UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21731
Nuveen Equity Premium Advantage Fund
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
333 West Wacker Drive
Chicago, IL 60606
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: December 31
Date of reporting period: December 31, 2008
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 SHAREHOLDERS
Annual Report December 31, 2008 | Nuveen Investments Closed-End Funds |
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 |
Attractive Monthly Distributions and a Measure of Downside
Protection from an Integrated Index Option and Equity Strategy
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Chairman’s
LETTER TO SHAREHOLDERS
ï Robert P. Bremner ï Chairman of the Board |
Dear Shareholders,
I write this letter in a time of continued uncertainty about the current state of the U.S. financial system and pessimism about the future of the global economy. Many have observed that the conditions that led to the crisis have built up over time and will complicate and extend the course of recovery. At the same time, government officials in the U.S. and abroad have implemented a wide range of programs to restore stability to the financial system and encourage economic recovery. History teaches us that these efforts will moderate the extent of the downturn and hasten the inevitable recovery, even though it is hard to envision that outcome in the current environment.
As you will read in this report, the continuing financial and economic problems are weighing heavily on the values of equities, real estate and fixed-income assets, and unfortunately the performance of your Nuveen Fund has been similarly affected. In addition to the financial statements, I hope that you will carefully review the Portfolio Managers’ Comments, the Distribution and Share Price Information and the Performance Overview sections of this report. These comments highlight the managers’ pursuit of investment strategies that depend on thoroughly researched securities, diversified portfolio holdings and well established investment disciplines to achieve your Fund’s investment goals. The Fund Board believes that a consistent focus on long-term investment goals provides the basis for successful investment over time and we monitor your Fund with that objective in mind.
On behalf of myself and the other members of your Fund’s Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
February 23, 2009
Chairman of the Board
February 23, 2009
Portfolio Managers’ COMMENTS
Nuveen Investments Closed-End Funds | JPZ, JSN, JLA, JPG |
These Funds feature portfolio management by Gateway Investment Advisers, LLC, (Gateway). J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for JPZ and JPG. Patrick joined Gateway in 1989 and is the firm’s Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 and is currently Senior Vice President and Portfolio Manager. Here they talk about their management strategy and the performance of the Funds for the twelve-month period ended December 31, 2008.
WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS DURING THE TWELVE-MONTH PERIOD ENDED DECEMBER 31, 2008?
The period was dominated by fears of an economic recession, triggered or exacerbated by several significant developments. The cascading effects of sub-prime mortgage defaults, constrained liquidity in the capital markets and limited lending by many financial institutions caused many investors to seek refuge in U.S. Treasury securities. These events forced some financial firms to merge, restructure or go out of business. At the same time, the U.S. government essentially took over Fannie Mae and Freddie Mac, and also intervened on behalf of the giant insurer AIG. By the end of 2008, the U.S. Treasury had disbursed approximately $350 billion of capital to financial institutions and others under the Troubled Assets Relief Program, with indications that a like amount would be distributed in 2009.
Another indicator of economic weakness was the U.S. unemployment rate, which soared to 7.2% as of December 31, 2008, compared with 4.9% one year earlier. Practically all segments of the economy showed signs of slowing by the end of the period. During the third quarter of 2008, gross domestic product contracted to an annual rate of 0.5%, the biggest decrease since 2001. Preliminary reports for the fourth quarter showed a contraction of 3.8%, the worst showing in more than 25 years. This was mainly the result of the first decline in consumer spending since 1991 and an 18% drop in residential investment. Fortunately, inflation was not a significant factor as the Consumer Price Index rose just 0.1% in 2008. The Federal Reserve cut the widely followed short-term federal funds rate seven times during 2008, lowering the rate from 4.25% to 0-0.25% as of year end.
As a result of all these economic factors, the U.S. equity markets experienced significant turbulence during the period. The Dow Jones Industrial Average was down 32% for the year,
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 of 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.
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the worst single year decline since 1931. The S&P 500 index was down 37%, its worst year since 1937.
As the economic contraction accelerated, widening swings in daily stock market prices sent volatility measures sharply upward, particularly in the fourth quarter of 2008. One of the most widely followed indicators of market volatility, the Chicago Board Options Exchange Volatility Index (VIX), peaked at an all-time closing high of 80.86 on November 20 after beginning the year at 22.50. Periodic spikes in the VIX coincided with a number of headline market events, including the bailout/restructuring of Bear Stearns in March, the bailout of Fannie Mae and Freddie Mac in July and the failure of Lehman Brothers in September. Late into the fourth quarter, the higher VIX levels were further reinforced by news of economic deterioration and a massive global government intervention on behalf of a host of financial services firms. As of year-end, the VIX stood at 40.00, its lowest value since the beginning of the fourth quarter, but near its pre-2008 closing peak of 45.08 in 2002.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE REPORTING PERIOD?
The core strategy employed in JPZ, JSN, JLA and JPG consists of an investment in a broadly diversified portfolio of equity securities that seeks to substantially track the price movement of a stock market index or a custom blend of stock market indexes. The primary purpose of each equity portfolio is to support the index option-based risk management strategy employed by each Fund.
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; JLA seeks to replicate a 50/50 blend of S&P 500 Index and NASDAQ-100 Index. JPZ, JSN and JLA actively sell listed index call options against their entire stock portfolios. JPG differs in that the index option hedging activity is applied to 80% of the value of the equity portfolio.
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HOW DID THE FUNDS PERFORM OVER THIS TWELVE-MONTH PERIOD?
The performance of JPZ, JSN, JLA and JPG, as well as comparative indexes, is presented in the accompanying table.
Past performance does not guarantee 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. For additional information, see the individual Performance Overview for your Fund in this report.
Average Annual Total Returns on Net Asset Value
For the twelve-month period ended 12/31/08
JPZ | –23.27% | |||
S&P 500 Index1 | –37.00% | |||
JSN | –24.65% | |||
Comparative Index2 | –38.22% | |||
JLA | –25.63% | |||
Comparative Index3 | –39.45% | |||
JPG | –25.38% | |||
S&P 500 Index1 | –37.00% |
1 The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market.
2 JSN’s comparative index performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 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.
3 JLA’s comparative index performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index.
For the twelve months ended December 31, 2008, the total return on net asset value for each Fund outperformed its respective comparative index. All four Funds were able to benefit from the increased level of volatility the market experienced during this period. Higher volatility translated directly into higher prices for the index call options written (sold) by the Funds. This increased cash flow served two important purposes: first, more cash was available to support the Funds’ regular distributions, and second, the increased cash flow helped lower the risk profile of the Funds and help mitigate losses in difficult markets.
The overall negative equity market performance was the biggest constraint on the Funds’ returns through 2008. While the option strategy and the Funds’ cash flows were clear beneficiaries of heightened VIX levels, the S&P 500 Index was down 37% during 2008 and the NASDAQ 100 Index was down an even more dramatic 41.57%. The Funds’ equity portfolios could not escape the negative effects of these general market declines.
While the absolute return figures for the Funds were not positive for the year, the value of actively managing the index call options is evident when comparing the Funds’ returns to passive overwrite strategies. The S&P 500 Buywrite Monthly Index was down 28.65% for the year, and the CBOE NDX 100 Buywrite Index was down 37.61%. These hypothetical indexes consist of (1) owning the index stocks and (2) writing an at-the-money call option on each expiration date, as the previously-written option expires.
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Distribution and Share Price
INFORMATION
The information below regarding your Fund’s distributions is current as of December 31, 2008, and likely will vary over time based on the Funds’ investment activities and portfolio investment value changes.
Each Fund reduced its quarterly distributions to shareholders twice during the course of 2008. Some of the factors affecting the amount and composition of these distributions are summarized below.
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 the distributions are paid may differ from both the tax information reported to you in your Fund’s IRS Form 1099 |
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statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment. |
The following table provides information regarding each Fund’s distributions and total return performance for the fiscal year ended December 31, 2008. 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 12/31/08 | JPZ | JSN | JLA | JPG | ||||||||||||
Inception date | 10/26/04 | 1/26/05 | 5/25/05 | 11/22/05 | ||||||||||||
Calendar year ended December 31, 2008: | ||||||||||||||||
Per share distribution: | ||||||||||||||||
From net investment income | $0.39 | $0.62 | $0.92 | $0.40 | ||||||||||||
From short-term capital gains | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
From long-term capital gains | 1.14 | 0.97 | 0.69 | 1.09 | ||||||||||||
From return of capital | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||
Total per share distribution | $1.53 | $1.59 | $1.61 | $1.49 | ||||||||||||
Distribution rate on NAV | 12.00% | 12.53% | 12.91% | 11.31% | ||||||||||||
Annualized total returns: | ||||||||||||||||
1-Year on NAV | -23.27% | -24.65% | -25.63% | -25.38% | ||||||||||||
Since inception on NAV | -0.67% | -1.04% | -2.27% | -3.70% | ||||||||||||
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
The Funds’ Board of Trustees approved an open-market share repurchase program on July 30, 2008, under which each Fund may repurchase up to 10% of its outstanding common shares. As of December 31, 2008, JPZ, JSN, JLA and JPG repurchased 127,300, 194,100, 126,500 and 134,300 common shares, respectively, representing approximately 0.3%, 0.3%, 0.5% and 0.8% of each Fund’s common shares outstanding, respectively.
As of December 31, 2008, the Funds’ share prices were trading relative to their NAVs as shown in the accompanying table:
12/31/08 | 12-Month Average | |||
Discount | Discount | |||
JPZ | -15.76% | -12.73% | ||
JSN | -15.84% | -12.90% | ||
JLA | -17.08% | -13.04% | ||
JPG | -18.22% | -14.02% | ||
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Fund Snapshot | ||
Share Price | $10.74 | |
Net Asset Value | $12.75 | |
Premium/(Discount) to NAV | -15.76% | |
Current Distribution Rate1 | 12.29% | |
Net Assets ($000) | $491,706 | |
Average Annual Total Return | |||||||
(Inception 10/26/04) | |||||||
On Share | |||||||
Price | On NAV | ||||||
1-Year | -26.73 | % | -23.27% | ||||
Since Inception | -5.21 | % | -0.67% | ||||
Industries | ||||
(as a % of total common stocks) | ||||
Oil, Gas & Consumable Fuels | 12.1% | |||
Pharmaceuticals | 9.6% | |||
Commercial Banks | 6.7% | |||
Diversified Telecommunication Services | 5.0% | |||
Industrial Conglomerates | 3.7% | |||
Software | 3.6% | |||
Household Products | 3.5% | |||
Tobacco | 2.9% | |||
Computers & Peripherals | 2.9% | |||
Food & Staples Retailing | 2.9% | |||
Aerospace & Defense | 2.7% | |||
Insurance | 2.5% | |||
Communications Equipment | 2.3% | |||
Energy Equipment & Services | 2.1% | |||
Semiconductors & Equipment | 2.1% | |||
Multi-Utilities | 2.1% | |||
Chemicals | 2.0% | |||
Beverages | 1.8% | |||
Biotechnology | 1.8% | |||
Internet Software & Services | 1.7% | |||
Health Care Providers & Services | 1.7% | |||
Machinery | 1.7% | |||
Real Estate Investment Trust | 1.7% | |||
Food Products | 1.5% | |||
Other | 19.4% | |||
JPZ Performance OVERVIEW | Nuveen Equity Premium Income Fund as of December 31, 2008 |
Fund Allocation (as a % of total net assets)
2007-2008 Distributions Per Share
Share Price Performance—Weekly Closing Price
1 | Current Distribution Rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes. |
2 | Other assets less liabilities. |
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Fund Snapshot | ||
Share Price | $10.68 | |
Net Asset Value | $12.69 | |
Premium/(Discount) to NAV | -15.84% | |
Current Distribution Rate1 | 12.58% | |
Net Assets ($000) | $841,579 | |
Average Annual Total Return | ||||||
(Inception 1/26/05) | ||||||
On Share | ||||||
Price | On NAV | |||||
1-Year | -26.64 | % | -24.65% | |||
Since Inception | -5.85 | % | -1.04% | |||
Industries | ||||
(as a % of total common stocks) | ||||
Oil, Gas & Consumable Fuels | 8.3% | |||
Pharmaceuticals | 7.8% | |||
Computers & Peripherals | 6.8% | |||
Software | 6.3% | |||
Communications Equipment | 5.5% | |||
Commercial Banks | 5.0% | |||
Biotechnology | 4.4% | |||
Semiconductors & Equipment | 3.8% | |||
Diversified Telecommunication Services | 3.4% | |||
Internet Software & Services | 3.0% | |||
Aerospace & Defense | 2.6% | |||
Household Products | 2.4% | |||
Industrial Conglomerates | 2.3% | |||
Media | 2.2% | |||
Food & Staples Retailing | 2.2% | |||
Tobacco | 1.9% | |||
�� | ||||
Hotels, Restaurants & Leisure | 1.9% | |||
Energy Equipment & Services | 1.8% | |||
Beverages | 1.8% | |||
Specialty Retail | 1.6% | |||
Health Care Equipment & Supplies | 1.5% | |||
Health Care Providers & Services | 1.5% | |||
Machinery | 1.5% | |||
Multi-Utilities | 1.4% | |||
Other | 19.1% | |||
JSN Performance OVERVIEW | Nuveen Equity Premium Opportunity Fund as of December 31, 2008 |
Fund Allocation (as a % of total net assets)
2007-2008 Distributions Per Share
Share Price Performance—Weekly Closing Price
1 | Current Distribution Rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes. |
2 | Other assets less liabilities. |
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Fund Snapshot | ||
Share Price | $10.34 | |
Net Asset Value | $12.47 | |
Premium/(Discount) to NAV | -17.08% | |
Current Distribution Rate1 | 12.80% | |
Net Assets ($000) | $323,971 | |
Average Annual Total Return | |||||||
(Inception 5/25/05) | |||||||
On Share | |||||||
Price | On NAV | ||||||
1-Year | -29.22 | % | -25.63% | ||||
Since Inception | -7.82 | % | -2.27% | ||||
Industries | ||||
(as a % of total common stocks) | ||||
Software | 9.5% | |||
Computers & Peripherals | 8.8% | |||
Communications Equipment | 7.9% | |||
Biotechnology | 6.2% | |||
Oil, Gas & Consumable Fuels | 5.9% | |||
Semiconductors & Equipment | 5.7% | |||
Pharmaceuticals | 5.6% | |||
Internet Software & Services | 4.2% | |||
Commercial Banks | 3.5% | |||
Media | 3.1% | |||
Diversified Telecommunication Services | 2.8% | |||
Health Care Equipment & Supplies | 2.1% | |||
Hotels, Restaurants & Leisure | 2.0% | |||
Household Products | 1.5% | |||
Specialty Retail | 1.5% | |||
Electrical Equipment | 1.4% | |||
Food Products | 1.3% | |||
Machinery | 1.3% | |||
Food & Staples Retailing | 1.3% | |||
Aerospace & Defense | 1.3% | |||
IT Services | 1.3% | |||
Industrial Conglomerates | 1.3% | |||
Tobacco | 1.3% | |||
Other | 19.2% | |||
�� |
JLA Performance OVERVIEW | Nuveen Equity Premium Advantage Fund as of December 31, 2008 |
Fund Allocation (as a % of total net assets)
2007-2008 Distributions Per Share
Share Price Performance—Weekly Closing Price
1 | Current Distribution Rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes. |
2 | Other assets less liabilities. |
11 | ||||
Fund Snapshot | ||
Share Price | $10.77 | |
Net Asset Value | $13.17 | |
Premium/(Discount) to NAV | -18.22% | |
Current Distribution Rate1 | 10.81% | |
Net Assets ($000) | $216,044 | |
Average Annual Total Return | ||||||
(Inception 11/22/05) | ||||||
On Share | ||||||
Price | On NAV | |||||
1-Year | -30.09 | % | -25.38% | |||
Since Inception | -10.29 | % | -3.70% | |||
Industries | ||||
(as a % of total common stocks) | ||||
Oil, Gas & Consumable Fuels | 12.3% | |||
Pharmaceuticals | 11.1% | |||
Commercial Banks | 7.7% | |||
Diversified Telecommunication Services | 4.7% | |||
Industrial Conglomerates | 3.8% | |||
Software | 3.6% | |||
Household Products | 3.4% | |||
Computers & Peripherals | 3.0% | |||
Insurance | 2.8% | |||
Tobacco | 2.6% | |||
Food & Staples Retailing | 2.3% | |||
Semiconductors & Equipment | 2.3% | |||
Communications Equipment | 2.2% | |||
Electric Utilities | 2.1% | |||
Aerospace & Defense | 2.1% | |||
Beverages | 2.1% | |||
Multi-Utilities | 2.0% | |||
Specialty Retail | 1.9% | |||
Energy Equipment & Services | 1.9% | |||
Machinery | 1.8% | |||
Real Estate Investment Trust | 1.7% | |||
Chemicals | 1.7% | |||
Food Products | 1.6% | |||
Other | 19.3% | |||
JPG Performance OVERVIEW | Nuveen Equity Premium and Growth Fund as of December 31, 2008 |
Fund Allocation (as a % of total net assets)
2007-2008 Distributions Per Share
Share Price Performance—Weekly Closing Price
1 | Current Distribution Rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a return of capital for tax purposes. |
2 | Other assets less liabilities. |
12 | ||||
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 positions of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund and Nuveen Equity Premium and Growth Fund (the “Funds”) at December 31, 2008, the results of each of their operations for the year then ended, the changes in each of their net assets and the financial highlights for each of the periods indicated 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 audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on 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, 2008 with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
February 25, 2009
February 25, 2009
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JPZ | Nuveen Equity Premium Income Fund Portfolio of INVESTMENTS | |||
December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Common Stocks – 97.7% | ||||||||||||||||||||
Aerospace & Defense – 2.6% | ||||||||||||||||||||
71,400 | Boeing Company | $ | 3,046,638 | |||||||||||||||||
100,000 | Honeywell International Inc. | 3,283,000 | ||||||||||||||||||
32,182 | Raytheon Company | 1,642,569 | ||||||||||||||||||
90,400 | United Technologies Corporation | 4,845,440 | ||||||||||||||||||
Total Aerospace & Defense | 12,817,647 | |||||||||||||||||||
Air Freight & Logistics – 0.4% | ||||||||||||||||||||
35,213 | United Parcel Service, Inc., Class B | 1,942,349 | ||||||||||||||||||
Airlines – 0.3% | ||||||||||||||||||||
84,350 | AMR Corporation, (2) | 900,015 | ||||||||||||||||||
19,134 | Continental Airlines, Inc., (2) | 345,560 | ||||||||||||||||||
Total Airlines | 1,245,575 | |||||||||||||||||||
Auto Components – 0.1% | ||||||||||||||||||||
21,000 | American Axle and Manufacturing Holdings Inc. | 60,690 | ||||||||||||||||||
30,296 | Cooper Tire & Rubber | 186,623 | ||||||||||||||||||
Total Auto Components | 247,313 | |||||||||||||||||||
Automobiles – 0.3% | ||||||||||||||||||||
204,000 | Ford Motor Company, (2) | 467,160 | ||||||||||||||||||
321,342 | General Motors Corporation | 1,028,294 | ||||||||||||||||||
4,000 | Harley-Davidson, Inc. | 67,880 | ||||||||||||||||||
Total Automobiles | 1,563,334 | |||||||||||||||||||
Beverages – 1.8% | ||||||||||||||||||||
112,303 | Coca-Cola Company | 5,083,957 | ||||||||||||||||||
67,177 | PepsiCo, Inc. | 3,679,284 | ||||||||||||||||||
Total Beverages | 8,763,241 | |||||||||||||||||||
Biotechnology – 1.8% | ||||||||||||||||||||
50,643 | Amgen Inc., (2) | 2,924,633 | ||||||||||||||||||
21,483 | Celgene Corporation, (2) | 1,187,580 | ||||||||||||||||||
15,495 | Genentech, Inc., (2) | 1,284,690 | ||||||||||||||||||
63,427 | Gilead Sciences, Inc., (2) | 3,243,657 | ||||||||||||||||||
Total Biotechnology | 8,640,560 | |||||||||||||||||||
Building Products – 0.1% | ||||||||||||||||||||
42,748 | Masco Corporation | 475,785 | ||||||||||||||||||
Capital Markets – 0.6% | ||||||||||||||||||||
63,332 | Charles Schwab Corporation | 1,024,078 | ||||||||||||||||||
48,534 | Jefferies Group, Inc. | 682,388 | ||||||||||||||||||
19,500 | Legg Mason, Inc. | 427,245 | ||||||||||||||||||
59,400 | Waddell & Reed Financial, Inc., Class A | 918,324 | ||||||||||||||||||
Total Capital Markets | 3,052,035 | |||||||||||||||||||
Chemicals – 1.9% | ||||||||||||||||||||
51,511 | Dow Chemical Company | 777,301 | ||||||||||||||||||
145,006 | E.I. Du Pont de Nemours and Company | 3,668,652 | ||||||||||||||||||
40,400 | Eastman Chemical Company | 1,281,084 | ||||||||||||||||||
42,998 | Lubrizol Corporation | 1,564,697 | ||||||||||||||||||
19,000 | NL Industries Inc. | 254,600 | ||||||||||||||||||
53,293 | Olin Corporation | 963,537 | ||||||||||||||||||
2,438 | Potash Corporation of Saskatchewan | 178,510 | ||||||||||||||||||
63,622 | RPM International, Inc. | 845,536 | ||||||||||||||||||
Total Chemicals | 9,533,917 | |||||||||||||||||||
Commercial Banks – 6.6% | ||||||||||||||||||||
364,185 | Bank of America Corporation | 5,127,725 | ||||||||||||||||||
35,262 | Comerica Incorporated | 699,951 |
14 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Commercial Banks (continued) | ||||||||||||||||||||
51,540 | HSBC Holdings PLC, Sponsored ADR | $ | 2,508,452 | |||||||||||||||||
248,521 | JPMorgan Chase & Co. | 7,835,867 | ||||||||||||||||||
47,788 | Lloyds TSB Group PLC, Sponsored ADR | 367,968 | ||||||||||||||||||
26,500 | Merrill Lynch & Co., Inc. | 308,460 | ||||||||||||||||||
239,395 | Morgan Stanley | 3,839,896 | ||||||||||||||||||
3,281 | Toronto-Dominion Bank | 117,689 | ||||||||||||||||||
39,483 | TrustCo Bank Corporation NY | 375,483 | ||||||||||||||||||
177,092 | U.S. Bancorp | 4,429,071 | ||||||||||||||||||
171,570 | Wachovia Corporation | 950,498 | ||||||||||||||||||
192,733 | Wells Fargo & Company | 5,681,769 | ||||||||||||||||||
Total Commercial Banks | 32,242,829 | |||||||||||||||||||
Commercial Services & Supplies – 1.1% | ||||||||||||||||||||
3,800 | Avery Dennison Corporation | 124,374 | ||||||||||||||||||
90,141 | Deluxe Corporation | 1,348,509 | ||||||||||||||||||
3,809 | Manpower Inc. | 129,468 | ||||||||||||||||||
23,000 | Pitney Bowes Inc. | 586,040 | ||||||||||||||||||
6,100 | Priceline.com Incorporated, (2) | 449,265 | ||||||||||||||||||
8,500 | R.R. Donnelley & Sons Company | 115,430 | ||||||||||||||||||
42,509 | Resources Connection, Inc., (2) | 696,297 | ||||||||||||||||||
65,838 | Waste Management, Inc. | 2,181,871 | ||||||||||||||||||
Total Commercial Services & Supplies | 5,631,254 | |||||||||||||||||||
Communications Equipment – 2.2% | ||||||||||||||||||||
18,403 | ADTRAN, Inc. | 273,837 | ||||||||||||||||||
8,994 | Ciena Corporation, (2) | 60,260 | ||||||||||||||||||
317,202 | Cisco Systems, Inc., (2) | 5,170,393 | ||||||||||||||||||
61,398 | Corning Incorporated | 585,123 | ||||||||||||||||||
11,875 | JDS Uniphase Corporation, (2) | 43,344 | ||||||||||||||||||
148,402 | Motorola, Inc. | 657,421 | ||||||||||||||||||
108,408 | QUALCOMM Inc. | 3,884,259 | ||||||||||||||||||
8,004 | Research In Motion Limited, (2) | 324,802 | ||||||||||||||||||
Total Communications Equipment | 10,999,439 | |||||||||||||||||||
Computers & Peripherals – 2.8% | ||||||||||||||||||||
57,873 | Apple, Inc., (2) | 4,939,461 | ||||||||||||||||||
98,707 | Dell Inc., (2) | 1,010,760 | ||||||||||||||||||
94,079 | EMC Corporation, (2) | 985,007 | ||||||||||||||||||
77,871 | International Business Machines Corporation (IBM) | 6,553,623 | ||||||||||||||||||
10,613 | McAfee Inc., (2) | 366,891 | ||||||||||||||||||
33,400 | Sun Microsystems Inc., (2) | 127,588 | ||||||||||||||||||
Total Computers & Peripherals | 13,983,330 | |||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||
67,197 | Capitalsource Inc. | 310,450 | ||||||||||||||||||
12,636 | Discover Financial Services | 120,421 | ||||||||||||||||||
5,500 | MasterCard, Inc. | 786,115 | ||||||||||||||||||
Total Consumer Finance | 1,216,986 | |||||||||||||||||||
Containers & Packaging – 0.6% | ||||||||||||||||||||
65,543 | Packaging Corp. of America | 882,209 | ||||||||||||||||||
87,335 | Sonoco Products Company | 2,022,679 | ||||||||||||||||||
Total Containers & Packaging | 2,904,888 | |||||||||||||||||||
Diversified Financial Services – 0.9% | ||||||||||||||||||||
289,785 | Citigroup Inc. | 1,944,457 | ||||||||||||||||||
8,700 | CME Group, Inc. | 1,810,557 | ||||||||||||||||||
30,707 | New York Stock Exchange Euronext | 840,758 | ||||||||||||||||||
Total Diversified Financial Services | 4,595,772 | |||||||||||||||||||
Diversified Telecommunication Services – 4.9% | ||||||||||||||||||||
567,350 | AT&T Inc. | 16,169,474 | ||||||||||||||||||
2,019 | FairPoint Communications Inc. | 6,622 | ||||||||||||||||||
216,168 | Frontier Communications Corporation | 1,889,308 | ||||||||||||||||||
165,751 | Verizon Communications Inc. | 5,618,959 | ||||||||||||||||||
20,804 | Windstream Corporation | 191,397 | ||||||||||||||||||
Total Diversified Telecommunication Services | 23,875,760 | |||||||||||||||||||
15 | ||||
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Electric Utilities – 1.5% | ||||||||||||||||||||
30,527 | Ameren Corporation | $ | 1,015,328 | |||||||||||||||||
34,781 | Consolidated Edison, Inc. | 1,354,024 | ||||||||||||||||||
26,923 | Great Plains Energy Incorporated | 520,422 | ||||||||||||||||||
60,787 | OGE Energy Corp. | 1,567,089 | ||||||||||||||||||
80,800 | Pepco Holdings, Inc. | 1,435,008 | ||||||||||||||||||
33,573 | Progress Energy, Inc. | 1,337,884 | ||||||||||||||||||
540 | Southern Company | 19,980 | ||||||||||||||||||
Total Electric Utilities | 7,249,735 | |||||||||||||||||||
Electrical Equipment – 1.0% | ||||||||||||||||||||
122,241 | Emerson Electric Company | 4,475,243 | ||||||||||||||||||
14,000 | Rockwell Automation, Inc. | 451,360 | ||||||||||||||||||
Total Electrical Equipment | 4,926,603 | |||||||||||||||||||
Electronic Equipment & Instruments – 0.0% | ||||||||||||||||||||
4,194 | Garmin Limited | 80,399 | ||||||||||||||||||
Energy Equipment & Services – 2.1% | ||||||||||||||||||||
23,687 | Diamond Offshore Drilling, Inc. | 1,396,112 | ||||||||||||||||||
24,817 | ENSCO International Incorporated | 704,555 | ||||||||||||||||||
112,366 | Halliburton Company | 2,042,814 | ||||||||||||||||||
30,468 | Patterson-UTI Energy, Inc. | 350,687 | ||||||||||||||||||
81,576 | Schlumberger Limited | 3,453,112 | ||||||||||||||||||
18,961 | Smith International, Inc. | 434,017 | ||||||||||||||||||
46,500 | Tidewater Inc. | 1,872,555 | ||||||||||||||||||
Total Energy Equipment & Services | 10,253,852 | |||||||||||||||||||
Food & Staples Retailing – 2.8% | ||||||||||||||||||||
22,609 | Costco Wholesale Corporation | 1,186,973 | ||||||||||||||||||
158,491 | CVS Caremark Corporation | 4,555,031 | ||||||||||||||||||
38,696 | SUPERVALU INC | 564,962 | ||||||||||||||||||
134,441 | Wal-Mart Stores, Inc. | 7,536,762 | ||||||||||||||||||
Total Food & Staples Retailing | 13,843,728 | |||||||||||||||||||
Food Products – 1.5% | ||||||||||||||||||||
175,705 | Kraft Foods Inc. | 4,717,679 | ||||||||||||||||||
30,912 | Monsanto Company | 2,174,659 | ||||||||||||||||||
57,000 | Sara Lee Corporation | 558,030 | ||||||||||||||||||
Total Food Products | 7,450,368 | |||||||||||||||||||
Gas Utilities – 1.1% | ||||||||||||||||||||
28,977 | AGL Resources Inc. | 908,429 | ||||||||||||||||||
62,810 | Atmos Energy Corporation | 1,488,597 | ||||||||||||||||||
81,800 | Nicor Inc. | 2,841,732 | ||||||||||||||||||
Total Gas Utilities | 5,238,758 | |||||||||||||||||||
Health Care Equipment & Supplies – 0.5% | ||||||||||||||||||||
15,916 | Hologic Inc., (2) | 208,022 | ||||||||||||||||||
3,415 | Intuitive Surgical, Inc., (2) | 433,671 | ||||||||||||||||||
54,136 | Medtronic, Inc. | 1,700,953 | ||||||||||||||||||
Total Health Care Equipment & Supplies | 2,342,646 | |||||||||||||||||||
Health Care Providers & Services – 1.7% | ||||||||||||||||||||
33,767 | Brookdale Senior Living Inc. | 188,420 | ||||||||||||||||||
15,450 | Coventry Health Care, Inc., (2) | 229,896 | ||||||||||||||||||
6,787 | Henry Schein Inc., (2) | 249,015 | ||||||||||||||||||
83,690 | Kindred Healthcare Inc., (2) | 1,089,644 | ||||||||||||||||||
6,700 | Mentor Corporation | 207,231 | ||||||||||||||||||
188,246 | UnitedHealth Group Incorporated | 5,007,344 | ||||||||||||||||||
28,558 | Wellpoint Inc., (2) | 1,203,149 | ||||||||||||||||||
Total Health Care Providers & Services | 8,174,699 | |||||||||||||||||||
Health Care Technology – 0.0% | ||||||||||||||||||||
5,583 | Cerner Corporation, (2) | 214,666 | ||||||||||||||||||
16 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Hotels, Restaurants & Leisure – 1.3% | ||||||||||||||||||||
17,000 | Carnival Corporation | $ | 413,440 | |||||||||||||||||
22,661 | International Game Technology | 269,439 | ||||||||||||||||||
3,272 | Interval Leisure Group Inc., (2) | 17,636 | ||||||||||||||||||
87,661 | McDonald’s Corporation | 5,451,638 | ||||||||||||||||||
Total Hotels, Restaurants & Leisure | 6,152,153 | |||||||||||||||||||
Household Durables – 1.3% | ||||||||||||||||||||
4,100 | Black & Decker Corporation | 171,421 | ||||||||||||||||||
106,577 | Newell Rubbermaid Inc. | 1,042,323 | ||||||||||||||||||
12,400 | Snap-on Incorporated | 488,312 | ||||||||||||||||||
25,600 | Stanley Works | 872,960 | ||||||||||||||||||
105,743 | Tupperware Corporation | 2,400,366 | ||||||||||||||||||
29,254 | Whirlpool Corporation | 1,209,653 | ||||||||||||||||||
Total Household Durables | 6,185,035 | |||||||||||||||||||
Household Products – 3.4% | ||||||||||||||||||||
53,200 | Colgate-Palmolive Company | 3,646,328 | ||||||||||||||||||
22,833 | Kimberly-Clark Corporation | 1,204,212 | ||||||||||||||||||
195,445 | Procter & Gamble Company | 12,082,409 | ||||||||||||||||||
Total Household Products | 16,932,949 | |||||||||||||||||||
Industrial Conglomerates – 3.6% | ||||||||||||||||||||
24,726 | 3M Co. | 1,422,734 | ||||||||||||||||||
870,466 | General Electric Company | 14,101,548 | ||||||||||||||||||
52,800 | Genuine Parts Company | 1,999,008 | ||||||||||||||||||
4,702 | Siemens AG, Sponsored ADR | 356,177 | ||||||||||||||||||
Total Industrial Conglomerates | 17,879,467 | |||||||||||||||||||
Insurance – 2.5% | ||||||||||||||||||||
36,800 | Allstate Corporation | 1,205,568 | ||||||||||||||||||
158,387 | American International Group, Inc. | 248,668 | ||||||||||||||||||
24,591 | Arthur J. Gallagher & Co. | 637,153 | ||||||||||||||||||
208,366 | Fidelity National Title Group Inc., Class A | 3,698,497 | ||||||||||||||||||
12,500 | Hartford Financial Services Group, Inc. | 205,250 | ||||||||||||||||||
80,283 | Lincoln National Corporation | 1,512,532 | ||||||||||||||||||
72,500 | Marsh & McLennan Companies, Inc. | 1,759,575 | ||||||||||||||||||
46,000 | Travelers Companies, Inc. | 2,079,200 | ||||||||||||||||||
52,700 | Unitrin, Inc. | 840,038 | ||||||||||||||||||
Total Insurance | 12,186,481 | |||||||||||||||||||
Internet & Catalog Retail – 0.3% | ||||||||||||||||||||
28,202 | Amazon.com, Inc., (2) | 1,446,199 | ||||||||||||||||||
3,272 | Hosting Site Network, Inc., (2) | 23,787 | ||||||||||||||||||
8,182 | IAC/InterActiveCorp., (2) | 128,703 | ||||||||||||||||||
3,272 | Ticketmaster Online-Citysearch, Inc., (2) | 21,006 | ||||||||||||||||||
Total Internet & Catalog Retail | 1,619,695 | |||||||||||||||||||
Internet Software & Services – 1.7% | ||||||||||||||||||||
69,632 | eBay Inc., (2) | 972,063 | ||||||||||||||||||
17,417 | Google Inc., Class A, (2) | 5,358,340 | ||||||||||||||||||
158,937 | United Online, Inc. | 964,748 | ||||||||||||||||||
78,555 | Yahoo! Inc., (2) | 958,371 | ||||||||||||||||||
Total Internet Software & Services | 8,253,522 | |||||||||||||||||||
IT Services – 1.0% | ||||||||||||||||||||
65,915 | Automatic Data Processing, Inc. | 2,593,096 | ||||||||||||||||||
6,564 | Fidelity National Information Services | 106,796 | ||||||||||||||||||
3,197 | Lender Processing Services Inc. | 94,152 | ||||||||||||||||||
62,662 | Paychex, Inc. | 1,646,757 | ||||||||||||||||||
34,100 | Standard Register Company | 304,513 | ||||||||||||||||||
Total IT Services | 4,745,314 | |||||||||||||||||||
Leisure Equipment & Products – 0.1% | ||||||||||||||||||||
39,513 | Eastman Kodak Company | 259,996 | ||||||||||||||||||
7,900 | Polaris Industries Inc. | 226,335 | ||||||||||||||||||
Total Leisure Equipment & Products | 486,331 | |||||||||||||||||||
17 | ||||
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Machinery – 1.6% | ||||||||||||||||||||
75,600 | Caterpillar Inc. | $ | 3,377,052 | |||||||||||||||||
7,568 | Cummins Inc. | 202,293 | ||||||||||||||||||
23,019 | Deere & Company | 882,088 | ||||||||||||||||||
13,600 | Graco Inc. | 322,728 | ||||||||||||||||||
16,555 | Ingersoll Rand Company Limited, Class A | 287,229 | ||||||||||||||||||
9,750 | Parker Hannifin Corporation | 414,765 | ||||||||||||||||||
57,827 | SPX Corporation | 2,344,885 | ||||||||||||||||||
12,000 | Timken Company | 235,560 | ||||||||||||||||||
Total Machinery | 8,066,600 | |||||||||||||||||||
Media – 1.5% | ||||||||||||||||||||
44,982 | CBS Corporation, Class B | 368,403 | ||||||||||||||||||
185,412 | Comcast Corporation, Class A | 3,129,755 | ||||||||||||||||||
39,613 | New York Times, Class A | 290,363 | ||||||||||||||||||
26,741 | Omnicom Group Inc. | 719,868 | ||||||||||||||||||
182,679 | Regal Entertainment Group, Class A | 1,865,153 | ||||||||||||||||||
10,489 | ValueClick, Inc., (2) | 71,745 | ||||||||||||||||||
40,885 | Walt Disney Company | 927,681 | ||||||||||||||||||
Total Media | 7,372,968 | |||||||||||||||||||
Metals & Mining – 1.2% | ||||||||||||||||||||
23,784 | Alcoa Inc. | 267,808 | ||||||||||||||||||
53,800 | CONSOL Energy Inc. | 1,537,604 | ||||||||||||||||||
32,000 | Nucor Corporation | 1,478,400 | ||||||||||||||||||
170,410 | Southern Copper Corporation | 2,736,785 | ||||||||||||||||||
Total Metals & Mining | 6,020,597 | |||||||||||||||||||
Multiline Retail – 0.7% | ||||||||||||||||||||
13,000 | Family Dollar Stores, Inc. | 338,910 | ||||||||||||||||||
38,002 | Federated Department Stores, Inc. | 393,321 | ||||||||||||||||||
54,539 | Nordstrom, Inc. | 725,914 | ||||||||||||||||||
8,700 | Sears Holding Corporation, (2) | 338,169 | ||||||||||||||||||
41,660 | Target Corporation | 1,438,520 | ||||||||||||||||||
Total Multiline Retail | 3,234,834 | |||||||||||||||||||
Multi-Utilities – 2.0% | ||||||||||||||||||||
125,900 | Duke Energy Corporation | 1,889,759 | ||||||||||||||||||
82,456 | Integrys Energy Group, Inc. | 3,543,959 | ||||||||||||||||||
29,095 | National Fuel Gas Company | 911,546 | ||||||||||||||||||
15,861 | Northwestern Corporation | 372,258 | ||||||||||||||||||
49,251 | ONEOK, Inc. | 1,434,189 | ||||||||||||||||||
64,378 | Public Service Enterprise Group Incorporated | 1,877,906 | ||||||||||||||||||
Total Multi-Utilities | 10,029,617 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 11.8% | ||||||||||||||||||||
13,525 | BP PLC, Sponsored ADR | 632,159 | ||||||||||||||||||
217,900 | Chevron Corporation | 16,118,062 | ||||||||||||||||||
115,432 | ConocoPhillips | 5,979,378 | ||||||||||||||||||
70,259 | Continental Resources Inc., (2) | 1,455,064 | ||||||||||||||||||
10,017 | EnCana Corporation | 465,590 | ||||||||||||||||||
46,769 | EOG Resources, Inc. | 3,113,880 | ||||||||||||||||||
303,153 | Exxon Mobil Corporation | 24,200,703 | ||||||||||||||||||
43,228 | Occidental Petroleum Corporation | 2,593,248 | ||||||||||||||||||
6,924 | Suncor Energy, Inc. | 135,018 | ||||||||||||||||||
4,114 | Total SA, Sponsored ADR | 227,504 | ||||||||||||||||||
147,021 | Valero Energy Corporation | 3,181,534 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 58,102,140 | |||||||||||||||||||
Paper & Forest Products – 0.3% | ||||||||||||||||||||
46,841 | Weyerhaeuser Company | 1,433,803 | ||||||||||||||||||
Pharmaceuticals – 9.4% | ||||||||||||||||||||
114,336 | Abbott Laboratories | 6,102,112 | ||||||||||||||||||
248,402 | Bristol-Myers Squibb Company | 5,775,347 | ||||||||||||||||||
64,787 | Eli Lilly and Company | 2,608,972 | ||||||||||||||||||
17,216 | GlaxoSmithKline PLC, Sponsored ADR | 641,640 | ||||||||||||||||||
183,508 | Johnson & Johnson | 10,979,284 | ||||||||||||||||||
226,478 | Merck & Co. Inc. | 6,884,931 |
18 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Pharmaceuticals (continued) | ||||||||||||||||||||
470,096 | Pfizer Inc. | $ | 8,325,400 | |||||||||||||||||
32,315 | Sanofi-Aventis, Sponsored ADR | 1,039,250 | ||||||||||||||||||
80,878 | Schering-Plough Corporation | 1,377,352 | ||||||||||||||||||
70,188 | Wyeth | 2,632,752 | ||||||||||||||||||
Total Pharmaceuticals | 46,367,040 | |||||||||||||||||||
Real Estate Investment Trust – 1.6% | ||||||||||||||||||||
46,493 | Brandywine Realty Trust | 358,461 | ||||||||||||||||||
65,884 | CapLease Inc. | 113,979 | ||||||||||||||||||
39,900 | First Industrial Realty Trust, Inc. | 301,245 | ||||||||||||||||||
39,146 | Glimcher Realty Trust | 110,000 | ||||||||||||||||||
21,000 | Health Care REIT, Inc. | 886,200 | ||||||||||||||||||
49,761 | Healthcare Realty Trust, Inc. | 1,168,388 | ||||||||||||||||||
96,015 | Hospitality Properties Trust | 1,427,743 | ||||||||||||||||||
116,913 | HRPT Properties Trust | 393,997 | ||||||||||||||||||
78,791 | Lexington Corporate Properties Trust | 393,955 | ||||||||||||||||||
26,149 | Liberty Property Trust | 596,982 | ||||||||||||||||||
17,263 | Medical Properties Trust Inc. | 108,930 | ||||||||||||||||||
42,953 | Nationwide Health Properties, Inc. | 1,233,610 | ||||||||||||||||||
27,000 | Senior Housing Properties Trust | 483,840 | ||||||||||||||||||
11,215 | Sun Communities Inc. | 157,010 | ||||||||||||||||||
61,650 | U-Store-It Trust | 274,343 | ||||||||||||||||||
Total Real Estate Investment Trust | 8,008,683 | |||||||||||||||||||
Road & Rail – 0.6% | ||||||||||||||||||||
20,459 | Burlington Northern Santa Fe Corporation | 1,548,951 | ||||||||||||||||||
14,239 | Norfolk Southern Corporation | 669,945 | ||||||||||||||||||
19,766 | Union Pacific Corporation | 944,815 | ||||||||||||||||||
Total Road & Rail | 3,163,711 | |||||||||||||||||||
Semiconductors & Equipment – 2.0% | ||||||||||||||||||||
26,657 | Analog Devices, Inc. | 507,016 | ||||||||||||||||||
113,228 | Applied Materials, Inc. | 1,147,000 | ||||||||||||||||||
46,600 | Broadcom Corporation, Class A, (2) | 790,802 | ||||||||||||||||||
276,691 | Intel Corporation | 4,056,290 | ||||||||||||||||||
16,140 | Intersil Holding Corporation, Class A | 148,327 | ||||||||||||||||||
10,165 | Lam Research Corporation, (2) | 216,311 | ||||||||||||||||||
44,326 | Microchip Technology Incorporated | 865,687 | ||||||||||||||||||
24,800 | National Semiconductor Corporation | 249,736 | ||||||||||||||||||
33,400 | NVIDIA Corporation, (2) | 269,538 | ||||||||||||||||||
115,500 | Texas Instruments Incorporated | 1,792,560 | ||||||||||||||||||
Total Semiconductors & Equipment | 10,043,267 | |||||||||||||||||||
Software – 3.5% | ||||||||||||||||||||
48,441 | Adobe Systems Incorporated, (2) | 1,031,309 | ||||||||||||||||||
17,598 | Akamai Technologies, Inc., (2) | 265,554 | ||||||||||||||||||
15,237 | Autodesk, Inc., (2) | 299,407 | ||||||||||||||||||
36,768 | Cognizant Technology Solutions Corporation, Class A, (2) | 664,030 | ||||||||||||||||||
494,336 | Microsoft Corporation | 9,609,892 | ||||||||||||||||||
259,505 | Oracle Corporation, (2) | 4,601,024 | ||||||||||||||||||
10,500 | Salesforce.com, Inc., (2) | 336,105 | ||||||||||||||||||
26,139 | VeriSign, Inc., (2) | 498,732 | ||||||||||||||||||
Total Software | 17,306,053 | |||||||||||||||||||
Specialty Retail – 1.4% | ||||||||||||||||||||
27,715 | Abercrombie & Fitch Co., Class A | 639,385 | ||||||||||||||||||
46,762 | American Eagle Outfitters, Inc. | 437,692 | ||||||||||||||||||
52,479 | Best Buy Co., Inc. | 1,475,185 | ||||||||||||||||||
82,758 | Home Depot, Inc. | 1,905,089 | ||||||||||||||||||
51,450 | Limited Brands, Inc. | 516,558 | ||||||||||||||||||
55,524 | Lowe’s Companies, Inc. | 1,194,876 | ||||||||||||||||||
5,000 | Tiffany & Co. | 118,150 | ||||||||||||||||||
20,462 | TJX Companies, Inc. | 420,903 | ||||||||||||||||||
Total Specialty Retail | 6,707,838 | |||||||||||||||||||
19 | ||||
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.4% | ||||||||||||||||||||
14,359 | Cherokee Inc. | $ | 249,129 | |||||||||||||||||
27,238 | VF Corporation | 1,491,825 | ||||||||||||||||||
Total Textiles, Apparel & Luxury Goods | 1,740,954 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||||||||||||
60,610 | New York Community Bancorp, Inc. | 724,896 | ||||||||||||||||||
545 | Tree.com Inc., (2) | 1,417 | ||||||||||||||||||
Total Thrifts & Mortgage Finance | 726,313 | |||||||||||||||||||
Tobacco – 2.9% | ||||||||||||||||||||
196,835 | Altria Group, Inc. | 2,964,335 | ||||||||||||||||||
215,447 | Philip Morris International | 9,374,099 | ||||||||||||||||||
31,534 | Reynolds American Inc. | 1,271,136 | ||||||||||||||||||
37,952 | Vector Group Ltd. | 516,906 | ||||||||||||||||||
Total Tobacco | 14,126,476 | |||||||||||||||||||
Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||
24,054 | USA Mobility Inc., (2) | 278,305 | ||||||||||||||||||
Total Common Stocks (cost $586,602,825) | 480,677,614 | |||||||||||||||||||
Principal | ||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
Short-Term Investments – 5.9% | ||||||||||||||||||||
$ | 28,884 | Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $28,883,772, collateralized by $20,580,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $29,462,328 | 0.010% | 1/02/09 | $ | 28,883,756 | ||||||||||||||
Total Short-Term Investments (cost $28,883,756) | 28,883,756 | |||||||||||||||||||
Total Investments (cost $615,486,581) – 103.6% | 509,561,370 | |||||||||||||||||||
Number of | Notional | Expiration | Strike | |||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | |||||||||||||||
Call Options Written – (3.8)% (4) | ||||||||||||||||||||
(1,231 | ) | S&P 500 Index | $ | (104,635,000 | ) | 1/17/09 | $ | 850 | $ | (7,638,355 | ) | |||||||||
(414 | ) | S&P 500 Index | (37,260,000 | ) | 1/17/09 | 900 | (1,119,870 | ) | ||||||||||||
(665 | ) | S&P 500 Index | (63,175,000 | ) | 1/17/09 | 950 | (468,825 | ) | ||||||||||||
(749 | ) | S&P 500 Index | (67,410,000 | ) | 2/21/09 | 900 | (3,666,355 | ) | ||||||||||||
(783 | ) | S&P 500 Index | (74,385,000 | ) | 2/21/09 | 950 | (1,969,245 | ) | ||||||||||||
(614 | ) | S&P 500 Index | (58,330,000 | ) | 3/21/09 | 950 | (2,348,550 | ) | ||||||||||||
(761 | ) | S&P 500 Index | (76,100,000 | ) | 3/21/09 | 1,000 | (1,556,245 | ) | ||||||||||||
(5,217 | ) | Total Call Options Written (premiums received $23,243,839) | (481,295,000 | ) | (18,767,445 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.2% | 912,279 | |||||||||||||||||||
Net Assets – 100% | $ | 491,706,204 | ||||||||||||||||||
(1) | All percentages in the Portfolio of Investments are based on net assets. | |||||
(2) | Non-income producing. | |||||
(3) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |||||
(4) | The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. | |||||
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
20 | ||||
JSN | Nuveen Equity Premium Opportunity Fund Portfolio of INVESTMENTS | |||
December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Common Stocks – 97.1% | ||||||||||||||||||||
Aerospace & Defense – 2.5% | ||||||||||||||||||||
87,305 | Boeing Company | $ | 3,725,304 | |||||||||||||||||
134,199 | Honeywell International Inc. | 4,405,753 | ||||||||||||||||||
27,539 | Lockheed Martin Corporation | 2,315,479 | ||||||||||||||||||
43,071 | Northrop Grumman Corporation | 1,939,918 | ||||||||||||||||||
48,781 | Raytheon Company | 2,489,782 | ||||||||||||||||||
114,660 | United Technologies Corporation | 6,145,776 | ||||||||||||||||||
Total Aerospace & Defense | 21,022,012 | |||||||||||||||||||
Air Freight & Logistics – 0.7% | ||||||||||||||||||||
104,969 | United Parcel Service, Inc., Class B | 5,790,090 | ||||||||||||||||||
Airlines – 0.3% | ||||||||||||||||||||
231,521 | AMR Corporation, (2) | 2,470,329 | ||||||||||||||||||
Automobiles – 0.2% | ||||||||||||||||||||
412,672 | General Motors Corporation | 1,320,550 | ||||||||||||||||||
36,887 | Harley-Davidson, Inc. | 625,972 | ||||||||||||||||||
Total Automobiles | 1,946,522 | |||||||||||||||||||
Beverages – 1.7% | ||||||||||||||||||||
185,607 | Coca-Cola Company | 8,402,429 | ||||||||||||||||||
110,981 | PepsiCo, Inc. | 6,078,429 | ||||||||||||||||||
Total Beverages | 14,480,858 | |||||||||||||||||||
Biotechnology – 4.3% | ||||||||||||||||||||
171,098 | Amgen Inc., (2) | 9,880,910 | ||||||||||||||||||
89,907 | Biogen Idec Inc., (2) | 4,282,270 | ||||||||||||||||||
116,048 | Celgene Corporation, (2) | 6,415,133 | ||||||||||||||||||
45,376 | Genentech, Inc., (2) | 3,762,124 | ||||||||||||||||||
232,038 | Gilead Sciences, Inc., (2) | 11,866,423 | ||||||||||||||||||
Total Biotechnology | 36,206,860 | |||||||||||||||||||
Capital Markets – 0.7% | ||||||||||||||||||||
164,993 | Charles Schwab Corporation | 2,667,937 | ||||||||||||||||||
41,795 | Legg Mason, Inc. | 915,728 | ||||||||||||||||||
21,543 | UBS AG, (2) | 308,065 | ||||||||||||||||||
136,190 | Waddell & Reed Financial, Inc., Class A | 2,105,497 | ||||||||||||||||||
Total Capital Markets | 5,997,227 | |||||||||||||||||||
Chemicals – 1.3% | ||||||||||||||||||||
65,169 | Dow Chemical Company | 983,400 | ||||||||||||||||||
131,799 | E.I. Du Pont de Nemours and Company | 3,334,515 | ||||||||||||||||||
41,570 | Eastman Chemical Company | 1,318,185 | ||||||||||||||||||
72,000 | Lubrizol Corporation | 2,620,080 | ||||||||||||||||||
3,493 | Potash Corporation of Saskatchewan | 255,757 | ||||||||||||||||||
152,430 | RPM International, Inc. | 2,025,795 | ||||||||||||||||||
Total Chemicals | 10,537,732 | |||||||||||||||||||
Commercial Banks – 4.8% | ||||||||||||||||||||
67,334 | American Express Company | 1,249,046 | ||||||||||||||||||
337,388 | Bank of America Corporation | 4,750,423 | ||||||||||||||||||
65,480 | Fifth Third Bancorp. | 540,865 | ||||||||||||||||||
74,909 | First Horizon National Corporation | 791,791 | ||||||||||||||||||
51,044 | Goldman Sachs Group, Inc. | 4,307,603 | ||||||||||||||||||
11,544 | HSBC Holdings PLC, Sponsored ADR | 561,846 | ||||||||||||||||||
4,932 | Huntington BancShares Inc. | 37,779 | ||||||||||||||||||
308,035 | JPMorgan Chase & Co. | 9,712,344 | ||||||||||||||||||
90,328 | Lloyds TSB Group PLC, Sponsored ADR | 695,526 | ||||||||||||||||||
158,201 | Morgan Stanley | 2,537,544 | ||||||||||||||||||
46,961 | Toronto-Dominion Bank | 1,684,491 | ||||||||||||||||||
263,201 | U.S. Bancorp | 6,582,657 |
21 | ||||
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Commercial Banks (continued) | ||||||||||||||||||||
87,894 | Wachovia Corporation | $ | 486,933 | |||||||||||||||||
223,458 | Wells Fargo & Company | 6,587,542 | ||||||||||||||||||
Total Commercial Banks | 40,526,390 | |||||||||||||||||||
Commercial Services & Supplies – 1.1% | ||||||||||||||||||||
24,027 | Corporate Executive Board Company | 530,036 | ||||||||||||||||||
88,588 | Deluxe Corporation | 1,325,276 | ||||||||||||||||||
57,452 | Manpower Inc. | 1,952,793 | ||||||||||||||||||
51,209 | R.R. Donnelley & Sons Company | 695,418 | ||||||||||||||||||
90,337 | Resources Connection, Inc., (2) | 1,479,720 | ||||||||||||||||||
97,220 | Waste Management, Inc. | 3,221,871 | ||||||||||||||||||
Total Commercial Services & Supplies | 9,205,114 | |||||||||||||||||||
Communications Equipment – 5.3% | ||||||||||||||||||||
67,631 | ADTRAN, Inc. | 1,006,349 | ||||||||||||||||||
901,387 | Cisco Systems, Inc., (2) | 14,692,608 | ||||||||||||||||||
192,977 | Corning Incorporated | 1,839,071 | ||||||||||||||||||
55,800 | Harris Corporation | 2,123,190 | ||||||||||||||||||
19,554 | Motorola, Inc. | 86,624 | ||||||||||||||||||
550,042 | QUALCOMM Inc. | 19,708,005 | ||||||||||||||||||
124,769 | Research In Motion Limited, (2) | 5,063,126 | ||||||||||||||||||
Total Communications Equipment | 44,518,973 | |||||||||||||||||||
Computers & Peripherals – 6.6% | ||||||||||||||||||||
313,801 | Apple, Inc., (2) | 26,782,915 | ||||||||||||||||||
258,787 | Dell Inc., (2) | 2,649,979 | ||||||||||||||||||
232,095 | EMC Corporation, (2) | 2,430,035 | ||||||||||||||||||
316,255 | Hewlett-Packard Company | 11,476,894 | ||||||||||||||||||
107,213 | International Business Machines Corporation (IBM) | 9,023,046 | ||||||||||||||||||
58,385 | McAfee Inc., (2) | 2,018,369 | ||||||||||||||||||
84,356 | Network Appliance Inc., (2) | 1,178,453 | ||||||||||||||||||
Total Computers & Peripherals | 55,559,691 | |||||||||||||||||||
Consumer Finance – 0.2% | ||||||||||||||||||||
68,627 | Discover Financial Services | 654,015 | ||||||||||||||||||
76,610 | SLM Corporation, (2) | 681,829 | ||||||||||||||||||
Total Consumer Finance | 1,335,844 | |||||||||||||||||||
Containers & Packaging – 0.7% | ||||||||||||||||||||
202,483 | Packaging Corp. of America | 2,725,421 | ||||||||||||||||||
126,709 | Sonoco Products Company | �� | 2,934,580 | |||||||||||||||||
Total Containers & Packaging | 5,660,001 | |||||||||||||||||||
Diversified Consumer Services – 0.1% | ||||||||||||||||||||
35,825 | Hillenbrand Inc. | 597,561 | ||||||||||||||||||
Diversified Financial Services – 1.1% | ||||||||||||||||||||
150,034 | CIT Group Inc. | 681,154 | ||||||||||||||||||
569,755 | Citigroup Inc. | 3,823,056 | ||||||||||||||||||
11,800 | CME Group, Inc. | 2,455,698 | ||||||||||||||||||
49,229 | Eaton Vance Corporation | 1,034,301 | ||||||||||||||||||
126,602 | ING Groep N.V., Sponsored ADR | 1,405,282 | ||||||||||||||||||
Total Diversified Financial Services | 9,399,491 | |||||||||||||||||||
Diversified Telecommunication Services – 3.3% | ||||||||||||||||||||
711,379 | AT&T Inc. | 20,274,302 | ||||||||||||||||||
2,241 | FairPoint Communications Inc. | 7,350 | ||||||||||||||||||
42,575 | Frontier Communications Corporation | 372,106 | ||||||||||||||||||
197,528 | Verizon Communications Inc. | 6,696,199 | ||||||||||||||||||
23,838 | Vimpel Communications, Sponsored ADR | 170,680 | ||||||||||||||||||
Total Diversified Telecommunication Services | 27,520,637 | |||||||||||||||||||
Electric Utilities – 1.2% | ||||||||||||||||||||
39,063 | Ameren Corporation | 1,299,235 | ||||||||||||||||||
94,002 | Companhia Energetica de Minas Gerais, Sponsored ADR | 1,291,587 | ||||||||||||||||||
113,425 | Great Plains Energy Incorporated | 2,192,505 | ||||||||||||||||||
92,646 | OGE Energy Corp. | 2,388,414 |
22 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Electric Utilities (continued) | ||||||||||||||||||||
127,242 | Pepco Holdings, Inc. | $ | 2,259,818 | |||||||||||||||||
24,280 | Pinnacle West Capital Corporation | 780,116 | ||||||||||||||||||
Total Electric Utilities | 10,211,675 | |||||||||||||||||||
Electrical Equipment – 1.2% | ||||||||||||||||||||
52,963 | Cooper Industries, Ltd., Class A | 1,548,108 | ||||||||||||||||||
162,426 | Emerson Electric Company | 5,946,416 | ||||||||||||||||||
2,122 | First Solar Inc., (2) | 292,751 | ||||||||||||||||||
29,254 | Hubbell Incorporated, Class B | 956,021 | ||||||||||||||||||
39,140 | Rockwell Automation, Inc. | 1,261,874 | ||||||||||||||||||
Total Electrical Equipment | 10,005,170 | |||||||||||||||||||
Electronic Equipment & Instruments – 0.4% | ||||||||||||||||||||
124,013 | Gentex Corporation | 1,095,035 | ||||||||||||||||||
51,356 | Roper Industries Inc. | 2,229,364 | ||||||||||||||||||
Total Electronic Equipment & Instruments | 3,324,399 | |||||||||||||||||||
Energy Equipment & Services – 1.8% | ||||||||||||||||||||
45,800 | Diamond Offshore Drilling, Inc. | 2,699,452 | ||||||||||||||||||
37,042 | ENSCO International Incorporated | 1,051,622 | ||||||||||||||||||
193,639 | Halliburton Company | 3,520,357 | ||||||||||||||||||
58,578 | Patterson-UTI Energy, Inc. | 674,233 | ||||||||||||||||||
86,681 | Schlumberger Limited | 3,669,207 | ||||||||||||||||||
77,472 | Tidewater Inc. | 3,119,797 | ||||||||||||||||||
Total Energy Equipment & Services | 14,734,668 | |||||||||||||||||||
Food & Staples Retailing – 2.1% | ||||||||||||||||||||
132,549 | CVS Caremark Corporation | 3,809,458 | ||||||||||||||||||
99,835 | Kroger Co. | 2,636,642 | ||||||||||||||||||
38,242 | SUPERVALU INC. | 558,333 | ||||||||||||||||||
62,071 | Walgreen Co. | 1,531,292 | ||||||||||||||||||
163,919 | Wal-Mart Stores, Inc. | 9,189,299 | ||||||||||||||||||
Total Food & Staples Retailing | 17,725,024 | |||||||||||||||||||
Food Products – 1.2% | ||||||||||||||||||||
181,554 | Kraft Foods Inc. | �� | 4,874,725 | |||||||||||||||||
61,544 | Monsanto Company | 4,329,620 | ||||||||||||||||||
97,807 | Sara Lee Corporation | 957,531 | ||||||||||||||||||
Total Food Products | 10,161,876 | |||||||||||||||||||
Gas Utilities – 1.0% | ||||||||||||||||||||
25,125 | AGL Resources Inc. | 787,669 | ||||||||||||||||||
149,706 | Atmos Energy Corporation | 3,548,032 | ||||||||||||||||||
121,756 | Nicor Inc. | 4,229,803 | ||||||||||||||||||
Total Gas Utilities | 8,565,504 | |||||||||||||||||||
Health Care Equipment & Supplies – 1.5% | ||||||||||||||||||||
85,553 | Baxter International Inc. | 4,584,785 | ||||||||||||||||||
36,821 | Hill Rom Holdings Inc. | 606,074 | ||||||||||||||||||
163,169 | Hologic Inc., (2) | 2,132,619 | ||||||||||||||||||
15,043 | Intuitive Surgical, Inc., (2) | 1,910,311 | ||||||||||||||||||
104,115 | Medtronic, Inc. | 3,271,293 | ||||||||||||||||||
Total Health Care Equipment & Supplies | 12,505,082 | |||||||||||||||||||
Health Care Providers & Services – 1.5% | ||||||||||||||||||||
51,887 | Aetna Inc. | 1,478,780 | ||||||||||||||||||
240,584 | Brookdale Senior Living Inc. | 1,342,459 | ||||||||||||||||||
22,283 | Coventry Health Care, Inc., (2) | 331,571 | ||||||||||||||||||
64,221 | Express Scripts, Inc., (2) | 3,530,871 | ||||||||||||||||||
24,265 | Mentor Corporation | 750,516 | ||||||||||||||||||
98,040 | UnitedHealth Group Incorporated | 2,607,864 | ||||||||||||||||||
57,698 | Wellpoint Inc., (2) | 2,430,817 | ||||||||||||||||||
Total Health Care Providers & Services | 12,472,878 | |||||||||||||||||||
23 | ||||
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Hotels, Restaurants & Leisure – 1.8% | ||||||||||||||||||||
69,390 | International Game Technology | $ | 825,047 | |||||||||||||||||
5,770 | Interval Leisure Group Inc., (2) | 31,100 | ||||||||||||||||||
215,800 | McDonald’s Corporation | 13,420,602 | ||||||||||||||||||
15,122 | Starwood Hotels & Resorts Worldwide, Inc. | 270,684 | ||||||||||||||||||
23,112 | Wynn Resorts Ltd, (2) | 976,713 | ||||||||||||||||||
Total Hotels, Restaurants & Leisure | 15,524,146 | |||||||||||||||||||
Household Durables – 0.8% | ||||||||||||||||||||
112,487 | KB Home | 1,532,073 | ||||||||||||||||||
185,735 | Newell Rubbermaid Inc. | 1,816,488 | ||||||||||||||||||
44,814 | Stanley Works | 1,528,157 | ||||||||||||||||||
52,780 | Whirlpool Corporation | 2,182,453 | ||||||||||||||||||
Total Household Durables | 7,059,171 | |||||||||||||||||||
Household Products – 2.3% | ||||||||||||||||||||
60,709 | Colgate-Palmolive Company | 4,160,995 | ||||||||||||||||||
251,449 | Procter & Gamble Company | 15,544,577 | ||||||||||||||||||
Total Household Products | 19,705,572 | |||||||||||||||||||
Industrial Conglomerates – 2.2% | ||||||||||||||||||||
44,468 | 3M Co. | 2,558,689 | ||||||||||||||||||
856,674 | General Electric Company | 13,878,119 | ||||||||||||||||||
58,958 | Genuine Parts Company | 2,232,150 | ||||||||||||||||||
Total Industrial Conglomerates | 18,668,958 | |||||||||||||||||||
Insurance – 1.1% | ||||||||||||||||||||
47,157 | Allstate Corporation | 1,544,863 | ||||||||||||||||||
172,660 | American International Group, Inc. | 271,076 | ||||||||||||||||||
41,263 | Arthur J. Gallagher & Co. | 1,069,124 | ||||||||||||||||||
197,780 | Fidelity National Title Group Inc., Class A | 3,510,595 | ||||||||||||||||||
107,129 | Marsh & McLennan Companies, Inc. | 2,600,021 | ||||||||||||||||||
593 | Mercury General Corporation | 27,272 | ||||||||||||||||||
13,802 | Unitrin, Inc. | 220,004 | ||||||||||||||||||
Total Insurance | 9,242,955 | |||||||||||||||||||
Internet & Catalog Retail – 0.6% | ||||||||||||||||||||
77,504 | Amazon.com, Inc., (2) | 3,974,405 | ||||||||||||||||||
12,070 | Hosting Site Network, Inc., (2) | 87,749 | ||||||||||||||||||
33,905 | IAC/InterActiveCorp., (2) | 533,326 | ||||||||||||||||||
6,485 | Ticketmaster Online-Citysearch, Inc., (2) | 41,634 | ||||||||||||||||||
Total Internet & Catalog Retail | 4,637,114 | |||||||||||||||||||
Internet Software & Services – 2.9% | ||||||||||||||||||||
4,160 | Baidu.com, Inc., Sponsored ADR, (2) | 543,171 | ||||||||||||||||||
200,021 | Earthlink, Inc., (2) | 1,352,142 | ||||||||||||||||||
202,141 | eBay Inc., (2) | 2,821,888 | ||||||||||||||||||
51,092 | Google Inc., Class A, (2) | 15,718,454 | ||||||||||||||||||
202,286 | United Online, Inc. | 1,227,876 | ||||||||||||||||||
203,616 | Yahoo! Inc., (2) | 2,484,115 | ||||||||||||||||||
Total Internet Software & Services | 24,147,646 | |||||||||||||||||||
IT Services – 0.9% | ||||||||||||||||||||
99,002 | Automatic Data Processing, Inc. | 3,894,739 | ||||||||||||||||||
31,237 | Fidelity National Information Services | 508,226 | ||||||||||||||||||
15,383 | Lender Processing Services Inc. | 453,029 | ||||||||||||||||||
93,580 | Paychex, Inc. | 2,459,282 | ||||||||||||||||||
Total IT Services | 7,315,276 | |||||||||||||||||||
Leisure Equipment & Products – 0.2% | ||||||||||||||||||||
86,552 | Mattel, Inc. | 1,384,832 | ||||||||||||||||||
15,485 | Polaris Industries Inc. | 443,645 | ||||||||||||||||||
Total Leisure Equipment & Products | 1,828,477 | |||||||||||||||||||
Machinery – 1.4% | ||||||||||||||||||||
106,774 | Caterpillar Inc. | 4,769,595 | ||||||||||||||||||
23,240 | Deere & Company | 890,557 | ||||||||||||||||||
53,498 | Graco Inc. | 1,269,508 | ||||||||||||||||||
25,322 | Joy Global Inc. | 579,621 |
24 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Machinery (continued) | ||||||||||||||||||||
76,240 | SPX Corporation | $ | 3,091,532 | |||||||||||||||||
67,275 | Timken Company | 1,320,608 | ||||||||||||||||||
Total Machinery | 11,921,421 | |||||||||||||||||||
Marine – 0.0% | ||||||||||||||||||||
31,233 | Eagle Bulk Shipping Inc. | 213,009 | ||||||||||||||||||
Media – 2.2% | ||||||||||||||||||||
363,623 | Comcast Corporation, Special Class A | 5,872,511 | ||||||||||||||||||
101,917 | New York Times, Class A | 747,052 | ||||||||||||||||||
180,277 | News Corporation, Class A | 1,638,718 | ||||||||||||||||||
61,441 | Omnicom Group Inc. | 1,653,992 | ||||||||||||||||||
233,520 | Regal Entertainment Group, Class A | 2,384,239 | ||||||||||||||||||
637,542 | Sirius XM Radio Inc., (2) | 76,505 | ||||||||||||||||||
48,441 | Viacom Inc., Class B, (2) | 923,285 | ||||||||||||||||||
197,802 | Walt Disney Company | 4,488,127 | ||||||||||||||||||
159,513 | Warner Music Group Corporation | 481,729 | ||||||||||||||||||
Total Media | 18,266,158 | |||||||||||||||||||
Metals & Mining – 0.7% | ||||||||||||||||||||
84,002 | Alcoa Inc. | 945,863 | ||||||||||||||||||
285,865 | Southern Copper Corporation | 4,590,992 | ||||||||||||||||||
Total Metals & Mining | 5,536,855 | |||||||||||||||||||
Multiline Retail – 0.8% | ||||||||||||||||||||
54,366 | Federated Department Stores, Inc. | 562,688 | ||||||||||||||||||
94,749 | Nordstrom, Inc. | 1,261,109 | ||||||||||||||||||
47,965 | Sears Holding Corporation, (2) | 1,864,400 | ||||||||||||||||||
89,425 | Target Corporation | 3,087,845 | ||||||||||||||||||
Total Multiline Retail | 6,776,042 | |||||||||||||||||||
Multi-Utilities – 1.3% | ||||||||||||||||||||
206,587 | Duke Energy Corporation | 3,100,871 | ||||||||||||||||||
88,459 | National Fuel Gas Company | 2,771,420 | ||||||||||||||||||
96,140 | ONEOK, Inc. | 2,799,597 | ||||||||||||||||||
85,674 | Public Service Enterprise Group Incorporated | 2,499,111 | ||||||||||||||||||
Total Multi-Utilities | 11,170,999 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 8.1% | ||||||||||||||||||||
189,460 | Chevron Corporation | 14,014,356 | ||||||||||||||||||
2,610 | CNOOC Limited, Sponsored ADR | 248,576 | ||||||||||||||||||
110,089 | ConocoPhillips | 5,702,610 | ||||||||||||||||||
63,890 | Delta Petroleum Corporation, (2) | 304,116 | ||||||||||||||||||
485,656 | Exxon Mobil Corporation | 38,769,918 | ||||||||||||||||||
10,248 | Hess Corporation | 549,703 | ||||||||||||||||||
34,750 | Occidental Petroleum Corporation | 2,084,653 | ||||||||||||||||||
5,460 | PetroChina Company Limited, Sponsored ADR | 485,831 | ||||||||||||||||||
15,875 | Royal Dutch Shell PLC, Class A | 840,423 | ||||||||||||||||||
99,339 | SandRidge Energy Inc., (2) | 610,935 | ||||||||||||||||||
38,979 | StatoilHydro ASA, Sponsored ADR | 649,390 | ||||||||||||||||||
16,105 | Suncor Energy, Inc. | 314,048 | ||||||||||||||||||
96,615 | XTO Energy, Inc. | 3,407,611 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 67,982,170 | |||||||||||||||||||
Pharmaceuticals – 7.6% | ||||||||||||||||||||
162,479 | Abbott Laboratories | 8,671,504 | ||||||||||||||||||
235,584 | Bristol-Myers Squibb Company | 5,477,328 | ||||||||||||||||||
97,936 | Eli Lilly and Company | 3,943,883 | ||||||||||||||||||
49,445 | GlaxoSmithKline PLC, Sponsored ADR | 1,842,815 | ||||||||||||||||||
201,516 | Johnson & Johnson | 12,056,702 | ||||||||||||||||||
376,271 | Merck & Co. Inc. | 11,438,638 | ||||||||||||||||||
724,005 | Pfizer Inc. | 12,822,129 | ||||||||||||||||||
138,221 | Schering-Plough Corporation | 2,353,904 | ||||||||||||||||||
145,784 | Wyeth | 5,468,358 | ||||||||||||||||||
Total Pharmaceuticals | 64,075,261 | |||||||||||||||||||
25 | ||||
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Real Estate Investment Trust – 1.2% | ||||||||||||||||||||
57,977 | Apartment Investment & Management Company, Class A | $ | 669,634 | |||||||||||||||||
70,937 | Brandywine Realty Trust | 546,924 | ||||||||||||||||||
37,509 | CBL & Associates Properties Inc. | 243,809 | ||||||||||||||||||
114,294 | DCT Industrial Trust Inc. | 578,328 | ||||||||||||||||||
26,265 | Developers Diversified Realty Corporation | 128,173 | ||||||||||||||||||
60,137 | Health Care REIT, Inc. | 2,537,781 | ||||||||||||||||||
89,707 | Lexington Corporate Properties Trust | 448,535 | ||||||||||||||||||
49,877 | Liberty Property Trust | 1,138,692 | ||||||||||||||||||
112,648 | Nationwide Health Properties, Inc. | 3,235,251 | ||||||||||||||||||
136,993 | U-Store-It Trust | 609,619 | ||||||||||||||||||
Total Real Estate Investment Trust | 10,136,746 | |||||||||||||||||||
Road & Rail – 0.2% | ||||||||||||||||||||
48,329 | Union Pacific Corporation | 2,310,126 | ||||||||||||||||||
Semiconductors & Equipment – 3.7% | ||||||||||||||||||||
92,590 | Altera Corporation | 1,547,179 | ||||||||||||||||||
106,522 | Analog Devices, Inc. | 2,026,048 | ||||||||||||||||||
255,895 | Applied Materials, Inc. | 2,592,216 | ||||||||||||||||||
139,340 | Broadcom Corporation, Class A, (2) | 2,364,600 | ||||||||||||||||||
899,268 | Intel Corporation | 13,183,269 | ||||||||||||||||||
28,351 | Intersil Holding Corporation, Class A | 260,546 | ||||||||||||||||||
77,047 | Linear Technology Corporation | 1,704,280 | ||||||||||||||||||
95,116 | Marvell Technology Group Ltd., (2) | 634,424 | ||||||||||||||||||
122,986 | National Semiconductor Corporation | 1,238,469 | ||||||||||||||||||
208,316 | Texas Instruments Incorporated | 3,233,064 | ||||||||||||||||||
133,163 | Xilinx, Inc. | 2,372,965 | ||||||||||||||||||
Total Semiconductors & Equipment | 31,157,060 | |||||||||||||||||||
Software – 6.1% | ||||||||||||||||||||
338,041 | Activision Blizzard Inc., (2) | 2,920,674 | ||||||||||||||||||
194,048 | Adobe Systems Incorporated, (2) | 4,131,282 | ||||||||||||||||||
35,886 | Akamai Technologies, Inc., (2) | 541,520 | ||||||||||||||||||
75,849 | Autodesk, Inc., (2) | 1,490,433 | ||||||||||||||||||
1,345,399 | Microsoft Corporation | 26,154,557 | ||||||||||||||||||
719,792 | Oracle Corporation, (2) | 12,761,912 | ||||||||||||||||||
41,248 | SAP AG, Sponsored ADR | 1,494,003 | ||||||||||||||||||
89,065 | VeriSign, Inc., (2) | 1,699,360 | ||||||||||||||||||
Total Software | 51,193,741 | |||||||||||||||||||
Specialty Retail – 1.5% | ||||||||||||||||||||
25,307 | Abercrombie & Fitch Co., Class A | 583,832 | ||||||||||||||||||
65,590 | American Eagle Outfitters, Inc. | 613,922 | ||||||||||||||||||
96,787 | Best Buy Co., Inc. | 2,720,683 | ||||||||||||||||||
70,867 | CarMax, Inc., (2) | 558,432 | ||||||||||||||||||
91,615 | Gap, Inc. | 1,226,725 | ||||||||||||||||||
143,178 | Home Depot, Inc. | 3,295,958 | ||||||||||||||||||
132,963 | Limited Brands, Inc. | 1,334,949 | ||||||||||||||||||
114,558 | Lowe’s Companies, Inc. | 2,465,288 | ||||||||||||||||||
Total Specialty Retail | 12,799,789 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
187,079 | New York Community Bancorp, Inc. | 2,237,465 | ||||||||||||||||||
2,011 | Tree.com Inc., (2) | 5,229 | ||||||||||||||||||
Total Thrifts & Mortgage Finance | 2,242,694 | |||||||||||||||||||
Tobacco – 1.9% | ||||||||||||||||||||
198,523 | Altria Group, Inc. | 2,989,756 | ||||||||||||||||||
42,914 | Lorillard Inc. | 2,418,204 | ||||||||||||||||||
198,523 | Philip Morris International | 8,637,736 | ||||||||||||||||||
45,154 | Reynolds American Inc. | 1,820,158 | ||||||||||||||||||
Total Tobacco | 15,865,854 | |||||||||||||||||||
Wireless Telecommunication Services – 0.5% | ||||||||||||||||||||
83,549 | China Mobile Hong Kong Limited, Sponsored ADR | 4,248,470 | ||||||||||||||||||
Total Common Stocks (cost $961,798,390) | 816,507,318 | |||||||||||||||||||
26 | ||||
Principal | ||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
Short-Term Investments – 5.7% | ||||||||||||||||||||
$ | 48,244 | Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $48,244,346, collateralized by $36,055,000 U.S. Treasury Bonds, 4.500%, due 2/15/36, value $49,215,075 | 0.010% | 1/02/09 | $ | 48,244,319 | ||||||||||||||
Total Short-Term Investments (cost $48,244,319) | 48,244,319 | |||||||||||||||||||
Total Investments (cost $1,010,042,709) – 102.8% | 864,751,637 | |||||||||||||||||||
Number of | Notional | Expiration | Strike | |||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | |||||||||||||||
Call Options Written – (3.5)% (4) | ||||||||||||||||||||
(882 | ) | Mini-NDX 100 Index | $ | (10,143,000 | ) | 1/17/09 | $ | 115 | $ | (601,965 | ) | |||||||||
(968 | ) | Mini-NDX 100 Index | (11,616,000 | ) | 1/17/09 | 120 | (348,480 | ) | ||||||||||||
(967 | ) | Mini-NDX 100 Index | (12,571,000 | ) | 1/17/09 | 130 | (57,053 | ) | ||||||||||||
(881 | ) | Mini-NDX 100 Index | (10,572,000 | ) | 2/21/09 | 120 | (599,080 | ) | ||||||||||||
(1,220 | ) | Mini-NDX 100 Index | (15,860,000 | ) | 2/21/09 | 130 | (347,090 | ) | ||||||||||||
(1,299 | ) | Mini-NDX 100 Index | (17,536,500 | ) | 2/21/09 | 135 | (194,850 | ) | ||||||||||||
(1,299 | ) | Mini-NDX 100 Index | (17,536,500 | ) | 3/21/09 | 135 | (389,700 | ) | ||||||||||||
(125 | ) | NASDAQ 100 Index | (14,375,000 | ) | 1/17/09 | 1,150 | (853,125 | ) | ||||||||||||
(141 | ) | NASDAQ 100 Index | (16,920,000 | ) | 1/17/09 | 1,200 | (509,715 | ) | ||||||||||||
(141 | ) | NASDAQ 100 Index | (18,330,000 | ) | 1/17/09 | 1,300 | (61,335 | ) | ||||||||||||
(239 | ) | NASDAQ 100 Index | (33,460,000 | ) | 1/17/09 | 1,400 | (10,158 | ) | ||||||||||||
(126 | ) | NASDAQ 100 Index | (15,120,000 | ) | 2/21/09 | 1,200 | (853,650 | ) | ||||||||||||
(55 | ) | NASDAQ 100 Index | (7,150,000 | ) | 2/21/09 | 1,300 | (139,425 | ) | ||||||||||||
(77 | ) | NASDAQ 100 Index | (10,395,000 | ) | 2/21/09 | 1,350 | (115,115 | ) | ||||||||||||
(77 | ) | NASDAQ 100 Index | (10,395,000 | ) | 3/21/09 | 1,350 | (229,460 | ) | ||||||||||||
(1,575 | ) | S&P 500 Index | (133,875,000 | ) | 1/17/09 | 850 | (9,772,875 | ) | ||||||||||||
(604 | ) | S&P 500 Index | (54,360,000 | ) | 1/17/09 | 900 | (1,633,820 | ) | ||||||||||||
(837 | ) | S&P 500 Index | (79,515,000 | ) | 1/17/09 | 950 | (590,085 | ) | ||||||||||||
(963 | ) | S&P 500 Index | (86,670,000 | ) | 2/21/09 | 900 | (4,713,885 | ) | ||||||||||||
(962 | ) | S&P 500 Index | (91,390,000 | ) | 2/21/09 | 950 | (2,419,430 | ) | ||||||||||||
(794 | ) | S&P 500 Index | (75,430,000 | ) | 3/21/09 | 950 | (3,037,050 | ) | ||||||||||||
(969 | ) | S&P 500 Index | (96,900,000 | ) | 3/21/09 | 1,000 | (1,981,605 | ) | ||||||||||||
(15,201 | ) | Total Call Options Written (premiums received $40,820,889) | (840,120,000 | ) | (29,458,951 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.7% | 6,285,838 | |||||||||||||||||||
Net Assets – 100% | $ | 841,578,524 | ||||||||||||||||||
(1) | All percentages in the Portfolio of Investments are based on net assets. | |||||
(2) | Non-income producing. | |||||
(3) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |||||
(4) | The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. | |||||
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
27 | ||||
JLA | Nuveen Equity Premium Advantage Fund Portfolio of INVESTMENTS | |||
December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Common Stocks – 95.2% | ||||||||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||||||||
26,200 | Boeing Company | $ | 1,117,954 | |||||||||||||||||
41,300 | Honeywell International Inc. | 1,355,879 | ||||||||||||||||||
29,966 | United Technologies Corporation | 1,606,178 | ||||||||||||||||||
Total Aerospace & Defense | 4,080,011 | |||||||||||||||||||
Air Freight & Logistics – 0.5% | ||||||||||||||||||||
31,710 | United Parcel Service, Inc., Class B | 1,749,124 | ||||||||||||||||||
Airlines – 0.5% | ||||||||||||||||||||
80,017 | Delta Air Lines, Inc., (2) | 916,995 | ||||||||||||||||||
44,700 | Lan Airlines S.A., Sponsored ADR | 359,835 | ||||||||||||||||||
48,013 | Southwest Airlines Co. | 413,872 | ||||||||||||||||||
Total Airlines | 1,690,702 | |||||||||||||||||||
Auto Components – 0.1% | ||||||||||||||||||||
41,333 | American Axle and Manufacturing Holdings Inc. | 119,452 | ||||||||||||||||||
49,461 | Cooper Tire & Rubber | 304,680 | ||||||||||||||||||
Total Auto Components | 424,132 | |||||||||||||||||||
Automobiles – 0.3% | ||||||||||||||||||||
374,095 | Ford Motor Company, (2) | 856,678 | ||||||||||||||||||
14,900 | Harley-Davidson, Inc. | 252,853 | ||||||||||||||||||
Total Automobiles | 1,109,531 | |||||||||||||||||||
Beverages – 1.0% | ||||||||||||||||||||
39,700 | Coca-Cola Company | 1,797,219 | ||||||||||||||||||
28,800 | PepsiCo, Inc. | 1,577,376 | ||||||||||||||||||
Total Beverages | 3,374,595 | |||||||||||||||||||
Biotechnology – 5.9% | ||||||||||||||||||||
70,655 | Amgen Inc., (2) | 4,080,326 | ||||||||||||||||||
67,000 | Celgene Corporation, (2) | 3,703,760 | ||||||||||||||||||
12,600 | Cephalon, Inc., (2) | 970,704 | ||||||||||||||||||
32,799 | Genzyme Corporation, (2) | 2,176,870 | ||||||||||||||||||
158,520 | Gilead Sciences, Inc., (2) | 8,106,713 | ||||||||||||||||||
Total Biotechnology | 19,038,373 | |||||||||||||||||||
Capital Markets – 0.8% | ||||||||||||||||||||
27,452 | Bank of New York Company, Inc. | 777,715 | ||||||||||||||||||
72,720 | Charles Schwab Corporation | 1,175,882 | ||||||||||||||||||
51,000 | Waddell & Reed Financial, Inc., Class A | 788,460 | ||||||||||||||||||
Total Capital Markets | 2,742,057 | |||||||||||||||||||
Chemicals – 0.4% | ||||||||||||||||||||
12,674 | Dow Chemical Company | 191,251 | ||||||||||||||||||
44,813 | E.I. Du Pont de Nemours and Company | 1,133,769 | ||||||||||||||||||
Total Chemicals | 1,325,020 | |||||||||||||||||||
Commercial Banks – 3.4% | ||||||||||||||||||||
18,700 | American Express Company | 346,885 | ||||||||||||||||||
133,993 | Bank of America Corporation | 1,886,621 | ||||||||||||||||||
38,433 | FirstMerit Corporation | 791,335 | ||||||||||||||||||
9,100 | Goldman Sachs Group, Inc. | 767,949 | ||||||||||||||||||
89,700 | JPMorgan Chase & Co. | 2,828,241 | ||||||||||||||||||
73,513 | Lloyds TSB Group PLC, Sponsored ADR | 566,050 | ||||||||||||||||||
35,700 | Morgan Stanley | 572,628 | ||||||||||||||||||
10,376 | Toronto-Dominion Bank | 372,187 | ||||||||||||||||||
63,800 | U.S. Bancorp | 1,595,638 | ||||||||||||||||||
40,776 | Wells Fargo & Company | 1,202,076 | ||||||||||||||||||
Total Commercial Banks | 10,929,610 | |||||||||||||||||||
28 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Commercial Services & Supplies – 1.0% | ||||||||||||||||||||
4,940 | Corporate Executive Board Company | $ | 108,976 | |||||||||||||||||
32,672 | Deluxe Corporation | 488,773 | ||||||||||||||||||
20,400 | Manpower Inc. | 693,396 | ||||||||||||||||||
29,775 | Pitney Bowes Inc. | 758,667 | ||||||||||||||||||
24,714 | R.R. Donnelley & Sons Company | 335,616 | ||||||||||||||||||
26,700 | Resources Connection, Inc., (2) | 437,346 | ||||||||||||||||||
17,200 | Robert Half International Inc. | 358,104 | ||||||||||||||||||
Total Commercial Services & Supplies | 3,180,878 | |||||||||||||||||||
Communications Equipment – 7.5% | ||||||||||||||||||||
459,280 | Cisco Systems, Inc., (2) | 7,486,264 | ||||||||||||||||||
33,878 | Comverse Technology, Inc., (2) | 212,076 | ||||||||||||||||||
59,568 | Corning Incorporated | 567,683 | ||||||||||||||||||
29,400 | Harris Corporation | 1,118,670 | ||||||||||||||||||
323,872 | QUALCOMM Inc. | 11,604,334 | ||||||||||||||||||
85,167 | Research In Motion Limited, (2) | 3,456,077 | ||||||||||||||||||
Total Communications Equipment | 24,445,104 | |||||||||||||||||||
Computers & Peripherals – 8.4% | ||||||||||||||||||||
213,906 | Apple, Inc., (2) | 18,256,877 | ||||||||||||||||||
47,100 | EMC Corporation, (2) | 493,137 | ||||||||||||||||||
100,200 | Hewlett-Packard Company | 3,636,258 | ||||||||||||||||||
43,935 | International Business Machines Corporation (IBM) | 3,697,570 | ||||||||||||||||||
23,041 | McAfee Inc., (2) | 796,527 | ||||||||||||||||||
61,900 | Sun Microsystems Inc., (2) | 236,458 | ||||||||||||||||||
Total Computers & Peripherals | 27,116,827 | |||||||||||||||||||
Consumer Finance – 0.1% | ||||||||||||||||||||
22,760 | SLM Corporation, (2) | 202,564 | ||||||||||||||||||
Containers & Packaging – 0.4% | ||||||||||||||||||||
43,903 | Packaging Corp. of America | 590,934 | ||||||||||||||||||
24,900 | Sonoco Products Company | 576,684 | ||||||||||||||||||
Total Containers & Packaging | 1,167,618 | |||||||||||||||||||
Diversified Consumer Services – 0.4% | ||||||||||||||||||||
11,893 | ITT Educational Services, Inc., (2) | 1,129,597 | ||||||||||||||||||
41,675 | Service Corporation International | 207,125 | ||||||||||||||||||
Total Diversified Consumer Services | 1,336,722 | |||||||||||||||||||
Diversified Financial Services – 0.4% | ||||||||||||||||||||
4,400 | CME Group, Inc. | 915,684 | ||||||||||||||||||
20,000 | Moody’s Corporation | 401,800 | ||||||||||||||||||
Total Diversified Financial Services | 1,317,484 | |||||||||||||||||||
Diversified Telecommunication Services – 2.7% | ||||||||||||||||||||
225,695 | AT&T Inc. | 6,432,308 | ||||||||||||||||||
30,739 | Chunghwa Telecom Co., Ltd., Sponsored ADR | 479,528 | ||||||||||||||||||
586 | FairPoint Communications Inc. | 1,922 | ||||||||||||||||||
72,955 | Frontier Communications Corporation | 637,627 | ||||||||||||||||||
31,090 | Verizon Communications Inc. | 1,053,951 | ||||||||||||||||||
Total Diversified Telecommunication Services | 8,605,336 | |||||||||||||||||||
Electric Utilities – 1.1% | ||||||||||||||||||||
17,700 | Covanta Holding Corporation, (2) | 388,692 | ||||||||||||||||||
21,600 | Exelon Corporation | 1,201,176 | ||||||||||||||||||
19,758 | Great Plains Energy Incorporated | 381,922 | ||||||||||||||||||
30,400 | OGE Energy Corp. | 783,712 | ||||||||||||||||||
27,782 | Pinnacle West Capital Corporation | 892,636 | ||||||||||||||||||
Total Electric Utilities | 3,648,138 | |||||||||||||||||||
29 | ||||
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Electrical Equipment – 1.3% | ||||||||||||||||||||
26,000 | Cooper Industries, Ltd., Class A | $ | 759,980 | |||||||||||||||||
59,800 | Emerson Electric Company | 2,189,278 | ||||||||||||||||||
13,500 | Hubbell Incorporated, Class B | 441,180 | ||||||||||||||||||
13,700 | Rockwell Automation, Inc. | 441,688 | ||||||||||||||||||
13,087 | SunPower Corporation, (2) | 398,368 | ||||||||||||||||||
Total Electrical Equipment | 4,230,494 | |||||||||||||||||||
Electronic Equipment & Instruments – 0.8% | ||||||||||||||||||||
17,182 | Agilent Technologies, Inc., (2) | 268,555 | ||||||||||||||||||
26,404 | Amphenol Corporation, Class A | 633,168 | ||||||||||||||||||
48,857 | Gentex Corporation | 431,407 | ||||||||||||||||||
23,400 | MEMC Electronic Materials, (2) | 334,152 | ||||||||||||||||||
18,868 | Roper Industries Inc. | 819,060 | ||||||||||||||||||
Total Electronic Equipment & Instruments | 2,486,342 | |||||||||||||||||||
Energy Equipment & Services – 1.1% | ||||||||||||||||||||
30,000 | Cooper Cameron Corporation, (2) | 615,000 | ||||||||||||||||||
19,059 | Diamond Offshore Drilling, Inc. | 1,123,337 | ||||||||||||||||||
52,800 | Halliburton Company | 959,904 | ||||||||||||||||||
34,200 | Smith International, Inc. | 782,838 | ||||||||||||||||||
Total Energy Equipment & Services | 3,481,079 | |||||||||||||||||||
Food & Staples Retailing – 1.3% | ||||||||||||||||||||
43,162 | CVS Caremark Corporation | 1,240,476 | ||||||||||||||||||
15,016 | Kroger Co. | 396,573 | ||||||||||||||||||
23,562 | SUPERVALU INC. | 344,005 | ||||||||||||||||||
15,400 | Walgreen Co. | 379,918 | ||||||||||||||||||
31,292 | Wal-Mart Stores, Inc. | 1,754,230 | ||||||||||||||||||
Total Food & Staples Retailing | 4,115,202 | |||||||||||||||||||
Food Products – 1.3% | ||||||||||||||||||||
10,500 | Archer-Daniels-Midland Company | 302,715 | ||||||||||||||||||
47,193 | Kraft Foods Inc. | 1,267,132 | ||||||||||||||||||
27,800 | Monsanto Company | 1,955,730 | ||||||||||||||||||
64,658 | Sara Lee Corporation | 633,002 | ||||||||||||||||||
Total Food Products | 4,158,579 | |||||||||||||||||||
Gas Utilities – 0.8% | ||||||||||||||||||||
47,295 | Nicor Inc. | 1,643,028 | ||||||||||||||||||
26,700 | Piedmont Natural Gas Company | 845,589 | ||||||||||||||||||
Total Gas Utilities | 2,488,617 | |||||||||||||||||||
Health Care Equipment & Supplies – 2.0% | ||||||||||||||||||||
47,844 | Accuray, Inc., (2) | 246,875 | ||||||||||||||||||
34,400 | Baxter International Inc. | 1,843,496 | ||||||||||||||||||
55,100 | Boston Scientific Corporation, (2) | 426,474 | ||||||||||||||||||
9,694 | Cardinal Health, Inc. | 334,152 | ||||||||||||||||||
42,325 | ev3, Inc., (2) | 258,183 | ||||||||||||||||||
14,126 | Hill Rom Holdings Inc. | 232,514 | ||||||||||||||||||
6,402 | Intuitive Surgical, Inc., (2) | 812,990 | ||||||||||||||||||
25,859 | Lincare Holdings, (2) | 696,383 | ||||||||||||||||||
12,200 | Medtronic, Inc. | 383,324 | ||||||||||||||||||
19,174 | Saint Jude Medical Inc., (2) | 631,975 | ||||||||||||||||||
11,687 | Zimmer Holdings, Inc., (2) | 472,389 | ||||||||||||||||||
Total Health Care Equipment & Supplies | 6,338,755 | |||||||||||||||||||
Health Care Providers & Services – 1.0% | ||||||||||||||||||||
40,030 | Brookdale Senior Living Inc. | 223,367 | ||||||||||||||||||
22,698 | Medco Health Solutions, Inc., (2) | 951,273 | ||||||||||||||||||
82,800 | Tenet Healthcare Corporation, (2) | 95,220 | ||||||||||||||||||
31,105 | UnitedHealth Group Incorporated | 827,393 | ||||||||||||||||||
11,200 | Universal Health Services, Inc., Class B | 420,784 | ||||||||||||||||||
14,593 | Wellpoint Inc., (2) | 614,803 | ||||||||||||||||||
Total Health Care Providers & Services | 3,132,840 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 1.9% | ||||||||||||||||||||
18,429 | Carnival Corporation | 448,193 | ||||||||||||||||||
26,904 | International Game Technology | 319,889 |
30 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||||||||
10,272 | Interval Leisure Group Inc., (2) | $ | 55,366 | |||||||||||||||||
45,500 | McDonald’s Corporation | 2,829,645 | ||||||||||||||||||
112,350 | Starbucks Corporation, (2) | 1,062,831 | ||||||||||||||||||
15,700 | Starwood Hotels & Resorts Worldwide, Inc. | 281,030 | ||||||||||||||||||
27,491 | Tim Hortons Inc. | 792,840 | ||||||||||||||||||
86,275 | Wendys Arbys Group Inc. | 426,199 | ||||||||||||||||||
Total Hotels, Restaurants & Leisure | 6,215,993 | |||||||||||||||||||
Household Durables – 0.4% | ||||||||||||||||||||
20,700 | KB Home | 281,934 | ||||||||||||||||||
38,500 | Newell Rubbermaid Inc. | 376,530 | ||||||||||||||||||
12,700 | Whirlpool Corporation | 525,145 | ||||||||||||||||||
Total Household Durables | 1,183,609 | |||||||||||||||||||
Household Products – 1.4% | ||||||||||||||||||||
75,195 | Procter & Gamble Company | 4,648,555 | ||||||||||||||||||
Industrial Conglomerates – 1.2% | ||||||||||||||||||||
13,364 | 3M Co. | 768,965 | ||||||||||||||||||
158,640 | General Electric Company | 2,569,968 | ||||||||||||||||||
17,994 | Genuine Parts Company | 681,253 | ||||||||||||||||||
Total Industrial Conglomerates | 4,020,186 | |||||||||||||||||||
Insurance – 1.0% | ||||||||||||||||||||
15,228 | AFLAC Incorporated | 698,052 | ||||||||||||||||||
64,450 | American International Group, Inc. | 101,187 | ||||||||||||||||||
35,260 | Fidelity National Title Group Inc., Class A | 625,865 | ||||||||||||||||||
30,179 | Marsh & McLennan Companies, Inc. | 732,444 | ||||||||||||||||||
13,260 | Prudential Financial, Inc. | 401,248 | ||||||||||||||||||
18,273 | Travelers Companies, Inc. | 825,940 | ||||||||||||||||||
Total Insurance | 3,384,736 | |||||||||||||||||||
Internet & Catalog Retail – 1.1% | ||||||||||||||||||||
58,539 | Amazon.com, Inc., (2) | 3,001,880 | ||||||||||||||||||
10,272 | Hosting Site Network, Inc., (2) | 74,677 | ||||||||||||||||||
25,680 | IAC/InterActiveCorp., (2) | 403,946 | ||||||||||||||||||
10,272 | Ticketmaster Online-Citysearch, Inc., (2) | 65,946 | ||||||||||||||||||
Total Internet & Catalog Retail | 3,546,449 | |||||||||||||||||||
Internet Software & Services – 4.0% | ||||||||||||||||||||
136,989 | eBay Inc., (2) | 1,912,366 | ||||||||||||||||||
29,323 | Google Inc., Class A, (2) | 9,021,221 | ||||||||||||||||||
20,000 | IBasis, Inc., (2) | 28,200 | ||||||||||||||||||
43,727 | United Online, Inc. | 265,423 | ||||||||||||||||||
132,875 | Yahoo! Inc., (2) | 1,621,075 | ||||||||||||||||||
Total Internet Software & Services | 12,848,285 | |||||||||||||||||||
IT Services – 1.2% | ||||||||||||||||||||
32,440 | Automatic Data Processing, Inc. | 1,276,190 | ||||||||||||||||||
18,573 | Fidelity National Information Services | 302,183 | ||||||||||||||||||
7,816 | Global Payments Inc. | 256,287 | ||||||||||||||||||
13,350 | Infosys Technologies Limited, Sponsored ADR | 328,010 | ||||||||||||||||||
9,286 | Lender Processing Services Inc. | 273,473 | ||||||||||||||||||
61,190 | Paychex, Inc. | 1,608,073 | ||||||||||||||||||
Total IT Services | 4,044,216 | |||||||||||||||||||
Leisure Equipment & Products – 0.1% | ||||||||||||||||||||
26,523 | Eastman Kodak Company | 174,521 | ||||||||||||||||||
Life Sciences Tools & Services – 0.1% | ||||||||||||||||||||
15,355 | Life Technologies Corporation, (2) | 357,925 | ||||||||||||||||||
Machinery – 1.3% | ||||||||||||||||||||
29,600 | Caterpillar Inc. | 1,322,232 | ||||||||||||||||||
8,259 | Danaher Corporation | 467,542 | ||||||||||||||||||
6,600 | Deere & Company | 252,912 | ||||||||||||||||||
15,700 | Eaton Corporation | 780,447 |
31 | ||||
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Machinery (continued) | ||||||||||||||||||||
18,700 | Graco Inc. | $ | 443,751 | |||||||||||||||||
21,330 | SPX Corporation | 864,932 | ||||||||||||||||||
Total Machinery | 4,131,816 | |||||||||||||||||||
Media – 3.0% | ||||||||||||||||||||
19,588 | CBS Corporation, Class B | 160,426 | ||||||||||||||||||
245,323 | Comcast Corporation, Special Class A | 3,961,966 | ||||||||||||||||||
80,790 | DIRECTV Group, Inc., (2) | 1,850,899 | ||||||||||||||||||
33,200 | Liberty Media Corporation, Entertainment Tracking Shares, Class A, (2) | 580,336 | ||||||||||||||||||
45,085 | McClatchy Company | 36,068 | ||||||||||||||||||
62,500 | News Corporation, Class A | 568,125 | ||||||||||||||||||
20,400 | Omnicom Group Inc. | 549,168 | ||||||||||||||||||
65,946 | Regal Entertainment Group, Class A | 673,309 | ||||||||||||||||||
44,300 | Time Warner Inc. | 445,658 | ||||||||||||||||||
34,600 | Walt Disney Company | 785,074 | ||||||||||||||||||
Total Media | 9,611,029 | |||||||||||||||||||
Metals & Mining – 0.8% | ||||||||||||||||||||
18,751 | AngloGold Ashanti Limited, Sponsored ADR | 519,590 | ||||||||||||||||||
107,079 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 1,371,682 | ||||||||||||||||||
44,334 | Southern Copper Corporation | 712,004 | ||||||||||||||||||
Total Metals & Mining | 2,603,276 | |||||||||||||||||||
Multiline Retail – 0.9% | ||||||||||||||||||||
25,000 | Family Dollar Stores, Inc. | 651,750 | ||||||||||||||||||
24,733 | Federated Department Stores, Inc. | 255,987 | ||||||||||||||||||
16,800 | J.C. Penney Company, Inc. | 330,960 | ||||||||||||||||||
13,209 | Kohl’s Corporation, (2) | 478,166 | ||||||||||||||||||
18,367 | Sears Holding Corporation, (2) | 713,925 | ||||||||||||||||||
17,100 | Target Corporation | 590,463 | ||||||||||||||||||
Total Multiline Retail | 3,021,251 | |||||||||||||||||||
Multi-Utilities – 0.5% | ||||||||||||||||||||
61,600 | Duke Energy Corporation | 924,616 | ||||||||||||||||||
15,502 | Integrys Energy Group, Inc. | 666,276 | ||||||||||||||||||
Total Multi-Utilities | 1,590,892 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 5.6% | ||||||||||||||||||||
14,400 | A/S Steamship Company Torm, Sponsored ADR | 156,528 | ||||||||||||||||||
70,620 | Chevron Corporation | 5,223,761 | ||||||||||||||||||
27,800 | ConocoPhillips | 1,440,040 | ||||||||||||||||||
47,700 | Delta Petroleum Corporation, (2) | 227,052 | ||||||||||||||||||
136,446 | Exxon Mobil Corporation | 10,892,484 | ||||||||||||||||||
9,400 | XTO Energy, Inc. | 331,538 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 18,271,403 | |||||||||||||||||||
Paper & Forest Products – 0.1% | ||||||||||||||||||||
23,723 | International Paper Company | 279,931 | ||||||||||||||||||
Pharmaceuticals – 5.4% | ||||||||||||||||||||
34,630 | Abbott Laboratories | 1,848,203 | ||||||||||||||||||
9,300 | Allergan, Inc. | 374,976 | ||||||||||||||||||
77,186 | Bristol-Myers Squibb Company | 1,794,575 | ||||||||||||||||||
37,208 | Eli Lilly and Company | 1,498,366 | ||||||||||||||||||
15,263 | Forest Laboratories, Inc., (2) | 388,749 | ||||||||||||||||||
8,855 | GlaxoSmithKline PLC, Sponsored ADR | 330,026 | ||||||||||||||||||
43,843 | Johnson & Johnson | 2,623,127 | ||||||||||||||||||
99,822 | Merck & Co. Inc. | 3,034,589 | ||||||||||||||||||
197,940 | Pfizer Inc. | 3,505,517 | ||||||||||||||||||
33,686 | Schering-Plough Corporation | 573,673 | ||||||||||||||||||
38,806 | Wyeth | 1,455,613 | ||||||||||||||||||
Total Pharmaceuticals | 17,427,414 | |||||||||||||||||||
Real Estate Investment Trust – 1.0% | ||||||||||||||||||||
16,690 | Apartment Investment & Management Company, Class A | 192,770 | ||||||||||||||||||
72,400 | DCT Industrial Trust Inc. | 366,344 | ||||||||||||||||||
12,300 | Developers Diversified Realty Corporation | 60,024 | ||||||||||||||||||
51,777 | Nationwide Health Properties, Inc. | 1,487,035 |
32 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||||||||
41,422 | Senior Housing Properties Trust | $ | 742,282 | |||||||||||||||||
54,500 | U-Store-It Trust | 242,525 | ||||||||||||||||||
Total Real Estate Investment Trust | 3,090,980 | |||||||||||||||||||
Road & Rail – 0.4% | ||||||||||||||||||||
17,500 | Burlington Northern Santa Fe Corporation | 1,324,925 | ||||||||||||||||||
Semiconductors & Equipment – 5.4% | ||||||||||||||||||||
160,900 | Advanced Micro Devices, Inc., (2) | 347,544 | ||||||||||||||||||
55,763 | Altera Corporation | 931,800 | ||||||||||||||||||
15,765 | Analog Devices, Inc. | 299,850 | ||||||||||||||||||
110,180 | Applied Materials, Inc. | 1,116,123 | ||||||||||||||||||
144,000 | Atmel Corporation, (2) | 450,720 | ||||||||||||||||||
76,700 | Broadcom Corporation, Class A, (2) | 1,301,599 | ||||||||||||||||||
18,900 | Cymer, Inc., (2) | 414,099 | ||||||||||||||||||
47,717 | Cypress Semiconductor Corporation, (2) | 213,295 | ||||||||||||||||||
39,437 | Fairchild Semiconductor International Inc., Class A, (2) | 192,847 | ||||||||||||||||||
46,242 | Integrated Device Technology, Inc., (2) | 259,418 | ||||||||||||||||||
379,715 | Intel Corporation | 5,566,622 | ||||||||||||||||||
20,531 | Intersil Holding Corporation, Class A | 188,680 | ||||||||||||||||||
70,275 | Linear Technology Corporation | 1,554,483 | ||||||||||||||||||
126,303 | LSI Logic Corporation, (2) | 415,537 | ||||||||||||||||||
52,100 | National Semiconductor Corporation | 524,647 | ||||||||||||||||||
27,401 | Novellus Systems, Inc., (2) | 338,128 | ||||||||||||||||||
97,135 | NVIDIA Corporation, (2) | 783,879 | ||||||||||||||||||
110,998 | Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR | 876,884 | ||||||||||||||||||
79,714 | Texas Instruments Incorporated | 1,237,161 | ||||||||||||||||||
33,502 | Varian Semiconductor Equipment Associate, (2) | 607,056 | ||||||||||||||||||
Total Semiconductors & Equipment | 17,620,372 | |||||||||||||||||||
Software – 9.0% | ||||||||||||||||||||
204,828 | Activision Blizzard Inc., (2) | 1,769,714 | ||||||||||||||||||
100,430 | Adobe Systems Incorporated, (2) | 2,138,155 | ||||||||||||||||||
80,810 | Akamai Technologies, Inc., (2) | 1,219,423 | ||||||||||||||||||
29,618 | Autodesk, Inc., (2) | 581,994 | ||||||||||||||||||
33,593 | CA Inc. | 622,478 | ||||||||||||||||||
74,410 | Cadence Design Systems, Inc., (2) | 272,341 | ||||||||||||||||||
55,000 | Electronic Arts Inc. (EA), (2) | 882,200 | ||||||||||||||||||
638,901 | Microsoft Corporation | 12,420,235 | ||||||||||||||||||
490,178 | Oracle Corporation, (2) | 8,690,856 | ||||||||||||||||||
8,038 | SAP AG, Sponsored ADR | 291,136 | ||||||||||||||||||
38,088 | Satyam Computer Services Limited, Sponsored ADR | 344,316 | ||||||||||||||||||
Total Software | 29,232,848 | |||||||||||||||||||
Specialty Retail – 1.4% | ||||||||||||||||||||
28,650 | Best Buy Co., Inc. | 805,352 | ||||||||||||||||||
50,492 | Gap, Inc. | 676,088 | ||||||||||||||||||
37,874 | Home Depot, Inc. | 871,859 | ||||||||||||||||||
40,900 | Limited Brands, Inc. | 410,636 | ||||||||||||||||||
30,900 | Lowe’s Companies, Inc. | 664,968 | ||||||||||||||||||
28,938 | TJX Companies, Inc. | 595,255 | ||||||||||||||||||
37,616 | Urban Outfitters, Inc., (2) | 563,488 | ||||||||||||||||||
Total Specialty Retail | 4,587,646 | |||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.1% | ||||||||||||||||||||
14,000 | Coach, Inc., (2) | 290,780 | ||||||||||||||||||
Thrifts & Mortgage Finance – 0.0% | ||||||||||||||||||||
1,712 | Tree.com Inc., (2) | 4,451 | ||||||||||||||||||
Tobacco – 1.2% | ||||||||||||||||||||
68,196 | Altria Group, Inc. | 1,027,032 | ||||||||||||||||||
68,196 | Philip Morris International | 2,967,208 | ||||||||||||||||||
Total Tobacco | 3,994,240 | |||||||||||||||||||
33 | ||||
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Wireless Telecommunication Services – 0.9% | ||||||||||||||||||||
45,119 | China Mobile Hong Kong Limited, Sponsored ADR | $ | 2,294,300 | |||||||||||||||||
36,448 | Vodafone Group PLC, Sponsored ADR | 744,995 | ||||||||||||||||||
Total Wireless Telecommunication Services | 3,039,295 | |||||||||||||||||||
Total Common Stocks (cost $360,769,328) | 308,462,758 | |||||||||||||||||||
Principal | ||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
Short-Term Investments – 7.8% | ||||||||||||||||||||
$ | 25,237 | Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $25,237,277, collateralized by $17,985,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $25,747,326 | 0.010% | 1/02/09 | $ | 25,237,263 | ||||||||||||||
Total Short-Term Investments (cost $25,237,263) | 25,237,263 | |||||||||||||||||||
Total Investments (cost $386,006,591) – 103.0% | 333,700,021 | |||||||||||||||||||
Number of | Notional | Expiration | Strike | |||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | |||||||||||||||
Call Options Written – (3.1)% (4) | ||||||||||||||||||||
(75 | ) | Mini-NDX 100 Index | $ | (862,500 | ) | 1/17/09 | $ | 115 | $ | (51,188 | ) | |||||||||
(988 | ) | Mini-NDX 100 Index | (11,856,000 | ) | 1/17/09 | 120 | (355,680 | ) | ||||||||||||
(987 | ) | Mini-NDX 100 Index | (12,831,000 | ) | 1/17/09 | 130 | (58,233 | ) | ||||||||||||
(75 | ) | Mini-NDX 100 Index | (900,000 | ) | 2/21/09 | 120 | (51,000 | ) | ||||||||||||
(785 | ) | Mini-NDX 100 Index | (10,205,000 | ) | 2/21/09 | 130 | (223,333 | ) | ||||||||||||
(1,060 | ) | Mini-NDX 100 Index | (14,310,000 | ) | 2/21/09 | 135 | (159,000 | ) | ||||||||||||
(1,060 | ) | Mini-NDX 100 Index | (14,310,000 | ) | 3/21/09 | 135 | (318,000 | ) | ||||||||||||
(139 | ) | NASDAQ 100 Index | (15,985,000 | ) | 1/17/09 | 1,150 | (948,675 | ) | ||||||||||||
(87 | ) | NASDAQ 100 Index | (10,440,000 | ) | 1/17/09 | 1,200 | (314,505 | ) | ||||||||||||
(86 | ) | NASDAQ 100 Index | (11,180,000 | ) | 1/17/09 | 1,300 | (37,410 | ) | ||||||||||||
(141 | ) | NASDAQ 100 Index | (19,740,000 | ) | 1/17/09 | 1,400 | (5,992 | ) | ||||||||||||
(140 | ) | NASDAQ 100 Index | (16,800,000 | ) | 2/21/09 | 1,200 | (948,500 | ) | ||||||||||||
(63 | ) | NASDAQ 100 Index | (8,190,000 | ) | 2/21/09 | 1,300 | (159,705 | ) | ||||||||||||
(50 | ) | NASDAQ 100 Index | (6,750,000 | ) | 2/21/09 | 1,350 | (74,750 | ) | ||||||||||||
(51 | ) | NASDAQ 100 Index | (6,885,000 | ) | 3/21/09 | 1,350 | (151,980 | ) | ||||||||||||
(409 | ) | S&P 500 Index | (34,765,000 | ) | 1/17/09 | 850 | (2,537,845 | ) | ||||||||||||
(140 | ) | S&P 500 Index | (12,600,000 | ) | 1/17/09 | 900 | (378,700 | ) | ||||||||||||
(223 | ) | S&P 500 Index | (21,185,000 | ) | 1/17/09 | 950 | (157,215 | ) | ||||||||||||
(223 | ) | S&P 500 Index | (20,070,000 | ) | 2/21/09 | 900 | (1,091,585 | ) | ||||||||||||
(247 | ) | S&P 500 Index | (23,465,000 | ) | 2/21/09 | 950 | (621,205 | ) | ||||||||||||
(201 | ) | S&P 500 Index | (19,095,000 | ) | 3/21/09 | 950 | (768,825 | ) | ||||||||||||
(246 | ) | S&P 500 Index | (24,600,000 | ) | 3/21/09 | 1,000 | (503,070 | ) | ||||||||||||
(7,476 | ) | Total Call Options Written (premiums received $15,373,901) | (317,024,500 | ) | (9,916,396 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.1% | 187,610 | |||||||||||||||||||
Net Assets – 100% | $ | 323,971,235 | ||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |||||
(2) | Non-income producing. | |||||
(3) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |||||
(4) | The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. | |||||
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
34 | ||||
JPG | ||||
Nuveen Equity Premium and Growth Fund Portfolio of INVESTMENTS | ||||
December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Common Stocks – 97.5% | ||||||||||||||||||||
Aerospace & Defense – 2.1% | ||||||||||||||||||||
26,968 | Boeing Company | $ | 1,150,725 | |||||||||||||||||
4,500 | Goodrich Corporation | 166,590 | ||||||||||||||||||
33,500 | Honeywell International Inc. | 1,099,805 | ||||||||||||||||||
7,596 | Raytheon Company | 387,700 | ||||||||||||||||||
31,003 | United Technologies Corporation | 1,661,761 | ||||||||||||||||||
Total Aerospace & Defense | 4,466,581 | |||||||||||||||||||
Air Freight & Logistics – 0.7% | ||||||||||||||||||||
25,498 | United Parcel Service, Inc., Class B | 1,406,470 | ||||||||||||||||||
Airlines – 0.3% | ||||||||||||||||||||
13,544 | AMR Corporation, (2) | 144,514 | ||||||||||||||||||
6,708 | Continental Airlines, Inc., (2) | 121,146 | ||||||||||||||||||
55,105 | Lan Airlines S.A., Sponsored ADR | 443,595 | ||||||||||||||||||
Total Airlines | 709,255 | |||||||||||||||||||
Auto Components – 0.1% | ||||||||||||||||||||
24,800 | American Axle and Manufacturing Holdings Inc. | 71,672 | ||||||||||||||||||
9,310 | Cooper Tire & Rubber | 57,350 | ||||||||||||||||||
Total Auto Components | 129,022 | |||||||||||||||||||
Automobiles – 0.2% | ||||||||||||||||||||
99,139 | Ford Motor Company, (2) | 227,028 | ||||||||||||||||||
35,600 | General Motors Corporation | 113,920 | ||||||||||||||||||
Total Automobiles | 340,948 | |||||||||||||||||||
Beverages – 2.0% | ||||||||||||||||||||
44,948 | Coca-Cola Company | 2,034,796 | ||||||||||||||||||
42,344 | PepsiCo, Inc. | 2,319,181 | ||||||||||||||||||
Total Beverages | 4,353,977 | |||||||||||||||||||
Biotechnology – 1.0% | ||||||||||||||||||||
11,525 | Celgene Corporation, (2) | 637,102 | ||||||||||||||||||
560 | Cephalon, Inc., (2) | 43,142 | ||||||||||||||||||
2,109 | Facet Biotech Corporation, (2) | 20,225 | ||||||||||||||||||
3,005 | Genentech, Inc., (2) | 249,145 | ||||||||||||||||||
21,301 | Gilead Sciences, Inc., (2) | 1,089,333 | ||||||||||||||||||
10,546 | PDL Biopahrma Inc., (2) | 65,174 | ||||||||||||||||||
Total Biotechnology | 2,104,121 | |||||||||||||||||||
Capital Markets – 0.8% | ||||||||||||||||||||
62,385 | Charles Schwab Corporation | 1,008,765 | ||||||||||||||||||
24,811 | Federated Investors Inc. | 420,795 | ||||||||||||||||||
22,422 | Waddell & Reed Financial, Inc., Class A | 346,644 | ||||||||||||||||||
Total Capital Markets | 1,776,204 | |||||||||||||||||||
Chemicals – 1.7% | ||||||||||||||||||||
24,470 | Chemtura Corporation | 34,258 | ||||||||||||||||||
61,873 | Dow Chemical Company | 933,664 | ||||||||||||||||||
47,395 | E.I. Du Pont de Nemours and Company | 1,199,094 | ||||||||||||||||||
5,835 | Eastman Chemical Company | 185,028 | ||||||||||||||||||
29,107 | Olin Corporation | 526,255 | ||||||||||||||||||
13,161 | PPG Industries, Inc. | 558,421 | ||||||||||||||||||
10,283 | RPM International, Inc. | 136,661 | ||||||||||||||||||
Total Chemicals | 3,573,381 | |||||||||||||||||||
Commercial Banks – 7.5% | ||||||||||||||||||||
21,743 | American Express Company | 403,333 | ||||||||||||||||||
160,176 | Bank of America Corporation | 2,255,278 | ||||||||||||||||||
24,420 | Comerica Incorporated | 484,737 |
35 | ||||
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Commercial Banks (continued) | ||||||||||||||||||||
27,132 | First Horizon National Corporation | $ | 286,790 | |||||||||||||||||
8,605 | FirstMerit Corporation | 177,177 | ||||||||||||||||||
15,129 | Goldman Sachs Group, Inc. | 1,276,736 | ||||||||||||||||||
9,110 | HSBC Holdings PLC, Sponsored ADR | 443,384 | ||||||||||||||||||
49,105 | Huntington BancShares Inc. | 376,144 | ||||||||||||||||||
90,178 | JPMorgan Chase & Co. | 2,843,312 | ||||||||||||||||||
57,367 | Morgan Stanley | 920,167 | ||||||||||||||||||
46,699 | Regions Financial Corporation | 371,724 | ||||||||||||||||||
96,551 | U.S. Bancorp | 2,414,741 | ||||||||||||||||||
75,340 | Wachovia Corporation | 417,384 | ||||||||||||||||||
119,526 | Wells Fargo & Company | 3,523,626 | ||||||||||||||||||
Total Commercial Banks | 16,194,533 | |||||||||||||||||||
Commercial Services & Supplies – 0.3% | ||||||||||||||||||||
13,262 | Avery Dennison Corporation | 434,065 | ||||||||||||||||||
19,872 | Deluxe Corporation | 297,285 | ||||||||||||||||||
Total Commercial Services & Supplies | 731,350 | |||||||||||||||||||
Communications Equipment – 2.1% | ||||||||||||||||||||
136,624 | Cisco Systems, Inc., (2) | 2,226,971 | ||||||||||||||||||
42,658 | Corning Incorporated | 406,531 | ||||||||||||||||||
43,022 | Motorola, Inc. | 190,587 | ||||||||||||||||||
49,232 | QUALCOMM Inc. | 1,763,983 | ||||||||||||||||||
550 | Research In Motion Limited, (2) | 22,319 | ||||||||||||||||||
Total Communications Equipment | 4,610,391 | |||||||||||||||||||
Computers & Peripherals – 2.9% | ||||||||||||||||||||
25,205 | Apple, Inc., (2) | 2,151,247 | ||||||||||||||||||
42,123 | Dell Inc., (2) | 431,340 | ||||||||||||||||||
58,247 | EMC Corporation, (2) | 609,846 | ||||||||||||||||||
36,700 | International Business Machines Corporation (IBM) | 3,088,672 | ||||||||||||||||||
Total Computers & Peripherals | 6,281,105 | |||||||||||||||||||
Consumer Finance – 0.0% | ||||||||||||||||||||
640 | Visa Inc. | 33,568 | ||||||||||||||||||
Containers & Packaging – 0.1% | ||||||||||||||||||||
21,200 | Packaging Corp. of America | 285,352 | ||||||||||||||||||
Diversified Consumer Services – 0.1% | ||||||||||||||||||||
4,177 | Apollo Group, Inc., (2) | 320,042 | ||||||||||||||||||
Diversified Financial Services – 1.2% | ||||||||||||||||||||
143,304 | Citigroup Inc. | 961,570 | ||||||||||||||||||
3,692 | CME Group, Inc. | 768,342 | ||||||||||||||||||
4,567 | Intercontinental Exchange Inc., (2) | 376,503 | ||||||||||||||||||
14,394 | New York Stock Exchange Euronext | 394,108 | ||||||||||||||||||
Total Diversified Financial Services | 2,500,523 | |||||||||||||||||||
Diversified Telecommunication Services – 4.6% | ||||||||||||||||||||
4,000 | Alaska Communications Systems Group Inc. | 37,520 | ||||||||||||||||||
171,861 | AT&T Inc. | 4,898,039 | ||||||||||||||||||
7,463 | FairPoint Communications Inc. | 24,479 | ||||||||||||||||||
81,953 | Frontier Communications Corporation | 716,269 | ||||||||||||||||||
65,821 | Sprint Nextel Corporation, (2) | 120,452 | ||||||||||||||||||
124,392 | Verizon Communications Inc. | 4,216,889 | ||||||||||||||||||
Total Diversified Telecommunication Services | 10,013,648 | |||||||||||||||||||
Electric Utilities – 2.1% | ||||||||||||||||||||
34,510 | Ameren Corporation | 1,147,803 | ||||||||||||||||||
2,414 | Companhia Energetica de Minas Gerais, Sponsored ADR | 33,168 | ||||||||||||||||||
24,452 | Consolidated Edison, Inc. | 951,916 | ||||||||||||||||||
66,284 | Great Plains Energy Incorporated | 1,281,270 | ||||||||||||||||||
26,735 | Progress Energy, Inc. | 1,065,390 | ||||||||||||||||||
Total Electric Utilities | 4,479,547 | |||||||||||||||||||
36 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Electrical Equipment – 1.3% | ||||||||||||||||||||
8,053 | Cooper Industries, Ltd., Class A | $ | 235,389 | |||||||||||||||||
60,000 | Emerson Electric Company | 2,196,600 | ||||||||||||||||||
910 | First Solar Inc., (2) | 125,544 | ||||||||||||||||||
2,000 | Hubbell Incorporated, Class B | 65,360 | ||||||||||||||||||
6,417 | Rockwell Automation, Inc. | 206,884 | ||||||||||||||||||
Total Electrical Equipment | 2,829,777 | |||||||||||||||||||
Electronic Equipment & Instruments – 0.1% | ||||||||||||||||||||
9,421 | MEMC Electronic Materials, (2) | 134,532 | ||||||||||||||||||
Energy Equipment & Services – 1.8% | ||||||||||||||||||||
12,700 | Baker Hughes Incorporated | 407,289 | ||||||||||||||||||
3,264 | Carbo Ceramics Inc. | 115,970 | ||||||||||||||||||
3,196 | Diamond Offshore Drilling, Inc. | 188,372 | ||||||||||||||||||
34,006 | Halliburton Company | 618,229 | ||||||||||||||||||
17,916 | National-Oilwell Varco Inc., (2) | 437,867 | ||||||||||||||||||
10,000 | Noble Corporation | 220,900 | ||||||||||||||||||
37,639 | Schlumberger Limited | 1,593,259 | ||||||||||||||||||
11,347 | Smith International, Inc. | 259,733 | ||||||||||||||||||
2,000 | Tidewater Inc. | 80,540 | ||||||||||||||||||
Total Energy Equipment & Services | 3,922,159 | |||||||||||||||||||
Food & Staples Retailing – 2.2% | ||||||||||||||||||||
33,795 | CVS Caremark Corporation | 971,268 | ||||||||||||||||||
23,637 | SUPERVALU INC. | 345,100 | ||||||||||||||||||
60,386 | Wal-Mart Stores, Inc. | 3,385,239 | ||||||||||||||||||
14,890 | Whole Foods Market, Inc. | 140,562 | ||||||||||||||||||
Total Food & Staples Retailing | 4,842,169 | |||||||||||||||||||
Food Products – 1.6% | ||||||||||||||||||||
15,986 | Archer-Daniels-Midland Company | 460,876 | ||||||||||||||||||
41,300 | ConAgra Foods, Inc. | 681,450 | ||||||||||||||||||
48,088 | Kraft Foods Inc. | 1,291,163 | ||||||||||||||||||
14,187 | Monsanto Company | 998,055 | ||||||||||||||||||
Total Food Products | 3,431,544 | |||||||||||||||||||
Gas Utilities – 0.6% | ||||||||||||||||||||
35,390 | Nicor Inc. | 1,229,449 | ||||||||||||||||||
Health Care Equipment & Supplies – 0.5% | ||||||||||||||||||||
28,854 | Boston Scientific Corporation, (2) | 223,330 | ||||||||||||||||||
4,168 | Hologic Inc., (2) | 54,476 | ||||||||||||||||||
2,280 | Lincare Holdings, (2) | 61,400 | ||||||||||||||||||
26,145 | Medtronic, Inc. | 821,476 | ||||||||||||||||||
Total Health Care Equipment & Supplies | 1,160,682 | |||||||||||||||||||
Health Care Providers & Services – 1.4% | ||||||||||||||||||||
12,303 | Aetna Inc. | 350,636 | ||||||||||||||||||
23,173 | Brookdale Senior Living Inc. | 129,305 | ||||||||||||||||||
8,687 | Express Scripts, Inc., (2) | 477,611 | ||||||||||||||||||
540 | Henry Schein Inc., (2) | 19,813 | ||||||||||||||||||
3,614 | Humana Inc., (2) | 134,730 | ||||||||||||||||||
12,849 | Medco Health Solutions, Inc., (2) | 538,502 | ||||||||||||||||||
24,649 | Tenet Healthcare Corporation, (2) | 28,346 | ||||||||||||||||||
34,501 | UnitedHealth Group Incorporated | 917,727 | ||||||||||||||||||
11,042 | Wellpoint Inc., (2) | 465,199 | ||||||||||||||||||
Total Health Care Providers & Services | 3,061,869 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 1.4% | ||||||||||||||||||||
6,073 | International Game Technology | 72,208 | ||||||||||||||||||
37,449 | McDonald’s Corporation | 2,328,953 | ||||||||||||||||||
12,813 | Tim Hortons Inc. | 369,527 | ||||||||||||||||||
43,350 | Wendys Arbys Group Inc. | 214,149 | ||||||||||||||||||
Total Hotels, Restaurants & Leisure | 2,984,837 | |||||||||||||||||||
Household Durables – 0.9% | ||||||||||||||||||||
5,583 | Black & Decker Corporation | 233,425 | ||||||||||||||||||
11,658 | KB Home | 158,782 |
37 | ||||
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Household Durables (continued) | ||||||||||||||||||||
13,500 | Kimball International Inc., Class B | $ | 116,235 | |||||||||||||||||
3,450 | Lennar Corporation, Class A | 29,912 | ||||||||||||||||||
39,679 | Newell Rubbermaid Inc. | 388,061 | ||||||||||||||||||
12,000 | Snap-on Incorporated | 472,560 | ||||||||||||||||||
13,500 | Stanley Works | 460,350 | ||||||||||||||||||
2,527 | Whirlpool Corporation | 104,491 | ||||||||||||||||||
Total Household Durables | 1,963,816 | |||||||||||||||||||
Household Products – 3.3% | ||||||||||||||||||||
8,897 | Colgate-Palmolive Company | 609,800 | ||||||||||||||||||
20,000 | Kimberly-Clark Corporation | 1,054,800 | ||||||||||||||||||
87,659 | Procter & Gamble Company | 5,419,079 | ||||||||||||||||||
Total Household Products | 7,083,679 | |||||||||||||||||||
Industrial Conglomerates – 3.7% | ||||||||||||||||||||
19,540 | 3M Co. | 1,124,332 | ||||||||||||||||||
352,401 | General Electric Company | 5,708,896 | ||||||||||||||||||
29,620 | Genuine Parts Company | 1,121,413 | ||||||||||||||||||
Total Industrial Conglomerates | 7,954,641 | |||||||||||||||||||
Insurance – 2.7% | ||||||||||||||||||||
61,843 | American International Group, Inc. | 97,094 | ||||||||||||||||||
52,053 | Arthur J. Gallagher & Co. | 1,348,693 | ||||||||||||||||||
52,891 | Fidelity National Title Group Inc., Class A | 938,815 | ||||||||||||||||||
36,741 | Lincoln National Corporation | 692,200 | ||||||||||||||||||
21,461 | Marsh & McLennan Companies, Inc. | 520,858 | ||||||||||||||||||
17,648 | Mercury General Corporation | 811,632 | ||||||||||||||||||
14,581 | Prudential Financial, Inc. | 441,221 | ||||||||||||||||||
16,400 | Travelers Companies, Inc. | 741,280 | ||||||||||||||||||
13,560 | Unitrin, Inc. | 216,146 | ||||||||||||||||||
Total Insurance | 5,807,939 | |||||||||||||||||||
Internet & Catalog Retail – 0.3% | ||||||||||||||||||||
14,348 | Amazon.com, Inc., (2) | 735,765 | ||||||||||||||||||
Internet Software & Services – 1.5% | ||||||||||||||||||||
29,263 | eBay Inc., (2) | 408,511 | ||||||||||||||||||
6,671 | Google Inc., Class A, (2) | 2,052,333 | ||||||||||||||||||
29,461 | United Online, Inc. | 178,828 | ||||||||||||||||||
40,985 | Yahoo! Inc., (2) | 500,017 | ||||||||||||||||||
Total Internet Software & Services | 3,139,689 | |||||||||||||||||||
IT Services – 0.6% | ||||||||||||||||||||
27,033 | Automatic Data Processing, Inc. | 1,063,478 | ||||||||||||||||||
5,374 | Fidelity National Information Services | 87,435 | ||||||||||||||||||
2,687 | Lender Processing Services Inc. | 79,132 | ||||||||||||||||||
18,017 | Standard Register Company | 160,892 | ||||||||||||||||||
Total IT Services | 1,390,937 | |||||||||||||||||||
Leisure Equipment & Products – 0.7% | ||||||||||||||||||||
21,206 | Eastman Kodak Company | 139,535 | ||||||||||||||||||
70,793 | Mattel, Inc. | 1,132,688 | ||||||||||||||||||
8,000 | Polaris Industries Inc. | 229,200 | ||||||||||||||||||
Total Leisure Equipment & Products | 1,501,423 | |||||||||||||||||||
Life Sciences Tools & Services – 0.0% | ||||||||||||||||||||
470 | Covance, Inc., (2) | 21,634 | ||||||||||||||||||
2,730 | Life Technologies Corporation, (2) | 63,636 | ||||||||||||||||||
Total Life Sciences Tools & Services | 85,270 | |||||||||||||||||||
Machinery – 1.8% | ||||||||||||||||||||
22,658 | Briggs & Stratton Corporation | 398,554 | ||||||||||||||||||
30,000 | Caterpillar Inc. | 1,340,100 | ||||||||||||||||||
8,616 | Cummins Inc. | 230,306 | ||||||||||||||||||
19,204 | Deere & Company | 735,897 | ||||||||||||||||||
17,836 | Illinois Tool Works Inc. | 625,152 |
38 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Machinery (continued) | ||||||||||||||||||||
22,211 | Ingersoll Rand Company Limited, Class A | $ | 385,361 | |||||||||||||||||
3,000 | Pentair, Inc. | 71,010 | ||||||||||||||||||
Total Machinery | 3,786,380 | |||||||||||||||||||
Marine – 0.2% | ||||||||||||||||||||
8,347 | Transocean Inc., (2) | 394,396 | ||||||||||||||||||
Media – 1.6% | ||||||||||||||||||||
102,034 | Comcast Corporation, Class A | 1,722,334 | ||||||||||||||||||
5,070 | Lamar Advertising Company, (2) | 63,679 | ||||||||||||||||||
51,178 | New York Times, Class A | 375,135 | ||||||||||||||||||
76,486 | Regal Entertainment Group, Class A | 780,922 | ||||||||||||||||||
110,328 | Sirius XM Radio Inc., (2) | 13,239 | ||||||||||||||||||
38,305 | World Wrestling Entertainment Inc. | 424,419 | ||||||||||||||||||
Total Media | 3,379,728 | |||||||||||||||||||
Metals & Mining – 0.8% | ||||||||||||||||||||
18,415 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 235,896 | ||||||||||||||||||
11,087 | CONSOL Energy Inc. | 316,866 | ||||||||||||||||||
18,810 | Freeport-McMoRan Copper & Gold, Inc. | 459,716 | ||||||||||||||||||
523 | Mittal Steel Company NV | 12,861 | ||||||||||||||||||
32,078 | Southern Copper Corporation | 515,173 | ||||||||||||||||||
6,332 | United States Steel Corporation | 235,550 | ||||||||||||||||||
Total Metals & Mining | 1,776,062 | |||||||||||||||||||
Multiline Retail – 0.4% | ||||||||||||||||||||
11,221 | Nordstrom, Inc. | 149,352 | ||||||||||||||||||
20,938 | Target Corporation | 722,989 | ||||||||||||||||||
Total Multiline Retail | 872,341 | |||||||||||||||||||
Multi-Utilities – 1.9% | ||||||||||||||||||||
30,400 | CenterPoint Energy, Inc. | 383,648 | ||||||||||||||||||
25,128 | Dominion Resources, Inc. | 900,588 | ||||||||||||||||||
76,000 | Duke Energy Corporation | 1,140,760 | ||||||||||||||||||
33,554 | Integrys Energy Group, Inc. | 1,442,151 | ||||||||||||||||||
10,500 | ONEOK, Inc. | 305,760 | ||||||||||||||||||
Total Multi-Utilities | 4,172,907 | |||||||||||||||||||
Oil, Gas & Consumable Fuels – 12.0% | ||||||||||||||||||||
10,461 | Chesapeake Energy Corporation | 169,154 | ||||||||||||||||||
74,700 | Chevron Corporation | 5,525,559 | ||||||||||||||||||
48,311 | ConocoPhillips | 2,502,510 | ||||||||||||||||||
6,236 | EOG Resources, Inc. | 415,193 | ||||||||||||||||||
136,981 | Exxon Mobil Corporation | 10,935,193 | ||||||||||||||||||
9,247 | Frontline Limited | 273,804 | ||||||||||||||||||
8,381 | Hess Corporation | 449,557 | ||||||||||||||||||
22,790 | Marathon Oil Corporation | 623,534 | ||||||||||||||||||
36,819 | Occidental Petroleum Corporation | 2,208,772 | ||||||||||||||||||
14,441 | Peabody Energy Corporation | 328,533 | ||||||||||||||||||
30,750 | Ship Financial International Limited | 339,788 | ||||||||||||||||||
14,714 | Southwestern Energy Company, (2) | 426,265 | ||||||||||||||||||
36,647 | StatoilHydro ASA, Sponsored ADR | 610,539 | ||||||||||||||||||
21,254 | Valero Energy Corporation | 459,937 | ||||||||||||||||||
20,451 | XTO Energy, Inc. | 721,307 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 25,989,645 | |||||||||||||||||||
Paper & Forest Products – 0.4% | ||||||||||||||||||||
31,000 | Weyerhaeuser Company | 948,910 | ||||||||||||||||||
Personal Products – 0.3% | ||||||||||||||||||||
23,000 | Avon Products, Inc. | 552,690 | ||||||||||||||||||
Pharmaceuticals – 10.8% | ||||||||||||||||||||
65,000 | Abbott Laboratories | 3,469,050 | ||||||||||||||||||
1,126 | AstraZeneca Group, Sponsored ADR | 46,200 | ||||||||||||||||||
136,126 | Bristol-Myers Squibb Company | 3,164,930 | ||||||||||||||||||
31,400 | Eli Lilly and Company | 1,264,478 | ||||||||||||||||||
86,663 | Johnson & Johnson | 5,185,047 |
39 | ||||
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS December 31, 2008 |
Shares | Description (1) | Value | ||||||||||||||||||
Pharmaceuticals (continued) | ||||||||||||||||||||
89,562 | Merck & Co. Inc. | $ | 2,722,685 | |||||||||||||||||
246,400 | Pfizer Inc. | 4,363,744 | ||||||||||||||||||
23,293 | Sanofi-Aventis, Sponsored ADR | 749,103 | ||||||||||||||||||
69,952 | Schering-Plough Corporation | 1,191,283 | ||||||||||||||||||
1,180 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 50,233 | ||||||||||||||||||
29,480 | Wyeth | 1,105,795 | ||||||||||||||||||
Total Pharmaceuticals | 23,312,548 | |||||||||||||||||||
Real Estate Investment Trust – 1.7% | ||||||||||||||||||||
40,525 | Brandywine Realty Trust | 312,448 | ||||||||||||||||||
27,744 | CapLease Inc. | �� | 47,997 | |||||||||||||||||
18,248 | Hospitality Properties Trust | 271,348 | ||||||||||||||||||
62,544 | Lexington Corporate Properties Trust | 312,720 | ||||||||||||||||||
53,300 | Nationwide Health Properties, Inc. | 1,530,776 | ||||||||||||||||||
50,200 | Senior Housing Properties Trust | 899,584 | ||||||||||||||||||
51,252 | U-Store-It Trust | 228,071 | ||||||||||||||||||
Total Real Estate Investment Trust | 3,602,944 | |||||||||||||||||||
Semiconductors & Equipment – 2.2% | ||||||||||||||||||||
31,000 | Analog Devices, Inc. | 589,620 | ||||||||||||||||||
35,573 | Applied Materials, Inc. | 360,354 | ||||||||||||||||||
171,768 | Intel Corporation | 2,518,119 | ||||||||||||||||||
36,128 | Microchip Technology Incorporated | 705,580 | ||||||||||||||||||
20,469 | NVIDIA Corporation, (2) | 165,185 | ||||||||||||||||||
28,464 | Texas Instruments Incorporated | 441,761 | ||||||||||||||||||
Total Semiconductors & Equipment | 4,780,619 | |||||||||||||||||||
Software – 3.5% | ||||||||||||||||||||
16,693 | Adobe Systems Incorporated, (2) | 355,394 | ||||||||||||||||||
4,723 | Akamai Technologies, Inc., (2) | 71,270 | ||||||||||||||||||
6,711 | Autodesk, Inc., (2) | 131,871 | ||||||||||||||||||
8,586 | Cognizant Technology Solutions Corporation, Class A, (2) | 155,063 | ||||||||||||||||||
233,666 | Microsoft Corporation | 4,542,467 | ||||||||||||||||||
107,815 | Oracle Corporation, (2) | 1,911,560 | ||||||||||||||||||
4,207 | Salesforce.com, Inc., (2) | 134,666 | ||||||||||||||||||
11,068 | VeriSign, Inc., (2) | 211,177 | ||||||||||||||||||
Total Software | 7,513,468 | |||||||||||||||||||
Specialty Retail – 1.8% | ||||||||||||||||||||
6,450 | Abercrombie & Fitch Co., Class A | 148,802 | ||||||||||||||||||
25,500 | American Eagle Outfitters, Inc. | 238,680 | ||||||||||||||||||
10,075 | Best Buy Co., Inc. | 283,208 | ||||||||||||||||||
14,956 | Gap, Inc. | 200,261 | ||||||||||||||||||
63,870 | Home Depot, Inc. | 1,470,287 | ||||||||||||||||||
28,172 | Limited Brands, Inc. | 282,847 | ||||||||||||||||||
25,280 | Lowe’s Companies, Inc. | 544,026 | ||||||||||||||||||
7,300 | Sherwin-Williams Company | 436,175 | ||||||||||||||||||
8,263 | Talbots, Inc. | 19,749 | ||||||||||||||||||
2,993 | Tiffany & Co. | 70,725 | ||||||||||||||||||
12,000 | TJX Companies, Inc. | 246,840 | ||||||||||||||||||
Total Specialty Retail | 3,941,600 | |||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.5% | ||||||||||||||||||||
1,014 | Cherokee Inc. | 17,593 | ||||||||||||||||||
19,758 | VF Corporation | 1,082,146 | ||||||||||||||||||
Total Textiles, Apparel & Luxury Goods | 1,099,739 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.3% | ||||||||||||||||||||
58,864 | New York Community Bancorp, Inc. | 704,013 | ||||||||||||||||||
Tobacco – 2.5% | ||||||||||||||||||||
65,586 | Altria Group, Inc. | 987,725 | ||||||||||||||||||
43,273 | Philip Morris International | 1,882,808 | ||||||||||||||||||
3,000 | Reynolds American Inc. | 120,930 | ||||||||||||||||||
28,638 | UST Inc. | 1,986,904 | ||||||||||||||||||
35,638 | Vector Group Ltd. | 485,390 | ||||||||||||||||||
Total Tobacco | 5,463,757 | |||||||||||||||||||
40 | ||||
Shares | Description (1) | Value | ||||||||||||||||||
Trading Companies & Distributors – 0.1% | ||||||||||||||||||||
3,480 | W.W. Grainger, Inc. | $ | 274,363 | |||||||||||||||||
Wireless Telecommunication Services – 0.3% | ||||||||||||||||||||
33,200 | Vodafone Group PLC, Sponsored ADR | 678,607 | ||||||||||||||||||
Total Common Stocks (cost $279,186,555) | 210,814,912 | |||||||||||||||||||
Principal | ||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
Short-Term Investments – 5.4% | ||||||||||||||||||||
$ | 11,596 | Repurchase Agreement with State Street Bank, dated 12/31/08, repurchase price $11,595,775, collateralized by $8,265,000 U.S. Treasury Bonds, 4.750%, due 2/15/37, value $11,832,174 | 0.010% | 1/02/09 | $ | 11,595,769 | ||||||||||||||
Total Short-Term Investments (cost $11,595,769) | 11,595,769 | |||||||||||||||||||
Total Investments (cost $290,782,324) – 102.9% | 222,410,681 | |||||||||||||||||||
Number of | Notional | Expiration | Strike | |||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | |||||||||||||||
Call Options Written – (3.1)% (4) | ||||||||||||||||||||
(428 | ) | S&P 500 Index | $ | (36,380,000 | ) | 1/17/09 | $ | 850 | $ | (2,655,740 | ) | |||||||||
(143 | ) | S&P 500 Index | (12,870,000 | ) | 1/17/09 | 900 | (386,815 | ) | ||||||||||||
(229 | ) | S&P 500 Index | (21,755,000 | ) | 1/17/09 | 950 | (161,445 | ) | ||||||||||||
(276 | ) | S&P 500 Index | (24,840,000 | ) | 2/21/09 | 900 | (1,351,020 | ) | ||||||||||||
(301 | ) | S&P 500 Index | (28,595,000 | ) | 2/21/09 | 950 | (757,015 | ) | ||||||||||||
(215 | ) | S&P 500 Index | (20,425,000 | ) | 3/21/09 | 950 | (822,375 | ) | ||||||||||||
(269 | ) | S&P 500 Index | (26,900,000 | ) | 3/21/09 | 1,000 | (550,105 | ) | ||||||||||||
(1,861 | ) | Total Call Options Written (premiums received $8,176,023) | (171,765,000 | ) | (6,684,515 | ) | ||||||||||||||
Other Assets Less Liabilities – 0.2% | 317,422 | |||||||||||||||||||
Net Assets – 100% | $ | 216,043,588 | ||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |||||
(2) | Non-income producing. | |||||
(3) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. | |||||
(4) | The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options Written. | |||||
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
41 | ||||
Statement of ASSETS & LIABILITIES | ||||
December 31, 2008 |
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $615,486,581, $1,010,042,709, $386,006,591 and $290,782,324, respectively) | $ | 509,561,370 | $ | 864,751,637 | $ | 333,700,021 | $ | 222,410,681 | ||||||||
Cash in other banks | — | 5,186,393 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest | 1,364,007 | 1,902,276 | 528,019 | 564,747 | ||||||||||||
Investment sold | — | — | 9,273,516 | — | ||||||||||||
Reclaims | 584 | — | 1,517 | — | ||||||||||||
Other assets | 28,880 | 43,264 | 17,316 | 10,616 | ||||||||||||
Total assets | 510,954,841 | 871,883,570 | 343,520,389 | 222,986,044 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | 9,273,528 | — | ||||||||||||
Call options written, at value (premiums received $23,243,839, $40,820,889, $15,373,901 and $8,176,023, respectively) | 18,767,445 | 29,458,951 | 9,916,396 | 6,684,515 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 241,467 | 407,428 | 186,213 | 156,114 | ||||||||||||
Other | 239,725 | 438,667 | 173,017 | 101,827 | ||||||||||||
Total liabilities | 19,248,637 | 30,305,046 | 19,549,154 | 6,942,456 | ||||||||||||
Net assets | $ | 491,706,204 | $ | 841,578,524 | $ | 323,971,235 | $ | 216,043,588 | ||||||||
Shares outstanding | 38,554,787 | 66,343,737 | 25,988,041 | 16,402,042 | ||||||||||||
Net asset value per share outstanding | $ | 12.75 | $ | 12.69 | $ | 12.47 | $ | 13.17 | ||||||||
Net assets consist of: | ||||||||||||||||
Shares, $.01 par value per share | $ | 385,548 | $ | 663,437 | $ | 259,880 | $ | 164,020 | ||||||||
Paid-in surplus | 588,083,677 | 986,208,475 | 376,018,693 | 280,819,541 | ||||||||||||
Undistributed (Over-distribution of) net investment income | — | (2,311 | ) | (765 | ) | (20 | ) | |||||||||
Accumulated net realized gain (loss) from investments, foreign currency and call options written | 4,685,796 | (11,361,943 | ) | (5,457,508 | ) | 1,940,182 | ||||||||||
Net unrealized appreciation (depreciation) of investments and call options written | (101,448,817 | ) | (133,929,134 | ) | (46,849,065 | ) | (66,880,135 | ) | ||||||||
Net assets | $ | 491,706,204 | $ | 841,578,524 | $ | 323,971,235 | $ | 216,043,588 | ||||||||
See accompanying notes to financial statements.
42 | ||||
Statement of OPERATIONS | ||||
Year Ended December 31, 2008 |
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Investment Income | ||||||||||||||||
Dividends (net of foreign tax withheld of $5,340, $79,038, $29,700 and $24,316, respectively) | $ | 18,531,835 | $ | 26,148,600 | $ | 7,578,991 | $ | 8,380,837 | ||||||||
Interest | 533,619 | 905,407 | 308,893 | 188,940 | ||||||||||||
Total investment income | 19,065,454 | 27,054,007 | 7,887,884 | 8,569,777 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 5,527,094 | 9,509,805 | 3,749,818 | 2,412,312 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 1,097 | 1,742 | 452 | 310 | ||||||||||||
Custodian’s fees and expenses | 114,925 | 189,583 | 97,358 | 61,819 | ||||||||||||
Trustees’ fees and expenses | 12,922 | 21,973 | 8,845 | 4,698 | ||||||||||||
Professional fees | 46,801 | 74,330 | 35,805 | 26,635 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 132,143 | 231,144 | 81,118 | 50,034 | ||||||||||||
Stock exchange listing fees | 13,937 | 24,159 | 9,220 | 9,329 | ||||||||||||
Investor relations expense | 110,871 | 175,406 | 66,902 | 39,842 | ||||||||||||
Other expenses | 91,780 | 255,833 | 141,462 | 46,009 | ||||||||||||
Total expenses before custodian fee credit and expense reimbursement | 6,051,570 | 10,483,975 | 4,190,980 | 2,650,988 | ||||||||||||
Custodian fee credit | (13,577 | ) | (21,721 | ) | (6,765 | ) | (4,732 | ) | ||||||||
Expense reimbursement | (1,875,938 | ) | (3,269,555 | ) | (843,581 | ) | — | |||||||||
Net expenses | 4,162,055 | 7,192,699 | 3,340,634 | 2,646,256 | ||||||||||||
Net investment income | 14,903,399 | 19,861,308 | 4,547,250 | 5,923,521 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | (1,456,797 | ) | (19,195,055 | ) | 12,318,905 | (1,308,979 | ) | |||||||||
Call options written | 105,051,099 | 177,079,782 | 67,110,542 | 37,807,215 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (272,201,460 | ) | (464,376,500 | ) | (201,403,897 | ) | (118,850,499 | ) | ||||||||
Call options written | (2,097,986 | ) | (1,747,207 | ) | (422,652 | ) | (906,295 | ) | ||||||||
Net realized and unrealized gain (loss) | (170,705,144 | ) | (308,238,980 | ) | (122,397,102 | ) | (83,258,558 | ) | ||||||||
Net increase (decrease) in net assets from operations | $ | (155,801,745 | ) | $ | (288,377,672 | ) | $ | (117,849,852 | ) | $ | (77,335,037 | ) | ||||
See accompanying notes to financial statements.
43 | ||||
Statement of CHANGES in NET ASSETS | ||||
Equity Premium | Equity Premium | |||||||||||||||
Income (JPZ) | Opportunity (JSN) | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
12/31/08 | 12/31/07 | 12/31/08 | 12/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 14,903,399 | $ | 16,953,460 | $ | 19,861,308 | $ | 23,817,103 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | (1,456,797 | ) | (13,563,781 | ) | (19,195,055 | ) | (18,391,814 | ) | ||||||||
Call options written | 105,051,099 | 22,261,445 | 177,079,782 | 20,438,733 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (272,201,460 | ) | 20,276,394 | (464,376,500 | ) | 98,725,088 | ||||||||||
Call options written | (2,097,986 | ) | 8,645,145 | (1,747,207 | ) | 9,298,040 | ||||||||||
Net increase (decrease) in net assets from operations | (155,801,745 | ) | 54,572,663 | (288,377,672 | ) | 133,887,150 | ||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income | (15,175,060 | ) | (20,649,838 | ) | (40,991,628 | ) | (23,107,788 | ) | ||||||||
From accumulated net realized gains | (43,974,543 | ) | — | (64,641,062 | ) | — | ||||||||||
Tax return of capital | — | (45,224,870 | ) | — | (94,982,869 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (59,149,603 | ) | (65,874,708 | ) | (105,632,690 | ) | (118,090,657 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Offering costs adjustments | — | — | — | — | ||||||||||||
Shares repurchased | (1,275,804 | ) | — | (1,938,029 | ) | — | ||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | 3,555,475 | — | 7,009,592 | ||||||||||||
Net increase (decrease) in net assets from capital share transactions | (1,275,804 | ) | 3,555,475 | (1,938,029 | ) | 7,009,592 | ||||||||||
Net increase (decrease) in net assets | (216,227,152 | ) | (7,746,570 | ) | (395,948,391 | ) | 22,806,085 | |||||||||
Net assets at the beginning of year | 707,933,356 | 715,679,926 | 1,237,526,915 | 1,214,720,830 | ||||||||||||
Net assets at the end of year | $ | 491,706,204 | $ | 707,933,356 | $ | 841,578,524 | $ | 1,237,526,915 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | — | $ | — | $ | (2,311 | ) | $ | — | |||||||
See accompanying notes to financial statements.
44 | ||||
Statement of CHANGES in NET ASSETS (continued) |
Equity Premium | Equity Premium | |||||||||||||||
Advantage (JLA) | and Growth (JPG) | |||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
12/31/08 | 12/31/07 | 12/31/08 | 12/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 4,547,250 | $ | 5,736,038 | $ | 5,923,521 | $ | 11,136,925 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 12,318,905 | (10,102,981 | ) | (1,308,979 | ) | (5,678,097 | ) | |||||||||
Call options written | 67,110,542 | 1,293,676 | 37,807,215 | 8,652,428 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | (201,403,897 | ) | 54,682,070 | (118,850,499 | ) | 4,660,601 | ||||||||||
Call options written | (422,652 | ) | 1,454,582 | (906,295 | ) | 3,137,058 | ||||||||||
Net increase (decrease) in net assets from operations | (117,849,852 | ) | 53,063,385 | (77,335,037 | ) | 21,908,915 | ||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income | (23,919,169 | ) | (5,456,558 | ) | (6,573,928 | ) | (13,005,997 | ) | ||||||||
From accumulated net realized gains | (17,979,679 | ) | — | (17,961,421 | ) | — | ||||||||||
Tax return of capital | — | (41,746,860 | ) | — | (13,774,719 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (41,898,848 | ) | (47,203,418 | ) | (24,535,349 | ) | (26,780,716 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Offering costs adjustments | — | — | — | (11,071 | ) | |||||||||||
Shares repurchased | (1,278,064 | ) | — | (1,386,261 | ) | — | ||||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions | — | 4,357,324 | — | 614,101 | ||||||||||||
Net increase (decrease) in net assets from capital share transactions | (1,278,064 | ) | 4,357,324 | (1,386,261 | ) | 603,030 | ||||||||||
Net increase (decrease) in net assets | (161,026,764 | ) | 10,217,291 | (103,256,647 | ) | (4,268,771 | ) | |||||||||
Net assets at the beginning of year | 484,997,999 | 474,780,708 | 319,300,235 | 323,569,006 | ||||||||||||
Net assets at the end of year | $ | 323,971,235 | $ | 484,997,999 | $ | 216,043,588 | $ | 319,300,235 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of year | $ | (765 | ) | $ | — | $ | (20 | ) | $ | — | ||||||
See accompanying notes to financial statements.
45 | ||||
Notes to FINANCIAL STATEMENTS |
1. | General Information and Significant Accounting Policies |
The funds covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) (collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies.
Each Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor’s 500 Stock Index or a weighted average of the Standard & Poor’s 500 Stock Index and the NASDAQ-100 Index and is designed to support the Funds’ index option strategies. On November 21, 2007, the Funds announced their intention to begin gradually phasing-out the put option component of their investment strategy. The Funds completed the gradual phase-out during the first calendar quarter of 2008. The Funds will continue to follow their integrated stock-call option strategy, buying stocks and selling index call options in pursuit of attractive distributions and more stable returns than an all-equity portfolio.
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.
Investment Valuation
Exchange-listed securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. When market price quotes are not readily available, the pricing service or, in the absence of a pricing service for a particular investment, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including 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. Short-term investments are valued at amortized cost, which approximates value.
Index options are generally valued at the average of the closing bid and asked quotations. The close of trading of index options traded on the Chicago Board Options Exchange normally occurs at 4:15 ET, which is different from the normal 4:00 ET close of the NYSE (the time of day as of which each Fund’s NAV is calculated). Under normal market circumstances, closing index option quotations are considered to reflect the index option contract values as of the close of the NYSE and will be used to value the option contracts. However, a significant change in the S&P 500 or NASDAQ-100 futures contracts between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Fund’s Board of Trustees, or its designee, will determine a value for the options. Any such valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances.
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.
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.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Each Fund intends to distribute substantially all of its investment company taxable income to shareholders. 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
46 | ||||
examination by taxing authorities (i.e.,generally the last four tax year ends and the interim tax period since then). Further, 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.
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 corporate income tax regulations, which may differ from accounting principles generally accepted in the United States.
The Funds make 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 from net unrealized gains, if any, would be distributed from the Fund’s assets and would be treated by shareholders as a non-taxable distribution 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 be treated as a return of capital for tax purposes and 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 accompanying financial statements.
Foreign Currency Transactions
The Funds are authorized to engage in foreign currency exchange transactions, including foreign currency forward, futures, options and swap contracts. 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 Fund’s investments denominated in that currency will lose value because its 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 at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments, other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, 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 Fund and the amounts actually received.
The realized gains or losses resulting from changes in foreign exchange rates, if any, are included in “Realized gain (loss) from investments and foreign currency” on the Statement of Operations.
Options Transactions
Each Fund is authorized to purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies. The purchase of put options involves the risk of loss of all or a part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. The risk associated with purchasing put options is limited to the premium paid. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to reflect the current value of the written option until the option expires or a Fund enters into a closing purchase transaction. When a call or put option 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 effecting a closing purchase transaction, including commission, is treated as a net realized gain on option contracts written or, if the net premium received is less than the amount paid, as a net realized loss on option contracts written. 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 the risk a Fund may not be able to enter into a closing transaction because of an illiquid market. Equity Premium Opportunity (JSN) has $5,186,393 in “Cash in other banks” on the Statement of Assets and liabilities for which it does not have full access. Such amounts represent investments segregated by the Fund’s custodian as collateral for call options written.
47 | ||||
Notes to FINANCIAL STATEMENTS (continued) |
Market and Credit Risk
In the normal course of business each Fund invests in financial instruments and enters 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 (credit risk). Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose a Fund to credit risk, consist principally of cash due from counterparties on forward, option and swap transactions. The extent of a Fund’s exposure to credit and counterparty risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage credit risk by entering into agreements only with counterparties Nuveen Asset Management (the “Adviser”) a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, all counterparties are required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of a Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when a Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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 predetermined threshold amount.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Funds’ 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 seller defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
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.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. | Fair Value Measurements |
During the current fiscal period, the Funds adopted the provisions of Statement of Financial Accounting Standards No. 157 (SFAS No. 157) “Fair Value Measurements.” SFAS No. 157 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:
Level 1 — | Quoted prices in active markets for identical securities. | |
Level 2 — | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 — | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
48 | ||||
The following is a summary of each Fund’s fair value measurements as of December 31, 2008:
Equity Premium Income (JPZ) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 509,561,370 | $ | — | $ | — | $ | 509,561,370 | ||||||||
Call options written | (17,178,750 | ) | (1,588,695 | ) | — | (18,767,445 | ) | |||||||||
Total | $ | 492,382,620 | $ | (1,588,695 | ) | $ | — | $ | 490,793,925 | |||||||
Equity Premium Opportunity (JSN) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 864,751,637 | $ | — | $ | — | $ | 864,751,637 | ||||||||
Call options written | (27,235,046 | ) | (2,223,905 | ) | — | (29,458,951 | ) | |||||||||
Total | $ | 837,516,591 | $ | (2,223,905 | ) | $ | — | $ | 835,292,686 | |||||||
Equity Premium Advantage (JLA) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 333,700,021 | $ | — | $ | — | $ | 333,700,021 | ||||||||
Call options written | (9,380,481 | ) | (535,915 | ) | — | (9,916,396 | ) | |||||||||
Total | $ | 324,319,540 | $ | (535,915 | ) | $ | — | $ | 323,783,625 | |||||||
Equity Premium and Growth (JPG) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 222,410,681 | $ | — | $ | — | $ | 222,410,681 | ||||||||
Call options written | (6,136,255 | ) | (548,260 | ) | — | (6,684,515 | ) | |||||||||
Total | $ | 216,274,426 | $ | (548,260 | ) | $ | — | $ | 215,726,166 | |||||||
3. | Fund Shares |
On July 30, 2008, the Funds’ Board of Trustees approved an open-market share repurchase program under which the Fund may repurchase an aggregate of up to approximately 10% of it’s outstanding shares.
Transactions in shares were as follows:
Equity Premium | Equity Premium | |||||||||||||||
Income (JPZ) | Opportunity (JSN) | |||||||||||||||
Year | Year | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
12/31/08 | 12/31/07 | 12/31/08 | 12/31/07 | |||||||||||||
Shares issued to shareholders due to reinvestment of distributions | — | 191,170 | — | 381,737 | ||||||||||||
Shares repurchased | (127,300 | ) | — | (194,100 | ) | — | ||||||||||
(127,300 | ) | 191,170 | (194,100 | ) | 381,737 | |||||||||||
Weighted average price per share repurchased | $10.00 | — | $9.96 | — | ||||||||||||
Weighted average discount per share repurchased | 20.21 | % | — | 20.72 | % | — | ||||||||||
Equity Premium | Equity Premium | |||||||||||||||
Advantage (JLA) | and Growth (JPG) | |||||||||||||||
Year | Year | Year | Year | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
12/31/08 | 12/31/07 | 12/31/08 | 12/31/07 | |||||||||||||
Shares issued to shareholders due to reinvestment of distributions | — | 236,789 | — | 31,102 | ||||||||||||
Shares repurchased | (126,500 | ) | — | (134,300 | ) | — | ||||||||||
(126,500 | ) | 236,789 | (134,300 | ) | 31,102 | |||||||||||
Weighted average price per share repurchased | $10.08 | — | $10.30 | — | ||||||||||||
Weighted average discount per share repurchased | 20.81 | % | — | 22.85 | % | — | ||||||||||
49 | ||||
Notes to FINANCIAL STATEMENTS (continued) |
4. | Investment Transactions |
Purchases and sales (excluding put options, call options written and short-term investments) during the fiscal year ended December 31, 2008, were as follows:
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Purchases | $ | 112,584,536 | $ | 208,534,173 | $ | 82,812,556 | $ | 55,768,735 | ||||||||
Sales | 34,017,666 | 83,317,864 | 48,061,170 | 33,813,454 | ||||||||||||
Transactions in call options written during the fiscal year ended December 31, 2008, were as follows:
Equity Premium | Equity Premium | |||||||||||||||
Income (JPZ) | Opportunity (JSN) | |||||||||||||||
Number of | Premiums | Number of | Premiums | |||||||||||||
Contracts | Received | Contracts | Received | |||||||||||||
Outstanding, beginning of year | 4,652 | $ | 22,205,750 | 12,991 | $ | 41,558,293 | ||||||||||
Options written | 38,077 | 134,644,429 | 106,055 | 241,142,029 | ||||||||||||
Options terminated in closing purchase transactions | (22,498 | ) | (74,377,397 | ) | (60,948 | ) | (137,146,289 | ) | ||||||||
Options expired | (15,014 | ) | (59,228,943 | ) | (42,897 | ) | (104,733,144 | ) | ||||||||
Outstanding, end of year | 5,217 | $ | 23,243,839 | 15,201 | $ | 40,820,889 | ||||||||||
Equity Premium | Equity Premium | |||||||||||||||
Advantage (JLA) | and Growth (JPG) | |||||||||||||||
Number of | Premiums | Number of | Premiums | |||||||||||||
Contracts | Received | Contracts | Received | |||||||||||||
Outstanding, beginning of year | 5,908 | $ | 17,591,180 | 1,711 | $ | 8,134,443 | ||||||||||
Options written | 49,145 | 95,715,897 | 13,601 | 48,036,407 | ||||||||||||
Options terminated in closing purchase transactions | (27,932 | ) | (55,579,950 | ) | (8,094 | ) | (26,890,310 | ) | ||||||||
Options expired | (19,645 | ) | (42,353,226 | ) | (5,357 | ) | (21,104,517 | ) | ||||||||
Outstanding, end of year | 7,476 | $ | 15,373,901 | 1,861 | $ | 8,176,023 | ||||||||||
5. | Income Tax Information |
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 on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
At December 31, 2008, the cost of investments (excluding call options written) was as follows:
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Cost of Investments | $615,289,359 | $ | 1,009,961,349 | $385,974,640 | $ | 290,713,056 | ||||||||||
50 | ||||
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at December 31, 2008, were as follows:
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 43,714,351 | $ | 79,013,775 | $ | 24,890,509 | $ | 11,635,493 | ||||||||
Depreciation | (149,442,340 | ) | (224,223,487 | ) | (77,165,128 | ) | (79,937,868 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | (105,727,989 | ) | $ | (145,209,712 | ) | $ | (52,274,619 | ) | $ | (68,302,375 | ) | ||||
The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2008, the Funds’ tax year end, were as follows:
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Undistributed net ordinary income * | $ — | $ | — | $ — | $ | — | ||||||||||
Undistributed net long-term capital gains | 9,162,194 | — | — | 3,431,689 | ||||||||||||
* | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ tax years ended December 31, 2008 and December 31, 2007, was designated for purposes of the dividends paid deduction as follows:
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
2008 | (JPZ) | (JSN) | (JLA) | (JPG) | ||||||||||||
Distributions from net ordinary income * | $15,175,060 | $ | 40,991,628 | $23,919,169 | $ | 6,573,928 | ||||||||||
Distributions from net long-term capital gains ** | 43,974,543 | 64,641,062 | 17,979,679 | 17,961,421 | ||||||||||||
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
2007 | (JPZ) | (JSN) | (JLA) | (JPG) | ||||||||||||
Distributions from net ordinary income * | $20,649,838 | 23,107,788 | 5,456,558 | 13,005,997 | ||||||||||||
Tax return of capital | 45,224,870 | 94,982,869 | 41,746,860 | 13,774,719 | ||||||||||||
* | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
** | The Fund hereby designates this amount paid during the fiscal year ended December 31, 2008, as long-term capital gain dividends pursuant to Internal Revenue Code Section 852(b)(3). |
51 | ||||
Notes to FINANCIAL STATEMENTS (continued) |
The following Funds elected to defer net realized losses from investments incurred from November 1, 2008 through December 31, 2008, the Funds’ tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the following fiscal year:
Equity | Equity | Equity | ||||||||||
Premium | Premium | Premium | ||||||||||
Opportunity | Advantage | and Growth | ||||||||||
(JSN) | (JLA) | (JPG) | ||||||||||
Post-October currency losses | $2,311 | $765 | $20 | |||||||||
6. | Management Fees and Other Transactions with Affiliates |
Each Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by Nuveen Asset Management (the “Adviser”), a wholly owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the average daily Managed Assets of each Fund as follows:
Equity Premium Income (JPZ) | ||||
Equity Premium Opportunity (JSN) | ||||
Equity Premium Advantage (JLA) | ||||
Average Daily Managed Assets | 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, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the following table. As of December 31, 2008, the complex-level fee rate was .2000%.
52 | ||||
The complex-level fee schedule is as follows:
Complex-Level Asset Breakpoint Level (1) | 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 | |||
(1) | The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily net assets of all Nuveen funds, with such daily net assets to include assets attributable to preferred stock issued by or borrowings by such funds (“Managed Assets”) but to exclude assets attributable to investments in other Nuveen funds. |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for the overall strategy and asset allocation decisions. The Adviser has entered into a Sub-Advisory Agreement with Gateway Investment Advisers, L.P. (“Gateway”), under which Gateway manages the investment portfolio of the Fund. Gateway is compensated for its services to the Fund from the management fee paid to the Adviser.
The Fund pays 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 Fund 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 Income’s (JPZ) 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 | Year Ending | |||||||||
October 31, | October 31, | |||||||||
2004 * | .30 | % | 2009 | .30 | % | |||||
2005 | .30 | 2010 | .22 | |||||||
2006 | .30 | 2011 | .14 | |||||||
2007 | .30 | 2012 | .07 | |||||||
2008 | .30 | |||||||||
* | From the commencement of operations. |
The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any portion of its fees and expenses beyond October 31, 2012.
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 | Year Ending | |||||||||
January 31, | 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.
53 | ||||
Notes to FINANCIAL STATEMENTS (continued) |
For the first six years of Equity Premium Advantage’s (JLA) 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 | Year Ending | |||||||||
May 31, | May 31, | |||||||||
2005 * | .20 | % | 2009 | .20 | % | |||||
2006 | .20 | 2010 | .20 | |||||||
2007 | .20 | 2011 | .10 | |||||||
2008 | .20 | |||||||||
* | From the commencement of operations. |
The Adviser has not agreed to reimburse Equity Premium Advantage (JLA) for any portion of its fees and expenses beyond May 31, 2011.
7. | New Accounting Pronouncement |
Financial Accounting Standards Board Statement of Financial Accounting Standards No. 161 (SFAS No. 161)
In March 2008, the FASB issued SFAS No. 161, “Disclosures about Derivative Instruments and Hedging Activities.” This standard is intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a fund uses derivative instruments, b) how derivative instruments and related hedge items are accounted for, and c) how derivative instruments and related hedge items affect a fund’s financial position, results of operations and cash flows. SFAS No. 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. As of December 31, 2008, management does not believe the adoption of SFAS No. 161 will impact the financial statement amounts; however, additional footnote disclosures may be required about the use of derivative instruments and hedging items.
54 | ||||
Financial HIGHLIGHTS |
55 | ||||
Financial HIGHLIGHTS Selected data for a share outstanding throughout each period: |
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||||||||||||||
Net | |||||||||||||||||||||||||||||||||||||||||||
Beginning | Net | Realized/ | Net | Tax | Ending | Ending | |||||||||||||||||||||||||||||||||||||
Net Asset | Investment | Unrealized | Investment | Capital | Return of | Offering | Net Asset | Market | |||||||||||||||||||||||||||||||||||
Value | Income(a) | Gain (Loss) | Total | Income | Gains | Capital | Total | Costs | Value | Value | |||||||||||||||||||||||||||||||||
Equity Premium Income (JPZ) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||
2008 | $ | 18.30 | $.39 | $ | (4.41 | ) | $ | (4.02 | ) | $ | (.39 | ) | $(1.14 | ) | $ | — | $ | (1.53 | ) | $ | — | $12.75 | $ | 10.74 | |||||||||||||||||||
2007 | 18.59 | .44 | .98 | 1.42 | (.54 | ) | — | (1.17 | ) | (1.71 | ) | — | 18.30 | 16.41 | |||||||||||||||||||||||||||||
2006 | 18.48 | .43 | 1.39 | 1.82 | (.43 | ) | — | (1.28 | ) | (1.71 | ) | — | * | 18.59 | 19.22 | ||||||||||||||||||||||||||||
2005 | 19.28 | .42 | .48 | .90 | (.40 | ) | — | (1.30 | ) | (1.70 | ) | — | * | 18.48 | 17.38 | ||||||||||||||||||||||||||||
2004(b) | 19.10 | .12 | .24 | .36 | (.15 | ) | — | —* | (.15 | ) | (.03 | ) | 19.28 | 20.25 | |||||||||||||||||||||||||||||
Equity Premium Opportunity (JSN) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||
2008 | 18.60 | .30 | (4.62 | ) | (4.32 | ) | (.62 | ) | (.97 | ) | — | (1.59 | ) | — | 12.69 | $ | 10.68 | ||||||||||||||||||||||||||
2007 | 18.36 | .36 | 1.66 | 2.02 | (.35 | ) | — | (1.43 | ) | (1.78 | ) | — | 18.60 | 16.34 | |||||||||||||||||||||||||||||
2006 | 18.66 | .32 | 1.16 | 1.48 | (.32 | ) | — | (1.46 | ) | (1.78 | ) | — | * | 18.36 | 18.62 | ||||||||||||||||||||||||||||
2005(c) | 19.10 | .30 | .78 | 1.08 | (.30 | ) | (.15 | ) | (1.05 | ) | (1.50 | ) | (.02 | ) | 18.66 | 17.39 | |||||||||||||||||||||||||||
Equity Premium Advantage (JLA) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||
2008 | 18.57 | .17 | (4.66 | ) | (4.49 | ) | (.92 | ) | (.69 | ) | — | (1.61 | ) | — | 12.47 | $ | 10.34 | ||||||||||||||||||||||||||
2007 | 18.35 | .22 | 1.82 | 2.04 | (.21 | ) | — | (1.61 | ) | (1.82 | ) | — | 18.57 | 16.45 | |||||||||||||||||||||||||||||
2006 | 18.84 | .20 | 1.13 | 1.33 | (.20 | ) | — | (1.62 | ) | (1.82 | ) | — | * | 18.35 | 19.20 | ||||||||||||||||||||||||||||
2005(d) | 19.10 | .10 | .60 | .70 | (.10 | ) | (.13 | ) | (.69 | ) | (.92 | ) | (.04 | ) | 18.84 | 17.56 | |||||||||||||||||||||||||||
Equity Premium and Growth (JPG) | |||||||||||||||||||||||||||||||||||||||||||
Year Ended 12/31: | |||||||||||||||||||||||||||||||||||||||||||
2008 | 19.31 | .36 | (5.01 | ) | (4.65 | ) | (.40 | ) | (1.09 | ) | — | (1.49 | ) | — | 13.17 | $ | 10.77 | ||||||||||||||||||||||||||
2007 | 19.60 | .68 | .65 | 1.33 | (.79 | ) | — | (.83 | ) | (1.62 | ) | — | * | 19.31 | 17.13 | ||||||||||||||||||||||||||||
2006 | 19.04 | .46 | 1.72 | 2.18 | (.49 | ) | (.14 | ) | (.99 | ) | (1.62 | ) | — | 19.60 | 19.38 | ||||||||||||||||||||||||||||
2005(e) | 19.10 | .04 | (.06 | ) | (.02 | ) | — | — | — | — | (.04 | ) | 19.04 | 17.25 | |||||||||||||||||||||||||||||
56 | ||||
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||
Total Returns | Ratios to Average Net Assets Before Credit/Reimbursement | Ratios to Average Net Assets After Credit/Reimbursement*** | ||||||||||||||||||||||||||||||
Based | ||||||||||||||||||||||||||||||||
Based | on | |||||||||||||||||||||||||||||||
on | Net | Ending | Net | Net | Portfolio | |||||||||||||||||||||||||||
Market | Asset | Net Assets | Investment | Investment | Turnover | |||||||||||||||||||||||||||
Value** | Value** | (000) | Expenses | Income | Expenses | Income | Rate | |||||||||||||||||||||||||
(26.73 | )% | (23.27 | )% | $ | 491,706 | .97 | % | 2.08 | % | .67 | % | 2.39 | % | 6 | % | |||||||||||||||||
(6.07 | ) | 7.80 | 707,933 | .95 | 2.05 | .65 | 2.35 | 7 | ||||||||||||||||||||||||
21.30 | 10.22 | 715,680 | .96 | 1.99 | .66 | 2.30 | 23 | |||||||||||||||||||||||||
(6.12 | ) | 4.88 | 708,049 | .96 | 1.93 | .65 | 2.25 | 29 | ||||||||||||||||||||||||
1.96 | 1.68 | 723,894 | 1.07 | **** | 3.49 | **** | .73 | **** | 3.82 | **** | 1 | |||||||||||||||||||||
(26.64 | )% | (24.65 | )% | 841,579 | .96 | 1.52 | .66 | 1.82 | 8 | |||||||||||||||||||||||
(3.03 | ) | 11.35 | 1,237,527 | .94 | 1.62 | .64 | 1.93 | 4 | ||||||||||||||||||||||||
17.86 | 8.28 | 1,214,721 | .95 | 1.41 | .65 | 1.72 | 8 | |||||||||||||||||||||||||
(5.90 | ) | 5.65 | 1,225,535 | .95 | **** | 1.40 | **** | .63 | **** | 1.72 | **** | 16 | ||||||||||||||||||||
(29.22 | )% | (25.63 | )% | 323,971 | .99 | .88 | .79 | 1.08 | 12 | |||||||||||||||||||||||
(5.15 | ) | 11.50 | 484,998 | .98 | .99 | .78 | 1.19 | 3 | ||||||||||||||||||||||||
20.52 | 7.35 | 474,781 | .99 | .85 | .78 | 1.06 | 26 | |||||||||||||||||||||||||
(7.87 | ) | 3.43 | 482,979 | 1.01 | **** | .71 | **** | .78 | **** | .93 | **** | 9 | ||||||||||||||||||||
(30.09 | )% | (25.38 | )% | 216,044 | .96 | 2.13 | .95 | 2.14 | 12 | |||||||||||||||||||||||
(3.55 | ) | 6.86 | 319,300 | .95 | 3.40 | .95 | 3.40 | 26 | ||||||||||||||||||||||||
22.68 | 11.90 | 323,569 | .96 | 2.34 | .93 | 2.37 | 37 | |||||||||||||||||||||||||
(13.75 | ) | (.31 | ) | 314,202 | 1.11 | **** | 2.08 | **** | 1.11 | **** | 2.08 | **** | — | |||||||||||||||||||
* | Rounds to less than $.01 per share. |
** | 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.
*** | After custodian fee credit and expense reimbursement, where applicable. |
**** | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | For the period October 26, 2004 (commencement of operations) through December 31, 2004. |
(c) | For the period January 26, 2005 (commencement of operations) through December 31, 2005. |
(d) | For the period May 25, 2005 (commencement of operations) through December 31, 2005. |
(e) | For the period November 22, 2005 (commencement of operations) through December 31, 2005. |
See accompanying notes to financial statements.
57 | ||||
Board Members & OFFICERS
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members 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. |
Year First | Number of Portfolios | |||||||||
Elected or | Principal Occupation(s) | in Fund Complex | ||||||||
Name, Birthdate | Position(s) Held with | Appointed | Including other Directorships | Overseen by | ||||||
and Address | the Funds | and Term(1) | During Past 5 Years | Board Member | ||||||
INDEPENDENT BOARD MEMBERS: | ||||||||||
n ROBERT P. BREMNER | ||||||||||
8/22/40 333 W. Wacker Drive Chicago, IL 60606 | ï | Chairman of the Board and Board member | 1997 Class III | Private Investor and Management Consultant. | 192 | |||||
n JACK B. EVANS | ||||||||||
10/22/48 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 1999 Class III | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Vice Chairman, United Fire Group, a publicly held company; Member of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; Member of the Advisory Council of the Department of Finance in the Tippie College of Business, University of Iowa; 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. | 192 | |||||
n WILLIAM C. HUNTER | ||||||||||
3/6/48 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 2004 Annual | Dean, Tippie College of Business, University of Iowa (since July 2006); 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); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director (since 2005), Beta Gamma Sigma International Honor Society; Director, SS&C Technologies, Inc. (May 2005-October 2005). | 192 |
58 | ||||
Year First | Number of Portfolios | |||||||||
Elected or | Principal Occupation(s) | in Fund Complex | ||||||||
Name, Birthdate | Position(s) Held with | Appointed | Including other Directorships | Overseen by | ||||||
and Address | the Funds | and Term(1) | During Past 5 Years | Board Member | ||||||
INDEPENDENT BOARD MEMBERS (continued): | ||||||||||
n DAVID J. KUNDERT | ||||||||||
10/28/42 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 2005 Class II | Director, Northwestern Mutual Wealth Management Company; 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; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Investment Committee, Greater Milwaukee Foundation. | 192 | |||||
n WILLIAM J. SCHNEIDER | ||||||||||
9/24/44 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 1997 Annual | Chairman, formerly, Senior Partner and Chief Operating Officer (retired, 2004) of Miller-Valentine Partners Ltd., a real estate investment company; Director, Dayton Development Coalition; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | 192 | |||||
n JUDITH M. STOCKDALE | ||||||||||
12/29/47 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 1997 Class I | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (from 1990 to 1994). | 192 | |||||
n CAROLE E. STONE | ||||||||||
6/28/47 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 2007 Class I | Director, Chicago Board Options Exchange (since 2006); Commissioner, New York State Commission on Public Authority Reform (since 2005); formerly, Chair New York Racing Association Oversight Board (2005-2007); formerly, Director, New York State Division of the Budget (2000-2004), Chair, Public Authorities Control Board (2000-2004) and Director, Local Government Assistance Corporation (2000-2004). | 192 | |||||
n TERENCE J. TOTH | ||||||||||
9/29/59 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 2008 Class II | Director, Legal & General Investment Management (since 2008); Private Investor (since 2007); CEO and President, Northern Trust Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2004-2007); prior thereto, various positions with Northern Trust Company (since 1994); Member: Goodman Theatre Board (Since 2004); Chicago Fellowship Boards (since 2005), University of Illinois Leadership Council Board (since 2007) and Catalyst Schools of Chicago Board (since 2008); formerly Member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | 192 | |||||
INTERESTED BOARD MEMBER: | ||||||||||
n JOHN P. AMBOIAN(2) | ||||||||||
6/14/61 333 W. Wacker Drive Chicago, IL 60606 | ï | Board member | 2008 Class II | Chief Executive Officer (since July 2007) and Director (since 1999) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Rittenhouse Asset Management, Nuveen Investments Advisors, Inc. formerly, President (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) | 192 | |||||
59 | ||||
Number of Portfolios | ||||||||||
Year First | Principal | in Fund Complex | ||||||||
Name, Birthdate | Position(s) Held with | Elected or | Occupation(s) | Overseen | ||||||
and Address | the Funds | Appointed(4) | During Past 5 Years | by Officer | ||||||
OFFICERS of the FUND: | ||||||||||
n GIFFORD R. ZIMMERMAN | ||||||||||
9/9/56 333 W. Wacker Drive Chicago, IL 60606 | ï | Chief Administrative Officer | 1988 | Managing Director (since 2002), Assistant Secretary and Associate General Counsel of Nuveen Investments, LLC; Managing Director (since 2002), Associate General Counsel and Assistant Secretary, of Nuveen Asset Management; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002), Nuveen Investments Advisers Inc. (since 2002), Symphony Asset Management LLC, and NWQ Investment Management Company, LLC (since 2003), Tradewinds Global Investors, LLC, and Santa Barbara Asset Management, LLC (since 2006), Nuveen HydePark Group LLC and Nuveen Investment Solutions, Inc. (since 2007); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; formerly, Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Chartered Financial Analyst. | 192 | |||||
n WILLIAM ADAMS IV | ||||||||||
6/9/55 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 2007 | Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999), prior thereto, Managing Director of Structured Investments. | 120 | |||||
n CEDRIC H. ANTOSIEWICZ | ||||||||||
1/11/62 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 2007 | Managing Director, (since 2004) previously, Vice President (1993-2004) of Nuveen Investments, LLC. | 120 | |||||
n MICHAEL T. ATKINSON | ||||||||||
2/3/66 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Assistant Secretary | 2000 | Vice President (since 2002) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005). | 192 | |||||
n LORNA C. FERGUSON | ||||||||||
10/24/45 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 1998 | Managing Director (since 2004), formerly, Vice President of Nuveen Investments, LLC, Managing Director (since 2005) of Nuveen Asset Management; Managing Director (2004-2005) formerly, Vice President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) | 192 | |||||
n STEPHEN D. FOY | ||||||||||
5/31/54 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Controller | 1998 | Vice President (since 1993) and Funds Controller (since 1998) of Nuveen Investments, LLC; formerly, Vice President and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant. | 192 | |||||
n WALTER M. KELLY | ||||||||||
2/24/70 333 W. Wacker Drive Chicago, IL 60606 | ï | Chief Compliance Officer and Vice President | 2003 | Senior Vice President (since 2008), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Vice President (since 2006) and Assistant Secretary (since 2008) of Nuveen Asset Management. | 192 |
60 | ||||
Number of Portfolios | ||||||||||
Year First | Principal | in Fund Complex | ||||||||
Name, Birthdate | Position(s) Held with | Elected or | Occupation(s) | Overseen | ||||||
and Address | the Funds | Appointed(4) | During Past 5 Years | by Officer | ||||||
OFFICERS of the FUND (continued): | ||||||||||
n DAVID J. LAMB | ||||||||||
3/22/63 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 2000 | Vice President (since 2000) of Nuveen Investments, LLC; Vice President of Nuveen Asset Management (since 2005); Certified Public Accountant. | 192 | |||||
n TINA M. LAZAR | ||||||||||
8/27/61 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 2002 | Vice President of Nuveen Investments, LLC (since 1999); Vice President of Nuveen Asset Management (since 2005). | 192 | |||||
n LARRY W. MARTIN | ||||||||||
7/27/51 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Assistant Secretary | 1988 | Vice President, Assistant Secretary and Assistant General Counsel of Nuveen Investments, LLC; Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); NWQ Investment Management Company, LLC (since 2002), Symphony Asset Management LLC (since 2003), Tradewinds Global Investors, LLC, Santa Barbara Asset Management LLC (since 2006) and of Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); formerly, Vice President and Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3) | 192 | |||||
n KEVIN J. MCCARTHY | ||||||||||
3/26/66 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Secretary | 2007 | Managing Director (since 2008), formerly, Vice President (2007-2008), Nuveen Investments, LLC; Vice President, and Assistant Secretary, Nuveen Asset Management, Rittenhouse Asset Management, Inc., Nuveen Investment Advisers Inc., Nuveen Investment Institutional Services Group LLC, NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management LLC, Nuveen HydePark Group, LLC and Nuveen Investment Solutions, Inc. (since 2007); prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | 192 | |||||
n JOHN V. MILLER | ||||||||||
4/10/67 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President | 2007 | Managing Director (since 2007), formerly, Vice President (2002-2007) of Nuveen Asset Management and Nuveen Investments, LLC; Chartered Financial Analyst. | 192 | |||||
n CHRISTOPHER M. ROHRBACHER | ||||||||||
8/1/71 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Assistant Secretary | 2008 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Associate, Skadden, Arps, Slate Meagher & Flom LLP (2002-2008). | 192 | |||||
n JAMES F. RUANE | ||||||||||
7/3/62 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Assistant Secretary | 2007 | Vice President, Nuveen Investments, LLC (since 2007); prior thereto, Partner, Deloitte & Touche USA LLP (2005-2007), formerly, senior tax manager (2002-2005); Certified Public Accountant. | 192 |
61 | ||||
Number of Portfolios | ||||||||||
Year First | Principal | in Fund Complex | ||||||||
Name, Birthdate | Position(s) Held with | Elected or | Occupation(s) | Overseen | ||||||
and Address | the Funds | Appointed(4) | During Past 5 Years | by Officer | ||||||
OFFICERS of the FUND (continued): | ||||||||||
n MARK L. WINGET | ||||||||||
12/21/68 333 W. Wacker Drive Chicago, IL 60606 | ï | Vice President and Assistant Secretary | 2008 | Vice President, Nuveen Investments, LLC (since 2008); Vice President and Assistant Secretary, Nuveen Asset Management (since 2008); prior thereto, Counsel, Vedder Price P.C. (1997-2007). | 192 |
(1) | 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) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
(3) | Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. |
(4) | Officers serve one year terms through July 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. |
62 | ||||
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 Dividend Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains 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 tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or 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 month you’ll receive a statement showing your total dividends and 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. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and 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 dividend or 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.
63 | ||||
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee.
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 dividends and/or 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.
64 | ||||
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 | Current Distribution Rate (also known as Market Yield, Dividend Yield or Current Yield): Current distribution rate is based on the Fund’s current annualized quarterly distribution divided by the Fund’s current market price. The Fund’s quarterly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund’s cumulative net ordinary income and net realized gains are less than the amount of the Fund’s distributions, a tax return of capital. |
n | Net Asset Value (NAV): A Fund’s NAV per share is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. |
65 | ||||
66 | ||||
Board of Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank & Trust Company
Boston, MA
Transfer Agent and
Shareholder Services
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, JPZ, JSN, JLA and JPG repurchased 127,300, 194,100, 126,500 and 134,300 shares, respectively, of their common stock. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
Other Useful INFORMATION |
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2008, and (iii) a description of the policies and procedures that the Funds 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 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Distribution Information
Equity Premium Income (JPZ), Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG) hereby designate 100.00%, 54.62%, 28.86% and 100.00%, respectively, of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction for corporations and 100.00%, 61.76%, 31.25% and 100.00%, respectively, as qualified dividend income for individuals under Section 1 (h)(11) of the Internal Revenue Code. 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.
67 | ||||
Nuveen Investments:
SERVING INVESTORS FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.
We offer many different investing solutions for our clients’ different needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow. In total, the Company managed approximately $134 billion of assets on September 30, 2008.
Find out how we can help you reach your financial goals.
To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For 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 |
Share prices Fund details Daily financial news Investor education Interactive planning tools |
EAN-D-1208D
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/Info/Shareholder/. (To view the code, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees 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 Jack B. Evans, Chairman of the Audit Committee, who is “independent” for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
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).
All Other | ||||||||||||||||
Audit Fees Billed | Audit-Related Fees | Tax Fees | Fees | |||||||||||||
Fiscal Year Ended | to Fund1 | Billed to Fund2 | Billed to Fund3 | Billed to Fund | ||||||||||||
December 31, 2008 | $ | 24,260 | $ | 0 | $ | 3,750 | $ | 0 | ||||||||
Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
December 31, 2007 | $ | 21,313 | $ | 0 | $ | 0 | $ | 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 and are not reported under “Audit Fees.” | |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. |
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by PricewaterhouseCoopers LLP to Nuveen Asset Management (“NAM” or the “Adviser”), and any entity controlling, controlled by or under common control with NAM (“Control Affiliate”) 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, 2008 | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
December 31, 2007 | $ | 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 de minimis 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 | ||||||||||||||||
billed to Adviser and | ||||||||||||||||
Affiliated Fund Service | Total Non-Audit Fees | |||||||||||||||
Providers (engagements | billed to Adviser and | |||||||||||||||
related directly to the | Affiliated Fund Service | |||||||||||||||
Total Non-Audit Fees | operations and financial | Providers (all other | ||||||||||||||
Fiscal Year Ended | Billed to Fund | reporting of the Fund) | engagements) | Total | ||||||||||||
December 31, 2008 | $ | 3,750 | $ | 0 | $ | 0 | $ | 3,750 | ||||||||
December 31, 2007 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Adviser” for both fiscal year ends represent “Tax Fees” billed to Adviser in their respective amounts from the previous table.
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 of Directors or Trustees 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 and William J. Schneider.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Gateway Investment Advisers, LLC (formerly known as Gateway Investment Advisers, L.P.) (“Gateway” or the “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically will monitor the Sub-Adviser’s voting to ensure that they are carrying out their duties. The Sub-Adviser’s proxy voting policies and procedures are summarized as follows:
The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client’s behalf, Gateway has adopted policies as described below.
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 interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services, an affiliate of RiskMetrics Group (“ISS”), a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Proxy Voting Manual, which provides guidelines for proxy voting that are designed to serve the best interest of investors. Effective July 1, 2003, Gateway incorporated these guidelines into its proxy voting policies and procedures and has instructed ISS to vote accordingly. Gateway’s policies and procedures now reflect ISS’s voting guidelines with regard to particular types of issues that my come before shareholder meetings, and also address the rare circumstances in which ISS’ voting recommendations may not be followed. The procedures also describe how any conflicts of interest would be handled.
The regulations were implemented to improve corporate governance and the functioning of the free market. We support these objectives and have adopted the policies and procedures as described above to effectively represent each client’s interests.
A client may obtain Gateway’s full proxy voting policy upon request. For clients for whom Gateway votes proxies, a voting record for an account’s respective votes can be obtained by calling or writing Gateway.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Gateway 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
J. Patrick Rogers and Kenneth H. Toft- J. Patrick Rogers, CFA, and Kenneth H. Toft, CFA, are the portfolio managers at Gateway responsible for investing the Managed Assets of the Nuveen Equity Premium Opportunity and Nuveen Equity Premium Advantage Funds. Mr. Rogers is Gateway’s Chief Executive Officer. He joined Gateway in 1989 and has been the President and a member of the Board of Directors of Gateway since 1995. Mr. Rogers also serves as co-portfolio manager of Gateway’s flagship open-end fund, the Gateway Fund. Mr. Toft joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997, prior to which he held the position of Senior Trader and Research Analyst.
Item 8 (a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS
As of December 31, 2008, Mr. Rogers was responsible for day-to-day management of 1 registered investment company account (excluding the Funds) having assets of approximately $4.7 billion. Mr. Toft was not responsible for day-to-day management of any investment company accounts other than the above-referenced Nuveen Funds. Mr. Rogers was responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $50 million. Mr. Rogers was responsible for day-to-day management of 43 other accounts having assets of approximately $478 million in the aggregate, and Mr. Toft was responsible for day-to-day management of 20 other accounts having assets of approximately $290 million in the aggregate. Neither Mr. Rogers nor Mr. Toft 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. Rogers and Toft are compensated for their services by Gateway. Their compensation consists of a fixed salary, bonuses 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.
Item 8 (a)(4). OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2008
Dollar range of equity securities beneficially | ||||
Name of Portfolio Manager | owned in Fund | |||
J. Patrick Rogers | $0 | |||
Kenneth Toft | $0 |
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
(b) | (c) | (d)* | ||||||||||||||||
(a) | AVERAGE | TOTAL NUMBER OF SHARES | MAXIMUM NUMBER (OR | |||||||||||||||
TOTAL NUMBER OF | PRICE | (OR UNITS) PURCHASED AS | APPROXIMATE DOLLAR VALUE) OF | |||||||||||||||
SHARES (OR | PAID PER | PART OF PUBLICLY | SHARES (OR UNITS) THAT MAY YET | |||||||||||||||
UNITS) | SHARE (OR | ANNOUNCED PLANS OR | BE PURCHASED UNDER THE PLANS OR | |||||||||||||||
Period* | PURCHASED | UNIT) | PROGRAMS | PROGRAMS | ||||||||||||||
AUGUST 7-31, 2008 | 0 | 0 | 2,610,000 | |||||||||||||||
SEPTEMBER 1-30, 2008 | 0 | 0 | 2,610,000 | |||||||||||||||
OCTOBER 1-31, 2008 | 77,000 | $ | 10.69 | 77,000 | 2,533,000 | |||||||||||||
NOVEMBER 1-30, 2008 | 46,500 | $ | 9.14 | 46,500 | 2,486,500 | |||||||||||||
DECEMBER 1-31, 2008 | 3,000 | $ | 9.20 | 3,000 | 2,483,500 | |||||||||||||
TOTAL | 126,500 |
* | The registrant’s repurchase program, which authorized the repurchase of 2,610,000 shares, was announced on August 7, 2008. Any repurchases made by the registrant pursuant to the program were made through open-market transactions. |
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. Letter or number the
exhibits in the sequence indicated.
(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/etf and there were no amendments during the period covered by this report. (To view the code, click on the Investor Resources drop down menu box, click on Fund Governance and then 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 9, 2009
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 9, 2009
By (Signature and Title) | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) |
Date: March 9, 2009