UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21731 --------------------- Nuveen Equity Premium Advantage Fund ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: December 31 ------------------ Date of reporting period: December 31, 2005 ------------------ 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. ------------------------------- Annual Report December 31, 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 NUVEEN EQUITY PREMIUM AND GROWTH FUND JPG ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN INTEGRATED INDEX OPTION AND EQUITY STRATEGY [LOGO] NUVEEN Investments [PHOTOS OMITTED] NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. - -------------------------------------------------------------------------------- NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. - -------------------------------------------------------------------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX IT'S FAST, EASY & FREE: www.investordelivery.com if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR www.nuveen.com/accountaccess if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) [LOGO] NUVEEN Investments [PHOTO OMITTED] Timothy R. Schwertfeger Chairman of the Board Chairman's Letter to Shareholders I am very pleased to report that for the year ended December 31, 2005, the Funds continued to provide you with attractive monthly distributions generated by an index-option-based strategy designed to provide attractive returns and mitigate risk over the long term. For more information on your Fund's performance, please read the Portfolio Managers' Comments, the Distribution and Share Price Information, and the Performance Overview sections of this report. In addition, on behalf of all of us at Nuveen Investments, I'd like to use this first shareholder report of the Nuveen Equity Premium and Growth Fund (JPG) to welcome each of you to the growing family of Nuveen investors. We're pleased and proud that you have chosen Nuveen Investments as a part of your investment program. "At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives." Because JSN, JLA and JPG all came to market during the course of 2005, this "annual" report covers less than a full year of these Funds' operations. While it's too early to make long-term observations about any of the Funds in this report, we do believe they are off to good starts and we are working to position them to meet their objectives. As you look through this report, be sure to review the inside front cover. This contains information on how you can receive future Fund reports and other Fund information faster by using e-mails and the Internet. Sign up is quick and easy - just follow the step-by-step instructions. As we noted in our last shareholder report, The St. Paul Travelers Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of your Fund's investment adviser), had sold a substantial portion of its stake in Nuveen. Since then, St. Paul has sold the balance of its shares to Nuveen Investments or to others. Please be assured that these transactions only affected Nuveen's corporate structure, and they do not have any impact on the investment objectives or management of your Fund. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board February 15, 2006 Nuveen Investments Exchange-Traded Closed-End Funds (JPZ, JSN, JLA, JPG) Portfolio Managers' Comments These Funds feature portfolio management by Gateway Investment Advisers, L.P. (Gateway). J. Patrick Rogers and Kenneth H. Toft are the portfolio managers at Gateway responsible for investing the Funds' assets. Patrick joined Gateway in 1989. He has been President and a Director of Gateway since 1995 and is the firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997. Here Patrick and Ken talk about their management strategy and the performance of the Funds for the periods ended December 31, 2005. What were the general economic conditions and market trends over the course of 2005? The year 2005 witnessed a mixed bag of positive and negative stimuli, prompting a number of challenges for the financial markets. Despite excellent corporate profits, robust economic growth, solid job creation and significant improvement in corporate balance sheets, investors also were forced to consider the impact of large budget deficits, devastating hurricanes, surging energy prices, rising interest rates and the ongoing hostilities in Iraq. This held investor enthusiasm in check, causing capital to remain on the sidelines and limiting the equity markets to a fairly narrow trading range. The S&P 500 Index delivered a total return of 4.91% for the year, while the NASDAQ-100 Index returned 1.90%. The low level of market volatility that existed at the end of 2004 fell even further by the end of 2005. The CBOE Volatility Index (VIX), a key gauge of equity option pricing, was near the low end of its historical range throughout the year and stood at 12.07 as of December 31, 2005. With investor behavior subdued by contradictory news events and economic indicators, the VIX has spent much of the last two years at its lowest values in almost a decade. Since greater market volatility generally leads to higher option prices, the cash flows available from index call premiums over this period of low volatility were commensurately low as well. However, the reduced volatility did lower the costs associated with index put protection obtained by the Funds. 4 What was your overall management strategy for the periods ended December 31, 2005? Each of these Funds employs an integrated, index-option-based investment strategy. JPZ invests its assets in a well-diversified portfolio designed to substantially replicate the price movement of the S&P 500 Index. The Fund sells near-to and at-the-money S&P 500 Index call options on the entire value of its equity portfolio to generate additional cash flow, and buys out-of-the-money S&P 500 Index put options to provide a measure of downside protection in a rapidly declining equity market. JSN invests its assets in a well-diversified portfolio designed to substantially replicate the weighted average price movement of the S&P 500 Index and the NASDAQ-100 Index, based on a weighting of approximately 75% S&P 500 and 25% NASDAQ-100. The Fund sells near-to and at-the-money S&P 500 and NASDAQ-100 call options in the same proportionate weightings and in an amount roughly equal to the entire value of its equity portfolio to generate additional cash flow. The Fund also buys out-of-the-money S&P 500 and NASDAQ-100 put options in a 75%-25% weighting to provide a measure of downside protection in a rapidly declining equity market. JLA invests its assets in a well-diversified portfolio designed to substantially replicate the weighted average price movement of the S&P 500 Index and the NASDAQ-100 Index, based on an approximate 50%-50% weighting. The Fund sells near-to and at-the-money S&P 500 and NASDAQ-100 call options in the same proportionate weightings and in an amount roughly equal to the entire value of its equity portfolio to generate additional cash flow. The Fund also buys out-of-the-money S&P 500 and NASDAQ-100 put options in a 50%-50% weighting to provide a measure of downside protection in a rapidly declining equity market. JPG invests its assets in a portfolio a well-diversified portfolio designed to substantially replicate the price movement of the S&P 500 Index. The Fund sells near-to and at-the-money S&P 500 Index call options on approximately 80% value of its equity portfolio to generate additional cash flow, and buys out-of-the-money S&P 500 Index put options covering about 80% of the value of its equity portfolio to provide a measure of downside protection in a rapidly declining equity market. 5 By selling index call options, each Fund receives steady cash flows from option premiums in exchange for relinquishing most of the future (and uncertain) upside potential of its equity portfolio. Each Fund seeks to optimize the cash flows earned from selling index call options, which serve as the Fund's primary source of return. To reduce downside exposure, each Fund also buys index put options to protect against a significant market decline over a short period of time. The value of an index put option generally rises as the underlying stock prices decline. The Funds seeks the most cost-effective protection available from index put options, which serve as a key component in reducing the overall net asset value volatility of the Funds. Each Fund's diversified common stock portfolio is constructed to provide support for each particular Fund's index option strategy by minimizing the predicted difference between the performance of the stock portfolio and that of the index or indexes underlying the Fund's option positions while also considering other factors, such as projected dividend yield. The total return on net asset value of each Fund over a given time period comes from a combination of any changes in market value of the Fund's equity portfolio, the dividends received from the Fund's common stock portfolio, the premiums earned from selling index call options, the cost of purchasing index put options, any changes in the value of the Fund's index option positions as the values of the underlying indexes change, and the operating expenses of the Fund. During 2005, each Fund steadily earned premium cash flows (at below-normal historical levels) and dividend income (at slightly above target index yield levels). Throughout the year, each Fund was fully positioned (80% in the case of JPG) with both index call and put options. The assets of JPG were fully invested in its index-options-based strategy by the end of 2005. 6 How did the Funds perform over the period? The performance of JPZ, JSN and JLA, as well as the performance of comparative indexes or benchmarks, is shown in the nearby chart. JPG, which was introduced in November 2005, did not have meaningful performance to report as of December 31, 2005. We look forward to discussing the performance of this Fund in the next shareholder report. Cumulative Total Return on Net Asset Value For the periods ended December 31, 2005 1-Year or Since inception - -------------------------------------------------------------------------------- JPZ 4.88% - -------------------------------------------------------------------------------- S&P 500 Index(1) 4.91% - -------------------------------------------------------------------------------- JSN (inception 1/26/05) 5.65% - -------------------------------------------------------------------------------- Comparative benchmark(2) 7.78% - -------------------------------------------------------------------------------- JLA (inception 5/25/05) 3.43% - -------------------------------------------------------------------------------- Comparative benchmark(3) 6.32% - -------------------------------------------------------------------------------- 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. JPZ performed in line with the S&P 500 Index, while JSN and JLA each underperformed their comparative benchmarks over their respective reporting periods. While these equity index benchmarks provide a simple context for assessing the Funds' returns over the various periods, they are not intended to serve as comprehensive yardsticks for measuring the Funds' investment success. Each Fund uses an index-option-based strategy to generate income and manage risk in ways that are not present in the index or index-blend returns. For example, return totals do not measure the intra-period volatility of those returns, something the Funds' index-option strategy is designed to smooth. Standard deviation (a measure of the variability of period to period change) is one way to measure this volatility. Over the course of this reporting period, JPZ showed a monthly return standard deviation of 0.91%, compared with 2.29% for the S&P 500 Index. Similarly, JSN's return had a monthly standard deviation of 1.16% compared with 2.81% for its benchmark, and JLA has a 0.74% monthly return standard deviation compared with 3.15% for its (1) The S&P 500 Stock Index is an unmanaged index of 500 stocks that is market-capitalization weighted and is generally representative of the performance of larger companies in the U.S. Index returns to not include the effects of any sales charges or management fees. Individuals cannot invest directly in an index. (2) JSN comparative benchmark performance is a blended return consisting of: 1) 75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index, which includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. (3) JLA comparative benchmark performance is a blended return consisting of: 1) 50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index. 7 benchmark. In addition, the Funds' returns are reduced by management fees and operating expenses, which the indexes do not have. As a result, the Funds should not be expected to closely track these benchmarks over most shorter-term time periods. The returns of the Funds benefited from, or were constrained by, a variety of factors over the course of 2005. Among the primary factors affecting each Fund were the overall performance and volatility of the equity and bond markets. During the first quarter, an improving geopolitical atmosphere was tempered by fears of escalating interest rates and rapidly rising oil prices. This environment caused both stocks and bonds to suffer losses with the S&P 500 Index down 2.15% and the Lehman Brothers U. S. Intermediate Government/Credit Bond Index down 0.87%. The choppy markets helped JPZ and JSN Fund create value, since the net premium cash inflows from their index-option-based risk management strategy mitigated some of the effects of the stock market decline while exposing shareholders to significantly less risk. Early in the second quarter, corporate earnings news and the direction of the economy remained positive on balance; however, investors continued to show concerns over the level of earnings, the pace of economic growth and the potential resurgence of inflation. In May and June, investors generally responded favorably to the Federal Reserve Board's strong stance against inflation and to the continuing flow of moderately encouraging economic news. During the quarter, and indeed throughout the entire year, each Fund continued to receive more net cash flows from option sales than it paid to provide a measure of protection against declining stock values. Devastation from catastrophic hurricanes in September dominated the news in the third quarter. A sharp equity market rally in July faded noticeably in August and September. Each Fund's index-option-based strategy was successful in helping to reduce the Fund's risk exposure over this period, but it did limit the ability of the Fund to benefit from July's market rally. After the immediate effects of the hurricanes, investors shifted their focus to the ongoing impacts of higher energy prices, additional government borrowing and widespread supply chain disruptions. Despite the uncertainties and intra-period fluctuation, the VIX ended the quarter virtually unchanged. Even in the face of this low 8 overall volatility, index option premiums remained well above representative long-term rates on bonds without the associated sensitivity to interest rate fluctuations. After an October sell-off, robust economic growth, accompanied by advancing corporate profits and falling oil prices, motivated investors in November. However, in December, even reasonably strong Christmas sales and the further stabilization of oil prices could not maintain the momentum. However, the Funds continued to earn modest option premiums in the low-volatility market environment that characterized the fourth quarter and much of the year. 9 Distribution and Share Price Information Each Fund has a managed distribution policy designed to provide relatively stable monthly cash flow to investors. JPZ, JSN and JLA each paid steady monthly distributions over the course of the year or since their inceptions in 2005. (JPG did not declare its first monthly distribution until after the end of this reporting period.) Under its managed distribution policy, each Fund pays monthly distributions that are derived from a variety of sources for income tax reporting purposes. These include ordinary income, net realized capital gains, and, under certain circumstances, a return of capital. Every month for tax purposes, the Fund prepares an estimate of the sources of that month's distribution, and then posts that estimate on the Nuveen Funds' website at www.nuveen.com/etf. The final determination of the tax characteristics of all of a calendar year's distributions are made after December 31 each year, and this information is then reported on Form 1099-DIV early in the following year. The final characterization of distributions may vary from the estimates provided monthly throughout the course of the year. In addition, these final tax characteristics of distributions likely will vary from the sources identified in the financial statements contained in this report, because the rules governing determination of tax characteristics of distributions differ in many respects from generally accepted accounting principles. At the end of 2005, approximately 10%-25% of each Fund's distribution represented ordinary income, which is derived from dividends received on the Fund's stock portfolio, net of Fund expenses. The remaining 75%-90% of each Fund's distribution was comprised of net realized capital gains and/or a return of capital. Each Funds' strategy involves selling index call options on a broadly diversified stock portfolio that is designed to closely replicate the returns of one or more indexes. When stock prices go up, the Fund's net return on its options positions generally declines (and can be negative even in an only modestly favorable stock market), but this decline is normally at least partially offset by price gains (appreciation) on the fund's stock portfolio. 10 The Fund's net gains or losses on its options positions (both realized and unrealized) are required for tax purposes to be treated as realized as of the Fund's tax year end (December 31), but the offsetting portfolio price gains may be realized or unrealized, depending on whether the Fund has sold or continues to hold the appreciated stocks. As a result, some of the Funds' overall returns in a given year may represent the amount by which such unrealized gains (from appreciated but unsold stock positions) exceeds the net realized option position loss. The portion of a fund's annual distributions deemed payable from these net unrealized gains will generally be treated as a non-taxable distribution (return of capital) for tax purposes. Additionally, any amount by which the year's distributions have exceeded the fund's total returns may also be treated as a non-taxable distribution (return of capital). At the end of the reporting period, the Funds' share prices were trading at discounts to their NAVs, as shown in the accompanying chart: 12/31/05 12-Month or Since Inception Discount Average Premium - -------------------------------------------------------------------------------- JPZ -5.95% +5.28% - -------------------------------------------------------------------------------- JSN -6.81% +3.05% - -------------------------------------------------------------------------------- JLA -6.79% +2.47% - -------------------------------------------------------------------------------- JPG -9.40% +0.74% - -------------------------------------------------------------------------------- For much of the period covered by this report, the Fund's were trading at premiums to their net asset value, as can be seen from their average premiums over the full 12-months or from inception. The price declines sustained by all of the Funds in late 2005 (see the price charts on the following Performance Overview pages) led to the discounts as of December 31, 2005. 11 Nuveen Equity Premium Income Fund JPZ Performance Overview As of December 31, 2005 Fund Snapshot - -------------------------------------------------------------------------------- Share Price $17.38 - -------------------------------------------------------------------------------- Net Asset Value $18.48 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.95% - -------------------------------------------------------------------------------- Market Yield(1) 9.80% - -------------------------------------------------------------------------------- Net Assets ($000) $708,049 - -------------------------------------------------------------------------------- Average Annual Total Return (Inception 10/26/04) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- 1-Year -6.12% 4.88% - -------------------------------------------------------------------------------- Since Inception -3.60% 5.59% - -------------------------------------------------------------------------------- Industries (as a % of total investments) - -------------------------------------------------------------------------------- Pharmaceuticals 7.8% - -------------------------------------------------------------------------------- Commercial Banks 6.7% - -------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 6.1% - -------------------------------------------------------------------------------- Diversified Financial Services 5.8% - -------------------------------------------------------------------------------- Industrial Conglomerates 5.2% - -------------------------------------------------------------------------------- Diversified Telecommunication Services 3.8% - -------------------------------------------------------------------------------- Insurance 3.7% - -------------------------------------------------------------------------------- Software 3.6% - -------------------------------------------------------------------------------- Semiconductors & Equipment 3.6% - -------------------------------------------------------------------------------- Chemicals 3.2% - -------------------------------------------------------------------------------- Specialty Retail 3.1% - -------------------------------------------------------------------------------- Tobacco 2.9% - -------------------------------------------------------------------------------- Real Estate 2.4% - -------------------------------------------------------------------------------- Computers & Peripherals 2.2% - -------------------------------------------------------------------------------- Household Products 2.2% - -------------------------------------------------------------------------------- Aerospace & Defense 2.1% - -------------------------------------------------------------------------------- Communications Equipment 2.1% - -------------------------------------------------------------------------------- Energy Equipment & Services 2.1% - -------------------------------------------------------------------------------- Capital Markets 2.0% - -------------------------------------------------------------------------------- Health Care Providers & Services 1.8% - -------------------------------------------------------------------------------- Machinery 1.7% - -------------------------------------------------------------------------------- Commercial Services & Supplies 1.6% - -------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------- Short-Term Investments 5.3% - -------------------------------------------------------------------------------- Other 18.8% - -------------------------------------------------------------------------------- Portfolio Allocation (as a % of total investments) - ------------------------------------------ Common Stocks 94.5% - ------------------------------------------ Put Options 0.2% [PIE CHART] - ------------------------------------------ Short-Term Investments 5.3% 2005 Monthly Distributions Per Share [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] 2005 Monthly Distributions Per Share Jan 0.142 Feb 0.142 Mar 0.142 Apr 0.142 May 0.142 Jun 0.142 Jul 0.142 Aug 0.142 Sep 0.142 Oct 0.142 Nov 0.142 Dec 0.142 Share Price Performance [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Share Price Performance Weekly Closing Price 01/01/05 20.08 20.13 20.24 20.2 20.2 20.2 20.27 20.15 20.18 20.3 20.34 20.26 20.25 20.25 20.35 20.24 20.2 20.33 20.3 20.28 20.4 20.45 20.46 20.5 20.6 20.62 20.6 20.74 20.75 20.65 20.69 20.71 20.65 20.68 20.4 20.59 20.73 20.8 20.85 20.97 20.87 20.81 20.88 20.84 20.83 20.66 20.64 20.43 20.5 20.33 20.12 20.18 20.2 20.06 19.85 19.95 19.85 19.84 19.65 19.82 19.93 19.87 19.9 20.06 20.08 20.15 20.12 20.1 20.12 19.92 19.85 19.94 19.82 19.93 19.89 19.93 19.85 19.83 19.85 19.91 19.82 19.98 19.98 19.95 19.98 20.02 20.08 20.15 20.18 20.16 19.99 19.98 20.15 20.08 20.05 20.08 20.09 20.08 20.05 20 19.94 20.04 20.05 20.09 20.14 20.17 20.14 20.22 20.31 20.4 20.3 20.41 20.23 20.11 20.07 20.12 20.24 20.09 20.11 20.08 20.02 20.09 20.09 20.1 20.22 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 20.4 20.32 20.42 20.3 20.37 20.38 20.4 20.45 20.45 20.42 20.5 20.57 20.53 20.48 20.5 20.6 20.5 20.34 20.08 20.21 20.1 20.09 20.04 19.98 20.04 19.89 19.51 19.52 19.59 19.88 20 20.02 20.05 20.05 20.15 20.13 20.1 19.94 19.83 19.81 19.8 19.65 19.57 19.36 19.46 19.52 19.54 19.39 19.28 19.26 19.2 19.08 19 19.2 19.29 19.35 19.35 19.2 18.96 18.9 18.79 18.7 18.74 18.66 18.47 18.16 17.97 17.99 18.5 18.12 18.08 18.27 18.05 17.76 17.99 18.11 17.85 17.65 17.46 17.32 16.79 16.89 17.04 17.01 16.96 16.95 16.65 16.89 16.94 16.66 16.63 17.05 17.38 12/31/05 17.38 Past performance is not predictive of future results. (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. 12 Nuveen Equity Premium Opportunity Fund JSN Performance Overview As of December 31, 2005 Portfolio Allocation (as a % of total investments) - ------------------------------------------ Common Stocks 94.9% - ------------------------------------------ Put Options 0.2% [PIE CHART] - ------------------------------------------ Short-Term Investments 4.9% 2005 Monthly Distributions Per Share [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Mar 0.148 Apr 0.148 May 0.148 Jun 0.148 Jul 0.148 Aug 0.148 Sep 0.148 Oct 0.148 Nov 0.148 Dec 0.148 Share Price Performance [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Weekly Closing Price 01/26/05 20 20.28 20.14 20.1 20.1 20.22 20.22 20.25 20.35 20.35 20.4 20.39 20.36 20.28 20.25 20.3 20.25 20.02 20.03 20.1 20.05 20.07 20.04 20 20.02 20.01 20.14 20.11 20.15 19.99 19.78 19.88 19.89 19.81 19.77 19.72 19.62 19.55 19.7 19.45 19.25 19.19 19.34 19.49 19.35 19.51 19.6 19.66 19.84 19.73 19.7 19.77 19.58 19.54 19.29 19.54 19.48 19.37 19.55 19.45 19.45 19.45 19.38 19.3 19.4 19.4 19.39 19.38 19.54 19.58 19.65 19.68 19.68 19.48 19.47 19.42 19.43 19.38 19.4 19.58 19.55 19.48 19.49 19.49 19.55 19.6 19.68 19.68 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 19.6 19.53 19.59 19.57 19.73 19.74 19.9 19.91 19.89 19.93 20.01 20.02 19.98 19.97 19.97 19.9 19.9 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 19.99 20 19.98 20.02 19.96 19.98 19.9 19.93 19.85 19.83 19.75 19.78 19.8 19.71 19.68 19.8 19.74 19.68 19.77 19.89 19.92 19.91 19.92 19.95 19.94 19.99 19.88 19.78 19.8 19.86 19.76 19.8 19.68 19.59 19.53 19.26 18.86 18.95 19.07 19.46 19.72 19.73 19.81 19.75 19.79 19.67 19.78 19.54 19.47 19.5 19.5 19.37 19.2 19.17 19.19 19.33 19.29 19.14 18.95 19.11 19.24 19.26 19.24 19.35 19.44 19.39 19.44 19.47 19.24 19.16 19.06 19.25 19.06 18.96 18.83 18.55 17.8 18.07 18.31 18.25 18.17 18.24 18.38 18.2 18.07 17.99 17.78 17.65 17.67 17.5 17.04 17.16 17.21 17.36 17.11 17.05 16.88 17.07 16.99 16.89 16.89 17.04 17.39 12/31/05 17.39 Past performance is not predictive of future results. (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. Fund Snapshot - -------------------------------------------------------------------------------- Share Price $17.39 - -------------------------------------------------------------------------------- Net Asset Value $18.66 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -6.81% - -------------------------------------------------------------------------------- Market Yield(1) 10.21% - -------------------------------------------------------------------------------- Net Assets ($000) $1,225,535 - -------------------------------------------------------------------------------- Cumulative Total Return (Inception 1/26/05) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- Since Inception -5.90% 5.65% - -------------------------------------------------------------------------------- Industries (as a % of total investments) - -------------------------------------------------------------------------------- Pharmaceuticals 6.7% - -------------------------------------------------------------------------------- Software 6.6% - -------------------------------------------------------------------------------- Semiconductors & Equipment 5.8% - -------------------------------------------------------------------------------- Computers & Peripherals 4.8% - -------------------------------------------------------------------------------- Communications Equipment 4.7% - -------------------------------------------------------------------------------- Diversified Financial Services 4.6% - -------------------------------------------------------------------------------- Commercial Banks 4.6% - -------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 4.5% - -------------------------------------------------------------------------------- Industrial Conglomerates 3.8% - -------------------------------------------------------------------------------- Diversified Telecommunication Services 2.9% - -------------------------------------------------------------------------------- Biotechnology 2.8% - -------------------------------------------------------------------------------- Insurance 2.8% - -------------------------------------------------------------------------------- Specialty Retail 2.4% - -------------------------------------------------------------------------------- Internet Software & Services 2.4% - -------------------------------------------------------------------------------- Media 2.2% - -------------------------------------------------------------------------------- Commercial Services & Supplies 2.1% - -------------------------------------------------------------------------------- Tobacco 1.9% - -------------------------------------------------------------------------------- Aerospace & Defense 1.9% - -------------------------------------------------------------------------------- Capital Markets 1.7% - -------------------------------------------------------------------------------- Real Estate 1.7% - -------------------------------------------------------------------------------- Energy Equipment & Services 1.7% - -------------------------------------------------------------------------------- Chemicals 1.7% - -------------------------------------------------------------------------------- Health Care Providers & Services 1.6% - -------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------- Short-Term Investments 4.9% - -------------------------------------------------------------------------------- Other 19.0% - -------------------------------------------------------------------------------- 13 Nuveen Equity Premium Advantage Fund JLA Performance Overview As of December 31, 2005 Fund Snapshot - -------------------------------------------------------------------------------- Share Price $17.56 - -------------------------------------------------------------------------------- Net Asset Value $18.84 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -6.79% - -------------------------------------------------------------------------------- Market Yield(1) 10.32% - -------------------------------------------------------------------------------- Net Assets ($000) $482,979 - -------------------------------------------------------------------------------- Cumulative Total Return (Inception 5/25/05) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- Since Inception -7.87% 3.43% - -------------------------------------------------------------------------------- Industries (as a % of total investments) - -------------------------------------------------------------------------------- Software 9.8% - -------------------------------------------------------------------------------- Semiconductors & Equipment 7.9% - -------------------------------------------------------------------------------- Communications Equipment 6.7% - -------------------------------------------------------------------------------- Computers & Peripherals 6.5% - -------------------------------------------------------------------------------- Biotechnology 5.3% - -------------------------------------------------------------------------------- Pharmaceuticals 4.3% - -------------------------------------------------------------------------------- Commercial Banks 3.6% - -------------------------------------------------------------------------------- Media 3.6% - -------------------------------------------------------------------------------- Internet Software & Services 3.2% - -------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 3.1% - -------------------------------------------------------------------------------- Commercial Services & Supplies 3.1% - -------------------------------------------------------------------------------- Diversified Financial Services 2.8% - -------------------------------------------------------------------------------- Industrial Conglomerates 2.7% - -------------------------------------------------------------------------------- Hotels, Restaurants & Leisure 2.2% - -------------------------------------------------------------------------------- Diversified Telecommunication Services 2.1% - -------------------------------------------------------------------------------- Insurance 2.1% - -------------------------------------------------------------------------------- Specialty Retail 1.6% - -------------------------------------------------------------------------------- Food & Staples Retailing 1.5% - -------------------------------------------------------------------------------- Health Care Equipment & Supplies 1.4% - -------------------------------------------------------------------------------- Capital Markets 1.4% - -------------------------------------------------------------------------------- Multiline Retail 1.4% - -------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------- Short-Term Investments 3.7% - -------------------------------------------------------------------------------- Other 19.8% - -------------------------------------------------------------------------------- Portfolio Allocation (as a % of total investments) - ------------------------------------------ Common Stocks 96.1% - ------------------------------------------ Put Options 0.2% [PIE CHART] - ------------------------------------------ Short-Term Investments 3.7% 2005 Monthly Distributions Per Share [THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.] Jul 0.151 Aug 0.151 Sep 0.151 Oct 0.151 Nov 0.151 Dec 0.151 Share Price Performance [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Weekly Closing Price 05/25/05 20 20 20 20.02 20.01 20 20.01 20.01 20.01 20 20 20.01 20 20.01 20.01 20.01 20 20.01 20.01 20.01 20 20 20 19.86 19.71 19.72 19.73 19.75 19.9 19.85 19.95 20 19.97 20.06 19.95 20 20 20.01 20 20.01 19.95 19.99 19.9 19.91 20.03 20.04 20.07 20.07 20.01 19.97 20 20.08 20.09 20.11 20.12 20.16 20.02 20 20.08 20.09 20.2 20.19 20.07 20.02 20.06 20.16 20.13 20.04 20.08 20.06 20.03 20 20.18 20.1 20.12 20.15 20.34 20.35 20.1 20.12 20.06 20.1 20.07 20.08 20.02 20.01 19.91 19.63 19.6 19.56 19.68 19.76 19.87 19.83 19.78 19.89 19.87 19.84 19.93 19.97 19.76 19.92 19.77 19.66 19.78 19.66 19.35 19.32 19.35 19.35 19.3 19.43 19.5 19.2 19.22 19.3 19.39 19.51 19.51 19.5 19.18 19.18 18.9 19.02 19.15 19.15 18.99 18.4 18.09 18.25 18.52 18.6 18.52 18.65 18.78 18.82 18.76 18.68 18.4 18.45 18.42 18.2 17.55 17.78 17.61 17.58 17.16 17.12 16.88 17.25 17.45 17.44 17.25 17.39 17.56 12/31/05 17.56 Past performance is not predictive of future results. (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. 14 Nuveen Equity Premium and Growth Fund JPG Performance Overview As of December 31, 2005 Portfolio Allocation (as a % of total investments) - ------------------------------------------ Common Stocks 94.5% - ------------------------------------------ Put Options 0.2% [PIE CHART] - ------------------------------------------ Short-Term Investments 5.3% Share Price Performance [THE FOLLOWING TABLE WAS REPRESENTED BY A LINE CHART IN THE PRINTED MATERIAL.] Weekly Closing Price 11/22/05 20 20 20 20 20.01 20 20 20 20 20 20 20 20 20 20 20 20 20 19.6 18 17.31 17.45 17.27 17.07 17.1 17.25 12/31/05 17.25 Past performance is not predictive of future results. Fund Snapshot - -------------------------------------------------------------------------------- Share Price $17.25 - -------------------------------------------------------------------------------- Net Asset Value $19.04 - -------------------------------------------------------------------------------- Premium/(Discount) to NAV -9.40% - -------------------------------------------------------------------------------- Net Assets ($000) $314,202 - -------------------------------------------------------------------------------- Cumulative Total Return (Inception 11/22/05) - -------------------------------------------------------------------------------- On Share Price On NAV - -------------------------------------------------------------------------------- Since Inception -13.75% -0.31% - -------------------------------------------------------------------------------- Industries (as a % of total investments) - -------------------------------------------------------------------------------- Commercial Banks 8.4% - -------------------------------------------------------------------------------- Pharmaceuticals 8.4% - -------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels 6.8% - -------------------------------------------------------------------------------- Industrial Conglomerates 5.3% - -------------------------------------------------------------------------------- Diversified Financial Services 4.3% - -------------------------------------------------------------------------------- Insurance 4.0% - -------------------------------------------------------------------------------- Diversified Telecommunication Services 4.0% - -------------------------------------------------------------------------------- Real Estate 3.7% - -------------------------------------------------------------------------------- Semiconductors & Equipment 3.5% - -------------------------------------------------------------------------------- Software 3.3% - -------------------------------------------------------------------------------- Tobacco 2.8% - -------------------------------------------------------------------------------- Chemicals 2.6% - -------------------------------------------------------------------------------- Specialty Retail 2.3% - -------------------------------------------------------------------------------- Gas Utilities 2.2% - -------------------------------------------------------------------------------- Computers & Peripherals 2.2% - -------------------------------------------------------------------------------- Household Products 2.1% - -------------------------------------------------------------------------------- Metals & Mining 1.8% - -------------------------------------------------------------------------------- Communications Equipment 1.8% - -------------------------------------------------------------------------------- Internet Software & Services 1.7% - -------------------------------------------------------------------------------- Electric Utilities 1.4% - -------------------------------------------------------------------------------- Energy Equipment & Services 1.3% - -------------------------------------------------------------------------------- Food & Staples Retailing 1.3% - -------------------------------------------------------------------------------- Put Options 0.2% - -------------------------------------------------------------------------------- Short-Term Investments 5.3% - -------------------------------------------------------------------------------- Other 19.3% - -------------------------------------------------------------------------------- 15 Shareholder Meeting Report Approval of the new investment management agreement and sub-advisory agreements were the proposals voted upon at the July 26, 2005, shareholder meeting held at The Northern Trust Bank. Approval of the Board Members was the proposal voted upon at the November 15, 2005, shareholder meeting held at the offices of Nuveen Investments. JPZ JSN - ---------------------------------------------------------------------------------------------------------- Approval of the new investment management agreement was reached as follows: Common Common shares shares ========================================================================================================== For 36,381,199 63,224,714 Against 248,647 376,894 Abstain 273,878 447,873 - ---------------------------------------------------------------------------------------------------------- Total 36,903,724 64,049,481 ========================================================================================================== Approval of the new sub-advisory agreement between Nuveen Asset Management and Gateway Investment Advisers, L.P. was reached as follows: Common Common shares shares ========================================================================================================== For 36,380,231 63,233,204 Against 237,798 371,242 Abstain 285,695 445,035 - ---------------------------------------------------------------------------------------------------------- Total 36,903,724 64,049,481 ========================================================================================================== 16 Report of Independent Registered Public Accounting Firm To the Board of Trustees and Shareholders of Nuveen Equity Premium Income Fund Nuveen Equity Premium Opportunity Fund Nuveen Equity Premium Advantage Fund Nuveen Equity Premium and Growth Fund In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial positions of Nuveen Equity Premium Income Fund, Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund and Nuveen Equity Premium and Growth Fund (the "Funds") at December 31, 2005, the results of each of their operations for the period then ended, the changes in each of their net assets and the financial highlights for the periods then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit, which included confirmation of securities at December 31, 2005, by correspondence with the custodian, provides a reasonable basis for our opinion. PricewaterhouseCoopers LLP February 17, 2006 17 Nuveen Equity Premium Income Fund (JPZ) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Common Stocks - 95.7% Aerospace & Defense - 2.1% 100,000 Honeywell International Inc. $ 3,725,000 2,600 Northrop Grumman Corporation 156,286 32,000 Raytheon Company 1,284,800 71,400 The Boeing Company 5,015,136 89,400 United Technologies Corporation 4,998,354 - ----------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 15,179,576 ------------------------------------------------------------------------------------------------------------------- Air Freight & Logistics - 0.3% 26,600 United Parcel Service, Inc., Class B 1,998,990 - ----------------------------------------------------------------------------------------------------------------------------------- Airlines - 0.1% 22,200 AMR Corporation-DEL, (1) 493,506 14,800 Continental Airlines, Inc., (1) 315,240 50,400 Northwest Airlines Corporation, (1) 27,216 - ----------------------------------------------------------------------------------------------------------------------------------- Total Airlines 835,962 ------------------------------------------------------------------------------------------------------------------- Auto Components - 0.0% 10,800 American Axle & Manufacturing Holdings, Inc. 197,964 - ----------------------------------------------------------------------------------------------------------------------------------- Automobiles - 0.6% 131,600 Ford Motor Company 1,015,952 150,800 General Motors Corporation 2,928,536 - ----------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 3,944,488 ------------------------------------------------------------------------------------------------------------------- Beverages - 0.9% 40,500 PepsiCo, Inc. 2,392,740 91,100 The Coca-Cola Company 3,672,241 - ----------------------------------------------------------------------------------------------------------------------------------- Total Beverages 6,064,981 ------------------------------------------------------------------------------------------------------------------- Biotechnology - 0.6% 50,500 Amgen Inc., (1) 3,982,430 2,500 Genentech, Inc., (1) 231,250 - ----------------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 4,213,680 ------------------------------------------------------------------------------------------------------------------- Capital Markets - 2.0% 5,100 Jefferies Group, Inc. 229,398 20,300 Legg Mason, Inc. 2,429,707 26,500 Merrill Lynch & Co., Inc. 1,794,845 96,100 Morgan Stanley 5,452,714 39,400 The Charles Schwab Corporation 577,998 19,900 The Goldman Sachs Group, Inc. 2,541,429 59,100 Waddell & Reed Financial, Inc., Class A 1,239,327 - ----------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 14,265,418 ------------------------------------------------------------------------------------------------------------------- Chemicals - 3.3% 160,500 E.I. Du Pont de Nemours and Company 6,821,250 40,400 Eastman Chemical Company 2,084,236 91,400 Lyondell Chemical Company 2,177,148 104,500 Olin Corporation 2,056,560 92,800 RPM International, Inc. 1,611,936 18 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Chemicals (continued) 134,900 The Dow Chemical Company $ 5,911,318 56,800 The Lubrizol Corporation 2,466,824 - ----------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 23,129,272 ------------------------------------------------------------------------------------------------------------------- Commercial Banks - 6.8% 3,500 Australia and New Zealand Banking Group Limited, Sponsored ADR 308,105 383,900 Bank of America Corporation 17,716,985 71,500 HSBC Holdings plc, Sponsored ADR 5,753,605 145,300 Lloyds TSB Group plc, Sponsored ADR 4,911,140 7,600 National Australia Bank Limited, Sponsored ADR 902,500 175,300 U.S. Bancorp. 5,239,717 106,300 Wachovia Corporation 5,619,018 34,100 Washington Mutual, Inc. 1,483,350 100,900 Wells Fargo & Company 6,339,547 1,900 Westpac Banking Corporation 158,802 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 48,432,769 ------------------------------------------------------------------------------------------------------------------- Commercial Services & Supplies - 1.7% 56,300 Automatic Data Processing, Inc. 2,583,607 3,800 Avery Dennison Corporation 210,026 4,000 Career Education Corporation, (1) 134,880 9,600 Cendant Corporation 165,600 2,000 CheckFree Corp., (1) 91,800 70,100 Deluxe Corporation 2,112,814 4,200 Fair Isaac Corporation 185,514 1,600 ITT Educational Services, Inc., (1) 94,576 3,000 Manpower Inc. 139,500 31,000 Paychex, Inc. 1,181,720 480 PHH Corporation, (1) 13,450 5,800 Priceline.com Incorporated, (1) 129,456 8,500 R.R. Donnelley & Sons Company 290,785 42,000 Synagro Technologies, Inc. 177,660 117,800 The ServiceMaster Company 1,407,710 37,900 The Standard Register Company 599,199 72,000 Waste Management, Inc. 2,185,200 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 11,703,497 ------------------------------------------------------------------------------------------------------------------- Communications Equipment - 2.1% 16,300 ADTRAN, Inc. 484,762 31,200 Avaya Inc., (1) 332,904 61,800 Ciena Corporation, (1) 183,546 263,500 Cisco Systems, Inc., (1) 4,511,120 48,600 Corning Incorporated, (1) 955,476 95,000 JDS Uniphase Corporation, (1) 224,200 149,100 Motorola, Inc. 3,368,169 118,300 QUALCOMM Inc. 5,096,364 - ----------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 15,156,541 ------------------------------------------------------------------------------------------------------------------- Computers & Peripherals - 2.2% 38,000 Apple Computer, Inc., (1) 2,731,820 61,900 Dell Inc., (1) 1,856,381 129,100 Hewlett-Packard Company 3,696,133 87,100 International Business Machines Corporation (IBM) 7,159,620 14,100 McAfee Inc., (1) 382,533 - ----------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 15,826,487 ------------------------------------------------------------------------------------------------------------------- Consumer Finance - 0.3% 90,800 MBNA Corporation 2,465,220 - ----------------------------------------------------------------------------------------------------------------------------------- 19 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Containers & Packaging - 0.6% 49,300 Packaging Corp of America $ 1,131,435 109,900 Sonoco Products Company 3,231,060 - ----------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 4,362,495 ------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 5.9% 23,700 A. G. Edwards, Inc. 1,110,582 463,600 Citigroup Inc. 22,498,508 5,900 Gladstone Capital Corporation 126,142 354,200 JPMorgan Chase & Co. 14,058,198 10,600 The Chicago Merchantile Exchange 3,895,394 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 41,688,824 ------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Services - 3.9% 1,300 Alltel Corporation 82,030 393,579 AT&T Inc. 9,638,750 196,700 BellSouth Corporation 5,330,570 312,500 Citizens Communications Company 3,821,875 104,987 Sprint Nextel Corporation 2,452,496 3,100 TDC A/S, Sponsored ADR 92,628 11,600 Telstra Corporation Limited, ADR 166,228 192,900 Verizon Communications Inc. 5,810,148 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 27,394,725 ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 1.6% 27,000 Ameren Corporation 1,383,480 20,900 Consolidated Edison, Inc. 968,297 21,900 DPL Inc. 569,619 72,700 Duquesne Light Holdings Inc. 1,186,464 93,800 Great Plains Energy Incorporated 2,622,648 60,600 OGE Energy Corp. 1,623,474 80,800 Pepco Holdings, Inc. 1,807,496 32,400 Progress Energy, Inc. 1,423,008 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 11,584,486 ------------------------------------------------------------------------------------------------------------------- Electrical Equipment - 1.1% 10,800 American Power Conversion Corporation 237,600 61,200 Emerson Electric Co. 4,571,640 40,600 Hubbell Incorporated, Class B 1,831,872 13,800 Rockwell Automation, Inc. 816,408 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 7,457,520 ------------------------------------------------------------------------------------------------------------------- Electronic Equipment & Instruments - 0.2% 33,800 Gentex Corporation 659,100 5,700 Parker Hannifin Corporation 375,972 32,800 Sanmina-SCI Corporation, (1) 139,728 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 1,174,800 ------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 2.1% 21,300 Diamond Offshore Drilling, Inc. 1,481,628 38,100 ENSCO International Incorporated 1,689,735 55,800 Halliburton Company 3,457,368 2,000 National-Oilwell Varco Inc., (1) 125,400 11,600 Patterson-UTI Energy, Inc. 382,220 39,600 Schlumberger Limited 3,847,140 17,600 Smith International, Inc. 653,136 67,400 Tidewater Inc. 2,996,604 3,000 Transocean Inc., (1) 209,070 - ----------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 14,842,301 ------------------------------------------------------------------------------------------------------------------- 20 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Food & Staples Retailing - 1.4% 100,200 Albertson's, Inc. $ 2,139,270 4,800 Longs Drug Stores Corporation 174,672 10,000 Walgreen Co. 442,600 133,600 Wal-Mart Stores, Inc. 6,252,480 13,400 Whole Foods Market, Inc. 1,037,026 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 10,046,048 ------------------------------------------------------------------------------------------------------------------- Food Products - 0.5% 72,500 ConAgra Foods, Inc. 1,470,300 109,400 Sara Lee Corporation 2,067,660 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food Products 3,537,960 ------------------------------------------------------------------------------------------------------------------- Gas Utilities - 1.5% 28,200 AGL Resources Inc. 981,642 183,300 Atmos Energy Corporation 4,795,128 18,200 KeySpan Corporation 649,558 81,800 Nicor Inc. 3,215,558 26,600 Peoples Energy Corporation 932,862 - ----------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 10,574,748 ------------------------------------------------------------------------------------------------------------------- Health Care Equipment & Supplies - 0.6% 35,700 Baxter International Inc. 1,344,105 15,600 Guidant Corporation 1,010,100 28,900 Medtronic, Inc. 1,663,773 6,700 Mentor Corporation 308,736 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 4,326,714 ------------------------------------------------------------------------------------------------------------------- Health Care Providers & Services - 1.8% 9,000 Aetna Inc. 848,790 1,300 Cardinal Health, Inc. 89,375 21,800 Caremark Rx, Inc., (1) 1,129,022 15,450 Coventry Health Care, Inc., (1) 880,032 8,900 HCA, Inc. 449,450 7,000 Humana Inc., (1) 380,310 2,100 Omnicare, Inc. 120,162 92,170 UnitedHealth Group Incorporated 5,727,444 7,900 Universal Health Services, Inc., Class B 369,246 36,800 Wellpoint Inc., (1) 2,936,272 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 12,930,103 ------------------------------------------------------------------------------------------------------------------- Hotels, Restaurants & Leisure - 0.6% 23,300 GTECH Holdings Corporation 739,542 28,800 International Game Technology 886,464 86,900 McDonald's Corporation 2,930,268 - ----------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 4,556,274 ------------------------------------------------------------------------------------------------------------------- Household Durables - 1.5% 3,400 Black & Decker Corporation 295,664 16,500 Lennar Corporation, Class A 1,006,830 27,900 Maytag Corporation 525,078 107,400 Newell Rubbermaid Inc. 2,553,972 12,400 Snap-on Incorporated 465,744 25,600 The Stanley Works 1,229,824 117,200 Tupperware Corporation 2,625,280 26,600 Whirlpool Corporation 2,228,016 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 10,930,408 ------------------------------------------------------------------------------------------------------------------- 21 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Household Products - 2.2% 53,200 Colgate-Palmolive Company $ 2,918,020 216,287 The Procter & Gamble Company 12,518,692 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Products 15,436,712 ------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 5.3% 64,800 3M Co. 5,022,000 813,000 General Electric Company 28,495,650 27,800 Genuine Parts Company 1,220,976 7,400 Tomkins plc, Sponsored ADR 152,514 95,500 Tyco International Ltd. 2,756,130 - ----------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 37,647,270 ------------------------------------------------------------------------------------------------------------------- Insurance - 3.8% 62,300 American Financial Realty Trust 747,600 144,400 American International Group, Inc. 9,852,412 64,300 Arthur J. Gallagher & Co. 1,985,584 40,700 Converium Holding AG, ADR, (1) 225,478 35,200 Fidelity National Financial, Inc. 1,295,008 60 Fidelity National Title Group Inc., Class A 1,461 12,500 Hartford Financial Services Group, Inc. 1,073,625 1,500 Jefferson-Pilot Corporation 85,395 42,100 Lincoln National Corporation 2,232,563 91,300 Marsh & McLennan Companies, Inc. 2,899,688 19,200 Mercury General Corporation 1,117,824 36,800 The Allstate Corporation 1,989,776 57,800 Unitrin, Inc. 2,603,890 8,300 XL Capital Ltd, Class A 559,254 - ----------------------------------------------------------------------------------------------------------------------------------- Total Insurance 26,669,558 ------------------------------------------------------------------------------------------------------------------- Internet & Catalog Retail - 0.2% 23,200 Amazon.com, Inc., (1) 1,093,880 9,437 Expedia, Inc., (1) 226,111 9,437 IAC/InterActiveCorp., (1) 267,161 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 1,587,152 ------------------------------------------------------------------------------------------------------------------- Internet Software & Services - 1.4% 56,000 eBay Inc., (1) 2,422,000 9,900 F5 Networks, Inc., (1) 566,181 5,900 Google Inc., Class A, (1) 2,447,674 15,800 United Online, Inc. 224,676 109,800 Yahoo! Inc., (1) 4,301,964 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 9,962,495 ------------------------------------------------------------------------------------------------------------------- IT Services - 0.0% 2,050 FactSet Research Systems Inc. 84,378 8,900 WebEx Communications, Inc., (1) 192,507 - ----------------------------------------------------------------------------------------------------------------------------------- Total IT Services 276,885 ------------------------------------------------------------------------------------------------------------------- Leisure Equipment & Products - 0.2% 20,400 Eastman Kodak Company 477,360 58,700 Mattel, Inc. 928,634 - ----------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 1,405,994 ------------------------------------------------------------------------------------------------------------------- Machinery - 1.8% 52,100 Briggs & Stratton Corporation 2,020,959 75,600 Caterpillar Inc. 4,367,412 1,000 Cummins Inc. 89,730 5,000 Deere & Company 340,550 22 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Machinery (continued) 1,000 Eaton Corporation $ 67,090 13,600 Graco Inc. 496,128 1,600 Illinois Tool Works Inc. 140,784 11,800 Ingersoll-Rand Company - Class A 476,366 33,600 Pentair, Inc. 1,159,872 64,600 SPX Corporation 2,956,742 12,000 The Timken Company 384,240 - ----------------------------------------------------------------------------------------------------------------------------------- Total Machinery 12,499,873 ------------------------------------------------------------------------------------------------------------------- Media - 1.2% 13,000 Omnicom Group Inc. 1,106,690 238,600 Regal Entertainment Group, Class A 4,538,172 6,700 Reuters Group plc, Sponsored ADR 296,475 78,100 Sirius Satellite Radio Inc., (1) 523,270 48,000 The Walt Disney Company 1,150,560 5,600 ValueClick, Inc., (1) 101,416 12,700 Viacom Inc., Class B, (1) 414,020 10,300 XM Satellite Radio Holdings Inc., Class A, (1) 280,984 - ----------------------------------------------------------------------------------------------------------------------------------- Total Media 8,411,587 ------------------------------------------------------------------------------------------------------------------- Metals & Mining - 0.7% 40,200 Alcoa Inc. 1,188,714 14,400 CONSOL Energy Inc. 938,592 16,000 Nucor Corporation 1,067,520 89,700 USEC Inc. 1,071,915 50,800 Worthington Industries, Inc. 975,868 - ----------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 5,242,609 ------------------------------------------------------------------------------------------------------------------- Multiline Retail - 0.6% 19,001 Federated Department Stores, Inc. 1,260,336 1,700 J.C. Penney Company, Inc. 94,520 55,400 Nordstrom, Inc. 2,071,960 7,900 Sears Holding Corporation, (1) 912,687 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 4,339,503 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.3% 125,900 Duke Energy Corporation 3,455,955 28,500 National Fuel Gas Company 888,915 49,100 ONEOK, Inc. 1,307,533 32,100 Public Service Enterprise Group Incorporated 2,085,537 59,600 United Utilities plc, Sponsored ADR 1,389,872 10,700 Vectren Corporation 290,612 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 9,418,424 ------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 6.2% 7,000 Burlington Resources Inc. 603,400 151,900 ChevronTexaco Corporation 8,623,363 33,200 ConocoPhillips 1,931,576 8,000 EOG Resources, Inc. 586,960 437,600 Exxon Mobil Corporation 24,579,992 46,200 Kerr-McGee Corporation 4,197,732 28,000 Royal Dutch Shell PLC, Class A, ADR 1,721,720 258 Royal Dutch Shell PLC, Class B, ADR 16,649 25,600 Valero Energy Corporation 1,320,960 - ----------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 43,582,352 ------------------------------------------------------------------------------------------------------------------- 23 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 8.0% 111,700 Abbott Laboratories $ 4,404,331 383,900 Bristol-Myers Squibb Company 8,822,022 78,800 Eli Lilly and Company 4,459,292 36,200 GlaxoSmithKline plc, ADR 1,827,376 207,300 Johnson & Johnson 12,458,730 254,400 Merck & Co. Inc. 8,092,464 531,200 Pfizer Inc. 12,387,584 36,000 Schering-Plough Corporation 750,600 67,600 Wyeth 3,114,332 - ----------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 56,316,731 ------------------------------------------------------------------------------------------------------------------- Real Estate - 2.4% 67,800 American Home Mortgage Investment Corp. 2,208,246 30,800 Apartment Investment & Management Company, Class A 1,166,396 154,100 Crescent Real Estate Equities Company 3,054,262 19,900 Equity Office Properties Trust 603,567 40,300 First Industrial Realty Trust, Inc. 1,551,550 19,800 Health Care REIT, Inc. 671,220 117,900 HRPT Properties Trust 1,220,265 3,500 Liberty Property Trust 149,975 42,500 Nationwide Health Properties, Inc. 909,500 29,800 New Century Financial Corporation 1,074,886 109,900 Newcastle Investment Corporation 2,731,015 11,700 Reckson Associates Realty Corporation 420,965 27,000 Senior Housing Properties Trust 456,570 55,400 Trustreet Properties, Inc. 809,948 - ----------------------------------------------------------------------------------------------------------------------------------- Total Real Estate 17,028,365 ------------------------------------------------------------------------------------------------------------------- Semiconductors & Equipment - 3.7% 28,500 Advanced Micro Devices, Inc., (1) 872,100 35,500 Analog Devices, Inc. 1,273,385 97,200 Applied Materials, Inc. 1,743,768 30,200 Broadcom Corporation, Class A, (1) 1,423,930 463,200 Intel Corporation 11,561,472 1,900 International Rectifier Corporation, (1) 60,610 9,700 Intersil Holding Corporation, Class A 241,336 8,000 KLA-Tencor Corporation 394,640 6,600 Lam Research Corporation, (1) 235,488 13,300 Linear Technology Corporation 479,731 27,300 Maxim Integrated Products, Inc. 989,352 34,300 Microchip Technology Incorporated 1,102,745 24,800 National Semiconductor Corporation 644,304 9,900 NVIDIA Corporation, (1) 361,944 4,100 Omnivision Technologies, Inc., (1) 81,836 100 Silicon Laboratories Inc., (1) 3,666 115,500 Texas Instruments Incorporated 3,704,085 28,600 Xilinx, Inc. 721,006 - ----------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 25,895,398 ------------------------------------------------------------------------------------------------------------------- Software - 3.7% 38,852 Adobe Systems Incorporated 1,435,970 11,400 Autodesk, Inc. 489,630 34,800 BEA Systems, Inc., (1) 327,120 18,500 Cognizant Technology Solutions Corporation, Class A, (1) 931,475 6,600 Electronic Arts Inc. (EA), (1) 345,246 9,900 Internet Security Systems, Inc., (1) 207,405 659,400 Microsoft Corporation 17,243,310 264,600 Oracle Corporation, (1) 3,230,766 6,100 Red Hat, Inc., (1) 166,164 51,700 Siebel Systems, Inc. 546,986 24 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Software (continued) 36,424 Symantec Corporation, (1) $ 637,420 21,500 Verisign, Inc., (1) 471,280 - ----------------------------------------------------------------------------------------------------------------------------------- Total Software 26,032,772 ------------------------------------------------------------------------------------------------------------------- Specialty Retail - 3.2% 38,000 Abercrombie & Fitch Co., Class A 2,476,840 43,400 American Eagle Outfitters, Inc. 997,332 53,700 Best Buy Co., Inc. 2,334,876 39,600 Chicos FAS, Inc., (1) 1,739,628 10,600 Christopher & Banks Corporation 199,068 44,800 Claire's Stores, Inc. 1,309,056 23,500 Foot Locker, Inc. 554,365 1,300 Hancock Fabrics, Inc. 5,291 68,800 Limited Brands, Inc. 1,537,680 19,800 Lowe's Companies, Inc. 1,319,868 20,200 Michaels Stores, Inc. 714,474 5,900 Pacific Sunwear of California, Inc., (1) 147,028 4,300 Pep Boys - Manny, Moe & Jack 64,027 5,400 RadioShack Corporation 113,562 10,600 Ross Stores, Inc. 306,340 56,800 The Gap, Inc. 1,001,952 146,000 The Home Depot, Inc. 5,910,080 30,600 The Talbots, Inc. 851,292 19,700 The TJX Companies, Inc. 457,631 17,600 Urban Outfitters, Inc., (1) 445,456 - ----------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 22,485,846 ------------------------------------------------------------------------------------------------------------------- Textiles, Apparel & Luxury Goods - 0.0% 2,600 Coach, Inc., (1) 86,684 - ----------------------------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance - 0.5% 9,700 Capitol Federal Financial 319,518 11,300 Countrywide Financial Corporation 386,347 166,000 New York Community Bancorp, Inc. 2,742,320 - ----------------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 3,448,185 ------------------------------------------------------------------------------------------------------------------- Tobacco - 3.0% 227,000 Altria Group, Inc. 16,961,440 28,500 Loews Corp - Carolina Group 1,253,715 16,100 Reynolds American Inc. 1,534,813 4,300 UST Inc. 175,569 64,785 Vector Group Ltd. 1,177,143 - ----------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 21,102,680 ------------------------------------------------------------------------------------------------------------------- Transportation Infrastructure - 0.0% 2,500 Stolt-Nielsen S.A., Sponsored ADR 82,550 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks (cost $631,150,683) 677,781,876 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Put Options - 0.2% 824 S&P 500 Index $ 92,700,000 1/21/06 $1125 16,480 709 S&P 500 Index 79,762,500 2/18/06 1125 102,805 1,101 S&P 500 Index 126,615,000 2/18/06 1150 253,230 1,101 S&P 500 Index 129,367,500 2/18/06 1175 418,380 802 S&P 500 Index 90,225,000 3/18/06 1125 272,680 833 S&P 500 Index 95,795,000 3/18/06 1150 424,830 - ----------------------------------------------------------------------------------------------------------------------------------- 5,370 Total Put Options (cost $1,731,750) 614,465,000 1,488,405 =================================================================================================================================== 25 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of Investments December 31, 2005 Principal Amount (000) Description Coupon Maturity Value - ----------------------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 5.4% Repurchase Agreement with State Street Bank, dated 12/30/05, repurchase price $38,299,710, collateralized by $28,405,000 U.S. Treasury Bonds, 7.875%,due 2/15/21, $ 38,286 valued at $39,056,875 3.250% 1/03/06 $ 38,285,885 =============---------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $38,285,885) 38,285,885 =================================================================================================================== Total Investments (cost $671,168,318) - 101.3% 717,556,166 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Call Options(2) - (1.5)% 1,129 S&P 500 Index $(138,302,500) 1/21/06 $1225 (3,324,905) 1,360 S&P 500 Index (170,000,000) 1/21/06 1250 (1,645,600) 760 S&P 500 Index (96,900,000) 1/21/06 1275 (233,700) 760 S&P 500 Index (93,100,000) 2/18/06 1225 (2,922,200) 723 S&P 500 Index (90,375,000) 2/18/06 1250 (1,572,525) 638 S&P 500 Index (81,345,000) 2/18/06 1275 (631,620) - ----------------------------------------------------------------------------------------------------------------------------------- 5,370 Total Call Options (premiums received $17,469,697) (670,022,500) (10,330,550) =================================================================================================================================== Other Assets Less Liabilities - 0.2% 823,881 =================================================================================================================== Net Assets - 100% $ 708,049,497 =================================================================================================================== (1) Non-income producing. (2) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by the Strike Price multiplied by 100. ADR American Depositary Receipt. See accompanying notes to financial statements. 26 Nuveen Equity Premium Opportunity Fund (JSN) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Common Stocks - 96.1% Aerospace & Defense - 1.9% 133,500 Honeywell International Inc. $ 4,972,875 26,000 Lockheed Martin Corporation 1,654,380 41,700 Northrop Grumman Corporation 2,506,587 46,000 Raytheon Company 1,846,900 88,200 The Boeing Company 6,195,168 107,600 United Technologies Corporation 6,015,916 - ----------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 23,191,826 ------------------------------------------------------------------------------------------------------------------- Air Freight & Logistics - 0.6% 98,500 United Parcel Service, Inc., Class B 7,402,275 - ----------------------------------------------------------------------------------------------------------------------------------- Airlines - 0.2% 97,500 AMR Corporation-DEL, (1) 2,167,425 - ----------------------------------------------------------------------------------------------------------------------------------- Auto Components - 0.1% 26,700 Lear Corporation 759,882 - ----------------------------------------------------------------------------------------------------------------------------------- Automobiles - 0.5% 302,500 Ford Motor Company 2,335,300 115,600 General Motors Corporation 2,244,952 34,500 Harley-Davidson Inc. 1,776,405 - ----------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 6,356,657 ------------------------------------------------------------------------------------------------------------------- Beverages - 1.0% 83,200 PepsiCo, Inc. 4,915,456 176,150 The Coca-Cola Company 7,100,607 - ----------------------------------------------------------------------------------------------------------------------------------- Total Beverages 12,016,063 ------------------------------------------------------------------------------------------------------------------- Biotechnology - 2.9% 201,150 Amgen Inc., (1) 15,862,689 121,950 Biogen Idec Inc., (1) 5,527,994 46,200 Genentech, Inc., (1) 4,273,500 46,900 Genzyme Corporation, (1) 3,319,582 92,100 Gilead Sciences, Inc., (1) 4,847,223 168,000 Memory Pharmaceuticals Corporation, (1) 383,040 20,150 Sepracor Inc., (1) 1,039,740 - ----------------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 35,253,768 ------------------------------------------------------------------------------------------------------------------- Capital Markets - 1.7% 34,400 American Capital Strategies Limited 1,245,624 33,700 Legg Mason, Inc. 4,033,553 132,250 Morgan Stanley 7,503,865 156,050 The Charles Schwab Corporation 2,289,254 26,800 The Goldman Sachs Group, Inc. 3,422,628 136,400 Waddell & Reed Financial, Inc., Class A 2,860,308 - ----------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 21,355,232 ------------------------------------------------------------------------------------------------------------------- 27 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Chemicals - 1.7% 137,700 E.I. Du Pont de Nemours and Company $ 5,852,250 49,050 Eastman Chemical Company 2,530,490 26,400 Lyondell Chemical Company 628,848 23,600 NL Industries Inc. 332,524 37,650 Olin Corporation 740,952 152,650 RPM International, Inc. 2,651,531 113,700 The Dow Chemical Company 4,982,334 72,000 The Lubrizol Corporation 3,126,960 - ----------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 20,845,889 ------------------------------------------------------------------------------------------------------------------- Commercial Banks - 4.6% 14,500 Allied Capital Corporation 425,865 412,400 Bank of America Corporation 19,032,260 116,800 Commerce Bancorp, Inc. 4,019,088 30,000 FNB Corporation PA 520,800 45,100 HSBC Holdings plc, Sponsored ADR 3,629,197 121,500 Lloyds TSB Group plc, Sponsored ADR 4,106,700 64,900 North Fork Bancorporation Inc. 1,775,664 42,500 R&G Financial Corporation, Class B 561,000 283,700 U.S. Bancorp. 8,479,793 135,250 Wachovia Corporation 7,149,315 108,950 Wells Fargo & Company 6,845,329 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 56,545,011 ------------------------------------------------------------------------------------------------------------------- Commercial Services & Supplies - 2.2% 95,800 Automatic Data Processing, Inc. 4,396,262 86,500 Cendant Corporation 1,492,125 27,500 Corporate Executive Board Company 2,466,750 68,150 Deluxe Corporation 2,054,041 47,200 Fair Isaac Corporation 2,084,824 52,800 First Data Corporation 2,270,928 57,150 Manpower Inc. 2,657,475 49,100 R.R. Donnelley & Sons Company 1,679,711 151,500 Sirva Inc., (1) 1,212,000 57,400 Synagro Technologies, Inc. 242,802 267,200 The ServiceMaster Company 3,193,040 95,550 Waste Management, Inc. 2,899,943 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 26,649,901 ------------------------------------------------------------------------------------------------------------------- Communications Equipment - 4.7% 68,500 ADTRAN, Inc. 2,037,190 919,400 Cisco Systems, Inc., (1) 15,740,128 184,500 Corning Incorporated, (1) 3,627,270 55,800 Harris Corporation 2,399,958 73,000 Juniper Networks Inc., (1) 1,627,900 243,800 Motorola, Inc. 5,507,442 569,150 QUALCOMM Inc. 24,518,982 41,200 Research In Motion Limited, (1) 2,719,612 - ----------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 58,178,482 ------------------------------------------------------------------------------------------------------------------- Computers & Peripherals - 4.9% 331,300 Apple Computer, Inc., (1) 23,817,157 295,100 Dell Inc., (1) 8,850,049 264,100 EMC Corporation, (1) 3,597,042 36,100 Gateway Inc., (1) 90,611 317,700 Hewlett-Packard Company 9,095,751 152,500 International Business Machines Corporation (IBM) 12,535,500 28 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Computers & Peripherals (continued) 43,250 McAfee Inc., (1) $ 1,173,373 23,000 Network Appliance Inc., (1) 621,000 - ----------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 59,780,483 ------------------------------------------------------------------------------------------------------------------- Consumer Finance - 0.3% 145,200 MBNA Corporation 3,942,180 - ----------------------------------------------------------------------------------------------------------------------------------- Containers & Packaging - 0.7% 206,200 Packaging Corp of America 4,732,290 127,450 Sonoco Products Company 3,747,030 - ----------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 8,479,320 ------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 4.7% 56,200 A. G. Edwards, Inc. 2,633,532 31,000 American Express Company 1,595,260 549,300 Citigroup Inc. 26,657,529 71,300 Eaton Vance Corporation 1,950,768 126,150 ING Groep N.V., Sponsored ADR 4,392,543 408,650 JPMorgan Chase & Co. 16,219,319 11,000 The Chicago Merchantile Exchange 4,042,390 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 57,491,341 ------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Services - 2.9% 439,300 AT&T Inc. 10,758,457 245,900 BellSouth Corporation 6,663,890 262,750 Citizens Communications Company 3,213,433 252,606 Sprint Nextel Corporation 5,900,876 302,400 Verizon Communications Inc. 9,108,288 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 35,644,944 ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 1.0% 38,400 Ameren Corporation 1,967,616 98,700 Duquesne Light Holdings Inc. 1,610,784 129,350 Great Plains Energy Incorporated 3,616,626 92,500 OGE Energy Corp. 2,478,075 118,050 Pepco Holdings, Inc. 2,640,779 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 12,313,880 ------------------------------------------------------------------------------------------------------------------- Electrical Equipment - 1.1% 26,000 Cooper Industries, Ltd., Class A 1,898,000 80,400 Emerson Electric Co. 6,005,880 69,750 Hubbell Incorporated, Class B 3,147,120 39,000 Rockwell Automation, Inc. 2,307,240 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 13,358,240 ------------------------------------------------------------------------------------------------------------------- Electronic Equipment & Instruments - 0.4% 123,100 Gentex Corporation 2,400,450 51,200 Roper Industries Inc. 2,022,912 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 4,423,362 ------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 1.7% 45,800 Diamond Offshore Drilling, Inc. 3,185,848 51,650 ENSCO International Incorporated 2,290,678 97,250 Halliburton Company 6,025,610 76,950 Patterson-UTI Energy, Inc. 2,535,503 37,500 Schlumberger Limited 3,643,125 77,800 Tidewater Inc. 3,458,988 - ----------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 21,139,752 ------------------------------------------------------------------------------------------------------------------- 29 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Food & Staples Retailing - 1.6% 179,200 Albertson's, Inc. $ 3,825,920 71,500 Walgreen Co. 3,164,590 273,600 Wal-Mart Stores, Inc. 12,804,480 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 19,794,990 ------------------------------------------------------------------------------------------------------------------- Food Products - 0.6% 71,700 ConAgra Foods, Inc. 1,454,076 30,500 Monsanto Company 2,364,665 211,100 Sara Lee Corporation 3,989,790 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food Products 7,808,531 ------------------------------------------------------------------------------------------------------------------- Gas Utilities - 1.1% 63,900 AGL Resources Inc. 2,224,359 179,450 Atmos Energy Corporation 4,694,412 122,400 Nicor Inc. 4,811,544 84,600 Piedmont Natural Gas Company 2,043,936 - ----------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 13,774,251 ------------------------------------------------------------------------------------------------------------------- Health Care Equipment & Supplies - 1.2% 94,200 Baxter International Inc. 3,546,630 36,300 Guidant Corporation 2,350,425 39,000 Hillenbrand Industries 1,926,990 80,400 Medtronic, Inc. 4,628,628 43,000 Mentor Corporation 1,981,440 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 14,434,113 ------------------------------------------------------------------------------------------------------------------- Health Care Providers & Services - 1.7% 24,500 Aetna Inc. 2,310,595 7,100 AmericGroup Corporation, (1) 138,166 51,800 Caremark Rx, Inc., (1) 2,682,722 39,000 Coventry Health Care, Inc., (1) 2,221,440 121,700 UnitedHealth Group Incorporated 7,562,438 66,800 Wellpoint Inc., (1) 5,329,972 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 20,245,333 ------------------------------------------------------------------------------------------------------------------- Hotels, Restaurants & Leisure - 1.1% 71,750 GTECH Holdings Corporation 2,277,345 68,500 International Game Technology 2,108,430 215,800 McDonald's Corporation 7,276,776 31,000 Starwood Hotels & Resorts Worldwide, Inc. 1,979,660 - ----------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 13,642,211 ------------------------------------------------------------------------------------------------------------------- Household Durables - 1.0% 119,400 Maytag Corporation 2,247,108 184,850 Newell Rubbermaid Inc. 4,395,733 44,700 The Stanley Works 2,147,388 38,500 Whirlpool Corporation 3,224,760 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 12,014,989 ------------------------------------------------------------------------------------------------------------------- Household Products - 1.4% 67,900 Colgate-Palmolive Company 3,724,315 229,375 The Procter & Gamble Company 13,276,225 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Products 17,000,540 ------------------------------------------------------------------------------------------------------------------- 30 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 3.9% 83,000 3M Co. $ 6,432,500 958,350 General Electric Company 33,590,168 57,500 Genuine Parts Company 2,525,400 171,850 Tyco International Ltd. 4,959,591 - ----------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 47,507,659 ------------------------------------------------------------------------------------------------------------------- Insurance - 2.8% 125,350 American Financial Realty Trust 1,504,200 223,100 American International Group, Inc. 15,222,113 118,050 Arthur J. Gallagher & Co. 3,645,384 51,050 Fidelity National Financial, Inc. 1,878,130 131,800 Marsh & McLennan Companies, Inc. 4,185,968 35,150 Mercury General Corporation 2,046,433 41,400 The Allstate Corporation 2,238,498 81,750 Unitrin, Inc. 3,682,838 - ----------------------------------------------------------------------------------------------------------------------------------- Total Insurance 34,403,564 ------------------------------------------------------------------------------------------------------------------- Internet & Catalog Retail - 0.3% 72,750 Amazon.com, Inc., (1) 3,430,163 18,150 IAC/InterActiveCorp., (1) 513,827 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 3,943,990 ------------------------------------------------------------------------------------------------------------------- Internet Software & Services - 2.4% 341,600 eBay Inc., (1) 14,774,200 10,300 Google Inc., Class A, (1) 4,273,058 267,900 Yahoo! Inc., (1) 10,496,322 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 29,543,580 ------------------------------------------------------------------------------------------------------------------- IT Services - 0.2% 86,700 Electronic Data Systems Corporation 2,084,268 - ----------------------------------------------------------------------------------------------------------------------------------- Leisure Equipment & Products - 0.3% 96,600 Mattel, Inc. 1,528,212 34,500 Polaris Industries Inc. 1,731,900 - ----------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 3,260,112 ------------------------------------------------------------------------------------------------------------------- Machinery - 1.4% 58,050 Briggs & Stratton Corporation 2,251,760 112,400 Caterpillar Inc. 6,493,348 52,750 Graco Inc. 1,924,320 24,400 Pentair, Inc. 842,288 76,400 SPX Corporation 3,496,828 67,000 The Timken Company 2,145,340 - ----------------------------------------------------------------------------------------------------------------------------------- Total Machinery 17,153,884 ------------------------------------------------------------------------------------------------------------------- Media - 2.2% 59,150 Catalina Marketing Corporation 1,499,453 8,687 CCE Spinco Inc., (1) 113,800 69,500 Clear Channel Communications, Inc. 2,185,775 144,450 News Corporation, Class A 2,246,198 28,100 Omnicom Group Inc. 2,392,153 234,500 Regal Entertainment Group, Class A 4,460,190 469,850 Sirius Satellite Radio Inc., (1) 3,147,995 141,500 The Walt Disney Company 3,391,755 161,900 Time Warner Inc. 2,823,536 92,800 Viacom Inc., Class B, (1) 3,025,280 66,850 XM Satellite Radio Holdings Inc., Class A, (1) 1,823,668 - ----------------------------------------------------------------------------------------------------------------------------------- Total Media 27,109,803 ------------------------------------------------------------------------------------------------------------------- 31 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Metals & Mining - 0.6% 121,500 Alcoa Inc. $ 3,592,755 140,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 2,996,000 17,500 Southern Copper Corporation 1,172,150 - ----------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 7,760,905 ------------------------------------------------------------------------------------------------------------------- Multiline Retail - 0.8% 33,096 Federated Department Stores, Inc. 2,195,258 93,000 Nordstrom, Inc. 3,478,200 20,877 Sears Holding Corporation, (1) 2,411,920 41,500 Target Corporation 2,281,255 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 10,366,633 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.1% 181,250 Duke Energy Corporation 4,975,313 88,300 National Fuel Gas Company 2,754,077 6,600 National Grid PLC 321,354 95,800 ONEOK, Inc. 2,551,154 42,100 Public Service Enterprise Group Incorporated 2,735,237 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 13,337,135 ------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 4.6% 12,800 BP Prudhoe Bay Royalty Trust 852,480 183,650 ChevronTexaco Corporation 10,425,811 74,000 ConocoPhillips 4,305,320 545,550 Exxon Mobil Corporation 30,643,544 88,800 Royal Dutch Shell PLC, Class A, ADR 5,460,312 46,000 San Juan Basin Royalty Trust 2,004,680 18,400 Total SA, Sponsored ADR 2,325,760 - ----------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 56,017,907 ------------------------------------------------------------------------------------------------------------------- Paper & Forest Products - 0.1% 37,000 Bowater Incorporated 1,136,640 - ----------------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 6.7% 152,900 Abbott Laboratories 6,028,847 406,450 Bristol-Myers Squibb Company 9,340,221 54,400 Celgene Corporation, (1) 3,525,120 134,950 Eli Lilly and Company 7,636,821 81,300 GlaxoSmithKline plc, ADR 4,104,024 255,150 Johnson & Johnson 15,334,515 385,050 Merck & Co. Inc. 12,248,441 698,250 Pfizer Inc. 16,283,190 125,350 Schering-Plough Corporation 2,613,548 139,850 Wyeth 6,442,890 - ----------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 83,557,617 ------------------------------------------------------------------------------------------------------------------- Real Estate - 1.7% 22,000 American Home Mortgage Investment Corp. 716,540 277,600 Crescent Real Estate Equities Company 5,502,032 101,900 First Industrial Realty Trust, Inc. 3,923,145 64,300 Friedman, Billings, Ramsey Group, Inc., Class A 636,570 59,500 Health Care REIT, Inc. 2,017,045 86,200 Hospitality Properties Trust 3,456,615 246,550 HRPT Properties Trust 2,551,788 112,500 Nationwide Health Properties, Inc. 2,407,500 - ----------------------------------------------------------------------------------------------------------------------------------- Total Real Estate 21,211,235 ------------------------------------------------------------------------------------------------------------------- 32 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Semiconductors & Equipment - 5.9% 84,500 Advanced Micro Devices, Inc., (1) $ 2,585,700 81,900 Altera Corporation, (1) 1,517,607 109,800 Analog Devices, Inc. 3,938,526 292,300 Applied Materials, Inc. 5,243,862 86,600 Broadcom Corporation, Class A, (1) 4,083,190 43,200 Cree, Inc., (1) 1,090,368 58,000 Freescale Semiconductor, Inc., (1) 1,461,020 1,021,350 Intel Corporation 25,492,896 12,700 International Rectifier Corporation, (1) 405,130 51,550 KLA-Tencor Corporation 2,542,962 72,550 Linear Technology Corporation 2,616,879 59,150 Marvell Technology Group Ltd, (1) 3,317,724 123,350 Maxim Integrated Products, Inc. 4,470,204 123,350 National Semiconductor Corporation 3,204,633 228,250 Texas Instruments Incorporated 7,319,978 130,650 Xilinx, Inc. 3,293,687 - ----------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 72,584,366 ------------------------------------------------------------------------------------------------------------------- Software - 6.7% 49,754 Activision Inc., (1) 683,620 190,764 Adobe Systems Incorporated 7,050,637 71,500 Autodesk, Inc. 3,070,925 102,500 Computer Associates International, Inc. 2,889,475 77,600 Electronic Arts Inc. (EA), (1) 4,059,256 1,674,950 Microsoft Corporation 43,799,943 754,500 Oracle Corporation, (1) 9,212,445 41,500 SAP AG, Sponsored ADR 1,870,405 185,600 Siebel Systems, Inc. 1,963,648 326,621 Symantec Corporation, (1) 5,715,868 58,650 Verisign, Inc., (1) 1,285,608 - ----------------------------------------------------------------------------------------------------------------------------------- Total Software 81,601,830 ------------------------------------------------------------------------------------------------------------------- Specialty Retail - 2.4% 18,900 Abercrombie & Fitch Co., Class A 1,231,902 33,400 American Eagle Outfitters, Inc. 767,532 88,950 Best Buy Co., Inc. 3,867,546 65,000 Cabela's Incorporated, (1) 1,079,000 48,900 Chicos FAS, Inc., (1) 2,148,177 81,900 Claire's Stores, Inc. 2,393,118 126,450 Limited Brands, Inc. 2,826,158 53,150 Lowe's Companies, Inc. 3,542,979 62,100 Michaels Stores, Inc. 2,196,477 24,000 Pier 1 Imports, Inc. 209,520 64,150 The Gap, Inc. 1,131,606 210,000 The Home Depot, Inc. 8,500,800 - ----------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 29,894,815 ------------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance - 0.4% 261,200 New York Community Bancorp, Inc. 4,315,024 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco - 1.9% 252,400 Altria Group, Inc. 18,859,328 56,950 Loews Corp - Carolina Group 2,505,231 22,700 Reynolds American Inc. 2,163,991 - ----------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 23,528,550 ------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 0.2% 84,500 China Mobile Hong Kong Limited, Sponsored ADR 2,031,380 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks (cost $1,110,658,910) 1,178,361,768 =================================================================================================================== 33 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of Investments December 31, 2005 Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Put Options - 0.2% 553 Nasdaq 100 Index $ 77,420,000 1/21/06 $1400 $ 9,678 766 Nasdaq 100 Index 114,900,000 2/18/06 1500 256,610 427 Nasdaq 100 Index 64,050,000 3/18/06 1500 311,710 1,065 S&P 500 Index 119,812,500 1/21/06 1125 21,300 982 S&P 500 Index 110,475,000 2/18/06 1125 142,390 1,468 S&P 500 Index 168,820,000 2/18/06 1150 337,640 1,467 S&P 500 Index 172,372,500 2/18/06 1175 557,460 1,026 S&P 500 Index 115,425,000 3/18/06 1125 348,840 1,066 S&P 500 Index 122,590,000 3/18/06 1150 543,660 - ----------------------------------------------------------------------------------------------------------------------------------- 8,820 Total Put Options (cost $3,346,175) 1,065,865,000 2,529,288 =================================================================================================================================== Principal Amount (000) Description Coupon Maturity Value - ----------------------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 5.0% Repurchase Agreement with State Street Bank, dated 12/30/05, repurchase price $60,911,494, collateralized by $62,730,000 U.S. Treasury Notes, 3.875%, due 5/15/09, $ 60,890 valued at $62,110,792 3.250% 1/03/06 60,889,506 =============---------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $60,889,506) 60,889,506 ------------------------------------------------------------------------------------------------------------------- Total Investments (cost $1,174,894,591) - 101.3% 1,241,780,562 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Call Options(2)- (1.4)% 180 Mini-NDX 100 Index $ (2,925,000) 1/21/06 $162.5 (59,400) 1,845 Mini-NDX 100 Index (30,442,500) 1/21/06 165.0 (332,100) 1,370 Mini-NDX 100 Index (22,947,500) 1/21/06 167.5 (119,875) 590 Mini-NDX 100 Index (9,735,000) 2/18/06 165.0 (194,700) 2,613 Mini-NDX 100 Index (43,767,750) 2/18/06 167.5 (561,795) 164 Nasdaq 100 Index (26,650,000) 1/21/06 1625 (535,460) 231 Nasdaq 100 Index (38,115,000) 1/21/06 1650 (415,800) 52 Nasdaq 100 Index (8,710,000) 1/21/06 1675 (44,980) 139 Nasdaq 100 Index (23,630,000) 1/21/06 1700 (52,125) 172 Nasdaq 100 Index (28,380,000) 2/18/06 1650 (563,300) 188 Nasdaq 100 Index (31,490,000) 2/18/06 1675 (393,860) 140 Nasdaq 100 Index (23,800,000) 2/18/06 1700 (180,600) 1,641 S&P 500 Index (201,022,500) 1/21/06 1225 (4,832,745) 1,751 S&P 500 Index (218,875,000) 1/21/06 1250 (2,118,710) 966 S&P 500 Index (123,165,000) 1/21/06 1275 (297,045) 966 S&P 500 Index (118,335,000) 2/18/06 1225 (3,714,270) 884 S&P 500 Index (110,500,000) 2/18/06 1250 (1,922,700) 866 S&P 500 Index (110,415,000) 2/18/06 1275 (857,340) - ----------------------------------------------------------------------------------------------------------------------------------- 14,758 Total Call Options (premiums received $32,582,025) (1,172,905,250) (17,196,805) =================================================================================================================================== Other Assets Less Liabilities - 0.1% 950,889 =================================================================================================================== Net Assets - 100% $1,225,534,646 =================================================================================================================== (1) Non-income producing. (2) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price multiplied by 100. ADR American Depositary Receipt. See accompanying notes to financial statements. 34 Nuveen Equity Premium Advantage Fund (JLA) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Common Stocks - 97.6% Aerospace & Defense - 1.0% 41,300 Honeywell International Inc. $ 1,538,425 26,200 The Boeing Company 1,840,288 29,900 United Technologies Corporation 1,671,709 - ----------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 5,050,422 ------------------------------------------------------------------------------------------------------------------- Air Freight & Logistics - 0.5% 33,700 United Parcel Service, Inc., Class B 2,532,555 - ----------------------------------------------------------------------------------------------------------------------------------- Airlines - 0.3% 77,100 Southwest Airlines Co. 1,266,753 - ----------------------------------------------------------------------------------------------------------------------------------- Automobiles - 0.7% 100,700 Ford Motor Company 777,404 87,800 General Motors Corporation 1,705,076 16,400 Harley-Davidson Inc. 844,436 - ----------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 3,326,916 ------------------------------------------------------------------------------------------------------------------- Beverages - 0.7% 23,200 PepsiCo, Inc. 1,370,656 47,200 The Coca-Cola Company 1,902,632 - ----------------------------------------------------------------------------------------------------------------------------------- Total Beverages 3,273,288 ------------------------------------------------------------------------------------------------------------------- Biotechnology - 5.4% 128,100 Amgen Inc., (1) 10,101,966 73,600 Biogen Idec Inc., (1) 3,336,288 23,000 Cephalon, Inc., (1) 1,489,020 12,400 Charles River Laboratories International, Inc., (1) 525,388 11,700 Genentech, Inc., (1) 1,082,250 61,300 Genzyme Corporation, (1) 4,338,814 80,200 Gilead Sciences, Inc., (1) 4,220,926 5,900 Human Genome Sciences, Inc., (1) 50,504 19,500 Sepracor Inc., (1) 1,006,200 - ----------------------------------------------------------------------------------------------------------------------------------- Total Biotechnology 26,151,356 ------------------------------------------------------------------------------------------------------------------- Capital Markets - 1.4% 13,200 Legg Mason, Inc. 1,579,908 35,700 Morgan Stanley 2,025,618 74,000 The Charles Schwab Corporation 1,085,580 9,100 The Goldman Sachs Group, Inc. 1,162,161 51,000 Waddell & Reed Financial, Inc., Class A 1,069,470 - ----------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 6,922,737 ------------------------------------------------------------------------------------------------------------------- Chemicals - 1.4% 18,700 Cabot Microelectronics Corporation, (1) 548,471 55,000 E.I. Du Pont de Nemours and Company 2,337,500 35,300 Lyondell Chemical Company 840,846 22,000 Olin Corporation 432,960 52,000 RPM International, Inc. 903,240 36,600 The Dow Chemical Company 1,603,812 - ----------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 6,666,829 ------------------------------------------------------------------------------------------------------------------- 35 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Commercial Banks - 3.7% 94,900 Bank of America Corporation $ 4,379,635 33,600 Commerce Bancorp, Inc. 1,156,176 1,400 HSBC Holdings plc, Sponsored ADR 112,658 110,000 Lloyds TSB Group plc, Sponsored ADR 3,718,000 40,100 TCF Financial Corporation 1,088,314 38,100 The Bank of New York Company, Inc. 1,213,485 63,800 U.S. Bancorp. 1,906,982 38,800 Wachovia Corporation 2,050,968 32,600 Wells Fargo & Company 2,048,258 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 17,674,476 ------------------------------------------------------------------------------------------------------------------- Commercial Services & Supplies - 3.1% 38,800 Automatic Data Processing, Inc. 1,780,532 41,400 Cendant Corporation 714,150 28,200 CheckFree Corp., (1) 1,294,380 13,800 Corporate Executive Board Company 1,237,860 29,700 First Data Corporation 1,277,397 23,400 Global Payments Inc. 1,090,674 15,900 ITT Educational Services, Inc., (1) 939,849 24,000 Manpower Inc. 1,116,000 65,500 Paychex, Inc. 2,496,860 26,600 Pitney Bowes Inc. 1,123,850 21,500 SEI Investments Company 795,500 103,600 The ServiceMaster Company 1,238,020 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 15,105,072 ------------------------------------------------------------------------------------------------------------------- Communications Equipment - 6.8% 515,200 Cisco Systems, Inc., (1) 8,820,224 68,300 Corning Incorporated, (1) 1,342,778 29,400 Harris Corporation 1,264,494 263,500 JDS Uniphase Corporation, (1) 621,860 49,500 Juniper Networks Inc., (1) 1,103,850 72,900 Motorola, Inc. 1,646,811 21,200 Nokia Oyj, Sponsored ADR 387,960 385,500 QUALCOMM Inc. 16,607,340 17,100 Research In Motion Limited, (1) 1,128,771 - ----------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 32,924,088 ------------------------------------------------------------------------------------------------------------------- Computers & Peripherals - 6.6% 228,400 Apple Computer, Inc., (1) 16,419,676 118,300 Dell Inc., (1) 3,547,817 105,500 EMC Corporation, (1) 1,436,910 100,200 Hewlett-Packard Company 2,868,726 48,700 International Business Machines Corporation (IBM) 4,003,140 59,000 Network Appliance Inc., (1) 1,593,000 31,500 SanDisk Corporation, (1) 1,978,830 - ----------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 31,848,099 ------------------------------------------------------------------------------------------------------------------- Consumer Finance - 0.3% 3,740 Ameriprise Financial Inc. 153,340 47,500 MBNA Corporation 1,289,625 - ----------------------------------------------------------------------------------------------------------------------------------- Total Consumer Finance 1,442,965 ------------------------------------------------------------------------------------------------------------------- Containers & Packaging - 0.6% 74,200 Packaging Corp of America 1,702,890 34,400 Sonoco Products Company 1,011,360 - ----------------------------------------------------------------------------------------------------------------------------------- Total Containers & Packaging 2,714,250 ------------------------------------------------------------------------------------------------------------------- 36 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 2.9% 18,700 American Express Company $ 962,302 115,400 Citigroup Inc. 5,600,362 36,000 Eaton Vance Corporation 984,960 89,700 JPMorgan Chase & Co. 3,560,193 20,000 Moody's Corporation 1,228,400 4,400 The Chicago Merchantile Exchange 1,616,956 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 13,953,173 ------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Services - 2.1% 161,913 AT&T Inc. 3,965,249 54,100 BellSouth Corporation 1,466,110 29,300 Chunghwa Telecom Co., Ltd., Sponsored ADR 537,655 88,214 Sprint Nextel Corporation 2,060,679 75,700 Verizon Communications Inc. 2,280,084 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 10,309,777 ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 0.7% 21,600 Exelon Corporation 1,147,824 28,300 Great Plains Energy Incorporated 791,268 30,400 OGE Energy Corp. 814,416 43,700 TECO Energy, Inc. 750,766 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 3,504,274 ------------------------------------------------------------------------------------------------------------------- Electrical Equipment - 1.1% 13,000 Cooper Industries, Ltd., Class A 949,000 33,700 Emerson Electric Co. 2,517,390 22,400 Hubbell Incorporated, Class B 1,010,688 15,500 Rockwell Automation, Inc. 916,980 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 5,394,058 ------------------------------------------------------------------------------------------------------------------- Electronic Equipment & Instruments - 0.6% 16,300 Amphenol Corporation, Class A 721,438 33,700 Arrow Electronics, Inc., (1) 1,079,411 23,200 Roper Industries Inc. 916,632 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electronic Equipment & Instruments 2,717,481 ------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 1.1% 15,000 Cooper Cameron Corporation, (1) 621,000 21,300 Diamond Offshore Drilling, Inc. 1,481,628 9,000 ENSCO International Incorporated 399,150 26,400 Halliburton Company 1,635,744 35,000 Smith International, Inc. 1,298,850 - ----------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 5,436,372 ------------------------------------------------------------------------------------------------------------------- Food & Staples Retailing - 1.5% 69,400 Albertson's, Inc. 1,481,690 33,900 CVS Corporation 895,638 32,500 Walgreen Co. 1,438,450 75,300 Wal-Mart Stores, Inc. 3,524,040 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 7,339,818 ------------------------------------------------------------------------------------------------------------------- Food Products - 0.2% 13,900 Monsanto Company 1,077,667 - ----------------------------------------------------------------------------------------------------------------------------------- Gas Utilities - 0.8% 48,600 Atmos Energy Corporation 1,271,376 50,200 Nicor Inc. 1,973,362 37 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Gas Utilities (continued) 26,700 Piedmont Natural Gas Company $ 645,072 - ----------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 3,889,810 ------------------------------------------------------------------------------------------------------------------- Health Care Equipment & Supplies - 1.4% 57,300 Applera Corporation-Applied Biosystems Group 1,521,888 37,800 Baxter International Inc. 1,423,170 26,700 Boston Scientific Corporation, (1) 653,883 10,500 Guidant Corporation 679,875 34,300 Medtronic, Inc. 1,974,651 12,400 Stryker Corporation 550,932 2,500 Zimmer Holdings, Inc., (1) 168,600 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 6,972,999 ------------------------------------------------------------------------------------------------------------------- Health Care Providers & Services - 1.2% 19,800 Caremark Rx, Inc., (1) 1,025,442 15,100 Medco Health Solutions, Inc., (1) 842,580 33,700 UnitedHealth Group Incorporated 2,094,118 12,000 Universal Health Services, Inc., Class B 560,880 16,600 Wellpoint Inc., (1) 1,324,514 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 5,847,534 ------------------------------------------------------------------------------------------------------------------- Hotels, Restaurants & Leisure - 2.2% 27,600 International Game Technology 849,528 45,500 McDonald's Corporation 1,534,260 20,500 Outback Steakhouse, Inc. 853,005 182,400 Starbucks Corporation, (1) 5,473,824 15,700 Starwood Hotels & Resorts Worldwide, Inc. 1,002,602 20,300 Wendy's International, Inc. 1,121,778 - ----------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 10,834,997 ------------------------------------------------------------------------------------------------------------------- Household Durables - 0.9% 9,300 Black & Decker Corporation 808,728 37,300 Furniture Brands International, Inc. 832,909 38,500 Newell Rubbermaid Inc. 915,530 32,100 Tupperware Corporation 719,040 12,700 Whirlpool Corporation 1,063,752 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 4,339,959 ------------------------------------------------------------------------------------------------------------------- Household Products - 0.9% 76,565 The Procter & Gamble Company 4,431,582 - ----------------------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 2.7% 30,000 3M Co. 2,325,000 256,900 General Electric Company 9,004,345 59,400 Tyco International Ltd. 1,714,284 - ----------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 13,043,629 ------------------------------------------------------------------------------------------------------------------- Insurance - 2.1% 24,500 AFLAC Incorporated 1,137,290 68,000 American Financial Realty Trust 816,000 63,400 American International Group, Inc. 4,325,782 29,600 Arthur J. Gallagher & Co. 914,048 32,700 Fidelity National Financial, Inc. 1,203,033 5,722 Fidelity National Title Group Inc., Class A 139,331 13,600 Prudential Financial, Inc. 995,384 14,400 Unitrin, Inc. 648,720 - ----------------------------------------------------------------------------------------------------------------------------------- Total Insurance 10,179,588 ------------------------------------------------------------------------------------------------------------------- 38 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Internet & Catalog Retail - 0.8% 39,200 Amazon.com, Inc., (1) $ 1,848,280 22,250 Expedia, Inc., (1) 533,110 45,750 IAC/InterActiveCorp., (1) 1,295,183 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet & Catalog Retail 3,676,573 ------------------------------------------------------------------------------------------------------------------- Internet Software & Services - 3.3% 207,600 eBay Inc., (1) 8,978,700 4,000 Google Inc., Class A, (1) 1,659,440 134,400 Yahoo! Inc., (1) 5,265,792 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 15,903,932 ------------------------------------------------------------------------------------------------------------------- IT Services - 0.4% 44,300 Electronic Data Systems Corporation 1,064,972 7,300 Infosys Technologies Limited, Sponsored ADR 590,278 4,200 SRA International, Inc., (1) 128,268 - ----------------------------------------------------------------------------------------------------------------------------------- Total IT Services 1,783,518 ------------------------------------------------------------------------------------------------------------------- Leisure Equipment & Products - 0.1% 14,000 Polaris Industries Inc. 702,800 - ----------------------------------------------------------------------------------------------------------------------------------- Machinery - 1.4% 23,900 Briggs & Stratton Corporation 927,081 29,600 Caterpillar Inc. 1,709,992 18,200 Danaher Corporation 1,015,196 15,700 Eaton Corporation 1,053,313 22,700 Graco Inc. 828,096 23,300 SPX Corporation 1,066,441 - ----------------------------------------------------------------------------------------------------------------------------------- Total Machinery 6,600,119 ------------------------------------------------------------------------------------------------------------------- Media - 3.6% 4,037 CCE Spinco Inc., (1) 52,885 32,300 Clear Channel Communications, Inc. 1,015,835 151,200 Comcast Corporation, Special Class A, (1) 3,884,328 22,900 Dow Jones & Company, Inc. 812,721 72,400 News Corporation, Class A 1,125,820 12,800 Omnicom Group Inc. 1,089,664 77,400 Regal Entertainment Group, Class A 1,472,148 259,400 Sirius Satellite Radio Inc., (1) 1,737,980 45,800 The DIRECTV Group, Inc., (1) 646,696 45,600 The Walt Disney Company 1,093,032 121,600 Time Warner Inc. 2,120,704 49,300 Viacom Inc., Class B, (1) 1,607,180 30,100 XM Satellite Radio Holdings Inc., Class A, (1) 821,128 - ----------------------------------------------------------------------------------------------------------------------------------- Total Media 17,480,121 ------------------------------------------------------------------------------------------------------------------- Metals & Mining - 0.4% 29,600 Alcoa Inc. 875,272 56,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,198,400 - ----------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 2,073,672 ------------------------------------------------------------------------------------------------------------------- Multiline Retail - 1.4% 11,331 Federated Department Stores, Inc. 751,585 16,800 J.C. Penney Company, Inc. 934,080 32,200 Sears Holding Corporation, (1) 3,720,066 23,300 Target Corporation 1,280,801 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 6,686,532 ------------------------------------------------------------------------------------------------------------------- 39 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 0.6% 61,600 Duke Energy Corporation $ 1,690,920 22,300 ONEOK, Inc. 593,849 30,500 Vectren Corporation 828,380 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 3,113,149 ------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 3.2% 71,100 ChevronTexaco Corporation 4,036,347 38,700 ConocoPhillips 2,251,566 151,700 Exxon Mobil Corporation 8,520,989 4,800 Noble Energy, Inc. 193,440 5,100 Pogo Producing Company 254,031 - ----------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 15,256,373 ------------------------------------------------------------------------------------------------------------------- Paper & Forest Products - 0.4% 18,000 International Paper Company 604,980 20,400 Weyerhaeuser Company 1,353,336 - ----------------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 1,958,316 ------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 4.3% 10,600 Abbott Laboratories 417,958 109,600 Bristol-Myers Squibb Company 2,518,608 29,000 Celgene Corporation, (1) 1,879,200 50,200 Eli Lilly and Company 2,840,818 20,700 GlaxoSmithKline plc, ADR 1,044,936 65,900 Johnson & Johnson 3,960,590 110,300 Merck & Co. Inc. 3,508,643 22,300 Pfizer Inc. 520,036 55,400 Schering-Plough Corporation 1,155,090 52,100 Telik, Inc., (1) 885,179 46,200 Wyeth 2,128,434 - ----------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 20,859,492 ------------------------------------------------------------------------------------------------------------------- Real Estate - 1.1% 67,400 Health Care REIT, Inc. 2,284,860 101,500 HRPT Properties Trust 1,050,525 66,600 Nationwide Health Properties, Inc. 1,425,240 50,400 Trustreet Properties, Inc. 736,848 - ----------------------------------------------------------------------------------------------------------------------------------- Total Real Estate 5,497,473 ------------------------------------------------------------------------------------------------------------------- Road & Rail - 0.3% 17,500 Burlington Northern Santa Fe Corporation 1,239,350 - ----------------------------------------------------------------------------------------------------------------------------------- Semiconductors & Equipment - 8.1% 47,900 Advanced Micro Devices, Inc., (1) 1,465,740 47,400 Analog Devices, Inc. 1,700,238 106,300 Applied Materials, Inc. 1,907,022 44,400 Broadcom Corporation, Class A, (1) 2,093,460 32,300 Cymer, Inc., (1) 1,146,973 63,900 Fairchild Semiconductor International Inc., Class A, (1) 1,080,549 22,800 FormFactor Inc., (1) 557,004 46,600 Freescale Semiconductor, Inc., (1) 1,173,854 60,580 Integrated Device Technology, Inc., (1) 798,444 463,600 Intel Corporation 11,571,456 24,700 KLA-Tencor Corporation 1,218,451 35,300 Marvell Technology Group Ltd, (1) 1,979,977 74,400 Maxim Integrated Products, Inc. 2,696,256 49,000 Micrel, Incorporated, (1) 568,400 75,200 Micron Technology, Inc., (1) 1,000,912 53,400 National Semiconductor Corporation 1,387,332 40 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Semiconductors & Equipment (continued) 37,200 Semtech Corporation, (1) $ 679,272 114,419 Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR 1,133,892 88,400 Texas Instruments Incorporated 2,834,988 245,967 United Microelectronics Corporation, ADR 767,417 20,100 Varian Semiconductor Equipment Associate, (1) 882,993 - ----------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 38,644,630 ------------------------------------------------------------------------------------------------------------------- Software - 10.0% 92,500 Adobe Systems Incorporated 3,418,800 39,700 Autodesk, Inc. 1,705,115 73,400 Cadence Design Systems, Inc., (1) 1,241,928 48,600 Computer Associates International, Inc. 1,370,034 58,600 Electronic Arts Inc. (EA), (1) 3,065,366 30,450 Hyperion Solutions Corporation, (1) 1,090,719 852,100 Microsoft Corporation 22,282,415 428,300 Oracle Corporation, (1) 5,229,543 16,800 SAP AG, Sponsored ADR 757,176 32,000 Satyam Computer Services Limited, ADR 1,170,880 126,100 Siebel Systems, Inc. 1,334,138 33,200 Sybase, Inc., (1) 725,752 225,610 Symantec Corporation, (1) 3,948,175 18,900 The Reynolds and Reynolds Company 530,523 - ----------------------------------------------------------------------------------------------------------------------------------- Total Software 47,870,564 ------------------------------------------------------------------------------------------------------------------- Specialty Retail - 1.6% 28,650 Best Buy Co., Inc. 1,245,702 18,000 Cabela's Incorporated, (1) 298,800 32,600 Claire's Stores, Inc. 952,572 40,900 Limited Brands, Inc. 914,115 24,500 Lowe's Companies, Inc. 1,633,170 66,900 The Home Depot, Inc. 2,708,112 - ----------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 7,752,471 ------------------------------------------------------------------------------------------------------------------- Textiles, Apparel, & Luxury Goods - 0.2% 24,400 Coach, Inc., (1) 813,496 - ----------------------------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance - 0.2% 53,100 New York Community Bancorp, Inc. 877,212 - ----------------------------------------------------------------------------------------------------------------------------------- Tobacco - 1.1% 69,700 Altria Group, Inc. 5,207,984 - ----------------------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 0.2% 46,400 China Mobile Hong Kong Limited, Sponsored ADR 1,115,456 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks (cost $443,292,522) 471,285,757 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Put Options - 0.2% 449 Nasdaq 100 Index $ 62,860,000 1/21/06 $1400 7,858 613 Nasdaq 100 Index 91,950,000 2/18/06 1500 205,355 344 Nasdaq 100 Index 51,600,000 3/18/06 1500 251,120 285 S&P 500 Index 32,062,500 1/21/06 1125 5,700 243 S&P 500 Index 27,337,500 2/18/06 1125 35,235 386 S&P 500 Index 44,390,000 2/18/06 1150 88,780 385 S&P 500 Index 45,237,500 2/18/06 1175 146,300 41 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of Investments December 31, 2005 Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Put Options (continued) 299 S&P 500 Index $ 33,637,500 3/18/06 $1125 $ 101,660 286 S&P 500 Index 32,890,000 3/18/06 1150 145,860 - ----------------------------------------------------------------------------------------------------------------------------------- 3,290 Total Put Options (cost $1,475,665) 421,965,000 987,868 =================================================================================================================================== Principal Amount (000) Description Coupon Maturity Value - ----------------------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 3.7% Repurchase Agreement with State Street Bank, dated 12/30/05, repurchase price $17,994,188, collateralized by $18,605,000 U.S. Treasury Notes, 4.000%, due 11/15/12, $ 17,988 valued at $18,349,181 3.250% 1/03/06 17,987,692 =============---------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $17,987,692) 17,987,692 =================================================================================================================== Total Investments (cost $462,755,879) - 101.5% 490,261,317 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Call Options(2) - (1.3)% 400 Mini-NDX 100 Index $ (6,500,000) 1/21/06 $162.5 (132,000) 1,130 Mini-NDX 100 Index (18,927,500) 1/21/06 167.5 (98,875) 1,580 Mini-NDX 100 Index (26,070,000) 2/18/06 165.0 (521,400) 1,580 Mini-NDX 100 Index (26,465,000) 2/18/06 167.5 (339,700) 120 Nasdaq 100 Index (19,500,000) 1/21/06 1625 (391,800) 318 Nasdaq 100 Index (52,470,000) 1/21/06 1650 (572,400) 70 Nasdaq 100 Index (11,725,000) 1/21/06 1675 (60,550) 124 Nasdaq 100 Index (21,080,000) 1/21/06 1700 (46,500) 183 Nasdaq 100 Index (30,652,500) 2/18/06 1675 (383,385) 123 Nasdaq 100 Index (20,910,000) 2/18/06 1700 (158,670) 401 S&P 500 Index (49,122,500) 1/21/06 1225 (1,180,945) 483 S&P 500 Index (60,375,000) 1/21/06 1250 (584,430) 268 S&P 500 Index (34,170,000) 1/21/06 1275 (82,410) 268 S&P 500 Index (32,830,000) 2/18/06 1225 (1,030,460) 242 S&P 500 Index (30,250,000) 2/18/06 1250 (526,350) 222 S&P 500 Index (28,305,000) 2/18/06 1275 (219,780) - ----------------------------------------------------------------------------------------------------------------------------------- 7,512 Total Call Options (premiums received $13,854,368) (469,352,500) (6,329,655) =================================================================================================================================== Other Assets Less Liabilities - (0.2)% (952,491) =================================================================================================================== Net Assets - 100% $ 482,979,171 =================================================================================================================== (1) Non-income producing. (2) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price multiplied by 100. ADR American Depositary Receipt. See accompanying notes to financial statements. 42 Nuveen Equity Premium and Growth Fund (JPG) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Common Stocks - 95.7% Aerospace & Defense - 1.3% 4,500 Goodrich Corporation $ 184,950 28,500 Honeywell International Inc. 1,061,625 20,500 The Boeing Company 1,439,920 23,400 United Technologies Corporation 1,308,294 - ----------------------------------------------------------------------------------------------------------------------------------- Total Aerospace & Defense 3,994,789 ------------------------------------------------------------------------------------------------------------------- Air Freight & Logistics - 0.6% 25,200 United Parcel Service, Inc., Class B 1,893,780 - ----------------------------------------------------------------------------------------------------------------------------------- Airlines - 0.2% 8,000 Airtrans Holdings Inc. 128,240 16,500 AMR Corporation-DEL, (1) 366,795 9,600 Continental Airlines, Inc., (1) 204,480 - ----------------------------------------------------------------------------------------------------------------------------------- Total Airlines 699,515 ------------------------------------------------------------------------------------------------------------------- Auto Components - 0.1% 12,000 Lear Corporation 341,520 - ----------------------------------------------------------------------------------------------------------------------------------- Automobiles - 1.1% 105,500 Ford Motor Company 814,460 129,500 General Motors Corporation 2,514,890 - ----------------------------------------------------------------------------------------------------------------------------------- Total Automobiles 3,329,350 ------------------------------------------------------------------------------------------------------------------- Beverages - 0.4% 35,000 The Coca-Cola Company 1,410,850 - ----------------------------------------------------------------------------------------------------------------------------------- Biotechnology - 0.6% 22,000 Amgen Inc., (1) 1,734,920 - ----------------------------------------------------------------------------------------------------------------------------------- Capital Markets - 1.3% 7,500 Administradora de Fondos de Pensiones Provida SA 213,000 9,000 Bay View Capital Corporation 160,200 31,000 Morgan Stanley 1,758,940 36,000 The Charles Schwab Corporation 528,120 8,500 The Goldman Sachs Group, Inc. 1,085,535 16,800 Waddell & Reed Financial, Inc., Class A 352,296 - ----------------------------------------------------------------------------------------------------------------------------------- Total Capital Markets 4,098,091 ------------------------------------------------------------------------------------------------------------------- Chemicals - 2.6% 92,500 E.I. Du Pont de Nemours and Company 3,931,250 7,500 Eastman Chemical Company 386,925 14,500 Lyondell Chemical Company 345,390 27,000 NL Industries Inc. 380,430 17,500 Olin Corporation 344,400 13,000 PPG Industries, Inc. 752,700 9,600 RPM International, Inc. 166,752 44,000 The Dow Chemical Company 1,928,080 - ----------------------------------------------------------------------------------------------------------------------------------- Total Chemicals 8,235,927 ------------------------------------------------------------------------------------------------------------------- 43 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Commercial Banks - 8.6% 159,000 Bank of America Corporation $ 7,337,850 7,500 BB&T Corporation 314,325 7,500 Comerica Incorporated 425,700 18,000 Fifth Third Bancorp. 678,960 53,500 First Horizon National Corporation 2,056,540 18,000 Flagstar Bancorp Inc. 259,200 14,500 FNB Corporation PA 251,720 30,000 HSBC Holdings plc, Sponsored ADR 2,414,100 34,000 Lloyds TSB Group plc, Sponsored ADR 1,149,200 4,500 National Australia Bank Limited, Sponsored ADR 534,375 28,500 National City Corporation 956,745 28,200 Regions Financial Corporation 963,312 26,400 TrustCo Bank Corporation NY 327,888 93,000 U.S. Bancorp. 2,779,770 49,800 Wachovia Corporation 2,632,428 28,800 Washington Mutual, Inc. 1,252,800 40,800 Wells Fargo & Company 2,563,464 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Banks 26,898,377 ------------------------------------------------------------------------------------------------------------------- Commercial Services & Supplies - 1.3% 4,500 Administaff Inc. 189,225 22,000 Automatic Data Processing, Inc. 1,009,580 2,000 Avery Dennison Corporation 110,540 36,000 Cendant Corporation 621,000 23,000 Deluxe Corporation 693,220 8,000 Paychex, Inc. 304,960 2,500 Robert Half International Inc. 94,725 79,500 Synagro Technologies, Inc. 336,285 38,500 The ServiceMaster Company 460,075 14,000 The Standard Register Company 221,340 - ----------------------------------------------------------------------------------------------------------------------------------- Total Commercial Services & Supplies 4,040,950 ------------------------------------------------------------------------------------------------------------------- Communications Equipment - 1.8% 87,000 Cisco Systems, Inc., (1) 1,489,440 42,000 Corning Incorporated, (1) 825,720 50,000 JDS Uniphase Corporation, (1) 118,000 42,000 Lucent Technologies Inc. 111,720 53,000 Motorola, Inc. 1,197,270 43,500 QUALCOMM Inc. 1,873,980 - ----------------------------------------------------------------------------------------------------------------------------------- Total Communications Equipment 5,616,130 ------------------------------------------------------------------------------------------------------------------- Computers & Peripherals - 2.2% 23,000 Apple Computer, Inc., (1) 1,653,470 27,000 Dell Inc., (1) 809,730 65,500 Hewlett-Packard Company 1,875,265 33,000 International Business Machines Corporation (IBM) 2,712,600 - ----------------------------------------------------------------------------------------------------------------------------------- Total Computers & Peripherals 7,051,065 ------------------------------------------------------------------------------------------------------------------- Consumer Finance - 0.1% 17,000 MBNA Corporation 461,550 - ----------------------------------------------------------------------------------------------------------------------------------- Containers & Packaging - 0.5% 62,000 Packaging Corp of America 1,422,900 - ----------------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services - 4.4% 178,500 Citigroup Inc. 8,662,605 9,000 Gladstone Capital Corporation 192,420 104,500 JPMorgan Chase & Co. 4,147,605 44 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Diversified Financial Services (continued) 2,000 The Chicago Merchantile Exchange $ 734,980 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Financial Services 13,737,610 ------------------------------------------------------------------------------------------------------------------- Diversified Telecommunication Services - 4.0% 23,500 Alaska Communications Systems Group Inc. 238,760 118,000 AT&T Inc. 2,889,820 115,000 Chunghwa Telecom Co., Ltd., Sponsored ADR 2,110,250 125,500 Citizens Communications Company 1,534,865 7,200 Compania Anonima Nacional Telefonos de Venezuela 102,960 37,500 FairPoint Communications Inc. 388,500 10,200 PT Telekomunikasi Indonesia 243,372 8,400 Telecomunicacoes de Sao Paulo S.A 171,696 16,800 Telstra Corporation Limited, ADR 240,744 46,800 Valor Communications Group Inc. 533,520 140,000 Verizon Communications Inc. 4,216,800 - ----------------------------------------------------------------------------------------------------------------------------------- Total Diversified Telecommunication Services 12,671,287 ------------------------------------------------------------------------------------------------------------------- Electric Utilities - 1.4% 8,000 Ameren Corporation 409,920 20,500 Consolidated Edison, Inc. 949,765 12,000 Duquesne Light Holdings Inc. 195,840 6,000 Enel SpA, Sponsored ADR 235,920 16,500 Great Plains Energy Incorporated 461,340 25,000 Progress Energy, Inc. 1,098,000 11,500 The Southern Company 397,095 16,000 TXU Corporation 803,040 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electric Utilities 4,550,920 ------------------------------------------------------------------------------------------------------------------- Electrical Equipment - 1.0% 8,500 American Power Conversion Corporation 187,000 2,500 Cooper Industries, Ltd., Class A 182,500 30,000 Emerson Electric Co. 2,241,000 6,000 Hubbell Incorporated, Class B 270,720 6,000 Rockwell Automation, Inc. 354,960 - ----------------------------------------------------------------------------------------------------------------------------------- Total Electrical Equipment 3,236,180 ------------------------------------------------------------------------------------------------------------------- Electronic Equipment & Instruments - 0.0% 3,600 MEMC Electronic Materials 79,812 - ----------------------------------------------------------------------------------------------------------------------------------- Energy Equipment & Services - 1.4% 8,500 Baker Hughes Incorporated 516,630 17,000 BJ Services Company 623,390 2,500 Diamond Offshore Drilling, Inc. 173,900 17,500 Halliburton Company 1,084,300 7,000 National-Oilwell Varco Inc., (1) 438,900 10,000 Schlumberger Limited 971,500 7,000 Transocean Inc., (1) 487,830 - ----------------------------------------------------------------------------------------------------------------------------------- Total Energy Equipment & Services 4,296,450 ------------------------------------------------------------------------------------------------------------------- Food & Staples Retailing - 1.3% 62,500 Albertson's, Inc. 1,334,375 14,000 CVS Corporation 369,880 48,000 Wal-Mart Stores, Inc. 2,246,400 3,600 Whole Foods Market, Inc. 278,604 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food & Staples Retailing 4,229,259 ------------------------------------------------------------------------------------------------------------------- 45 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Food Products - 1.2% 79,000 ConAgra Foods, Inc. $ 1,602,120 120,000 Sara Lee Corporation 2,268,000 - ----------------------------------------------------------------------------------------------------------------------------------- Total Food Products 3,870,120 ------------------------------------------------------------------------------------------------------------------- Gas Utilities - 2.3% 6,600 AGL Resources Inc. 229,746 6,000 Atmos Energy Corporation 156,960 77,000 KeySpan Corporation 2,748,130 41,000 Nicor Inc. 1,611,710 65,000 Peoples Energy Corporation 2,279,550 3,000 Southwestern Energy Company, (1) 107,820 - ----------------------------------------------------------------------------------------------------------------------------------- Total Gas Utilities 7,133,916 ------------------------------------------------------------------------------------------------------------------- Health Care Equipment & Supplies - 0.2% 7,500 Baxter International Inc. 282,375 6,000 Guidant Corporation 388,500 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Equipment & Supplies 670,875 ------------------------------------------------------------------------------------------------------------------- Health Care Providers & Services - 1.2% 7,500 Caremark Rx, Inc., (1) 388,425 7,000 Coventry Health Care, Inc., (1) 398,720 3,000 Express Scripts Inc., Class A 251,400 2,500 LCA-Vision Inc. 118,775 3,000 Medco Health Solutions, Inc., (1) 167,400 25,800 UnitedHealth Group Incorporated 1,603,212 11,400 Wellpoint Inc., (1) 909,606 - ----------------------------------------------------------------------------------------------------------------------------------- Total Health Care Providers & Services 3,837,538 ------------------------------------------------------------------------------------------------------------------- Hotels, Restaurants & Leisure - 0.8% 9,600 Harrah's Entertainment, Inc. 684,384 5,500 International Game Technology 169,290 35,000 McDonald's Corporation 1,180,200 10,200 Wendy's International, Inc. 563,652 - ----------------------------------------------------------------------------------------------------------------------------------- Total Hotels, Restaurants & Leisure 2,597,526 ------------------------------------------------------------------------------------------------------------------- Household Durables - 1.1% 7,000 Furniture Brands International, Inc. 156,310 13,500 Kimball International Inc., Class B 143,505 6,000 Maytag Corporation 112,920 55,500 Newell Rubbermaid Inc. 1,319,790 12,000 Snap-on Incorporated 450,720 13,500 The Stanley Works 648,540 8,400 Whirlpool Corporation 703,584 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Durables 3,535,369 ------------------------------------------------------------------------------------------------------------------- Household Products - 2.1% 20,000 Kimberly-Clark Corporation 1,193,000 95,000 The Procter & Gamble Company 5,498,600 - ----------------------------------------------------------------------------------------------------------------------------------- Total Household Products 6,691,600 ------------------------------------------------------------------------------------------------------------------- Industrial Conglomerates - 5.3% 32,000 3M Co. 2,480,000 6,700 American Standard Companies Inc. 267,665 352,500 General Electric Company 12,355,125 7,200 Genuine Parts Company 316,224 47,400 Tyco International Ltd. 1,367,964 - ----------------------------------------------------------------------------------------------------------------------------------- Total Industrial Conglomerates 16,786,978 ------------------------------------------------------------------------------------------------------------------- 46 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Insurance - 4.1% 91,000 American Financial Realty Trust $ 1,092,000 47,500 American International Group, Inc. 3,240,925 12,000 Arthur J. Gallagher & Co. 370,560 12,000 Fidelity National Financial, Inc. 441,480 36,000 Jefferson-Pilot Corporation 2,049,480 42,000 Lincoln National Corporation 2,227,260 6,000 Prudential Financial, Inc. 439,140 20,000 The Allstate Corporation 1,081,400 17,000 The St. Paul Travelers Companies, Inc. 759,390 8,400 Unitrin, Inc. 378,420 10,200 XL Capital Ltd, Class A 687,276 - ----------------------------------------------------------------------------------------------------------------------------------- Total Insurance 12,767,331 ------------------------------------------------------------------------------------------------------------------- Internet & Catalog Retail - 0.2% 10,000 Amazon.com, Inc., (1) 471,500 - ----------------------------------------------------------------------------------------------------------------------------------- Internet Software & Services - 1.7% 35,500 eBay Inc., (1) 1,535,375 2,000 F5 Networks, Inc., (1) 114,380 2,400 Google Inc., Class A, (1) 995,664 77,000 United Online, Inc. 1,094,940 43,200 Yahoo! Inc., (1) 1,692,576 - ----------------------------------------------------------------------------------------------------------------------------------- Total Internet Software & Services 5,432,935 ------------------------------------------------------------------------------------------------------------------- Leisure Equipment & Products - 0.4% 11,500 Eastman Kodak Company 269,100 47,000 Mattel, Inc. 743,540 2,400 Polaris Industries Inc. 120,480 - ----------------------------------------------------------------------------------------------------------------------------------- Total Leisure Equipment & Products 1,133,120 ------------------------------------------------------------------------------------------------------------------- Machinery - 0.7% 2,500 Briggs & Stratton Corporation 96,975 30,000 Caterpillar Inc. 1,733,100 3,000 Deere & Company 204,330 5,500 Reinhold Industries Inc., Class A 109,340 4,200 Volvo AB 197,736 - ----------------------------------------------------------------------------------------------------------------------------------- Total Machinery 2,341,481 ------------------------------------------------------------------------------------------------------------------- Media - 0.9% 1,125 CCE Spinco Inc., (1) 14,738 9,000 Clear Channel Communications, Inc. 283,050 15,600 Dow Jones & Company, Inc. 553,644 89,500 Regal Entertainment Group, Class A 1,702,290 35,500 Sirius Satellite Radio Inc., (1) 237,850 - ----------------------------------------------------------------------------------------------------------------------------------- Total Media 2,791,572 ------------------------------------------------------------------------------------------------------------------- Metals & Mining - 1.8% 7,500 Alcoa Inc. 221,775 56,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,198,400 8,500 Gerdau SA 141,780 1,500 Phelps Dodge Corporation 215,805 54,000 Southern Copper Corporation 3,616,920 24,000 USEC Inc. 286,800 - ----------------------------------------------------------------------------------------------------------------------------------- Total Metals & Mining 5,681,480 ------------------------------------------------------------------------------------------------------------------- Multiline Retail - 0.7% 9,600 Federated Department Stores, Inc. 636,768 5,500 J.C. Penney Company, Inc. 305,800 47 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Multiline Retail (continued) 19,500 Nordstrom, Inc. $ 729,300 9,000 Target Corporation 494,730 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multiline Retail 2,166,598 ------------------------------------------------------------------------------------------------------------------- Multi-Utilities - 1.3% 7,500 Dominion Resources, Inc. 579,000 76,000 Duke Energy Corporation 2,086,200 11,000 National Grid PLC 535,590 10,500 ONEOK, Inc. 279,615 19,800 United Utilities plc, Sponsored ADR 461,736 - ----------------------------------------------------------------------------------------------------------------------------------- Total Multi-Utilities 3,942,141 ------------------------------------------------------------------------------------------------------------------- Oil, Gas & Consumable Fuels - 6.9% 6,000 Burlington Resources Inc. 517,200 69,000 ChevronTexaco Corporation 3,917,130 37,500 ConocoPhillips 2,181,750 4,200 Eni S.p.A., Sponsored ADR 585,732 6,000 EOG Resources, Inc. 440,220 185,000 Exxon Mobil Corporation 10,391,450 3,500 Kinder Morgan Inc. 321,825 7,800 Marathon Oil Corporation 475,566 13,000 Occidental Petroleum Corporation 1,038,440 11,500 Royal Dutch Shell PLC, Class A, ADR 707,135 11,000 Valero Energy Corporation 567,600 8,400 Williams Companies Inc. 194,628 9,600 XTO Energy, Inc. 421,824 - ----------------------------------------------------------------------------------------------------------------------------------- Total Oil, Gas & Consumable Fuels 21,760,500 ------------------------------------------------------------------------------------------------------------------- Paper & Forest Products - 0.3% 4,000 International Paper Company 134,440 13,000 MeadWestvaco Corporation 364,390 8,400 Weyerhaeuser Company 557,256 - ----------------------------------------------------------------------------------------------------------------------------------- Total Paper & Forest Products 1,056,086 ------------------------------------------------------------------------------------------------------------------- Personal Products - 0.2% 23,000 Avon Products, Inc. 656,650 - ----------------------------------------------------------------------------------------------------------------------------------- Pharmaceuticals - 8.7% 65,000 Abbott Laboratories 2,562,950 169,000 Bristol-Myers Squibb Company 3,883,620 46,500 Eli Lilly and Company 2,631,435 94,000 Johnson & Johnson 5,649,400 140,500 Merck & Co. Inc. 4,469,305 258,500 Pfizer Inc. 6,028,220 36,000 Wyeth 1,658,520 - ----------------------------------------------------------------------------------------------------------------------------------- Total Pharmaceuticals 26,883,450 ------------------------------------------------------------------------------------------------------------------- Real Estate - 3.7% 12,000 Apartment Investment & Management Company, Class A 454,440 4,000 Colonial Properties Trust 167,920 79,000 Crescent Real Estate Equities Company 1,565,780 43,500 Equity Office Properties Trust 1,319,355 6,000 First Industrial Realty Trust, Inc. 231,000 11,000 Glimcher Realty Trust 267,520 58,500 Health Care REIT, Inc. 1,983,150 47,000 Hospitality Properties Trust 1,884,700 98,000 HRPT Properties Trust 1,014,300 10,000 Lexington Corporate Properties Trust 213,000 48 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Real Estate (continued) 17,500 Mills Corporation $ 733,950 16,500 Nationwide Health Properties, Inc. 353,100 10,000 New Century Financial Corporation 360,700 8,500 Newcastle Investment Corporation 211,225 10,500 Omega Healthcare Investors Inc. 132,195 60,000 Trustreet Properties, Inc. 877,200 - ----------------------------------------------------------------------------------------------------------------------------------- Total Real Estate 11,769,535 ------------------------------------------------------------------------------------------------------------------- Road & Rail - 0.2% 26,500 Laidlaw International Inc. 615,595 - ----------------------------------------------------------------------------------------------------------------------------------- Semiconductors & Equipment - 3.5% 16,000 Advanced Micro Devices, Inc., (1) 489,600 24,000 Analog Devices, Inc. 860,880 33,500 Applied Materials, Inc. 600,990 12,000 Broadcom Corporation, Class A, (1) 565,800 185,000 Intel Corporation 4,617,600 21,000 Maxim Integrated Products, Inc. 761,040 14,500 Microchip Technology Incorporated 466,175 19,000 National Semiconductor Corporation 493,620 6,700 NVIDIA Corporation, (1) 244,952 46,800 Texas Instruments Incorporated 1,500,876 16,800 Xilinx, Inc. 423,528 - ----------------------------------------------------------------------------------------------------------------------------------- Total Semiconductors & Equipment 11,025,061 ------------------------------------------------------------------------------------------------------------------- Software - 3.4% 13,500 Adobe Systems Incorporated 498,960 5,500 Autodesk, Inc. 236,225 4,500 Electronic Arts Inc. (EA), (1) 235,395 289,000 Microsoft Corporation 7,557,350 66,500 Oracle Corporation, (1) 811,965 5,500 Red Hat, Inc., (1) 149,820 46,500 Siebel Systems, Inc. 491,970 36,000 Symantec Corporation, (1) 630,000 - ----------------------------------------------------------------------------------------------------------------------------------- Total Software 10,611,685 ------------------------------------------------------------------------------------------------------------------- Specialty Retail - 2.3% 7,500 Abercrombie & Fitch Co., Class A 488,850 17,000 American Eagle Outfitters, Inc. 390,660 17,000 Best Buy Co., Inc. 739,160 7,500 Chicos FAS, Inc., (1) 329,475 22,000 Limited Brands, Inc. 491,700 16,000 Lowe's Companies, Inc. 1,066,560 7,000 Office Depot Inc. 219,800 22,500 Pier 1 Imports, Inc. 196,425 14,000 The Gap, Inc. 246,960 59,000 The Home Depot, Inc. 2,388,320 7,500 The Talbots, Inc. 208,650 11,000 The TJX Companies, Inc. 255,530 5,500 Tiffany & Co 210,595 3,600 Urban Outfitters, Inc., (1) 91,116 - ----------------------------------------------------------------------------------------------------------------------------------- Total Specialty Retail 7,323,801 ------------------------------------------------------------------------------------------------------------------- Textiles, Apparel, & Luxury Goods - 0.2% 7,500 Cherokee Inc. 257,925 8,500 Coach, Inc., (1) 283,390 - ----------------------------------------------------------------------------------------------------------------------------------- Total Textiles, Apparel, & Luxury Goods 541,315 ------------------------------------------------------------------------------------------------------------------- 49 Nuveen Equity Premium and Growth Fund (JPG) (continued) Portfolio of Investments December 31, 2005 Shares Description Value - ----------------------------------------------------------------------------------------------------------------------------------- Thrifts & Mortgage Finance - 1.1% 13,000 Capitol Federal Financial $ 428,220 20,500 Fannie Mae 1,000,605 115,000 New York Community Bancorp, Inc. 1,899,800 - ----------------------------------------------------------------------------------------------------------------------------------- Total Thrifts & Mortgage Finance 3,328,625 ------------------------------------------------------------------------------------------------------------------- Tobacco - 2.8% 88,000 Altria Group, Inc. 6,575,360 1,500 Reynolds American Inc. 142,995 36,000 UST Inc. 1,469,880 31,800 Vector Group Ltd. 577,806 - ----------------------------------------------------------------------------------------------------------------------------------- Total Tobacco 8,766,041 ------------------------------------------------------------------------------------------------------------------- Transportation Infrastructure - 0.1% 6,000 Grupo Aeroportuario del Sureste SA de CV 194,040 4,000 Stolt-Nielsen S.A., Sponsored ADR 132,080 - ----------------------------------------------------------------------------------------------------------------------------------- Total Transportation Infrastructure 326,120 ------------------------------------------------------------------------------------------------------------------- Wireless Telecommunication Services - 0.1% 12,000 Vodafone Group PLC 257,640 - ----------------------------------------------------------------------------------------------------------------------------------- Total Common Stocks (cost $304,033,751) 300,805,416 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Put Options - 0.2% 290 S&P 500 Index $ 32,625,000 1/21/06 $1125 5,800 248 S&P 500 Index 27,900,000 2/18/06 1125 35,960 395 S&P 500 Index 45,425,000 2/18/06 1150 90,850 396 S&P 500 Index 46,530,000 2/18/06 1175 150,480 312 S&P 500 Index 35,100,000 3/18/06 1125 106,080 290 S&P 500 Index 33,350,000 3/18/06 1150 147,900 - ----------------------------------------------------------------------------------------------------------------------------------- 1,931 Total Put Options (cost $558,175) 220,930,000 537,070 =================================================================================================================================== Principal Amount (000) Description Coupon Maturity Value - ----------------------------------------------------------------------------------------------------------------------------------- Short-Term Investments - 5.4% Repurchase Agreement with State Street Bank, dated 12/30/05, repurchase price $16,990,113, collateralized by $12,600,000 U.S. Treasury Bonds, 7.875%, due 2/15/21, $ 16,984 valued at $17,325,000 3.250% 1/03/06 16,983,980 =============---------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $16,983,980) 16,983,980 =================================================================================================================== Total Investments (cost $321,575,906) - 101.3% 318,326,466 =================================================================================================================== Notional Expiration Strike Contracts Type Amount(3) Date Price Value - ----------------------------------------------------------------------------------------------------------------------------------- Call Options(2) - (1.2)% 416 S&P 500 Index $ (50,960,000) 1/21/06 $1225 (1,225,120) 492 S&P 500 Index (61,500,000) 1/21/06 1250 (595,320) 269 S&P 500 Index (34,297,500) 1/21/06 1275 (82,718) 269 S&P 500 Index (32,952,500) 2/18/06 1225 (1,034,305) 254 S&P 500 Index (31,750,000) 2/18/06 1250 (552,450) 231 S&P 500 Index (29,452,500) 2/18/06 1275 (228,690) - ----------------------------------------------------------------------------------------------------------------------------------- 1,931 Total Call Options (premiums received $6,274,596) (240,912,500) (3,718,603) =================================================================================================================================== Other Assets Less Liabilities - (0.1)% (406,148) =================================================================================================================== Net Assets - 100% $ 314,201,715 =================================================================================================================== (1) Non-income producing. (2) The Fund may designate up to 100% of its Common Stock investments to cover outstanding Call Options. (3) For disclosure purposes, Notional Amount is calculated by multiplying the number of Contracts by Strike Price multiplied by 100. ADR American Depositary Receipt. See accompanying notes to financial statements. 50 Statement of Assets and Liabilities December 31, 2005 Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) - ----------------------------------------------------------------------------------------------------------------------------------- Assets Investments, at value (cost $671,168,318, $1,174,894,591, $462,755,879 and $321,575,906, respectively) $717,556,166 $1,241,780,562 $490,261,317 $318,326,466 Receivables: Dividends 1,384,023 1,838,001 500,557 455,680 Interest 6,913 10,994 3,248 3,067 Reclaims 2,970 6,677 -- -- Other assets 7,332 4,904 3,414 -- - ----------------------------------------------------------------------------------------------------------------------------------- Total assets 718,957,404 1,243,641,138 490,768,536 318,785,213 - ----------------------------------------------------------------------------------------------------------------------------------- Liabilities Call options written, at value (premiums received $17,469,697, $32,582,025, $13,854,368 and $6,274,596, respectively) 10,330,550 17,196,805 6,329,655 3,718,603 Accrued expenses: Management fees 354,847 601,180 284,372 232,782 Offering costs -- -- 1,011,592 549,945 Other 222,510 308,507 163,746 82,168 - ----------------------------------------------------------------------------------------------------------------------------------- Total liabilities 10,907,907 18,106,492 7,789,365 4,583,498 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets $708,049,497 $1,225,534,646 $482,979,171 $314,201,715 =================================================================================================================================== Shares outstanding 38,321,275 65,679,911 25,632,480 16,505,240 =================================================================================================================================== Net asset value per share outstanding $ 18.48 $ 18.66 $ 18.84 $ 19.04 =================================================================================================================================== Net assets consist of: - ----------------------------------------------------------------------------------------------------------------------------------- Shares, $.01 par value per share $ 383,213 $ 656,799 $ 256,325 $ 165,052 Paid-in surplus 681,156,832 1,184,510,035 471,021,419 314,425,032 Undistributed (Over-distribution of) net investment income -- -- -- 609,808 Accumulated net realized gain (loss) from investments and derivative transactions (27,017,543) (41,903,379) (23,328,724) (304,730) Net unrealized appreciation (depreciation) of investments and derivative transactions 53,526,995 82,271,191 35,030,151 (693,447) - ----------------------------------------------------------------------------------------------------------------------------------- Net assets $708,049,497 $1,225,534,646 $482,979,171 $314,201,715 =================================================================================================================================== Authorized shares Unlimited Unlimited Unlimited Unlimited =================================================================================================================================== See accompanying notes to financial statements. 51 Statement of Operations Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) ------------- -------------- -------------- -------------- For the Period For the Period For the Period 1/26/05 5/25/05 11/22/05 (commencement (commencement (commencement Year of operations) of operations) of operations) Ended through through through 12/31/05 12/31/05 12/31/05 12/31/05 - ----------------------------------------------------------------------------------------------------------------------------------- Investment Income Dividends (net of foreign taxes withheld of $17,924, $148,285, $23,430 and $0, respectively) $ 19,786,157 $ 24,268,055 $ 4,126,656 $ 477,560 Interest 911,593 2,016,776 720,083 456,785 - ----------------------------------------------------------------------------------------------------------------------------------- Total investment income 20,697,750 26,284,831 4,846,739 934,345 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees 6,318,263 9,728,949 2,512,735 255,290 Shareholders' servicing agent fees and expenses 630 646 107 238 Custodian's fees and expenses 174,245 231,641 81,339 8,091 Trustees' fees and expenses 18,881 27,195 7,751 792 Professional fees 30,694 46,080 29,316 12,329 Shareholders' reports - printing and mailing expenses 105,100 167,321 76,848 37,342 Stock exchange listing fees 27,003 -- -- -- Investor relations expense 117,582 184,769 51,525 5,123 Other expenses 87,884 212,877 93,028 5,542 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 6,880,282 10,599,478 2,852,649 324,747 Custodian fee credit (99,456) (227,267) (80,100) (210) Expense reimbursement (2,143,124) (3,349,412) (564,641) -- - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 4,637,702 7,022,799 2,207,908 324,537 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 16,060,048 19,262,032 2,638,831 609,808 - ----------------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) Net realized gain (loss) from: Investments (18,142,299) (36,918,822) (11,273,386) (48,900) Option contracts written 16,747,831 4,493,069 (8,846,038) (255,830) Change in net unrealized appreciation (depreciation) of: Investments 9,016,071 66,885,971 27,505,438 (3,249,440) Option contracts written 10,174,269 15,385,220 7,524,713 2,555,993 - ----------------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 17,795,872 49,845,438 14,910,727 (998,177) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $ 33,855,920 $ 69,107,470 $ 17,549,558 $ (388,369) =================================================================================================================================== See accompanying notes to financial statements. 52 Statement of Changes in Net Assets Equity Premium Equity Premium Opportunity Income (JPZ) (JSN) ------------------------------ -------------- For the Period For the Period 10/26/04 1/26/05 (commencement (commencement Year of operations) of operations) Ended through through 12/31/05 12/31/04 12/31/05 - ----------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 16,060,048 $ 4,491,508 $ 19,262,032 Net realized gain (loss) from: Investments (18,142,299) 361,386 (36,918,822) Option contracts written 16,747,831 (25,984,460) 4,493,069 Change in net unrealized appreciation (depreciation) of: Investments 9,016,071 37,371,777 66,885,971 Option contracts written 10,174,269 (3,035,122) 15,385,220 - ----------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 33,855,920 13,205,089 69,107,470 - ----------------------------------------------------------------------------------------------------------------- Distributions to Shareholders From net investment income (15,325,480) (5,226,076) (19,262,032) From accumulated net realized gains -- -- (9,477,626) Tax return of capital (49,390,391) (84,048) (67,663,695) - ----------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (64,715,871) (5,310,124) (96,403,353) - ----------------------------------------------------------------------------------------------------------------- Capital Share Transactions Net proceeds from sale of shares and offering costs adjustments 67,480 713,053,231 1,228,579,554 Net proceeds from shares issued to shareholders due to reinvestment of distributions 14,947,821 2,845,867 24,150,891 - ----------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions 15,015,301 715,899,098 1,252,730,445 - ----------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (15,844,650) 723,794,063 1,225,434,562 Net assets at the beginning of period 723,894,147 100,084 100,084 - ----------------------------------------------------------------------------------------------------------------- Net assets at the end of period $708,049,497 $723,894,147 $1,225,534,646 ================================================================================================================= Undistributed (Over-distribution of) net investment income at the end of period $ -- $ (734,568) $ -- ================================================================================================================= Equity Equity Premium Premium Advantage and Growth (JLA) (JPG) -------------- -------------- For the Period For the Period 5/25/05 11/22/05 (commencement (commencement of operations) of operations) through through 12/31/05 12/31/05 - ----------------------------------------------------------------------------------------------- Operations Net investment income $ 2,638,831 $ 609,808 Net realized gain (loss) from: Investments (11,273,386) (48,900) Option contracts written (8,846,038) (255,830) Change in net unrealized appreciation (depreciation) of: Investments 27,505,438 (3,249,440) Option contracts written 7,524,713 2,555,993 - ----------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 17,549,558 (388,369) - ----------------------------------------------------------------------------------------------- Distributions to Shareholders From net investment income (2,638,831) -- From accumulated net realized gains (3,209,300) -- Tax return of capital (17,292,115) -- - ----------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (23,140,246) -- - ----------------------------------------------------------------------------------------------- Capital Share Transactions Net proceeds from sale of shares and offering costs adjustments 484,128,408 314,490,000 Net proceeds from shares issued to shareholders due to reinvestment of distributions 4,341,367 -- - ----------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from capital share transactions 488,469,775 314,490,000 - ----------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 482,879,087 314,101,631 Net assets at the beginning of period 100,084 100,084 - ----------------------------------------------------------------------------------------------- Net assets at the end of period $482,979,171 $314,201,715 =============================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ -- $ 609,808 =============================================================================================== See accompanying notes to financial statements. 53 Notes to Financial Statements 1. General Information and Significant Accounting Policies The funds (the "Funds") covered in this report and their corresponding Common share New York Stock Exchange symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified, closed-end management investment companies. Effective January 1, 2005, Nuveen Institutional Advisory Corp. ("NIAC"), Equity Premium Income's (JPZ) previous Adviser, and its affiliate, Nuveen Advisory Corp. ("NAC"), were merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the Adviser to all funds previously advised by either NIAC or NAC. Prior to the commencement of operations, each Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,084 by the Adviser, the recording of the organization expenses ($11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG)) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen. Each Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor's 500 Stock Index or a weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100 Index and is designed to support the Funds' index option strategy. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Investment Valuation Exchange-listed equity securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Equity securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price. Prices of index options are provided through an independent pricing service approved by the Funds' Board of Trustees. If the pricing service is unable to supply a price for a derivative investment the Funds may use a market quote provided by a major broker/dealer in such investments. If it is determined that market prices for an investment are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish fair value in accordance with procedures established in good faith by the Board of Trustees. In establishing a fair value, the Board of Trustees, or its designee, will use a wide variety of market data including prices of comparable securities, indications of value from security dealers, general market conditions and other information and analysis. 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. 54 Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. 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. 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 make monthly cash distributions to shareholders of a stated dollar amount based on each Fund's net investment income, net realized capital gains, and/or net unrealized capital gains in the Fund's portfolio, if any, and cash flows generated by each Fund's index option strategy. Each Fund seeks to maintain a stable distribution level, subject to approval and oversight by the Funds' Board of Trustees. Distributions will be made only after any interest and required principal payments on borrowings, if any. If for any monthly distribution, net investment income, net realized capital gain and cash flows generated by the index option strategy were less than the amount of the distribution, the difference would be distributed from Fund assets and would be treated by shareholders as a return of capital for tax purposes. 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' portfolios 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 Fund's 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 the distributions made, in which the difference will be treated as a return of capital for tax purposes. The final determination of the source of all distributions for the year are made after the end of the year and reflected in the accompanying financial statements. Real Estate Investment Trust ("REIT") distributions received by the Funds are generally comprised of ordinary income, long-term and short-term capital gains, and a return of REIT capital. The actual character of amounts received during the period are not known until after the fiscal year-end. For the fiscal year ended December 31, 2005, the character of distributions to the Funds from the REITs was as follows: Equity Equity Equity Equity Premium Premium Premium Premium and Income Opportunity Advantage Growth (JPZ) (JSN) (JLA) (JPG) - --------------------------------------------------------------------------------------------------- Ordinary income of the Funds 60.14% 46.28% 49.62% 46.66% Long-term and short-term capital gains 21.75 20.99 1.75 17.49 Return of REIT capital 18.11 32.73 48.63 35.85 =================================================================================================== 55 Notes to Financial Statements (continued) For the fiscal year ended December 31, 2005, each Fund applied the actual character of distributions reported by the REITs in which the Fund invests to its receipts from the REITs. If a REIT held in the portfolio of investments did not report the actual character of its distributions during the period, the Fund treated the distributions as ordinary income. For the fiscal year ended December 31, 2005, each Fund applied the actual character of distributions reported by the REITs in which the Fund invests to the distributions paid to the Funds 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), Equity Premium Advantage (JLA) and Equity Premium and Growth (JPG)) 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), Equity Premium Advantage's (JLA) and Equity Premium and Growth's (JPG) share of offering costs ($1,028,288, $1,351,576, $1,011,592 and $660,000, respectively) were recorded as reductions of the proceeds from the sale of shares. Indemnifications Under the Funds' organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. Fund Shares Transactions in Shares were as follows: Equity Premium Equity Premium Income (JPZ) Opportunity (JSN) -------------------------------- ------------------- For the Period For the Period 10/26/04 1/26/05 Year (commencement of (commencement of Ended operations) operations) 12/31/05 through 12/31/04 through 12/31/05 - ------------------------------------------------------------------------------------------------------------------------------- Shares sold -- 37,390,000 64,394,300 Shares issued to shareholders due to reinvestment of distributions 778,657 147,378 1,280,371 - ------------------------------------------------------------------------------------------------------------------------------- 778,657 37,537,378 65,674,671 =============================================================================================================================== 56 Equity Premium Equity Premium Advantage (JLA) and Growth (JPG) ------------------- ------------------- For the Period For the Period 5/25/05 11/22/05 (commencement of (commencement of operations) operations) through 12/31/05 through 12/31/05 - ------------------------------------------------------------------------------------------------------------------------------- Shares sold 25,400,000 16,500,000 Shares issued to shareholders due to reinvestment of distributions 227,240 -- - ------------------------------------------------------------------------------------------------------------------------------- 25,627,240 16,500,000 =============================================================================================================================== 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 Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) -------------- ---------------- ----------------- ---------------- For the Period For the Period For the Period 1/26/05 5/25/05 11/22/05 Year (commencement (commencement (commencement Ended of operations) of operations) of operations) 12/31/05 through 12/31/05 through 12/31/05 through 12/31/05 - ------------------------------------------------------------------------------------------------------------------------------- Purchases $203,112,590 $1,346,248,509 $500,070,459 $304,904,462 Sales 221,333,874 188,882,051 43,052,291 105,530 =============================================================================================================================== Transactions in index option contracts written were as follows: Equity Premium Equity Premium Income (JPZ) Opportunity (JSN) ----------------------------- --------------------------- For the Period 1/26/05 Year (commencement of Ended operations) 12/31/05 through 12/31/05 ----------------------------- --------------------------- Number of Premiums Number of Premiums Contracts Received Contracts Received - ------------------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of period 5,829 $ 19,757,348 -- $ -- Options written 36,502 99,544,049 117,443 189,748,108 Options terminated in closing purchase transactions (33,791) (93,055,292) (96,096) (144,947,305) Options expired (3,170) (8,776,408) (6,589) (12,218,778) - ------------------------------------------------------------------------------------------------------------------------------- Outstanding, end of period 5,370 $ 17,469,697 14,758 $ 32,582,025 =============================================================================================================================== Equity Premium Equity Premium Advantage (JLA) and Growth (JPG) ----------------------------- --------------------------- For the Period For the Period 5/25/05 11/22/05 (commencement of (commencement of operations) operations) through 12/31/05 through 12/31/05 ----------------------------- --------------------------- Number of Premiums Number of Premiums Contracts Received Contracts Received - ------------------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of period -- $ -- -- $ -- Options written 35,904 58,746,069 2,269 7,244,051 Options terminated in closing purchase transactions (27,986) (43,696,596) (338) (969,455) Options expired (406) (1,195,105) -- -- - ------------------------------------------------------------------------------------------------------------------------------- Outstanding, end of period 7,512 $ 13,854,368 1,931 $ 6,274,596 =============================================================================================================================== 57 Notes to Financial Statements (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 recognition of income on REIT investments and timing differences in recognizing certain gains and losses on investment transactions. At December 31, 2005, the cost of investments (excluding call options written) was as follows: Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) - ------------------------------------------------------------------------------------------------------------------------------- Cost of investments $670,925,079 $1,174,077,703 $462,268,081 $321,554,801 =============================================================================================================================== Gross unrealized appreciation and gross unrealized depreciation of investments (excluding call options written) at December 31, 2005, were as follows: Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) - ------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $ 68,138,614 $ 105,727,001 $ 42,250,271 $ 2,421,205 Depreciation (21,507,527) (38,024,142) (14,257,035) (5,649,540) - ------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 46,631,087 $ 67,702,859 $ 27,993,236 $ (3,228,335) =============================================================================================================================== The tax components of undistributed net ordinary income and net realized gains at December 31, 2005, were as follows: Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) - ------------------------------------------------------------------------------------------------------------------------------- Undistributed net ordinary income * $ -- $ -- $ -- $ 1,496,076 Undistributed net long-term capital gains -- -- -- 1,343,890 =============================================================================================================================== * Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. 58 The tax character of distributions paid during the fiscal year ended December 31, 2005, was designated for purposes of the dividends paid deduction as follows: Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity*** Advantage**** and Growth***** 2005 (JPZ) (JSN) (JLA) (JPG) - ------------------------------------------------------------------------------------------------------------------------------- Distributions from net ordinary income * $ 15,325,480 $ 19,262,032 $ 2,638,831 $ -- Distributions from net long-term capital gains ** -- 9,477,626 3,209,300 -- Tax return of capital 49,390,391 67,663,695 17,292,115 -- =============================================================================================================================== The tax character of Equity Premium Income's (JPZ) distributions paid during the period October 26, 2004 (commencement of operations) through December 31, 2004, was designated for purposes of the dividends paid deduction as follows: Equity Premium Income 2004 (JPZ) - ------------------------------------------------------------------------------------------------------------------------------- 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. ** The Fund designated as a long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax period ended December 31, 2005. *** For the period January 26, 2005 (commencement of operations) through December 31, 2005. **** For the period May 25, 2005 (commencement of operations) through December 31, 2005. ***** For the period November 22, 2005 (commencement of operations) through December 31, 2005. At December 31, 2005, Equity Premium Income (JPZ) had an unused capital loss carryforward of $7,414,945 available for federal income tax purposes to be applied against future capital gains, if any. If not applied the carryforward will expire in 2013. The following Funds have elected to defer net realized losses from investments incurred from November 1, 2005 though December 31, 2005 ("post-October losses") in accordance with Federal income tax regulations. The following post-October losses were treated as having arisen on the first day of the following fiscal year: Equity Equity Equity Premium Premium Premium Income Opportunity Advantage (JPZ) (JSN) (JLA) - ------------------------------------------------------------------------------------------------------------------------------- $12,706,689 $27,335,047 $16,291,808 =============================================================================================================================== 59 Notes to Financial Statements (continued) 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: Equity Premium Income (JPZ) Equity Premium Opportunity (JSN) Equity Premium Advantage (JLA) Average Daily Managed Assets Fund-Level Fee Rate - ------------------------------------------------------------------------------------------------------------------------ For the first $500 million .7000% For the next $500 million .6750 For the next $500 million .6500 For the next $500 million .6250 For Managed Assets over $2 billion .6000 ======================================================================================================================== Equity Premium and Growth (JPG) Average Daily Managed Assets Fund-Level Fee Rate - ------------------------------------------------------------------------------------------------------------------------ For the first $500 million .6800% For the next $500 million .6550 For the next $500 million .6300 For the next $500 million .6050 For Managed Assets over $2 billion .5800 ======================================================================================================================== The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as stated in the table below. As of December 31, 2005, the complex-level fee rate was .1895%. 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 spon- sored 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. 60 The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their 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. 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. 61 Notes to Financial Statements (continued) 6. Announcement Regarding Parent Company of Adviser In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an additional $400 million of its Nuveen shares on a "forward" basis with payment for and settlement of these shares delayed for several months, and (D) entered into agreements with two unaffiliated investment banking firms to sell an amount equal to most or all of its remaining Nuveen shares for current payment but for future settlement. Transactions (C) and (D) above were settled in late July, which effectively reduced St. Paul Travelers' controlling stake in Nuveen and was deemed an "assignment" (as defined in the 1940 Act) of the investment management agreements between the Funds and the Adviser, which resulted in the automatic termination of each agreement under the 1940 Act. In anticipation of such deemed assignment, the Board of Trustees had approved new ongoing investment management agreements for each Fund and the submission of those agreements for approval by each respective Fund's shareholders, which shareholder approval was received prior to the settlement of transactions (C) and (D). The new ongoing management agreements took effect upon such settlement. 7. Subsequent Event - Distributions to Shareholders The Funds declared distributions were paid on February 1, 2006, to shareholders of record on January 15, 2006, as follows: Equity Equity Equity Equity Premium Premium Premium Premium Income Opportunity Advantage and Growth (JPZ) (JSN) (JLA) (JPG) - -------------------------------------------------------------------------------- Distributions per share $ .1420 $ .1480 $ .1510 $ .1350 - -------------------------------------------------------------------------------- 62 Financial Highlights 63 Financial Highlights Selected data for a share outstanding throughout each period: Investment Operations Less Distributions ----------------------------------- ---------------------------------------------- Net Realized/ Beginning Net Unrealized Net Tax Net Asset Investment Gain Investment Capital Return of Value Income(a) (Loss) Total Income Gains Capital Total - ------------------------------------------------------------------------------------------------------------------------------------ Equity Premium Income (JPZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 12/31: 2005 $19.28 $ .42 $ .48 $ .90 $(.40) $ -- $(1.30) $(1.70) 2004(b) 19.10 .12 .24 .36 (.15) -- --* (.15) Equity Premium Opportunity (JSN) - ------------------------------------------------------------------------------------------------------------------------------------ 2005(c) 19.10 .30 .78 1.08 (.30) (.15) (1.05) (1.50) Equity Premium Advantage (JLA) - ------------------------------------------------------------------------------------------------------------------------------------ 2005(d) 19.10 .10 .60 .70 (.10) (.13) (.69) (.92) Equity Premium and Growth (JPG) - ------------------------------------------------------------------------------------------------------------------------------------ 2005(e) 19.10 .04 (.06) (.02) -- -- -- -- ==================================================================================================================================== Ending Ending Offering Net Asset Market Costs Value Value - -------------------------------------------------------------------------- Equity Premium Income (JPZ) - -------------------------------------------------------------------------- Year Ended 12/31: 2005 $ -- $18.48 $17.38 2004(b) (.03) 19.28 20.25 Equity Premium Opportunity (JSN) - -------------------------------------------------------------------------- 2005(c) (.02) 18.66 17.39 Equity Premium Advantage (JLA) - -------------------------------------------------------------------------- 2005(d) (.04) 18.84 17.56 Equity Premium and Growth (JPG) - -------------------------------------------------------------------------- 2005(e) (.04) 19.04 17.25 ========================================================================== * Per share Tax Return of Capital rounds to less than $.01 per share. ** Annualized. *** Total 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, where applicable. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) For the period October 26, 2004 (commencement of operations) through December 31, 2004. (c) For the period January 26, 2005 (commencement of operations) through December 31, 2005. (d) For the period May 25, 2005 (commencement of operations) through December 31, 2005. (e) For the period November 22, 2005 (commencement of operations) through December 31, 2005. 64 Total Returns Ratios/Supplemental Data -------------------- -------------------------------------------- Before Credit/Reimbursement ---------------------------- Based Ratio of Net Based on Ratio of Investment on Net Ending Expenses to Income to Market Asset Net Assets Average Average Value*** Value*** (000) Net Assets Net Assets - ---------------------------------------------------------------------------------------------------------------- Equity Premium Income (JPZ) - ---------------------------------------------------------------------------------------------------------------- Year Ended 12/31: 2005 (6.12)% 4.88% $ 708,049 .96% 1.93% 2004(b) 1.96 1.68 723,894 1.07** 3.49** Equity Premium Opportunity (JSN) - ---------------------------------------------------------------------------------------------------------------- 2005(c) (5.90) 5.65 1,225,535 .95** 1.40** Equity Premium Advantage (JLA) - ---------------------------------------------------------------------------------------------------------------- 2005(d) (7.87) 3.43 482,979 1.01** .71** Equity Premium and Growth (JPG) - ---------------------------------------------------------------------------------------------------------------- 2005(e) (13.75) (.31) 314,202 1.11** 2.08** ================================================================================================================ Ratios/Supplemental Data --------------------------------------------- After Credit/Reimbursement**** ------------------------------ Ratio of Net Ratio of Investment Expenses to Income to Portfolio Average Average Turnover Net Assets Net Assets Rate - ------------------------------------------------------------------------------------ Equity Premium Income (JPZ) - ------------------------------------------------------------------------------------ Year Ended 12/31: 2005 .65% 2.25% 29% 2004(b) .73** 3.82** 1 Equity Premium Opportunity (JSN) - ------------------------------------------------------------------------------------ 2005(c) .63** 1.72** 16 Equity Premium Advantage (JLA) - ------------------------------------------------------------------------------------ 2005(d) .78** .93** 9 Equity Premium and Growth (JPG) - ------------------------------------------------------------------------------------ 2005(e) 1.11** 2.08** -- ==================================================================================== See accompanying notes to financial statements. 65 Board Members and Officers The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not "interested" persons of the Funds has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below. Number of Portfolios in Fund Position(s) Year First Principal Occupation(s) Complex Name, Birthdate Held with Elected or Including other Directorships Overseen by and Address the Funds Appointed(2) During Past 5 Years Board Member - ----------------------------------------------------------------------------------------------------------------------------------- Board member who is an interested person of the Funds: - ----------------------------------------------------------------------------------------------------------------------------------- Timothy R. Schwertfeger(1) Chairman of 1994 Chairman (since 1996) and Director of Nuveen 156 3/28/49 the Board Investments, Inc., Nuveen Investments, LLC, 333 W. Wacker Drive and Trustee Nuveen Advisory Corp. and Nuveen Chicago, IL 60606 Institutional Advisory Corp.(3); Director (since 1996) of Institutional Capital Corporation; Chairman and Director (since 1997) of Nuveen Asset Management; Chairman and Director of Rittenhouse Asset Management, Inc. (since 1999); Chairman of Nuveen Investments Advisers Inc. (since 2002). Board members who are not interested persons of the Funds: - ----------------------------------------------------------------------------------------------------------------------------------- Robert P. Bremner Board member 1997 Private Investor and Management Consultant. 156 8/22/40 333 W. Wacker Drive Chicago, IL 60606 - ----------------------------------------------------------------------------------------------------------------------------------- Lawrence H. Brown Board member 1993 Retired (since 1989) as Senior Vice 156 7/29/34 President of The Northern Trust Company; 333 W. Wacker Drive Director (since 2002) Community Advisory Chicago, IL 60606 Board for Highland Park and Highwood, United Way of the North Shore. - ----------------------------------------------------------------------------------------------------------------------------------- Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a 156 10/22/48 private philanthropic corporation (since 333 W. Wacker Drive 1996); Director and Vice Chairman, United Chicago, IL 60606 Fire Group, a publicly held company; Adjunct Faculty Member, University of Iowa; Director, Gazette Companies; Life Trustee of Coe College and Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. - ----------------------------------------------------------------------------------------------------------------------------------- William C. Hunter Board member 2004 Dean and Distinguished Professor of Finance, 156 3/6/48 School of Business at the University of 333 W. Wacker Drive Connecticut (since 2002); previously, Senior Chicago, IL 60606 Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); Director (since 1997), Credit Research Center at Georgetown University; Director (since 2004) of Xerox Corporation; Director SS&C Technologies, Inc. (May 2005 - October 2005). - ----------------------------------------------------------------------------------------------------------------------------------- David J. Kundert Board member 2005 Retired (since 2004) as Chairman, JPMorgan 154 10/28/42 Fleming Asset Management, President and CEO, 333 W. Wacker Drive Banc One Investment Advisors Corporation, Chicago, IL 60606 and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens. 66 Number of Portfolios in Fund Position(s) Year First Principal Occupation(s) Complex Name, Birthdate Held with Elected or Including other Directorships Overseen by and Address the Funds Appointed(2) During Past 5 Years Board Member - ----------------------------------------------------------------------------------------------------------------------------------- Board members who are not interested persons of the Funds (continued): - ----------------------------------------------------------------------------------------------------------------------------------- William J. Schneider Board member 1997 Chairman of Miller-Valentine Partners Ltd., 156 9/24/44 a real estate investment company; formerly, 333 W. Wacker Drive Senior Partner and Chief Operating Officer Chicago, IL 60606 (retired, December 2004), of Miller-Valentine Group; formerly, Vice President, Miller-Valentine Realty; Board Member, Chair of the Finance Committee and member of the Audit Committee of Premier Health Partners, the not-for-profit company of Miami Valley Hospital; Vice President, Dayton Philharmonic Orchestra Association; Board Member, Regional Leaders Forum, which promotes cooperation on economic development issues; Director, Dayton Development Coalition; formerly, Member, Community Advisory Board, National City Bank, Dayton, Ohio and Business Advisory Council, Cleveland Federal Reserve Bank. - ----------------------------------------------------------------------------------------------------------------------------------- Judith M. Stockdale Board member 1997 Executive Director, Gaylord and Dorothy 156 12/29/47 Donnelley Foundation (since 1994); prior 333 W. Wacker Drive thereto, Executive Director, Great Lakes Chicago, IL 60606 Protection Fund (from 1990 to 1994). - ----------------------------------------------------------------------------------------------------------------------------------- Eugene S. Sunshine Board member 2005 Senior Vice President for Business and 156 1/22/50 Finance, Northwestern University (since 333 W. Wacker Drive 1997); Director (since 2003), Chicago Board Chicago, IL 60606 Options Exchange; Director (since 2003), National Mentor Holdings, a privately-held, national provider of home and community-based services; Chairman (since 1997), Board of Directors, Rubicon, a pure captive insurance company owned by Northwestern University; Director (since 1997), Evanston Chamber of Commerce and Evanston Inventure, a business development organization. Number of Portfolios in Fund Position(s) Year First Complex Name, Birthdate Held with Elected or Principal Occupation(s) Overseen and Address the Funds Appointed(4) During Past 5 Years by Officer - ----------------------------------------------------------------------------------------------------------------------------------- Officers of the Fund: - ----------------------------------------------------------------------------------------------------------------------------------- Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant 156 9/9/56 Administrative Secretary and Associate General Counsel, 333 W. Wacker Drive Officer formerly, Vice President and Assistant Chicago, IL 60606 General Counsel, of Nuveen Investments, LLC; Managing Director (2002-2004), General Counsel (1998-2004) and Assistant Secretary, formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2002) and Assistant Secretary and Associate General Counsel, formerly, Vice President (since 1997), of Nuveen Asset Management; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Assistant Secretary of NWQ Investment Management Company, LLC. (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since 2003); Chartered Financial Analyst. 67 Board Members and Officers (continued) Number of Portfolios in Fund Year First Complex Name, Birthdate Position(s) Held Elected or Principal Occupation(s) Overseen and Address with the Funds Appointed(4) During Past 5 Years by Officer - ----------------------------------------------------------------------------------------------------------------------------------- Officers of the Funds (continued): - ----------------------------------------------------------------------------------------------------------------------------------- Julia L. Antonatos Vice President 2004 Managing Director (since 2005), formerly 156 9/22/63 Vice President (since 2002); formerly, 333 W. Wacker Drive Assistant Vice President (since 2000) of Chicago, IL 60606 Nuveen Investments, LLC; Chartered Financial Analyst. - ----------------------------------------------------------------------------------------------------------------------------------- Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, 156 2/3/66 and Assistant Assistant Vice President (since 2000) of 333 W. Wacker Drive Secretary Nuveen Investments, LLC. Chicago, IL 60606 - ----------------------------------------------------------------------------------------------------------------------------------- Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC 156 11/28/67 and Treasurer (since 1999); Vice President and Treasurer 333 W. Wacker Drive (since 1999) of Nuveen Investments, Inc.; Chicago, IL 60606 Vice President and Treasurer (1999-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Vice President and Treasurer of Nuveen Asset Management (since 2002) and of Nuveen Investments Advisers Inc. (since 2002); Assistant Treasurer of NWQ Investment Management Company, LLC. (since 2002); Vice President and Treasurer of Nuveen Rittenhouse Asset Management, Inc. (since 2003); Chartered Financial Analyst. - ----------------------------------------------------------------------------------------------------------------------------------- John N. Desmond Vice President 2005 Vice President, Director of Investment 156 8/24/61 Operations, Nuveen Investments, LLC (since 333 W. Wacker Drive January 2005); formerly, Director, Business Chicago, IL 60606 Manager, Deutsche Asset Management (2003-2004), Director, Business Development and Transformation, Deutsche Trust Bank Japan (2002-2003); previously, Senior Vice President, Head of Investment Operations and Systems, Scudder Investments Japan, (2000-2002), Senior Vice President, Head of Plan Administration and Participant Services, Scudder Investments (1995-2002). - ----------------------------------------------------------------------------------------------------------------------------------- Jessica R. Droeger Vice President 1998 Vice President (since 2002), Assistant 156 9/24/64 and Secretary Secretary and Assistant General Counsel 333 W. Wacker Drive (since 1998) formerly, Assistant Vice Chicago, IL 60606 President (since 1998) of Nuveen Investments, LLC; Vice President (2002-2004) and Assistant Secretary (1998-2004) formerly, Assistant Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Vice President and Assistant Secretary (since 2005) of Nuveen Asset Management. - ----------------------------------------------------------------------------------------------------------------------------------- Lorna C. Ferguson Vice President 1998 Managing Director (since 2004), formerly, 156 10/24/45 Vice President of Nuveen Investments, LLC, 333 W. Wacker Drive Managing Director (2004) formerly, Vice Chicago, IL 60606 President (1998-2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director (since 2005) of Nuveen Asset Management. - ----------------------------------------------------------------------------------------------------------------------------------- William M. Fitzgerald Vice President 1995 Managing Director (since 2002), formerly, 156 3/2/64 Vice President of Nuveen Investments; 333 W. Wacker Drive Managing Director (1997-2004) of Nuveen Chicago, IL 60606 Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Managing Director of Nuveen Asset Management (since 2001); Vice President of Nuveen Investments Advisers Inc. (since 2002); Chartered Financial Analyst. 68 Number of Portfolios in Fund Year First Complex Name, Birthdate Position(s) Held Elected or Principal Occupation(s) Overseen and Address with the Funds Appointed(4) During Past 5 Years by Officer - ----------------------------------------------------------------------------------------------------------------------------------- Officers of the Funds (continued): - ----------------------------------------------------------------------------------------------------------------------------------- Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds 156 5/31/54 and Controller Controller (since 1998) of Nuveen 333 W. Wacker Drive Investments, LLC; formerly, Vice President Chicago, IL 60606 and Funds Controller (1998-2004) of Nuveen Investments, Inc.; Certified Public Accountant. - ----------------------------------------------------------------------------------------------------------------------------------- James D. Grassi Vice President 2004 Vice President and Deputy Director of 156 4/13/56 and Chief Compliance (since 2004) of Nuveen 333 W. Wacker Drive Compliance Investments, LLC, Nuveen Investments Chicago, IL 60606 Officer Advisers Inc., Nuveen Asset Management and Rittenhouse Asset Management, Inc.; previously, Vice President and Deputy Director of Compliance (2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); formerly, Senior Attorney (1994-2004), The Northern Trust Company. - ----------------------------------------------------------------------------------------------------------------------------------- David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen 156 3/22/63 Investments, LLC; Certified Public 333 W. Wacker Drive Accountant. Chicago, IL 60606 - ----------------------------------------------------------------------------------------------------------------------------------- Tina M. Lazar Vice President 2002 Vice President of Nuveen Investments, LLC 156 8/27/61 (since 1999). 333 W. Wacker Drive Chicago, IL 60606 - ----------------------------------------------------------------------------------------------------------------------------------- Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and 156 7/27/51 and Assistant Assistant General Counsel of Nuveen 333 W. Wacker Drive Secretary Investments, LLC; Vice President and Chicago, IL 60606 Assistant Secretary of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.(3); Vice President (since 2005) and Assistant Secretary of Nuveen Investments, Inc.; Vice President (since 2005) and Assistant Secretary (since 1997) of Nuveen Asset Management; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002). (1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the Investment Company Act of 1940, because he is an officer and board member of the Adviser. (2) Board members serve an indefinite term until his/her successor is elected. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. (3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were reorganized into Nuveen Asset Management, effective January 1, 2005. (4) Officers serve one year terms through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 69 Reinvest Automatically Easily and Conveniently Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. Nuveen Exchange-Traded Closed-End Funds Dividend Reinvestment Plan Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. Easy and convenient To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. How shares are purchased The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. Flexible You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. Call today to start reinvesting dividends and/or distributions For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 70 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 Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2005, and (iii) a description of the policies and procedures that the Funds 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 References Section at 450 Fifth Street NW, Washington, D.C. 20549. Distribution Information Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG) each designate 100% of dividends declared from net investment income as dividends qualifying for the 70% dividends received deduction for corporations and 100% as qualified dividend income for individuals under the Jobs and Growth Tax Relief Reconciliation Act of 2003. CEO Certification Disclosure Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the Securities and Exchange Commission the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. 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 Company Boston, MA Transfer Agent and Shareholder Services State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 Legal Counsel Chapman and Cutler LLP Chicago, IL Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Chicago, IL 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. 71 [PHOTO] Learn more about Nuveen Funds at www.nuveen.com/etf Nuveen Investments: SERVING Investors For GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. We offer many different investing solutions for our clients' different needs. Managing more than $135 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. Find out how we can help you reach your financial goals. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools [LOGO] NUVEEN Investments EAN-D-1205D ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/etf. (To view the code, click on the Investor Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.) ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's Board of Directors or Trustees determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit committee financial expert is Jack B. Evans, Chairman of the Audit Committee, who is "independent" for purposes of Item 3 of Form N-CSR. Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Nuveen Equity Premium Advantage Fund The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed. The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee). SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES FISCAL YEAR ENDED TO FUND BILLED TO FUND BILLED TO FUND BILLED TO FUND - -------------------------------------------------------------------------------------------------------------------------------- December 31, 2005 (1) $ 18,500 $ 0 $ 0 $ 0 - -------------------------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% 0% pursuant to pre-approval exception - -------------------------------------------------------------------------------------------------------------------------------- December 31, 2004 N/A N/A N/A N/A - -------------------------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% 0% pursuant to pre-approval exception - -------------------------------------------------------------------------------------------------------------------------------- The above "All Other Fees" are fees paid to audit firms to perform agreed upon procedures required by the rating agencies to rate fund preferred shares. The above "Tax Fees" were billed for professional services for tax advice, tax compliance, and tax planning. (1) Equity Premium Advantage commenced operations on [May 25, 2005]. "Audit Fees" include fees paid for the audit of registration statements for common offering. SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling, controlled by or under common control with NAM ("Control Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years. The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed. FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS - ----------------------------------------------------------------------------------------------------------------- December 31, 2005 $ 0 $ 282,575 $ 0 - ----------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% pursuant to pre-approval exception - ----------------------------------------------------------------------------------------------------------------- December 31, 2004 $ 0 $ 0 $ 0 - ----------------------------------------------------------------------------------------------------------------- Percentage approved 0% 0% 0% pursuant to pre-approval exception - ----------------------------------------------------------------------------------------------------------------- The above "Tax Fees" are primarily fees billed to the Adviser for Fund tax return preparation. NON-AUDIT SERVICES The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. For engagements entered into on or after May 6, 2003, the Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the de minimis exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence. FISCAL YEAR ENDED TOTAL NON-AUDIT FEES BILLED TO ADVISER AND AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL - -------------------------------------------------------------------------------------------------------------------------------- December 31, 2005 $ 0 $ 282,575 $ 0 $ 282,575 December 31, 2004 $ 0 $ 0 $ 0 $ 0 The above "Non-Audit Fees billed to Adviser" for 2005 include "Tax-Fees" billed to Adviser in the amount of $282,575 from previous table. Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. The registrant's Board of Directors or Trustees has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Robert P. Bremner, Lawrence H. Brown, Jack B. Evans, William J. Schneider and Eugene S. Sunshine. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. The Adviser has engaged Gateway Investment Advisers, L.P. ("Gateway" or "Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has also delegated to the Sub-Adviser the full responsibility for proxy voting and related duties in accordance with the Sub-Adviser's policy and procedures. The Adviser periodically will monitor the Sub-Adviser's voting to ensure that they are carrying out their duties. The Sub-Adviser's proxy voting policies and procedures are summarized as follows: The SEC has issued regulations with respect to proxy voting for all registered investment advisers and their clients. To meet these requirements on a client's behalf, Gateway has adopted policies as described below. Gateway recognizes that voting rights are financial assets of a client's account and that they must be managed accordingly, with voting decisions made in the client's best interests. To that end and because of increasing complexity in administering policies in this area, Gateway has contracted with Institutional Shareholder Services ("ISS"), a nationally recognized proxy voting agent, to assist in administering client proxy votes and to provide voting recommendation on each ballot issue. ISS has developed its US Proxy Voting Manual, which provides guidelines for proxy voting that are designed to serve the best interest of investors. Effective July 1, 2003, Gateway has incorporated these guidelines into its proxy voting policies and procedures and has instructed ISS to vote accordingly. Gateway's policies and procedures now reflect ISS's voting guidelines with regard to particular types of issues that my come before shareholder meetings, and also address the rare circumstances in which ISS' voting recommendations may not be followed. The procedures also describe how any conflicts of interest would be handled. The regulations were implemented to improve corporate governance and the functioning of the free market. We support these objectives and have adopted the policies and procedures as described above to effectively represent each client's interests. A client may obtain Gateway's full proxy voting policy upon request. For clients for whom Gateway votes proxies, a voting record for an account's respective votes can be obtained by calling or writing Gateway. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. J. Patrick Rogers, CFA, and Kenneth H. Toft, CFA, are the portfolio managers at Gateway responsible for investing the Managed Assets of the registrant. Mr. Rogers is Gateway's Chief Executive Officer. He joined Gateway in 1989 and has been the President and a member of the Board of Directors of Gateway since 1995. Mr. Rogers is also the portfolio manager of two open-end funds advised by Gateway. Mr. Toft joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997, prior to which he held the position of Senior Trader and Research Analyst. As of December 31, 2005, Mr. Rogers was responsible for day-to-day management of 6 registered investment company accounts having assets of approximately $5.5 billion in the aggregate and Mr. Toft was responsible for day-to-day management of 2 investment company accounts having assets of approximately $1.7 billion. Mr. Rogers was responsible for day-to-day management of 1 other pooled investment vehicle having assets of approximately $21 million and 78 other accounts having assets of approximately $629 million in the aggregate. Mr. Toft was responsible for day-to-day management of 5 other accounts having assets of approximately $12 million in the aggregate. Neither Mr. Rogers nor Mr. Toft managed any accounts having a performance based investment advisory fee. As described above, the portfolio managers may manage other accounts with investment strategies similar to the registrant's, including other investment companies and separately managed accounts. Fees earned by Gateway may vary among these accounts and the portfolio managers may personally invest in some but not all of these accounts. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming the registrant. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but the registrant is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the portfolio manager may execute transactions for another account that may adversely impact the value of securities held by the registrant. However, Gateway believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and similar factors. In addition, Gateway has adopted trade allocation procedures that require equitable allocation of trade orders for a particular security among participating accounts. Mr. Rogers and Mr. Toft are compensated for their services by Gateway. Their compensation consists of a fixed salary, bonuses related to the financial performance of Gateway (but not based on the investment performance of the registrant or any other managed account, either absolutely or in relation to any benchmark), and a retirement plan. As of December 31, 2005, neither Mr. Rogers nor Mr. Toft beneficially owned or intended to acquire any shares of the registrant. 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 were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board during the reporting period and implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/etf and there were no amendments during the period covered by this report. (To view the code, click on the Investor Resources drop down menu box, click on Fund Governance and then Code of Conduct.) (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Equity Premium Advantage Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: March 8, 2006 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: March 8, 2006 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: March 8, 2006 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.