Nuveen Equity Premium Income Fund (NYSE: JPZ)
FACT SHEET AS OF 07/30/2010, UNLESS OTHERWISE INDICATED
OBJECTIVE & INVESTMENT STRATEGY

The fund's 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 Stock Index. The fund also uses an index option strategy of selling index call options in seeking to moderate the volatility of returns relative to an all equity portfolio.

DISTRIBUTION HISTORY
MANAGED DISTRIBUTION POLICYManaged Distribution Policy: This fund has adopted a Managed Distribution Policy, designed to provide attractive, quarterly distributions throughout the course of the year. Under this policy, the fund seeks to maintain a stable quarterly distribution amount (in cents per common share), comprised of payments received from portfolio companies, as well as net realized fund portfolio capital gains and, if necessary, a return of capital (representing in some cases net unrealized capital gains). The fund will determine the tax characteristics of all fund distributions after the end of the calendar year and will provide shareholders such information at that time.
KEY INFORMATION REGARDING DISTRIBUTIONS
Current Distribution (Quarterly) (As of 10/1/2010)$0.3030
Monthly Equivalent Distribution$0.1010
Annualized 1 Year Total Return on NAV (As of 8/31/2010)8.21%
Annualized Distribution Rate on NAV ††9.45%
Annualized Since Inception Total Return on NAV (As of 8/31/2010)1.93%
HIGHLIGHTS

Provide the potential for:

  • Attractive quarterly distributions
  • Capital appreciation, consistent with the fund’s Index Option Strategy
  • A measure of downside protection in rapidly declining markets
  • Advantageous tax treatment for dividends from common stocks and net gains from the index option strategy
PRICING & DISTRIBUTION
as of 09/01/2010
Closing Share Price (As of 9/1/2010)$13.12
Closing NAV per Share (As of 9/1/2010)$12.83
Premium / Discount2.26%
Current Distribution Rate (Market price)††9.24%
Distribution Amount (Quarterly) $0.3030
CAPITAL STRUCTURE
as of 07/30/2010
Total Managed Assets $491,673,460
Common Shares 
Total Common Net Assets$491,673,460
Shares Outstanding38,562,668
Avg Daily Volume (in shares)103,086
FUND BASICS
CUSIP6706ER101
NAV TickerXJPZX
Inception Date10/26/2004
Inception NAV$19.10
Inception Share Price$20.00
FUND CHARACTERISTICS
as of 06/30/2010
# of Holdings 262
% Foreign Holdings ‡0.98%
% Large, Mid, Small Cap †88.7%,7.8%,3.6%
SHARE PRICE AND NAV HISTORY
Data reflects performance over the previous 12 months
As of 09/01/2010
ASSET ALLOCATION As of 06/30/2010
CALENDAR YEAR TOTAL RETURNS
As of 08/31/2010
Share Price 3.66% 35.46% -26.73% -6.07% 21.30% -6.12% 28.25% -- -- --
NAV 1.11% 13.74% -23.27% 7.80% 10.22% 4.88% 22.15% -- -- --

ANNUALIZED TOTAL RETURNS
Share Price 12.82% 0.04% 0.53% -- 1.98%
NAV 8.21% -3.47% 1.25% -- 1.93%
FUND MANAGER

Founded in 1977, Gateway Investment Advisers, LLC is owned by Natixis Global Asset Management and has one of the industry’s longest running option hedging programs. Noted for its accomplishment in hedging client portfolios during the market crash in October 1987, the firm extended its hedging strategy to its flagship mutual fund in January 1988. Gateway’s investment strategy seeks to capture the majority of the returns associated with equity market investments while exposing investors to less risk than other equity investments.
ANNUAL EXPENSE RATIOS
as of 07/30/2010
 Total FundCommon Shares
Management Fees0.65%0.65%
Other Expenses0.10%0.10%
Total0.75%0.75%
See the fund's Annual Report for full information on expenses.
TOP ISSUERS
as of 06/30/2010
IssuerDollar Value% of Total Portfolio
Exxon Mobil Corpora: Equity$14,499,2613.12%
AT&T Inc: Equity$10,548,5822.27%
General Electric Co: Equity$10,553,6952.27%
Apple Computer Inco: Equity$10,564,5122.27%
Microsoft Corporati: Equity$9,953,1142.14%
JP Morgan Chase & C: Equity$9,290,9592.00%
International Busin: Equity$9,254,3321.99%
Johnson and Johnson: Equity$9,100,7921.96%
Procter and Gamble: Equity$8,745,8641.88%
Chevron Corporation: Equity$8,282,9241.78%

Data shown represents past performance and is no guarantee of future results. Market price and net asset value (NAV) of a Fund's shares will fluctuate with market conditions. Current performance may be higher or lower than the performance shown.

RISKS
Common Stock RiskAlthough common stocks historically have generated higher average returns than other types of investments, common stocks also have experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the fund. Also, prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks held by the fund or to which it has exposure. Derivatives Strategy RiskDerivatives are financial instruments whose value changes in response to the changes in underlying investment variables. Derivative securities include, but are not limited to, calls, puts, warrants, swaps, and forwards. The fund's use of derivatives involves risks different from, and possibly greater than, the risks associated with the underlying investments. The derivatives market is largely unregulated. It is possible that developments in the derivatives market, including potential government regulation, could adversely affect the fund's ability to terminate existing contracts or to realize amounts to be received under such contracts. Call Option RisksThe value of call options sold (written) will be affected by, among other things, changes in the value of the securities or indices underlying the options and the remaining time to the options' expiration. The value of the call options also may decline if the market for the options becomes less liquid or smaller. When selling a call option, a fund creates the potential for a liability to the extent the asset(s) underlying the option appreciates to a level above the strike price. Therefore, a fund may not participate in any appreciation of its equity portfolio as fully as it would if the fund did not sell call options. In addition, the fund will continue to bear the risk of declines in the value of the equity portfolio that serves as collateral for the written options. The extent of a fund's exposure to call option risk will vary depending on the degree to which call options are written. Index Call Option RiskThe purchaser of an index call option has the right to any appreciation in the value of the index over the exercise price on the expiration date. Because index options are settled in cash, sellers of index call options, such as the fund, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities.
NOTES

* For the 7.13% of the portfolio invested in debt securities.

**The average earnings per share and UNII figures are monthly amounts based on three month averages for the municipal funds and senior loan funds and six month averages for all other taxable funds. For JRS and 25% of JDD, the average earnings per share represents net REIT cash flow which may consist of income, capital gains and/or a return of capital.

† Percentage are relative to the 94.02% of the portfolio invested in equity securities.

†† Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent daily market price and NAV.

‡ Relative to the fund's total managed assets.

Total return is determined by subtracting the initial investment from the redeemable value of the investment at the end of the investment period, dividing the remainder by the initial investment and expressing the result as a percentage. The calculation assumes that all fund distributions have been reinvested.