1) “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
(2) “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
(3) “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
(4) “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to PricewaterhouseCoopers LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
|
| Audit-Related Fees |
| Tax Fees Billed to |
| All Other Fees |
| |||
|
| Billed to Adviser and |
| Adviser and |
| Billed to Adviser |
| |||
|
| Affiliated Fund |
| Affiliated Fund |
| and Affiliated Fund |
| |||
Fiscal Year Ended |
| Service Providers |
| Service Providers |
| Service Providers |
| |||
December 31, 2013 |
| $ | 0 |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
|
| |||
Percentage approved pursuant to pre-approval exception |
| 0 | % | 0 | % | 0 | % | |||
|
|
|
|
|
|
|
| |||
December 31, 2012 |
| $ | 0 |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
|
| |||
Percentage approved pursuant to pre-approval exception |
| 0 | % | 0 | % | 0 | % |
NON-AUDIT SERVICES
The following table shows the amount of fees that PricewaterhouseCoopers LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that PricewaterhouseCoopers LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PricewaterhouseCoopers LLP about any non-audit services that PricewaterhouseCoopers LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PricewaterhouseCoopers LLP’s independence.
|
|
|
| Total Non-Audit Fees |
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|
|
| ||||
|
|
|
| billed to Adviser and |
|
|
|
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| ||||
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| Affiliated Fund Service |
| Total Non-Audit Fees |
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| ||||
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|
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| Providers (engagements |
| billed to Adviser and |
|
|
| ||||
|
|
|
| related directly to the |
| Affiliated Fund Service |
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|
| Total Non-Audit Fees |
| operations and financial |
| Providers (all other |
|
|
| ||||
Fiscal Year Ended |
| Billed to Fund |
| reporting of the Fund) |
| engagements) |
| Total |
| ||||
December 31, 2013 |
| $ | 3,250 |
| $ | 0 |
| $ | 0 |
| $ | 3,250 |
|
December 31, 2012 |
| $ | 1,960 |
| $ | 0 |
| $ | 0 |
| $ | 1,960 |
|
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Jack B. Evans, David J. Kundert, Carole E. Stone and Terence J. Toth.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:
Gateway recognizes that voting rights are financial assets of a client’s account and that they must be managed accordingly, with voting decisions made in the client’s best interest. To that end and because of increasing complexity in administering voting policies, Gateway has contracted with Institutional Shareholder Services (“ISS”), a subsidiary of RiskMetrics and a nationally-recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendations on each ballot issue. ISS has developed its U.S. and Global Proxy Voting Guidelines for proxy voting, which are designed to serve the best interests of investors. For all client ballots received by ISS, Gateway has instructed ISS to vote according to these guidelines.
Gateway’s Proxy Voting Policy addresses the rare circumstances in which ISS’s voting recommendations may not be followed. The Policy also addresses conflicts of interest. From time to time, Gateway or an employee may have a conflict of interest with respect to a proxy vote. A conflict of interest may exist, for example, if Gateway has a business relationship (or potential business relationship) with either the company soliciting the proxy or a third party that has a material interest in the outcome of a proxy vote or that is actively lobbying for a particular outcome of a proxy vote. Only in those instances where an ISS voting recommendation is not being followed, any individual with knowledge of any actual or potential conflict of interest shall disclose that conflict to Gateway’s Legal and Compliance Department. In such cases, the Legal and Compliance Department will determine and record how the proxies in question will be voted.
Gateway’s Proxy Voting Policy also states that if voting on any particular security compromises Gateway’s ability to later transact in such security (e.g. “shareblocking” practices) or if, in Gateway’s judgment, the expected cost associated with the vote exceeds the expected benefits of the vote, then Gateway will abstain from voting on a particular security.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc. (“NFALLC”), is the registrant’s investment adviser (NFALLC is also referred to as the “Adviser”). NFALLC is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Gateway Investment Advisers, LLC (“Gateway” or the “Sub-Adviser”), as sub-adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser.
Item 8 (a)(1). PORTFOLIO MANAGER BIOGRAPHIES
Michael T. Buckius and Kenneth H. Toft - Michael T. Buckius, CFA and Kenneth H. Toft, CFA, are responsible for investing the Managed Assets of the Nuveen Equity Premium Income Fund, Nuveen Equity Premium and Growth Fund, Nuveen Equity Premium Opportunity Fund, and Nuveen Equity Premium Advantage Fund. Mr. Buckius is Gateway’s Chief Investment Officer as well as a Senior Vice President and Portfolio Manager. He joined Gateway in 1999 as Vice President and Portfolio Manager, prior to which he worked as an equity derivative sales professional at Bear Stearns & Co. and Bankers Trust Company. Mr. Toft joined Gateway in 1992 and is currently a Senior Vice President and Portfolio Manager. He had been a Vice President and Portfolio Manager for the firm since 1997, prior to which he held the position of Senior Trader and Research Analyst. Messrs. Buckius and Toft also serve as co-portfolio managers of Gateway’s flagship open-end fund, the Gateway Fund.
Item 8 (a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS
As of December 31, 2013, Mr. Buckius and Mr. Toft were responsible for day-to-day management of 4 registered investment company accounts (excluding the Funds) having assets of approximately $8.6 billion. Mr. Buckius and Mr. Toft were responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $5 million. Mr. Buckius was responsible for day-to-day management of 23 other accounts having assets of approximately $1.5 billion in the aggregate, and Mr. Toft was responsible for day-to-day management of 15 other accounts having assets of approximately $259 million in aggregate. Neither Mr. Toft nor Mr. Buckius managed any accounts having a performance based investment advisory fee.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
As described above, the portfolio managers may manage other accounts with investment strategies similar to the Funds, including other investment companies and separately managed accounts. Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming one or more of the Funds. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate
for more than one account, but one or more of the Funds are not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by one or more of the Funds. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts.
Item 8 (a)(3). FUND MANAGER COMPENSATION
Messrs. Buckius and Toft are compensated for their services by Gateway. Their compensation consists of a fixed salary, retention incentives, incentive compensation related to the financial performance of Gateway (but not based on the investment performance of any of the Funds or any other managed account, either absolutely or in relation to any benchmark), and a retirement plan. The incentive compensation component is anticipated to be larger than the base salary component. Messrs. Buckius and Toft are parties to employment agreements that provide for automatic renewals for successive one-calendar-year periods and, among other things, a specified base salary, a one-time retention incentive payment and certain undertakings not to compete with the Adviser or solicit its clients. Their non-competition and non-solicitation undertakings will expire the later of one year from the termination of employment, or one year after the period during which severance payments are made pursuant to the agreement. The incentive compensation plan applicable to Messrs. Buckius and Toft provides for both a long-term incentive pool and a short-term incentive pool, the sizes of which are determined based on profitability of Gateway.
Item 8 (a)(4). OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2013
Name of Portfolio Manager |
| Dollar range of equity securities beneficially owned |
|
Michael T. Buckius |
| None |
|
Kenneth H. Toft |
| $10,001 - $50,000 |
|
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 because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Equity Premium Advantage Fund
By (Signature and Title) | /s/ Kevin J. McCarthy |
|
| Kevin J. McCarthy |
|
| Vice President and Secretary |
|
Date: March 6, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Gifford R. Zimmerman |
|
| Gifford R. Zimmerman |
|
| Chief Administrative Officer |
|
| (principal executive officer) |
|
Date: March 6, 2014
By (Signature and Title) | /s/ Stephen D. Foy |
|
| Stephen D. Foy |
|
| Vice President and Controller |
|
| (principal financial officer) |
|
Date: March 6, 2014