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
(Exact name of registrant as specified in charter)
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: June 30, 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
Semi-Annual Report June 30, 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 Fellow Shareholders:
I’d like to use my initial letter to you to accomplish several things. First, I want to report that after fourteen years of service on your Fund’s Board, including the last twelve as chairman, Tim Schwertfeger retired from the Board in June. The Board has elected me to replace him as the chairman, the first time this role has been filled by someone who is not an employee of Nuveen Investments. Electing an independent chairman marks a significant milestone in the management of your Fund, and it aligns us with what is now considered a “best practice” in the fund industry. Further, it demonstrates the independence with which your Board has always acted on your behalf.
Following Tim will not be easy. During my eleven previous years on the Nuveen Fund Board, I found that Tim always set a very high standard by combining insightful industry and market knowledge and sound, clear judgment. While the Board will miss his wise counsel, I am certain we will retain the primary commitment Tim shared with all of us—an unceasing dedication to creating and retaining value for Nuveen Fund shareholders. This focus on value over time is a touchstone that I and all the other Board members will continue to use when making decisions on your behalf.
Second, I also want to report that we are very fortunate to be welcoming two new Board members to our team. John Amboian, the current chairman and CEO of Nuveen Investments, has agreed to replace Tim as Nuveen’s representative on the Board. John’s presence will allow the independent Board members to benefit not only from his leadership role at Nuveen but also his broad understanding of the fund industry and Nuveen’s role within it. We also are adding Terry Toth as an independent director. A former CEO of the Northern Trust Company’s asset management group, Terry will bring extensive experience in the fund industry to our deliberations.
Finally, I urge you to take the time to review the Portfolio Manager’s Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. All of us are grateful that you have chosen Nuveen Investments as a partner as you pursue your financial goals, and, on behalf of myself and the other members of your Fund’s Board, let me say we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
August 22, 2008
Chairman of the Board
August 22, 2008
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 President and Chief Executive Officer. Ken joined Gateway in 1992 and has been a Vice President and Portfolio Manager since 1997. Mike joined Gateway in 1999 as a Vice President and Portfolio Manager. Here they talk about their management strategy and the performance of the Funds for the six-months ended June 30, 2008.
OVER THIS PERIOD, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS?
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, their equity portfolio seeks to track the price movements of the S&P 500 Index. Over the course of the first half of 2008, JPZ actively sold listed S&P 500 Index call options against the entire stock portfolio. JPG differed from JPZ in that the index call option hedging activity was applied to 80% of the value of the equity portfolio, leaving 20% unhedged. The call option sales by these Funds generated meaningful amounts of regular cash flow, which served to both reduce the risk of owning the stock portfolio and also generated much of the portfolios’ returns. In the past, another component of the strategy had been the purchase of listed S&P 500 Index put options to help protect the value of the stock portfolio in the event of a significant market decline over a short period of time. As previously announced, the Funds completed the gradual phase-out of the put component of the investment strategy during the first quarter of 2008.
For JSN, its equity portfolio was invested to replicate the price performance of a custom benchmark consisting of 75% S&P 500 Index and 25% NASDAQ-100 Index. JSN employed an option strategy similar to JPZ, selling S&P 500 Index call options equal to roughly 75% of the value of the underlying equity portfolio and NASDAQ-100 Index calls equal to the remaining 25% of the equity portfolio.
For JLA, its underlying equity portfolio was designed to track the price movement of a custom
Discussions of specific investments are for illustrative purposes only and are not intended as recommendations of individual investments. The views expressed in this commentary represent those of the portfolio managers as of the date of this report and are subject to change at any time, based on market conditions and other factors. The Funds disclaim any obligation to advise shareholders of such changes.
4
benchmark reflecting 50% S&P 500 Index and 50% NASDAQ-100 Index. Its option strategy involved selling S&P 500 Index call options covering about 50% of the equity portfolio and NASDAQ-100 Index call options covering the remaining 50%.
HOW DID THE FUNDS PERFORM OVER THIS SIX-MONTH PERIOD?
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.
The performance of JPZ, JSN, JLA and JPG, as well as comparative indices or benchmarks, is presented in the accompanying table.
Cumulative Returns on Net Asset Value
For the six months ended 06/30/08
JPZ | -3.87% | |||
S&P 500 Index1 | -11.91% | |||
JSN | -3.00% | |||
Comparative Benchmark2 | -11.84% | |||
JLA | -4.11% | |||
Comparative Benchmark3 | -11.81% | |||
JPG | -5.92% | |||
S&P 500 Index1 | -11.91% |
For the six months ended June 30, 2008, the total return on net asset value for each Fund outperformed its respective index or benchmark.
Each Fund benefited from the increased volatility in the market during the period. The equity markets experienced sharp swings along a path that declined significantly. The Chicago Board Options Exchange Volatility Index (“VIX”), a popular gauge of market stability, averaged over 20 for the first half of 2008, and at one point reached 32.24, a level not seen since 2003. Similarly, the CBOE NDX Volatility Index (“VXN”) averaged about 27 for the first half of 2008, and had spikes to over 40 in January and 37 in March.
1 The S&P 500 Index is an unmanaged Index generally considered representative of the U.S. Stock Market.
2 JSN comparative benchmark 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 comparative benchmark 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.
The benefit for the Funds of this increased market volatility was that option contract prices increased, in some cases substantially. As a result, the cash flow from the Funds’ option selling activity was robust and served two important purposes: first, more cash was available to support the Funds’ regular shareholder distributions, and second, the increased cash flow helped lower the risk profiles of the Funds’ investment portfolios and mitigate overall losses.
The negative equity markets were the biggest constraint on the Funds’ performance during the period. A number of headwinds buffeted the markets to a greater or lesser extent, including the continued struggles of the housing market, a general credit crunch among large and small financial institutions, the collapse of Bear Stearns, a weakened economy, declining consumer spending, rising energy prices and increased negative sentiment among market participants. At the end of the second quarter, nearly all major U.S. market indexes were down over 10% on a year-to-date basis.
The equity portfolios of the Funds struggled in this environment. While the option hedging activity employed by the Funds offset a portion of the losses in the underlying equity portfolios, it was unable to overcome all the negative price pressure.
5
Distribution and Share Price
INFORMATION
We are providing you with information regarding your Fund’s distributions. This information is as of June 30, 2008, and likely will vary over time based on the Funds’ investment activities and portfolio investment value changes.
Each Fund has a managed distribution program. The goal of a managed distribution program is to provide shareholders with relatively consistent and predictable cash flow by systematically converting its 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, it 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 statement provided at year end, as well as the ultimate economic sources of distributions over the life of your investment. |
6
The following table provides estimated information regarding each Fund’s distributions and total return performance for the six months ended June 30, 2008. The distribution information is presented on a tax basis rather than on a generally accepted accounting principles (GAAP) basis. This information is intended to help you better understand whether the Fund’s returns for the specified time period was sufficient to meet each Fund’s distributions.
As of 6/30/08 | JPZ | JSN | JLA | JPG | ||||||||||||
Inception date | 10/26/04 | 1/26/05 | 5/25/05 | 11/22/05 | ||||||||||||
Six months ended June 30, 2008: | ||||||||||||||||
Per share distribution: | ||||||||||||||||
From net investment income | $0.18 | $0.14 | $0.08 | $0.16 | ||||||||||||
From realized capital gains | 0.62 | 0.70 | 0.77 | 0.65 | ||||||||||||
From return of capital | — | — | — | — | ||||||||||||
Total per share distribution | $0.80 | $0.84 | $0.85 | $0.81 | ||||||||||||
Distribution rate on NAV | 4.76% | 4.88% | 5.01% | 4.66% | ||||||||||||
Annualized total returns: | ||||||||||||||||
Six-Month (Cumulative) on NAV | -3.87% | -3.00% | -4.11% | -5.92% | ||||||||||||
1-Year on NAV | -1.33% | 1.56% | 0.79% | -5.29% | ||||||||||||
Since inception on NAV | 5.51% | 6.36% | 5.69% | 4.49% | ||||||||||||
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
The Board of Directors/Trustees for each of Nuveen’s 120 closed-end funds approved a program, effective August 7, 2008, under which each fund may repurchase up to 10% of its common shares.
As of June 30, 2008, the Funds’ share prices were trading relative to their NAVs as shown in the accompanying table:
6/30/08 | 6-Month Average | |||
Discount | Discount | |||
JPZ | -11.07% | -10.48% | ||
JSN | -10.81% | -10.09% | ||
JLA | -9.49% | -9.60% | ||
JPG | -11.51% | -10.51% | ||
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Fund Snapshot | ||
Share Price | $14.94 | |
Net Asset Value | $16.80 | |
Premium/(Discount) to NAV | -11.07% | |
Current Distribution Rate1 | 10.71% | |
Net Assets ($000) | $649,696 | |
Average Annual Total Return | |||||||
(Inception 10/26/04) | |||||||
On Share | |||||||
Price | On NAV | ||||||
6-Month (Cumulative) | -4.11 | % | -3.87% | ||||
1-Year | -9.48 | % | -1.33% | ||||
Since Inception | 1.24 | % | 5.51% | ||||
JPZ Performance OVERVIEW | Nuveen Equity Premium Income Fund as of June 30, 2008 |
Portfolio Allocation (as a % of total investments)2
Industries | ||
(as a % of total investments)2 | ||
Oil, Gas & Consumable Fuels | 10.5% | |
Pharmaceuticals | 7.3% | |
Commercial Banks | 4.3% | |
Computers & Peripherals | 4.1% | |
Diversified Telecommunication Services | 3.9% | |
Energy Equipment & Services | 3.8% | |
Software | 3.6% | |
Industrial Conglomerates | 3.1% | |
Insurance | 2.9% | |
Capital Markets | 2.8% | |
Machinery | 2.6% | |
Tobacco | 2.6% | |
Aerospace & Defense | 2.6% | |
Household Products | 2.5% | |
Chemicals | 2.4% | |
Semiconductors & Equipment | 2.4% | |
Communications Equipment | 2.1% | |
Multi-Utilities | 2.1% | |
Real Estate Investment Trust | 2.0% | |
Metal & Mining | 2.0% | |
Internet Software & Services | 1.8% | |
Media | 1.7% | |
Diversified Financial Services | 1.5% | |
Short-Term Investments | 5.9% | |
Other | 19.5% | |
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 | Excluding derivative transactions. |
8
Fund Snapshot | ||
Share Price | $15.35 | |
Net Asset Value | $17.21 | |
Premium/(Discount) to NAV | -10.81% | |
Current Distribution Rate1 | 10.88% | |
Net Assets ($000) | $1,144,787 | |
Average Annual Total Return | ||||||
(Inception 1/26/05) | ||||||
On Share | ||||||
Price | On NAV | |||||
6-Month (Cumulative) | -0.91 | % | -3.00% | |||
1-Year | -6.41 | % | 1.56% | |||
Since Inception | 1.88 | % | 6.36% | |||
JSN Performance OVERVIEW | Nuveen Equity Premium Opportunity Fund as of June 30, 2008 |
Portfolio Allocation (as a % of total investments)2
Industries | ||
(as a % of total investments)2 | ||
Computers & Peripherals | 7.6% | |
Oil, Gas & Consumable Fuels | 6.9% | |
Software | 6.4% | |
Communications Equipment | 5.9% | |
Pharmaceuticals | 5.7% | |
Semiconductors & Equipment | 4.2% | |
Internet Software & Services | 3.4% | |
Energy Equipment & Services | 3.0% | |
Biotechnology | 2.9% | |
Diversified Telecommunication Services | 2.7% | |
Capital Markets | 2.6% | |
Commercial Banks | 2.6% | |
Media | 2.4% | |
Aerospace & Defense | 2.3% | |
Industrial Conglomerates | 2.3% | |
Machinery | 2.2% | |
Metal & Mining | 1.8% | |
Household Products | 1.6% | |
Tobacco | 1.6% | |
Multi-Utilities | 1.5% | |
Specialty Retail | 1.5% | |
Chemicals | 1.5% | |
Hotels, Restaurants & Leisure | 1.4% | |
Food & Staples Retailing | 1.4% | |
Short-Term Investments | 5.9% | |
Other | 18.7% | |
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 | Excluding derivative transactions. |
9
Fund Snapshot | ||
Share Price | $15.35 | |
Net Asset Value | $16.96 | |
Premium/(Discount) to NAV | -9.49% | |
Current Distribution Rate1 | 11.07% | |
Net Assets ($000) | $442,944 | |
Average Annual Total Return | |||||||
(Inception 5/25/05) | |||||||
On Share | |||||||
Price | On NAV | ||||||
6-Month (Cumulative) | -1.48 | % | -4.11% | ||||
1-Year | -7.71 | % | 0.79% | ||||
Since Inception | 1.21 | % | 5.69% | ||||
JLA Performance OVERVIEW | Nuveen Equity Premium Advantage Fund as of June 30, 2008 |
Portfolio Allocation (as a % of total investments)2
Industries | ||
(as a % of total investments)2 | ||
Computers & Peripherals | 10.5% | |
Software | 8.8% | |
Communications Equipment | 8.2% | |
Semiconductors & Equipment | 5.5% | |
Oil, Gas & Consumable Fuels | 5.1% | |
Biotechnology | 4.9% | |
Internet Software & Services | 4.3% | |
Pharmaceuticals | 3.9% | |
Media | 2.6% | |
Capital Markets | 2.2% | |
Diversified Telecommunication Services | 2.2% | |
Energy Equipment & Services | 2.2% | |
Commercial Banks | 2.0% | |
Machinery | 1.8% | |
Health Care Equipment & Supplies | 1.7% | |
Hotels, Restaurants & Leisure | 1.7% | |
Metal & Mining | 1.4% | |
Specialty Retail | 1.4% | |
Food Products | 1.3% | |
IT Services | 1.3% | |
Industrial Conglomerates | 1.3% | |
Aerospace & Defense | 1.2% | |
Short-Term Investments | 5.1% | |
Other | 19.4% | |
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 | Excluding derivative transactions. |
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Fund Snapshot | ||
Share Price | $15.37 | |
Net Asset Value | $17.37 | |
Premium/(Discount) to NAV | -11.51% | |
Current Distribution Rate1 | 10.54% | |
Net Assets ($000) | $287,168 | |
Average Annual Total Return | ||||||
(Inception 11/22/05) | ||||||
On Share | ||||||
Price | On NAV | |||||
6-Month (Cumulative) | -5.58 | % | -5.92% | |||
1-Year | -11.35 | % | -5.29% | |||
Since Inception | -1.41 | % | 4.49% | |||
JPG Performance OVERVIEW | Nuveen Equity Premium and Growth Fund as of June 30, 2008 |
Portfolio Allocation (as a % of total investments)2
Industries | ||
(as a % of total investments)2 | ||
Oil, Gas & Consumable Fuels | 12.3% | |
Pharmaceuticals | 8.0% | |
Computers & Peripherals | 4.5% | |
Energy Equipment & Services | 4.2% | |
Commercial Banks | 3.8% | |
Software | 3.8% | |
Diversified Telecommunication Services | 3.7% | |
Industrial Conglomerates | 3.6% | |
Capital Markets | 3.2% | |
Insurance | 2.7% | |
Semiconductors & Equipment | 2.6% | |
Household Products | 2.4% | |
Communication Equipment | 2.3% | |
Chemicals | 2.1% | |
Real Estate Investment Trust | 2.0% | |
Tobacco | 2.0% | |
Food & Staples Retailing | 1.9% | |
Machinery | 1.9% | |
Internet Software & Services | 1.9% | |
Aerospace & Defense | 1.9% | |
Multi-Utilities | 1.8% | |
Electric Utilities | 1.7% | |
Beverages | 1.5% | |
Short-Term Investments | 4.3% | |
Other | 19.9% | |
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 | Excluding derivative transactions. |
11
Shareholder Meeting Report
The Annual Meeting of Shareholders was held in the offices of Nuveen Investments on June 30, 2008.
JPZ | JSN | JLA | JPG | ||||||||||
Approval of the Board Members was reached as follows: | |||||||||||||
Common | Common | Common | Common | ||||||||||
Shares | Shares | Shares | Shares | ||||||||||
John P. Amboian | |||||||||||||
For | 34,303,126 | 60,291,076 | 23,326,571 | 13,380,050 | |||||||||
Withhold | 705,156 | 1,656,776 | 496,839 | 394,247 | |||||||||
Total | 35,008,282 | 61,947,852 | 23,823,410 | 13,774,297 | |||||||||
William C. Hunter | |||||||||||||
For | 34,290,091 | 60,296,446 | 23,316,397 | 13,379,115 | |||||||||
Withhold | 718,191 | 1,651,406 | 507,013 | 395,182 | |||||||||
Total | 35,008,282 | 61,947,852 | 23,823,410 | 13,774,297 | |||||||||
David J. Kundert | |||||||||||||
For | 34,294,407 | 60,276,350 | 23,318,436 | 13,376,803 | |||||||||
Withhold | 713,875 | 1,671,502 | 504,974 | 397,494 | |||||||||
Total | 35,008,282 | 61,947,852 | 23,823,410 | 13,774,297 | |||||||||
Terence J. Toth | |||||||||||||
For | 34,298,222 | 60,293,809 | 23,321,299 | 13,380,297 | |||||||||
Withhold | 710,060 | 1,654,043 | 502,111 | 394,000 | |||||||||
Total | 35,008,282 | 61,947,852 | 23,823,410 | 13,774,297 | |||||||||
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JPZ | Nuveen Equity Premium Income Fund Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Common Stocks – 96.1% | |||||||||||||||||||||
Aerospace & Defense – 2.6% | |||||||||||||||||||||
71,400 | Boeing Company | $ | 4,692,408 | ||||||||||||||||||
100,000 | Honeywell International Inc. | 5,028,000 | |||||||||||||||||||
32,000 | Raytheon Company | 1,800,960 | |||||||||||||||||||
89,400 | United Technologies Corporation | 5,515,980 | |||||||||||||||||||
Total Aerospace & Defense | 17,037,348 | ||||||||||||||||||||
Air Freight & Logistics – 0.3% | |||||||||||||||||||||
31,758 | United Parcel Service, Inc., Class B | 1,952,164 | |||||||||||||||||||
Airlines – 0.1% | |||||||||||||||||||||
84,350 | AMR Corporation, (2) | 431,873 | |||||||||||||||||||
19,134 | Continental Airlines, inc., (2) | 193,445 | |||||||||||||||||||
Total Airlines | 625,318 | ||||||||||||||||||||
Auto Components – 0.1% | |||||||||||||||||||||
21,200 | American Axle and Manufacturing Holdings Inc. | 169,388 | |||||||||||||||||||
30,487 | Cooper Tire & Rubber | 239,019 | |||||||||||||||||||
Total Auto Components | 408,407 | ||||||||||||||||||||
Automobiles – 0.4% | |||||||||||||||||||||
204,000 | Ford Motor Company, (2) | 981,240 | |||||||||||||||||||
111,481 | General Motors Corporation | 1,282,032 | |||||||||||||||||||
4,000 | Harley-Davidson, Inc. | 145,040 | |||||||||||||||||||
Total Automobiles | 2,408,312 | ||||||||||||||||||||
Beverages – 1.3% | |||||||||||||||||||||
107,304 | Coca-Cola Company | 5,577,662 | |||||||||||||||||||
48,083 | PepsiCo, Inc. | 3,057,598 | |||||||||||||||||||
Total Beverages | 8,635,260 | ||||||||||||||||||||
Biotechnology – 0.6% | |||||||||||||||||||||
33,936 | Amgen Inc., (2) | 1,600,422 | |||||||||||||||||||
4,297 | Genentech, Inc., (2) | 326,142 | |||||||||||||||||||
36,284 | Gilead Sciences, Inc., (2) | 1,921,238 | |||||||||||||||||||
Total Biotechnology | 3,847,802 | ||||||||||||||||||||
Building Products – 0.1% | |||||||||||||||||||||
43,691 | Masco Corporation | 687,259 | |||||||||||||||||||
Capital Markets – 2.8% | |||||||||||||||||||||
59,333 | Charles Schwab Corporation | 1,218,700 | |||||||||||||||||||
21,968 | Goldman Sachs Group, Inc. | 3,842,203 | |||||||||||||||||||
48,534 | Jefferies Group, Inc. | 816,342 | |||||||||||||||||||
177,861 | JPMorgan Chase & Co. | 6,102,411 | |||||||||||||||||||
20,300 | Legg Mason, Inc. | 884,471 | |||||||||||||||||||
26,500 | Merrill Lynch & Co., Inc. | 840,315 | |||||||||||||||||||
73,498 | Morgan Stanley | 2,651,073 | |||||||||||||||||||
59,400 | Waddell & Reed Financial, Inc., Class A | 2,079,594 | |||||||||||||||||||
Total Capital Markets | 18,435,109 | ||||||||||||||||||||
Chemicals – 2.4% | |||||||||||||||||||||
51,511 | Dow Chemical Company | 1,798,249 | |||||||||||||||||||
148,600 | E.I. Du Pont de Nemours and Company | 6,373,454 | |||||||||||||||||||
40,400 | Eastman Chemical Company | 2,781,944 | |||||||||||||||||||
42,998 | Lubrizol Corporation | 1,992,097 | |||||||||||||||||||
19,000 | NL Industries Inc. | 181,070 |
13
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Chemicals (continued) | |||||||||||||||||||||
53,293 | Olin Corporation | $ | 1,395,211 | ||||||||||||||||||
63,622 | RPM International, Inc. | 1,310,613 | |||||||||||||||||||
Total Chemicals | 15,832,638 | ||||||||||||||||||||
Commercial Banks – 4.4% | |||||||||||||||||||||
383,779 | Bank of America Corporation | 9,160,805 | |||||||||||||||||||
38,658 | Comerica Incorporated | 990,805 | |||||||||||||||||||
52,600 | HSBC Holdings PLC, Sponsored ADR | 4,034,420 | |||||||||||||||||||
47,988 | Lloyds TSB Group PLC, Sponsored ADR | 1,183,864 | |||||||||||||||||||
3,120 | Toronto-Dominion Bank | 194,282 | |||||||||||||||||||
39,483 | TrustCo Bank Corporation NY | 292,964 | |||||||||||||||||||
175,300 | U.S. Bancorp | 4,889,117 | |||||||||||||||||||
200,633 | Wachovia Corporation | 3,115,830 | |||||||||||||||||||
190,800 | Wells Fargo & Company | 4,531,500 | |||||||||||||||||||
Total Commercial Banks | 28,393,587 | ||||||||||||||||||||
Commercial Services & Supplies – 1.1% | |||||||||||||||||||||
3,800 | Avery Dennison Corporation | 166,934 | |||||||||||||||||||
90,303 | Deluxe Corporation | 1,609,199 | |||||||||||||||||||
3,809 | Manpower Inc. | 221,836 | |||||||||||||||||||
23,000 | Pitney Bowes Inc. | 784,300 | |||||||||||||||||||
5,800 | Priceline.com Incorporated, (2) | 669,668 | |||||||||||||||||||
8,500 | R.R. Donnelley & Sons Company | 252,365 | |||||||||||||||||||
42,509 | Resources Connection, Inc. | 865,058 | |||||||||||||||||||
65,671 | Waste Management, Inc. | 2,476,453 | |||||||||||||||||||
Total Commercial Services & Supplies | 7,045,813 | ||||||||||||||||||||
Communications Equipment – 2.2% | |||||||||||||||||||||
18,403 | ADTRAN, Inc. | 438,728 | |||||||||||||||||||
8,828 | Ciena Corporation, (2) | 204,545 | |||||||||||||||||||
278,160 | Cisco Systems, Inc., (2) | 6,470,002 | |||||||||||||||||||
56,100 | Corning Incorporated | 1,293,105 | |||||||||||||||||||
11,875 | JDS Uniphase Corporation, (2) | 134,900 | |||||||||||||||||||
148,402 | Motorola, Inc. | 1,089,271 | |||||||||||||||||||
93,889 | QUALCOMM Inc. | 4,165,855 | |||||||||||||||||||
3,494 | Research In Motion Limited, (2) | 408,449 | |||||||||||||||||||
Total Communications Equipment | 14,204,855 | ||||||||||||||||||||
Computers & Peripherals – 4.2% | |||||||||||||||||||||
51,646 | Apple, Inc., (2) | 8,647,606 | |||||||||||||||||||
93,713 | Dell Inc., (2) | 2,050,440 | |||||||||||||||||||
93,700 | EMC Corporation, (2) | 1,376,453 | |||||||||||||||||||
129,100 | Hewlett-Packard Company | 5,707,511 | |||||||||||||||||||
70,881 | International Business Machines Corporation (IBM) | 8,401,525 | |||||||||||||||||||
10,457 | McAfee Inc., (2) | 355,852 | |||||||||||||||||||
33,400 | Sun Microsystems Inc., (2) | 363,392 | |||||||||||||||||||
Total Computers & Peripherals | 26,902,779 | ||||||||||||||||||||
Consumer Finance – 0.2% | |||||||||||||||||||||
71,634 | Capitalsource Inc. | 793,705 | |||||||||||||||||||
12,636 | Discover Financial Services | 166,416 | |||||||||||||||||||
2,140 | MasterCard, Inc. | 568,213 | |||||||||||||||||||
Total Consumer Finance | 1,528,334 | ||||||||||||||||||||
Containers & Packaging – 0.6% | |||||||||||||||||||||
65,700 | Packaging Corp. of America | 1,413,207 | |||||||||||||||||||
87,489 | Sonoco Products Company | 2,707,785 | |||||||||||||||||||
Total Containers & Packaging | 4,120,992 | ||||||||||||||||||||
Diversified Financial Services – 1.5% | |||||||||||||||||||||
297,363 | Citigroup Inc. | 4,983,804 | |||||||||||||||||||
8,700 | CME Group, Inc. | 3,333,753 | |||||||||||||||||||
30,866 | New York Stock Exchange Euronext | 1,563,672 | |||||||||||||||||||
Total Diversified Financial Services | 9,881,229 | ||||||||||||||||||||
14
Shares | Description (1) | Value | |||||||||||||||||||
Diversified Telecommunication Services – 4.0% | |||||||||||||||||||||
582,077 | AT&T Inc. | $ | 19,610,174 | ||||||||||||||||||
220,900 | Citizens Communications Company | 2,505,006 | |||||||||||||||||||
2,019 | FairPoint Communications Inc. | 14,557 | |||||||||||||||||||
107,100 | Verizon Communications Inc. | 3,791,340 | |||||||||||||||||||
21,026 | Windstream Corporation | 259,461 | |||||||||||||||||||
Total Diversified Telecommunication Services | 26,180,538 | ||||||||||||||||||||
Electric Utilities – 1.5% | |||||||||||||||||||||
30,527 | Ameren Corporation | 1,289,155 | |||||||||||||||||||
34,781 | Consolidated Edison, Inc. | 1,359,589 | |||||||||||||||||||
26,923 | Great Plains Energy Incorporated | 680,613 | |||||||||||||||||||
60,787 | OGE Energy Corp. | 1,927,556 | |||||||||||||||||||
80,800 | Pepco Holdings, Inc. | 2,072,520 | |||||||||||||||||||
33,573 | Progress Energy, Inc. | 1,404,359 | |||||||||||||||||||
28,948 | Southern Company | 1,010,864 | |||||||||||||||||||
Total Electric Utilities | 9,744,656 | ||||||||||||||||||||
Electrical Equipment – 1.0% | |||||||||||||||||||||
122,400 | Emerson Electric Company | 6,052,680 | |||||||||||||||||||
14,000 | Rockwell Automation, Inc. | 612,220 | |||||||||||||||||||
Total Electrical Equipment | 6,664,900 | ||||||||||||||||||||
Electronic Equipment & Instruments – 0.0% | |||||||||||||||||||||
4,194 | Garmin Limited | 179,671 | |||||||||||||||||||
Energy Equipment & Services – 3.8% | |||||||||||||||||||||
21,953 | Diamond Offshore Drilling, Inc. | 3,054,540 | |||||||||||||||||||
24,668 | ENSCO International Incorporated | 1,991,694 | |||||||||||||||||||
111,600 | Halliburton Company | 5,922,612 | |||||||||||||||||||
26,902 | Patterson-UTI Energy, Inc. | 969,548 | |||||||||||||||||||
79,200 | Schlumberger Limited | 8,508,456 | |||||||||||||||||||
17,600 | Smith International, Inc. | 1,463,264 | |||||||||||||||||||
46,500 | Tidewater Inc. | 3,023,895 | |||||||||||||||||||
Total Energy Equipment & Services | 24,934,009 | ||||||||||||||||||||
Food & Staples Retailing – 1.2% | |||||||||||||||||||||
54,675 | CVS Caremark Corporation | 2,163,490 | |||||||||||||||||||
38,696 | SUPERVALU INC. | 1,195,319 | |||||||||||||||||||
74,728 | Wal-Mart Stores, Inc. | 4,199,714 | |||||||||||||||||||
Total Food & Staples Retailing | 7,558,523 | ||||||||||||||||||||
Food Products – 1.4% | |||||||||||||||||||||
173,705 | Kraft Foods Inc. | 4,941,907 | |||||||||||||||||||
26,827 | Monsanto Company | 3,392,006 | |||||||||||||||||||
57,000 | Sara Lee Corporation | 698,250 | |||||||||||||||||||
Total Food Products | 9,032,163 | ||||||||||||||||||||
Gas Utilities – 1.0% | |||||||||||||||||||||
28,977 | AGL Resources Inc. | 1,002,025 | |||||||||||||||||||
62,810 | Atmos Energy Corporation | 1,731,672 | |||||||||||||||||||
81,800 | Nicor Inc. | 3,483,862 | |||||||||||||||||||
Total Gas Utilities | 6,217,559 | ||||||||||||||||||||
Health Care Equipment & Supplies – 0.6% | |||||||||||||||||||||
36,000 | Baxter International Inc. | 2,301,840 | |||||||||||||||||||
10,904 | Hologic Inc., (2) | 237,707 | |||||||||||||||||||
2,586 | Intuitive Surgical, Inc., (2) | 696,668 | |||||||||||||||||||
16,292 | Medtronic, Inc. | 843,111 | |||||||||||||||||||
Total Health Care Equipment & Supplies | 4,079,326 | ||||||||||||||||||||
Health Care Providers & Services – 1.2% | |||||||||||||||||||||
33,767 | Brookdale Senior Living Inc. | 687,496 | |||||||||||||||||||
15,450 | Coventry Health Care, Inc., (2) | 469,989 | |||||||||||||||||||
3,121 | Henry Schein Inc., (2) | 160,950 | |||||||||||||||||||
83,690 | Kindred Healthcare Inc., (2) | 2,406,924 |
15
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Health Care Providers & Services (continued) | |||||||||||||||||||||
6,700 | Mentor Corporation | $ | 186,394 | ||||||||||||||||||
88,646 | UnitedHealth Group Incorporated | 2,326,958 | |||||||||||||||||||
27,628 | Wellpoint Inc., (2) | 1,316,750 | |||||||||||||||||||
Total Health Care Providers & Services | 7,555,461 | ||||||||||||||||||||
Health Care Technology – 0.0% | |||||||||||||||||||||
4,883 | Cerner Corporation, (2) | 220,614 | |||||||||||||||||||
Hotels, Restaurants & Leisure – 0.9% | |||||||||||||||||||||
17,000 | Carnival Corporation | 560,320 | |||||||||||||||||||
22,661 | International Game Technology | 566,072 | |||||||||||||||||||
86,900 | McDonald’s Corporation | 4,885,518 | |||||||||||||||||||
Total Hotels, Restaurants & Leisure | 6,011,910 | ||||||||||||||||||||
Household Durables – 1.4% | |||||||||||||||||||||
4,100 | Black & Decker Corporation | 235,791 | |||||||||||||||||||
107,400 | Newell Rubbermaid Inc. | 1,803,246 | |||||||||||||||||||
12,400 | Snap-on Incorporated | 644,924 | |||||||||||||||||||
25,600 | Stanley Works | 1,147,648 | |||||||||||||||||||
106,700 | Tupperware Corporation | 3,651,274 | |||||||||||||||||||
29,936 | Whirlpool Corporation | 1,847,949 | |||||||||||||||||||
Total Household Durables | 9,330,832 | ||||||||||||||||||||
Household Products – 2.6% | |||||||||||||||||||||
53,200 | Colgate-Palmolive Company | 3,676,120 | |||||||||||||||||||
22,833 | Kimberly-Clark Corporation | 1,364,957 | |||||||||||||||||||
193,080 | Procter & Gamble Company | 11,741,195 | |||||||||||||||||||
Total Household Products | 16,782,272 | ||||||||||||||||||||
Industrial Conglomerates – 3.2% | |||||||||||||||||||||
3,786 | 3M Co. | 263,468 | |||||||||||||||||||
657,430 | General Electric Company | 17,546,807 | |||||||||||||||||||
52,800 | Genuine Parts Company | 2,095,104 | |||||||||||||||||||
4,702 | Siemens AG, Sponsored ADR | 517,831 | |||||||||||||||||||
Total Industrial Conglomerates | 20,423,210 | ||||||||||||||||||||
Insurance – 2.9% | |||||||||||||||||||||
36,800 | Allstate Corporation | 1,677,712 | |||||||||||||||||||
159,568 | American International Group, Inc. | 4,222,169 | |||||||||||||||||||
24,591 | Arthur J. Gallagher & Co. | 592,643 | |||||||||||||||||||
209,268 | Fidelity National Title Group Inc., Class A | 2,636,777 | |||||||||||||||||||
12,500 | Hartford Financial Services Group, Inc. | 807,125 | |||||||||||||||||||
80,446 | Lincoln National Corporation | 3,645,813 | |||||||||||||||||||
72,500 | Marsh & McLennan Companies, Inc. | 1,924,875 | |||||||||||||||||||
46,000 | Travelers Companies, Inc. | 1,996,400 | |||||||||||||||||||
52,700 | Unitrin, Inc. | 1,452,939 | |||||||||||||||||||
Total Insurance | 18,956,453 | ||||||||||||||||||||
Internet & Catalog Retail – 0.3% | |||||||||||||||||||||
24,004 | Amazon.com, Inc., (2) | 1,760,213 | |||||||||||||||||||
16,364 | IAC/InterActiveCorp., (2) | 315,498 | |||||||||||||||||||
Total Internet & Catalog Retail | 2,075,711 | ||||||||||||||||||||
Internet Software & Services – 1.8% | |||||||||||||||||||||
64,010 | eBay Inc., (2) | 1,749,393 | |||||||||||||||||||
13,441 | Google Inc., Class A, (2) | 7,075,611 | |||||||||||||||||||
159,665 | United Online, Inc. | 1,601,440 | |||||||||||||||||||
71,781 | Yahoo! Inc., (2) | 1,482,995 | |||||||||||||||||||
Total Internet Software & Services | 11,909,439 | ||||||||||||||||||||
16
Shares | Description (1) | Value | |||||||||||||||||||
IT Services – 0.7% | |||||||||||||||||||||
65,710 | Automatic Data Processing, Inc. | $ | 2,753,249 | ||||||||||||||||||
6,395 | Fidelity National Information Services | 236,039 | |||||||||||||||||||
47,862 | Paychex, Inc. | 1,497,123 | |||||||||||||||||||
34,100 | Standard Register Company | 321,563 | |||||||||||||||||||
Total IT Services | 4,807,974 | ||||||||||||||||||||
Leisure Equipment & Products – 0.2% | |||||||||||||||||||||
39,694 | Eastman Kodak Company | 572,784 | |||||||||||||||||||
7,900 | Polaris Industries Inc. | 319,002 | |||||||||||||||||||
Total Leisure Equipment & Products | 891,786 | ||||||||||||||||||||
Machinery – 2.7% | |||||||||||||||||||||
75,600 | Caterpillar Inc. | 5,580,792 | |||||||||||||||||||
7,390 | Cummins Inc. | 484,193 | |||||||||||||||||||
20,508 | Deere & Company | 1,479,242 | |||||||||||||||||||
13,600 | Graco Inc. | 517,752 | |||||||||||||||||||
16,555 | Ingersoll Rand Company Limited, Class A | 619,654 | |||||||||||||||||||
9,750 | Parker Hannifin Corporation | 695,370 | |||||||||||||||||||
57,966 | SPX Corporation | 7,635,861 | |||||||||||||||||||
12,000 | Timken Company | 395,280 | |||||||||||||||||||
Total Machinery | 17,408,144 | ||||||||||||||||||||
Media – 1.7% | |||||||||||||||||||||
45,213 | CBS Corporation, Class B | 881,201 | |||||||||||||||||||
67,348 | Clear Channel Communications, Inc. | 2,370,650 | |||||||||||||||||||
102,516 | Comcast Corporation, Class A | 1,944,729 | |||||||||||||||||||
39,613 | New York Times, Class A | 609,644 | |||||||||||||||||||
26,000 | Omnicom Group Inc. | 1,166,880 | |||||||||||||||||||
183,600 | Regal Entertainment Group, Class A | 2,805,408 | |||||||||||||||||||
10,489 | ValueClick, Inc., (2) | 158,908 | |||||||||||||||||||
36,200 | Walt Disney Company | 1,129,440 | |||||||||||||||||||
Total Media | 11,066,860 | ||||||||||||||||||||
Metals & Mining – 2.0% | |||||||||||||||||||||
23,589 | Alcoa Inc. | 840,240 | |||||||||||||||||||
28,800 | CONSOL Energy Inc. | 3,236,256 | |||||||||||||||||||
32,000 | Nucor Corporation | 2,389,440 | |||||||||||||||||||
63,400 | Southern Copper Corporation | 6,760,342 | |||||||||||||||||||
Total Metals & Mining | 13,226,278 | ||||||||||||||||||||
Multiline Retail – 0.9% | |||||||||||||||||||||
4,351 | Costco Wholesale Corporation | 305,179 | |||||||||||||||||||
13,000 | Family Dollar Stores, Inc. | 259,220 | |||||||||||||||||||
38,002 | Federated Department Stores, Inc. | 737,999 | |||||||||||||||||||
55,400 | Nordstrom, Inc. | 1,678,620 | |||||||||||||||||||
7,900 | Sears Holding Corporation, (2) | 581,914 | |||||||||||||||||||
40,800 | Target Corporation | 1,896,792 | |||||||||||||||||||
Total Multiline Retail | 5,459,724 | ||||||||||||||||||||
Multi-Utilities – 2.1% | |||||||||||||||||||||
125,900 | Duke Energy Corporation | 2,188,142 | |||||||||||||||||||
82,456 | Integrys Energy Group, Inc. | 4,191,238 | |||||||||||||||||||
29,095 | National Fuel Gas Company | 1,730,571 | |||||||||||||||||||
15,861 | Northwestern Corporation | 403,187 | |||||||||||||||||||
49,251 | ONEOK, Inc. | 2,404,926 | |||||||||||||||||||
64,200 | Public Service Enterprise Group Incorporated | 2,948,706 | |||||||||||||||||||
Total Multi-Utilities | 13,866,770 | ||||||||||||||||||||
Oil, Gas & Consumable Fuels – 10.8% | |||||||||||||||||||||
12,530 | BP PLC, Sponsored ADR | 871,712 | |||||||||||||||||||
167,900 | Chevron Corporation | 16,643,927 | |||||||||||||||||||
64,437 | ConocoPhillips | 6,082,208 | |||||||||||||||||||
14,859 | Continental Resources Inc., (2) | 1,030,026 | |||||||||||||||||||
3,331 | EnCana Corporation | 302,888 | |||||||||||||||||||
31,800 | EOG Resources, Inc. | 4,172,160 |
17
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||||||||||||||
409,200 | Exxon Mobil Corporation | $ | 36,062,796 | ||||||||||||||||||
39,148 | Occidental Petroleum Corporation | 3,517,839 | |||||||||||||||||||
6,136 | Suncor Energy, Inc. | 356,624 | |||||||||||||||||||
3,941 | Total SA, Sponsored ADR | 336,049 | |||||||||||||||||||
12,731 | Valero Energy Corporation | 524,263 | |||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 69,900,492 | ||||||||||||||||||||
Paper & Forest Products – 0.4% | |||||||||||||||||||||
47,000 | Weyerhaeuser Company | 2,403,580 | |||||||||||||||||||
Pharmaceuticals – 7.5% | |||||||||||||||||||||
111,700 | Abbott Laboratories | 5,916,749 | |||||||||||||||||||
246,638 | Bristol-Myers Squibb Company | 5,063,478 | |||||||||||||||||||
63,940 | Eli Lilly and Company | 2,951,470 | |||||||||||||||||||
16,994 | GlaxoSmithKline PLC, Sponsored ADR | 751,475 | |||||||||||||||||||
169,722 | Johnson & Johnson | 10,919,913 | |||||||||||||||||||
234,802 | Merck & Co. Inc. | 8,849,687 | |||||||||||||||||||
466,574 | Pfizer Inc. | 8,151,048 | |||||||||||||||||||
32,315 | Sanofi-Aventis, Sponsored ADR | 1,073,827 | |||||||||||||||||||
80,215 | Schering-Plough Corporation | 1,579,433 | |||||||||||||||||||
69,200 | Wyeth | 3,318,832 | |||||||||||||||||||
Total Pharmaceuticals | 48,575,912 | ||||||||||||||||||||
Real Estate Investment Trust – 2.1% | |||||||||||||||||||||
83,552 | Ashford Hospitality Trust Inc. | 386,010 | |||||||||||||||||||
46,667 | Brandywine Realty Trust | 735,472 | |||||||||||||||||||
65,884 | CapLease Inc. | 493,471 | |||||||||||||||||||
39,900 | First Industrial Realty Trust, Inc. | 1,096,053 | |||||||||||||||||||
39,146 | Glimcher Realty Trust | 437,652 | |||||||||||||||||||
21,000 | Health Care REIT, Inc. | 934,500 | |||||||||||||||||||
49,761 | Healthcare Realty Trust, Inc. | 1,182,819 | |||||||||||||||||||
96,783 | Hospitality Properties Trust | 2,367,312 | |||||||||||||||||||
117,900 | HRPT Properties Trust | 798,183 | |||||||||||||||||||
78,791 | Lexington Corporate Properties Trust | 1,073,921 | |||||||||||||||||||
26,149 | Liberty Property Trust | 866,839 | |||||||||||||||||||
17,263 | Medical Properties Trust Inc. | 174,702 | |||||||||||||||||||
42,953 | Nationwide Health Properties, Inc. | 1,352,590 | |||||||||||||||||||
27,000 | Senior Housing Properties Trust | 527,310 | |||||||||||||||||||
11,215 | Sun Communities Inc. | 204,449 | |||||||||||||||||||
61,650 | U-Store-It Trust | 736,718 | |||||||||||||||||||
Total Real Estate Investment Trust | 13,368,001 | ||||||||||||||||||||
Road & Rail – 0.6% | |||||||||||||||||||||
17,247 | Burlington Northern Santa Fe Corporation | 1,722,803 | |||||||||||||||||||
13,563 | Norfolk Southern Corporation | 849,993 | |||||||||||||||||||
17,143 | Union Pacific Corporation | 1,294,297 | |||||||||||||||||||
Total Road & Rail | 3,867,093 | ||||||||||||||||||||
Semiconductors & Equipment – 2.4% | |||||||||||||||||||||
26,500 | Analog Devices, Inc. | 841,905 | |||||||||||||||||||
107,328 | Applied Materials, Inc. | 2,048,892 | |||||||||||||||||||
45,300 | Broadcom Corporation, Class A, (2) | 1,236,237 | |||||||||||||||||||
242,488 | Intel Corporation | 5,208,642 | |||||||||||||||||||
14,740 | Intersil Holding Corporation, Class A | 358,477 | |||||||||||||||||||
7,565 | Lam Research Corporation, (2) | 273,475 | |||||||||||||||||||
43,526 | Microchip Technology Incorporated | 1,329,284 | |||||||||||||||||||
24,800 | National Semiconductor Corporation | 509,392 | |||||||||||||||||||
31,200 | NVIDIA Corporation, (2) | 584,064 | |||||||||||||||||||
115,500 | Texas Instruments Incorporated | 3,252,480 | |||||||||||||||||||
Total Semiconductors & Equipment | 15,642,848 | ||||||||||||||||||||
Software – 3.7% | |||||||||||||||||||||
44,031 | Adobe Systems Incorporated, (2) | 1,734,381 | |||||||||||||||||||
12,597 | Akamai Technologies, Inc., (2) | 438,250 | |||||||||||||||||||
11,400 | Autodesk, Inc., (2) | 385,434 |
18
Shares | Description (1) | Value | |||||||||||||||||||
Software (continued) | |||||||||||||||||||||
32,666 | Cognizant Technology Solutions Corporation, Class A, (2) | $ | 1,061,972 | ||||||||||||||||||
453,413 | Microsoft Corporation | 12,473,392 | |||||||||||||||||||
16,433 | NAVTEQ Corporation, (2) | 1,265,341 | |||||||||||||||||||
251,668 | Oracle Corporation, (2) | 5,285,028 | |||||||||||||||||||
10,500 | Salesforce.com, Inc., (2) | 716,415 | |||||||||||||||||||
21,414 | VeriSign, Inc., (2) | 809,449 | |||||||||||||||||||
Total Software | 24,169,662 | ||||||||||||||||||||
Specialty Retail – 1.4% | |||||||||||||||||||||
27,715 | Abercrombie & Fitch Co., Class A | 1,737,176 | |||||||||||||||||||
47,700 | American Eagle Outfitters, Inc. | 650,151 | |||||||||||||||||||
52,650 | Best Buy Co., Inc. | 2,084,940 | |||||||||||||||||||
82,758 | Home Depot, Inc. | 1,938,192 | |||||||||||||||||||
52,315 | Limited Brands, Inc. | 881,508 | |||||||||||||||||||
55,300 | Lowe’s Companies, Inc. | 1,147,475 | |||||||||||||||||||
5,000 | Tiffany & Co. | 203,750 | |||||||||||||||||||
19,700 | TJX Companies, Inc. | 619,959 | |||||||||||||||||||
Total Specialty Retail | 9,263,151 | ||||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.3% | |||||||||||||||||||||
14,359 | Cherokee Inc. | 289,334 | |||||||||||||||||||
27,238 | VF Corporation | 1,938,801 | |||||||||||||||||||
Total Textiles, Apparel & Luxury Goods | 2,228,135 | ||||||||||||||||||||
Thrifts & Mortgage Finance – 0.2% | |||||||||||||||||||||
60,800 | New York Community Bancorp, Inc. | 1,084,672 | |||||||||||||||||||
Tobacco – 2.7% | |||||||||||||||||||||
217,733 | Altria Group, Inc. | 4,476,590 | |||||||||||||||||||
217,733 | Philip Morris International, (2) | 10,753,833 | |||||||||||||||||||
32,200 | Reynolds American Inc. | 1,502,774 | |||||||||||||||||||
36,145 | Vector Group Ltd. | 583,019 | |||||||||||||||||||
Total Tobacco | 17,316,216 | ||||||||||||||||||||
Wireless Telecommunication Services – 0.0% | |||||||||||||||||||||
24,054 | USA Mobility Inc., (2) | 181,608 | |||||||||||||||||||
Total Common Stocks (cost $546,792,974) | 624,533,359 | ||||||||||||||||||||
Principal | |||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||
Short-Term Investments – 6.1% | |||||||||||||||||||||
$ | 39,457 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $39,458,303, collateralized by $32,330,000 U.S. Treasury Bonds, 6.500%, due 11/15/26, value $40,250,850 | 1.350% | 7/01/08 | $ | 39,456,823 | |||||||||||||||
Total Short-Term Investments (cost $39,456,823) | 39,456,823 | ||||||||||||||||||||
Total Investments (cost $586,249,797) – 102.2% | 663,990,182 | ||||||||||||||||||||
19
JPZ | Nuveen Equity Premium Income Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Number of | Notional | Expiration | Strike | ||||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | ||||||||||||||||
Call Options Written – (0.4)% (4) | |||||||||||||||||||||
(1,125 | ) | S&P 500 Index | $ | (151,875,000 | ) | 7/19/08 | $ | 1,350 | $ | (298,125 | ) | ||||||||||
(948 | ) | S&P 500 Index | (130,350,000 | ) | 7/19/08 | 1,375 | (71,100 | ) | |||||||||||||
(531 | ) | S&P 500 Index | (74,340,000 | ) | 7/19/08 | 1,400 | (15,930 | ) | |||||||||||||
(534 | ) | S&P 500 Index | (72,090,000 | ) | 8/16/08 | 1,350 | (624,780 | ) | |||||||||||||
(533 | ) | S&P 500 Index | (73,287,500 | ) | 8/16/08 | 1,375 | (325,130 | ) | |||||||||||||
(590 | ) | S&P 500 Index | (82,600,000 | ) | 8/16/08 | 1,400 | (162,250 | ) | |||||||||||||
(589 | ) | S&P 500 Index | (79,515,000 | ) | 9/20/08 | 1,350 | (1,301,690 | ) | |||||||||||||
(4,850 | ) | Total Call Options Written (premiums received $20,999,485) | (664,057,500 | ) | (2,799,005 | ) | |||||||||||||||
Other Assets Less Liabilities – (1.8)% | (11,495,271 | ) | |||||||||||||||||||
Net Assets – 100% | $ | 649,695,906 | |||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. | |
(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 June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Common Stocks – 96.4% | |||||||||||||||||||||
Aerospace & Defense – 2.4% | |||||||||||||||||||||
83,145 | Boeing Company | $ | 5,464,289 | ||||||||||||||||||
133,366 | Honeywell International Inc. | 6,705,642 | |||||||||||||||||||
26,722 | Lockheed Martin Corporation | 2,636,393 | |||||||||||||||||||
42,411 | Northrop Grumman Corporation | 2,837,296 | |||||||||||||||||||
47,936 | Raytheon Company | 2,697,838 | |||||||||||||||||||
110,660 | United Technologies Corporation | 6,827,722 | |||||||||||||||||||
Total Aerospace & Defense | 27,169,180 | ||||||||||||||||||||
Air Freight & Logistics – 0.5% | |||||||||||||||||||||
101,679 | United Parcel Service, Inc., Class B | 6,250,209 | |||||||||||||||||||
Airlines – 0.1% | |||||||||||||||||||||
128,407 | AMR Corporation, (2) | 657,445 | |||||||||||||||||||
Automobiles – 0.2% | |||||||||||||||||||||
73,695 | General Motors Corporation | 847,493 | |||||||||||||||||||
35,909 | Harley-Davidson, Inc. | 1,302,060 | |||||||||||||||||||
Total Automobiles | 2,149,553 | ||||||||||||||||||||
Beverages – 1.4% | |||||||||||||||||||||
180,607 | Coca-Cola Company | 9,387,952 | |||||||||||||||||||
107,391 | PepsiCo, Inc. | 6,828,994 | |||||||||||||||||||
Total Beverages | 16,216,946 | ||||||||||||||||||||
Biotechnology – 3.0% | |||||||||||||||||||||
153,098 | Amgen Inc., (2) | 7,220,102 | |||||||||||||||||||
89,281 | Biogen Idec Inc., (2) | 4,989,915 | |||||||||||||||||||
112,644 | Celgene Corporation, (2) | 7,194,572 | |||||||||||||||||||
45,376 | Genentech, Inc., (2) | 3,444,038 | |||||||||||||||||||
215,745 | Gilead Sciences, Inc., (2) | 11,423,698 | |||||||||||||||||||
Total Biotechnology | 34,272,325 | ||||||||||||||||||||
Capital Markets – 2.7% | |||||||||||||||||||||
161,024 | Charles Schwab Corporation | 3,307,433 | |||||||||||||||||||
34,044 | Goldman Sachs Group, Inc. | 5,954,296 | |||||||||||||||||||
307,146 | JPMorgan Chase & Co. | 10,538,179 | |||||||||||||||||||
33,305 | Legg Mason, Inc. | 1,451,099 | |||||||||||||||||||
136,220 | Morgan Stanley | 4,913,455 | |||||||||||||||||||
136,190 | Waddell & Reed Financial, Inc., Class A | 4,768,012 | |||||||||||||||||||
Total Capital Markets | 30,932,474 | ||||||||||||||||||||
Chemicals – 1.5% | |||||||||||||||||||||
61,184 | Dow Chemical Company | 2,135,933 | |||||||||||||||||||
131,113 | E.I. Du Pont de Nemours and Company | 5,623,437 | |||||||||||||||||||
41,441 | Eastman Chemical Company | 2,853,627 | |||||||||||||||||||
72,000 | Lubrizol Corporation | 3,335,760 | |||||||||||||||||||
152,430 | RPM International, Inc. | 3,140,058 | |||||||||||||||||||
Total Chemicals | 17,088,815 | ||||||||||||||||||||
Commercial Banks – 2.6% | |||||||||||||||||||||
313,122 | Bank of America Corporation | 7,474,222 | |||||||||||||||||||
65,289 | Fifth Third Bancorp. | 664,642 | |||||||||||||||||||
71,373 | First Horizon National Corporation | 530,301 | |||||||||||||||||||
11,360 | HSBC Holdings PLC, Sponsored ADR | 871,312 | |||||||||||||||||||
65,686 | Huntington BancShares Inc. | 379,008 | |||||||||||||||||||
90,928 | Lloyds TSB Group PLC, Sponsored ADR | 2,243,194 | |||||||||||||||||||
122,029 | National City Corporation | 582,078 | |||||||||||||||||||
46,961 | Toronto-Dominion Bank | 2,924,261 |
21
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Commercial Banks (continued) | |||||||||||||||||||||
263,201 | U.S. Bancorp | $ | 7,340,676 | ||||||||||||||||||
112,812 | Wachovia Corporation | 1,751,970 | |||||||||||||||||||
222,372 | Wells Fargo & Company | 5,281,335 | |||||||||||||||||||
Total Commercial Banks | 30,042,999 | ||||||||||||||||||||
Commercial Services & Supplies – 1.1% | |||||||||||||||||||||
29,685 | Corporate Executive Board Company | 1,248,254 | |||||||||||||||||||
88,588 | Deluxe Corporation | 1,578,638 | |||||||||||||||||||
57,299 | Manpower Inc. | 3,337,094 | |||||||||||||||||||
50,346 | R.R. Donnelley & Sons Company | 1,494,773 | |||||||||||||||||||
90,337 | Resources Connection, Inc. | 1,838,358 | |||||||||||||||||||
96,384 | Waste Management, Inc. | 3,634,641 | |||||||||||||||||||
Total Commercial Services & Supplies | 13,131,758 | ||||||||||||||||||||
Communications Equipment – 6.1% | |||||||||||||||||||||
67,631 | ADTRAN, Inc. | 1,612,323 | |||||||||||||||||||
893,387 | Cisco Systems, Inc., (2) | 20,780,182 | |||||||||||||||||||
183,130 | Corning Incorporated | 4,221,147 | |||||||||||||||||||
55,800 | Harris Corporation | 2,817,342 | |||||||||||||||||||
244,613 | Motorola, Inc. | 1,795,459 | |||||||||||||||||||
549,055 | QUALCOMM Inc. | 24,361,570 | |||||||||||||||||||
121,135 | Research In Motion Limited, (2) | 14,160,682 | |||||||||||||||||||
Total Communications Equipment | 69,748,705 | ||||||||||||||||||||
Computers & Peripherals – 7.8% | |||||||||||||||||||||
306,101 | Apple, Inc., (2) | 51,253,551 | |||||||||||||||||||
232,326 | Dell Inc., (2) | 5,083,293 | |||||||||||||||||||
230,749 | EMC Corporation, (2) | 3,389,703 | |||||||||||||||||||
316,255 | Hewlett-Packard Company | 13,981,634 | |||||||||||||||||||
100,213 | International Business Machines Corporation (IBM) | 11,878,247 | |||||||||||||||||||
58,225 | McAfee Inc., (2) | 1,981,397 | |||||||||||||||||||
79,478 | Netwwork Appliance Inc., (2) | 1,721,493 | |||||||||||||||||||
Total Computers & Peripherals | 89,289,318 | ||||||||||||||||||||
Consumer Finance – 0.2% | |||||||||||||||||||||
50,531 | American Express Company | 1,903,503 | |||||||||||||||||||
64,305 | Discover Financial Services | 846,897 | |||||||||||||||||||
Total Consumer Finance | 2,750,400 | ||||||||||||||||||||
Containers & Packaging – 0.7% | |||||||||||||||||||||
202,483 | Packaging Corp. of America | 4,355,409 | |||||||||||||||||||
126,709 | Sonoco Products Company | 3,921,644 | |||||||||||||||||||
Total Containers & Packaging | 8,277,053 | ||||||||||||||||||||
Diversified Consumer Services – 0.1% | |||||||||||||||||||||
35,700 | Hillenbrand Inc., (2) | 763,981 | |||||||||||||||||||
Diversified Financial Services – 1.3% | |||||||||||||||||||||
299,544 | Citigroup Inc. | 5,020,357 | |||||||||||||||||||
11,000 | CME Group, Inc. | 4,215,090 | |||||||||||||||||||
35,273 | Eaton Vance Corporation | 1,402,454 | |||||||||||||||||||
126,150 | ING Group N.V., Sponsored ADR | 3,980,033 | |||||||||||||||||||
Total Diversified Financial Services | 14,617,934 | ||||||||||||||||||||
Diversified Telecommunication Services – 2.7% | |||||||||||||||||||||
711,379 | AT&T Inc. | 23,966,359 | |||||||||||||||||||
42,575 | Citizens Communications Company | 482,801 | |||||||||||||||||||
2,241 | FairPoint Communications Inc. | 16,158 | |||||||||||||||||||
191,528 | Verizon Communications Inc. | 6,780,091 | |||||||||||||||||||
Total Diversified Telecommunication Services | 31,245,409 | ||||||||||||||||||||
Electric Utilities – 1.2% | |||||||||||||||||||||
38,898 | Ameren Corporation | 1,642,663 | |||||||||||||||||||
94,002 | Companhia Energetica de Minas Gerais, Sponsored ADR | 2,307,749 | |||||||||||||||||||
113,425 | Great Plains Energy Incorporated | 2,867,384 |
22
Shares | Description (1) | Value | |||||||||||||||||||
Electric Utilities (continued) | |||||||||||||||||||||
92,646 | OGE Energy Corp. | $ | 2,937,805 | ||||||||||||||||||
127,006 | Pepco Holdings, Inc. | 3,257,704 | |||||||||||||||||||
24,128 | Pinnacle West Capital Corporation | 742,419 | |||||||||||||||||||
Total Electric Utilities | 13,755,724 | ||||||||||||||||||||
Electrical Equipment – 1.1% | |||||||||||||||||||||
52,812 | Cooper Industries, Ltd., Class A, (2) | 2,086,074 | |||||||||||||||||||
161,583 | Emerson Electric Company | 7,990,279 | |||||||||||||||||||
29,254 | Hubbell Incorporated, Class B | 1,166,357 | |||||||||||||||||||
38,983 | Rockwell Automation, Inc. | 1,704,727 | |||||||||||||||||||
Total Electrical Equipment | 12,947,437 | ||||||||||||||||||||
Electronic Equipment & Instruments – 0.5% | |||||||||||||||||||||
123,007 | Gentex Corporation | 1,776,221 | |||||||||||||||||||
51,356 | Roper Industries Inc. | 3,383,333 | |||||||||||||||||||
Total Electronic Equipment & Instruments | 5,159,554 | ||||||||||||||||||||
Energy Equipment & Services – 3.1% | |||||||||||||||||||||
45,800 | Diamond Offshore Drilling, Inc. | 6,372,612 | |||||||||||||||||||
36,348 | ENSCO International Incorporated | 2,934,738 | |||||||||||||||||||
193,449 | Halliburton Company | 10,266,338 | |||||||||||||||||||
57,882 | Patterson-UTI Energy, Inc. | 2,086,067 | |||||||||||||||||||
77,652 | Schlumberger Limited | 8,342,154 | |||||||||||||||||||
77,472 | Tidewater Inc. | 5,038,004 | |||||||||||||||||||
Total Energy Equipment & Services | 35,039,913 | ||||||||||||||||||||
Food & Staples Retailing – 1.5% | |||||||||||||||||||||
115,376 | CVS Caremark Corporation | 4,565,428 | |||||||||||||||||||
95,674 | Kroger Co. | 2,762,108 | |||||||||||||||||||
37,348 | SUPERVALU INC. | 1,153,680 | |||||||||||||||||||
40,471 | Walgreen Co. | 1,315,712 | |||||||||||||||||||
121,319 | Wal-Mart Stores, Inc. | 6,818,128 | |||||||||||||||||||
Total Food & Staples Retailing | 16,615,056 | ||||||||||||||||||||
Food Products – 1.2% | |||||||||||||||||||||
177,814 | Kraft Foods Inc. | 5,058,808 | |||||||||||||||||||
60,792 | Monsanto Company | 7,686,540 | |||||||||||||||||||
96,677 | Sara Lee Corporation | 1,184,293 | |||||||||||||||||||
Total Food Products | 13,929,641 | ||||||||||||||||||||
Gas Utilities – 0.9% | |||||||||||||||||||||
24,964 | AGL Resources Inc. | 863,255 | |||||||||||||||||||
149,706 | Atmos Energy Corporation | 4,127,394 | |||||||||||||||||||
121,756 | Nicor Inc. | 5,185,588 | |||||||||||||||||||
Total Gas Utilities | 10,176,237 | ||||||||||||||||||||
Health Care Equipment & Supplies – 0.9% | |||||||||||||||||||||
84,704 | Baxter International Inc. | 5,415,974 | |||||||||||||||||||
36,641 | Hill Rom Holdings Inc. | 988,574 | |||||||||||||||||||
71,015 | Medtronic, Inc. | 3,675,026 | |||||||||||||||||||
Total Health Care Equipment & Supplies | 10,079,574 | ||||||||||||||||||||
Health Care Providers & Services – 1.0% | |||||||||||||||||||||
50,898 | Aetna Inc. | 2,062,896 | |||||||||||||||||||
98,319 | Brookdale Senior Living Inc. | 2,001,775 | |||||||||||||||||||
40,727 | Coventry Health Care, Inc., (2) | 1,238,915 | |||||||||||||||||||
24,109 | Mentor Corporation | 670,712 | |||||||||||||||||||
94,199 | UnitedHealth Group Incorporated | 2,472,724 | |||||||||||||||||||
55,064 | Wellpoint Inc., (2) | 2,624,350 | |||||||||||||||||||
Total Health Care Providers & Services | 11,071,372 | ||||||||||||||||||||
23
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Hotels, Restaurants & Leisure – 1.5% | |||||||||||||||||||||
71,668 | International Game Technology | $ | 1,790,267 | ||||||||||||||||||
215,800 | McDonald’s Corporation | 12,132,276 | |||||||||||||||||||
43,957 | Starwood Hotels & Resorts Worldwide, Inc. | 1,761,357 | |||||||||||||||||||
15,847 | Wynn Resorts Ltd | 1,289,153 | |||||||||||||||||||
Total Hotels, Restaurants & Leisure | 16,973,053 | ||||||||||||||||||||
Household Durables – 0.8% | |||||||||||||||||||||
43,887 | KB Home | 743,007 | |||||||||||||||||||
185,735 | Newell Rubbermaid Inc. | 3,118,491 | |||||||||||||||||||
44,638 | Stanley Works | 2,001,122 | |||||||||||||||||||
52,780 | Whirlpool Corporation | 3,258,109 | |||||||||||||||||||
Total Household Durables | 9,120,729 | ||||||||||||||||||||
Household Products – 1.7% | |||||||||||||||||||||
59,883 | Colgate-Palmolive Company | 4,137,915 | |||||||||||||||||||
248,602 | Procter & Gamble Company | 15,117,488 | |||||||||||||||||||
Total Household Products | 19,255,403 | ||||||||||||||||||||
Industrial Conglomerates – 2.3% | |||||||||||||||||||||
26,468 | 3M Co. | 1,841,908 | |||||||||||||||||||
847,674 | General Electric Company | 22,624,419 | |||||||||||||||||||
58,292 | Genuine Parts Company | 2,313,027 | |||||||||||||||||||
Total Industrial Conglomerates | 26,779,354 | ||||||||||||||||||||
Insurance – 0.9% | |||||||||||||||||||||
46,402 | Allstate Corporation | 2,115,467 | |||||||||||||||||||
108,576 | American International Group, Inc. | 2,872,921 | |||||||||||||||||||
41,110 | Arthur J. Gallagher & Co. | 990,751 | |||||||||||||||||||
77,278 | Fidelity National Title Group Inc., Class A | 973,703 | |||||||||||||||||||
106,285 | Marsh & McLennan Companies, Inc. | 2,821,867 | |||||||||||||||||||
450 | Mercury General Corporation | 21,024 | |||||||||||||||||||
13,660 | Unitrin, Inc. | 376,606 | |||||||||||||||||||
Total Insurance | 10,172,339 | ||||||||||||||||||||
Internet & Catalog Retail – 0.6% | |||||||||||||||||||||
73,597 | Amazon.com, Inc., (2) | 5,396,868 | |||||||||||||||||||
60,351 | IAC/InterActiveCorp., (2) | 1,163,567 | |||||||||||||||||||
Total Internet & Catalog Retail | 6,560,435 | ||||||||||||||||||||
Internet Software & Services – 3.5% | |||||||||||||||||||||
3,996 | Baidu.com, Inc. Sponsored ADR, (2) | 1,250,588 | |||||||||||||||||||
200,021 | Earthlink, Inc., (2) | 1,730,182 | |||||||||||||||||||
253,844 | eBay Inc., (2) | 6,937,557 | |||||||||||||||||||
45,492 | Google Inc., Class A, (2) | 23,947,899 | |||||||||||||||||||
202,286 | United Online, Inc. | 2,028,929 | |||||||||||||||||||
198,206 | Yahoo! Inc., (2) | 4,094,936 | |||||||||||||||||||
Total Internet Software & Services | 39,990,091 | ||||||||||||||||||||
IT Services – 0.7% | |||||||||||||||||||||
98,836 | Automatic Data Processing, Inc. | 4,141,228 | |||||||||||||||||||
91,261 | Electronic Data Systems Corporation | 2,248,671 | |||||||||||||||||||
30,465 | Fidelity National Information Services | 1,124,463 | |||||||||||||||||||
Total IT Services | 7,514,362 | ||||||||||||||||||||
Leisure Equipment & Products – 0.2% | |||||||||||||||||||||
85,721 | Mattel, Inc. | 1,467,544 | |||||||||||||||||||
15,338 | Polaris Industries Inc. | 619,348 | |||||||||||||||||||
Total Leisure Equipment & Products | 2,086,892 | ||||||||||||||||||||
Machinery – 2.2% | |||||||||||||||||||||
105,735 | Caterpillar Inc. | 7,805,358 | |||||||||||||||||||
19,239 | Deere & Company | 1,387,709 | |||||||||||||||||||
53,350 | Graco Inc. | 2,031,035 | |||||||||||||||||||
24,503 | Joy Global Inc. | 1,858,062 |
24
Shares | Description (1) | Value | |||||||||||||||||||
Machinery (continued) | |||||||||||||||||||||
76,240 | SPX Corporation | $ | 10,043,095 | ||||||||||||||||||
66,995 | Timken Company | 2,206,815 | |||||||||||||||||||
Total Machinery | 25,332,074 | ||||||||||||||||||||
Marine – 0.1% | |||||||||||||||||||||
31,233 | Eagle Bulk Shipping Inc. | 923,560 | |||||||||||||||||||
Media – 2.4% | |||||||||||||||||||||
71,700 | Clear Channel Communications, Inc. | 2,523,840 | |||||||||||||||||||
337,544 | Comcast Corporation, Special Class A | 6,332,325 | |||||||||||||||||||
109,629 | GateHouse Media, Inc. | 269,687 | |||||||||||||||||||
75,017 | New York Times, Class A | 1,154,512 | |||||||||||||||||||
154,035 | News Corporation, Class A | 2,316,686 | |||||||||||||||||||
60,605 | Omnicom Group Inc. | 2,719,952 | |||||||||||||||||||
233,520 | Regal Entertainment Group, Class A | 3,568,186 | |||||||||||||||||||
47,476 | Viacom Inc., Class B, (2) | 1,449,917 | |||||||||||||||||||
175,022 | Walt Disney Company | 5,460,686 | |||||||||||||||||||
159,513 | Warner Music Group Corporation | 1,138,923 | |||||||||||||||||||
136,242 | XM Satellite Radio Holdings Inc., Class A, (2) | 1,068,137 | |||||||||||||||||||
Total Media | 28,002,851 | ||||||||||||||||||||
Metals & Mining – 1.9% | |||||||||||||||||||||
52,002 | Alcoa Inc. | 1,852,311 | |||||||||||||||||||
309,252 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 13,733,881 | |||||||||||||||||||
55,255 | Southern Copper Corporation | 5,891,841 | |||||||||||||||||||
Total Metals & Mining | 21,478,033 | ||||||||||||||||||||
Multiline Retail – 0.8% | |||||||||||||||||||||
87,461 | Federated Department Stores, Inc. | 1,698,493 | |||||||||||||||||||
93,832 | Nordstrom, Inc. | 2,843,110 | |||||||||||||||||||
28,887 | Sears Holding Corporation, (2) | 2,127,816 | |||||||||||||||||||
64,097 | Target Corporation | 2,979,870 | |||||||||||||||||||
Total Multiline Retail | 9,649,289 | ||||||||||||||||||||
Multi-Utilities – 1.5% | |||||||||||||||||||||
205,356 | Duke Energy Corporation | 3,569,087 | |||||||||||||||||||
88,459 | National Fuel Gas Company | 5,261,541 | |||||||||||||||||||
95,961 | ONEOK, Inc. | 4,685,776 | |||||||||||||||||||
84,949 | Public Service Enterprise Group Incorporated | 3,901,708 | |||||||||||||||||||
Total Multi-Utilities | 17,418,112 | ||||||||||||||||||||
Oil, Gas & Consumable Fuels – 7.0% | |||||||||||||||||||||
21,311 | Cheniere Energy Inc., (2) | 93,129 | |||||||||||||||||||
186,224 | Chevron Corporation | 18,460,385 | |||||||||||||||||||
2,445 | CNOOC Limited, Sponsored ADR | 424,305 | |||||||||||||||||||
92,089 | ConocoPhillips | 8,692,281 | |||||||||||||||||||
41,492 | Delta Petroleum Corporation, (2) | 1,058,876 | |||||||||||||||||||
485,656 | Exxon Mobil Corporation, Sponsored ADR | 42,800,863 | |||||||||||||||||||
8,844 | Hess Corporation | 1,116,024 | |||||||||||||||||||
16,750 | Occidental Petroleum Corporation | 1,505,155 | |||||||||||||||||||
5,305 | PetroChina Company Limited, Sponsored ADR | 683,602 | |||||||||||||||||||
15,562 | Royal Dutch Shell PLC, Class A | 1,271,571 | |||||||||||||||||||
38,764 | StatoilHydro ASA, Sponsored ADR | 1,448,998 | |||||||||||||||||||
42,794 | XTO Energy, Inc. | 2,931,817 | |||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 80,487,006 | ||||||||||||||||||||
Pharmaceuticals – 5.9% | |||||||||||||||||||||
156,479 | Abbott Laboratories | 8,288,693 | |||||||||||||||||||
234,582 | Bristol-Myers Squibb Company | 4,815,968 | |||||||||||||||||||
95,936 | Eli Lilly and Company | 4,428,406 | |||||||||||||||||||
49,194 | GlaxoSmithKline PLC, Sponsored ADR | 2,175,359 | |||||||||||||||||||
189,516 | Johnson & Johnson | 12,193,459 | |||||||||||||||||||
376,271 | Merck & Co. Inc. | 14,181,654 | |||||||||||||||||||
675,705 | Pfizer Inc. | 11,804,566 |
25
JSN | Nuveen Equity Premium Opportunity Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Pharmaceuticals (continued) | |||||||||||||||||||||
133,041 | Schering-Plough Corporation | $ | 2,619,577 | ||||||||||||||||||
144,862 | Wyeth | 6,947,582 | |||||||||||||||||||
Total Pharmaceuticals | 67,455,264 | ||||||||||||||||||||
Real Estate Investment Trust – 1.4% | |||||||||||||||||||||
46,873 | Apartment Investment & Management Company, Class A | 1,596,494 | |||||||||||||||||||
70,937 | Brandywine Realty Trust | 1,117,967 | |||||||||||||||||||
37,509 | CBL & Associates Properties Inc. | 856,706 | |||||||||||||||||||
114,294 | DCT Industrial Trust Inc. | 946,354 | |||||||||||||||||||
25,213 | Developers Diversified Realty Corporation | 875,143 | |||||||||||||||||||
59,500 | Health Care REIT, Inc. | 2,647,750 | |||||||||||||||||||
2,838 | Hospitality Properties Trust | 69,417 | |||||||||||||||||||
89,707 | Lexington Corporate Properties Trust | 1,222,706 | |||||||||||||||||||
49,728 | Liberty Property Trust | 1,648,483 | |||||||||||||||||||
112,648 | Nationwide Health Properties, Inc. | 3,547,286 | |||||||||||||||||||
136,993 | U-Store-It Trust | 1,637,066 | |||||||||||||||||||
Total Real Estate Investment Trust | 16,165,372 | ||||||||||||||||||||
Road & Rail – 0.2% | |||||||||||||||||||||
32,802 | Union Pacific Corporation | 2,476,551 | |||||||||||||||||||
Semiconductors & Equipment – 4.3% | |||||||||||||||||||||
91,711 | Altera Corporation | 1,898,418 | |||||||||||||||||||
106,522 | Analog Devices, Inc. | 3,384,204 | |||||||||||||||||||
254,657 | Applied Materials, Inc. | 4,861,402 | |||||||||||||||||||
138,379 | Broadcom Corporation, Class A, (2) | 3,776,363 | |||||||||||||||||||
898,943 | Intel Corporation | 19,309,296 | |||||||||||||||||||
28,178 | Intersil Holding Corporation, Class A | 685,289 | |||||||||||||||||||
73,345 | Linear Technology Corporation | 2,388,847 | |||||||||||||||||||
93,975 | Marvell Technology Group Ltd., (2) | 1,659,599 | |||||||||||||||||||
122,774 | National Semiconductor Corporation | 2,521,778 | |||||||||||||||||||
208,083 | Texas Instruments Incorporated | 5,859,617 | |||||||||||||||||||
132,395 | Xilinx, Inc. | 3,342,974 | |||||||||||||||||||
Total Semiconductors & Equipment | 49,687,787 | ||||||||||||||||||||
Software – 6.5% | |||||||||||||||||||||
83,887 | Activision Inc., (2) | 2,858,030 | |||||||||||||||||||
193,152 | Adobe Systems Incorporated, (2) | 7,608,257 | |||||||||||||||||||
48,624 | Akamai Technologies, Inc., (2) | 1,691,629 | |||||||||||||||||||
75,052 | Autodesk, Inc., (2) | 2,537,508 | |||||||||||||||||||
1,344,035 | Microsoft Corporation | 36,974,403 | |||||||||||||||||||
39,361 | NAVTEQ Corporation, (2) | 3,030,797 | |||||||||||||||||||
691,792 | Oracle Corporation, (2) | 14,527,632 | |||||||||||||||||||
41,248 | SAP AG, Sponsored ADR | 2,149,433 | |||||||||||||||||||
88,898 | VeriSign, Inc., (2) | 3,360,344 | |||||||||||||||||||
Total Software | 74,738,033 | ||||||||||||||||||||
Specialty Retail – 1.5% | |||||||||||||||||||||
24,433 | Abercrombie & Fitch Co., Class A | 1,531,460 | |||||||||||||||||||
61,372 | American Eagle Outfitters, Inc. | 836,500 | |||||||||||||||||||
92,630 | Best Buy Co., Inc. | 3,668,148 | |||||||||||||||||||
69,994 | CarMax, Inc., (2) | 993,215 | |||||||||||||||||||
70,971 | Gap, Inc. | 1,183,087 | |||||||||||||||||||
188,439 | Home Depot, Inc. | 4,413,241 | |||||||||||||||||||
131,990 | Limited Brands, Inc. | 2,224,032 | |||||||||||||||||||
110,413 | Lowe’s Companies, Inc. | 2,291,070 | |||||||||||||||||||
Total Specialty Retail | 17,140,753 | ||||||||||||||||||||
26
Shares | Description (1) | Value | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.6% | |||||||||||||||||||||
104,358 | Countrywide Financial Corporation | $ | 443,522 | ||||||||||||||||||
67,964 | Federal Home Loan Mortgage Corporation | 1,114,610 | |||||||||||||||||||
78,963 | Federal National Mortgage Association | 1,540,568 | |||||||||||||||||||
187,079 | New York Community Bancorp, Inc. | 3,337,489 | |||||||||||||||||||
101,879 | Washington Mutual, Inc. | 502,263 | |||||||||||||||||||
Total Thrifts & Mortgage Finance | 6,938,452 | ||||||||||||||||||||
Tobacco – 1.6% | |||||||||||||||||||||
198,523 | Altria Group, Inc. | 4,081,633 | |||||||||||||||||||
42,914 | Lorillard Inc. | 2,967,932 | |||||||||||||||||||
198,523 | Philip Morris International, (2) | 9,805,051 | |||||||||||||||||||
45,154 | Reynolds American Inc. | 2,107,337 | |||||||||||||||||||
Total Tobacco | 18,961,953 | ||||||||||||||||||||
Wireless Telecommunication Services – 0.5% | |||||||||||||||||||||
83,549 | China Mobile Hong Kong Limited, Sponsored ADR | 5,593,606 | |||||||||||||||||||
Total Common Stocks (cost $913,434,752) | 1,104,280,366 | ||||||||||||||||||||
Principal | |||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||
Short-Term Investments – 6.1% | |||||||||||||||||||||
$ | 69,565 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $69,567,413, collateralized by $58,465,000 U.S. Treasury Bonds, 6.250%, due 8/15/23, value $70,961,894 | 1.350% | 7/01/08 | $ | 69,564,804 | |||||||||||||||
Total Short-Term Investments (cost $69,564,804) | 69,564,804 | ||||||||||||||||||||
Total Investments (cost $982,999,556) – 102.5% | 1,173,845,170 | ||||||||||||||||||||
Number of | Notional | Expiration | Strike | ||||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | ||||||||||||||||
Call Options Written – (0.5)% (4) | |||||||||||||||||||||
(1,220 | ) | Mini-NDX 100 Index | $ | (23,790,000 | ) | 7/19/08 | $ | 195.0 | $ | (103,090 | ) | ||||||||||
(1,585 | ) | Mini-NDX 100 Index | (31,303,750 | ) | 7/19/08 | 197.5 | (77,665 | ) | |||||||||||||
(870 | ) | Mini-NDX 100 Index | (17,400,000 | ) | 7/19/08 | 200.0 | (25,665 | ) | |||||||||||||
(320 | ) | Mini-NDX 100 Index | (6,240,000 | ) | 8/16/08 | 195.0 | (90,240 | ) | |||||||||||||
(1,673 | ) | Mini-NDX 100 Index | (33,041,750 | ) | 8/16/08 | 197.5 | (356,349 | ) | |||||||||||||
(1,670 | ) | Mini-NDX 100 Index | (33,400,000 | ) | 8/16/08 | 200.0 | (263,025 | ) | |||||||||||||
(232 | ) | NASDAQ 100 Index | (45,240,000 | ) | 7/19/08 | 1,950 | (197,200 | ) | |||||||||||||
(159 | ) | NASDAQ 100 Index | (31,402,500 | ) | 7/19/08 | 1,975 | (79,500 | ) | |||||||||||||
(123 | ) | NASDAQ 100 Index | (24,600,000 | ) | 7/19/08 | 2,000 | (35,055 | ) | |||||||||||||
(154 | ) | NASDAQ 100 Index | (30,030,000 | ) | 8/16/08 | 1,950 | (435,820 | ) | |||||||||||||
(148 | ) | NASDAQ 100 Index | (29,230,000 | ) | 8/16/08 | 1,975 | (315,240 | ) | |||||||||||||
(1,451 | ) | S&P 500 Index | (195,885,000 | ) | 7/19/08 | 1,350 | (384,515 | ) | |||||||||||||
(1,238 | ) | S&P 500 Index | (170,225,000 | ) | 7/19/08 | 1,375 | (92,850 | ) | |||||||||||||
(698 | ) | S&P 500 Index | (97,720,000 | ) | 7/19/08 | 1,400 | (20,940 | ) | |||||||||||||
(700 | ) | S&P 500 Index | (94,500,000 | ) | 8/16/08 | 1,350 | (819,000 | ) | |||||||||||||
(700 | ) | S&P 500 Index | (96,250,000 | ) | 8/16/08 | 1,375 | (427,000 | ) | |||||||||||||
(772 | ) | S&P 500 Index | (108,080,000 | ) | 8/16/08 | 1,400 | (212,300 | ) | |||||||||||||
(772 | ) | S&P 500 Index | (104,220,000 | ) | 9/20/08 | 1,350 | (1,706,120 | ) | |||||||||||||
(14,485 | ) | Total Call Options Written (premiums received $40,995,034) | (1,172,558,000 | ) | (5,641,574 | ) | |||||||||||||||
Other Assets Less Liabilities – (2.0)% | (23,416,691 | ) | |||||||||||||||||||
Net Assets – 100% | $ | 1,144,786,905 | |||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. | |
(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 June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Common Stocks – 97.5% | |||||||||||||||||||||
Aerospace & Defense – 1.3% | |||||||||||||||||||||
26,200 | Boeing Company | $ | 1,721,864 | ||||||||||||||||||
41,300 | Honeywell International Inc. | 2,076,564 | |||||||||||||||||||
29,966 | United Technologies Corporation | 1,848,902 | |||||||||||||||||||
Total Aerospace & Defense | 5,647,330 | ||||||||||||||||||||
Air Freight & Logistics – 0.4% | |||||||||||||||||||||
31,710 | United Parcel Service, Inc., Class B | 1,949,214 | |||||||||||||||||||
Airlines – 0.2% | |||||||||||||||||||||
44,700 | Lan Airlines S.A, Sponsored ADR | 457,728 | |||||||||||||||||||
48,013 | Southwest Airlines Co. | 626,090 | |||||||||||||||||||
Total Airlines | 1,083,818 | ||||||||||||||||||||
Auto Components – 0.1% | |||||||||||||||||||||
41,333 | American Axle and Manufacturing Holdings Inc. | 330,251 | |||||||||||||||||||
49,461 | Cooper Tire & Rubber | 387,774 | |||||||||||||||||||
Total Auto Components | 718,025 | ||||||||||||||||||||
Automobiles – 0.3% | |||||||||||||||||||||
87,695 | Ford Motor Company, (2) | 421,813 | |||||||||||||||||||
19,783 | General Motors Corporation | 227,505 | |||||||||||||||||||
14,900 | Harley-Davidson, Inc. | 540,274 | |||||||||||||||||||
Total Automobiles | 1,189,592 | ||||||||||||||||||||
Beverages – 0.9% | |||||||||||||||||||||
39,700 | Coca-Cola Company | 2,063,606 | |||||||||||||||||||
28,800 | PepsiCo, Inc. | 1,831,392 | |||||||||||||||||||
Total Beverages | 3,894,998 | ||||||||||||||||||||
Biotechnology – 5.1% | |||||||||||||||||||||
69,655 | Amgen Inc., (2) | 3,284,930 | |||||||||||||||||||
67,600 | Biogen Idec Inc., (2) | 3,778,164 | |||||||||||||||||||
59,600 | Celgene Corporation, (2) | 3,806,652 | |||||||||||||||||||
12,600 | Cephalon, Inc., (2) | 840,294 | |||||||||||||||||||
31,799 | Genzyme Corporation, (2) | 2,290,164 | |||||||||||||||||||
158,520 | Gilead Sciences, Inc., (2) | 8,393,634 | |||||||||||||||||||
Total Biotechnology | 22,393,838 | ||||||||||||||||||||
Capital Markets – 2.3% | |||||||||||||||||||||
22,452 | Bank of New York Company, Inc. | 849,359 | |||||||||||||||||||
72,720 | Charles Schwab Corporation | 1,493,669 | |||||||||||||||||||
9,100 | Goldman Sachs Group, Inc. | 1,591,590 | |||||||||||||||||||
89,700 | JPMorgan Chase & Co. | 3,077,607 | |||||||||||||||||||
35,700 | Morgan Stanley | 1,287,699 | |||||||||||||||||||
51,000 | Waddell & Reed Financial, Inc., Class A | 1,785,510 | |||||||||||||||||||
Total Capital Markets | 10,085,434 | ||||||||||||||||||||
Chemicals – 0.5% | |||||||||||||||||||||
12,674 | Dow Chemical Company | 442,449 | |||||||||||||||||||
44,813 | E.I. Du Pont de Nemours and Company | 1,922,030 | |||||||||||||||||||
Total Chemicals | 2,364,479 | ||||||||||||||||||||
Commercial Banks – 2.0% | |||||||||||||||||||||
108,993 | Bank of America Corporation | 2,601,663 | |||||||||||||||||||
38,433 | FirstMerit Corporation | 626,842 | |||||||||||||||||||
73,513 | Lloyds TSB Group PLC, Sponsored ADR | 1,813,566 | |||||||||||||||||||
10,376 | Toronto-Dominion Bank | 646,114 | |||||||||||||||||||
63,800 | U.S. Bancorp | 1,779,382 |
28
Shares | Description (1) | Value | |||||||||||||||||||
Commercial Banks (continued) | |||||||||||||||||||||
34,900 | Wachovia Corporation | $ | 541,997 | ||||||||||||||||||
40,776 | Wells Fargo & Company | 968,430 | |||||||||||||||||||
Total Commercial Banks | 8,977,994 | ||||||||||||||||||||
Commercial Services & Supplies – 1.1% | |||||||||||||||||||||
4,940 | Corporate Executive Board Company | 207,727 | |||||||||||||||||||
32,672 | Deluxe Corporation | 582,215 | |||||||||||||||||||
20,400 | Manpower Inc. | 1,188,096 | |||||||||||||||||||
29,775 | Pitney Bowes Inc. | 1,015,328 | |||||||||||||||||||
24,714 | R.R. Donnelley & Sons Company | 733,759 | |||||||||||||||||||
26,700 | Resources Connection, Inc. | 543,345 | |||||||||||||||||||
17,200 | Robert Half International Inc. | 412,284 | |||||||||||||||||||
Total Commercial Services & Supplies | 4,682,754 | ||||||||||||||||||||
Communications Equipment – 8.4% | |||||||||||||||||||||
459,280 | Cisco Systems, Inc., (2) | 10,682,853 | |||||||||||||||||||
33,878 | Comverse Technology, Inc., (2) | 574,232 | |||||||||||||||||||
59,568 | Corning Incorporated | 1,373,042 | |||||||||||||||||||
29,400 | Harris Corporation | 1,484,406 | |||||||||||||||||||
28,730 | Motorola, Inc. | 210,878 | |||||||||||||||||||
323,872 | QUALCOMM Inc. | 14,370,201 | |||||||||||||||||||
73,997 | Research In Motion Limited, (2) | 8,650,249 | |||||||||||||||||||
Total Communications Equipment | 37,345,861 | ||||||||||||||||||||
Computers & Peripherals – 10.8% | |||||||||||||||||||||
209,206 | Apple, Inc., (2) | 35,029,449 | |||||||||||||||||||
47,100 | EMC Corporation, (2) | 691,899 | |||||||||||||||||||
100,200 | Hewlett-Packard Company | 4,429,842 | |||||||||||||||||||
43,935 | International Business Machines Corporation (IBM) | 5,207,616 | |||||||||||||||||||
23,041 | McAfee Inc., (2) | 784,085 | |||||||||||||||||||
38,820 | Netwwork Appliance Inc., (2) | 840,841 | |||||||||||||||||||
61,900 | Sun Microsystems Inc., (2) | 673,472 | |||||||||||||||||||
Total Computers & Peripherals | 47,657,204 | ||||||||||||||||||||
Consumer Finance – 0.3% | |||||||||||||||||||||
18,700 | American Express Company | 704,429 | |||||||||||||||||||
21,700 | SLM Corporation, (2) | 419,895 | |||||||||||||||||||
Total Consumer Finance | 1,124,324 | ||||||||||||||||||||
Containers & Packaging – 0.4% | |||||||||||||||||||||
43,903 | Packaging Corp. of America | 944,354 | |||||||||||||||||||
24,900 | Sonoco Products Company | 770,655 | |||||||||||||||||||
Total Containers & Packaging | 1,715,009 | ||||||||||||||||||||
Diversified Consumer Services – 0.3% | |||||||||||||||||||||
11,893 | ITT Educational Services, Inc., (2) | 982,719 | |||||||||||||||||||
35,000 | Service Corporation International | 345,100 | |||||||||||||||||||
Total Diversified Consumer Services | 1,327,819 | ||||||||||||||||||||
Diversified Financial Services – 0.9% | |||||||||||||||||||||
88,243 | Citigroup Inc. | 1,478,953 | |||||||||||||||||||
4,400 | CME Group, Inc. | 1,686,036 | |||||||||||||||||||
20,000 | Moody’s Corporation | 688,800 | |||||||||||||||||||
Total Diversified Financial Services | 3,853,789 | ||||||||||||||||||||
Diversified Telecommunication Services – 2.3% | |||||||||||||||||||||
220,695 | AT&T Inc. | 7,435,215 | |||||||||||||||||||
25,413 | Chunghwa Telecom Co., Ltd., Sponsored ADR | 644,728 | |||||||||||||||||||
72,955 | Citizens Communications Company | 827,310 | |||||||||||||||||||
586 | FairPoint Communications Inc. | 4,225 | |||||||||||||||||||
31,090 | Verizon Communications Inc. | 1,100,586 | |||||||||||||||||||
Total Diversified Telecommunication Services | 10,012,064 | ||||||||||||||||||||
29
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Electric Utilities – 0.8% | |||||||||||||||||||||
17,700 | Covanta Holding Corporation, (2) | $ | 472,413 | ||||||||||||||||||
21,600 | Exelon Corporation | 1,943,136 | |||||||||||||||||||
10,700 | Huaneng Power International Inc., Sponsored ADR | 295,855 | |||||||||||||||||||
30,400 | OGE Energy Corp. | 963,984 | |||||||||||||||||||
Total Electric Utilities | 3,675,388 | ||||||||||||||||||||
Electrical Equipment – 1.2% | |||||||||||||||||||||
26,000 | Cooper Industries, Ltd., Class A, (2) | 1,027,000 | |||||||||||||||||||
59,800 | Emerson Electric Company | 2,957,110 | |||||||||||||||||||
13,500 | Hubbell Incorporated, Class B | 538,245 | |||||||||||||||||||
13,700 | Rockwell Automation, Inc. | 599,101 | |||||||||||||||||||
Total Electrical Equipment | 5,121,456 | ||||||||||||||||||||
Electronic Equipment & Instruments – 1.0% | |||||||||||||||||||||
17,182 | Agilent Technologies, Inc., (2) | 610,648 | |||||||||||||||||||
26,404 | Amphenol Corporation, Class A | 1,185,012 | |||||||||||||||||||
48,857 | Gentex Corporation | 705,495 | |||||||||||||||||||
7,800 | MEMC Electronic Materials, (2) | 480,012 | |||||||||||||||||||
18,868 | Roper Industries Inc. | 1,243,024 | |||||||||||||||||||
3,560 | Tyco Electronics, Limited | 127,519 | |||||||||||||||||||
Total Electronic Equipment & Instruments | 4,351,710 | ||||||||||||||||||||
Energy Equipment & Services – 2.2% | |||||||||||||||||||||
30,000 | Cooper Cameron Corporation, (2) | 1,660,500 | |||||||||||||||||||
19,059 | Diamond Offshore Drilling, Inc. | 2,651,869 | |||||||||||||||||||
52,800 | Halliburton Company | 2,802,096 | |||||||||||||||||||
34,200 | Smith International, Inc. | 2,843,388 | |||||||||||||||||||
Total Energy Equipment & Services | 9,957,853 | ||||||||||||||||||||
Food & Staples Retailing – 1.2% | |||||||||||||||||||||
43,162 | CVS Caremark Corporation | 1,707,920 | |||||||||||||||||||
15,016 | Kroger Co. | 433,512 | |||||||||||||||||||
23,562 | SUPERVALU INC. | 727,830 | |||||||||||||||||||
15,400 | Walgreen Co. | 500,654 | |||||||||||||||||||
31,292 | Wal-Mart Stores, Inc. | 1,758,610 | |||||||||||||||||||
Total Food & Staples Retailing | 5,128,526 | ||||||||||||||||||||
Food Products – 1.4% | |||||||||||||||||||||
10,500 | Archer-Daniels-Midland Company | 354,375 | |||||||||||||||||||
47,193 | Kraft Foods Inc. | 1,342,641 | |||||||||||||||||||
27,800 | Monsanto Company | 3,515,032 | |||||||||||||||||||
64,658 | Sara Lee Corporation | 792,061 | |||||||||||||||||||
Total Food Products | 6,004,109 | ||||||||||||||||||||
Gas Utilities – 0.6% | |||||||||||||||||||||
47,295 | Nicor Inc. | 2,014,294 | |||||||||||||||||||
26,700 | Piedmont Natural Gas Company | 698,472 | |||||||||||||||||||
Total Gas Utilities | 2,712,766 | ||||||||||||||||||||
Health Care Equipment & Supplies – 1.7% | |||||||||||||||||||||
33,800 | Applera Corporation-Applied Biosystems Group | 1,131,624 | |||||||||||||||||||
34,400 | Baxter International Inc. | 2,199,536 | |||||||||||||||||||
55,100 | Boston Scientific Corporation, (2) | 677,179 | |||||||||||||||||||
38,000 | ev3, Inc., (2) | 360,240 | |||||||||||||||||||
3,702 | Intuitive Surgical, Inc., (2) | 997,319 | |||||||||||||||||||
12,200 | Medtronic, Inc. | 631,350 | |||||||||||||||||||
19,174 | Saint Jude Medical Inc., (2) | 783,833 | |||||||||||||||||||
11,687 | Zimmer Holdings, Inc., (2) | 795,300 | |||||||||||||||||||
Total Health Care Equipment & Supplies | 7,576,381 | ||||||||||||||||||||
Health Care Providers & Services – 0.9% | |||||||||||||||||||||
27,200 | Brookdale Senior Living Inc. | 553,792 | |||||||||||||||||||
22,698 | Medco Health Solutions, Inc., (2) | 1,071,346 | |||||||||||||||||||
82,800 | Tenet Healthcare Corporation, (2) | 460,368 | |||||||||||||||||||
18,700 | UnitedHealth Group Incorporated | 490,875 |
30
Shares | Description (1) | Value | |||||||||||||||||||
Health Care Providers & Services (continued) | |||||||||||||||||||||
11,200 | Universal Health Services, Inc., Class B | $ | 708,064 | ||||||||||||||||||
14,593 | Wellpoint Inc., (2) | 695,502 | |||||||||||||||||||
Total Health Care Providers & Services | 3,979,947 | ||||||||||||||||||||
Hotels, Restaurants & Leisure – 1.7% | |||||||||||||||||||||
18,429 | Carnival Corporation | 607,420 | |||||||||||||||||||
26,904 | International Game Technology | 672,062 | |||||||||||||||||||
45,500 | McDonald’s Corporation | 2,558,010 | |||||||||||||||||||
111,220 | Starbucks Corporation, (2) | 1,750,603 | |||||||||||||||||||
15,700 | Starwood Hotels & Resorts Worldwide, Inc. | 629,099 | |||||||||||||||||||
27,491 | Tim Hortons Inc. | 788,717 | |||||||||||||||||||
20,300 | Wendy’s International, Inc. | 552,566 | |||||||||||||||||||
Total Hotels, Restaurants & Leisure | 7,558,477 | ||||||||||||||||||||
Household Durables – 0.4% | |||||||||||||||||||||
20,700 | KB Home | 350,451 | |||||||||||||||||||
38,500 | Newell Rubbermaid Inc. | 646,415 | |||||||||||||||||||
12,700 | Whirlpool Corporation | 783,971 | |||||||||||||||||||
Total Household Durables | 1,780,837 | ||||||||||||||||||||
Household Products – 1.0% | |||||||||||||||||||||
75,195 | Procter & Gamble Company | 4,572,608 | |||||||||||||||||||
Industrial Conglomerates – 1.3% | |||||||||||||||||||||
13,364 | 3M Co. | 930,001 | |||||||||||||||||||
158,640 | General Electric Company | 4,234,102 | |||||||||||||||||||
17,994 | Genuine Parts Company | 714,002 | |||||||||||||||||||
Total Industrial Conglomerates | 5,878,105 | ||||||||||||||||||||
Insurance – 1.2% | |||||||||||||||||||||
15,228 | AFLAC Incorporated | 956,318 | |||||||||||||||||||
63,270 | American International Group, Inc. | 1,674,124 | |||||||||||||||||||
34,260 | Fidelity National Title Group Inc., Class A | 431,676 | |||||||||||||||||||
30,179 | Marsh & McLennan Companies, Inc. | 801,252 | |||||||||||||||||||
13,260 | Prudential Financial, Inc. | 792,152 | |||||||||||||||||||
18,273 | Travelers Companies, Inc. | 793,048 | |||||||||||||||||||
Total Insurance | 5,448,570 | ||||||||||||||||||||
Internet & Catalog Retail – 1.1% | |||||||||||||||||||||
52,639 | Amazon.com, Inc., (2) | 3,860,018 | |||||||||||||||||||
50,620 | IAC/InterActiveCorp., (2) | 975,954 | |||||||||||||||||||
Total Internet & Catalog Retail | 4,835,972 | ||||||||||||||||||||
Internet Software & Services – 4.4% | |||||||||||||||||||||
132,839 | eBay Inc., (2) | 3,630,490 | |||||||||||||||||||
25,123 | Google Inc., Class A, (2) | 13,225,250 | |||||||||||||||||||
20,000 | IBasis, Inc. | 65,600 | |||||||||||||||||||
43,727 | United Online, Inc. | 438,582 | |||||||||||||||||||
98,705 | Yahoo! Inc., (2) | 2,039,245 | |||||||||||||||||||
Total Internet Software & Services | 19,399,167 | ||||||||||||||||||||
IT Services – 1.3% | |||||||||||||||||||||
32,440 | Automatic Data Processing, Inc. | 1,359,236 | |||||||||||||||||||
41,600 | Electronic Data Systems Corporation | 1,025,024 | |||||||||||||||||||
17,573 | Fidelity National Information Services | 648,619 | |||||||||||||||||||
7,816 | Global Payments Inc. | 364,226 | |||||||||||||||||||
13,350 | Infosys Technologies Limited, Sponsored ADR | 580,191 | |||||||||||||||||||
61,190 | Paychex, Inc. | 1,914,023 | |||||||||||||||||||
Total IT Services | 5,891,319 | ||||||||||||||||||||
Leisure Equipment & Products – 0.1% | |||||||||||||||||||||
26,523 | Eastman Kodak Company | 382,727 | |||||||||||||||||||
Machinery – 1.9% | |||||||||||||||||||||
29,600 | Caterpillar Inc. | 2,185,072 | |||||||||||||||||||
8,259 | Danaher Corporation | 638,421 |
31
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Machinery (continued) | |||||||||||||||||||||
6,600 | Deere & Company | $ | 476,058 | ||||||||||||||||||
15,700 | Eaton Corporation | 1,334,029 | |||||||||||||||||||
18,700 | Graco Inc. | 711,909 | |||||||||||||||||||
3,343 | Ingersoll Rand Company Limited, Class A | 125,128 | |||||||||||||||||||
21,330 | SPX Corporation | 2,809,801 | |||||||||||||||||||
Total Machinery | 8,280,418 | ||||||||||||||||||||
Media – 2.6% | |||||||||||||||||||||
32,300 | Clear Channel Communications, Inc. | 1,136,960 | |||||||||||||||||||
239,323 | Comcast Corporation, Special Class A | 4,489,699 | |||||||||||||||||||
33,800 | Entercom Communications Corporation | 237,276 | |||||||||||||||||||
8,600 | Liberty Media Holding Corporation-Capital, Class A, (2) | 123,840 | |||||||||||||||||||
33,200 | Liberty Media Holding Corporation-Entertainment, Class A, (2) | 804,436 | |||||||||||||||||||
12,933 | Monster Worldwide Inc., (2) | 266,549 | |||||||||||||||||||
62,500 | News Corporation, Class A | 940,000 | |||||||||||||||||||
20,400 | Omnicom Group Inc. | 915,552 | |||||||||||||||||||
65,946 | Regal Entertainment Group, Class A | 1,007,655 | |||||||||||||||||||
44,300 | Time Warner Inc. | 655,640 | |||||||||||||||||||
34,600 | Walt Disney Company | 1,079,520 | |||||||||||||||||||
Total Media | �� | 11,657,127 | |||||||||||||||||||
Metals & Mining – 1.4% | |||||||||||||||||||||
107,079 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 4,755,378 | |||||||||||||||||||
14,778 | Southern Copper Corporation | 1,575,778 | |||||||||||||||||||
Total Metals & Mining | 6,331,156 | ||||||||||||||||||||
Multiline Retail – 0.9% | |||||||||||||||||||||
25,000 | Family Dollar Stores, Inc. | 498,500 | |||||||||||||||||||
23,753 | Federated Department Stores, Inc. | 461,283 | |||||||||||||||||||
16,800 | J.C. Penney Company, Inc. | 609,672 | |||||||||||||||||||
12,439 | Kohl’s Corporation, (2) | 498,058 | |||||||||||||||||||
13,297 | Sears Holding Corporation, (2) | 979,457 | |||||||||||||||||||
16,500 | Target Corporation | 767,085 | |||||||||||||||||||
Total Multiline Retail | 3,814,055 | ||||||||||||||||||||
Multi-Utilities – 0.4% | |||||||||||||||||||||
61,600 | Duke Energy Corporation | 1,070,608 | |||||||||||||||||||
15,502 | Integrys Energy Group, Inc. | 787,967 | |||||||||||||||||||
26 | National Grid PLC, Sponsored ADR | 1,715 | |||||||||||||||||||
Total Multi-Utilities | 1,860,290 | ||||||||||||||||||||
Oil, Gas & Consumable Fuels – 5.3% | |||||||||||||||||||||
14,400 | A/S Steamship Company Torm, Sponsored ADR | 504,144 | |||||||||||||||||||
15,200 | Cheniere Energy Inc., (2) | 66,424 | |||||||||||||||||||
70,620 | Chevron Corporation | 7,000,561 | |||||||||||||||||||
27,800 | ConocoPhillips | 2,624,042 | |||||||||||||||||||
20,800 | Delta Petroleum Corporation, (2) | 530,816 | |||||||||||||||||||
136,446 | Exxon Mobil Corporation | 12,024,986 | |||||||||||||||||||
9,400 | XTO Energy, Inc. | 643,994 | |||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 23,394,967 | ||||||||||||||||||||
Paper & Forest Products – 0.1% | |||||||||||||||||||||
23,723 | International Paper Company | 552,746 | |||||||||||||||||||
Pharmaceuticals – 4.1% | |||||||||||||||||||||
34,630 | Abbott Laboratories | 1,834,351 | |||||||||||||||||||
9,300 | Allergan, Inc. | 484,065 | |||||||||||||||||||
77,186 | Bristol-Myers Squibb Company | 1,584,629 | |||||||||||||||||||
29,208 | Eli Lilly and Company | 1,348,241 | |||||||||||||||||||
8,855 | GlaxoSmithKline PLC, ADR | 391,568 | |||||||||||||||||||
43,843 | Johnson & Johnson | 2,820,859 | |||||||||||||||||||
99,822 | Merck & Co. Inc. | 3,762,291 | |||||||||||||||||||
182,940 | Pfizer Inc. | 3,195,962 |
32
Shares | Description (1) | Value | |||||||||||||||||||
Pharmaceuticals (continued) | |||||||||||||||||||||
33,686 | Schering-Plough Corporation | $ | 663,277 | ||||||||||||||||||
38,806 | Wyeth | 1,861,136 | |||||||||||||||||||
Total Pharmaceuticals | 17,946,379 | ||||||||||||||||||||
Real Estate Investment Trust – 1.0% | |||||||||||||||||||||
13,700 | Apartment Investment & Management Company, Class A | 466,622 | |||||||||||||||||||
72,400 | DCT Industrial Trust Inc. | 599,472 | |||||||||||||||||||
12,300 | Developers Diversified Realty Corporation | 426,933 | |||||||||||||||||||
51,777 | Nationwide Health Properties, Inc. | 1,630,458 | |||||||||||||||||||
41,422 | Senior Housing Properties Trust | 808,972 | |||||||||||||||||||
54,500 | U-Store-It Trust | 651,275 | |||||||||||||||||||
Total Real Estate Investment Trust | 4,583,732 | ||||||||||||||||||||
Road & Rail – 0.4% | |||||||||||||||||||||
17,500 | Burlington Northern Santa Fe Corporation | 1,748,075 | |||||||||||||||||||
Semiconductors & Equipment – 5.7% | |||||||||||||||||||||
97,900 | Advanced Micro Devices, Inc., (2) | 570,757 | |||||||||||||||||||
55,763 | Altera Corporation | 1,154,294 | |||||||||||||||||||
15,765 | Analog Devices, Inc. | 500,854 | |||||||||||||||||||
110,180 | Applied Materials, Inc. | 2,103,336 | |||||||||||||||||||
144,000 | Atmel Corporation, (2) | 501,120 | |||||||||||||||||||
67,900 | Broadcom Corporation, Class A, (2) | 1,852,991 | |||||||||||||||||||
18,900 | Cymer, Inc., (2) | 508,032 | |||||||||||||||||||
47,717 | Cypress Semiconductor Corporation, (2) | 1,180,996 | |||||||||||||||||||
39,437 | Fairchild Semiconductor International Inc., Class A, (2) | 462,596 | |||||||||||||||||||
46,242 | Integrated Device Technology, Inc., (2) | 459,645 | |||||||||||||||||||
185,950 | Intel Corporation | 3,994,206 | |||||||||||||||||||
20,531 | Intersil Holding Corporation, Class A | 499,314 | |||||||||||||||||||
70,275 | Linear Technology Corporation | 2,288,857 | |||||||||||||||||||
126,303 | LSI Logic Corporation, (2) | 775,500 | |||||||||||||||||||
52,100 | National Semiconductor Corporation | 1,070,134 | |||||||||||||||||||
27,401 | Novellus Systems, Inc., (2) | 580,627 | |||||||||||||||||||
85,235 | NVIDIA Corporation, (2) | 1,595,599 | |||||||||||||||||||
85,400 | Qimonda AG, Sponsored ADR, (2) | 203,252 | |||||||||||||||||||
110,442 | Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR | 1,204,922 | |||||||||||||||||||
13,849 | Tessera Technologies Inc., (2) | 226,708 | |||||||||||||||||||
79,714 | Texas Instruments Incorporated | 2,244,746 | |||||||||||||||||||
33,502 | Varian Semiconductor Equipment Associate, (2) | 1,166,540 | |||||||||||||||||||
2,103 | Verigy Limited, (2) | 47,759 | |||||||||||||||||||
Total Semiconductors & Equipment | 25,192,785 | ||||||||||||||||||||
Software – 9.0% | |||||||||||||||||||||
60,364 | Activision Inc., (2) | 2,056,601 | |||||||||||||||||||
100,430 | Adobe Systems Incorporated, (2) | 3,955,938 | |||||||||||||||||||
28,690 | Akamai Technologies, Inc., (2) | 998,125 | |||||||||||||||||||
28,718 | Autodesk, Inc., (2) | 970,956 | |||||||||||||||||||
27,633 | CA Inc. | 638,046 | |||||||||||||||||||
74,410 | Cadence Design Systems, Inc., (2) | 751,541 | |||||||||||||||||||
62,757 | CNET Networks, Inc., (2) | 721,078 | |||||||||||||||||||
638,901 | Microsoft Corporation | 17,576,167 | |||||||||||||||||||
8,453 | NAVTEQ Corporation, (2) | 650,881 | |||||||||||||||||||
490,178 | Oracle Corporation, (2) | 10,293,738 | |||||||||||||||||||
8,038 | SAP AG, Sponsored ADR | 418,860 | |||||||||||||||||||
38,088 | Satyam Computer Services Limited, Sponsored ADR | 933,918 | |||||||||||||||||||
Total Software | 39,965,849 | ||||||||||||||||||||
Specialty Retail – 1.4% | |||||||||||||||||||||
28,650 | Best Buy Co., Inc. | 1,134,540 | |||||||||||||||||||
50,492 | Gap, Inc. | 841,702 | |||||||||||||||||||
36,934 | Home Depot, Inc. | 864,994 | |||||||||||||||||||
40,900 | Limited Brands, Inc. | 689,165 | |||||||||||||||||||
30,900 | Lowe’s Companies, Inc. | 641,175 |
33
JLA | Nuveen Equity Premium Advantage Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Specialty Retail (continued) | |||||||||||||||||||||
28,938 | TJX Companies, Inc. | $ | 910,679 | ||||||||||||||||||
37,616 | Urban Outfitters, Inc., (2) | 1,173,243 | |||||||||||||||||||
Total Specialty Retail | 6,255,498 | ||||||||||||||||||||
Textiles Apparel & Luxury Goods – 0.1% | |||||||||||||||||||||
14,000 | Coach, Inc., (2) | 404,320 | |||||||||||||||||||
Thrifts & Mortgage Finance – 0.1% | |||||||||||||||||||||
17,500 | Federal Home Loan Mortgage Corporation | 287,000 | |||||||||||||||||||
19,669 | Federal National Mortgage Association | 383,742 | |||||||||||||||||||
Total Thrifts & Mortgage Finance | 670,742 | ||||||||||||||||||||
Tobacco – 1.1% | |||||||||||||||||||||
68,196 | Altria Group, Inc. | 1,402,110 | |||||||||||||||||||
68,196 | Philip Morris International, (2) | 3,368,200 | |||||||||||||||||||
Total Tobacco | 4,770,310 | ||||||||||||||||||||
Wireless Telecommunication Services – 0.9% | |||||||||||||||||||||
45,119 | China Mobile Hong Kong Limited, Sponsored ADR | 3,020,717 | |||||||||||||||||||
36,448 | Vodafone Group PLC, Sponsored ADR | 1,073,758 | |||||||||||||||||||
Total Wireless Telecommunication Services | 4,094,475 | ||||||||||||||||||||
Total Common Stocks (cost $338,217,722) | 431,802,388 | ||||||||||||||||||||
Principal | |||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||
Short-Term Investments – 5.3% | |||||||||||||||||||||
$ | 23,326 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $23,327,023, collateralized by $22,420,000 U.S. Treasury Notes, 6.000%, due 8/15/09, value $23,793,225 | 1.350% | 7/01/08 | 23,326,148 | ||||||||||||||||
Total Short-Term Investments (cost $23,326,148) | 23,326,148 | ||||||||||||||||||||
Total Investments (cost $361,543,870) – 102.8% | 455,128,536 | ||||||||||||||||||||
Number of | Notional | Expiration | Strike | ||||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | ||||||||||||||||
Call Options Written – (0.6)% (4) | |||||||||||||||||||||
(785 | ) | Mini-NDX 100 Index | $ | (15,307,500 | ) | 7/19/08 | $ | 195.0 | $ | (66,333 | ) | ||||||||||
(1,345 | ) | Mini-NDX 100 Index | (26,563,750 | ) | 7/19/08 | 197.5 | (65,905 | ) | |||||||||||||
(630 | ) | Mini-NDX 100 Index | (12,600,000 | ) | 7/19/08 | 200.0 | (18,585 | ) | |||||||||||||
(230 | ) | Mini-NDX 100 Index | (4,485,000 | ) | 8/16/08 | 195.0 | (64,860 | ) | |||||||||||||
(1,490 | ) | Mini-NDX 100 Index | (29,427,500 | ) | 8/16/08 | 197.5 | (317,370 | ) | |||||||||||||
(204 | ) | NASDAQ 100 Index | (39,780,000 | ) | 7/19/08 | 1,950 | (173,400 | ) | |||||||||||||
(138 | ) | NASDAQ 100 Index | (27,255,000 | ) | 7/19/08 | 1,975 | (69,000 | ) | |||||||||||||
(74 | ) | NASDAQ 100 Index | (14,800,000 | ) | 7/19/08 | 2,000 | (21,090 | ) | |||||||||||||
(101 | ) | NASDAQ 100 Index | (19,695,000 | ) | 8/16/08 | 1,950 | (285,830 | ) | |||||||||||||
(120 | ) | NASDAQ 100 Index | (23,700,000 | ) | 8/16/08 | 1,975 | (255,600 | ) | |||||||||||||
(131 | ) | NASDAQ 100 Index | (26,200,000 | ) | 8/16/08 | 2,000 | (206,325 | ) | |||||||||||||
(360 | ) | S&P 500 Index | (48,600,000 | ) | 7/19/08 | 1,350 | (95,400 | ) | |||||||||||||
(307 | ) | S&P 500 Index | (42,212,500 | ) | 7/19/08 | 1,375 | (23,025 | ) | |||||||||||||
(174 | ) | S&P 500 Index | (24,360,000 | ) | 7/19/08 | 1,400 | (5,220 | ) | |||||||||||||
(185 | ) | S&P 500 Index | (24,975,000 | ) | 8/16/08 | 1,350 | (216,450 | ) | |||||||||||||
(185 | ) | S&P 500 Index | (25,437,500 | ) | 8/16/08 | 1,375 | (112,850 | ) | |||||||||||||
(201 | ) | S&P 500 Index | (28,140,000 | ) | 8/16/08 | 1,400 | (55,275 | ) | |||||||||||||
(201 | ) | S&P 500 Index | (27,135,000 | ) | 9/20/08 | 1,350 | (444,210 | ) | |||||||||||||
(6,861 | ) | Total Call Options Written (premiums received $17,524,932) | (460,673,750 | ) | (2,496,728 | ) | |||||||||||||||
Other Assets Less Liabilities – (2.2)% | (9,687,767 | ) | |||||||||||||||||||
Net Assets – 100% | $ | 442,944,041 | |||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. | |
(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 June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Common Stocks – 97.2% | |||||||||||||||||||||
Aerospace & Defense – 1.9% | |||||||||||||||||||||
25,768 | Boeing Company | $ | 1,693,473 | ||||||||||||||||||
4,500 | Goodrich Corporation | 213,570 | |||||||||||||||||||
33,500 | Honeywell International Inc. | 1,684,380 | |||||||||||||||||||
5,496 | Raytheon Company | 309,315 | |||||||||||||||||||
25,203 | United Technologies Corporation | 1,555,025 | |||||||||||||||||||
Total Aerospace & Defense | 5,455,763 | ||||||||||||||||||||
Air Freight & Logistics – 0.3% | |||||||||||||||||||||
15,798 | United Parcel Service, Inc., Class B | 971,103 | |||||||||||||||||||
Airlines – 0.2% | |||||||||||||||||||||
12,144 | AMR Corporation-DEL, (2) | 62,177 | |||||||||||||||||||
3,200 | Continental Airlines, inc., (2) | 32,352 | |||||||||||||||||||
55,105 | Lan Airlines S.A, Sponsored ADR | 564,275 | |||||||||||||||||||
Total Airlines | 658,804 | ||||||||||||||||||||
Auto Components – 0.1% | |||||||||||||||||||||
24,800 | American Axle and Manufacturing Holdings Inc. | 198,152 | |||||||||||||||||||
9,310 | Cooper Tire & Rubber | 72,990 | |||||||||||||||||||
Total Auto Components | 271,142 | ||||||||||||||||||||
Automobiles – 0.2% | |||||||||||||||||||||
�� | 45,242 | Ford Motor Company, (2) | 217,614 | ||||||||||||||||||
35,600 | General Motors Corporation | 409,400 | |||||||||||||||||||
Total Automobiles | 627,014 | ||||||||||||||||||||
Beverages – 1.5% | |||||||||||||||||||||
44,948 | Coca-Cola Company | 2,336,397 | |||||||||||||||||||
31,844 | PepsiCo, Inc. | 2,024,960 | |||||||||||||||||||
Total Beverages | 4,361,357 | ||||||||||||||||||||
Biotechnology – 0.6% | |||||||||||||||||||||
6,508 | Celgene Corporation, (2) | 415,666 | |||||||||||||||||||
560 | Cephalon, Inc., (2) | 37,346 | |||||||||||||||||||
3,005 | Genentech, Inc., (2) | 228,080 | |||||||||||||||||||
17,019 | Gilead Sciences, Inc., (2) | 901,156 | |||||||||||||||||||
2,730 | Invitrogen Corporation, (2) | 107,180 | |||||||||||||||||||
10,546 | PDL Biopahrma Inc. | 111,999 | |||||||||||||||||||
Total Biotechnology | 1,801,427 | ||||||||||||||||||||
Capital Markets – 3.2% | |||||||||||||||||||||
62,385 | Charles Schwab Corporation | 1,281,388 | |||||||||||||||||||
24,811 | Federated Investors Inc. | 853,995 | |||||||||||||||||||
11,429 | Goldman Sachs Group, Inc. | 1,998,932 | |||||||||||||||||||
90,178 | JPMorgan Chase & Co. | 3,094,007 | |||||||||||||||||||
33,567 | Morgan Stanley | 1,210,762 | |||||||||||||||||||
22,422 | Waddell & Reed Financial, Inc., Class A | 784,994 | |||||||||||||||||||
Total Capital Markets | 9,224,078 | ||||||||||||||||||||
Chemicals – 2.2% | |||||||||||||||||||||
24,470 | Chemtura Corporation | 142,905 | |||||||||||||||||||
56,173 | Dow Chemical Company | 1,960,999 | |||||||||||||||||||
47,395 | E.I. Du Pont de Nemours and Company | 2,032,772 | |||||||||||||||||||
5,835 | Eastman Chemical Company | 401,798 | |||||||||||||||||||
29,107 | Olin Corporation | 762,021 |
35
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Chemicals (continued) | |||||||||||||||||||||
13,161 | PPG Industries, Inc. | $ | 755,047 | ||||||||||||||||||
10,283 | RPM International, Inc. | 211,830 | |||||||||||||||||||
Total Chemicals | 6,267,372 | ||||||||||||||||||||
Commercial Banks – 3.9% | |||||||||||||||||||||
124,776 | Bank of America Corporation | 2,978,403 | |||||||||||||||||||
24,420 | Comerica Incorporated | 625,885 | |||||||||||||||||||
25,852 | First Horizon National Corporation | 192,080 | |||||||||||||||||||
8,605 | FirstMerit Corporation | 140,348 | |||||||||||||||||||
9,110 | HSBC Holdings PLC, Sponsored ADR | 698,737 | |||||||||||||||||||
49,105 | Huntington BancShares Inc. | 283,336 | |||||||||||||||||||
58,291 | Regions Financial Corporation | 635,955 | |||||||||||||||||||
96,551 | U.S. Bancorp | 2,692,807 | |||||||||||||||||||
75,340 | Wachovia Corporation | 1,170,030 | |||||||||||||||||||
75,026 | Wells Fargo & Company | 1,781,868 | |||||||||||||||||||
Total Commercial Banks | 11,199,449 | ||||||||||||||||||||
Commercial Services & Supplies – 0.3% | |||||||||||||||||||||
13,262 | Avery Dennison Corporation | 582,600 | |||||||||||||||||||
19,872 | Deluxe Corporation | 354,119 | |||||||||||||||||||
Total Commercial Services & Supplies | 936,719 | ||||||||||||||||||||
Communications Equipment – 2.3% | |||||||||||||||||||||
136,624 | Cisco Systems, Inc., (2) | 3,177,874 | |||||||||||||||||||
42,658 | Corning Incorporated | 983,267 | |||||||||||||||||||
20,792 | Motorola, Inc. | 152,613 | |||||||||||||||||||
49,232 | QUALCOMM Inc. | 2,184,424 | |||||||||||||||||||
550 | Research In Motion Limited, (2) | 64,295 | |||||||||||||||||||
Total Communications Equipment | 6,562,473 | ||||||||||||||||||||
Computers & Peripherals – 4.6% | |||||||||||||||||||||
25,205 | Apple, Inc., (2) | 4,220,325 | |||||||||||||||||||
42,123 | Dell Inc., (2) | 921,651 | |||||||||||||||||||
58,247 | EMC Corporation, (2) | 855,648 | |||||||||||||||||||
65,768 | Hewlett-Packard Company | 2,907,603 | |||||||||||||||||||
35,500 | International Business Machines Corporation (IBM) | 4,207,815 | |||||||||||||||||||
Total Computers & Peripherals | 13,113,042 | ||||||||||||||||||||
Consumer Finance – 0.2% | |||||||||||||||||||||
10,349 | American Express Company | 389,847 | |||||||||||||||||||
640 | Visa Inc. | 52,038 | |||||||||||||||||||
Total Consumer Finance | 441,885 | ||||||||||||||||||||
Containers & Packaging – 0.2% | |||||||||||||||||||||
21,200 | Packaging Corp. of America | 456,012 | |||||||||||||||||||
Diversified Consumer Services – 0.0% | |||||||||||||||||||||
3,078 | Apollo Group, Inc., (2) | 136,232 | |||||||||||||||||||
Diversified Financial Services – 1.5% | |||||||||||||||||||||
143,304 | Citigroup Inc. | 2,401,775 | |||||||||||||||||||
3,292 | CME Group, Inc. | 1,261,461 | |||||||||||||||||||
2,523 | Intercontinental Exchange Inc., (2) | 287,622 | |||||||||||||||||||
5,207 | New York Stock Exchange Euronext | 263,787 | |||||||||||||||||||
Total Diversified Financial Services | 4,214,645 | ||||||||||||||||||||
Diversified Telecommunication Services – 3.8% | |||||||||||||||||||||
4,000 | Alaska Communications Systems Group Inc. | 47,760 | |||||||||||||||||||
147,861 | AT&T Inc. | 4,981,437 | |||||||||||||||||||
81,953 | Citizens Communications Company | 929,347 | |||||||||||||||||||
3,700 | Compania Anonima Nacional Telefonos de Venezuela, Sponsored ADR | 41,613 | |||||||||||||||||||
7,463 | FairPoint Communications Inc. | 53,808 |
36
Shares | Description (1) | Value | |||||||||||||||||||
Diversified Telecommunication Services (continued) | |||||||||||||||||||||
46,221 | Sprint Nextel Corporation | $ | 439,100 | ||||||||||||||||||
124,392 | Verizon Communications Inc. | 4,403,477 | |||||||||||||||||||
Total Diversified Telecommunication Services | 10,896,542 | ||||||||||||||||||||
Electric Utilities – 1.8% | |||||||||||||||||||||
28,310 | Ameren Corporation | 1,195,531 | |||||||||||||||||||
2,414 | Companhia Energetica de Minas Gerais, Sponsored ADR | 59,264 | |||||||||||||||||||
24,452 | Consolidated Edison, Inc. | 955,829 | |||||||||||||||||||
66,284 | Great Plains Energy Incorporated | 1,675,660 | |||||||||||||||||||
26,735 | Progress Energy, Inc. | 1,118,325 | |||||||||||||||||||
Total Electric Utilities | 5,004,609 | ||||||||||||||||||||
Electrical Equipment – 1.3% | |||||||||||||||||||||
8,053 | Cooper Industries, Ltd., Class A, (2) | 318,094 | |||||||||||||||||||
60,000 | Emerson Electric Company | 2,967,000 | |||||||||||||||||||
110 | First Solar Inc., (2) | 30,010 | |||||||||||||||||||
2,000 | Hubbell Incorporated, Class B | 79,740 | |||||||||||||||||||
6,417 | Rockwell Automation, Inc. | 280,615 | |||||||||||||||||||
Total Electrical Equipment | 3,675,459 | ||||||||||||||||||||
Electronic Equipment & Instruments – 0.2% | |||||||||||||||||||||
9,421 | MEMC Electronic Materials, (2) | 579,768 | |||||||||||||||||||
Energy Equipment & Services – 4.2% | |||||||||||||||||||||
12,700 | Baker Hughes Incorporated | 1,109,218 | |||||||||||||||||||
3,264 | Carbo Ceramics Inc. | 190,454 | |||||||||||||||||||
3,196 | Diamond Offshore Drilling, Inc. | 444,691 | |||||||||||||||||||
34,006 | Halliburton Company | 1,804,698 | |||||||||||||||||||
17,916 | National-Oilwell Varco Inc., (2) | 1,589,508 | |||||||||||||||||||
10,000 | Noble Corporation | 649,600 | |||||||||||||||||||
37,639 | Schlumberger Limited | 4,043,558 | |||||||||||||||||||
11,347 | Smith International, Inc. | 943,390 | |||||||||||||||||||
2,000 | Tidewater Inc. | 130,060 | |||||||||||||||||||
8,347 | Transocean Inc., (2) | 1,271,999 | |||||||||||||||||||
Total Energy Equipment & Services | 12,177,176 | ||||||||||||||||||||
Food & Staples Retailing – 1.9% | |||||||||||||||||||||
31,368 | CVS Caremark Corporation | 1,241,232 | |||||||||||||||||||
23,637 | SUPERVALU INC. | 730,147 | |||||||||||||||||||
56,986 | Wal-Mart Stores, Inc. | 3,202,613 | |||||||||||||||||||
14,890 | Whole Foods Market, Inc. | 352,744 | |||||||||||||||||||
Total Food & Staples Retailing | 5,526,736 | ||||||||||||||||||||
Food Products – 1.2% | |||||||||||||||||||||
986 | Archer-Daniels-Midland Company | 33,278 | |||||||||||||||||||
41,300 | ConAgra Foods, Inc. | 796,264 | |||||||||||||||||||
48,088 | Kraft Foods Inc. | 1,368,104 | |||||||||||||||||||
9,534 | Monsanto Company | 1,205,479 | |||||||||||||||||||
Total Food Products | 3,403,125 | ||||||||||||||||||||
Gas Utilities – 0.5% | |||||||||||||||||||||
35,390 | Nicor Inc. | 1,507,260 | |||||||||||||||||||
Health Care Equipment & Supplies – 0.7% | |||||||||||||||||||||
9,938 | Baxter International Inc. | 635,436 | |||||||||||||||||||
9,046 | Boston Scientific Corporation, (2) | 111,175 | |||||||||||||||||||
2,840 | Hologic Inc., (2) | 61,912 | |||||||||||||||||||
2,280 | Lincare Holdings, (2) | 64,752 | |||||||||||||||||||
19,245 | Medtronic, Inc. | 995,929 | |||||||||||||||||||
Total Health Care Equipment & Supplies | 1,869,204 | ||||||||||||||||||||
Health Care Providers & Services – 1.2% | |||||||||||||||||||||
12,303 | Aetna Inc. | 498,641 | |||||||||||||||||||
30,791 | Brookdale Senior Living Inc. | 626,905 | |||||||||||||||||||
7,142 | Express Scripts, Inc., (2) | 447,946 |
37
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Health Care Providers & Services (continued) | |||||||||||||||||||||
540 | Henry Schein Inc., (2) | $ | 27,848 | ||||||||||||||||||
1,723 | Humana Inc., (2) | 68,524 | |||||||||||||||||||
7,521 | Medco Health Solutions, Inc., (2) | 354,991 | |||||||||||||||||||
17,342 | Tenet Healthcare Corporation, (2) | 96,422 | |||||||||||||||||||
34,501 | UnitedHealth Group Incorporated | 905,651 | |||||||||||||||||||
9,569 | Wellpoint Inc., (2) | 456,059 | |||||||||||||||||||
Total Health Care Providers & Services | 3,482,987 | ||||||||||||||||||||
Hotels, Restaurants & Leisure – 1.0% | |||||||||||||||||||||
6,073 | International Game Technology | 151,704 | |||||||||||||||||||
37,449 | McDonald’s Corporation | 2,105,383 | |||||||||||||||||||
12,813 | Tim Hortons Inc. | 367,605 | |||||||||||||||||||
10,200 | Wendy’s International, Inc. | 277,644 | |||||||||||||||||||
Total Hotels, Restaurants & Leisure | 2,902,336 | ||||||||||||||||||||
Household Durables – 0.9% | |||||||||||||||||||||
5,583 | Black & Decker Corporation | 321,078 | |||||||||||||||||||
1,658 | KB Home | 28,070 | |||||||||||||||||||
13,500 | Kimball International Inc., Class B | 111,780 | |||||||||||||||||||
3,450 | Lennar Corporation, Class A | 42,573 | |||||||||||||||||||
39,679 | Newell Rubbermaid Inc. | 666,210 | |||||||||||||||||||
12,000 | Snap-on Incorporated | 624,120 | |||||||||||||||||||
13,500 | Stanley Works | 605,205 | |||||||||||||||||||
2,527 | Whirlpool Corporation | 155,992 | |||||||||||||||||||
Total Household Durables | 2,555,028 | ||||||||||||||||||||
Household Products – 2.5% | |||||||||||||||||||||
8,897 | Colgate-Palmolive Company | 614,783 | |||||||||||||||||||
20,000 | Kimberly-Clark Corporation | 1,195,600 | |||||||||||||||||||
87,659 | Procter & Gamble Company | 5,330,544 | |||||||||||||||||||
Total Household Products | 7,140,927 | ||||||||||||||||||||
Industrial Conglomerates – 3.6% | |||||||||||||||||||||
19,540 | 3M Co. | 1,359,789 | |||||||||||||||||||
296,601 | General Electric Company | 7,916,280 | |||||||||||||||||||
29,620 | Genuine Parts Company | 1,175,322 | |||||||||||||||||||
Total Industrial Conglomerates | 10,451,391 | ||||||||||||||||||||
Insurance – 2.7% | |||||||||||||||||||||
59,887 | American International Group, Inc. | 1,584,610 | |||||||||||||||||||
52,053 | Arthur J. Gallagher & Co. | 1,254,477 | |||||||||||||||||||
52,891 | Fidelity National Title Group Inc., Class A | 666,427 | |||||||||||||||||||
36,741 | Lincoln National Corporation | 1,665,102 | |||||||||||||||||||
21,461 | Marsh & McLennan Companies, Inc. | 569,790 | |||||||||||||||||||
17,648 | Mercury General Corporation | 824,515 | |||||||||||||||||||
2,841 | Prudential Financial, Inc. | 169,721 | |||||||||||||||||||
16,400 | Travelers Companies, Inc. | 711,760 | |||||||||||||||||||
13,560 | Unitrin, Inc. | 373,849 | |||||||||||||||||||
Total Insurance | 7,820,251 | ||||||||||||||||||||
Internet & Catalog Retail – 0.4% | |||||||||||||||||||||
14,348 | Amazon.com, Inc., (2) | 1,052,139 | |||||||||||||||||||
Internet Software & Services – 1.9% | |||||||||||||||||||||
29,263 | eBay Inc., (2) | 799,758 | |||||||||||||||||||
6,671 | Google Inc., Class A, (2) | 3,511,748 | |||||||||||||||||||
31,757 | United Online, Inc. | 318,523 | |||||||||||||||||||
40,985 | Yahoo! Inc., (2) | 846,750 | |||||||||||||||||||
Total Internet Software & Services | 5,476,779 | ||||||||||||||||||||
38
Shares | Description (1) | Value | |||||||||||||||||||
IT Services – 0.5% | |||||||||||||||||||||
27,033 | Automatic Data Processing, Inc. | $ | 1,132,683 | ||||||||||||||||||
5,374 | Fidelity National Information Services | 198,354 | |||||||||||||||||||
20,473 | Standard Register Company | 193,060 | |||||||||||||||||||
Total IT Services | 1,524,097 | ||||||||||||||||||||
Leisure Equipment & Products – 0.7% | |||||||||||||||||||||
21,206 | Eastman Kodak Company | 306,003 | |||||||||||||||||||
74,919 | Mattel, Inc. | 1,282,613 | |||||||||||||||||||
8,000 | Polaris Industries Inc. | 323,040 | |||||||||||||||||||
Total Leisure Equipment & Products | 1,911,656 | ||||||||||||||||||||
Life Sciences Tools & Services – 0.0% | |||||||||||||||||||||
470 | Covance, Inc., (2) | 40,429 | |||||||||||||||||||
Machinery – 1.9% | |||||||||||||||||||||
22,658 | Briggs & Stratton Corporation | 287,303 | |||||||||||||||||||
30,000 | Caterpillar Inc. | 2,214,600 | |||||||||||||||||||
1,896 | Cummins Inc. | 124,226 | |||||||||||||||||||
19,204 | Deere & Company | 1,385,185 | |||||||||||||||||||
11,436 | Illinois Tool Works Inc. | 543,324 | |||||||||||||||||||
22,211 | Ingersoll Rand Company Limited, Class A | 831,358 | |||||||||||||||||||
3,000 | Pentair, Inc. | 105,060 | |||||||||||||||||||
Total Machinery | 5,491,056 | ||||||||||||||||||||
Media – 1.4% | |||||||||||||||||||||
1,500 | Clear Channel Communications, Inc. | 52,800 | |||||||||||||||||||
25,763 | Comcast Corporation, Class A | 488,724 | |||||||||||||||||||
25,770 | Entercom Communications Corporation | 180,905 | |||||||||||||||||||
5,070 | Lamar Advertising Company, (2) | 182,672 | |||||||||||||||||||
61,923 | New York Times, Class A | 952,995 | |||||||||||||||||||
76,486 | Regal Entertainment Group, Class A | 1,168,706 | |||||||||||||||||||
65,184 | Sirius Satellite Radio Inc. | 125,153 | |||||||||||||||||||
50,823 | World Wrestling Entertainment Inc. | 786,232 | |||||||||||||||||||
Total Media | 3,938,187 | ||||||||||||||||||||
Metals & Mining – 1.5% | |||||||||||||||||||||
18,415 | Companhia Siderurgica Nacional S.A., Sponsored ADR | 817,810 | |||||||||||||||||||
2,072 | CONSOL Energy Inc. | 232,831 | |||||||||||||||||||
11,210 | Freeport-McMoRan Copper & Gold, Inc. | 1,313,700 | |||||||||||||||||||
523 | Mittal Steel Company NV | 51,814 | |||||||||||||||||||
15,180 | Southern Copper Corporation | 1,618,643 | |||||||||||||||||||
1,443 | United States Steel Corporation | 266,638 | |||||||||||||||||||
Total Metals & Mining | 4,301,436 | ||||||||||||||||||||
Multiline Retail – 0.3% | |||||||||||||||||||||
7,921 | Nordstrom, Inc. | 240,006 | |||||||||||||||||||
15,837 | Target Corporation | 736,262 | |||||||||||||||||||
Total Multiline Retail | 976,268 | ||||||||||||||||||||
Multi-Utilities – 1.8% | |||||||||||||||||||||
26,500 | CenterPoint Energy, Inc. | 425,325 | |||||||||||||||||||
25,128 | Dominion Resources, Inc. | 1,193,329 | |||||||||||||||||||
76,000 | Duke Energy Corporation | 1,320,880 | |||||||||||||||||||
33,554 | Integrys Energy Group, Inc. | 1,705,550 | |||||||||||||||||||
10,500 | ONEOK, Inc. | 512,715 | |||||||||||||||||||
Total Multi-Utilities | 5,157,799 | ||||||||||||||||||||
Oil, Gas & Consumable Fuels – 12.5% | |||||||||||||||||||||
4,793 | Chesapeake Energy Corporation | 316,146 | |||||||||||||||||||
68,900 | Chevron Corporation | 6,830,056 | |||||||||||||||||||
43,011 | ConocoPhillips | 4,059,808 | |||||||||||||||||||
3,896 | EOG Resources, Inc. | 511,155 | |||||||||||||||||||
176,981 | Exxon Mobil Corporation | 15,597,335 | |||||||||||||||||||
13,013 | Frontline Limited | 908,047 | |||||||||||||||||||
4,081 | Hess Corporation | 514,981 |
39
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Shares | Description (1) | Value | |||||||||||||||||||
Oil, Gas & Consumable Fuels (continued) | |||||||||||||||||||||
20,290 | Marathon Oil Corporation | $ | 1,052,442 | ||||||||||||||||||
36,819 | Occidental Petroleum Corporation | 3,308,555 | |||||||||||||||||||
2,836 | Peabody Energy Corporation | 249,710 | |||||||||||||||||||
31,228 | Ship Financial International Limited | 922,163 | |||||||||||||||||||
1,547 | Southwestern Energy Company, (2) | 73,653 | |||||||||||||||||||
36,647 | StatoilHydro ASA, Sponsored ADR | 1,369,865 | |||||||||||||||||||
2,037 | Valero Energy Corporation | 83,884 | |||||||||||||||||||
2,646 | XTO Energy, Inc. | 181,277 | |||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 35,979,077 | ||||||||||||||||||||
Paper & Forest Products – 0.6% | |||||||||||||||||||||
31,000 | Weyerhaeuser Company | 1,585,340 | |||||||||||||||||||
Personal Products – 0.3% | |||||||||||||||||||||
23,000 | Avon Products, Inc. | 828,460 | |||||||||||||||||||
Pharmaceuticals – 8.1% | |||||||||||||||||||||
65,000 | Abbott Laboratories | 3,443,050 | |||||||||||||||||||
1,126 | AstraZeneca Group, Sponsored ADR | 47,889 | |||||||||||||||||||
136,126 | Bristol-Myers Squibb Company | 2,794,667 | |||||||||||||||||||
30,800 | Eli Lilly and Company | 1,421,728 | |||||||||||||||||||
86,663 | Johnson & Johnson | 5,575,896 | |||||||||||||||||||
92,934 | Merck & Co. Inc. | 3,502,682 | |||||||||||||||||||
235,000 | Pfizer Inc. | 4,105,450 | |||||||||||||||||||
10,693 | Sanofi-Aventis, Sponsored ADR | 355,328 | |||||||||||||||||||
34,752 | Schering-Plough Corporation | 684,267 | |||||||||||||||||||
1,180 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 54,044 | |||||||||||||||||||
29,480 | Wyeth | 1,413,861 | |||||||||||||||||||
Total Pharmaceuticals | 23,398,862 | ||||||||||||||||||||
Real Estate Investment Trust – 2.0% | |||||||||||||||||||||
27,659 | Ashford Hospitality Trust Inc. | 127,785 | |||||||||||||||||||
40,525 | Brandywine Realty Trust | 638,674 | |||||||||||||||||||
27,744 | CapLease Inc. | 207,803 | |||||||||||||||||||
46,856 | Hospitality Properties Trust | 1,146,098 | |||||||||||||||||||
73,822 | Lexington Corporate Properties Trust | 1,006,194 | |||||||||||||||||||
53,300 | Nationwide Health Properties, Inc. | 1,678,417 | |||||||||||||||||||
20,000 | Senior Housing Properties Trust | 390,600 | |||||||||||||||||||
51,252 | U-Store-It Trust | 612,461 | |||||||||||||||||||
Total Real Estate Investment Trust | 5,808,032 | ||||||||||||||||||||
Road & Rail – 0.9% | |||||||||||||||||||||
39,500 | CSX Corporation | 2,480,995 | |||||||||||||||||||
Semiconductors & Equipment – 2.7% | |||||||||||||||||||||
31,000 | Analog Devices, Inc. | 984,870 | |||||||||||||||||||
35,573 | Applied Materials, Inc. | 679,089 | |||||||||||||||||||
171,768 | Intel Corporation | 3,689,577 | |||||||||||||||||||
36,128 | Microchip Technology Incorporated | 1,103,349 | |||||||||||||||||||
20,469 | NVIDIA Corporation, (2) | 383,180 | |||||||||||||||||||
28,464 | Texas Instruments Incorporated | 801,546 | |||||||||||||||||||
Total Semiconductors & Equipment | 7,641,611 | ||||||||||||||||||||
Software – 3.8% | |||||||||||||||||||||
16,693 | Adobe Systems Incorporated, (2) | 657,537 | |||||||||||||||||||
2,401 | Akamai Technologies, Inc., (2) | 83,531 | |||||||||||||||||||
6,711 | Autodesk, Inc., (2) | 226,899 | |||||||||||||||||||
5,003 | Cognizant Technology Solutions Corporation, Class A, (2) | 162,648 | |||||||||||||||||||
233,666 | Microsoft Corporation | 6,428,151 | |||||||||||||||||||
9,000 | NAVTEQ Corporation, (2) | 693,000 | |||||||||||||||||||
107,815 | Oracle Corporation, (2) | 2,264,115 | |||||||||||||||||||
1,202 | Salesforce.com, Inc., (2) | 82,012 | |||||||||||||||||||
11,068 | VeriSign, Inc., (2) | 418,370 | |||||||||||||||||||
Total Software | 11,016,263 | ||||||||||||||||||||
40
Shares | Description (1) | Value | |||||||||||||||||||
Specialty Retail – 1.5% | |||||||||||||||||||||
6,450 | Abercrombie & Fitch Co., Class A | $ | 404,286 | ||||||||||||||||||
25,500 | American Eagle Outfitters, Inc. | 347,565 | |||||||||||||||||||
10,075 | Best Buy Co., Inc. | 398,970 | |||||||||||||||||||
14,956 | Gap, Inc. | 249,317 | |||||||||||||||||||
63,870 | Home Depot, Inc. | 1,495,835 | |||||||||||||||||||
11,072 | Limited Brands, Inc. | 186,563 | |||||||||||||||||||
7,442 | Lowe’s Companies, Inc. | 154,422 | |||||||||||||||||||
7,300 | Sherwin-Williams Company | 335,289 | |||||||||||||||||||
8,263 | Talbots, Inc. | 95,768 | |||||||||||||||||||
2,993 | Tiffany & Co. | 121,965 | |||||||||||||||||||
12,000 | TJX Companies, Inc. | 377,640 | |||||||||||||||||||
Total Specialty Retail | 4,167,620 | ||||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.5% | |||||||||||||||||||||
3,330 | Cherokee Inc. | 67,100 | |||||||||||||||||||
19,758 | VF Corporation | 1,406,374 | |||||||||||||||||||
Total Textiles, Apparel & Luxury Goods | 1,473,474 | ||||||||||||||||||||
Thrifts & Mortgage Finance – 0.8% | |||||||||||||||||||||
26,634 | Federal Home Loan Mortgage Corporation | 436,798 | |||||||||||||||||||
36,483 | Federal National Mortgage Association | 711,783 | |||||||||||||||||||
58,864 | New York Community Bancorp, Inc. | 1,050,134 | |||||||||||||||||||
Total Thrifts & Mortgage Finance | 2,198,715 | ||||||||||||||||||||
Tobacco – 2.0% | |||||||||||||||||||||
65,586 | Altria Group, Inc. | 1,348,448 | |||||||||||||||||||
43,273 | Philip Morris International, (2) | 2,137,253 | |||||||||||||||||||
3,000 | Reynolds American Inc. | 140,010 | |||||||||||||||||||
28,638 | UST Inc. | 1,563,921 | |||||||||||||||||||
38,056 | Vector Group Ltd. | 613,843 | |||||||||||||||||||
Total Tobacco | 5,803,475 | ||||||||||||||||||||
Trading Companies & Distributors – 0.1% | |||||||||||||||||||||
2,380 | W.W. Grainger, Inc. | 194,684 | |||||||||||||||||||
Wireless Telecommunication Services – 0.3% | |||||||||||||||||||||
32,000 | Vodafone Group PLC, Sponsored ADR | 942,720 | |||||||||||||||||||
Total Common Stocks (cost $271,568,995) | 279,080,490 | ||||||||||||||||||||
Principal | |||||||||||||||||||||
Amount (000) | Description (1) | Coupon | Maturity | Value | |||||||||||||||||
Short-Term Investments – 4.3% | |||||||||||||||||||||
$ | 12,514 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/08, repurchase price $12,514,173, collateralized by $865,000 U.S. Treasury Notes, 5.000%, due 8/15/11, value $934,200, $3,790,000 U.S. Treasury Notes, 3.875%, due 2/15/13, value $3,936,863, $3,775,000 U.S. Treasury Notes, 4.000%, due 2/15/15, value $3,935,438, $3,780,000 U.S. Treasury Notes, 4.500%, due 5/15/17, value $3,959,550 | 1.350% | 7/01/08 | 12,513,704 | ||||||||||||||||
Total Short-Term Investments (cost $12,513,704) | 12,513,704 | ||||||||||||||||||||
Total Investments (cost $284,082,699) – 101.5% | 291,594,194 | ||||||||||||||||||||
41
JPG | Nuveen Equity Premium and Growth Fund (continued) Portfolio of INVESTMENTS June 30, 2008 (Unaudited) |
Number of | Notional | Expiration | Strike | ||||||||||||||||||
Contracts | Type | Amount (3) | Date | Price | Value | ||||||||||||||||
Call Options Written – (0.4)% (4) | |||||||||||||||||||||
(400 | ) | S&P 500 Index | $ | (54,000,000 | ) | 7/19/08 | $ | 1,350 | $ | (106,000 | ) | ||||||||||
(336 | ) | S&P 500 Index | (46,200,000 | ) | 7/19/08 | 1,375 | (25,200 | ) | |||||||||||||
(198 | ) | S&P 500 Index | (27,720,000 | ) | 7/19/08 | 1,400 | (5,940 | ) | |||||||||||||
(191 | ) | S&P 500 Index | (25,785,000 | ) | 8/16/08 | 1,350 | (223,470 | ) | |||||||||||||
(191 | ) | S&P 500 Index | (26,262,500 | ) | 8/16/08 | 1,375 | (116,510 | ) | |||||||||||||
(212 | ) | S&P 500 Index | (29,680,000 | ) | 8/16/08 | 1,400 | (58,300 | ) | |||||||||||||
(213 | ) | S&P 500 Index | (28,755,000 | ) | 9/20/08 | 1,350 | (470,730 | ) | |||||||||||||
(1,741 | ) | Total Call Options Written (premium received $7,542,838) | (238,402,500 | ) | (1,006,150 | ) | |||||||||||||||
Other Assets Less Liabilities – (1.1)% | (3,420,070 | ) | |||||||||||||||||||
Net Assets – 100% | $ | 287,167,974 | |||||||||||||||||||
(1) | All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted. | |
(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.
42
Statement of ASSETS & LIABILITIES June 30, 2008 (Unaudited) |
Equity | Equity | Equity | Equity | |||||||||||||
Premium | Premium | Premium | Premium | |||||||||||||
Income | Opportunity | Advantage | and Growth | |||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $586,249,797, $982,999,556, $361,543,870 and $284,082,699, respectively) | $ | 663,990,182 | $ | 1,173,845,170 | $ | 455,128,536 | $ | 291,594,194 | ||||||||
Receivables: | ||||||||||||||||
Call options closed | 1,141,720 | — | — | 2,419,483 | ||||||||||||
Dividends | 1,190,157 | 1,559,222 | 402,858 | 525,475 | ||||||||||||
Interest | 1,480 | 2,609 | 875 | 469 | ||||||||||||
Reclaims | — | 1,941 | 2,088 | 1,599 | ||||||||||||
Other assets | 36,582 | 55,576 | 21,714 | 14,632 | ||||||||||||
Total assets | 666,360,121 | 1,175,464,518 | 455,556,071 | 294,555,852 | ||||||||||||
Liabilities | ||||||||||||||||
Call options written, at value (premiums received $20,999,485, $40,995,034, $17,524,932 and $7,542,838, respectively) | 2,799,005 | 5,641,574 | 2,496,728 | 1,006,150 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 321,730 | 554,739 | 259,721 | 213,201 | ||||||||||||
Other | 190,741 | 362,531 | 148,868 | 92,171 | ||||||||||||
Dividends payable: | 13,352,739 | 24,118,769 | 9,706,713 | 6,076,356 | ||||||||||||
Total liabilities | 16,664,215 | 30,677,613 | 12,612,030 | 7,387,878 | ||||||||||||
Net assets | $ | 649,695,906 | $ | 1,144,786,905 | $ | 442,944,041 | $ | 287,167,974 | ||||||||
Shares outstanding | 38,682,087 | 66,537,837 | 26,114,541 | 16,536,342 | ||||||||||||
Net asset value per share outstanding | $ | 16.80 | $ | 17.21 | $ | 16.96 | $ | 17.37 | ||||||||
Net assets consist of: | ||||||||||||||||
Shares, $.01 par value per share | $ | 386,821 | $ | 665,378 | $ | 261,145 | $ | 165,363 | ||||||||
Paid-in surplus | 589,439,301 | 1,009,666,264 | 396,671,399 | 282,275,348 | ||||||||||||
Undistributed (Over-distribution of) net investment income | (23,802,296 | ) | (46,004,967 | ) | (20,191,140 | ) | (10,677,105 | ) | ||||||||
Accumulated net realized gain (loss) from investments, foreign currencies and call options written | (12,268,785 | ) | (45,738,844 | ) | (42,410,233 | ) | 1,356,185 | |||||||||
Net unrealized appreciation (depreciation) of investments, foreign currencies and call options written | 95,940,865 | 226,199,074 | 108,612,870 | 14,048,183 | ||||||||||||
Net assets | $ | 649,695,906 | $ | 1,144,786,905 | $ | 442,944,041 | $ | 287,167,974 | ||||||||
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
See accompanying notes to financial statements.
43
Statement of OPERATIONS Six months ended June 30, 2008 (Unaudited) |
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 $3,346, $46,614, $3,963 and $20,677, respectively) | $ | 8,952,752 | $ | 12,746,029 | $ | 3,581,933 | $ | 4,008,706 | ||||||||
Interest | 394,764 | 650,317 | 229,465 | 135,894 | ||||||||||||
Total investment income | 9,347,516 | 13,396,346 | 3,811,398 | 4,144,600 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 2,974,393 | 5,114,479 | 2,021,853 | 1,308,279 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 597 | 917 | 269 | 155 | ||||||||||||
Custodian’s fees and expenses | 62,467 | 103,707 | 56,304 | 33,120 | ||||||||||||
Trustees’ fees and expenses | 8,158 | 11,711 | 5,402 | 2,695 | ||||||||||||
Professional fees | 20,849 | 33,578 | 16,426 | 12,356 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 67,702 | 122,062 | 42,635 | 26,492 | ||||||||||||
Stock exchange listing fees | 6,930 | 12,013 | 4,585 | 4,639 | ||||||||||||
Investor relations expense | 58,800 | 105,198 | 39,023 | 19,224 | ||||||||||||
Other expenses | 29,522 | 123,095 | 79,558 | 23,880 | ||||||||||||
Total expenses before custodian fee credit and expense reimbursement | 3,229,418 | 5,626,760 | 2,266,055 | 1,430,840 | ||||||||||||
Custodian fee credit | (10,152 | ) | (15,385 | ) | (4,297 | ) | (3,572 | ) | ||||||||
Expense reimbursement | (1,015,124 | ) | (1,769,156 | ) | (456,580 | ) | — | |||||||||
Net expenses | 2,204,142 | 3,842,219 | 1,805,178 | 1,427,268 | ||||||||||||
Net investment income | 7,143,374 | 9,554,127 | 2,006,220 | 2,717,332 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currencies | (5,561,899 | ) | (12,342,558 | ) | 963,482 | (211,002 | ) | |||||||||
Option contracts written | 48,036,509 | 71,603,014 | 23,538,314 | 17,584,322 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currencies | (88,535,864 | ) | (128,239,814 | ) | (55,512,661 | ) | (42,967,361 | ) | ||||||||
Option contracts written | 11,626,100 | 22,244,315 | 9,148,047 | 4,138,885 | ||||||||||||
Net realized and unrealized gain (loss) | (34,435,154 | ) | (46,735,043 | ) | (21,862,818 | ) | (21,455,156 | ) | ||||||||
Net increase (decrease) in net assets from operations | $ | (27,291,780 | ) | $ | (37,180,916 | ) | $ | (19,856,598 | ) | $ | (18,737,824 | ) | ||||
See accompanying notes to financial statements.
44
Statement of CHANGES in NET ASSETS (Unaudited) |
Equity Premium | Equity Premium | |||||||||||||||
Income (JPZ) | Opportunity (JSN) | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
6/30/08 | 12/31/07 | 6/30/08 | 12/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 7,143,374 | $ | 16,953,460 | $ | 9,554,127 | $ | 23,817,103 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currencies | (5,561,899 | ) | (13,563,781 | ) | (12,342,558 | ) | (18,391,814 | ) | ||||||||
Call options written | 48,036,509 | 22,261,445 | 71,603,014 | 20,438,733 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currencies | (88,535,864 | ) | 20,276,394 | (128,239,814 | ) | 98,725,088 | ||||||||||
Call options written | 11,626,100 | 8,645,145 | 22,244,315 | 9,298,040 | ||||||||||||
Net increase (decrease) in net assets from operations | (27,291,780 | ) | 54,572,663 | (37,180,916 | ) | 133,887,150 | ||||||||||
Distributions to Shareholders | ||||||||||||||||
From and in excess of net investment income | (30,945,670 | ) | — | (55,559,094 | ) | — | ||||||||||
From net investment income | — | (20,649,838 | ) | — | (23,107,788 | ) | ||||||||||
Tax return of capital | — | (45,224,870 | ) | — | (94,982,869 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (30,945,670 | ) | (65,874,708 | ) | (55,559,094 | ) | (118,090,657 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Offering costs adjustments | — | — | — | — | ||||||||||||
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 | — | 3,555,475 | — | 7,009,592 | ||||||||||||
Net increase (decrease) in net assets | (58,237,450 | ) | (7,746,570 | ) | (92,740,010 | ) | 22,806,085 | |||||||||
Net assets at the beginning of period | 707,933,356 | 715,679,926 | 1,237,526,915 | 1,214,720,830 | ||||||||||||
Net assets at the end of period | $ | 649,695,906 | $ | 707,933,356 | $ | 1,144,786,905 | 1,237,526,915 | |||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (23,802,296 | ) | $ | — | $ | (46,004,967 | ) | $ | — | ||||||
See accompanying notes to financial statements.
45
Statement of CHANGES in NET ASSETS (continued) (Unaudited) |
Equity Premium | Equity Premium | |||||||||||||||
Advantage (JLA) | and Growth (JPG) | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
6/30/08 | 12/31/07 | 6/30/08 | 12/31/07 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 2,006,220 | $ | 5,736,038 | $ | 2,717,332 | $ | 11,136,925 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currencies | 963,482 | (10,102,981 | ) | (211,002 | ) | (5,678,097 | ) | |||||||||
Call options written | 23,538,314 | 1,293,676 | 17,584,322 | 8,652,428 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currencies | (55,512,661 | ) | 54,682,070 | (42,967,361 | ) | 4,660,601 | ||||||||||
Call options written | 9,148,047 | 1,454,582 | 4,138,885 | 3,137,058 | ||||||||||||
Net increase (decrease) in net assets from operations | (19,856,598 | ) | 53,063,385 | (18,737,824 | ) | 21,908,915 | ||||||||||
Distributions to Shareholders | ||||||||||||||||
From and in excess of net investment income | (22,197,360 | ) | — | (13,394,437 | ) | — | ||||||||||
From net investment income | — | (5,456,558 | ) | — | (13,005,997 | ) | ||||||||||
Tax return of capital | — | (41,746,860 | ) | — | (13,774,719 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (22,197,360 | ) | (47,203,418 | ) | (13,394,437 | ) | (26,780,716 | ) | ||||||||
Capital Share Transactions | ||||||||||||||||
Offering costs adjustments | — | — | — | (11,071 | ) | |||||||||||
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 | — | 4,357,324 | — | 603,030 | ||||||||||||
Net increase (decrease) in net assets | (42,053,958 | ) | 10,217,291 | (32,132,261 | ) | (4,268,771 | ) | |||||||||
Net assets at the beginning of period | 484,997,999 | 474,780,708 | 319,300,235 | 323,569,006 | ||||||||||||
Net assets at the end of period | $ | 442,944,041 | $ | 484,997,999 | $ | 287,167,974 | $ | 319,300,235 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (20,191,140 | ) | $ | — | $ | (10,677,105 | ) | $ | — | ||||||
See accompanying notes to financial statements.
46
Notes to FINANCIAL STATEMENTS (Unaudited) |
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. The value of options written are based on the last sale price in the case of exchange-traded options or, in the case of options traded in the OTC market, the last asked price. If the pricing service is unable to supply a price for an investment or derivative instrument the Funds may use market quotes provided by major broker/dealers in such investments. If it is determined that the market price for an investment or derivative instrument is unavailable or inappropriate, the Fund’s Board of Trustees, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market 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.
Effective June 29, 2007, the Funds adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be
47
Notes to FINANCIAL STATEMENTS (continued) (Unaudited) |
taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., a greater than 50-percent likelihood) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax expense in the current year.
Implementation of FIN 48 required management of the Funds to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for examination by taxing authorities (i.e., generally, the last four tax year ends and the interim tax period since then). The Funds have no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds has reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded the adoption of FIN 48 resulted in no impact to the Funds’ net assets or results of operations as of and during the six months ended June 30, 2008.
The Funds are 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 financial statements contained in the annual report as of December 31 each year.
The actual character of distributions made by the Funds during the fiscal year ended December 31, 2007, is reflected in the accompanying financial statements.
The distributions made by the Funds during the six months ended June 30, 2008, are provisionally classified as being “From and in excess of net investment income”, and those distributions will be classified as being from net investment income, net realized capital gains and/or a return of capital for tax purposes after the fiscal year end. For purposes of calculating “Undistributed (Over-distribution of) net investment income” as of June 30, 2008, the distribution amounts provisionally classified as “From and in excess of net investment income” were treated as being entirely from net investment income. Consequently, the financial statements at June 30, 2008, reflect an over-distribution of net investment income.
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 on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions. The gains or losses resulting from changes in foreign exchange rates, if any, are included in “Realized gain (loss) from investments and foreign currencies” and “Change in net unrealized appreciation (depreciation) of investments and foreign currencies” on the Statement of Operations.
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments and 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
48
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.
Option Transactions
Each Fund is authorized to purchase index put options and write (sell) index call options. The purchase of put options involves the risk of loss of all or part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities.
When a Fund writes a call 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 the Fund enters into a closing purchase transaction. When a call 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 writer of a call option, bears the risk of an unfavorable change in the market value of the security or index underlying the written option. There is the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
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, Fair Value Measurements (SFAS 157). SFAS 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.
The following is a summary of each Fund’s fair value measurements as of June 30, 2008:
JPZ | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 663,990,182 | $ | — | $ | — | $ | 663,990,182 | ||||||||
Call options written | (2,799,005 | ) | — | — | (2,799,005 | ) | ||||||||||
Total | $ | 661,191,177 | $ | — | $ | — | $ | 661,191,177 | ||||||||
49
Notes to FINANCIAL STATEMENTS (continued) (Unaudited) |
JSN | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 1,173,845,170 | $ | — | $ | — | $ | 1,173,845,170 | ||||||||
Call options written | (5,641,574 | ) | — | — | (5,641,574 | ) | ||||||||||
Total | $ | 1,168,203,596 | $ | — | $ | — | $ | 1,168,203,596 | ||||||||
JLA | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 455,128,536 | $ | — | $ | — | $ | 455,128,536 | ||||||||
Call options written | (2,496,728 | ) | — | — | (2,496,728 | ) | ||||||||||
Total | $ | 452,631,808 | $ | — | $ | — | $ | 452,631,808 | ||||||||
JPG | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments | $ | 291,552,581 | $ | 41,613 | $ | — | $ | 291,594,194 | ||||||||
Call options written | (1,006,150 | ) | — | — | (1,006,150 | ) | ||||||||||
Total | $ | 290,546,431 | $ | 41,613 | $ | — | $ | 290,588,044 | ||||||||
3. | Fund Shares |
Transactions in shares were as follows:
Equity Premium | Equity Premium | ||||||||||||||||
Income (JPZ) | Opportunity (JSN) | ||||||||||||||||
Six Months | Year | Six Months | Year | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
6/30/08 | 12/31/07 | 6/30/08 | 12/31/07 | ||||||||||||||
Shares issued to shareholders due to reinvestment of distributions | — | 191,170 | — | 381,737 | |||||||||||||
Equity Premium | Equity Premium | ||||||||||||||||
Advantage (JLA) | and Growth (JPG) | ||||||||||||||||
Six Months | Year | Six Months | Year | ||||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||||
6/30/08 | 12/31/07 | 6/30/08 | 12/31/07 | ||||||||||||||
Shares issued to shareholders due to reinvestment of distributions | — | 236,789 | — | 31,102 | |||||||||||||
4. | Investment Transactions |
Purchases and sales (excluding put options, call options written and short-term investments) during the six months ended June 30, 2008, were as follows:
Equity | Equity | Equity | Equity | ||||||||||||||
Premium | Premium | Premium | Premium | ||||||||||||||
Income | Opportunity | Advantage | and Growth | ||||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | ||||||||||||||
Purchases | $49,901,235 | $104,762,178 | $30,339,245 | $35,948,268 | |||||||||||||
Sales | 10,848,543 | 42,691,771 | 10,980,683 | 23,432,119 | |||||||||||||
Transactions in call options written during the six months ended June 30, 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 period | 4,652 | $22,205,750 | 12,991 | $41,558,293 | |||||||||||||
Options written | 17,155 | 59,324,857 | 48,572 | 110,395,253 | |||||||||||||
Options terminated in closing purchase transactions | (12,851 | ) | (44,086,928 | ) | (35,108 | ) | (79,875,502 | ) | |||||||||
Options expired | (4,106 | ) | (16,444,194 | ) | (11,970 | ) | (31,083,010 | ) | |||||||||
Outstanding, end of period | 4,850 | $20,999,485 | 14,485 | $40,995,034 | |||||||||||||
50
Equity Premium | Equity Premium | ||||||||||||||||
Advantage (JLA) | and Growth (JPG) | ||||||||||||||||
Number of | Premiums | Number of | Premiums | ||||||||||||||
Contracts | Received | Contracts | Received | ||||||||||||||
Outstanding, beginning of period | 5,908 | $17,591,180 | 1,711 | $8,134,443 | |||||||||||||
Options written | 23,235 | 45,726,866 | 6,210 | 21,581,858 | |||||||||||||
Options terminated in closing purchase transactions | (18,091 | ) | (32,003,944 | ) | (4,771 | ) | (16,504,184 | ) | |||||||||
Options expired | (4,191 | ) | (13,789,170 | ) | (1,409 | ) | (5,669,279 | ) | |||||||||
Outstanding, end of period | 6,861 | $17,524,932 | 1,741 | $7,542,838 | |||||||||||||
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 June 30, 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 | $586,249,826 | $982,999,587 | $361,543,879 | $284,082,699 | |||||||||||||
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at June 30, 2008, were as follows:
Equity | Equity | Equity | Equity | ||||||||||||||
Premium | Premium | Premium | Premium | ||||||||||||||
Income | Opportunity | Advantage | and Growth | ||||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | ||||||||||||||
Gross unrealized: | |||||||||||||||||
Appreciation | $143,408,007 | $282,260,465 | $123,477,783 | $39,960,151 | |||||||||||||
Depreciation | (65,667,651 | ) | (91,414,882 | ) | (29,893,126 | ) | (32,448,656 | ) | |||||||||
Net unrealized appreciation (depreciation) of investments | $77,740,356 | $190,845,583 | $93,584,657 | $7,511,495 | |||||||||||||
The tax components of undistributed net ordinary income and net long-term capital gains at December 31, 2007, the Funds’ last 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 | — | — | — | — | |||||||||||||
* | 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’ last tax year ended 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 | ||||||||||||||
(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. |
51
Notes to FINANCIAL STATEMENTS (continued) (Unaudited) |
At December 31, 2007, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Equity | Equity | Equity | Equity | ||||||||||||||
Premium | Premium | Premium | Premium | ||||||||||||||
Income | Opportunity | Advantage | and Growth | ||||||||||||||
(JPZ) | (JSN) | (JLA) | (JPG) | ||||||||||||||
Expiration: | |||||||||||||||||
December 31, 2013 | $ 2,993,379 | $ — | $ — | $ — | |||||||||||||
December 31, 2014 | 48,509,922 | 88,351,637 | 49,316,814 | 14,840,175 | |||||||||||||
December 31, 2015 | — | 9,003,505 | 13,730,872 | — | |||||||||||||
Total | $51,503,301 | $97,355,142 | $63,047,686 | $14,840,175 | |||||||||||||
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 table below. As of June 30, 2008, the complex-level fee rate was .1868%.
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 Managed Assets (“Managed Assets” means the average daily net assets of each fund including assets attributable to preferred stock issued by or borrowings by the Nuveen funds) of Nuveen sponsored funds in the U.S. |
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 portion of the Fund’s investment portfolio allocated to common stocks. 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) (Unaudited) |
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.
Related Party Holdings
Nuveen is owned by an investor group led by Madison Dearborn Partners, LLC. An affiliate of Merrill Lynch & Co., as part of this investor group, owns more than 5% of Nuveen’s common stock. As a result, Merrill Lynch is an indirect “affiliated person” (as that term is defined in the Investment Company Act of 1940) of each Fund.
At June 30, 2008, Equity Premium Income (JPZ) owned 26,500 shares of Merrill Lynch and Co., Inc. common stock with a market value of $840,315. Total income earned by Equity Premium Income (JPZ) from such securities amounted to $18,550, and is included in dividend income on the Statement of Operations.
7. | New Accounting Pronouncement |
Financial Accounting Standards Board Statement of Financial Accounting Standards 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 June 30, 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.
8. | Subsequent Events |
Common Share Repurchases
The Board of Directors/Trustees for each of Nuveen’s 120 closed-end funds approved a program, effective August 7, 2008, under which each fund may repurchase up to 10% of its common shares.
54
Financial HIGHLIGHTS (Unaudited) |
55
Financial HIGHLIGHTS (Unaudited) 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(f) | $ | 18.30 | $.18 | ****** | $ | (.88 | ) | $ | (.70 | ) | $ | (.80 | )****** | $ — | $ | — | $ | (.80 | ) | $ | — | $16.80 | $ | 14.94 | |||||||||||||||||||
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(f) | 18.60 | .14 | ****** | (.69 | ) | (.55 | ) | (.84 | )****** | — | — | (.84 | ) | — | 17.21 | $ | 15.35 | ||||||||||||||||||||||||||
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(f) | 18.57 | .08 | ****** | (.84 | ) | (.76 | ) | (.85 | )****** | — | — | (.85 | ) | — | 16.96 | $ | 15.35 | ||||||||||||||||||||||||||
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(f) | 19.31 | .16 | ****** | (1.29 | ) | (1.13 | ) | (.81 | )****** | — | — | (.81 | ) | — | 17.37 | $ | 15.37 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
(4.11 | )% | (3.87 | )% | $ | 649,696 | .96 | %***** | 1.81 | %***** | .65 | %***** | 2.11 | %***** | 2 | % | |||||||||||||||||
(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 | |||||||||||||||||||||
(.91 | ) | (3.00 | ) | 1,144,787 | .96 | ***** | 1.32 | ***** | .65 | ***** | 1.62 | ***** | 4 | |||||||||||||||||||
(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 | ||||||||||||||||||||
(1.48 | ) | (4.11 | ) | 442,944 | .99 | ***** | .68 | ***** | .79 | ***** | .88 | ***** | 2 | |||||||||||||||||||
(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 | ||||||||||||||||||||
(5.58 | ) | (5.92 | ) | 287,168 | .95 | ***** | 1.80 | ***** | .95 | ***** | 1.80 | ***** | 8 | |||||||||||||||||||
(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 | ***** | — | |||||||||||||||||||
* | Tax Return of Capital rounds to less than $.01 per share. |
** | Offering Costs 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. |
****** | Represents distributions paid “From and in excess of net investment income” for the six months ended June 30, 2008. |
(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. |
(f) | For the six months ended June 30, 2008. |
See accompanying notes to financial statements.
57
Annual Investment
Management Agreement
APPROVAL PROCESS
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser (including sub-advisers) will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 28-29, 2008 (the “May Meeting”), the Boards of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory and sub-advisory agreements for the Funds for an additional one-year period. These agreements include the investment advisory agreements between Nuveen Asset Management (“NAM”) and each Fund and the sub-advisory agreements between NAM and Gateway Investment Advisers, LLC (the “Sub-Adviser”). In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 23, 2008 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
In addition, in evaluating the applicable advisory agreements (each an “Investment Management Agreement”) and sub-advisory agreements (each a “Sub-Advisory Agreement,” and each Investment Management Agreement and Sub-Advisory Agreement, an “Advisory Agreement”), as described in further detail below, the Independent Board Members reviewed a broad range of information relating to the Funds, NAM and the Sub-Adviser (NAM and the Sub-Adviser are each a “Fund Adviser”), including absolute performance, fee and expense information for the Funds as well as comparative performance, fee and expense information for a comparable peer group of funds, the performance information of recognized and/or customized benchmarks (as applicable), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the respective Fund Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Fund Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Investment Management Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, NAM’s organization and business; the types of services that NAM or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line. With respect to personnel, the Independent Board Members evaluated the background, experience and track record of the Fund Adviser’s investment personnel. In this regard, the Independent Board Members considered the additional investment in personnel to support Nuveen fund advisory activities, including in operations, product
58
management and marketing as well as related fund support functions, including sales, executive, finance, human resources and information technology. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate NAM’s ability to attract and retain high quality investment personnel.
In evaluating the services of NAM, the Independent Board Members also considered NAM’s oversight of the performance, business activities and compliance of the Sub-Adviser, the ability to supervise the Funds’ other service providers and given the importance of compliance, NAM’s compliance program. Among other things, the Independent Board Members considered the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by NAM and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.
The Independent Board Members reviewed an evaluation of the Sub-Adviser from NAM, including information as to the process followed by NAM in evaluating sub-advisers. The evaluation also included information relating to the Sub-Adviser’s organization, operations, personnel, assets under management, investment philosophy, strategies and techniques in managing the Funds, developments affecting the Sub-Adviser, and an analysis of the Sub-Adviser. As described in further detail below, the Board considered the performance of each Fund. The Board also recognized that the Sub-Advisory Agreements were essentially agreements for portfolio management services only and the Sub-Adviser was not expected to supply other significant administrative services to the Funds. In addition, the Independent Board Members noted that they anticipate visiting each sub-adviser to the Nuveen funds at least once over the course of a multiple-year rotation. The Independent Board Members further noted that NAM recommended the renewal of the applicable Sub-Advisory Agreements and considered the basis for such recommendations and any qualifications in connection therewith.
In addition to the foregoing services, the Independent Board Members also noted the additional services that NAM or its affiliates provide to closed-end funds, including, in particular, its secondary market support activities and the costs of such activities. The Independent Board Members recognized Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to timely provide information and education to financial advisers and investors; providing advertising and marketing for the closed-end funds; maintaining its closed-end fund website; and providing educational seminars. With respect to closed-end funds that utilize leverage through the issuance of auction rate preferred securities (“ARPS”), the Board has recognized the unprecedented market conditions in the auction rate market industry with the failure of the auction process. The Independent Board Members noted Nuveen’s efforts and the resources and personnel employed to analyze the situation, explore potential alternatives and develop and implement solutions that serve the interests of the affected funds and all of their respective shareholders. The Independent Board Members further noted Nuveen’s commitment and efforts to keep investors and financial advisers informed as to its progress in addressing the ARPS situation through, among other things, conference calls, press releases, and information posted on its website as well as its refinancing activities. The Independent Board Members also noted Nuveen’s continued support for holders of preferred shares of its closed-end funds by, among other things, seeking distribution for preferred shares with new market participants, managing relations with remarketing agents and the broker community, maintaining the leverage and risk management of leverage and maintaining systems necessary to test compliance with rating agency criteria.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Investment Management Agreement or Sub-Advisory Agreement, as applicable, were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board considered the investment performance of each Fund, including the Fund’s historic performance as well as its performance compared to funds with similar investment objectives (the “Performance Peer Group”) based on data
59
Annual Investment
Management Agreement
APPROVAL PROCESS (continued)
provided by an independent third party (as described below). In addition, the Independent Board Members reviewed the respective Fund’s historic performance compared to recognized and/or customized benchmarks (as applicable).
In evaluating the performance information, the Board considered whether the Fund has operated within its investment objectives and parameters and the impact that the investment mandates may have had on performance. In addition, in comparing a Fund’s performance with that of its Performance Peer Group, the Independent Board Members took into account that the closest Performance Peer Group in certain instances may not adequately reflect the respective fund’s investment objectives and strategies thereby hindering a meaningful comparison of the fund’s performance with that of the Performance Peer Group. These Performance Peer Groups include those for the Funds.
The Independent Board Members reviewed performance information including, among other things, total return information compared with the Fund’s Performance Peer Group as well as recognized and/or customized benchmarks (as appropriate) for the one-, three- and five-year periods (as applicable) ending December 31, 2007 and with the Fund’s Performance Peer Group for the quarter, one-, three-, and five- year periods ending March 31, 2008 (as applicable). This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. Based on their review, the Independent Board Members determined that the respective Fund’s investment performance over time had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees (which take into account breakpoints), net management fees (which take into account fee waivers or reimbursements) and total expense ratios (before and after expense reimbursements and/or waivers) in absolute terms as well as compared to the gross management fees, net management fees (after waivers and/or reimbursements) and total expense ratios (before and after waivers) of a comparable universe of unaffiliated funds based on data provided by an independent data provider (the “Peer Universe”) and/or a more focused subset of funds therein (the “Peer Group”). The Independent Board Members further reviewed data regarding the construction of Peer Groups as well as the methods of measurement for the fee and expense analysis and the performance analysis. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as the size of the Fund relative to peers, the size and particular composition of the Peer Group, the investment objectives of the peers, expense anomalies, and the timing of information used may impact the comparative data, thereby limiting the ability to make a meaningful comparison. The Independent Board Members also considered, among other things, the differences in the use of leverage. In addition, in reviewing the fee schedule for a Fund, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees and net total expense ratio were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by NAM to other clients. Such clients include separately managed accounts (both retail and institutional accounts) and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent
60
Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Adviser, the Independent Board Members also considered the pricing schedule or fees that the Sub-Adviser charges for similar investment management services for other fund sponsors or clients (such as retail and/or institutional managed accounts) as applicable. The Independent Board Members also noted that with respect to sub-advisers unaffiliated with Nuveen, such as the Sub-Adviser, such fees were the result of arm’s-length negotiations.
3. Profitability of Fund Advisers
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years and the allocation methodology used in preparing the profitability data. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members considered Nuveen’s profitability compared with other fund sponsors prepared by two independent third party service providers as well as comparisons of the revenues, expenses and profit margins of various unaffiliated management firms with similar amounts of assets under management prepared by Nuveen.
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations.
Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business.
Based on its review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided. With respect to funds with sub-advisers unaffiliated with Nuveen, such as the Funds, the Independent Board Members also considered the sub-adviser’s revenues, expenses (including the basis for allocating expenses) and profitability margins (pre- and post-tax). Based on their review, the Independent Board Members were satisfied that the Sub-Adviser’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base. The Independent Board Members therefore considered
61
Annual Investment
Management Agreement
APPROVAL PROCESS (continued)
whether the Funds have appropriately benefited from any economies of scale and whether there is potential realization of any further economies of scale. In considering economies of scale, the Independent Board Members have recognized that economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. Notwithstanding the foregoing, one method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Accordingly, the Independent Board Members reviewed and considered the fund-level breakpoints in the advisory fee schedules that reduce advisory fees. In this regard, given that the Funds are closed-end funds, the Independent Board Members recognized that although the Funds may from time to time make additional share offerings, the growth in their assets will occur primarily through appreciation of each such Fund’s investment portfolio.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex, including the Funds, are reduced as the assets in the fund complex reach certain levels. In evaluating the complex-wide fee arrangement, the Independent Board Members recognized that the complex-wide fee schedule was recently revised in 2007 to provide for additional fee savings to shareholders and considered the amended schedule. The Independent Board Members further considered that the complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. Based on their review, the Independent Board Members concluded that the breakpoint schedule and complex-wide fee arrangement were acceptable and desirable in providing benefits from economies of scale to shareholders.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered revenues received by affiliates of NAM for serving as agent at Nuveen’s preferred trading desk and for serving as a co-manager in the initial public offering of new closed-end exchange traded funds.
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. With respect to NAM, the Independent Board Members noted that NAM does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” NAM intends to comply with the applicable safe harbor provisions.
The Board also considered that while the Sub-Adviser may select brokers that provide it with research services, it is the Sub-Adviser’s current practice not to receive soft dollar credits in connection with trades executed for the Funds.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Investment Management Agreements and Sub-Advisory Agreements are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Investment Management Agreements and the Sub-Advisory Agreements be renewed.
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 | Market Yield (also known as Dividend Yield or Current Yield): Market yield 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
NOTES
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. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
67
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.
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, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $152 billion of assets on June 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 |
ESA-D-0608D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
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.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board implemented after the registrant last provided disclosure in response to this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)(17 CFR 240.13a-15(b) or 240.15d-15(b)). | ||
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(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: September 8, 2008
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: September 8, 2008
By (Signature and Title)* | /s/ Stephen D. Foy | |||
Stephen D. Foy | ||||
Vice President and Controller (principal financial officer) | ||||
Date: September 8, 2008
* | Print the name and title of each signing officer under his or her signature. |