Closed-End Funds

CEF

Nuveen Equity Premium Income Fund (NYSE: JPZ)

Objective

The fund's investment objective is to provide a high level of current income and gains.

Investment Strategy

The fund invests in an equity portfolio that seeks to substantially replicate price movements of the S&P 500 Stock Index. The fund also sells index call options covering approximately 100% of the value of the fund’s equity portfolio, seeking to enhance risk-adjusted performance relative to an all equity portfolio.

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

Daily Pricing

Closing Share Price (As of 9/19/2014)$13.09
Closing NAV per Share (As of 9/19/2014)$13.89
Premium / Discount**-5.76%
Current Distribution Rate (Market price)††7.61%
Distribution Amount (Quarterly)†† $0.2490
Distribution Type Managed Distribution

Portfolio Management 

Asset Allocation

As of 08/29/2014

RISKS
The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. Investors should carefully review and consider the risks listed below before investing.

Investment Risk: The possible loss of the entire principal amount that you invest.Price Risk: Shares of closed-end investment companies like the Fund frequently trade at a discount to their 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 Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.Common Stock Risk: Common stock returns often have experienced significant volatility. Call Option Risks: The value of call options sold (written) by the Fund will fluctuate. The 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.Derivatives Strategy Risk: Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments. Index Call Option Risk: Because index options are settled in cash, sellers of index call options, such as the Funds, cannot provide in advance for their potential settlement obligations by acquiring and holding the underlying securities.
NOTES

** The premium/discount is calculated as (most recent price/most recent NAV) -1.

†† Managed Distribution Policy

Potential distribution sources include net investment income, realized gains and/or return of capital. This Fund has adopted a Managed Distribution Policy, which is designed to provide attractive, regular distributions throughout the course of the year. Under this policy, the Fund seeks to maintain a stable regular distribution amount that, over the long term, matches the Fund’s total distributions paid to its total return. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate. Each regular distribution will be composed of Fund earnings (net investment income) and profits (realized gains, if any), and may also include a non-taxable distribution of a portion of the Fund’s capital, which in turn consists of shareholders’ original investments plus any unrealized gains, life-to-date.

If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.

Fund data is updated daily, monthly, and quarterly, depending on the specific data point. Click HERE for the update schedule.

Frequency Data included
Daily all funds: Market price, NAV, premium/discount, annualized distribution rates on market price and NAV
Monthly all funds: Assets, leverage, expenses, total return performance, distribution amounts, earnings & UNII
Monthly certain funds: Municipal bond fund holdings and portfolio information
Monthly certain funds, with 1-month lag: Taxable fund holdings and portfolio information except JCE, NSL, JFR and JRO; and % AMT for municipal bond funds
Quarterly certain funds: JCE, NSL, JFR, and JRO holdings and portfolio information, tax characteristic estimates for distributions from funds paying quarterly distributions
Quarterly all funds: SEC filings (annual shareholder report, semi-annual shareholder report, or 10-Q filing)
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