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Nuveen investments has four closed-end funds that engage in the sale of options for added income and stability. These funds are all traded on the New York Stock Exchange and seem to be doing their jobs. The funds are: Nuveen Equity premium Income Fund (NYSE:JPZ); Nuveen Equity Premium Opportunity Fund (NYSE:JSN); Nuveen Equity Premium Advantage Fund (NYSE:JLA); and, Nuveen Equity Premium and Growth Fund (NYSE:JPG).

Performance has been as follows:

1 year5 year
JPZ5.63%2.20%
S&P 5002.11%(0.25%)
JSN5.78%2.81%
50% S&P 500/50% NASDAQ 1002.29%1.19%
JLA6.35%3.28%
75% S&P 500/25% NASDAQ 1002.45%2.60%
JPZ4.89%1.57%
S&P 5002.11%(0.25%)

All the funds are selling at discounts from net asset value, as follows:

December 31, 201112 Month Average for calendar year
JPZ13.27%9.06%
JSN11.61%8.60%
JLA13.31%9.33%
JPG13.54%9.77%

None of the funds uses leverage and net asset values as of December 31, 2011, were as follows:

FUNDNET ASSETS
JPZ$496,085,000
JSN$859,329,000
JLA$340,529,000
JPG$225,664,000

Portfolio composition, was similar for all the funds, as follows:

COMMON STOCKSHORT TERM INVESTMENTSCALL OPTIONS WRITTEN
JPZ98.1%6.5%4.7%
JSN97.8%6.3%4.2%
JLA98.7%4.9%3.6%
JPG99.0%4.8%3.8%

Operating expenses, portfolio turnover and net investment income were as follows:

Operating ExpensesNet IncomePortfolio turnover
JPZ0.97%1.60%04%
JSN0.96%1.23%04%
JLA0.98%0.83%14%
JPG0.96%1.66%04%

The funds have been successful and have substantial unrealized capital appreciation as well as net realized gains, as follows:

UNREALIZED APPRECIATIONREALIZED GAINS
JPZ$72,021,749$84,111
JSN$172,422,965$107,222
JLA$97,789,120$37,139
JPG$26,982,773$45,486

CONCLUSION

These are the best of the buy/write funds I have examined. I like them. They do what they are supposed to do and can be purchased at a discount. Each one has slightly different goals and objectives but they are basically the same. I would personally buy a basket of all four, depending on which were at greater discounts.

Source: Nuveen's Buy/Write Funds Do Work