UNITED STATES
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)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: December 31
------------------
Date of reporting period: June 30, 2005
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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 STOCKHOLDERS.
SEMIANNUAL REPORT June 30, 2005
Nuveen Investments
Closed-End
Exchange-Traded
Funds
NUVEEN
EQUITY PREMIUM
INCOME FUND
JPZ
NUVEEN
EQUITY PREMIUM
OPPORTUNITY FUND
JSN
NUVEEN
EQUITY PREMIUM
ADVANTAGE FUND
JLA
Photo of: Man, woman and child at the beach.
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ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN
INTEGRATED INDEX OPTION AND EQUITY STRATEGY
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Photo of: Timothy R. Schwertfeger=
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
On behalf of all of us at Nuveen Investments, I'd like to use this first
shareholder report of the Nuveen Equity Premium Opportunity Fund (JSN) and the
Nuveen Equity Premium Advantage Fund (JLA) to welcome each of you to the growing
family of Nuveen investors. Along with the shareholders of the Nuveen Equity
Premium Income Fund (JPZ), we're pleased and proud that you have chosen Nuveen
Investments as a part of your investment program.
For more than 100 years, Nuveen has specialized in offering quality investments
such as your Fund to those seeking to accumulate and preserve wealth. Our
mission continues to be to assist you and your financial advisor by offering the
investment solutions and services that can help you secure your long-term
financial goals. We thank you for choosing us as a partner as you work toward
that objective.
"OUR MISSION CONTINUES TO BE TO ASSIST YOU AND YOUR FINANCIAL ADVISOR BY
OFFERING THE INVESTMENT SOLUTIONS AND SERVICES THAT CAN HELP YOU SECURE YOUR
LONG-TERM FINANCIAL GOALS."
Because JSN and JLA came to market during the first six months of 2005, this
"semiannual" report really covers only the first few months of those Funds'
operations. While it's too early to make any long-term observations about JSN
and JLA, we do believe the Funds are off to a good start, and we are working to
position them to meet their objectives. For details on the steps we've been
taking to bring this about, I encourage you to read the Portfolio Managers'
Comments and Performance Overview pages that immediately follow this letter.
For shareholders of JPZ, your Fund is now over nine months old and we believe it
is now well positioned to play an important role in a well-balanced portfolio.
We hope you find this report valuable in assessing the early performance of your
Fund.
I also urge you to consider receiving future Fund reports and other Fund
information faster by using e-mail and the Internet. Sign up is quick and easy -
see the inside front cover of this report for step-by-step instructions.
Earlier in 2005, The St. Paul Travelers Companies, Inc., which owned 79% of
Nuveen Investments, Inc. (the parent of your Fund's investment adviser), sold a
substantial portion of its stake in Nuveen. More recently, St. Paul sold the
balance of its shares in Nuveen to us or to others. Please be assured that these
transactions only affect Nuveen's corporate structure, and they do not have any
impact on the investment objectives or management of your Fund.
Again, thank you for the confidence you have shown in Nuveen Investments. We
look forward to reporting on the performance of your Fund in the months and
years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
August 15, 2005
Nuveen Investments Closed-End Exchange-Traded Funds
(JPZ, JSN, JLA)
Portfolio Managers'
COMMENTS
These Funds feature portfolio management by Gateway Investment Advisers, L.P.
(Gateway). J. Patrick Rogers and Kenneth H. Toft are the portfolio managers at
Gateway responsible for investing the Funds' assets. Patrick joined Gateway in
1989 and has been the President, Chief Investment Officer and a member of the
Board of Directors of Gateway since 1995. Ken joined Gateway in 1992 and has
been Vice President and Portfolio Manager since 1997. Here Patrick and Ken talk
about their management strategies and the performance of the Funds for the
six-month period ended June 30, 2005.
WHAT WAS YOUR OVERALL MANAGEMENT STRATEGY FOR THE SIX MONTHS ENDED JUNE 30,
2005?
Our primary portfolio management strategy was to invest each Fund's assets in a
well-diversified equity portfolio that, depending on the Fund, sought to
substantially replicate the price movement of the S&P 500 Index or a specific
blend of the S&P 500 and NASDAQ-100 Indexes. In addition, each Fund's portfolio
was designed to support the Fund's index option strategy.
For JPZ, this equity investment and index option strategy involved constructing
a portfolio designed to substantially replicate the price movement of the S&P
500 Index. The Fund also sold S&P 500 Index calls in an attempt to generate
incremental income and cash flow, and purchased S&P 500 Index puts to provide a
measure of portfolio value protection in the event of a rapid decline in equity
prices.
For JSN and JLA, which were introduced during this six-month reporting period,
our first task was to complete the initial equity investment process. The equity
portion of JSN's portfolio was invested with the intention of producing results
that combined 75% of the S&P 500 Index price movement with 25% of the NASDAQ-100
Index price movement.
For JLA's equity portfolio, our intention was to provide performance that
approximated 50% of the S&P 500 Index price movement and 50% of the NASDAQ-100
Index price movement. For both Funds, we sold calls based on both the S&P 500
and NASDAQ-100 Indexes in similar weightings to their performance targets in
order to generate incremental income and cash flow. Similar to JPZ, we also
bought puts based on both the S&P 500 and NASDAQ-100 Indexes to provide a
measure of portfolio value protection in the event of a rapid decline in equity
prices.
4
All of these initial and ongoing investment activities for all three Funds were
completed by the end of this reporting period.
HOW DID THE FUNDS PERFORM OVER THE SIX-MONTH PERIOD?
The performance of JPZ and JSN, as well as the performance of comparative
benchmarks, is shown in the following chart. JLA, which was introduced in May
2005, did not have meaningful historical performance to report as of June 30,
2005. We look forward to discussing the performance of this Fund in the next
shareholder report.
CUMULATIVE TOTAL RETURN ON NET ASSET VALUE
For the periods ended June 30, 2005
6-MONTH SINCE INCEPTION
- --------------------------------------------------------------------------------
JPZ (inception 10/26/04) 2.83% 4.56%
- --------------------------------------------------------------------------------
S&P 500 Index1 -0.81% 6.72%
- --------------------------------------------------------------------------------
JSN (inception 1/26/05) 2.10%
- --------------------------------------------------------------------------------
Comparative benchmark2 0.87%
- --------------------------------------------------------------------------------
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 a shareholder may have to pay on Fund distributions or upon the sale
of Fund shares.
For more information, please see the individual Performance Overview pages in
this report.
While both JPZ and JSN have relatively short histories, we are pleased with
their performance for the periods ended June 30, 2005. For the full six-month
period, the index option strategy followed by JPZ helped the Fund exceed the
return of the S&P 500 Index by 364 basis points (bps). Of this amount, 57 bps
came from outperformance of the Fund's equity holdings when compared with the
S&P 500, and 307 bps was from the index option strategy of collecting index call
premiums and using some of that cash flow buy index put options to reduce
downside risk. These results were achieved despite relatively low volatility in
the options markets, which tended to keep the sale prices of index calls lower
than they might have been in a more historically normal market environment. At
the same time, this low volatility environment allowed the Fund to buy index
puts at relatively inexpensive prices.
1 The S&P 500 Stock Index is an unmanaged index of 500 stocks that is
market-capitalization weighted and is generally representative of the
performance of larger companies in the U.S. Index returns to not include the
effects of any sales charges or management fees. Individuals cannot invest
directly in an index.
2 JSN comparative benchmark performance is a blended return consisting 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.
5
From its inception through June 30, 2005, JSN outperformed its comparative
benchmark by 123 basis points. During this period, the Fund completed its
initial investment process and fully implemented its index option strategy. The
incremental cash flow generated by this strategy was the primary source of the
Fund's outperformance for this period.
We believe that it is important to remember that these Funds use an index option
strategy in conjuction with their portfolios of common stocks. As a result,
their returns should not be expected to track closely to the returns of the
indexes used to produce the comparative benchmarks shown in this report. We
provided these benchmarks solely to offer some context to assist shareholders in
evaluating the performance of their Funds.
6
Distribution and Share Price
INFORMATION
Each of these Funds follows a managed distribution policy. Under this policy,
each Fund seeks to provide a relatively stable monthly distribution paid in part
out of the Fund's net investment income (primarily generated by dividends on the
stocks in the Fund's portfolio), with the remainder being paid out of a
combination of net realized capital gains on the Fund's portfolio investments
plus the cash flows generated by each Fund's index option strategy. This portion
of the distributions will consist of either net realized capital gains (a
combination of long-term and short-term), a return of capital (representing in
most cases, to at least a large extent, net unrealized gains), or some
combination of the two. The final composition of the characteristics of the
distributions cannot be determined with certainty until after the end of the
Fund's fiscal year. That final composition will depend on several factors, most
importantly the amount of realized gains and losses on the Fund's portfolio
securities, and the amount of gains and losses realized in connection with the
call options sold by the Fund and the put options purchased by the Fund.
Using this managed distribution policy, JPZ maintained a stable monthly
distribution of $0.1420 per share during this reporting period. JSN, which began
distributions in March 2005, paid a stable monthly distribution of $0.1480 for
the remainder of the report period. (In July 2005, following the close of this
reporting period, JLA declared its first monthly distribution of $0.1510 per
share.)
As of June 30, 2005, each Fund was trading at a share price greater than its net
asset value per share. The amount of this share price premium to NAV is shown in
the accompanying chart:
6-MONTH OR
SINCE INCEPTION
6/30/05 AVERAGE
PREMIUM PREMIUM
- --------------------------------------------------------------------------------
JPZ +6.80% +6.34%
- --------------------------------------------------------------------------------
JSN +4.39% +4.31%
- --------------------------------------------------------------------------------
JLA +3.24% +4.54%
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7
Nuveen Equity Premium Income Fund
JPZ
Performance
OVERVIEW As of June 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 95.1%
Put Options 0.3%
High-Grade Short-Term Investments 4.6%
Bar Chart:
2004-2005 MONTHLY DISTRIBUTIONS PER SHARE
Dec 0.142
Jan 0.142
Feb 0.142
Mar 0.142
Apr 0.142
May 0.142
Jun 0.142
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/26/04 20
20.06
20.1
20.08
20.01
20.08
20.05
20.04
20.03
20.01
20.03
20.03
20.02
20.02
20.14
20.01
20.19
20.19
20.09
20.1
20
20.03
20
20
20
20.02
20
19.98
19.94
19.98
19.98
20.1
20.12
20.2
20.24
20.15
20.06
20.14
20.07
20.13
20.24
20.25
20.2
20.2
20.26
20.22
20.25
20.08
20.13
20.24
20.2
20.2
20.2
20.27
20.15
20.18
20.3
20.34
20.26
20.25
20.25
20.35
20.24
20.2
20.33
20.3
20.28
20.4
20.45
20.46
20.5
20.6
20.62
20.6
20.74
20.75
20.65
20.69
20.71
20.65
20.68
20.4
20.59
20.73
20.8
20.85
20.97
20.87
20.81
20.88
20.84
20.83
20.66
20.64
20.43
20.5
20.33
20.12
20.18
20.2
20.06
19.85
19.95
19.85
19.84
19.65
19.82
19.93
19.87
19.9
20.06
20.08
20.15
20.12
20.1
20.12
19.92
19.85
19.94
19.82
19.93
19.89
19.93
19.85
19.83
19.85
19.91
19.82
19.98
19.98
19.95
19.98
20.02
20.08
20.15
20.18
20.16
19.99
19.98
20.15
20.08
20.05
20.08
20.09
20.08
20.05
20
19.94
20.04
20.05
20.09
20.14
20.17
20.14
20.22
20.31
20.4
20.3
20.41
20.23
20.11
20.07
20.12
20.24
20.09
20.11
20.08
20.02
20.09
20.09
20.1
20.22
6/30/05 20.25
FUND SNAPSHOT
- ------------------------------------
Share Price $20.25
- ------------------------------------
Net Asset Value $18.96
- ------------------------------------
Premium/(Discount) to NAV 6.80%
- ------------------------------------
Market Yield1 8.41%
- ------------------------------------
Net Assets ($000) $719,505
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 10/26/04)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month 4.47% 2.83%
- ------------------------------------
Since
Inception 6.55% 4.56%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Financials 20.4%
- ------------------------------------
Information Technology 12.6%
- ------------------------------------
Industrials 12.0%
- ------------------------------------
Healthcare 11.0%
- ------------------------------------
Consumer Discretionary 11.0%
- ------------------------------------
Consumer Staples 7.5%
- ------------------------------------
Energy 7.2%
- ------------------------------------
Utilities 5.3%
- ------------------------------------
Materials 4.5%
- ------------------------------------
Telecommunication Services 3.6%
- ------------------------------------
Put Options 0.3%
- ------------------------------------
High-Grade Short-Term
Investments 4.6%
- ------------------------------------
1 Market yield is based on the Fund's current annualized monthly distribution
divided by the Fund's current market price. The Fund's monthly 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.
8
Nuveen Equity Premium Opportunity Fund
JSN
Performance
OVERVIEW As of June 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 94.2%
Put Options 0.3%
High-Grade Short-Term Investments 5.5%
Bar Chart:
2005 MONTHLY DISTRIBUTIONS PER SHARE
Mar 0.148
Apr 0.148
May 0.148
Jun 0.148
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/26/05 20
20
20.28
20.14
20.1
20.1
20.22
20.22
20.25
20.35
20.35
20.4
20.39
20.36
20.28
20.25
20.3
20.25
20.02
20.03
20.1
20.05
20.07
20.04
20
20.02
20.01
20.14
20.11
20.15
19.99
19.78
19.88
19.89
19.81
19.77
19.72
19.62
19.55
19.7
19.45
19.25
19.19
19.34
19.49
19.35
19.51
19.6
19.66
19.84
19.73
19.7
19.77
19.58
19.54
19.29
19.54
19.48
19.37
19.55
19.45
19.45
19.45
19.38
19.3
19.4
19.4
19.39
19.38
19.54
19.58
19.65
19.68
19.68
19.48
19.47
19.42
19.43
19.38
19.4
19.58
19.55
19.48
19.49
19.49
19.55
19.6
19.68
19.62
19.73
19.74
19.69
19.69
19.78
19.76
19.86
19.71
19.69
19.77
19.83
19.83
19.79
19.73
19.73
19.75
19.6
19.53
19.59
19.57
6/30/05 19.73
FUND SNAPSHOT
- ------------------------------------
Share Price $19.73
- ------------------------------------
Net Asset Value $18.90
- ------------------------------------
Premium/(Discount) to NAV 4.39%
- ------------------------------------
Market Yield1 9.00%
- ------------------------------------
Net Assets ($000) $1,227,728
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 1/26/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
Since
Inception 1.75% 2.10%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Information Technology 23.3%
- ------------------------------------
Financials 15.6%
- ------------------------------------
Consumer Discretionary 11.5%
- ------------------------------------
Healthcare 10.9%
- ------------------------------------
Industrials 10.4%
- ------------------------------------
Energy 5.9%
- ------------------------------------
Consumer Staples 5.6%
- ------------------------------------
Telecommunication Services 3.9%
- ------------------------------------
Utilities 3.7%
- ------------------------------------
Materials 3.4%
- ------------------------------------
Put Options 0.3%
- ------------------------------------
High-Grade Short-Term
Investments 5.5%
- ------------------------------------
1 Market yield is based on the Fund's current annualized monthly distribution
divided by the Fund's current market price. The Fund's monthly 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.
9
Nuveen Equity Premium Advantage Fund
JLA
Performance
OVERVIEW As of June 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 93.5%
Put Options 0.3%
High-Grade Short-Term Investments 6.2%
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/25/05 20
20
20.02
20.01
20
20.01
20.01
20.01
20
20
20.01
20
20.01
20.01
20.01
20
20.01
20.01
20.01
20
20
20
19.86
19.71
19.72
6/30/05 19.73
FUND SNAPSHOT
- ------------------------------------
Share Price $19.73
- ------------------------------------
Net Asset Value $19.11
- ------------------------------------
Premium/(Discount) to NAV 3.24%
- ------------------------------------
Net Assets ($000) $472,058
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 5/25/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
Since
Inception -1.35% 0.05%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Information Technology 32.9%
- ------------------------------------
Consumer Discretionary 13.3%
- ------------------------------------
Healthcare 11.5%
- ------------------------------------
Financials 10.7%
- ------------------------------------
Industrials 9.1%
- ------------------------------------
Telecommunication Services 4.2%
- ------------------------------------
Energy 3.5%
- ------------------------------------
Consumer Staples 3.3%
- ------------------------------------
Materials 2.5%
- ------------------------------------
Utilities 2.5%
- ------------------------------------
Put Options 0.3%
- ------------------------------------
High-Grade Short-Term
Investments 6.2%
- ------------------------------------
10
Nuveen Equity Premium Income Fund (JPZ)
Portfolio of
INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.0%
CONSUMER DISCRETIONARY - 11.2%
38,000 Abercrombie & Fitch Co., Class A $ 2,610,600
5,300 Aeropostale, Inc. # 178,080
23,200 Amazon.com, Inc. # 767,456
10,800 American Axle and Manufacturing Holdings Inc. 272,916
43,400 American Eagle Outfitters, Inc. 1,330,210
35,800 Best Buy Company Inc. 2,454,090
3,400 Black & Decker Corporation 305,490
4,000 Career Education Corporation # 146,440
4,600 CarMax, Inc. # 122,590
13,400 Catalina Marketing Corporation 340,494
39,600 Chicos FAS, Inc. # 1,357,488
16,200 Christopher & Banks Corporation 295,812
44,800 Claire's Stores, Inc. 1,077,440
2,600 Coach, Inc. # 87,282
39,000 Dana Corporation 585,390
48,000 The Walt Disney Company 1,208,640
8,500 R.R. Donnelley & Sons Company 293,335
20,400 Eastman Kodak Company 547,740
54,700 Foot Locker, Inc. 1,488,934
180,500 Ford Motor Company 1,848,320
56,800 The Gap, Inc. 1,121,800
150,800 General Motors Corporation 5,127,200
23,300 GTECH Holdings Corporation 681,292
30,600 Hancock Fabrics, Inc. 203,184
146,000 The Home Depot, Inc. 5,679,400
28,800 International Game Technology 810,720
16,500 Lennar Corporation, Class A 1,046,925
68,800 Limited Brands, Inc. 1,473,696
15,800 Lowe's Companies, Inc. 919,876
58,700 Mattel Inc. 1,074,210
61,000 May Department Stores Company 2,449,760
27,900 Maytag Corporation 436,914
86,900 McDonald's Corporation 2,411,475
20,200 Michaels Stores, Inc. 835,674
107,400 Newell Rubbermaid Inc. 2,560,416
27,700 Nordstrom Inc. 1,882,769
13,000 Omnicom Group Inc. 1,038,180
5,900 Pacific Sunwear of California, Inc. # 135,641
1,700 J.C. Penney, Inc. 89,386
4,300 Pep Boys-Manny Moe and Jack 58,222
88,800 Pier 1 Imports, Inc. 1,260,072
1,100 Polaris Industries Inc. 59,400
5,800 Priceline.com Incorporated # 135,314
5,400 RadioShack Corporation 125,118
6,411 Rank Group plc, Sponsored ADR # 62,700
238,600 Regal Entertainment Group, Class A 4,504,768
12,800 Reuters Group plc, Sponsored ADR 542,643
15,000 Ross Stores, Inc. 433,650
7,900 Sears Holding Corporation # 1,183,973
117,800 Servicemaster 1,578,520
78,100 Sirius Satellite Radio Inc. # 506,088
12,400 Snap-On Incorporated 425,320
200 Superior Industries International, Inc. 4,740
11
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY (continued)
19,700 The TJX Companies, Inc. $ 479,695
28,600 Talbots, Inc. 928,642
104,200 Time Warner Inc. # 1,741,182
206,300 Tupperware Corporation 4,821,231
57,800 Unitrin, Inc. 2,837,980
8,800 Urban Outfitters, Inc. # 498,872
5,600 ValueClick, Inc. # 69,048
12,700 Viacom Inc., Class B 406,654
175,800 Wal-Mart Stores, Inc. 8,473,560
26,600 Whirlpool Corporation 1,864,926
10,300 XM Satellite Radio Holdings Inc., Class A # 346,698
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 7.6%
100,200 Albertson's, Inc. 2,072,136
235,500 Altria Group, Inc. 15,227,430
45,100 Avon Products, Inc. 1,707,035
2,400 The Clorox Company 133,728
153,000 The Coca-Cola Company 6,387,750
55,800 Colgate-Palmolive Company 2,784,978
72,500 ConAgra Foods, Inc. 1,679,100
12,500 Diageo plc, Sponsored ADR 741,250
48,500 The Gillette Company 2,455,555
56,200 Loews Corp - Carolina Group 1,872,584
4,800 Longs Drug Stores Corporation 206,640
40,500 PepsiCo, Inc. 2,184,165
199,600 The Procter & Gamble Company 10,528,900
16,100 Reynolds American Inc. 1,268,680
160,900 Sara Lee Corporation 3,187,429
4,300 UST Inc. 196,338
61,700 Vector Group Ltd 1,145,769
10,000 Walgreen Co. 459,900
6,700 Whole Foods Market Inc. 792,610
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 7.4%
151,900 ChevronTexaco Corporation 8,494,248
27,200 ConocoPhillips 1,563,728
21,300 Diamond Offshore Drilling, Inc. 1,138,059
38,100 ENSCO International Incorporated 1,362,075
442,600 Exxon Mobil Corporation 25,436,222
55,800 Halliburton Company 2,668,356
46,200 Kerr-McGee Corporation 3,525,522
11,600 Patterson-UTI Energy, Inc. 322,828
28,000 Royal Dutch Petroleum Company, ADR 1,817,200
39,600 Schlumberger Limited 3,007,224
3,200 Shell Transport & Trading Company plc, Sponsored ADR 185,792
8,800 Smith International, Inc. 560,560
72,200 Tidewater Inc. 2,752,264
2,800 Valero Energy Corporation 221,508
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 20.8%
36,800 The Allstate Corporation 2,198,800
62,300 American Financial Realty Trust 958,174
67,800 American Home Mortgage Investment Corp # 2,370,288
144,400 American International Group, Inc. 8,389,640
30,800 Apartment Investment & Management Company, Class A 1,260,336
3,500 Australia and New Zealand Banking Group Limited, Sponsored ADR 289,450
387,900 Bank of America Corporation 17,692,119
10,300 Capitol Federal Financial 355,144
10,800 The Chicago Merchantile Exchange 3,191,400
468,600 Citigroup Inc. 21,663,378
59,700 Converium Holding AG, ADR 240,591
12
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS (continued)
11,300 Countrywide Financial Corporation $ 436,293
154,100 Crescent Real Estate Equities Company 2,889,375
23,700 A. G. Edwards, Inc. 1,070,055
19,900 Equity Office Properties Trust 658,690
3,700 Fannie Mae 216,080
35,200 Fidelity National Financial, Inc. 1,256,288
40,300 First Industrial Realty Trust, Inc. 1,607,970
64,300 Arthur J. Gallagher & Co 1,744,459
5,900 Gladstone Capital Corporation 138,060
19,900 The Goldman Sachs Group, Inc. 2,030,198
117,900 HRPT Properties Trust 1,465,497
100,400 HSBC Holdings plc, Sponsored ADR 7,996,860
12,500 The Hartford Financial Services Group, Inc. 934,750
19,800 Health Care REIT, Inc. 746,262
357,200 JPMorgan Chase & Co 12,616,304
5,100 Jefferies Group, Inc. 193,239
1,500 Jefferson-Pilot Corporation 75,630
14,808 Ladenburg Thalmann Financial Services Inc. # 8,441
20,300 Legg Mason, Inc. 2,113,433
3,500 Liberty Property Trust 155,085
42,100 Lincoln National Corporation 1,975,332
145,300 Lloyds TSB Group plc, Sponsored ADR 4,947,465
90,800 MBNA Corporation 2,375,328
91,300 Marsh & McLennan Companies, Inc. 2,529,010
19,200 Mercury General Corporation 1,046,784
26,500 Merrill Lynch and Company Inc. 1,457,765
96,100 Morgan Stanley 5,042,367
7,600 National Australia Bank Limited, Sponsored ADR 889,428
40,500 Nationwide Health Properties, Inc. 956,205
29,800 New Century Financial Corporation 1,533,210
166,000 New York Community Bancorp, Inc. 3,007,920
112,500 Newcastle Investment Corporation 3,391,875
17,550 North Fork Bancorporation, Inc. 492,980
11,700 Reckson Associates Realty Corporation 392,535
37,400 The Charles Schwab Corporation 421,872
27,000 Senior Housing Properties Trust 510,570
55,400 TruStreet Properties, Inc. 920,194
175,300 U.S. Bancorp 5,118,760
106,300 Wachovia Corporation 5,272,480
59,100 Waddell & Reed Financial, Inc., Class A 1,093,350
34,100 Washington Mutual, Inc. 1,387,529
100,900 Wells Fargo & Company 6,213,422
1,900 Westpac Banking Corporation 144,267
8,300 XL Capital Ltd., Class A 617,686
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2%
116,200 Abbott Laboratories 5,694,962
33,500 Amgen Inc. # 2,025,410
35,700 Baxter International Inc. 1,324,470
387,900 Bristol-Myers Squibb Company 9,689,742
1,300 Cardinal Health, Inc. 74,854
21,800 Caremarx Rx, Inc. # 970,536
10,300 Coventry Health Care, Inc. # 728,725
2,500 Genentech, Inc. # 200,700
61,100 GlaxoSmithKline plc, ADR 2,963,961
15,600 Guidant Corporation 1,049,880
8,900 HCA, Inc. 504,363
100 Imclone Systems Incorporated # 3,097
209,300 Johnson & Johnson 13,604,500
78,800 Eli Lilly and Company 4,389,948
28,900 Medtronic Inc. 1,496,731
13
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
6,700 Mentor Corporation $ 277,916
254,400 Merck & Co. Inc. 7,835,520
2,100 Omnicare, Inc. 89,103
100 Onyx Pharmaceuticals, Inc. # 2,388
4,700 PacifiCare Health Systems # 335,815
574,600 Pfizer Inc. 15,847,468
36,000 Schering-Plough Corporation 686,160
87,000 UnitedHealth Group Incorporated 4,536,180
10,800 Universal Health Services, Inc., Class B 671,544
41,800 Wellpoint Inc. # 2,910,952
67,600 Wyeth 3,008,200
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 12.2%
22,200 AMR Coporation-DEL # 268,842
56,300 Automatic Data Processing, Inc. 2,362,911
3,800 Avery Dennison Corporation 201,248
71,400 The Boeing Inc 4,712,400
52,100 Briggs & Stratton Corporation 1,803,702
37,800 Caterpillar Inc. 3,602,718
9,600 Cendant Corporation 214,752
2,000 CheckFree Corp # 68,120
14,800 Continental Airlines Inc # 196,544
1,000 Cummins Inc. 74,610
5,000 Deere & Company 327,450
128,800 Delta Air Lines, Inc. # 484,288
83,300 Deluxe Corporation 3,381,980
1,000 Eaton Corporation 59,900
61,200 Emerson Electric Co 3,832,956
821,000 General Electric Company 28,447,650
27,800 Genuine Parts Company 1,142,302
13,600 Graco Inc 463,352
100,000 Honeywell International Inc. 3,663,000
40,600 Hubbell Incorporated, Class B # 1,790,460
1,600 ITT Educational Services Inc. # 85,472
1,600 Illinois Tool Works Inc. 127,488
5,900 Ingersoll-Rand Company, Class A 420,965
3,000 Manpower Inc. 119,340
2,600 Northrop Grumman Corporation 143,650
7,880 PHH Corporation # 202,674
5,700 Parker Hannifin Corporation 353,457
31,000 Paychex, Inc. 1,008,740
39,000 Pentair, Inc. 1,669,590
32,000 Raytheon Company 1,251,840
2,700 Reinhold Industries Inc., Class A 74,115
8,700 Republic Services Inc. 313,287
13,800 Rockwell Automation, Inc. 672,198
64,600 SPX Corporation 2,970,308
200 Siemens AG, Sponsored ADR 14,530
37,900 The Standard Register Company 599,199
25,600 The Stanley Works 1,165,824
54,500 StarTek, Inc. 894,890
2,500 Stolt-Nielsen S.A., Sponsored ADR 83,675
64,800 3M Co. 4,685,040
12,000 The Timken Company 277,200
7,400 Tomkins plc, Sponsored ADR 140,748
95,500 Tyco International Ltd. 2,788,600
26,600 United Parcel Service Inc., Class B 1,839,656
89,400 United Technologies Corporation 4,590,690
93,200 Waste Management, Inc. 2,641,288
43,100 York International Corporation 1,637,800
14
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY - 12.9%
17,600 Adobe Systems Incorporated $ 503,712
16,300 ADTRAN, Inc. 404,077
26,500 Advanced Micro Devices Inc. # 459,510
10,800 American Power Conversion Corporation 254,772
35,500 Analog Devices, Inc. 1,324,505
47,000 Apple Computer, Inc. # 1,730,070
97,200 Applied Materials, Inc. 1,572,696
14,900 Ask Jeeves, Inc. # 449,831
51,600 Atmel Corporation # 122,292
11,400 Autodesk, Inc. 391,818
31,200 Avaya Inc. # 259,584
34,800 BEA Systems, Inc. # 305,544
30,200 Broadcom Corporation, Class A # 1,072,402
61,800 Ciena Corporation # 129,162
284,500 Cisco Systems, Inc. # 5,436,795
18,500 Cognizant Technology Solutions Corporation, Class A # 871,905
46,600 Corning Incorporated # 774,492
63,900 Dell Inc. # 2,524,689
57,600 eBay Inc. # 1,901,376
9,600 Electronic Arts Inc. (EA) # 543,456
2,050 FactSet Research Systems Inc. 73,472
4,200 Fair Isaac Corporation 153,300
9,900 F5 Networks, Inc. # 467,627
33,800 Gentex Corporation 615,160
5,900 Google Inc., Class A # 1,735,485
129,100 Hewlett-Packard Company 3,035,141
468,200 Intel Corporation 12,201,292
91,300 International Business Machines Corporation (IBM) 6,774,460
1,900 International Rectifier Corporation # 90,668
9,900 Internet Security Systems, Inc. # 200,871
9,700 Intersil Corporation, Class A 182,069
95,000 JDS Uniphase Corporation # 144,400
8,000 KLA-Tencor Corporation 349,600
6,600 Lam Research Corporation # 191,004
13,300 Linear Technology Corporation 487,977
120,200 Lucent Technologies Inc. # 349,782
15,400 Macromedia, Inc. # 588,588
27,300 Maxim Integrated Products, Inc. 1,043,133
14,100 McAfee Inc. # 369,138
34,300 Microchip Technology Incorporated 1,015,966
759,400 Microsoft Corporation 18,863,496
149,100 Motorola, Inc. 2,722,566
24,800 National Semiconductor Corporation 546,344
9,900 NVIDIA Corporation # 264,528
8,300 OmniVision Technologies, Inc. # 112,797
264,600 Oracle Corporation # 3,492,720
200 Plantronics, Inc. 7,272
118,300 QUALCOM Inc. 3,905,083
6,100 Red Hat, Inc. # 79,910
29,800 Sanmina-SCI Corporation # 163,006
51,700 Siebel Systems, Inc. 460,130
7,800 Sigmatel Incorporated # 133,848
100 Silicon Laboratories Inc. # 2,621
19,100 Symantec Corporation # 415,234
115,500 Texas Instruments Incorporated 3,242,085
15,800 United Online, Inc. 171,588
32,400 VERITAS Software Corporation # 790,560
30,000 Veri Sign, Inc. # 862,800
12,300 WebEx Communications, Inc. # 324,843
28,600 Xilinx, Inc. 729,300
125,800 Yahoo! Inc. # 4,358,970
15
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 4.6%
40,200 Alcoa Inc. $ 1,050,426
14,400 CONSOL Energy Inc. 771,552
140,700 The Dow Chemical Company 6,265,371
160,500 E.I. du Pont de Nemours and Company 6,903,105
40,400 Eastman Chemical Company 2,228,060
72,700 The Lubrizol Corporation 3,054,127
91,400 Lyondell Chemical Company 2,414,788
16,000 Nucor Corporation 729,920
104,500 Olin Corporation 1,906,080
49,300 Packaging Corp of America 1,037,765
96,400 RPM International, Inc. 1,760,264
109,900 Sonoco Products Company 2,912,350
86,700 USEC Inc. 1,269,288
1,500 WMC Resources Limited, Sponsored ADR 35,850
50,800 Worthington Industries, Inc. 802,640
- ------------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 3.7%
35,000 AT&T Corp 666,400
1,300 ALLTEL Corporation 80,964
216,900 BellSouth Corporation 5,763,033
16,400 Nextel Communications, Inc., Class A # 529,884
50,100 Nokia Oyj, Sponsored ADR 833,664
366,300 SBC Communications Inc. 8,699,625
84,700 Sprint Corporation 2,125,123
3,100 TDC A/S, Sponsored ADR 66,371
11,600 Telstra Corporation Limited, ADR 224,460
214,100 Verizon Communications Inc. 7,397,155
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.0%
50,400 Northwest Airlines Corporation # 229,824
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.4%
28,200 AGL Resources Inc. 1,089,930
27,000 Ameren Corporation 1,493,100
183,300 Atmos Energy Corporation 5,279,040
312,500 Citizens Communications Company 4,200,000
20,900 Consolidated Edison, Inc. 978,956
21,900 Dayton Power & Light Company 601,155
125,900 Duke Energy Corporation 3,743,007
72,700 Duquesne Light Holdings Inc. 1,358,036
11,800 Enel SpA, Sponsored ADR 512,238
93,800 Great Plains Energy Incorporated 2,991,282
18,200 KeySpan Corporation 740,740
28,500 National Fuel Gas Company 823,935
81,800 NICOR, Inc. 3,367,706
60,600 OGE Energy Corp 1,753,764
49,100 ONEOK Inc. 1,603,115
26,600 Peoples Energy Corporation 1,156,036
80,800 Pepco Holdings, Inc. 1,934,352
32,400 Progress Energy, Inc. 1,465,776
32,100 Public Service Enterprise Group 1,952,322
59,600 United Utilities plc, Sponsored ADR 1,426,227
10,700 Vectren Corporation 307,410
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (cost $669,599,200) 697,516,779
--------------------------------------------------------------------------------------------------------------------
16
CONTRACTS DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.3%
850 On S&P 500 Index, expiring 7/16/05 at 1100 $ 21,250
1,604 On S&P 500 Index, expiring 8/20/05 at 1100 409,020
865 On S&P 500 Index, expiring 9/17/05 at 1075 320,050
2,470 On S&P 500 Index, expiring 9/17/05 at 1100 1,333,800
- ------------------------------------------------------------------------------------------------------------------------------------
Total Put Options (cost $2,968,610) 2,084,120
--------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (000)
- ------------------------------------------------------------------------------------------------------------------------------------
HIGH-GRADE SHORT-TERM INVESTMENTS - 4.7%
$ 33,966 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 33,965,967
=============-----------------------------------------------------------------------------------------------------------------------
Total High-Grade Short-Term Investments (cost $33,965,967) 33,965,967
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $706,533,777) - 102.0% 733,566,866
====================================================================================================================
CONTRACTS
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (2.1)% *
(636) On S&P 500 Index, expiring 7/16/05 at 1150 (2,763,420)
(1,084) On S&P 500 Index, expiring 7/16/05 at 1175 (2,303,500)
(677) On S&P 500 Index, expiring 7/16/05 at 1200 (399,430)
(679) On S&P 500 Index, expiring 8/20/05 at 1200 (1,083,005)
(1,372) On S&P 500 Index, expiring 9/17/05 at 1175 (5,289,060)
(1,341) On S&P 500 Index, expiring 9/17/05 at 1200 (3,131,235)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $19,724,385) (14,969,650)
====================================================================================================================
Other Assets Less Liabilities - 0.1% 907,842
====================================================================================================================
Net Assets - 100% $719,505,058
====================================================================================================================
# Non-income producing.
* The aggregate value of investments that covers outstanding
call options is $682,434,065.
See accompanying notes to financial statements.
17
Nuveen Equity Premium Opportunity Fund (JSN)
Portfolio of
INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 95.9%
CONSUMER DISCRETIONARY - 11.7%
44,900 Abercrombie & Fitch Co., Class A $ 3,084,630
72,750 Amazon.com, Inc. # 2,406,570
74,400 American Eagle Outfitters, Inc. 2,280,360
59,300 Best Buy Co., Inc. 4,065,015
74,150 Catalina Marketing Corporation 1,884,152
48,900 Chicos FAS, Inc. # 1,676,292
81,900 Claire's Stores, Inc. 1,969,695
69,500 Clear Channel Communications, Inc. 2,149,635
151,500 The Walt Disney Company 3,814,770
49,100 R.R. Donnelley & Sons Company 1,694,441
82,200 Foot Locker, Inc. 2,237,484
212,500 Ford Motor Company 2,176,000
98,650 The Gap, Inc. 1,948,338
190,600 General Motors Corporation 6,480,400
71,750 GTECH Holdings Corporation 2,097,970
34,500 Harley-Davidson Inc 1,711,200
210,000 The Home Depot, Inc. 8,169,000
86,300 IAC/InterActiveCorp # 2,075,515
68,500 International Game Technology 1,928,275
126,450 Limited Brands, Inc. 2,708,559
53,150 Lowe's Companies, Inc. 3,094,393
116,800 Mattel Inc. 2,137,440
106,250 May Department Stores Company 4,267,000
178,400 Maytag Corporation 2,793,744
215,800 McDonald's Corporation 5,988,450
62,100 Michaels Stores, Inc. 2,569,077
184,850 Newell Rubbermaid Inc. 4,406,824
144,450 News Corporation Inc., Class A 2,337,201
46,500 Nordstrom, Inc. 3,160,605
28,100 Omnicom Group Inc. 2,244,066
179,500 Pier 1 Imports, Inc. 2,547,105
34,500 Polaris Industries Inc. 1,863,000
311,500 Regal Entertainment Group, Class A 5,881,120
28,977 Sears Holding Corporation # 4,342,783
267,200 Servicemaster 3,580,480
469,850 Sirius Satellite Radio Inc. # 3,044,628
31,000 Starwood Hotels & Resorts Worldwide, Inc. 1,815,670
41,500 Target Corporation 2,258,015
161,900 Time Warner Inc. # 2,705,349
81,750 Unitrin, Inc. 4,013,925
92,800 Viacom Inc., Class B 2,971,456
305,100 Wal-Mart Stores, Inc. 14,705,820
38,500 Whirlpool Corporation 2,699,235
66,850 XM Satellite Radio Holdings Inc., Class A # 2,250,171
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.7%
179,200 Albertson's, Inc. 3,705,856
260,400 Altria Group, Inc. 16,837,464
62,100 Avon Products, Inc. 2,350,485
176,150 The Coca-Cola Company 7,354,263
67,900 Colgate-Palmolive Company 3,388,889
101,700 ConAgra Foods, Inc. 2,355,372
85,000 The Gillette Company 4,303,550
18
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES (continued)
96,950 Loews Corp - Carolina Group $ 3,230,374
83,200 PepsiCo, Inc. 4,486,976
229,500 The Procter & Gamble Company 12,106,125
22,700 Reynolds American Inc. 1,788,760
256,100 Sara Lee Corporation 5,073,341
71,500 Walgreen Co. 3,288,285
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 6.0%
183,650 ChevronTexaco Corporation 10,269,708
74,000 ConocoPhillips 4,254,260
45,800 Diamond Offshore Drilling, Inc. 2,447,094
51,650 ENSCO International Incorporated 1,846,488
28,300 Equitable Resources Inc. 1,924,400
554,550 Exxon Mobil Corporation 31,869,989
97,250 Halliburton Company 4,650,495
76,950 Patterson-UTI Energy, Inc. 2,141,519
92,800 Royal Dutch Petroleum Company plc, Sponsored ADR 6,022,720
37,500 Schlumberger Limited 2,847,750
95,800 Tidewater Inc. 3,651,896
18,400 Total SA, Sponsored ADR 2,150,040
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 15.9%
56,200 A. G. Edwards, Inc. 2,537,430
41,400 The Allstate Corporation 2,473,650
31,000 American Express Company 1,650,130
155,350 American Financial Realty Trust 2,389,283
92,500 American Home Mortgage Investment Corp. # 3,233,800
208,100 American International Group, Inc. 12,090,610
418,900 Bank of America Corporation 19,106,029
18,500 The Chicago Merchantile Exchange 5,466,750
559,400 Citigroup Inc. 25,861,062
118,500 Commerce Bancorp, Inc. 3,591,735
277,600 Crescent Real Estate Equities Company 5,205,000
71,300 Eaton Vance Corporation 1,704,783
107,350 Fidelity National Financial, Inc. 3,831,322
101,900 First Industrial Realty Trust, Inc. 4,065,810
118,050 Arthur J. Gallagher & Co 3,202,697
26,800 The Goldman Sachs Group, Inc. 2,734,136
301,550 HRPT Properties Trust 3,748,267
92,100 HSBC Holdings plc, Sponsored ADR 7,335,765
59,500 Health Care REIT, Inc. 2,242,555
86,200 Hospitality Properties Trust 3,798,834
127,650 ING Group NV, Sponsored ADR 3,580,583
408,650 JPMorgan Chase & Co 14,433,518
34,700 Legg Mason, Inc. 3,612,617
154,500 Lloyds TSB Group plc, Sponsored ADR 5,260,725
145,200 MBNA Corporation 3,798,432
83,800 Marsh & McLennan Companies, Inc. 2,321,260
35,150 Mercury General Corporation 1,916,378
34,200 Merrill Lynch and Company Inc. 1,881,342
132,250 Morgan Stanley 6,939,158
112,500 Nationwide Health Properties, Inc. 2,656,125
261,200 New York Community Bancorp, Inc. 4,732,944
64,900 North Fork Bancorporation, Inc. 1,823,041
156,050 The Charles Schwab Corporation 1,760,244
283,700 U.S. Bancorp 8,284,040
135,250 Wachovia Corporation 6,708,400
149,400 Waddell & Reed Financial, Inc., Class A 2,763,900
108,950 Wells Fargo & Company 6,709,141
19
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2%
166,900 Abbott Laboratories $ 8,179,769
24,500 Aetna Inc. 2,029,090
114,150 Amgen Inc. # 6,901,509
94,200 Baxter International Inc. 3,494,820
37,750 Biogen Idec Inc. # 1,300,488
408,950 Bristol-Myers Squibb Company 10,215,571
51,800 Caremarx Rx, Inc. # 2,306,136
54,400 Celgene Corporation # 2,217,888
26,000 Coventry Health Care, Inc. # 1,839,500
46,200 Genentech, Inc. # 3,708,936
46,900 Genzyme Corporation # 2,818,221
92,100 Gilead Sciences, Inc. # 4,051,479
94,300 GlaxoSmithKline plc, ADR 4,574,493
36,300 Guidant Corporation 2,442,990
259,650 Johnson & Johnson 16,877,250
134,950 Eli Lilly and Company 7,518,065
80,400 Medtronic Inc. 4,163,916
46,000 Mentor Co. Inc. 1,908,080
305,050 Merck & Co. Inc 9,395,540
730,250 Pfizer Inc. 20,140,295
125,350 Schering-Plough Corporation 2,389,171
20,150 Sepracor Inc. # 1,209,202
121,700 UnitedHealth Group Incorporated 6,345,438
66,800 Wellpoint Inc. # 4,651,952
139,850 Wyeth 6,223,325
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 10.6%
97,500 AMR Coporation-DEL # 1,180,725
95,800 Automatic Data Processing, Inc. 4,020,726
88,200 The Boeing Company 5,821,200
88,050 Briggs & Stratton Corporation 3,048,291
56,200 Caterpillar Inc. 5,356,422
86,500 Cendant Corporation 1,935,005
9,500 CheckFree Corp # 323,570
26,000 Cooper Industries Limited 1,661,400
27,500 Corporate Executive Board Company 2,154,075
114,150 Deluxe Corporation 4,634,490
80,400 Emerson Electric Co 5,035,452
52,800 First Data Corporation 2,119,392
936,350 General Electric Company 32,444,528
57,500 Genuine Parts Company 2,362,675
70,750 Graco Inc. 2,410,453
133,500 Honeywell International Inc. 4,890,105
71,050 Hubbell Incorporated, Class B # 3,133,305
26,000 Lockheed Martin Corporation 1,686,620
57,150 Manpower Inc. 2,273,427
41,700 Northrop Grumman Corporation 2,303,925
72,400 Pentair, Inc. 3,099,444
46,000 Raytheon Company 1,799,520
39,000 Rockwell Automation, Inc. 1,899,690
80,400 SPX Corporation 3,696,792
44,700 The Stanley Works 2,035,638
83,000 3M Co. 6,000,900
67,000 The Timken Company 1,547,700
183,850 Tyco International Ltd 5,368,420
78,500 United Parcel Service, Inc., Class B 5,429,060
107,600 United Technologies Corporation 5,525,260
95,550 Waste Management, Inc. 2,707,887
51,300 York International Corporation 1,949,400
20
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY - 23.5%
56,066 Activision Inc. # $ 926,210
117,900 Adobe Systems Incorporated 3,374,298
72,500 ADTRAN, Inc. 1,797,275
84,500 Advanced Micro Devices Inc. # 1,465,230
81,900 Altera Corporation # 1,623,258
121,800 Analog Devices, Inc. 4,544,358
331,300 Apple Computer, Inc. # 12,195,153
292,300 Applied Materials, Inc. 4,729,414
71,500 Autodesk, Inc. 2,457,455
86,600 Broadcom Corporation Class A # 3,075,166
886,400 Cisco Systems, Inc. # 16,939,104
104,400 Computer Associates International, Inc. 2,868,912
184,500 Corning Incorporated # 3,066,390
44,200 Cree Inc. # 1,125,774
257,100 Dell Inc. # 10,158,021
264,100 EMC Corporation # 3,620,811
341,600 eBay Inc. # 11,276,216
77,600 Electronic Arts Inc. (EA) # 4,392,936
86,700 Electronic Data Systems Corporation 1,668,975
47,200 Fair Isaac Corporation 1,722,800
58,000 Freescale Semiconductor Inc. # 1,218,580
123,100 Gentex Corporation 2,240,420
14,300 Google Inc., Class A # 4,206,345
55,800 Harris Corporation 1,741,518
317,700 Hewlett-Packard Company 7,469,127
1,023,350 Intel Corporation 26,668,501
162,500 International Business Machines Corporation 12,057,500
45,700 International Rectifier Corporation # 2,180,804
73,000 Juniper Networks Inc. # 1,838,140
51,550 KLA-Tencor Corporation 2,252,735
72,550 Linear Technology Corporation 2,661,860
52,800 Macromedia, Inc. # 2,018,016
59,150 Marvell Technology Group Limited # 2,250,066
123,350 Maxim Integrated Products, Inc. 4,713,204
46,850 McAfee Inc. # 1,226,533
1,679,450 Microsoft Corporation 41,717,538
243,800 Motorola, Inc. 4,451,788
132,350 National Semiconductor Corporation 2,915,671
97,500 Network Appliance Inc. # 2,756,325
744,500 Oracle Corporation # 9,827,400
578,650 QUALCOM Inc. 19,101,237
46,700 Research In Motion Limited # 3,444,125
25,600 Roper Industries Inc. 1,827,072
72,500 SAP AG, Sponsored ADR 3,139,250
185,600 Siebel Systems, Inc. 1,651,840
226,350 Symantec Corporation # 4,920,849
283,250 Texas Instruments Incorporated 7,950,828
114,100 VERITAS Software Corporation # 2,784,040
92,650 Veri Sign, Inc. # 2,664,614
130,650 Xilinx, Inc. 3,331,575
267,900 Yahoo! Inc. # 9,282,735
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 3.5%
71,500 Alcoa Inc. 1,868,295
171,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 2,761,650
147,700 The Dow Chemical Company 6,577,081
170,700 E.I. du Pont de Nemours and Company 7,341,807
49,050 Eastman Chemical Company 2,705,108
83,000 The Lubrizol Corporation 3,486,830
118,400 Lyondell Chemical Company 3,128,128
30,500 Monsanto Company 1,917,535
21
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS (continued)
127,650 Olin Corporation $ 2,328,336
218,700 Packaging Corp of America 4,603,635
152,650 RPM International, Inc. 2,787,389
127,450 Sonoco Products Company 3,377,425
- ------------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 4.0%
245,900 BellSouth Corporation 6,533,563
113,500 China Mobile Hong Kong Limited, Sponsored ADR 2,109,965
151,050 Chunghwa Telecom Co., Ltd., Sponsored ADR # 3,237,001
254,600 Nextel Communications, Inc., Class A # 8,226,125
132,000 Nokia Oyj, Sponsored ADR 2,196,480
451,300 SBC Communications Inc. 10,718,374
149,400 Sprint Corporation 3,748,445
352,400 Verizon Communications Inc. 12,175,420
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.8%
63,900 AGL Resources Inc. 2,469,734
38,400 Ameren Corporation 2,123,520
179,450 Atmos Energy Corporation 5,168,160
318,750 Citizens Communications Company 4,284,000
181,250 Duke Energy Corporation 5,388,562
98,700 Duquesne Light Holdings Inc. 1,843,715
129,350 Great Plains Energy Incorporated 4,124,971
88,300 National Fuel Gas Company 2,552,752
122,400 NICOR Inc. 5,039,207
92,500 OGE Energy Corp 2,676,950
95,800 ONEOK Inc. 3,127,870
118,050 Pepco Holdings, Inc. 2,826,116
84,600 Piedmont Natural Gas Company, Inc. 2,032,091
42,100 Public Service Enterprise Group 2,560,521
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (cost $1,174,606,833) 1,178,376,827
--------------------------------------------------------------------------------------------------------------------
CONTRACTS
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.3%
1,094 On S&P 500 Index, expiring 7/16/05 at 1100 27,350
593 On Nasdaq 100 Index, expiring 8/20/05 at 1350 158,628
2,051 On S&P 500 Index, expiring 8/20/05 at 1100 523,005
6,310 On Mini-NDX 100 Index, expiring 9/17/05 at 135.0 394,375
492 On Nasdaq 100 Index, expiring 9/17/05 at 1325 223,860
218 On Nasdaq 100 Index, expiring 9/17/05 at 1350 137,340
1,365 On S&P 500 Index, expiring 9/17/05 at 1075 505,050
2,833 On S&P 500 Index, expiring 9/17/05 at 1100 1,529,820
- ------------------------------------------------------------------------------------------------------------------------------------
Total Put Options (cost $4,761,797) 3,499,428
--------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (000)
- ------------------------------------------------------------------------------------------------------------------------------------
HIGH-GRADE SHORT-TERM INVESTMENTS - 5.6%
$ 68,560 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 68,559,784
=============-----------------------------------------------------------------------------------------------------------------------
Total High-Grade Short-Term Investments (cost $68,559,784) 68,559,784
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,247,928,414) - 101.8% 1,250,436,039
====================================================================================================================
22
CONTRACTS DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (1.9)% *
(985) On Mini-NDX 100 Index, expiring 7/16/05 at 147.5 $ (261,025)
(1,180) On Mini-NDX 100 Index, expiring 7/16/05 at 150.0 (141,600)
(1,460) On Mini-NDX 100 Index, expiring 7/16/05 at 152.5 (58,400)
(163) On Nasdaq 100 Index, expiring 7/16/05 at 1475 (427,875)
(164) On Nasdaq 100 Index, expiring 7/16/05 at 1500 (191,060)
(68) On Nasdaq 100 Index, expiring 7/16/05 at 1525 (27,200)
(791) On S&P 500 Index, expiring 7/16/05 at 1150 (3,436,895)
(1,195) On S&P 500 Index, expiring 7/16/05 at 1175 (2,539,375)
(809) On S&P 500 Index, expiring 7/16/05 at 1200 (477,310)
(1,265) On Mini-NDX 100 Index, expiring 8/20/05 at 152.5 (234,025)
(2,633) On Mini-NDX 100 Index, expiring 8/20/05 at 155.0 (263,300)
(290) On Nasdaq 100 Index, expiring 8/20/05 at 1500 (856,950)
(66) On Nasdaq 100 Index, expiring 8/20/05 at 1525 (120,120)
(915) On S&P 500 Index, expiring 8/20/05 at 1200 (1,459,425)
(1,900) On Mini-NDX 100 Index, expiring 9/17/05 at 150.0 (798,000)
(240) On Nasdaq 100 Index, expiring 9/17/05 at 1500 (1,002,000)
(1,732) On S&P 500 Index, expiring 9/17/05 at 1175 (6,676,860)
(1,901) On S&P 500 Index, expiring 9/17/05 at 1200 (4,438,835)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $35,033,127) (23,410,255)
====================================================================================================================
Other Assets Less Liabilities - 0.1% 702,261
====================================================================================================================
Net Assets - 100% $1,227,728,045
====================================================================================================================
# Non-income producing
* The aggregate value of investments that covers outstanding
call options is $1,153,173,066.
See accompanying notes to financial statements.
23
Nuveen Equity Premium Advantage Fund (JLA)
Portfolio of
INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 95.2%
CONSUMER DISCRETIONARY - 13.6%
14,900 Abercrombie & Fitch Co., Class A $ 1,023,630
36,900 Amazon.com, Inc. # 1,220,652
26,200 American Eagle Outfitters, Inc 803,030
19,100 Best Buy Company Inc. 1,309,305
9,300 Black & Decker Corporation 835,605
32,600 Claire's Stores, Inc. 784,030
32,300 Clear Channel Communications, Inc. 999,039
24,400 Coach, Inc. # 819,108
191,400 Comcast Corporation # 5,732,430
58,600 The DIRECTV Group, Inc. # 908,300
51,400 The Walt Disney Company 1,294,252
22,900 Dow Jones & Company, Inc. 811,805
73,900 Ford Motor Company 756,736
37,300 Furniture Brands International, Inc. 806,053
58,100 General Motors Corporation 1,975,400
16,400 Harley-Davidson Inc 813,440
66,900 The Home Depot, Inc. 2,602,410
91,500 IAC/InterActiveCorp # 2,200,575
27,600 International Game Technology 776,940
40,900 Limited Brands, Inc. 876,078
24,500 Lowe's Companies, Inc. 1,426,390
24,500 May Department Stores Company 983,920
45,500 McDonald's Corporation 1,262,625
38,500 Newell Rubbermaid Inc. 917,840
72,400 News Corporation Inc., Class A 1,171,432
12,800 Omnicom Group Inc. 1,022,208
20,900 Outback Steakhouse, Inc. # 945,516
16,800 J.C. Penney Company, Inc. 883,344
51,800 Pier 1 Imports, Inc. 735,042
16,200 Polaris Industries Inc. 874,800
77,400 Regal Entertainment Group, Class A 1,461,312
28,700 Sears Holding Corporation # 4,301,269
111,400 Servicemaster 1,492,760
259,400 Sirius Satellite Radio Inc. # 1,680,912
67,200 Starbucks Corporation # 3,471,552
15,700 Starwood Hotels & Resorts Worldwide, Inc. 919,549
23,300 Target Corporation 1,267,753
121,600 Time Warner Inc. # 2,031,936
35,400 Tupperware Corporation 827,298
18,800 Unitrin, Inc. 923,080
49,300 Viacom Inc., Class B 1,578,586
75,300 Wal-Mart Stores, Inc. 3,629,460
20,300 Wendy's International, Inc. 967,295
12,700 Whirlpool Corporation 890,397
30,100 XM Satellite Radio Holdings Inc., Class A # 1,013,166
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.4%
69,400 Albertson's, Inc. 1,435,192
69,700 Altria Group, Inc. 4,506,802
33,900 CVS Corporation 985,473
24
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES (continued)
52,900 The Coca-Cola Company $ 2,208,575
25,400 The Gillette Company 1,286,002
23,200 PepsiCo, Inc. 1,251,176
51,800 The Procter & Gamble Company 2,732,450
32,500 Walgreen Co. 1,494,675
- ------------------------------------------------------------------------------------------------------------------------------------
ENERGY - 3.5%
54,100 ChevronTexaco Corporation 3,025,272
29,400 ConocoPhillips 1,690,206
21,300 Diamond Offshore Drilling, Inc. 1,138,059
146,700 Exxon Mobil Corporation 8,430,849
26,400 Halliburton Company 1,262,448
17,500 Smith International, Inc. 1,114,750
- ------------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 10.9%
24,500 AFLAC Incorporated 1,060,360
18,700 American Express Company 995,401
67,800 American Financial Realty Trust 1,042,764
63,400 American International Group, Inc. 3,683,540
88,200 Bank of America Corporation 4,022,802
38,100 The Bank of New York Company, Inc. 1,096,518
4,500 The Chicago Merchantile Exchange 1,329,750
115,400 Citigroup Inc. 5,334,942
33,600 Commerce Bancorp, Inc. 1,018,416
36,000 Eaton Vance Corporation 860,760
32,700 Fidelity National Financial, Inc. 1,167,063
29,600 Arthur J. Gallagher & Co. 803,048
9,100 The Goldman Sachs Group, Inc. 928,382
149,900 HRPT Properties Trust 1,863,257
11,800 HSBC Holdings plc, Sponsored ADR 939,870
46,300 Health Care REIT, Inc. 1,745,047
89,700 JPMorgan Chase & Co 3,168,204
13,200 Legg Mason, Inc. 1,374,252
87,000 Lloyds TSB Group plc, Sponsored ADR 2,962,350
47,500 MBNA Corporation 1,242,600
20,000 Moody's Corporation 899,200
35,700 Morgan Stanley 1,873,179
66,600 Nationwide Health Properties, Inc. 1,572,426
53,100 New York Community Bancorp, Inc. 962,172
13,600 Prudential Financial, Inc. 892,976
74,000 The Charles Schwab Corporation 834,720
40,100 TCF Financial Corporation 1,037,788
50,400 TruStreet Properties, Inc. 837,144
63,800 U.S. Bancorp 1,862,960
33,300 Wachovia Corporation 1,651,680
51,000 Waddell & Reed Financial, Inc., Class A 943,500
25,100 Wells Fargo & Company 1,545,658
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.7%
52,400 Abbott Laboratories 2,568,124
15,900 Affymetrix, Inc. # 857,487
67,700 Amgen Inc. # 4,093,142
57,300 Applera Corporation-Applied Biosystems Group 1,127,091
37,800 Baxter International Inc. 1,402,380
67,600 Biogen Idec Inc. # 2,328,820
26,700 Boston Scientific Corporation # 720,900
112,000 Bristol-Myers Squibb Company 2,797,760
19,800 Caremarx Rx, Inc. # 881,496
22,700 Celgene Corporation # 925,479
23,000 Cephalon, Inc. # 915,630
18,900 Charles River Laboratories International, Inc. # 911,925
25
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
12,300 Genentech, Inc. # $ 987,444
37,100 Genzyme Corporation # 2,229,339
56,200 Gilead Sciences, Inc. # 2,472,238
27,400 GlaxoSmithKline plc, ADR 1,329,174
11,700 Guidant Corporation 787,410
72,100 Human Genome Sciences, Inc. # 834,918
76,300 Johnson & Johnson 4,959,500
41,900 Eli Lilly and Company 2,334,249
15,100 Medco Health Solutions, Inc. # 805,736
34,300 Medtronic Inc. 1,776,397
80,800 Merck & Co. Inc. 2,488,640
192,300 Pfizer Inc. 5,303,634
55,400 Schering-Plough Corporation 1,055,924
15,000 Sepracor Inc. # 900,150
15,800 Stryker Corporation 751,448
59,100 Telik, Inc. # 960,966
33,700 UnitedHealth Group Incorporated 1,757,118
16,600 Wellpoint Inc. # 1,156,024
46,200 Wyeth 2,055,900
10,100 Zimmer Holdings, Inc. # 769,317
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 9.2%
38,800 Automatic Data Processing, Inc. 1,628,436
26,200 The Boeing Company 1,729,200
23,900 Briggs & Stratton Corporation 827,418
17,500 Burlington Northern Santa Fe Corporation 823,900
14,800 Caterpillar Inc. 1,410,588
41,400 Cendant Corporation 926,118
30,200 CheckFree Corp # 1,028,612
13,000 Cooper Industries Limited 830,700
13,800 Corporate Executive Board Company 1,080,954
18,200 Danaher Corporation 952,588
15,700 Eaton Corporation 940,430
33,700 Emerson Electric Co 2,110,631
29,700 First Data Corporation 1,192,158
250,900 General Electric Company 8,693,685
11,700 Global Payments Inc. 793,260
22,700 Graco Inc. 773,389
41,300 Honeywell International Inc. 1,512,819
22,400 Hubbell Incorporated, Class B # 987,840
15,900 ITT Educational Services Inc. # 849,378
24,000 Manpower Inc. 954,720
17,600 Pentair, Inc. 753,456
34,400 Pitney Bowes Inc. 1,498,120
15,500 Rockwell Automation, Inc. 755,005
21,500 SEI Investments Company 803,025
23,300 SPX Corporation 1,071,334
77,100 Southwest Airlines Co. 1,074,003
28,000 3M Co. 2,024,400
59,400 Tyco International Ltd 1,734,480
33,700 United Parcel Service, Inc., Class B 2,330,692
29,900 United Technologies Corporation 1,535,365
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY - 33.5%
77,000 Adobe Systems Incorporated 2,203,740
47,900 Advanced Micro Devices Inc. # 830,586
19,200 Amphenol Corporation, Class A 771,264
47,400 Analog Devices, Inc. 1,768,494
221,500 Apple Computer, Inc. # 8,153,415
89,800 Applied Materials, Inc. 1,452,964
33,700 Arrow Electronics, Inc. # 915,292
26
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY (continued)
34,800 Autodesk, Inc. $ 1,196,076
36,900 Broadcom Corporation, Class A # 1,310,319
73,400 Cadence Design Systems, Inc. # 1,002,644
472,200 Cisco Systems, Inc. # 9,023,742
48,600 Computer Associates International, Inc. 1,335,528
68,300 Corning Incorporated # 1,135,146
32,300 Cymer, Inc. # 851,105
162,300 Dell Inc. # 6,412,473
24,300 Diebold, Incorporated 1,096,173
105,500 EMC Corporation # 1,446,405
202,600 eBay Inc. # 6,687,826
50,400 Electronic Arts Inc. (EA) # 2,853,144
44,300 Electronic Data Systems Corporation 852,775
63,900 Fairchild Semiconductor International Inc., Class A # 942,525
28,200 FormFactor Inc # 745,044
46,600 Freescale Semiconductor Inc. # 979,066
5,400 Google Inc., Class A # 1,588,410
29,400 Harris Corporation 917,574
100,200 Hewlett-Packard Company 2,355,702
20,300 Hyperion Solutions Corporation # 816,872
11,100 Infosys Technologies Limited, ADR 859,917
62,100 Integrated Device Technology, Inc. # 667,575
46,600 Integrated Circuit Systems, Inc. # 961,824
451,600 Intel Corporation 11,768,696
48,700 International Business Machines Corporation (IBM) 3,613,540
22,700 International Rectifier Corporation # 1,083,244
49,500 Juniper Networks Inc. # 1,246,410
23,200 KLA-Tencor Corporation 1,013,840
12,300 Lexmark International, Inc. # 797,409
24,800 Macromedia, Inc. # 947,856
35,300 Marvell Technology Group Limited # 1,342,812
52,300 Maxim Integrated Products, Inc. 1,998,383
65,500 Micrel, Incorporated # 754,560
834,100 Microsoft Corporation 20,719,044
75,200 Micron Technology, Inc. # 767,792
72,900 Motorola, Inc. 1,331,154
22,700 NCR Corporation # 797,224
53,400 National Semiconductor Corporation 1,176,402
53,500 Network Appliance Inc. # 1,512,445
396,300 Oracle Corporation # 5,231,160
358,500 QUALCOM Inc. 11,834,085
33,100 Research In Motion Limited # 2,441,125
29,800 The Reynolds and Reynolds Company 805,494
11,600 Roper Industries Inc. 827,892
23,900 SRA International, Inc. # 829,808
37,400 SAP AG, Sponsored ADR 1,619,420
32,000 Satyam Computer Services Limited, ADR 832,000
51,200 Semtech Corporation # 852,480
88,100 Siebel Systems, Inc. 784,090
39,600 Sybase, Inc. # 726,660
135,700 Symantec Corporation # 2,950,118
117,920 Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR 1,075,428
26,700 Take-Two Interactive Software, Inc. # 679,515
106,500 Texas Instruments Incorporated 2,989,455
214,400 United Microelectronics Corporation, ADR # 881,184
26,000 Varian Semiconductor Equipment Associate # 962,000
64,500 VERITAS Software Corporation # 1,573,800
37,300 Veri Sign, Inc. # 1,072,748
53,000 Xilinx, Inc. 1,351,500
128,400 Yahoo! Inc. # 4,449,060
27
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.6%
29,600 Alcoa Inc. $ 773,448
24,900 Cabot Microelectronics Corporation # 721,851
56,300 Companhia Siderurgica Nacional S.A., Sponsored ADR 909,245
36,600 The Dow Chemical Company 1,629,798
46,400 E.I. du Pont de Nemours and Company 1,995,664
35,300 Lyondell Chemical Company 932,626
13,900 Monsanto Company 873,893
74,200 Packaging Corp of America 1,561,910
52,000 RPM International, Inc. 949,520
34,400 Sonoco Products Company 911,600
14,900 Weyerhaeuser Company 948,385
- ------------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 4.3%
48,900 AT&T Corp 931,056
54,100 BellSouth Corporation 1,437,437
46,400 China Mobile Hong Kong Limited, Sponsored ADR 862,576
50,800 Chunghwa Telecom Co., Ltd., Sponsored ADR # 1,088,644
232,200 Nextel Communications, Inc., Class A # 7,502,382
68,100 Nokia Oyj, Sponsored ADR 1,133,184
123,800 SBC Communications Inc. 2,940,250
53,400 Sprint Corporation 1,339,806
90,500 Verizon Communications Inc. 3,126,775
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.5%
52,400 Atmos Energy Corporation 1,509,120
61,600 Duke Energy Corporation 1,831,368
21,600 Exelon Corporation 1,108,728
33,400 Great Plains Energy Incorporated 1,065,126
50,200 NICOR Inc. 2,066,734
30,400 OGE Energy Corp 879,776
31,000 ONEOK Inc. 1,012,150
34,300 Piedmont Natural Gas Company 823,886
43,700 TECO Energy, Inc. 826,367
30,500 Vectren Corporation 876,265
- ------------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (cost $455,977,485) 449,358,405
--------------------------------------------------------------------------------------------------------------------
CONTRACTS
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.3%
278 On S&P 500 Index, expiring 7/16/05 at 1100 6,950
380 On Mini-NDX 100 Index, expiring 8/20/05 at 135.0 9,500
404 On Nasdaq 100 Index, expiring 8/20/05 at 1350 108,070
573 On S&P 500 Index, expiring 8/20/05 at 1100 146,115
1,600 On Mini-NDX 100 Index, expiring 9/17/05 at 132.5 72,000
1,970 On Mini-NDX 100 Index, expiring 9/17/05 at 135.0 123,125
800 On Mini-NDX 100 Index, expiring 9/17/05 at 137.5 70,000
216 On Nasdaq 100 Index, expiring 9/17/05 at 1325 98,280
378 On Nasdaq 100 Index, expiring 9/17/05 at 1350 238,140
304 On S&P 500 Index, expiring 9/17/05 at 1075 112,480
709 On S&P 500 Index, expiring 9/17/05 at 1100 382,860
- ------------------------------------------------------------------------------------------------------------------------------------
Total Put Options (cost $1,799,686) 1,367,520
--------------------------------------------------------------------------------------------------------------------
28
PRINCIPAL
AMOUNT (000) DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HIGH-GRADE SHORT-TERM INVESTMENTS - 6.3%
$ 29,795 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 $ 29,795,105
=============-----------------------------------------------------------------------------------------------------------------------
Total High-Grade Short-Term Investments (cost $29,795,105) 29,795,105
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $487,572,276) - 101.8% 480,521,030
====================================================================================================================
CONTRACTS
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (1.6)% *
(1,200) On Mini-NDX 100 Index, expiring 7/16/05 at 150.0 (144,000)
(770) On Mini-NDX 100 Index, expiring 7/16/05 at 152.5 (30,800)
(56) On Nasdaq 100 Index, expiring 7/16/05 at 1500 (65,240)
(120) On Nasdaq 100 Index, expiring 7/16/05 at 1525 (48,000)
(184) On Nasdaq 100 Index, expiring 7/16/05 at 1550 (22,080)
(184) On S&P 500 Index, expiring 7/16/05 at 1150 (799,480)
(331) On S&P 500 Index, expiring 7/16/05 at 1175 (703,375)
(228) On S&P 500 Index, expiring 7/16/05 at 1200 (134,520)
(400) On Mini-NDX 100 Index, expiring 8/20/05 at 150.0 (121,000)
(400) On Mini-NDX 100 Index, expiring 8/20/05 at 152.5 (74,000)
(1,600) On Mini-NDX 100 Index, expiring 8/20/05 at 155.0 (160,000)
(169) On Nasdaq 100 Index, expiring 8/20/05 at 1500 (499,395)
(136) On Nasdaq 100 Index, expiring 8/20/05 at 1525 (247,520)
(80) On Nasdaq 100 Index, expiring 8/20/05 at 1550 (80,800)
(236) On S&P 500 Index, expiring 8/20/05 at 1200 (376,420)
(380) On Mini-NDX 100 Index, expiring 9/17/05 at 150.0 (159,600)
(253) On Nasdaq 100 Index, expiring 9/17/05 at 1500 (1,056,275)
(466) On S&P 500 Index, expiring 9/17/05 at 1175 (1,796,430)
(419) On S&P 500 Index, expiring 9/17/05 at 1200 (978,365)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $14,573,490) (7,497,300)
====================================================================================================================
Other Assets Less Liabilities - (0.2)% (965,956)
====================================================================================================================
Net Assets - 100% $472,057,774
====================================================================================================================
# Non-income producing
* The aggregate value of investments that covers outstanding
call options is $444,545,951.
See accompanying notes to financial statements.
29
Statement of
ASSETS AND LIABILITIES June 30, 2005 (Unaudited)
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $706,533,777, $1,247,928,414 and
$487,572,276, respectively) $733,566,866 $1,250,436,039 $480,521,030
Receivables:
Dividends and interest 1,437,349 1,639,012 369,082
Reclaims 4,708 4,624 --
Other assets 15,924 641 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 735,024,847 1,252,080,316 480,890,112
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Call options written, at value (premiums received $19,724,385, $35,033,127 and
$14,573,490, respectively) 14,969,650 23,410,255 7,497,300
Accrued expenses:
Management fees 344,883 575,883 253,684
Organization and offering costs -- -- 988,000
Other 205,256 366,133 93,354
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 15,519,789 24,352,271 8,832,338
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $719,505,058 $1,227,728,045 $472,057,774
====================================================================================================================================
Shares outstanding 37,957,064 64,944,879 24,705,240
====================================================================================================================================
Net asset value per share outstanding (net assets divided by shares outstanding) $ 18.96 $ 18.90 $ 19.11
====================================================================================================================================
NET ASSETS CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 379,571 $ 649,449 $ 247,052
Paid-in surplus 723,591,939 1,238,292,118 470,635,031
Undistributed (Over-distribution of) net investment income (465,360) 947,385 337,294
Distributions in excess of net investment income (24,126,755) (30,251,498) --
Accumulated net realized gain (loss) from investments, foreign currency
transactions and option contracts (11,662,161) 3,960,094 813,453
Net unrealized appreciation of investments and option contracts 31,787,824 14,130,497 24,944
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $719,505,058 $1,227,728,045 $472,057,774
====================================================================================================================================
See accompanying notes to financial statements.
30
Statement of
OPERATIONS (Unaudited)
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
------------ --------------- ---------------
FOR THE PERIOD FOR THE PERIOD
1/26/05 5/25/05
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) OF OPERATIONS)
ENDED THROUGH THROUGH
6/30/05 6/30/05 6/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $76,148, $101,643
and $6,528, respectively) $ 10,194,432 $ 11,267,507 $ 383,264
Interest 385,634 1,006,908 289,804
- ------------------------------------------------------------------------------------------------------------------------------------
Total investment income 10,580,066 12,274,415 673,068
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 3,145,214 4,329,996 338,009
Shareholders' servicing agent fees and expenses 881 824 603
Custodian's fees and expenses 102,886 144,806 9,963
Trustees' fees and expenses 9,114 11,911 849
Professional fees 18,925 22,627 4,791
Shareholders' reports - printing and mailing expenses 35,305 70,397 36,987
Stock exchange listing fees 13,391 10,727 --
Investor relations expense 60,528 91,282 6,463
Other expenses 39,670 193,682 14,232
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 3,425,914 4,876,252 411,897
Custodian fee credit (89,913) (102,022) (183)
Expense reimbursement (1,067,395) (1,488,738) (75,940)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 2,268,606 3,285,492 335,774
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,311,460 8,988,923 337,294
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (8,793,677) (18,539,265) (22,858)
Foreign currency transactions 1,097 -- --
Option contracts written 22,753,493 22,499,359 836,311
Change in net unrealized appreciation (depreciation) of:
Investments (10,338,688) 2,507,625 (7,051,246)
Option contracts written 7,789,857 11,622,872 7,076,190
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 11,412,082 18,090,591 838,397
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 19,723,542 $ 27,079,514 $ 1,175,691
====================================================================================================================================
See accompanying notes to financial statements.
31
Statement of
CHANGES IN NET ASSETS (Unaudited)
EQUITY EQUITY
PREMIUM PREMIUM
EQUITY PREMIUM OPPORTUNITY ADVANTAGE
INCOME (JPZ) (JSN) (JLA)
----------------------------- -------------- ---------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
10/26/04 1/26/05 5/25/05
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
ENDED THROUGH THROUGH THROUGH
6/30/05 12/31/04 6/30/05 6/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,311,460 $ 4,491,508 $ 8,988,923 $ 337,294
Net realized gain (loss) from:
Investments (8,793,677) 361,386 (18,539,265) (22,858)
Foreign currency transactions 1,097 -- -- --
Option contracts written 22,753,493 (25,984,460) 22,499,359 836,311
Change in net unrealized appreciation (depreciation) of:
Investments (10,338,688) 37,371,777 2,507,625 (7,051,246)
Option contracts written 7,789,857 (3,035,122) 11,622,872 7,076,190
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 19,723,542 13,205,089 27,079,514 1,175,691
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (8,042,252) (5,226,076) (8,041,538) --
In excess of net investment income (24,126,755) -- (30,251,498) --
Tax return of capital -- (84,048) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (32,169,007) (5,310,124) (38,293,036) --
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of shares 67,480 713,053,231 1,228,579,554 470,781,999
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 7,988,896 2,845,867 10,261,929 --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 8,056,376 715,899,098 1,238,841,483 470,781,999
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets (4,389,089) 723,794,063 1,227,627,961 471,957,690
Net assets at the beginning of period 723,894,147 100,084 100,084 100,084
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $719,505,058 $723,894,147 $1,227,728,045 $472,057,774
====================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ (465,360) $ (734,568) $ 947,385 $ 337,294
====================================================================================================================================
See accompanying notes to financial statements.
32
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share New York Stock Exchange symbols are Nuveen Equity Premium Income Fund
(JPZ), Nuveen Equity Premium Opportunity Fund (JSN) and Nuveen Equity Premium
Advantage Fund (JLA). The Funds are registered under the Investment Company Act
of 1940, as amended, as a diversified, closed-end management investment
companies.
Effective January 1, 2005, Nuveen Institutional Advisory Corp. ("NIAC"), Equity
Premium Income's (JPZ) previous Adviser, and its affiliate, Nuveen Advisory
Corp. ("NAC"), were merged into Nuveen Asset Management ("NAM"), each wholly
owned subsidiaries of Nuveen Investments, Inc. ("Nuveen"). As a result of the
merger, NAM is now the Adviser to all funds previously advised by either NIAC or
NAC.
Prior to the commencement of operations, each Fund had no operations other than
those related to organizational matters, the initial capital contribution of
$100,084 by the Adviser, the recording of the organization expenses ($11,500 for
Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity
(JSN) and Equity Premium Advantage (JLA)) and their reimbursement by Nuveen
Investments, LLC, also a wholly owned subsidiary of Nuveen.
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 strategy.
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 equity securities are generally valued at the last sales price
on the securities exchange on which such securities are primarily traded. Equity
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. Prices of index options are
provided through an independent pricing service approved by the Funds' Board of
Trustees. If the pricing service is unable to supply a price for a derivative
investment the Funds may use a market quote provided by a major broker/dealer in
such investments. If it is determined that market prices for an investment are
unavailable or inappropriate, the Board of Trustees of the Funds, or its
designee, may establish a fair value for the investment. High-grade 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 futures contract 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 Board of Trustees,
or its designee, will determine a fair value for the options. Any such fair
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 fair 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 transactions are determined on the specific identification method.
Option Transactions
Each Fund purchases index put options and writes (sells) 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.
33
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
When the Funds write an index call option, an amount equal to the net premium
received (the premium less commission) is recorded as a liability and is
subsequently adjusted to the current value of the written option until the
option expires or the Funds enter into a closing purchase transaction. When an
index call option expires or the Funds enter 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 Funds, as writers of an index call option, bear
the risk of an unfavorable change in the market value of the index underlying
the written option.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities,
when information is available. Interest income, which includes the amortization
of premiums and accretion of discounts for financial reporting purposes, is
recorded on an accrual basis.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required.
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 income tax
regulations, which may differ from accounting principles generally accepted in
the United States.
The Funds intend to declare monthly distributions to shareholders. A portion of
the Funds' monthly distributions will be made from the Funds' net investment
income and the remainder will be made from a combination of net realized capital
gains on the Fundportfolio investments plus the cash flows generated by each
Fund's index option strategy. This portion of the distributions will consist of
either a combination of long-term and short-term capital gains, a return of
capital (representing in most cases, to at least a large extent, net unrealized
gains), or some combination of the two. The final composition of the
characteristics of the distributions cannot be determined with certainty until
after the end of the Fund's fiscal year. That final composition will depend on
several factors, most importantly the amount of realized gains and losses on the
Fund's portfolio securities, and the amount of gains and losses realized in
connection with the call options sold by the Fund and the put options purchased
by the Fund.
The Funds may make total distributions during a fiscal year in an amount that
exceeds the Funds' net investment income and net realized long-term capital
gains for that fiscal year, in which event the amount of such excess would be
characterized as a return of capital. For example, the Funds may distribute
income early in the fiscal year that would initially be characterized as being
taxable as short-term capital gains, but it could incur net short-term capital
losses later in the fiscal year, thereby offsetting the income otherwise taxable
as short-term capital gains for which distributions have already been made by
the Funds. Moreover, in a rising equity market in which both the Funds'
portfolio of stocks and the market index on which the Funds write and buy
options rise in value, the Funds may realize capital losses in connection with
their written index call options, while the largely reciprocal increases in the
value of the Funds' portfolio of stocks will be treated as unrealized capital
gains in this circumstance, the Funds' net cash flows may equal or exceed the
amount of distributions paid, while the combination of their net income and net
realized capital gains may be far less than the amount of distributions paid, in
which case the difference will be treated as a return of capital for tax
purposes.
The actual character of the distributions made by JPZ during the period October
26, 2004 (commencement of operations) through December 31, 2004, are reflected
in the accompanying financial statements. A portion of the distributions made by
JPZ and JSN during the six months ended June 30, 2005, are provisionally
classified as being "From Net Investment Income", portions of which may be
reclassified after the fiscal year end. The remainder, designated as being "In
Excess of Net Investment Income", can not be accurately classified, as described
above, until after the end of the fiscal year. However, it is likely that a
portion of the amounts reported as "In Excess of Net Investment Income" will
result in a tax return of capital to shareholders.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
34
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
(approximately $11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for
Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA)) and pay all
offering costs (other than the sales load) that exceed $.04 per share for each
of the Funds. Equity Premium Income's (JPZ), Equity Premium Opportunity's (JSN)
and Equity Premium Advantage's (JLA) share of offering costs ($1,028,288,
$1,351,576 and $988,000, respectively) were recorded as reductions of the
proceeds from the sale of shares.
Indemnifications
Under the Funds' organizational documents, its 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. FUND SHARES
Transactions in Shares were as follows:
EQUITY PREMIUM EQUITY PREMIUM EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN) ADVANTAGE (JLA)
-------------------------------------- ----------------- -----------------
FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD
10/26/04 1/26/05 5/25/05
SIX MONTHS (COMMENCEMENT OF (COMMENCEMENT OF (COMMENCEMENT OF
ENDED OPERATIONS) OPERATIONS) OPERATIONS)
6/30/05 THROUGH 12/31/04 THROUGH 6/30/05 THROUGH 6/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
Shares sold -- 37,390,000 64,394,300 24,700,000
Shares issued to shareholders due
to reinvestment of distributions 414,446 147,378 545,339 --
- ------------------------------------------------------------------------------------------------------------------------------------
414,446 37,537,378 64,939,639 24,700,000
====================================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales of investments (excluding short-term investments) were as
follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
------------ --------------- ---------------
FOR THE PERIOD FOR THE PERIOD
1/26/05 5/25/05
SIX MONTHS (COMMENCEMENT (COMMENCEMENT
ENDED OF OPERATIONS) OF OPERATIONS)
6/30/05 THROUGH 6/30/05 THROUGH 6/30/05
- --------------------------------------------------------------------------------------------------------------------
Purchases $185,625,032 $1,294,764,712 $457,832,341
Sales 178,457,996 93,643,567 22,252
====================================================================================================================
Transactions in index option contracts written were as follows:
EQUITY PREMIUM EQUITY PREMIUM EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN) ADVANTAGE (JLA)
--------------------------- -------------------------- -------------------------
FOR THE PERIOD FOR THE PERIOD
1/26/05 5/25/05
SIX MONTHS (COMMENCEMENT OF (COMMENCEMENT OF
ENDED OPERATIONS) OPERATIONS)
6/30/05 THROUGH 6/30/05 THROUGH 6/30/05
--------------------------- -------------------------- -------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED CONTRACTS RECEIVED
- -----------------------------------------------------------------------------------------------------------------------------
Outstanding, beginning of period 5,829 $ 19,757,348 -- $ -- -- $ --
Options written 18,504 48,273,622 64,899 94,162,688 9,060 17,624,600
Options terminated in closing
purchase transactions (16,551) (42,951,501) (42,017) (51,243,264) (1,448) (3,051,110)
Options expired (1,993) (5,355,084) (5,125) (7,886,297) -- --
- -----------------------------------------------------------------------------------------------------------------------------
Outstanding, end of period 5,789 $ 19,724,385 17,757 $ 35,033,127 7,612 $14,573,490
=============================================================================================================================
35
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. 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 recognizing certain gains and losses on
investment transactions.
At June 30, 2005, the cost of investments owned was as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------
Cost of investments $706,533,777 $1,247,928,414 $487,572,276
==================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at June 30, 2005, were as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 48,134,072 $ 48,271,794 $ 5,765,804
Depreciation (21,100,983) (45,764,169) (12,817,050)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $ 27,033,089 $ 2,507,625 $ (7,051,246)
==================================================================================================================
The tax components of undistributed net ordinary income and net realized gains
of Equity Premium Income (JPZ) at December 31, 2004, the Fund's last fiscal year
end, were as follows:
- --------------------------------------------------------------------------------
Accumulated capital and other losses * $ (818,616)
Undistributed net capital gains (losses) (25,623,074)
================================================================================
* The balances above reflect operations for the portion of the tax year
through December 31, 2004. The accumulated losses will be available to
offset gains in future tax years subject to applicable tax rules.
The tax character of Equity Premium Income's (JPZ) distributions paid during the
period October 26, 2004 (commencement of operations) through December 31, 2004,
the Fund's last fiscal year end, was designated for purposes of the dividends
paid deduction as follows:
- --------------------------------------------------------------------------------
Distributions from net ordinary income * $5,226,076
Tax return of capital 84,048
================================================================================
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
36
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Pursuant to the investment management agreements between the Adviser and the
Funds, each Fund has agreed to pay an annual management fee for the services and
facilities provided by the Adviser, payable on a monthly basis, based on the sum
of a fund-level fee and a complex-level fee, as described below.
Fund-Level Fee. The fund-level fee shall be applied according to the following
schedule:
FUND-LEVEL
AVERAGE DAILY MANAGED ASSETS 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
================================================================================
Complex-Level Fee. The complex-level fee schedule for all funds in the Nuveen
fund complex is as follows:
COMPLEX-LEVEL
COMPLEX-LEVEL ASSETS (1) FEE RATE
- --------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(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
all types of leverage used by the Nuveen funds) of Nuveen sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Adviser has entered
into a Sub-Advisory Agreements with Gateway Investment Advisers, L.P.
("Gateway") under which Gateway manages the investment portfolios of the Funds.
Gateway is compensated for its services to the Funds from the management fees
paid to the Adviser.
The Funds pay 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 Funds 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.
37
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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.
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.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. Transactions (C) and (D) above were settled in late July,
which effectively reduced St. Paul Travelers' controlling stake in Nuveen and
was deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which resulted in the
automatic termination of each agreement under the 1940 Act. In anticipation of
such deemed assignment, the Board of Trustees had approved new ongoing
investment management agreements for each Fund and the submission of those
agreements for approval by each respective Fund's shareholders, which
shareholder approval was received prior to the settlement of transactions (C)
and (D). The new ongoing management agreements took effect upon such settlement.
7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared distributions were paid on August 1, 2005, to shareholders of
record on July 15, 2005, as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------
Dividends per share $.1420 $.1480 $.1510
==================================================================================================================
38
Financial
HIGHLIGHTS (Unaudited)
39
Financial
HIGHLIGHTS (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------- ----------------------------------------------------------
Net In Excess
Beginning Net Realized/ Net of Net Tax
Net Asset Investment Unrealized Investment Investment Capital Return of
Value Income(a) Gain Total Income Income Gains Capital Total
====================================================================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2005(e) $19.28 $.22 $.31 $.53 $(.21) $(.64) $ -- $ -- $(.85)
2004(b) 19.10 .12 .24 .36 (.15) -- -- -- (.15)
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ------------------------------------------------------------------------------------------------------------------------------------
2005(c) 19.10 .14 .27 .41 (.13) (.46) -- -- (.59)
EQUITY PREMIUM
ADVANTAGE (JLA)
- ------------------------------------------------------------------------------------------------------------------------------------
2005(d) 19.10 .01 .04 .05 -- -- -- -- --
====================================================================================================================================
Total Returns
--------------------
Based
Based on
Ending Ending on Net
Offering Net Asset Market Market Asset
Costs Value Value Value** Value**
=======================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ---------------------------------------------------------------------------------------
Year Ended 12/31:
2005(e) $ -- $18.96 $20.25 4.47% 2.83%
2004(b) (.03) 19.28 20.25 1.96 1.68
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------
2005(c) (.02) 18.90 19.73 1.75 2.10
EQUITY PREMIUM
ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------
2005(d) (.04) 19.11 19.73 (1.35) .05
=======================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
--------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses to Income to Expenses to Income to Portfolio
Net Assets Average Average Average Average Turnover
(000) Net Assets Net Assets Net Assets Net Assets Rate
========================================================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2005(e) $ 719,505 .96%* 2.01%* .64%* 2.34%* 26%
2004(b) 723,894 1.07* 3.49* .73* 3.82* 1
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ------------------------------------------------------------------------------------------------------------------------
2005(c) 1,227,728 .98* 1.49* .66* 1.81* 8
EQUITY PREMIUM
ADVANTAGE (JLA)
- ------------------------------------------------------------------------------------------------------------------------
2005(d) 472,058 1.08* .68* .88* .88* --
========================================================================================================================
* Annualized.
** Total Investment Return 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. Total Return 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. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement.
(a) Per Shares 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 1/26/05 (commencement of operations) through June 30, 2005.
(d) For the period 5/25/05 (commencement of operations) through June 30, 2005.
(e) For the six months ended June 30, 2005.
See accompanying notes to financial statements.
40-41 spread
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded 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 compounding.
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. 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.
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.
42
Other Useful
INFORMATION
In April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers")
sold the majority of its controlling equity interest in Nuveen Investments, Inc.
("Nuveen") to the general public. Nuveen is the parent of Nuveen Asset
Management ("NAM"), which is each Fund's investment manager. This sale was
deemed to be an "assignment" of the investment management agreement between each
Fund and NAM and, if applicable, of the sub-advisory agreement between NAM and
the Fund's sub-adviser. As required by law, the shareholders of each Fund were
asked to approve a new investment management agreement and, if applicable, a new
subadvisory agreement that reflected this change in ownership. The shareholders
of each Fund voted this approval at a Shareholders' Meeting on July 26, 2005.
There were no changes to the investment objectives or management of any Fund as
a result of these actions.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
The Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
most recent 12-month period ended June 30, 2005, and (iii) a description of the
policies and procedures that the Fund used to determine how to vote proxies
relating to portfolio securities are available 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 1-202-942-8090
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 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
MARKET YIELD (ALSO KNOWN AS DISTRIBUTION YIELD OR CURRENT YIELD): Market yield
is based on the Fund's current annualized monthly distribution divided by the
Fund's current market price. REIT distributions received by the Fund are
generally comprised of investment income, long-term and short-term capital gains
and a REIT return of capital. The Fund's monthly 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.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage 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.
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
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
The Fund intends to repurchase shares of its own common or preferred 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 semiannual
report.
43
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
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.
Managing more than $120 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
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.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
ESA-D-0605D
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 at this time.
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/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: September 7, 2005
-------------------------------------------------------------------
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 7, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: September 7, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.