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
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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: September 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.
QUARTERLY REPORT September 30, 2005
Nuveen Investments
Exchange-Traded
Closed-End Funds
NUVEEN
EQUITY PREMIUM
INCOME FUND
(JPZ)
NUVEEN
EQUITY PREMIUM
OPPORTUNITY FUND
(JSN)
NUVEEN
EQUITY PREMIUM
ADVANTAGE FUND
(JLA)
ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN
INTEGRATED INDEX OPTION AND EQUITY STRATEGY
Chairman's Letter
Dear Shareholder
I am very pleased to report that for the nine-month period ended September 30,
2005, your Fund continued to provide you with attractive monthly distributions
and exposure to a diversified equity portfolio used to support a coordinated
index options strategy.
Portfolio diversification is a recognized way to try to reduce some of the risk
that comes with investing. Since one part of your portfolio may be going up when
another is going down, portfolio diversification may help smooth your investment
returns over time. In addition to providing regular monthly income, an equity
and index option investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Your financial advisor can explain these
potential advantages in more detail. I urge you to contact him or her soon for
more information on this important investment strategy.
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.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
November 15, 2005
Portfolio Managers' Comments
These Funds feature portfolio management by Gateway Investment Advisers, L.P.
(Gateway). J. Patrick Rogers is the portfolio manager for JPZ, and Patrick and
Kenneth H. Toft manage the assets of JSN and JLA. 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 nine-month
period ended September 30, 2005.
What was your overall management strategy for the nine months ended September
30, 2005?
For each Fund, our overall management strategy remained consistent. We invested
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 nine-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 portfolio
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.
How did the Funds perform over the nine-month period?
The performance of JPZ, JSN and JLA, as well as the performance of comparative
benchmarks, is shown in the following chart.
Cumulative Total Return on Net Asset Value
For the periods ended September 30, 2005
9-month Since inception
- -------------------------------------------------------------------------------
JPZ (inception 10/26/04) 4.17% 5.93%
- -------------------------------------------------------------------------------
S&P 500 Index(1) 2.77% 12.25%
- -------------------------------------------------------------------------------
JSN (inception 1/26/05) 4.84%
- -------------------------------------------------------------------------------
Comparative benchmark(2) 5.41%
- -------------------------------------------------------------------------------
JLA (inception 5/25/05) 2.54%
- -------------------------------------------------------------------------------
Comparative benchmark(3) 3.82%
- -------------------------------------------------------------------------------
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.
Since all three of these Funds have relatively short histories, we believe no
real conclusions can be made concerning their performance for the periods ended
September 30, 2005. For the full nine-month period, the index option strategy
followed by JPZ helped the Fund exceed the return of the S&P 500 Index by 140
basis points (bps). These results were achieved despite relatively low
volatility in the options markets, which tended to keep the sale prices of index
calls relatively low. At the same time, this low volatility environment allowed
the Fund to buy index puts at relatively inexpensive prices.
From its inception through September 30, 2005, JSN underperformed a comparative
benchmark. During this period, the Fund completed its initial investment process
and fully implemented its index option strategy. The Fund's underperformance
relative to this artificial benchmark over the period was a direct result of the
benchmark's strong return during the third quarter of 2005. Between July 1 and
September 30, the benchmark produced a cumulative return of more than 4.50%. The
Fund, whose index options strategy limits its ability to benefit from a rapidly
rising stock market, produced a cumulative return of about 2.68% over this same
quarterly period.
In the few months from its inception through September 30, 2005, JLA also
underperformed its comparative benchmark. This Fund also completed its initial
investment process and implemented its index option strategy during this
reporting period. One of the primary reasons for the Fund's underperformance
over this short period was the relatively strong returns of the benchmark's
components -- the S&P 500 Index and the NASDAQ-100 Index - over these months.
Like JSN, JLA's index options strategy limits its ability to
benefit from a rising stock market.
We believe that it is important to keep in mind that all three of these Funds
use an index option strategy designed to provide cash flow that complements the
dividends generated by 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've provided
these benchmarks solely to offer some overall market context to assist
shareholders in evaluating the performance of their Funds.
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
announced its first distribution in March 2005, paid a stable monthly
distribution of $0.1480 for the remainder of the reporting period. JLA declared
its first monthly distribution of $0.1510 per share in July 2005, and continued
to distribute that amount monthly through September 30, 2005.
As of September 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:
9-Month or
Since Inception
9/30/05 Average
Premium Premium
- -------------------------------------------------------------------------------
JPZ +5.86% +7.03%
- -------------------------------------------------------------------------------
JSN +2.64% +4.52%
- -------------------------------------------------------------------------------
JLA +3.29% +4.56%
- -------------------------------------------------------------------------------
(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 do not
include the effects of any sales charges or management fees. Individuals
cannot invest directly in an index.
(2) JSN's comparative benchmark performance is a blended return consisting of
1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100
Index, which includes 100 of the largest domestic and international
non-financial companies listed on The NASDAQ Stock Market based on market
capitalization. The NASDAQ-100 Index reflects companies across major
industry groups including computer hardware and software,
telecommunications, retail/wholesale trade and biotechnology.
(3) JLA's comparative benchmark performance is a blended return consisting of
1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100
Index, which includes 100 of the largest domestic and international
non-financial companies listed on The NASDAQ Stock Market based on market
capitalization.
Nuveen Equity Premium Income Fund
JPZ
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 96.0%
Put Options 0.2%
Repurchase Agreements 3.8%
Bar Chart:
2004-2005 MONTHLY DISTRIBUTIONS PER SHARE
Dec .1420
Jan .1420
Feb .1420
Mar .1420
Apr .1420
May .1420
Jun .1420
Jul .1420
Aug .1420
Sep .1420
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/25/04 20.00
20.06
20.10
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
20.10
20.00
20.03
20.00
20.00
20.00
20.02
20.00
19.98
19.94
19.98
19.98
20.10
20.12
20.20
20.24
20.15
20.06
20.14
20.07
20.13
20.24
20.25
20.20
20.20
20.26
20.22
20.25
20.08
20.13
20.24
20.20
20.20
20.20
20.27
20.15
20.18
20.30
20.34
20.26
20.25
20.25
20.35
20.24
20.20
20.33
20.30
20.28
20.40
20.45
20.46
20.50
20.60
20.62
20.60
20.74
20.75
20.65
20.69
20.71
20.65
20.68
20.40
20.59
20.73
20.80
20.85
20.97
20.87
20.81
20.88
20.84
20.83
20.66
20.64
20.43
20.50
20.33
20.12
20.18
20.20
20.06
19.85
19.95
19.85
19.84
19.65
19.82
19.93
19.87
19.90
20.06
20.08
20.15
20.12
20.10
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
20.00
19.94
20.04
20.05
20.09
20.14
20.17
20.14
20.22
20.31
20.40
20.30
20.41
20.23
20.11
20.07
20.12
20.24
20.09
20.11
20.08
20.02
20.09
20.09
20.10
20.22
20.25
20.25
20.27
20.38
20.49
20.49
20.45
20.66
20.52
20.58
20.61
20.64
20.69
20.67
20.55
20.59
20.54
20.48
20.51
20.48
20.44
20.44
20.44
20.57
20.64
20.57
20.65
20.68
20.69
20.74
20.57
20.55
20.51
20.48
20.47
20.56
20.40
20.32
20.42
20.30
20.37
20.38
20.40
20.45
20.45
20.42
20.50
20.57
20.53
20.48
20.50
20.60
20.50
20.34
20.08
20.21
20.10
20.09
20.04
19.98
20.04
19.89
19.51
19.52
19.59
9/30/05 19.88
FUND SNAPSHOT
- ------------------------------------
Share Price $19.88
- ------------------------------------
Net Asset Value $18.78
- ------------------------------------
Premium/(Discount) to NAV 5.86%
- ------------------------------------
Market Yield(1) 8.57%
- ------------------------------------
Net Assets ($000) $717,108
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 10/26/04)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
9-Month 4.85% 4.17%
- ------------------------------------
Since
Inception 6.94% 5.93%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Financials 20.0%
- ------------------------------------
Information Technology 13.0%
- ------------------------------------
Industrials 12.1%
- ------------------------------------
Healthcare 11.0%
- ------------------------------------
Consumer Discretionary 9.9%
- ------------------------------------
Energy 8.8%
- ------------------------------------
Consumer Staples 8.0%
- ------------------------------------
Utilities 5.2%
- ------------------------------------
Materials 4.5%
- ------------------------------------
Telecommunication Services 3.5%
- ------------------------------------
Put Options 0.2%
- ------------------------------------
Repurchase Agreements 3.8%
- ------------------------------------
(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.
Nuveen Equity Premium Opportunity Fund
JSN
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 95.1%
Put Options 0.2%
Repurchase Agreements 4.7%
Bar Chart:
2005 MONTHLY DISTRIBUTIONS PER SHARE
Mar .1480
Apr .1480
May .1480
Jun .1480
Jul .1480
Aug .1480
Sep .1480
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
1/25/05 20.00
20.00
20.28
20.14
20.10
20.10
20.22
20.22
20.25
20.35
20.35
20.40
20.39
20.36
20.28
20.25
20.30
20.25
20.02
20.03
20.10
20.05
20.07
20.04
20.00
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
19.70
19.45
19.25
19.19
19.34
19.49
19.35
19.51
19.60
19.66
19.84
19.73
19.70
19.77
19.58
19.54
19.29
19.54
19.48
19.37
19.55
19.45
19.45
19.45
19.38
19.30
19.40
19.40
19.39
19.38
19.54
19.58
19.65
19.68
19.68
19.48
19.47
19.42
19.43
19.38
19.40
19.58
19.55
19.48
19.49
19.49
19.55
19.60
19.68
19.68
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
19.60
19.53
19.59
19.57
19.73
19.74
19.90
19.91
19.89
19.93
20.01
20.02
19.98
19.97
19.97
19.90
19.90
19.99
19.94
19.97
19.92
19.87
19.85
19.85
19.95
19.95
19.95
19.97
19.95
20.00
19.99
20.00
19.98
20.02
19.96
19.98
19.90
19.93
19.85
19.83
19.75
19.78
19.80
19.71
19.68
19.80
19.74
19.68
19.77
19.89
19.92
19.91
19.92
19.95
19.94
19.99
19.88
19.78
19.80
19.86
19.76
19.80
19.68
19.59
19.53
19.26
18.86
18.95
19.07
9/30/05 19.46
FUND SNAPSHOT
- ------------------------------------
Share Price $19.46
- ------------------------------------
Net Asset Value $18.96
- ------------------------------------
Premium/(Discount) to NAV 2.64%
- ------------------------------------
Market Yield(1) 9.13%
- ------------------------------------
Net Assets ($000) $1,239,865
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 1/26/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
Since
Inception 2.74% 4.84%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Information Technology 24.6%
- ------------------------------------
Financials 15.2%
- ------------------------------------
Healthcare 11.0%
- ------------------------------------
Consumer Discretionary 10.8%
- ------------------------------------
Industrials 10.4%
- ------------------------------------
Energy 6.7%
- ------------------------------------
Consumer Staples 5.9%
- ------------------------------------
Utilities 3.7%
- ------------------------------------
Telecommunication Services 3.5%
- ------------------------------------
Materials 3.3%
- ------------------------------------
Put Options 0.2%
- ------------------------------------
Repurchase Agreements 4.7%
- ------------------------------------
(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.
Nuveen Equity Premium Advantage Fund
JLA
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
Common Stocks 96.0%
Put Options 0.2%
Repurchase Agreements 3.8%
Bar Chart:
2005 MONTHLY DISTRIBUTIONS PER SHARE
Jul .1510
Aug .1510
Sep .1510
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/25/05 20.00
20.00
20.00
20.02
20.01
20.00
20.01
20.01
20.01
20.00
20.00
20.01
20.00
20.01
20.01
20.01
20.00
20.01
20.01
20.01
20.00
20.00
20.00
19.86
19.71
19.72
19.73
19.75
19.90
19.85
19.95
20.00
19.97
20.06
19.95
20.00
20.00
20.01
20.00
20.01
19.95
19.99
19.90
19.91
20.03
20.04
20.07
20.07
20.01
19.97
20.00
20.08
20.09
20.11
20.12
20.16
20.02
20.00
20.08
20.09
20.20
20.19
20.07
20.02
20.06
20.16
20.13
20.04
20.08
20.06
20.03
20.00
20.18
20.10
20.12
20.15
20.34
20.35
20.10
20.12
20.06
20.10
20.07
20.08
20.02
20.01
19.91
19.63
19.60
19.56
19.68
9/30/05 19.76
FUND SNAPSHOT
- ------------------------------------
Share Price $19.76
- ------------------------------------
Net Asset Value $19.13
- ------------------------------------
Premium/(Discount) to NAV 3.29%
- ------------------------------------
Market Yield(1) 9.17%
- ------------------------------------
Net Assets ($000) $488,439
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 5/25/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
Since
Inception 1.13% 2.54%
- ------------------------------------
SECTORS
(as a % of total investments)
- ------------------------------------
Information Technology 34.7%
- ------------------------------------
Healthcare 12.9%
- ------------------------------------
Consumer Discretionary 12.2%
- ------------------------------------
Financials 10.6%
- ------------------------------------
Industrials 9.3%
- ------------------------------------
Energy 4.3%
- ------------------------------------
Consumer Staples 3.5%
- ------------------------------------
Telecommunication Services 3.4%
- ------------------------------------
Materials 2.7%
- ------------------------------------
Utilities 2.4%
- ------------------------------------
Put Options 0.2%
- ------------------------------------
Repurchase Agreements 3.8%
- ------------------------------------
(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.
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN EQUITY PREMIUM INCOME FUND (JPZ)
September 30, 2005
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.0%
CONSUMER DISCRETIONARY - 10.1%
38,000 Abercrombie & Fitch Co., Class A $ 1,894,300
23,200 Amazon.com, Inc. # 1,050,960
10,800 American Axle and Manufacturing Holdings Inc. 249,264
43,400 American Eagle Outfitters, Inc. 1,021,202
53,700 Best Buy Co., Inc. 2,337,561
3,400 Black & Decker Corporation 279,106
4,000 Career Education Corporation # 142,240
13,400 Catalina Marketing Corporation 304,716
39,600 Chicos FAS, Inc. # 1,457,280
15,400 Christopher & Banks Corporation 213,598
44,800 Claire's Stores, Inc. 1,081,024
2,600 Coach, Inc. # 81,536
48,000 The Walt Disney Company 1,158,240
8,500 R.R. Donnelley & Sons Company 315,095
20,400 Eastman Kodak Company 496,332
9,437 Expedia, Inc. # 186,947
19,001 Federated Department Stores, Inc. 1,270,597
54,700 Foot Locker, Inc. 1,200,118
131,600 Ford Motor Company 1,297,576
56,800 The Gap, Inc. 990,024
150,800 General Motors Corporation 4,615,988
23,300 GTECH Holdings Corporation 746,998
32,600 Hancock Fabrics, Inc. 219,398
146,000 The Home Depot, Inc. 5,568,440
9,437 IAC/InterActiveCorp # 239,228
28,800 International Game Technology 777,600
16,500 Lennar Corporation, Class A 986,040
68,800 Limited Brands, Inc. 1,405,584
19,800 Lowe's Companies, Inc. 1,275,120
58,700 Mattel Inc. 979,116
27,900 Maytag Corporation 509,454
86,900 McDonald's Corporation 2,910,281
20,200 Michaels Stores, Inc. 667,812
107,400 Newell Rubbermaid Inc. 2,432,610
55,400 Nordstrom Inc. 1,901,328
13,000 Omnicom Group Inc. 1,087,190
5,900 Pacific Sunwear of California, Inc. # 126,496
1,700 J.C. Penney Company, Inc. 80,614
4,300 Pep Boys-Manny Moe and Jack 59,512
5,800 Priceline.com Incorporated # 112,056
5,400 Radioshack Corporation 133,920
238,600 Regal Entertainment Group, Class A 4,781,544
12,800 Reuters Group plc, Sponsored ADR 507,008
15,000 Ross Stores, Inc. 355,500
7,900 Sears Holding Corporation # 982,918
117,800 Servicemaster 1,595,012
78,100 Sirius Satellite Radio Inc. # 511,555
12,400 Snap-On Incorporated 447,888
19,700 The TJX Companies, Inc. 403,456
30,600 The Talbots, Inc. 915,552
206,300 Tupperware Corporation 4,699,514
57,800 Unitrin, Inc. 2,743,188
17,600 Urban Outfitters, Inc. # 517,440
5,600 ValueClick, Inc. # 95,704
12,700 Viacom Inc., Class B 419,227
159,800 Wal-Mart Stores, Inc. 7,002,436
26,600 Whirlpool Corporation 2,015,482
10,300 XM Satellite Radio Holdings Inc., Class A # 369,873
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 8.2%
100,200 Albertson's, Inc. 2,570,130
233,500 Altria Group, Inc. 17,211,285
2,400 The Clorox Company 133,296
153,000 The Coca-Cola Company 6,608,070
55,800 Colgate-Palmolive Company 2,945,682
72,500 ConAgra Foods, Inc. 1,794,375
12,500 Diageo plc, Sponsored ADR 725,125
48,500 The Gillette Company 2,822,700
56,200 Loews Corp - Carolina Group 2,227,206
4,800 Longs Drug Stores Corporation 205,872
40,500 PepsiCo, Inc. 2,296,755
199,600 The Procter & Gamble Company 11,868,216
16,100 Reynolds American Inc. 1,336,622
160,900 Sara Lee Corporation 3,049,055
4,300 UST Inc. 179,998
64,785 Vector Group Ltd 1,296,348
10,000 Walgreen Co. 434,500
6,700 Whole Foods Market Inc. 900,815
- -----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 8.9%
7,000 Burlington Resources Inc. 569,240
151,900 ChevronTexaco Corporation 9,832,487
33,200 ConocoPhillips 2,321,012
21,300 Diamond Offshore Drilling, Inc. 1,304,625
38,100 ENSCO International Incorporated 1,775,079
8,000 EOG Resources, Inc. 599,200
437,600 Exxon Mobil Corporation 27,805,104
55,800 Halliburton Company 3,823,416
46,200 Kerr-McGee Corporation 4,486,482
2,000 National Oilwell Varco Inc. # 131,600
11,600 Patterson-UTI Energy, Inc. 418,528
28,000 Royal Dutch Shell PLC, Class A, ADR # 1,837,920
2,758 Royal Dutch Shell PLC, Class B, ADR 189,943
39,600 Schlumberger Limited 3,341,448
17,600 Smith International, Inc. 586,256
72,200 Tidewater Inc. 3,513,974
3,000 Transocean Inc. # 183,930
12,800 Valero Energy Corporation 1,447,168
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 20.5%
36,800 The Allstate Corporation 2,034,672
62,300 American Financial Realty Trust 884,660
67,800 American Home Mortgage Investment Corp. 2,054,340
144,400 American International Group, Inc. 8,947,024
30,800 Apartment Investment & Management Company, Class A 1,194,424
3,500 Australia and New Zealand Banking Group limited, Sponsored ADR 320,985
383,900 Bank of America Corporation 16,162,190
10,300 Capitol Federal Financial 352,466
10,800 The Chicago Merchantile Exchange 3,642,840
463,600 Citigroup Inc. 21,103,072
59,700 Converium Holding AG, ADR # 302,082
11,300 Countrywide Financial Corporation 372,674
154,100 Crescent Real Estate Equities Company 3,160,591
23,700 A. G. Edwards, Inc. 1,038,297
19,900 Equity Office Properties Trust 650,929
35,200 Fidelity National Financial, Inc. 1,567,104
40,300 First Industrial Realty Trust, Inc. 1,614,015
64,300 Arthur J. Gallagher & Co. 1,852,483
5,900 Gladstone Capital Corporation 133,045
19,900 The Goldman Sachs Group, Inc. 2,419,442
117,900 HRPT Properties Trust 1,463,139
100,400 HSBC Holdings plc, Sponsored ADR 8,155,492
12,500 The Hartford Financial Services Group, Inc. 964,625
19,800 Health Care REIT, Inc. 734,382
354,200 JPMorgan Chase & Co 12,018,006
5,100 Jefferies Group, Inc. 222,105
1,500 Jefferson-Pilot Corporation 76,755
20,300 Legg Mason, Inc. 2,226,707
3,500 Liberty Property Trust 148,890
42,100 Lincoln National Corporation 2,190,042
145,300 Lloyds TSB Group plc, Sponsored ADR 4,828,319
90,800 MBNA Corporation 2,237,312
91,300 Marsh & McLennan Companies, Inc. 2,774,607
19,200 Mercury General Corporation 1,151,808
26,500 Merrill Lynch and Company Inc. 1,625,775
96,100 Morgan Stanley 5,183,634
7,600 National Australia Bank Limited, Sponsored ADR 954,940
42,500 Nationwide Health Properties, Inc. 990,250
29,800 New Century Financial Corporation 1,080,846
166,000 New York Community Bancorp, Inc. 2,722,400
112,500 Newcastle Investment Corporation 3,138,750
11,700 Reckson Associates Realty Corporation 404,235
39,400 The Charles Schwab Corporation 568,542
27,000 Senior Housing Properties Trust 513,000
55,400 TruStreet Properties, Inc. 867,010
175,300 U.S. Bancorp 4,922,424
106,300 Wachovia Corporation 5,058,817
59,100 Waddell & Reed Financial, Inc., Class A 1,144,176
34,100 Washington Mutual, Inc. 1,337,402
100,900 Wells Fargo & Company 5,909,713
1,900 Westpac Banking Corporation 153,615
8,300 XL Capital Ltd., Class A 564,649
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2%
116,200 Abbott Laboratories 4,926,880
9,000 Aetna Inc. 775,260
50,500 Amgen Inc. # 4,023,335
35,700 Baxter International Inc. 1,423,359
383,900 Bristol-Myers Squibb Company 9,236,634
1,300 Cardinal Health, Inc. 82,472
21,800 Caremarx Rx, Inc. # 1,088,474
10,300 Coventry Health Care, Inc. # 886,006
2,500 Genentech, Inc. # 210,525
61,100 GlaxoSmithKline plc, ADR 3,133,208
15,600 Guidant Corporation 1,074,684
8,900 HCA, Inc. 426,488
7,000 Humana Inc. # 335,160
207,300 Johnson & Johnson 13,117,944
78,800 Eli Lilly and Company 4,217,376
28,900 Medtronic Inc. 1,549,618
6,700 Mentor Corporation 368,567
254,400 Merck & Co. Inc. 6,922,224
2,100 Omnicare, Inc. 118,083
4,700 PacifiCare Health Systems # 374,966
568,600 Pfizer Inc. 14,197,942
36,000 Schering-Plough Corporation 757,800
87,000 UnitedHealth Group Incorporated 4,889,400
10,800 Universal Health Services, Inc., Class B 514,404
36,800 Wellpoint Inc. # 2,790,176
67,600 Wyeth 3,127,852
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 12.4%
22,200 AMR Coporation-DEL # 248,196
56,300 Automatic Data Processing, Inc. 2,423,152
3,800 Avery Dennison Corporation 199,082
71,400 The Boeing Company 4,851,630
52,100 Briggs & Stratton Corporation 1,802,139
75,600 Caterpillar Inc. 4,441,500
9,600 Cendant Corporation 198,144
2,000 CheckFree Corp # 75,640
14,800 Continental Airlines Inc # 142,968
1,000 Cummins Inc. 87,990
5,000 Deere & Company 306,000
83,300 Deluxe Corporation 3,345,328
1,000 Eaton Corporation 63,550
61,200 Emerson Electric Co 4,394,160
813,000 General Electric Company 27,373,710
27,800 Genuine Parts Company 1,192,620
13,600 Graco Inc 466,208
100,000 Honeywell International Inc. 3,750,000
40,600 Hubbell Incorporated, Class B 1,905,358
1,600 ITT Educational Services Inc. # 78,960
1,600 Illinois Tool Works Inc. 131,728
11,800 Ingersoll-Rand Company Ltd., Class A 451,114
3,000 Manpower Inc. 133,170
2,600 Northrop Grumman Corporation 141,310
7,880 PHH Corporation # 216,385
5,700 Parker Hannifin Corporation 366,567
31,000 Paychex, Inc. 1,149,480
39,000 Pentair, Inc. 1,423,500
32,000 Raytheon Company 1,216,640
2,700 Reinhold Industries Inc., Class A 52,650
8,700 Republic Services Inc. 307,023
13,800 Rockwell Automation, Inc. 730,020
64,600 SPX Corporation 2,968,370
200 Siemens AG, Sponsored ADR 15,466
37,900 The Standard Register Company 566,605
25,600 The Stanley Works 1,195,008
46,500 StarTek, Inc. 613,800
2,500 Stolt-Nielsen S.A., Sponsored ADR # 100,203
42,000 Synagro Technologies, Inc. 197,400
64,800 3M Co. 4,753,728
12,000 The Timken Company 355,560
7,400 Tomkins plc, Sponsored ADR 152,292
95,500 Tyco International Ltd. 2,659,675
26,600 United Parcel Service, Inc., Class B 1,838,858
89,400 United Technologies Corporation 4,634,496
93,200 Waste Management, Inc. 2,666,452
43,100 York International Corporation 2,416,617
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INFORMATION TECHNOLOGY - 13.3%
17,600 Adobe Systems Incorporated 525,360
16,300 ADTRAN, Inc. 513,450
28,500 Advanced Micro Devices Inc. # 718,200
10,800 American Power Conversion Corporation 279,720
35,500 Analog Devices, Inc. 1,318,470
38,000 Apple Computer, Inc. # 2,037,180
97,200 Applied Materials, Inc. 1,648,512
11,400 Autodesk, Inc. 529,416
31,200 Avaya Inc. # 321,360
34,800 BEA Systems, Inc. # 312,504
30,200 Broadcom Corporation, Class A # 1,416,682
61,800 Ciena Corporation # 163,152
263,500 Cisco Systems, Inc. # 4,724,555
18,500 Cognizant Technology Solutions Corporation, Class A # 861,915
48,600 Corning Incorporated # 939,438
61,900 Dell Inc. # 2,116,980
56,000 eBay Inc. # 2,307,200
6,600 Electronic Arts Inc. (EA) # 375,474
2,050 FactSet Research Systems Inc. 72,242
4,200 Fair Isaac Corporation 188,160
9,900 F5 Networks, Inc. # 430,353
33,800 Gentex Corporation 588,120
5,900 Google Inc., Class A # 1,867,114
129,100 Hewlett-Packard Company 3,769,720
463,200 Intel Corporation 11,417,880
91,300 International Business Machines Corporation (IBM) 7,324,086
1,900 International Rectifier Corporation # 85,652
9,900 Internet Security Systems, Inc. # 237,699
9,700 Intersil Holding Corporation, Class A 211,266
95,000 JDS Uniphase Corporation # 210,900
8,000 KLA-Tencor Corporation 390,080
6,600 Lam Research Corporation # 201,102
13,300 Linear Technology Corporation 499,947
15,400 Macromedia, Inc. # 626,318
27,300 Maxim Integrated Products, Inc. 1,164,345
14,100 McAfee Inc. # 443,022
34,300 Microchip Technology Incorporated 1,033,116
751,400 Microsoft Corporation 19,333,522
149,100 Motorola, Inc. 3,293,619
24,800 National Semiconductor Corporation 652,240
9,900 NVIDIA Corporation # 339,372
4,100 Omnivision Technologies, Inc. # 51,742
264,600 Oracle Corporation # 3,278,394
118,300 QUALCOM Inc. 5,293,925
6,100 Red Hat, Inc. # 129,259
32,800 Sanmina-SCI Corporation # 140,712
51,700 Siebel Systems, Inc. 534,061
100 Silicon Laboratories Inc. # 3,039
36,424 Symantec Corporation # 825,368
115,500 Texas Instruments Incorporated 3,915,450
15,800 United Online, Inc. 218,830
21,500 Verisign, Inc. # 459,455
12,300 WebEx Communications, Inc. # 301,473
28,600 Xilinx, Inc. 796,510
109,800 Yahoo! Inc. # 3,715,632
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MATERIALS - 4.5%
40,200 Alcoa Inc. 981,684
14,400 CONSOL Energy Inc. 1,098,288
140,700 The Dow Chemical Company 5,862,969
160,500 E.I. du Pont de Nemours and Company 6,286,785
40,400 Eastman Chemical Company 1,897,588
72,700 The Lubrizol Corporation 3,150,091
91,400 Lyondell Chemical Company 2,615,868
16,000 Nucor Corporation 943,840
104,500 Olin Corporation 1,984,455
49,300 Packaging Corp of America 956,913
96,400 RPM International, Inc. 1,773,760
109,900 Sonoco Products Company 3,001,369
89,700 USEC Inc. 1,001,052
50,800 Worthington Industries, Inc. 1,068,324
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TELECOMMUNICATION SERVICES - 3.6%
35,000 AT&T Corp 693,000
1,300 ALLTEL Corporation 84,643
216,900 BellSouth Corporation 5,704,470
50,100 Nokia Oyj, Sponsored ADR 847,191
366,300 SBC Communications Inc. 8,780,211
104,987 Sprint Corporation 2,496,591
3,100 TDC A/S, Sponsored ADR 83,638
11,600 Telstra Corporation Limited, ADR 180,612
214,100 Verizon Communications Inc. 6,998,929
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TRANSPORTATION - 0.0%
50,400 Northwest Airlines Corporation # 33,516
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3%
28,200 AGL Resources Inc. 1,046,502
27,000 Ameren Corporation 1,444,230
183,300 Atmos Energy Corporation 5,178,225
312,500 Citizens Communications Company 4,234,375
20,900 Consolidated Edison, Inc. 1,014,695
21,900 Dayton Power & Light Company 608,820
125,900 Duke Energy Corporation 3,672,503
72,700 Duquesne Light Holdings Inc. 1,251,167
11,800 Enel SpA, Sponsored ADR 506,338
93,800 Great Plains Energy Incorporated 2,805,558
18,200 KeySpan Corporation 669,396
28,500 National Fuel Gas Company 974,700
81,800 NICOR Inc. 3,438,054
60,600 OGE Energy Corp 1,702,860
49,100 ONEOK Inc. 1,670,382
26,600 Peoples Energy Corporation 1,047,508
80,800 Pepco Holdings, Inc. 1,880,216
32,400 Progress Energy, Inc. 1,449,900
32,100 Public Service Enterprise Group 2,065,956
59,600 United Utilities plc, Sponsored ADR 1,396,428
10,700 Vectren Corporation 303,344
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Total Common Stocks (cost $660,103,717) 702,548,488
--------------------------------------------------------------------------------------------------------------------
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
802 S&P 500 Index $90,225,000 10/22/05 1125 28,070
800 S&P 500 Index 88,000,000 11/19/05 1100 104,000
1,667 S&P 500 Index 187,537,500 11/19/05 1125 350,070
802 S&P 500 Index 92,230,000 11/19/05 1150 280,700
1,601 S&P 500 Index 180,112,500 12/17/05 1125 752,470
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Total Put Options (cost $3,319,002) 638,105,000 1,515,310
--------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (000) DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.9%
$27,945 State Street Bank, 3.150%, dated 9/30/05, due 10/03/05, repurchase price $27,952,554
collateralized by $29,235,000 U.S. Treasury Notes, 27,945,218
3.625%, due 5/15/13, valued at $28,504,125
===============--------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (cost $27,945,218) 27,945,218
--------------------------------------------------------------------------------------------------------------------
Total Investments ($691,367,937) - 102.1% 732,009,016
====================================================================================================================
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS* - (2.2)%
(678) S&P 500 Index $ (81,360,000) 10/22/05 1200 (2,335,710)
(1,902) S&P 500 Index (232,995,000) 10/22/05 1225 (2,929,080)
(694) S&P 500 Index (83,280,000) 11/19/05 1200 (2,911,330)
(1,311) S&P 500 Index (160,597,500) 11/19/05 1225 (3,166,065)
(499) S&P 500 Index (59,880,000) 12/17/05 1200 (2,462,565)
(588) S&P 500 Index (71,736,000) 12/17/05 1225 (1,890,420)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $19,830,008) (689,848,500) (15,695,170)
====================================================================================================================
Other Assets Less Liabilities - 0.1% 794,093
====================================================================================================================
Net Assets - 100% $717,107,939
====================================================================================================================
ADR American Depositary Receipt.
# Non-income producing.
* The Fund may designate up to 100% of its Common Stock
investments as collateral to cover outstanding call options.
See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN EQUITY PREMIUM OPPORTUNITY FUND (JSN)
September 30, 2005
SHARES DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.0%
CONSUMER DISCRETIONARY - 11.0%
44,900 Abercrombie & Fitch Co., Class A $ 2,238,265
72,750 Amazon.com, Inc # 3,295,575
74,400 American Eagle Outfitters, Inc. 1,750,632
88,950 Best Buy Co., Inc. 3,871,994
74,150 Catalina Marketing Corporation 1,686,171
48,900 Chicos FAS, Inc. # 1,799,520
81,900 Claire's Stores, Inc. 1,976,247
69,500 Clear Channel Communications, Inc. 2,285,855
151,500 The Walt Disney Company 3,655,695
49,100 R.R. Donnelley & Sons Company 1,820,137
43,150 Expedia, Inc. # 854,802
33,096 Federated Department Stores, Inc. 2,213,130
30,200 Foot Locker, Inc. 662,588
212,500 Ford Motor Company 2,095,250
98,650 The Gap, Inc. 1,719,470
190,600 General Motors Corporation 5,834,266
71,750 GTECH Holdings Corporation 2,300,305
34,500 Harley-Davidson Inc 1,671,180
210,000 The Home Depot, Inc. 8,009,400
18,150 IAC/InterActiveCorp # 460,103
68,500 International Game Technology 1,849,500
126,450 Limited Brands, Inc. 2,583,374
53,150 Lowe's Companies, Inc. 3,422,860
116,800 Mattel Inc. 1,948,224
164,400 Maytag Corporation 3,001,944
215,800 McDonald's Corporation 7,227,142
62,100 Michaels Stores, Inc. 2,053,026
184,850 Newell Rubbermaid Inc. 4,186,853
144,450 News Corporation, Class A 2,251,976
93,000 Nordstrom, Inc. 3,191,760
28,100 Omnicom Group Inc. 2,350,003
127,500 Pier 1 Imports, Inc. 1,436,925
34,500 Polaris Industries Inc. 1,709,475
311,500 Regal Entertainment Group, Class A 6,242,460
28,977 Sears Holding Corporation # 3,605,318
267,200 Servicemaster 3,617,888
469,850 Sirius Satellite Radio Inc. # 3,077,518
31,000 Starwood Hotels & Resorts Worldwide, Inc. 1,772,270
41,500 Target Corporation 2,155,095
161,900 Time Warner Inc. 2,932,009
81,750 Unitrin, Inc. 3,879,855
92,800 Viacom Inc., Class B 3,063,328
299,600 Wal-Mart Stores, Inc. 13,128,472
38,500 Whirlpool Corporation 2,917,145
66,850 XM Satellite Radio Holdings Inc., Class A # 2,400,584
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CONSUMER STAPLES - 6.1%
179,200 Albertson's, Inc. 4,596,480
255,900 Altria Group, Inc. 18,862,389
32,600 Avon Products, Inc. 880,200
176,150 The Coca-Cola Company 7,607,919
67,900 Colgate-Palmolive Company 3,584,441
101,700 ConAgra Foods, Inc. 2,517,075
85,000 The Gillette Company 4,947,000
96,950 Loews Corp - Carolina Group 3,842,129
83,200 PepsiCo, Inc. 4,718,272
229,500 The Procter & Gamble Company 13,646,070
22,700 Reynolds American Inc. 1,884,554
256,100 Sara Lee Corporation 4,853,095
71,500 Walgreen Co. 3,106,675
- -----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 6.9%
183,650 ChevronTexaco Corporation 11,887,665
74,000 ConocoPhillips 5,173,340
45,800 Diamond Offshore Drilling, Inc. 2,805,250
51,650 ENSCO International Incorporated 2,406,374
56,600 Equitable Resources Inc. 2,210,796
545,550 Exxon Mobil Corporation 34,664,247
97,250 Halliburton Company 6,663,570
76,950 Patterson-UTI Energy, Inc. 2,776,356
92,800 Royal Dutch Shell PLC, Class A, ADR # 6,091,392
37,500 Schlumberger Limited 3,164,250
95,800 Tidewater Inc. 4,662,586
18,400 Total SA, Sponsored ADR 2,499,088
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 15.5%
41,400 The Allstate Corporation 2,289,006
31,000 American Express Company 1,780,640
155,350 American Financial Realty Trust 2,205,970
60,000 American Home Mortgage Investment Corp. 1,818,000
208,100 American International Group, Inc. 12,893,876
412,400 Bank of America Corporation 17,362,040
17,000 The Chicago Merchantile Exchange 5,734,100
550,900 Citigroup Inc. 25,076,968
118,500 Commerce Bancorp, Inc. 3,636,765
277,600 Crescent Real Estate Equities Company 5,693,576
71,300 Eaton Vance Corporation 1,769,666
56,200 A. G. Edwards, Inc. 2,462,122
107,350 Fidelity National Financial, Inc. 4,779,222
101,900 First Industrial Realty Trust, Inc. 4,081,095
118,050 Arthur J. Gallagher & Co. 3,401,021
26,800 The Goldman Sachs Group, Inc. 3,258,344
301,550 HRPT Properties Trust 3,742,236
92,100 HSBC Holdings plc, Sponsored ADR 7,481,283
59,500 Health Care REIT, Inc. 2,206,855
86,200 Hospitality Properties Trust 3,694,532
127,650 ING Group NV, Sponsored ADR 3,802,694
408,650 JPMorgan Chase & Co 13,865,495
34,700 Legg Mason, Inc. 3,806,243
154,500 Lloyds TSB Group plc, Sponsored ADR 5,134,035
145,200 MBNA Corporation 3,577,728
83,800 Marsh & McLennan Companies, Inc. 2,546,682
35,150 Mercury General Corporation 2,108,649
132,250 Morgan Stanley 7,133,565
112,500 Nationwide Health Properties, Inc. 2,621,250
261,200 New York Community Bancorp, Inc. 4,283,680
64,900 North Fork Bancorporation, Inc. 1,654,950
156,050 The Charles Schwab Corporation 2,251,802
283,700 U.S. Bancorp 7,966,296
135,250 Wachovia Corporation 6,436,548
149,400 Waddell & Reed Financial, Inc., Class A 2,892,384
108,950 Wells Fargo & Company 6,381,202
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.2%
166,900 Abbott Laboratories 7,076,560
24,500 Aetna Inc. 2,110,430
114,150 Amgen Inc. # 9,094,331
94,200 Baxter International Inc. 3,755,754
37,750 Biogen Idec Inc. # 1,490,370
408,950 Bristol-Myers Squibb Company 9,839,337
51,800 Caremark Rx, Inc. # 2,586,374
54,400 Celgene Corporation # 2,955,008
26,000 Coventry Health Care, Inc. # 2,236,520
46,200 Genentech, Inc. # 3,890,502
46,900 Genzyme Corporation # 3,359,916
92,100 Gilead Sciences, Inc. # 4,490,796
94,300 GlaxoSmithKline plc, ADR 4,835,704
36,300 Guidant Corporation 2,500,707
255,150 Johnson & Johnson 16,145,892
134,950 Eli Lilly and Company 7,222,524
80,400 Medtronic Inc. 4,311,048
46,000 Mentor Corporation 2,530,460
305,050 Merck & Co. Inc. 8,300,411
718,250 Pfizer Inc. 17,934,703
125,350 Schering-Plough Corporation 2,638,618
20,150 Sepracor Inc. # 1,188,649
121,700 UnitedHealth Group Incorporated 6,839,540
66,800 Wellpoint Inc. # 5,064,776
139,850 Wyeth 6,470,860
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 10.7%
97,500 AMR Coporation-DEL # 1,090,050
95,800 Automatic Data Processing, Inc. 4,123,232
88,200 The Boeing Company 5,993,190
88,050 Briggs & Stratton Corporation 3,045,650
112,400 Caterpillar Inc. 6,603,500
86,500 Cendant Corporation 1,785,360
9,500 CheckFree Corp # 359,290
27,500 Corporate Executive Board Company 2,144,450
114,150 Deluxe Corporation 4,584,264
80,400 Emerson Electric Co 5,772,720
52,800 First Data Corporation 2,112,000
920,350 General Electric Company 30,988,185
57,500 Genuine Parts Company 2,466,750
70,750 Graco Inc. 2,425,310
133,500 Honeywell International Inc. 5,006,250
71,050 Hubbell Incorporated, Class B 3,334,377
26,000 Lockheed Martin Corporation 1,587,040
57,150 Manpower Inc. 2,536,889
41,700 Northrop Grumman Corporation 2,266,395
72,400 Pentair, Inc. 2,642,600
46,000 Raytheon Company 1,748,920
39,000 Rockwell Automation, Inc. 2,063,100
80,400 SPX Corporation 3,694,380
44,700 The Stanley Works 2,086,596
83,000 3M Co. 6,088,880
67,000 The Timken Company 1,985,210
183,850 Tyco International Ltd 5,120,223
78,500 United Parcel Service, Inc., Class B 5,426,705
107,600 United Technologies Corporation 5,577,984
95,550 Waste Management, Inc. 2,733,686
51,300 York International Corporation 2,876,391
26,000 Cooper Industries, Ltd., Class A 1,797,640
- -----------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY - 25.0%
56,066 Activision Inc. # 1,146,550
117,900 Adobe Systems Incorporated 3,519,315
72,500 ADTRAN, Inc. 2,283,750
84,500 Advanced Micro Devices Inc. # 2,129,400
81,900 Altera Corporation # 1,565,109
121,800 Analog Devices, Inc. 4,523,652
331,300 Apple Computer, Inc. # 17,760,993
292,300 Applied Materials, Inc. 4,957,408
71,500 Autodesk, Inc. 3,320,460
86,600 Broadcom Corporation, Class A # 4,062,406
871,400 Cisco Systems, Inc. # 15,624,202
104,400 Computer Associates International, Inc. 2,903,364
184,500 Corning Incorporated # 3,566,385
44,200 Cree Inc. # 1,105,884
257,100 Dell Inc. # 8,792,820
264,100 EMC Corporation # 3,417,454
341,600 eBay Inc. # 14,073,920
77,600 Electronic Arts Inc. (EA) # 4,414,664
86,700 Electronic Data Systems Corporation 1,945,548
47,200 Fair Isaac Corporation 2,114,560
58,000 Freescale Semiconductor Inc. # 1,357,780
123,100 Gentex Corporation 2,141,940
14,300 Google Inc., Class A # 4,525,378
55,800 Harris Corporation 2,332,440
317,700 Hewlett-Packard Company 9,276,840
1,006,350 Intel Corporation 24,806,528
162,500 International Business Machines Corporation (IBM) 13,035,750
45,700 International Rectifier Corporation # 2,060,156
73,000 Juniper Networks Inc. # 1,736,670
51,550 KLA-Tencor Corporation 2,513,578
72,550 Linear Technology Corporation 2,727,155
52,800 Macromedia, Inc. # 2,147,376
123,350 Maxim Integrated Products, Inc. 5,260,878
46,850 McAfee Inc. # 1,472,027
1,651,950 Microsoft Corporation 42,504,674
243,800 Motorola, Inc. 5,385,542
132,350 National Semiconductor Corporation 3,480,805
53,000 Network Appliance Inc. # 1,258,220
744,500 Oracle Corporation # 9,224,355
569,150 QUALCOM Inc. 25,469,463
46,700 Research In Motion Limited # 3,194,280
51,200 Roper Industries Inc. 2,011,648
72,500 SAP AG, Sponsored ADR 3,141,425
185,600 Siebel Systems, Inc. 1,917,248
354,621 Symantec Corporation # 8,035,712
283,250 Texas Instruments Incorporated 9,602,175
92,650 Verisign, Inc. # 1,979,931
130,650 Xilinx, Inc. 3,638,603
267,900 Yahoo! Inc. # 9,065,736
59,150 Marvell Technology Group Ltd. # 2,727,407
- -----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 3.3%
71,500 Alcoa Inc. 1,746,030
171,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 3,970,620
147,700 The Dow Chemical Company 6,154,659
170,700 E.I. du Pont de Nemours and Company 6,686,319
49,050 Eastman Chemical Company 2,303,879
83,000 The Lubrizol Corporation 3,596,390
118,400 Lyondell Chemical Company 3,388,608
30,500 Monsanto Company 1,913,875
56,650 Olin Corporation 1,075,784
218,700 Packaging Corp of America 4,244,967
152,650 RPM International, Inc. 2,808,760
127,450 Sonoco Products Company 3,480,660
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 3.6%
245,900 BellSouth Corporation 6,467,170
113,500 China Mobile Hong Kong Limited, Sponsored ADR 2,796,640
131,550 Chunghwa Telecom Co., Ltd., Sponsored ADR 2,434,991
132,000 Nokia Oyj, Sponsored ADR 2,232,120
451,300 SBC Communications Inc. 10,817,661
345,106 Sprint Corporation 8,206,621
352,400 Verizon Communications Inc. 11,519,956
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.7%
63,900 AGL Resources Inc. 2,371,329
38,400 Ameren Corporation 2,054,016
179,450 Atmos Energy Corporation 5,069,463
318,750 Citizens Communications Company 4,319,063
181,250 Duke Energy Corporation 5,287,063
98,700 Duquesne Light Holdings Inc. 1,698,627
129,350 Great Plains Energy Incorporated 3,868,859
88,300 National Fuel Gas Company 3,019,860
122,400 NICOR Inc. 5,144,472
92,500 OGE Energy Corp 2,599,250
95,800 ONEOK Inc. 3,259,116
118,050 Pepco Holdings, Inc. 2,747,024
84,600 Piedmont Natural Gas Company, Inc. 2,129,369
42,100 Public Service Enterprise Group 2,709,543
- -----------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (cost $1,153,784,458) 1,202,406,657
--------------------------------------------------------------------------------------------------------------------
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
3,810 Mini-NDX 100 Index $52,387,500 12/17/05 137.5 106,680
593 Nasdaq 100 Index 83,020,000 11/19/05 1400 78,573
425 Nasdaq 100 Index 58,437,500 12/17/05 1375 111,775
468 Nasdaq 100 Index 65,520,000 12/17/05 1400 161,460
1,026 S&P 500 Index 115,425,000 10/22/05 1125 35,910
980 S&P 500 Index 107,800,000 11/19/05 1100 127,400
2,262 S&P 500 Index 254,475,000 11/19/05 1125 475,020
1,025 S&P 500 Index 117,875,000 11/19/05 1150 358,750
1,963 S&P 500 Index 220,837,500 12/17/05 1125 922,610
- -----------------------------------------------------------------------------------------------------------------------------------
Total Put Options (cost $5,510,440) 1,075,777,500 2,378,178
--------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (000) DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 4.8%
$59,484 State Street Bank, 3.150%, dated 9/30/05, due 10/03/05, repurchase price $59,499,895
collateralized by $45,925,000 U.S. Treasury Bonds, 59,484,280
7.25%, due 8/15/22, valued at $60,678,406
===============--------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (cost $59,484,280) 59,484,280
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $1,218,779,178) - 102.0% 1,264,269,115
====================================================================================================================
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS * - (2.3)%
(1,670) Mini-NDX 100 Index $(25,885,000) 10/22/05 155.0 (1,018,700)
(1,145) Mini-NDX 100 Index (18,033,750) 10/22/05 157.5 (458,000)
(2,633) Mini-NDX 100 Index (42,128,000) 10/22/05 160.0 (579,260)
(970) Mini-NDX 100 Index (15,035,000) 11/19/05 155.0 (708,100)
(985) Mini-NDX 100 Index (15,513,750) 11/19/05 157.5 (531,900)
(1,350) Mini-NDX 100 Index (21,600,000) 11/19/05 160.0 (499,500)
(240) Nasdaq 100 Index (37,200,000) 10/22/05 1550 (1,437,600)
(356) Nasdaq 100 Index (56,070,000) 10/22/05 1575 (1,377,720)
(327) Nasdaq 100 Index (51,502,500) 11/19/05 1575 (1,728,195)
(68) Nasdaq 100 Index (10,880,000) 11/19/05 1600 (248,200)
(866) S&P 500 Index (103,920,000) 10/22/05 1200 (2,983,370)
(2,352) S&P 500 Index (288,120,000) 10/22/05 1225 (3,622,080)
(866) S&P 500 Index (103,920,000) 11/19/05 1200 (3,632,870)
(1,853) S&P 500 Index (226,992,500) 11/19/05 1225 (4,474,995)
(598) S&P 500 Index (71,760,000) 12/17/05 1200 (2,951,130)
(721) S&P 500 Index (88,322,500) 12/17/05 1225 (2,318,015)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $34,710,126) (1,176,883,000) (28,569,635)
====================================================================================================================
Other Assets Less Liabilities - 0.3% 4,165,692
====================================================================================================================
Net Assets - 100% $1,239,865,172
====================================================================================================================
ADR American Depositary Receipt.
# Non-income producing.
* The Fund may designate up to 100% of its Common Stock
investments as collateral to cover outstanding call options.
See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN EQUITY PREMIUM ADVANTAGE FUND (JLA)
September 30,2005
SHARES DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.6%
CONSUMER DISCRETIONARY - 12.6%
37,900 Amazon.com, Inc. # $ 1,716,870
28,650 Best Buy Co., Inc. 1,247,135
9,300 Black & Decker Corporation 763,437
18,000 Cabela's Incorporated # 330,660
32,600 Claire's Stores, Inc. 786,638
32,300 Clear Channel Communications, Inc. 1,062,347
24,400 Coach, Inc. # 765,184
191,400 Comcast Corporation, Special Class A # 5,508,492
58,600 The DIRECTV Group, Inc. # 877,828
51,400 The Walt Disney Company 1,240,282
22,900 Dow Jones & Company, Inc. 874,551
37,750 Expedia, Inc. # 747,828
7,631 Federated Department Stores, Inc. 510,285
100,900 Ford Motor Company 994,874
37,300 Furniture Brands International, Inc. 672,519
63,100 General Motors Corporation 1,931,491
16,400 Harley-Davidson Inc 794,416
66,900 The Home Depot, Inc. 2,551,566
45,750 IAC/InterActiveCorp # 1,159,763
27,600 International Game Technology 745,200
40,900 Limited Brands, Inc. 835,587
24,500 Lowe's Companies, Inc. 1,577,800
45,500 McDonald's Corporation 1,523,795
38,500 Newell Rubbermaid Inc. 872,025
72,400 News Corporation, Class A 1,128,716
12,800 Omnicom Group Inc. 1,070,464
20,900 Outback Steakhouse, Inc. # 764,940
16,800 J.C. Penney Company, Inc. 796,656
16,200 Polaris Industries Inc. 802,710
77,400 Regal Entertainment Group, Class A 1,551,096
28,200 Sears Holding Corporation # 3,508,644
111,400 Servicemaster 1,508,356
259,400 Sirius Satellite Radio Inc. # 1,699,070
91,200 Starbucks Corporation # 4,569,120
15,700 Starwood Hotels & Resorts Worldwide, Inc. 897,569
23,300 Target Corporation 1,209,969
121,600 Time Warner Inc. 2,202,176
35,400 Tupperware Corporation 806,412
18,800 Unitrin, Inc. 892,248
49,300 Viacom Inc., Class B 1,627,393
75,300 Wal-Mart Stores, Inc. 3,299,646
20,300 Wendy's International, Inc. 916,545
12,700 Whirlpool Corporation 962,279
30,100 XM Satellite Radio Holdings Inc., Class A # 1,080,891
- -----------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.6%
69,400 Albertson's, Inc. 1,780,110
69,700 Altria Group, Inc. 5,137,587
33,900 CVS Corporation 983,439
52,900 The Coca-Cola Company 2,284,751
25,400 The Gillette Company 1,478,280
23,200 PepsiCo, Inc. 1,315,672
51,800 The Procter & Gamble Company 3,080,028
32,500 Walgreen Co. 1,412,125
- -----------------------------------------------------------------------------------------------------------------------------------
ENERGY - 4.4%
54,100 ChevronTexaco Corporation 3,501,893
29,400 ConocoPhillips 2,055,354
7,500 Cooper Cameron Corporation # 554,475
21,300 Diamond Offshore Drilling, Inc. 1,304,625
9,000 ENSCO International Incorporated 419,310
151,700 Exxon Mobil Corporation 9,639,018
26,400 Halliburton Company 1,808,928
6,000 The Houston Exploration Company # 403,500
9,000 Noble Energy, Inc. 422,100
7,000 Pogo Producing Company 412,580
35,000 Smith International, Inc. 1,165,850
- -----------------------------------------------------------------------------------------------------------------------------------
FINANCIALS - 10.9%
24,500 AFLAC Incorporated 1,109,850
18,700 American Express Company 1,074,128
132,800 American Financial Realty Trust 1,885,760
63,400 American International Group, Inc. 3,928,264
88,200 Bank of America Corporation 3,713,220
38,100 The Bank of New York Company, Inc. 1,120,521
4,500 The Chicago Merchantile Exchange 1,517,850
115,400 Citigroup Inc. 5,253,008
33,600 Commerce Bancorp, Inc. 1,031,184
36,000 Eaton Vance Corporation 893,520
32,700 Fidelity National Financial, Inc. 1,455,804
29,600 Arthur J. Gallagher & Co. 852,776
9,100 The Goldman Sachs Group, Inc. 1,106,378
149,900 HRPT Properties Trust 1,860,259
11,800 HSBC Holdings plc, Sponsored ADR 958,514
46,300 Health Care REIT, Inc. 1,717,267
89,700 JPMorgan Chase & Co 3,043,521
13,200 Legg Mason, Inc. 1,447,908
87,000 Lloyds TSB Group plc, Sponsored ADR 2,891,010
47,500 MBNA Corporation 1,170,400
20,000 Moody's Corporation 1,021,600
35,700 Morgan Stanley 1,925,658
66,600 Nationwide Health Properties, Inc. 1,551,780
53,100 New York Community Bancorp, Inc. 870,840
13,600 Prudential Financial, Inc. 918,816
74,000 The Charles Schwab Corporation 1,067,820
40,100 TCF Financial Corporation 1,072,675
50,400 TruStreet Properties, Inc. 788,760
63,800 U.S. Bancorp 1,791,504
33,300 Wachovia Corporation 1,584,747
51,000 Waddell & Reed Financial, Inc., Class A 987,360
25,100 Wells Fargo & Company 1,470,107
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.2%
52,400 Abbott Laboratories 2,221,760
121,700 Amgen Inc. # 9,695,839
57,300 Applera Corporation-Applied Biosystems Group 1,331,652
37,800 Baxter International Inc. 1,507,086
73,600 Biogen Idec Inc. # 2,905,728
26,700 Boston Scientific Corporation # 623,979
112,000 Bristol-Myers Squibb Company 2,694,720
19,800 Caremark Rx, Inc. # 988,614
22,700 Celgene Corporation # 1,233,064
23,000 Cephalon, Inc. # 1,067,660
18,900 Charles River Laboratories International, Inc. # 824,418
12,300 Genentech, Inc. # 1,035,783
56,100 Genzyme Corporation # 4,019,004
80,200 Gilead Sciences, Inc. # 3,910,552
27,400 GlaxoSmithKline plc, ADR 1,405,072
11,700 Guidant Corporation 806,013
72,100 Human Genome Sciences, Inc. # 979,839
76,300 Johnson & Johnson 4,828,264
41,900 Eli Lilly and Company 2,242,488
15,100 Medco Health Solutions, Inc. # 827,933
34,300 Medtronic Inc. 1,839,166
90,800 Merck & Co. Inc. 2,470,668
192,300 Pfizer Inc. 4,801,731
55,400 Schering-Plough Corporation 1,166,170
15,000 Sepracor Inc. # 884,850
15,800 Stryker Corporation 780,994
59,100 Telik, Inc. # 966,876
33,700 UnitedHealth Group Incorporated 1,893,940
12,000 Universal Health Services, Inc., Class B 571,560
16,600 Wellpoint Inc. # 1,258,612
46,200 Wyeth 2,137,674
10,100 Zimmer Holdings, Inc. # 695,789
- -----------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 9.5%
38,800 Automatic Data Processing, Inc. 1,669,952
26,200 The Boeing Company 1,780,290
23,900 Briggs & Stratton Corporation 826,701
17,500 Burlington Northern Santa Fe Corporation 1,046,500
29,600 Caterpillar Inc. 1,739,000
41,400 Cendant Corporation 854,496
30,200 CheckFree Corp # 1,142,164
13,800 Corporate Executive Board Company 1,076,124
18,200 Danaher Corporation 979,706
15,700 Eaton Corporation 997,735
33,700 Emerson Electric Co 2,419,660
29,700 First Data Corporation 1,188,000
256,900 General Electric Company 8,649,823
11,700 Global Payments Inc. 909,324
22,700 Graco Inc. 778,156
41,300 Honeywell International Inc. 1,548,750
22,400 Hubbell Incorporated, Class B 1,051,232
15,900 ITT Educational Services Inc. # 784,665
24,000 Manpower Inc. 1,065,360
60,000 Paychex, Inc. 2,224,800
34,400 Pitney Bowes Inc. 1,435,856
15,500 Rockwell Automation, Inc. 819,950
21,500 SEI Investments Company 807,970
23,300 SPX Corporation 1,070,635
77,100 Southwest Airlines Co. 1,144,935
28,000 3M Co. 2,054,080
59,400 Tyco International Ltd 1,654,290
33,700 United Parcel Service, Inc., Class B 2,329,681
29,900 United Technologies Corporation 1,550,016
13,000 Cooper Industries, Ltd., Class A 898,820
- -----------------------------------------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY - 35.8%
92,500 Adobe Systems Incorporated 2,761,125
47,900 Advanced Micro Devices Inc. # 1,207,080
19,200 Amphenol Corporation, Class A 774,528
47,400 Analog Devices, Inc. 1,760,436
226,500 Apple Computer, Inc. # 12,142,665
106,300 Applied Materials, Inc. 1,802,848
33,700 Arrow Electronics, Inc. # 1,056,832
37,800 Autodesk, Inc. 1,755,432
38,400 Broadcom Corporation, Class A # 1,801,344
73,400 Cadence Design Systems, Inc. # 1,186,144
515,200 Cisco Systems, Inc. # 9,237,536
48,600 Computer Associates International, Inc. 1,351,566
68,300 Corning Incorporated # 1,320,239
32,300 Cymer, Inc. # 1,011,636
186,300 Dell Inc. # 6,371,460
105,500 EMC Corporation # 1,365,170
207,600 eBay Inc. # 8,553,120
55,400 Electronic Arts Inc. (EA) # 3,151,706
44,300 Electronic Data Systems Corporation 994,092
63,900 Fairchild Semiconductor International Inc., Class A # 949,554
28,200 FormFactor Inc # 643,524
46,600 Freescale Semiconductor Inc. # 1,090,906
4,900 Google Inc., Class A # 1,550,654
29,400 Harris Corporation 1,228,920
100,200 Hewlett-Packard Company 2,925,840
20,300 Hyperion Solutions Corporation # 987,595
11,100 Infosys Technologies Limited, ADR 824,508
60,580 Integrated Device Technology, Inc. # 650,629
463,600 Intel Corporation 11,427,740
48,700 International Business Machines Corporation (IBM) 3,906,714
21,200 International Rectifier Corporation # 955,696
263,500 JDS Uniphase Corporation # 584,970
49,500 Juniper Networks Inc. # 1,177,605
24,700 KLA-Tencor Corporation 1,204,372
12,300 Lexmark International, Inc. # 750,915
62,800 Maxim Integrated Products, Inc. 2,678,420
65,500 Micrel, Incorporated # 735,565
852,100 Microsoft Corporation 21,924,533
75,200 Micron Technology, Inc. # 1,000,160
72,900 Motorola, Inc. 1,610,361
53,400 National Semiconductor Corporation 1,404,420
59,000 Network Appliance Inc. # 1,400,660
428,300 Oracle Corporation # 5,306,637
380,000 QUALCOM Inc. 17,005,000
30,600 Research In Motion Limited # 2,093,040
29,800 The Reynolds and Reynolds Company 816,818
23,200 Roper Industries Inc. 911,528
23,900 SRA International, Inc. # 847,972
22,000 SanDisk Corporation # 1,061,500
37,400 SAP AG, Sponsored ADR 1,620,542
32,000 Satyam Computer Services Limited, ADR 967,040
37,200 Semtech Corporation # 612,684
126,100 Siebel Systems, Inc. 1,302,613
39,600 Sybase, Inc. # 927,432
245,710 Symantec Corporation # 5,567,789
117,920 Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR 969,300
106,500 Texas Instruments Incorporated 3,610,350
236,467 United Microelectronics Corporation, ADR # 851,282
26,000 Varian Semiconductor Equipment Associate # 1,101,620
60,000 Xilinx, Inc. 1,671,000
134,400 Yahoo! Inc. # 4,548,096
35,300 Marvell Technology Group Ltd. # 1,627,683
- -----------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.7%
29,600 Alcoa Inc. 722,832
24,900 Cabot Microelectronics Corporation # 731,562
56,300 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,307,286
36,600 The Dow Chemical Company 1,525,122
46,400 E.I. du Pont de Nemours and Company 1,817,488
18,000 International Paper Company 536,400
35,300 Lyondell Chemical Company 1,010,286
13,900 Monsanto Company 872,225
22,000 Olin Corporation 417,780
74,200 Packaging Corp of America 1,440,222
52,000 RPM International, Inc. 956,800
34,400 Sonoco Products Company 939,464
14,900 Weyerhaeuser Company 1,024,375
- -----------------------------------------------------------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES - 3.5%
48,900 AT&T Corp 968,220
54,100 BellSouth Corporation 1,422,830
46,400 China Mobile Hong Kong Limited, Sponsored ADR 1,143,296
29,300 Chunghwa Telecom Co., Ltd., Sponsored ADR 542,343
40,600 Nokia Oyj, Sponsored ADR 686,546
123,800 SBC Communications Inc. 2,967,486
267,214 Sprint Corporation 6,354,349
90,500 Verizon Communications Inc. 2,958,445
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.4%
52,400 Atmos Energy Corporation 1,480,300
61,600 Duke Energy Corporation 1,796,872
21,600 Exelon Corporation 1,154,304
33,400 Great Plains Energy Incorporated 998,994
50,200 NICOR Inc. 2,109,906
30,400 OGE Energy Corp 854,240
31,000 ONEOK Inc. 1,054,620
34,300 Piedmont Natural Gas Company, Inc. 863,331
43,700 TECO Energy, Inc. 787,474
30,500 Vectren Corporation 864,673
- -----------------------------------------------------------------------------------------------------------------------------------
Total Common Stocks (cost $466,486,459) 481,693,293
--------------------------------------------------------------------------------------------------------------------
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
800 Mini-NDX 100 Index $ 11,200,000 11/19/05 140.0 10,400
1,210 Mini-NDX 100 Index 16,637,500 12/17/05 137.5 33,880
401 Nasdaq 100 Index 56,140,000 11/19/05 1400 53,133
524 Nasdaq 100 Index 72,050,000 12/17/05 1375 137,812
376 Nasdaq 100 Index 52,640,000 12/17/05 1400 129,720
257 S&P 500 Index 28,270,000 11/19/05 1100 33,410
571 S&P 500 Index 64,237,500 11/19/05 1125 119,910
299 S&P 500 Index 34,385,000 11/19/05 1150 104,650
299 S&P 500 Index 33,637,500 10/22/05 1125 10,465
513 S&P 500 Index 57,712,500 12/17/05 1125 241,110
- -----------------------------------------------------------------------------------------------------------------------------------
Total Put Options (cost $2,109,438) 426,910,000 874,490
--------------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT (000) DESCRIPTION VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 3.9%
$19,013 State Street Bank, 3.150%, dated 9/30/05, due 10/03/05, repurchase price $19,017,621
collateralized by $14,050,000 U.S. Treasury Bonds, 19,012,630
8.125%, due 8/15/19, valued at $19,397,781
===============--------------------------------------------------------------------------------------------------------------------
Total Repurchase Agreements (cost $19,012,630) 19,012,630
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $487,608,527) - 102.7% 501,580,413
====================================================================================================================
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS* - (2.5)%
(380) Mini-NDX 100 Index $ (5,890,000) 10/22/05 155.0 (231,800)
(1,570) Mini-NDX 100 Index (24,727,500) 10/22/05 157.5 (628,000)
(2,400) Mini-NDX 100 Index (38,400,000) 10/22/05 160.0 (528,000)
(1,040) Mini-NDX 100 Index (16,120,000) 11/19/05 155.0 (759,200)
(400) Mini-NDX 100 Index (6,300,000) 11/19/05 157.5 (216,000)
(224) Nasdaq 100 Index (34,720,000) 10/22/05 1550 (1,341,760)
(261) Nasdaq 100 Index (41,107,500) 10/22/05 1575 (1,010,070)
(297) Nasdaq 100 Index (46,777,500) 11/19/05 1575 (1,569,645)
(141) Nasdaq 100 Index (22,560,000) 11/19/05 1600 (514,650)
(240) S&P 500 Index (28,800,000) 10/22/05 1200 (826,800)
(662) S&P 500 Index (81,095,000) 10/22/05 1225 (1,019,480)
(241) S&P 500 Index (28,920,000) 11/19/05 1200 (1,010,995)
(419) S&P 500 Index (51,327,500) 11/19/05 1225 (1,011,885)
(169) S&P 500 Index (20,280,000) 12/17/05 1200 (834,015)
(207) S&P 500 Index (25,357,500) 12/17/05 1225 (665,505)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Call Options (premiums received $14,518,637) (472,382,500) (12,167,805)
====================================================================================================================
Other Assets Less Liabilities - (0.2%) (973,695)
====================================================================================================================
Net Assets - 100% $488,438,913
====================================================================================================================
ADR American Depositary Receipt.
# Non-income producing.
* The Fund may designate up to 100% of its Common Stock
investments as collateral to cover outstanding call options.
See accompanying notes to financial statements.
Statement of
ASSETS AND LIABILITIES September 30, 2005 (Unaudited)
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $691,367,937, $1,218,779,178 and
$487,608,527, respectively) $732,009,016 $1,264,269,115 $501,580,413
Receivables:
Dividends and interest 1,391,498 1,726,206 482,126
Call options terminated -- 3,495,538 --
Reclaims 4,770 4,624 --
Other assets 12,784 3,471 2,200
- -------------------------------------------------------------------------------------------------------------------------------
Total assets 733,418,068 1,269,498,954 502,064,739
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Call options written, at value (premiums received $19,830,008, $34,710,126 and
$14,518,637, respectively) 15,695,170 28,569,635 12,167,805
Accrued expenses:
Management fees 342,472 579,470 276,856
Offering costs -- -- 1,011,592
Other 272,487 484,677 169,573
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities 16,310,129 29,633,782 13,625,826
- -------------------------------------------------------------------------------------------------------------------------------
Net assets $717,107,939 $1,239,865,172 $488,438,913
===============================================================================================================================
Shares outstanding 38,176,525 65,393,931 25,527,557
===============================================================================================================================
Net asset value per share outstanding (net assets divided by shares outstanding)$ 18.78 $ 18.96 $ 19.13
===============================================================================================================================
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 381,765 $ 653,939 $ 255,276
Paid-in surplus 691,535,386 1,192,989,987 476,170,247
Undistributed (Over-distribution of) net investment income (837,206) 377,183 31,295
Distributions in excess of net investment income -- -- --
Accumulated net realized gain (loss) from investments, foreign currency (18,747,923) (5,786,365) (4,340,623)
transactions and option contracts
Net unrealized appreciation of investments and option contracts 44,775,917 51,630,428 16,322,718
- -------------------------------------------------------------------------------------------------------------------------------
Net assets $717,107,939 $1,239,865,172 $488,438,913
===============================================================================================================================
Authorized shares Unlimited Unlimited Unlimited
===============================================================================================================================
See accompanying notes to financial statements.
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
NINE MONTHS OF OPERATIONS) OF OPERATIONS)
ENDED THROUGH THROUGH
9/30/05 9/30/05 9/30/05
- --------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $78,912, $165,716
and $23,430, respectively) $ 14,805,534 $ 17,674,972 $ 2,178,565
Interest 659,144 1,498,194 546,911
- --------------------------------------------------------------------------------------------------------------------------------
Total investment income $ 15,464,678 $ 19,173,166 $ 2,725,476
- --------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 4,738,839 7,036,138 1,427,764
Shareholders' servicing agent fees and expenses 1,108 864 1,384
Custodian's fees and expenses 58,274 166,037 84,883
Trustees' fees and expenses 12,896 16,952 3,370
Professional fees 29,007 33,465 17,245
Shareholders' reports - printing and mailing expenses 69,678 106,438 63,618
Stock exchange listing fees 20,197 17,263 --
Investor relations expense 90,563 137,675 25,644
Other expenses 60,576 313,626 57,211
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 5,081,138 7,828,458 1,681,119
Custodian fee credit (4,926) (63,405) (50,463)
Expense reimbursement (1,609,242) (2,421,589) (320,861)
- --------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,466,970 5,343,464 1,309,795
- --------------------------------------------------------------------------------------------------------------------------------
Net investment income 11,997,708 13,829,702 1,415,681
- --------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (14,691,515) (24,456,560) (4,362,995)
Foreign currency transactions 1,097 -- --
Option contracts written 21,565,569 18,670,195 22,372
Change in net unrealized appreciation (depreciation) of:
Investments 3,269,302 45,489,937 13,971,886
Option contracts written 7,169,960 6,140,491 2,350,832
- --------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain 17,314,413 45,844,063 11,982,095
- --------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 29,312,121 $ 59,673,765 $13,397,776
================================================================================================================================
See accompanying notes to financial statements.
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
NINE MONTHS OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
ENDED THROUGH THROUGH THROUGH
9/30/05 12/31/04 9/30/05 9/30/05
- -----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 11,997,708 $ 4,491,508 $ 13,829,702 $ 1,415,681
Net realized gain (loss) from:
Investments (14,691,515) 361,386 (24,456,560) (4,362,995)
Foreign currency transactions 1,097 -- -- --
Option contracts written 21,565,569 (25,984,460) 18,670,195 22,372
Change in net unrealized appreciation (depreciation) of:
Investments 3,269,302 37,371,777 45,489,937 13,971,886
Option contracts written 7,169,960 (3,035,122) 6,140,491 2,350,832
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 29,312,121 13,205,089 59,673,765 13,397,776
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (12,100,346) (5,226,076) (13,452,519) (1,384,386)
In excess of net investment income (36,301,036) -- (53,810,076) (10,152,164)
Tax return of capital -- (84,048) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (48,401,382) (5,310,124) (67,262,595) (11,536,550)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of shares 67,480 713,053,231 1,228,579,554 484,128,408
Net proceeds from shares issued to shareholders
due to reinvestment of distributions 12,235,573 2,845,867 18,774,364 2,349,195
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions 12,303,053 715,899,098 1,247,353,918 486,477,603
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (6,786,208) 723,794,063 1,239,765,088 488,338,829
Net assets at the beginning of period 723,894,147 100,084 100,084 100,084
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 717,107,939 $723,894,147 $1,239,865,172 $ 488,438,913
===================================================================================================================================
Undistributed (Over-distribution of) net investment income
at the end of period $ (837,206) $ (734,568) $ 377,183 $ 31,295
===================================================================================================================================
See accompanying notes to financial statements.
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 (NYSE) 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 diversified, closed-end management
investment companies.
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 strategies.
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.
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 fair value in accordance with procedures established in
good faith by the Board of Trustees. Short-term investments are valued at
amortized cost, which approximates market value.
Index options are generally valued at the average of the closing bid and asked
quotations. The close of trading of index options traded on the Chicago Board
Options Exchange normally occurs at 4:15 ET, which is different from the normal
4:00 ET close of the NYSE (the time of day as of which each Fund's NAV is
calculated). Under normal market circumstances, closing index option quotations
are considered to reflect the index option contract values as of the close of
the NYSE and will be used to value the option contracts. However, a significant
change in the S&P 500 or NASDAQ-100 futures contracts between the NYSE close and
the options market close will be considered as an indication that closing market
quotations for index options do not reflect the value of the contracts as of the
stock market close. In the event of such a significant change, the 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.
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.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Funds'
policy that its custodian take possession of the underlying collateral
securities, the fair value of which exceeds the principal amount of the
repurchase transaction, including accrued interest, at all times. If the seller
defaults, and the fair value of the collateral declines, realization of the
collateral may be delayed or limited.
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.
Federal 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 Funds' portfolio 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 Funds' 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 each Fund and each put options
purchased by each Fund.
Each Fund may make total distributions during a fiscal year in an amount that
exceeds the Fund's 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 Equity Premium Income Fund
(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 the Funds during the periods ended September
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.
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 $1,011,592, 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
NINE MONTHS (COMMENCEMENT OF (COMMENCEMENT OF (COMMENCEMENT OF
ENDED OPERATIONS) OPERATIONS) OPERATIONS)
9/30/05 THROUGH 12/31/04 THROUGH 9/30/05 THROUGH 9/30/05
- ----------------------------------------------------------------------------------------------------------------------------------
Shares sold -- 37,390,000 64,394,300 25,400,000
Shares issued to shareholders due
to reinvestment of distributions 633,907 147,378 994,391 122,317
- ----------------------------------------------------------------------------------------------------------------------------------
633,907 37,537,378 65,388,691 25,522,317
==================================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales of investments (including put options but excluding call
options and 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
NINE MONTHS (COMMENCEMENT (COMMENCEMENT
ENDED OF OPERATIONS) OF OPERATIONS)
9/30/05 THROUGH 9/30/05 THROUGH 9/30/05
- --------------------------------------------------------------------------------------------------------------------
Purchases $ 198,884,185 $ 1,297,286,276 $ 486,854,878
Sales 192,372,378 110,445,297 12,888,493
====================================================================================================================
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
NINE MONTHS (COMMENCEMENT OF (COMMENCEMENT OF
ENDED OPERATIONS) OPERATIONS)
9/30/05 THROUGH 9/30/05 THROUGH 9/30/05
--------------------------- -------------------------- --------------------------
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 27,662 76,029,231 91,844 144,072,664 21,371 38,276,133
Options terminated in closing
purchase transactions (25,327) (69,740,468) (69,121) (100,414,295) (12,554) (23,466,511)
Options expired (2,492) (6,216,103) (5,723) (8,948,243) (166) (290,985)
- ------------------------------------------------------------------------------------------------------------------------------
Outstanding, end of period 5,672 $ 19,830,008 17,000 $ 34,710,126 8,651 $ 14,518,637
==============================================================================================================================
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 September 30, 2005, the cost of investments (excluding call options written)
was as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------------------------------------------
Cost of investments $ 691,367,937 $ 1,218,779,178 $ 487,608,527
===================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
(which excludes call options) at September 30, 2005, were as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 66,567,376 $ 93,180,635 $ 29,560,949
Depreciation (25,926,297) (47,690,698) (15,589,063)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $ 40,641,079 $ 45,489,937 $ 13,971,886
===================================================================================================================
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.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily Managed Assets of each Fund as follows:
AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $500 million .7000%
For the next $500 million .6750
For the next $500 million .6500
For the next $500 million .6250
For Managed Assets over $2 billion .6000
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of September 30, 2005, the complex-level fee rate was .1898%.
COMPLEX-LEVEL ASSETS (1) COMPLEX-LEVEL 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 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 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.
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 Directors/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 which were paid on November 1, 2005, to
shareholders of record on October 15, 2005, as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------
Distributions per share $.1420 $.1480 $.1510
==================================================================================================================
Financial
HIGHLIGHTS (Unaudited)
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 (Loss) Total Income Income Gains Capital Total
====================================================================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2005(e) $ 19.28 $ .32 $ .46 $ .78 $ (.32) (.96) $ -- $ -- $(1.28)
2004(b) 19.10 .12 .24 .36 (.15) -- -- -- (.15)
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ------------------------------------------------------------------------------------------------------------------------------------
2005(c) 19.10 .22 .71 .93 (.21) (.84) -- -- (1.05)
EQUITY PREMIUM
ADVANTAGE (JLA)
- ------------------------------------------------------------------------------------------------------------------------------------
2005(d) 19.10 .06 .48 .54 (.06) (.41) -- -- (.47)
====================================================================================================================================
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) $ -- $ 18.78 $19.88 4.85% 4.17%
2004(b) (.03) 19.28 20.25 1.96 1.68
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------
2005(c) (.02) 18.96 19.46 2.74 4.84
EQUITY PREMIUM
ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------
2005(d) (.04) 19.13 19.76 1.13 2.54
=======================================================================================
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) $ 717,108 .95%* 1.94%* .65%* 2.24%* 27%
2004(b) 723,894 1.07* 3.49* .73* 3.82* 1
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ------------------------------------------------------------------------------------------------------------------------
2005(c) 1,239,865 .97* 1.40* .66* 1.71* 9
EQUITY PREMIUM
ADVANTAGE (JLA)
- ------------------------------------------------------------------------------------------------------------------------
2005(d) 488,439 1.05* .65* .82* .88* 3
========================================================================================================================
* 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 Share Net Investment Income is calculated using the average daily
shares method.
(b) For the period October 26, 2004 (commencement of operations) through
December 31, 2004.
(c) For the period 1/26/05 (commencement of operations) through September
30, 2005.
(d) For the period 5/25/05 (commencement of operations) through September
30, 2005.
(e) For the nine months ended September 30, 2005.
See accompanying notes to financial statements.
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.
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: December 8, 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: December 8, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.