UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21731
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Nuveen Equity Premium Advantage Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: December 31
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Date of reporting period: December 31, 2005
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
-------------------------------
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
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NUVEEN
Investments
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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
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JPZ 4.88%
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S&P 500 Index(1) 4.91%
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JSN (inception 1/26/05) 5.65%
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Comparative benchmark(2) 7.78%
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JLA (inception 5/25/05) 3.43%
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Comparative benchmark(3) 6.32%
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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%
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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
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Learn more
about Nuveen Funds at
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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.
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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.