UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21731
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Nuveen Equity Premium Advantage Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: December 31
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Date of reporting period: March 31, 2006
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. SS. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
QUARTERLY REPORT March 31, 2006 (Unaudited)
Nuveen Investments
Exchange-Traded
Closed-End Funds
NUVEEN
EQUITY PREMIUM
INCOME FUND
(JPZ)
NUVEEN
EQUITY PREMIUM
OPPORTUNITY FUND
(JSN)
NUVEEN
EQUITY PREMIUM
ADVANTAGE FUND
(JLA)
ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN
INTEGRATED INDEX OPTION AND EQUITY STRATEGY
Chairman's Letter
For period ended March 31, 2006
Dear Shareholder:
I am very pleased to report that over the 3-month period covered by this report,
your Fund continued to provide you with attractive monthly income from a
portfolio well positioned to play an important role in a well-balanced
portfolio. 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.
Portfolio diversification is a recognized way to try to reduce some of the risk
that comes with investing. Since one part of your portfolio may be going up
when another is going down, portfolio diversification may help smooth your
investment returns over time. In addition to providing regular monthly income,
an investment like your Fund may help you achieve and benefit from greater
portfolio diversification. Your financial advisor can explain these potential
advantages in more detail. I urge you to contact him or her soon for more
information on this important investment strategy.
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,
Timothy R. Schwertfeger
Chairman of the Board
May 3, 2006
Callout:
"In addition to providing regular monthly income, an investment like your Fund
may help you achieve and benefit from greater portfolio diversification."
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
March 31, 2006.
WHAT WAS YOUR OVERALL MANAGEMENT STRATEGY FOR THE THREE-MONTH PERIOD ENDED
MARCH 31, 2006?
During the first quarter of 2006, the Funds followed their stated strategy of
selling market index calls to produce cash inflow to the portfolio. The cash
flow from options, in combination with the dividend yield in the underlying
stocks, has several uses:
o To support the Funds' dividend distributions.
o To cover the cost of downside protection against a significant market
decline over a short period of time (market index put options).
o To lower the overall volatility of the stock portfolio versus a
long-only equity fund.
To achieve this, the Funds generally sell call options at a level near the
current level of the broad market (at-the-money calls) and purchase puts below
the level of the market. The intended net effect is to provide short-term cash
inflow with a long-term hedge against a declining market. Net cash flows in
excess of the targeted distribution, if any, accrue to the NAV of a Fund. In a
flat or rising market, the excess would increase the NAV of a Fund. In a falling
market, any excess would help to buffer the decrease in NAV caused by falling
stock values. During the first quarter of 2006, all of these objectives were
met. The total return exceeded the targeted distribution and since the market
increased during the period, the NAV of JPZ, JSN and JLA also increased.
HOW DID THE FUNDS PERFORM?
The performance of JPZ, JSN and JLA, as well as the performance of comparative
indexes or benchmarks, is shown in the nearby chart:
Cumulative Total Return on Net Asset Value
For the 3-month period ending March 31, 2006
JPZ 3.36%
Comparative Index(1) 4.15%
JSN (inception 1/26/05) 2.99%
Comparative benchmark(2) 4.38%
JLA (inception 5/25/05) 3.21%
Comparative benchmark(3) 4.59%
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.
(1) JPZ comparative benchmark performance is a blended return consisting of the
CBOE Buy-Write Index (BXM) along with 3 month duration 7.5% out of the money put
options.
(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 return 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 return of the
NASDAQ-100 Index.
Equity market investors had a surfeit of good news to digest and act upon in the
first quarter. Retail sales responded vigorously in January to pent-up demand
after a lackluster fourth quarter of 2005. The warmest January on record in many
parts of the country spurred the housing markets, consumer spending and consumer
confidence. Importantly, the price of natural gas, the primary fuel for heating
homes in the United States, fell by 40%. While the strong economy may have
signaled future advances in inflation, the Federal Reserve Board under Chairman
Bernanke moved aggressively to staunch such fears. The discount rate was
increased twice by 0.25% each time (January 31 and March 28) leaving it at 4.75%
at quarter-end.
These favorable factors were more than sufficient to offset investors' fears,
particularly with respect to the deteriorating situation in the Middle East, in
effect, generating fears of a disruption of production from a major
oil-producing region.
Stocks, as represented by the S&P 500 Index, delivered a total return of 4.21%
during the period. This reflects a general enthusiasm for stocks that prevailed
throughout the quarter. The NASDAQ 100 advanced by 3.68%, slightly less than the
S&P 500 Index. The S&P 500 Index advanced all three months of the quarter, while
the NASDAQ 100 increased in January and March but fell in February.
Bond investors suffered the direct effects of the two 0.25% interest rate
increases as well as the indirect effects of Chairman Bernanke's comments that
the current increases may not be sufficient to quell inflation. Fears of further
increases in short-term interest rates, rising energy prices and China's
potential unwillingness to finance
our federal budget deficit caused bondholders to sell. The Lehman Brothers
U.S. Intermediate Government/Credit Bond Index decreased by 0.39% during
the period.
During the quarter, the good news on the economy and corporate profits was
nearly balanced by the bad news emanating from Iraq, Iran, Nigeria and
Afghanistan. As a consequence, volatility (the daily change in stock
prices) was very subdued. While both volatility and interest rates affect
option prices, volatility is by far the dominant variable. Low volatility
kept index option prices near the lower end of their historic range. For
the quarter, volatility in the S&P 500 Index options market, as measured by
the CBOE VIX Index, ranged between 10.74 and 14.56, a narrower range with a
lower average (12.04) than the levels prevailing in 2005.
Cash flows generated for JPZ, and for the most part JSN and JLA, are
favorably impacted by high volatility in the SPX options market. During the
quarter, the Funds were able to take advantage of the upper end of a muted
volatility range to produce cash flows greater than the amount suggested by
the average volatility during the quarter, as well as that achieved during
recent prior quarters. Against the backdrop of a generally upward-trending
stock market during the quarter, all three funds were able to post solid
NAV returns on the strength of earned option premiums and common stock
dividends.
Both JSN and JLA include an allocation of 25% and 50%, respectively, to the
NASDAQ 100 (NDX). During the quarter, the volatility measure for the NASDAQ
100, the CBOE VXN Index, increased from 14.69 to 16.31. The high for the
quarter was 19.45. As with the SPX options, the higher levels provided an
opportunity to exact higher cash flow levels versus recent quarters, so
that both JSN and JLA met their distribution targets and added to their NAV
as well. The movement in the underlying index was not as consistent as the
S&P 500 Index, so some of the cash flow went to smooth the price movements
in the underlying stocks. JSN and JLA had slightly smaller NAV appreciation
at 0.59% and 0.80% respectively, than JPZ, whose NAV rose 1.03% as of
March 31, 2006.
During this period no major factors or events constrained the Fund's
performance, across all three funds our strategy performed well.
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 period.
Under this policy, each Fund seeks to provide a relatively stable monthly
distribution paid in part out of the Fund's net investment income (primarily
generated by dividends on the stocks in the Fund's portfolio), with the
remainder being paid out of a combination of net realized capital gains on the
Fund's portfolio investments plus the cash flows generated by each Fund's index
option strategy. This portion of the distributions will consist of either net
realized capital gains (a combination of long-term and short-term), a return of
capital (representing in most cases, to at least a large extent, net unrealized
gains), or some combination of the two. The final composition of the
characteristics of the distributions cannot be determined with certainty until
after the end of the Fund's fiscal year. That final composition will depend on
several factors, most importantly the amount of realized gains and losses on the
Fund's portfolio securities, and the amount of gains and losses realized in
connection with the call options sold by the Fund and the put options purchased
by the Fund.
At the end of the reporting period, the Funds' share prices were trading
relative to their NAV's as shown in the accompanying chart:
3/31/06 Discount/Premium Average Period Discount/Premium
JPZ -0.48% -1.33%
JSN +0.69% -1.32%
JLA -0.21% -1.78%
Nuveen Equity Premium Income Fund
JPZ
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
- -------------------------------------
Common Stocks 93.7%
- -------------------------------------
Put Options 0.1%
- -------------------------------------
Short-Term Investments 6.2%
- -------------------------------------
Bar Chart:
2005-2006 MONTHLY DISTRIBUTIONS PER SHARE
Apr 0.1420
May 0.1420
Jun 0.1420
Jul 0.1420
Aug 0.1420
Sep 0.1420
Oct 0.1420
Nov 0.1420
Dec 0.1420
Jan 0.1420
Feb 0.1420
Mar 0.1420
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/2005 19.87
4/8/2005 20.12
4/15/2005 19.94
4/22/2005 19.85
4/29/2005 19.98
5/6/2005 20.15
5/13/2005 20.15
5/20/2005 20.08
5/27/2005 20.05
6/3/2005 20.14
6/10/2005 20.41
6/17/2005 20.24
6/24/2005 20.09
7/1/2005 20.25
7/8/2005 20.49
7/15/2005 20.61
7/22/2005 20.59
7/29/2005 20.44
8/5/2005 20.65
8/12/2005 20.55
8/19/2005 20.40
8/26/2005 20.38
9/2/2005 20.50
9/9/2005 20.50
9/16/2005 20.21
9/23/2005 20.04
9/30/2005 19.88
10/7/2005 20.15
10/14/2005 19.81
10/21/2005 19.46
10/28/2005 19.26
11/4/2005 19.29
11/11/2005 18.90
11/18/2005 18.47
11/25/2005 18.50
12/2/2005 17.76
12/9/2005 17.46
12/16/2005 17.01
12/23/2005 16.94
12/30/2005 17.38
1/6/2006 18.05
1/13/2006 18.10
1/20/2006 18.10
1/27/2006 18.30
2/3/2006 18.20
2/10/2006 18.30
2/17/2006 18.24
2/24/2006 18.48
3/3/2006 18.94
3/10/2006 18.61
3/17/2006 18.29
3/24/2006 18.39
3/31/2006 18.58
FUND SNAPSHOT
- ------------------------------------
Share Price $18.58
- ------------------------------------
Net Asset Value $18.67
- ------------------------------------
Premium/(Discount) to NAV -0.48%
- ------------------------------------
Market Yield(1) 9.17%
- ------------------------------------
Net Assets ($000) $715,278
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/26/04)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
3-Month
(Cumulative) 9.37% 3.36%
- ------------------------------------
1 Year 2.08% 7.42%
- ------------------------------------
Since
Inception 3.29% 7.05%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Pharmaceuticals 7.9%
- ------------------------------------
Commercial Banks 6.8%
- ------------------------------------
Oil, Gas & Consumable Fuels 6.3%
- ------------------------------------
Diversified Financial
Services 5.8%
- ------------------------------------
Industrial Conglomerates 4.8%
- ------------------------------------
Diversified Telecommunication
Services 3.9%
- ------------------------------------
Software 3.6%
- ------------------------------------
Insurance 3.4%
- ------------------------------------
Semiconductors & Equipment 3.1%
- ------------------------------------
Specialty Retail 3.1%
- ------------------------------------
Chemicals 2.8%
- ------------------------------------
Tobacco 2.7%
- ------------------------------------
Communications Equipment 2.5%
- ------------------------------------
Real Estate 2.3%
- ------------------------------------
Aerospace & Defense 2.3%
- ------------------------------------
Energy Equipment & Services 2.3%
- ------------------------------------
Capital Markets 2.2%
- ------------------------------------
Computers & Peripherals 2.2%
- ------------------------------------
Household Products 2.1%
- ------------------------------------
Health Care Providers &
Services 1.7%
- ------------------------------------
Machinery 1.7%
- ------------------------------------
Commercial Services &
Supplies 1.6%
- ------------------------------------
Electric Utilities 1.6%
- ------------------------------------
Gas Utilities 1.5%
- ------------------------------------
Household Durables 1.5%
- ------------------------------------
Put Options 0.1%
- ------------------------------------
Short-Term Investments 6.2%
- ------------------------------------
Other 14.0%
- ------------------------------------
(1) Market yield is based on the Fund's current annualized monthly distribution
divided by the Fund's current market price. The Fund's monthly distributions
to its shareholders may be comprised of ordinary income, net realized
capital gains and, if at the end of the calendar year the Fund's cumulative
net ordinary income and net realized gains are less than the amount of the
Fund's distributions, a return of capital for tax purposes.
Nuveen Equity Premium Opportunity Fund
JSN
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
- -------------------------------------
Common Stocks 94.6%
- -------------------------------------
Put Options 0.2%
- -------------------------------------
Short-Term Investments 5.2%
- -------------------------------------
Bar Chart:
2005-2006 MONTHLY DISTRIBUTIONS PER SHARE
Apr 0.1480
May 0.1480
Jun 0.1480
Jul 0.1480
Aug 0.1480
Sep 0.1480
Oct 0.1480
Nov 0.1480
Dec 0.1480
Jan 0.1480
Feb 0.1480
Mar 0.1480
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/2005 19.35
4/8/2005 19.73
4/15/2005 19.29
4/22/2005 19.45
4/29/2005 19.40
5/6/2005 19.65
5/13/2005 19.42
5/20/2005 19.55
5/27/2005 19.60
6/3/2005 19.74
6/10/2005 19.86
6/17/2005 19.83
6/24/2005 19.60
7/1/2005 19.74
7/8/2005 19.93
7/15/2005 19.97
7/22/2005 19.97
7/29/2005 19.95
8/5/2005 19.99
8/12/2005 19.98
8/19/2005 19.75
8/26/2005 19.80
9/2/2005 19.92
9/9/2005 19.94
9/16/2005 19.86
9/23/2005 19.53
9/30/2005 19.46
10/7/2005 19.79
10/14/2005 19.50
10/21/2005 19.19
10/28/2005 19.11
11/4/2005 19.44
11/11/2005 19.16
11/18/2005 18.83
11/25/2005 18.31
12/2/2005 18.20
12/9/2005 17.67
12/16/2005 17.36
12/23/2005 16.99
12/30/2005 17.39
1/6/2006 18.12
1/13/2006 18.19
1/20/2006 18.04
1/27/2006 18.19
2/3/2006 18.54
2/10/2006 18.57
2/17/2006 18.40
2/24/2006 18.54
3/3/2006 18.89
3/10/2006 18.84
3/17/2006 18.58
3/24/2006 18.92
3/31/2006 18.90
FUND SNAPSHOT
- ------------------------------------
Share Price $18.90
- ------------------------------------
Net Asset Value $18.77
- ------------------------------------
Premium/(Discount) to NAV 0.69%
- ------------------------------------
Market Yield(1) 9.40%
- ------------------------------------
Net Assets ($000) $1,232,652
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
3-Month
(Cumulative) 11.28% 2.99%
- ------------------------------------
1-Year 6.63% 8.76%
- ------------------------------------
Since
Inception 4.00% 7.43%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Pharmaceuticals 6.8%
- ------------------------------------
Software 6.5%
- ------------------------------------
Semiconductors & Equipment 5.5%
- ------------------------------------
Communications Equipment 5.4%
- ------------------------------------
Commercial Banks 4.8%
- ------------------------------------
Diversified Financial
Services 4.7%
- ------------------------------------
Oil, Gas & Consumable Fuels 4.7%
- ------------------------------------
Computers & Peripherals 4.2%
- ------------------------------------
Industrial Conglomerates 3.6%
- ------------------------------------
Diversified
Telecommunication Services 3.1%
- ------------------------------------
Biotechnology 2.7%
- ------------------------------------
Specialty Retail 2.5%
- ------------------------------------
Internet Software & Services 2.5%
- ------------------------------------
Insurance 2.3%
- ------------------------------------
Aerospace & Defense 2.0%
- ------------------------------------
Energy Equipment & Services 2.0%
- ------------------------------------
Media 1.9%
- ------------------------------------
Capital Markets 1.9%
- ------------------------------------
Commercial Services &
Supplies 1.9%
- ------------------------------------
Tobacco 1.8%
- ------------------------------------
Real Estate 1.8%
- ------------------------------------
Health Care Providers &
Services 1.7%
- ------------------------------------
Chemicals 1.6%
- ------------------------------------
Machinery 1.5%
- ------------------------------------
Household Products 1.3%
- ------------------------------------
Food & Staples Retailing 1.3%
- ------------------------------------
Put Options 0.2%
- ------------------------------------
Short-Term Investments 5.2%
- ------------------------------------
Other 14.6%
- ------------------------------------
(1) Market yield is based on the Fund's current annualized monthly distribution
divided by the Fund's current market price. The Fund's monthly distributions
to its shareholders may be comprised of ordinary income, net realized
capital gains and, if at the end of the calendar year the Fund's cumulative
net ordinary income and net realized gains are less than the amount of the
Fund's distributions, a return of capital for tax purposes.
Nuveen Equity Premium Advantage Fund
JLA
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
PORTFOLIO ALLOCATION
(as a % of total investments)
- -------------------------------------
Common Stocks 94.5%
- -------------------------------------
Put Options 0.2%
- -------------------------------------
Short-Term Investments 5.3%
- -------------------------------------
Bar Chart:
2005-2006 MONTHLY DISTRIBUTIONS PER SHARE
Jul 0.1510
Aug 0.1510
Sep 0.1510
Oct 0.1510
Nov 0.1510
Dec 0.1510
Jan 0.1510
Feb 0.1510
Mar 0.1510
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
5/25/2005 20.00
5/27/2005 20.02
6/3/2005 20.01
6/10/2005 20.00
6/17/2005 20.01
6/24/2005 20.00
7/1/2005 19.75
7/8/2005 20.00
7/15/2005 20.00
7/22/2005 19.99
7/29/2005 20.07
8/5/2005 20.09
8/12/2005 20.00
8/19/2005 20.07
8/26/2005 20.04
9/2/2005 20.18
9/9/2005 20.34
9/16/2005 20.10
9/23/2005 19.91
9/30/2005 19.76
10/7/2005 19.87
10/14/2005 19.92
10/21/2005 19.35
10/28/2005 19.43
11/4/2005 19.39
11/11/2005 19.18
11/18/2005 18.99
11/25/2005 18.52
12/2/2005 18.82
12/9/2005 18.42
12/16/2005 17.58
12/23/2005 17.45
12/30/2005 17.56
1/6/2006 18.37
1/13/2006 18.45
1/20/2006 18.45
1/27/2006 18.37
2/3/2006 18.81
2/10/2006 18.90
2/17/2006 18.63
2/24/2006 18.64
3/3/2006 19.00
3/10/2006 18.92
3/17/2006 18.78
3/24/2006 18.62
3/31/2006 18.95
FUND SNAPSHOT
- ------------------------------------
Share Price $18.95
- ------------------------------------
Net Asset Value $18.99
- ------------------------------------
Premium/(Discount) to NAV -0.21%
- ------------------------------------
Market Yield(1) 9.56%
- ------------------------------------
Net Assets ($000) $486,692
- ------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 5/25/05)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
3-Month 10.53% 3.21%
- ------------------------------------
Since
Inception 1.85% 6.75%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Software 10.1%
- ------------------------------------
Communications Equipment 7.7%
- ------------------------------------
Semiconductors & Equipment 6.9%
- ------------------------------------
Computers & Peripherals 5.8%
- ------------------------------------
Pharmaceuticals 5.1%
- ------------------------------------
Biotechnology 4.7%
- ------------------------------------
Commercial Banks 3.4%
- ------------------------------------
Oil, Gas & Consumable Fuels 3.3%
- ------------------------------------
Internet Software & Services 3.0%
- ------------------------------------
Media 3.0%
- ------------------------------------
Diversified Financial
Services 2.9%
- ------------------------------------
Commercial Services &
Supplies 2.7%
- ------------------------------------
Hotels, Restaurants &
Leisure 2.3%
- ------------------------------------
Industrial Conglomerates 2.2%
- ------------------------------------
Specialty Retail 2.1%
- ------------------------------------
Diversified Telecommunication
Services 2.1%
- ------------------------------------
Insurance 1.8%
- ------------------------------------
Capital Markets 1.6%
- ------------------------------------
Energy Equipment & Services 1.4%
- ------------------------------------
Machinery 1.4%
- ------------------------------------
Health Care Providers &
Services 1.3%
- ------------------------------------
Multiline Retail 1.3%
- ------------------------------------
Food & Staples Retailing 1.2%
- ------------------------------------
Health Care Equipment &
Supplies 1.2%
- ------------------------------------
Real Estate 1.1%
- ------------------------------------
Put Options 0.2%
- ------------------------------------
Short-Term Investments 5.3%
- ------------------------------------
Other 14.9%
- ------------------------------------
(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.
<Table>
Nuveen Equity Premium Income Fund (JPZ)
PORTFOLIO OF INVESTMENTS March 31, 2006 (Unaudited)
<Caption>
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 95.7%
AEROSPACE & DEFENSE - 2.3%
71,400 Boeing Company $ 5,564,202
100,000 Honeywell International Inc. 4,277,000
2,600 Northrop Grumman Corporation 177,554
32,000 Raytheon Company 1,466,880
89,400 United Technologies Corporation 5,182,518
- ------------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 16,668,154
---------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.3%
29,400 United Parcel Service, Inc., Class B 2,333,772
- ------------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.1%
2,500 AirTrans Holdings, Inc., (1) 45,275
22,200 AMR Corporation-DEL, (1) 600,510
14,800 Continental Airlines, Inc., (1) 398,120
50,400 Northwest Airlines Corporation, (1) 22,680
- ------------------------------------------------------------------------------------------------------------------------------------
Total Airlines 1,066,585
---------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.1%
11,000 American Axle & Manufacturing Holdings, Inc. 188,430
27,900 Lear Corporation 494,667
- ------------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 683,097
---------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.3%
188,200 Ford Motor Company 1,498,072
35,700 General Motors Corporation 759,339
- ------------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 2,257,411
---------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.9%
91,100 Coca-Cola Company 3,814,357
40,500 PepsiCo, Inc. 2,340,495
- ------------------------------------------------------------------------------------------------------------------------------------
Total Beverages 6,154,852
---------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 0.6%
50,500 Amgen Inc., (1) 3,673,875
2,500 Genentech, Inc., (1) 211,275
4,600 Gilead Sciences, Inc., (1) 286,212
- ------------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 4,171,362
---------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 2.3%
39,400 Charles Schwab Corporation 678,074
19,900 Goldman Sachs Group, Inc. 3,123,504
5,100 Jefferies Group, Inc. 298,350
20,300 Legg Mason, Inc. 2,544,199
26,500 Merrill Lynch & Co., Inc. 2,087,140
96,100 Morgan Stanley 6,037,002
59,100 Waddell & Reed Financial, Inc., Class A 1,365,210
- ------------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 16,133,479
---------------------------------------------------------------------------------------------------------------
CHEMICALS - 2.8%
116,400 Dow Chemical Company 4,725,840
160,500 E.I. Du Pont de Nemours and Company 6,774,705
40,400 Eastman Chemical Company 2,067,672
47,800 Lubrizol Corporation 2,048,230
42,800 Lyondell Chemical Company 851,720
22,100 NL Industries, Inc. 234,923
86,400 Olin Corporation 1,855,008
91,100 RPM International, Inc. 1,634,334
7,863 Tronox Incorporated, Class B 133,592
- ------------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 20,326,024
---------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 7.0%
3,500 Australia and New Zealand Banking Group Limited, Sponsored ADR 332,220
429,381 Bank of America Corporation 19,554,011
46,900 HSBC Holdings PLC, Sponsored ADR 3,929,282
145,300 Lloyds TSB Group PLC, Sponsored ADR 5,592,597
7,600 National Australia Bank Limited, Sponsored ADR 1,022,580
</Table>
<Table>
175,300 U.S. Bancorp. $ 5,346,650
106,300 Wachovia Corporation 5,958,115
34,100 Washington Mutual, Inc. 1,453,342
100,900 Wells Fargo & Company 6,444,483
1,900 Westpac Banking Corporation 161,443
- ------------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 49,794,723
---------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.7%
2,600 Administaff, Inc. 141,336
56,300 Automatic Data Processing, Inc. 2,571,784
3,800 Avery Dennison Corporation 222,224
4,000 Career Education Corporation, (1) 150,920
7,100 Cendant Corporation 123,185
2,000 CheckFree Corp., (1) 101,000
55,100 Deluxe Corporation 1,441,967
4,200 Fair Isaac Corporation 166,404
1,600 ITT Educational Services, Inc., (1) 102,480
3,000 Manpower Inc. 171,540
31,000 Paychex, Inc. 1,291,460
5,800 Priceline.com Incorporated, (1) 144,072
8,500 R.R. Donnelley & Sons Company 278,120
117,800 ServiceMaster Company 1,545,536
37,900 Standard Register Company 587,450
78,600 Synagro Technologies, Inc. 393,000
72,000 Waste Management, Inc. 2,541,600
- ------------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 11,974,078
---------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 2.6%
16,300 ADTRAN, Inc. 426,734
30,600 Avaya Inc., (1) 345,780
61,800 Ciena Corporation, (1) 321,978
263,500 Cisco Systems, Inc., (1) 5,710,045
68,200 Corning Incorporated, (1) 1,835,262
95,000 JDS Uniphase Corporation, (1) 396,150
149,100 Motorola, Inc. 3,415,881
118,300 QUALCOMM Inc. 5,987,163
- ------------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 18,438,993
---------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 2.2%
38,000 Apple Computer, Inc., (1) 2,383,360
61,900 Dell Inc., (1) 1,842,144
129,100 Hewlett-Packard Company 4,247,390
87,100 International Business Machines Corporation (IBM) 7,183,137
13,700 McAfee Inc., (1) 333,321
- ------------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 15,989,352
---------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.7%
9,900 Chesapeake Corporation 137,412
49,300 Packaging Corp of America 1,106,292
106,700 Sonoco Products Company 3,613,929
- ------------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 4,857,633
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 5.9%
16,900 A. G. Edwards, Inc. 842,634
32,300 AllianceBernstein Holding Limited Partnership 2,139,875
12,000 American Express Company 630,600
8,700 Chicago Merchantile Exchange 3,893,250
458,000 Citigroup Inc. 21,631,340
11,400 Gladstone Capital Corporation 245,670
314,050 JPMorgan Chase & Co. 13,077,042
- ------------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 42,460,411
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.0%
359,379 AT&T Inc. 9,717,608
183,600 BellSouth Corporation 6,361,740
220,900 Citizens Communications Company 2,931,343
104,987 Sprint Nextel Corporation 2,712,864
11,600 Telstra Corporation Limited, ADR 155,556
</Table>
<Table>
192,900 Verizon Communications Inc. $ 6,570,174
- ------------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 28,449,285
---------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.6%
27,000 Ameren Corporation 1,345,140
20,900 Consolidated Edison, Inc. 909,150
21,900 DPL Inc. 591,300
72,700 Duquesne Light Holdings Inc. 1,199,550
93,800 Great Plains Energy Incorporated 2,640,470
60,600 OGE Energy Corp. 1,757,400
80,800 Pepco Holdings, Inc. 1,841,432
32,400 Progress Energy, Inc. 1,424,952
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 11,709,394
---------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.1%
10,800 American Power Conversion Corporation 249,588
61,200 Emerson Electric Co. 5,118,156
30,600 Hubbell Incorporated, Class B 1,568,556
13,800 Rockwell Automation, Inc. 992,358
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 7,928,658
---------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.1%
33,800 Gentex Corporation 590,148
5,700 Parker Hannifin Corporation 459,477
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 1,049,625
---------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.3%
21,300 Diamond Offshore Drilling, Inc. 1,906,350
29,900 ENSCO International Incorporated 1,538,355
55,800 Halliburton Company 4,074,516
2,000 National-Oilwell Varco Inc., (1) 128,240
11,600 Patterson-UTI Energy, Inc. 370,736
39,600 Schlumberger Limited 5,012,172
17,600 Smith International, Inc. 685,696
46,500 Tidewater Inc. 2,568,195
3,000 Transocean Inc., (1) 240,900
- ------------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 16,525,160
---------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.5%
100,200 Albertson's, Inc. 2,572,134
4,800 Longs Drug Stores Corporation 222,144
10,000 Walgreen Co. 431,300
133,600 Wal-Mart Stores, Inc. 6,311,264
13,400 Whole Foods Market, Inc. 890,296
- ------------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 10,427,138
---------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.5%
72,500 ConAgra Foods, Inc. 1,555,850
109,400 Sara Lee Corporation 1,956,072
- ------------------------------------------------------------------------------------------------------------------------------------
Total Food Products 3,511,922
---------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.5%
28,200 AGL Resources Inc. 1,016,610
141,200 Atmos Energy Corporation 3,717,796
18,200 KeySpan Corporation 743,834
81,800 Nicor Inc. 3,236,008
65,700 Peoples Energy Corporation 2,341,548
- ------------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 11,055,796
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
35,700 Baxter International Inc. 1,385,517
1,300 Cardinal Health, Inc. 96,876
15,600 Guidant Corporation 1,217,736
28,900 Medtronic, Inc. 1,466,675
- ------------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 4,166,804
---------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.7%
18,000 Aetna Inc. 884,520
21,800 Caremark Rx, Inc., (1) 1,072,124
15,450 Coventry Health Care, Inc., (1) 833,991
8,900 HCA, Inc. 407,531
</Table>
<Table>
7,000 Humana Inc., (1) $ 368,550
6,700 Mentor Corporation 303,577
2,100 Omnicare, Inc. 115,479
92,170 UnitedHealth Group Incorporated 5,148,616
7,900 Universal Health Services, Inc., Class B 401,241
36,800 Wellpoint Inc., (1) 2,849,424
- ------------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 12,385,053
---------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 0.7%
23,300 GTECH Holdings Corporation 793,365
28,800 International Game Technology 1,014,336
86,900 McDonald's Corporation 2,985,884
- ------------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 4,793,585
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.5%
3,400 Black & Decker Corporation 295,426
10,100 Lennar Corporation, Class A 609,838
27,900 Maytag Corporation 595,107
107,400 Newell Rubbermaid Inc. 2,705,406
12,400 Snap-on Incorporated 472,688
25,600 Stanley Works 1,296,896
106,700 Tupperware Corporation 2,196,953
26,600 Whirlpool Corporation 2,433,102
- ------------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 10,605,416
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 2.2%
53,200 Colgate-Palmolive Company 3,037,720
216,287 Procter & Gamble Company 12,462,457
- ------------------------------------------------------------------------------------------------------------------------------------
Total Household Products 15,500,177
---------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 4.9%
64,800 3M Co. 4,904,712
754,300 General Electric Company 26,234,554
27,800 Genuine Parts Company 1,218,474
7,400 Tomkins PLC, Sponsored ADR 174,418
95,500 Tyco International Ltd. 2,567,040
- ------------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 35,099,198
---------------------------------------------------------------------------------------------------------------
INSURANCE - 3.4%
36,800 Allstate Corporation 1,917,648
144,400 American International Group, Inc. 9,543,396
64,300 Arthur J. Gallagher & Co. 1,788,183
30,700 Converium Holding AG, ADR, (1) 190,954
35,200 Fidelity National Financial, Inc. 1,250,656
12,500 Hartford Financial Services Group, Inc. 1,006,875
1,500 Jefferson-Pilot Corporation 83,910
42,100 Lincoln National Corporation 2,298,239
76,500 Marsh & McLennan Companies, Inc. 2,246,040
19,200 Mercury General Corporation 1,054,080
57,800 Unitrin, Inc. 2,688,278
8,300 XL Capital Ltd, Class A 532,113
- ------------------------------------------------------------------------------------------------------------------------------------
Total Insurance 24,600,372
---------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.2%
23,200 Amazon.com, Inc., (1) 847,032
9,437 Expedia, Inc., (1) 191,288
9,437 IAC/InterActiveCorp., (1) 278,108
- ------------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 1,316,428
---------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 1.3%
56,000 eBay Inc., (1) 2,187,360
8,200 F5 Networks, Inc., (1) 594,418
5,900 Google Inc., Class A, (1) 2,301,000
110,000 United Online, Inc. 1,414,600
93,700 Yahoo! Inc., (1) 3,022,762
- ------------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 9,520,140
---------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.1%
2,050 FactSet Research Systems Inc. 90,918
</Table>
<Table>
8,900 WebEx Communications, Inc., (1) $ 299,663
- ------------------------------------------------------------------------------------------------------------------------------------
Total IT Services 390,581
---------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.2%
20,400 Eastman Kodak Company 580,176
58,700 Mattel, Inc. 1,064,231
- ------------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 1,644,407
---------------------------------------------------------------------------------------------------------------
MACHINERY - 1.7%
24,100 Briggs & Stratton Corporation 852,417
75,600 Caterpillar Inc. 5,428,836
1,000 Cummins Inc. 105,100
5,000 Deere & Company 395,250
1,000 Eaton Corporation 72,970
13,600 Graco Inc. 617,848
1,600 Illinois Tool Works Inc. 154,096
11,800 Ingersoll-Rand Company - Class A 493,122
17,100 Pentair, Inc. 696,825
59,400 SPX Corporation 3,173,148
12,000 Timken Company 387,240
- ------------------------------------------------------------------------------------------------------------------------------------
Total Machinery 12,376,852
---------------------------------------------------------------------------------------------------------------
MEDIA - 1.1%
2,800 Clear Channel Communications, Inc. 81,228
13,000 Omnicom Group Inc. 1,082,250
232,700 Regal Entertainment Group, Class A 4,377,087
2,700 Reuters Group PLC, Sponsored ADR 111,132
78,100 Sirius Satellite Radio Inc., (1) 396,748
5,600 ValueClick, Inc., (1) 94,752
6,350 Viacom Inc., Class B, (1) 246,380
48,000 Walt Disney Company 1,338,720
4,700 Westwood One, Inc. 51,888
- ------------------------------------------------------------------------------------------------------------------------------------
Total Media 7,780,185
---------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.0%
40,200 Alcoa Inc. 1,228,512
14,400 CONSOL Energy Inc. 1,067,904
1,300 Freeport-McMoRan Copper & Gold, Inc. 77,701
16,000 Nucor Corporation 1,676,640
2,600 Phelps Dodge Corporation 209,378
25,200 Southern Copper Corporation 2,128,896
6,900 USEC Inc. 83,145
50,800 Worthington Industries, Inc. 1,019,048
- ------------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 7,491,224
---------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.7%
19,001 Federated Department Stores, Inc. 1,387,073
1,700 J.C. Penney Company, Inc. 102,697
55,400 Nordstrom, Inc. 2,170,572
7,900 Sears Holding Corporation, (1) 1,044,696
- ------------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 4,705,038
---------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.5%
125,900 Duke Energy Corporation 3,669,985
28,500 National Fuel Gas Company 932,520
10,400 National Grid PLC, Sponsored ADR 516,152
49,100 ONEOK, Inc. 1,583,475
32,100 Public Service Enterprise Group Incorporated 2,055,684
59,600 United Utilities PLC, Sponsored ADR 1,445,300
10,700 Vectren Corporation 282,266
- ------------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 10,485,382
---------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 6.5%
7,000 Burlington Resources Inc. 643,370
6,700 Chesapeake Energy Corporation 210,447
151,900 ChevronTexaco Corporation 8,805,643
59,700 ConocoPhillips 3,770,055
8,000 EOG Resources, Inc. 576,000
437,600 Exxon Mobil Corporation 26,632,336
</Table>
<Table>
39,000 Kerr-McGee Corporation $ 3,723,720
700 Occidental Petroleum Corporation 64,855
4,700 Royal Dutch Shell PLC, Class A, ADR 292,622
25,600 Valero Energy Corporation 1,530,368
- ------------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 46,249,416
---------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.0%
2,900 Potlatch Corporation 124,236
- ------------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 8.1%
111,700 Abbott Laboratories 4,743,899
350,400 Bristol-Myers Squibb Company 8,623,344
78,800 Eli Lilly and Company 4,357,640
36,200 GlaxoSmithKline PLC, ADR 1,893,622
207,300 Johnson & Johnson 12,276,306
254,400 Merck & Co. Inc. 8,962,512
531,200 Pfizer Inc. 13,237,504
36,000 Schering-Plough Corporation 683,640
67,600 Wyeth 3,279,952
- ------------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 58,058,419
---------------------------------------------------------------------------------------------------------------
REAL ESTATE - 2.4%
71,800 American Financial Realty Trust 836,470
57,700 American Home Mortgage Investment Corp. 1,800,817
24,700 Brandywine Realty Trust 784,472
154,100 Crescent Real Estate Equities Company 3,246,887
19,900 Equity Office Properties Trust 668,242
45,300 First Industrial Realty Trust, Inc. 1,933,857
19,800 Health Care REIT, Inc. 754,380
117,900 HRPT Properties Trust 1,384,146
3,500 Liberty Property Trust 165,060
5,100 Mills Corp. 142,800
42,500 Nationwide Health Properties, Inc. 913,750
29,800 New Century Financial Corporation 1,371,396
55,300 Newcastle Investment Corporation 1,322,776
11,700 Reckson Associates Realty Corporation 536,094
27,000 Senior Housing Properties Trust 488,700
55,400 Trustreet Properties, Inc. 841,526
- ------------------------------------------------------------------------------------------------------------------------------------
Total Real Estate 17,191,373
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 3.2%
28,500 Advanced Micro Devices, Inc., (1) 945,060
35,500 Analog Devices, Inc. 1,359,295
97,200 Applied Materials, Inc. 1,701,972
45,300 Broadcom Corporation, Class A, (1) 1,955,148
419,700 Intel Corporation 8,121,195
9,700 Intersil Holding Corporation, Class A 280,524
8,000 KLA-Tencor Corporation 386,880
6,600 Lam Research Corporation, (1) 283,800
13,300 Linear Technology Corporation 466,564
17,400 Maxim Integrated Products, Inc. 646,410
34,300 Microchip Technology Incorporated 1,245,090
24,800 National Semiconductor Corporation 690,432
9,900 NVIDIA Corporation, (1) 566,874
4,100 Omnivision Technologies, Inc., (1) 123,820
100 Silicon Laboratories Inc., (1) 5,495
115,500 Texas Instruments Incorporated 3,750,285
13,200 Xilinx, Inc. 336,072
- ------------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 22,864,916
---------------------------------------------------------------------------------------------------------------
SOFTWARE - 3.7%
38,852 Adobe Systems Incorporated 1,356,712
11,400 Autodesk, Inc. 439,128
34,800 BEA Systems, Inc., (1) 456,924
18,500 Cognizant Technology Solutions Corporation, Class A, (1) 1,100,565
6,600 Electronic Arts Inc. (EA), (1) 361,152
9,800 Internet Security Systems, Inc., (1) 235,004
640,200 Microsoft Corporation 17,419,842
</Table>
<Table>
251,177 Oracle Corporation, (1) $ 3,438,627
6,100 Red Hat, Inc., (1) 170,678
300 Salesforce.com, Inc. (1) 10,899
36,424 Symantec Corporation, (1) 613,016
21,500 VeriSign, Inc., (1) 515,785
- ------------------------------------------------------------------------------------------------------------------------------------
Total Software 26,118,332
---------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 3.2%
33,100 Abercrombie & Fitch Co., Class A 1,929,730
31,800 American Eagle Outfitters, Inc. 949,548
53,700 Best Buy Co., Inc. 3,003,441
39,600 Chico's FAS, Inc., (1) 1,609,344
10,600 Christopher & Banks Corporation 246,026
44,800 Claire's Stores, Inc. 1,626,688
16,000 Foot Locker, Inc. 382,080
39,400 Gap, Inc. 735,992
146,000 Home Depot, Inc. 6,175,800
68,800 Limited Brands, Inc. 1,682,848
19,800 Lowe's Companies, Inc. 1,275,912
20,200 Michaels Stores, Inc. 759,116
4,300 Pep Boys - Manny, Moe & Jack 64,973
39,000 Pier 1 Imports, Inc. 452,790
1,900 Ross Stores, Inc. 55,461
500 Sherwin-Williams Company 24,720
20,300 Talbots, Inc. 545,461
19,700 TJX Companies, Inc. 488,954
6,000 Tuesday Morning Corporation 138,540
17,600 Urban Outfitters, Inc., (1) 431,904
- ------------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 22,579,328
---------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
2,600 Coach, Inc., (1) 89,908
- ------------------------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.7%
9,700 Capitol Federal Financial 313,310
10,600 Countrywide Financial Corporation 389,020
22,900 Fannie Mae 1,177,060
166,000 New York Community Bancorp, Inc. 2,908,320
- ------------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 4,787,710
---------------------------------------------------------------------------------------------------------------
TOBACCO - 2.7%
219,700 Altria Group, Inc. 15,567,942
19,000 Loews Corp - Carolina Group 898,130
16,100 Reynolds American Inc. 1,698,550
4,300 UST Inc. 178,880
64,785 Vector Group Ltd. 1,234,802
- ------------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 19,578,304
---------------------------------------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE - 0.0%
7,100 Stolt-Nielsen S.A., Sponsored ADR 217,970
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $610,413,356) 684,687,658
===============================================================================================================
</Table>
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.1%
1,042 S&P 500 Index $ 122,435,000 4/22/06 $1175 $ 41,680
809 S&P 500 Index 93,035,000 5/20/06 1150 88,990
768 S&P 500 Index 90,240,000 5/20/06 1175 122,880
1,259 S&P 500 Index 151,080,000 5/20/06 1200 302,160
802 S&P 500 Index 94,235,000 6/17/06 1175 248,620
530 S&P 500 Index 63,600,000 6/17/06 1200 243,800
- ------------------------------------------------------------------------------------------------------------------------------------
5,210 TOTAL PUT OPTIONS (COST $2,123,985) 614,625,000 1,048,130
====================================================================================================================================
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 6.4%
Repurchase Agreement with State Street Bank, dated
3/31/06, repurchase price $45,543,062, collateralized by
$37,240,000 U.S. Treasury Notes, 6.500%,
$ 45,527 due 2/15/10 value $39,707,150 4.250% 4/03/06 $ 45,526,938
==============----------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $45,526,938) 45,526,938
===============================================================================================================
TOTAL INVESTMENTS (COST $658,064,279) - 102.2% 731,262,726
===============================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (2.4)% (2)
(679) S&P 500 Index $ (84,875,000) 4/22/06 $1250 $ (3,371,235)
(1,401) S&P 500 Index (178,627,500) 4/22/06 1275 (3,915,795)
(662) S&P 500 Index (86,060,000) 4/22/06 1300 (761,300)
(560) S&P 500 Index (70,000,000) 5/20/06 1250 (3,144,400)
(1,239) S&P 500 Index (157,972,500) 5/20/06 1275 (4,491,375)
(669) S&P 500 Index (86,970,000) 5/20/06 1300 (1,338,000)
- ------------------------------------------------------------------------------------------------------------------------------------
(5,210) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $19,211,381) (664,505,000) (17,022,105)
====================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.2% 1,037,034
===============================================================================================================
NET ASSETS - 100% $ 715,277,655
===============================================================================================================
(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.
</Table>
<Table>
Nuveen Equity Premium Opportunity Fund (JSN)
PORTFOLIO OF INVESTMENTS March 31, 2006 (Unaudited)
<Caption>
SHARES DESCRIPTION VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.0%
AEROSPACE & DEFENSE - 2.1%
88,200 Boeing Company $ 6,873,426
133,500 Honeywell International Inc. 5,709,795
26,000 Lockheed Martin Corporation 1,953,380
41,700 Northrop Grumman Corporation 2,847,693
46,000 Raytheon Company 2,108,640
107,600 United Technologies Corporation 6,237,572
- ------------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 25,730,506
---------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.6%
98,500 United Parcel Service, Inc., Class B 7,818,930
- ------------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
93,200 AMR Corporation-DEL, (1) 2,521,060
- ------------------------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.0%
26,700 Lear Corporation 473,391
- ------------------------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.5%
302,500 Ford Motor Company 2,407,900
109,300 General Motors Corporation 2,324,811
34,500 Harley-Davidson Inc. 1,789,860
- ------------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 6,522,571
---------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.0%
171,450 Coca-Cola Company 7,178,612
83,200 PepsiCo, Inc. 4,808,128
- ------------------------------------------------------------------------------------------------------------------------------------
Total Beverages 11,986,740
---------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 2.8%
201,150 Amgen Inc., (1) 14,633,663
121,150 Biogen Idec Inc., (1) 5,706,165
44,700 Genentech, Inc., (1) 3,777,597
46,900 Genzyme Corporation, (1) 3,152,618
92,100 Gilead Sciences, Inc., (1) 5,730,462
152,400 Memory Pharmaceuticals Corporation, (1) 421,767
20,150 Sepracor Inc., (1) 983,522
- ------------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 34,405,794
---------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 1.9%
34,400 American Capital Strategies Limited 1,209,504
156,050 Charles Schwab Corporation 2,685,621
26,800 Goldman Sachs Group, Inc. 4,206,528
33,700 Legg Mason, Inc. 4,223,621
132,250 Morgan Stanley 8,307,945
136,400 Waddell & Reed Financial, Inc., Class A 3,150,840
- ------------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 23,784,059
---------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.6%
113,700 Dow Chemical Company 4,616,220
137,700 E.I. Du Pont de Nemours and Company 5,812,317
46,050 Eastman Chemical Company 2,356,839
72,000 Lubrizol Corporation 3,085,200
26,400 Lyondell Chemical Company 525,360
23,600 NL Industries Inc. 250,868
37,650 Olin Corporation 808,346
152,650 RPM International, Inc. 2,738,541
- ------------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 20,193,691
---------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 4.9%
14,500 Allied Capital Corporation 443,700
485,129 Bank of America Corporation 22,092,820
116,800 Commerce Bancorp, Inc. 4,280,720
30,000 FNB Corporation PA 513,000
45,100 HSBC Holdings PLC, Sponsored ADR 3,778,478
121,500 Lloyds TSB Group PLC, Sponsored ADR 4,676,535
64,900 North Fork Bancorporation Inc. 1,871,067
</Table>
<Table>
2,200 R&G Financial Corporation, Class B $ 27,852
283,700 U.S. Bancorp. 8,652,850
135,250 Wachovia Corporation 7,580,763
108,950 Wells Fargo & Company 6,958,637
- ------------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 60,876,422
---------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.9%
95,800 Automatic Data Processing, Inc. 4,376,144
27,500 Corporate Executive Board Company 2,774,750
68,150 Deluxe Corporation 1,783,486
45,000 Fair Isaac Corporation 1,782,900
57,150 Manpower Inc. 3,267,837
49,100 R.R. Donnelley & Sons Company 1,606,552
267,200 ServiceMaster Company 3,505,664
96,200 Sirva Inc., (1) 820,586
57,400 Synagro Technologies, Inc. 287,000
95,550 Waste Management, Inc. 3,372,915
- ------------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 23,577,834
---------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 5.6%
68,500 ADTRAN, Inc. 1,793,330
919,400 Cisco Systems, Inc., (1) 19,923,398
184,500 Corning Incorporated, (1) 4,964,895
55,800 Harris Corporation 2,638,782
73,000 Juniper Networks Inc., (1) 1,395,760
243,800 Motorola, Inc. 5,585,458
569,150 QUALCOMM Inc. 28,804,679
41,200 Research In Motion Limited, (1) 3,497,056
- ------------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 68,603,358
---------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 4.3%
331,300 Apple Computer, Inc., (1) 20,779,136
285,400 Dell Inc., (1) 8,493,504
191,800 EMC Corporation, (1) 2,614,234
29,300 Gateway Inc., (1) 64,167
317,700 Hewlett-Packard Company 10,452,330
100,600 International Business Machines Corporation (IBM) 8,296,482
43,250 McAfee Inc., (1) 1,052,273
23,000 Network Appliance Inc., (1) 828,690
15,600 SanDisk Corporation, (1) 897,312
- ------------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 53,478,128
---------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.7%
206,200 Packaging Corp of America 4,627,128
127,450 Sonoco Products Company 4,316,732
- ------------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 8,943,860
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 4.8%
56,200 A. G. Edwards, Inc. 2,802,132
31,000 American Express Company 1,629,050
11,000 Chicago Merchantile Exchange 4,922,500
549,300 Citigroup Inc. 25,943,436
71,300 Eaton Vance Corporation 1,952,194
126,150 ING Groep N.V., Sponsored ADR 4,970,310
408,650 JPMorgan Chase & Co. 17,016,186
- ------------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 59,235,808
---------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.2%
439,300 AT&T Inc. 11,878,672
245,900 BellSouth Corporation 8,520,435
262,750 Citizens Communications Company 3,486,693
198,706 Sprint Nextel Corporation 5,134,563
302,400 Verizon Communications Inc. 10,299,744
- ------------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 39,320,107
---------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.0%
38,400 Ameren Corporation 1,913,088
98,700 Duquesne Light Holdings Inc. 1,628,550
129,350 Great Plains Energy Incorporated 3,641,203
</Table>
<Table>
92,500 OGE Energy Corp. $ 2,682,500
118,050 Pepco Holdings, Inc. 2,690,360
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 12,555,701
---------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.2%
26,000 Cooper Industries, Ltd., Class A 2,259,400
80,400 Emerson Electric Co. 6,723,852
47,150 Hubbell Incorporated, Class B 2,416,909
39,000 Rockwell Automation, Inc. 2,804,490
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 14,204,651
---------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
123,100 Gentex Corporation 2,149,326
51,200 Roper Industries Inc. 2,489,856
- ------------------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 4,639,182
---------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.1%
45,800 Diamond Offshore Drilling, Inc. 4,099,100
51,150 ENSCO International Incorporated 2,631,668
97,250 Halliburton Company 7,101,195
76,950 Patterson-UTI Energy, Inc. 2,459,322
37,500 Schlumberger Limited 4,746,375
77,800 Tidewater Inc. 4,296,894
- ------------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 25,334,554
---------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.3%
179,200 Albertson's, Inc. 4,600,064
71,500 Walgreen Co. 3,083,795
175,200 Wal-Mart Stores, Inc. 8,276,448
- ------------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 15,960,307
---------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.6%
71,700 ConAgra Foods, Inc. 1,538,682
30,500 Monsanto Company 2,584,875
211,100 Sara Lee Corporation 3,774,468
- ------------------------------------------------------------------------------------------------------------------------------------
Total Food Products 7,898,025
---------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.1%
63,900 AGL Resources Inc. 2,303,595
179,450 Atmos Energy Corporation 4,724,919
122,400 Nicor Inc. 4,842,144
84,600 Piedmont Natural Gas Company 2,029,554
- ------------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 13,900,212
---------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 1.0%
80,600 Baxter International Inc. 3,128,086
36,300 Guidant Corporation 2,833,578
35,400 Hillenbrand Industries 1,946,646
77,300 Medtronic, Inc. 3,922,975
- ------------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 11,831,285
---------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.7%
49,000 Aetna Inc. 2,407,860
7,100 AmericGroup Corporation, (1) 149,384
51,800 Caremark Rx, Inc., (1) 2,547,524
39,000 Coventry Health Care, Inc., (1) 2,105,220
43,000 Mentor Corporation 1,948,330
121,700 UnitedHealth Group Incorporated 6,798,162
66,800 Wellpoint Inc., (1) 5,172,324
- ------------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 21,128,804
---------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.2%
71,750 GTECH Holdings Corporation 2,443,087
68,500 International Game Technology 2,412,570
215,800 McDonald's Corporation 7,414,888
31,000 Starwood Hotels & Resorts Worldwide, Inc. 2,099,630
- ------------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 14,370,175
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.1%
119,400 Maytag Corporation 2,546,802
184,850 Newell Rubbermaid Inc. 4,656,372
44,700 Stanley Works 2,264,502
38,500 Whirlpool Corporation $ 3,521,595
- ------------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 12,989,271
---------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.3%
59,100 Colgate-Palmolive Company 3,374,610
229,375 Procter & Gamble Company 13,216,587
- ------------------------------------------------------------------------------------------------------------------------------------
Total Household Products 16,591,197
---------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 3.7%
83,000 3M Co. 6,282,270
958,350 General Electric Company 33,331,410
57,500 Genuine Parts Company 2,520,225
146,050 Tyco International Ltd. 3,925,824
- ------------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 46,059,729
---------------------------------------------------------------------------------------------------------------
INSURANCE - 2.4%
41,400 Allstate Corporation 2,157,354
202,500 American International Group, Inc. 13,383,225
118,050 Arthur J. Gallagher & Co. 3,282,971
51,050 Fidelity National Financial, Inc. 1,813,807
105,900 Marsh & McLennan Companies, Inc. 3,109,224
35,150 Mercury General Corporation 1,929,735
81,750 Unitrin, Inc. 3,802,193
- ------------------------------------------------------------------------------------------------------------------------------------
Total Insurance 29,478,509
---------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.3%
72,750 Amazon.com, Inc., (1) 2,656,103
18,150 IAC/InterActiveCorp., (1) 534,881
- ------------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 3,190,984
---------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 2.5%
341,600 eBay Inc., (1) 13,342,896
20,400 Google Inc., Class A, (1) 7,956,000
111,600 United Online, Inc. 1,435,176
267,900 Yahoo! Inc., (1) 8,642,454
- ------------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 31,376,526
---------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.4%
86,700 Electronic Data Systems Corporation 2,326,161
52,800 First Data Corporation 2,472,096
- ------------------------------------------------------------------------------------------------------------------------------------
Total IT Services 4,798,257
---------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.3%
93,100 Mattel, Inc. 1,687,903
34,500 Polaris Industries Inc. 1,882,320
- ------------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 3,570,223
---------------------------------------------------------------------------------------------------------------
MACHINERY - 1.6%
49,050 Briggs & Stratton Corporation 1,734,899
112,400 Caterpillar Inc. 8,071,444
52,750 Graco Inc. 2,396,433
24,400 Pentair, Inc. 994,300
76,400 SPX Corporation 4,081,288
67,000 Timken Company 2,162,090
- ------------------------------------------------------------------------------------------------------------------------------------
Total Machinery 19,440,454
---------------------------------------------------------------------------------------------------------------
MEDIA - 1.9%
19,550 Catalina Marketing Corporation 451,605
69,500 Clear Channel Communications, Inc. 2,016,195
8,687 Live Nation Inc., (1) 172,350
144,450 News Corporation, Class A 2,399,315
28,100 Omnicom Group Inc. 2,339,325
234,500 Regal Entertainment Group, Class A 4,410,945
469,850 Sirius Satellite Radio Inc., (1) 2,386,838
161,900 Time Warner Inc. 2,718,301
46,400 Viacom Inc., Class B, (1) 1,800,320
129,700 Walt Disney Company 3,617,333
66,850 XM Satellite Radio Holdings Inc., Class A, (1) 1,488,750
- ------------------------------------------------------------------------------------------------------------------------------------
Total Media 23,801,277
---------------------------------------------------------------------------------------------------------------
METALS & MINING - 0.8%
</Table>
<Table>
121,500 Alcoa Inc. $ 3,713,040
140,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 4,398,800
17,500 Southern Copper Corporation 1,478,400
- ------------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 9,590,240
---------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.9%
33,096 Federated Department Stores, Inc. 2,416,008
93,000 Nordstrom, Inc. 3,643,740
20,877 Sears Holding Corporation, (1) 2,760,774
41,500 Target Corporation 2,158,415
- ------------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 10,978,937
---------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.2%
181,250 Duke Energy Corporation 5,283,438
88,300 National Fuel Gas Company 2,889,176
6,600 National Grid PLC 327,558
95,800 ONEOK, Inc. 3,089,550
42,100 Public Service Enterprise Group Incorporated 2,696,084
- ------------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 14,285,806
---------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 4.8%
12,800 BP Prudhoe Bay Royalty Trust 904,832
183,650 ChevronTexaco Corporation 10,646,191
74,000 ConocoPhillips 4,673,100
545,550 Exxon Mobil Corporation 33,202,170
87,200 Royal Dutch Shell PLC, Class A, ADR 5,429,072
46,000 San Juan Basin Royalty Trust 1,883,700
18,400 Total SA, Sponsored ADR 2,423,832
- ------------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 59,162,897
---------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.2%
37,000 Bowater Incorporated 1,094,460
- ------------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 6.9%
152,900 Abbott Laboratories 6,493,663
406,450 Bristol-Myers Squibb Company 10,002,735
108,800 Celgene Corporation, (1) 4,811,136
134,950 Eli Lilly and Company 7,462,735
49,700 GlaxoSmithKline PLC, ADR 2,599,807
241,250 Johnson & Johnson 14,286,825
381,350 Merck & Co. Inc. 13,434,960
698,250 Pfizer Inc. 17,400,390
124,050 Schering-Plough Corporation 2,355,709
139,850 Wyeth 6,785,522
- ------------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 85,633,482
---------------------------------------------------------------------------------------------------------------
REAL ESTATE - 1.8%
125,350 American Financial Realty Trust 1,460,328
22,000 American Home Mortgage Investment Corp. 686,620
277,600 Crescent Real Estate Equities Company 5,849,032
56,800 First Industrial Realty Trust, Inc. 2,424,792
64,300 Friedman, Billings, Ramsey Group, Inc., Class A 603,134
59,500 Health Care REIT, Inc. 2,266,950
86,200 Hospitality Properties Trust 3,764,354
246,550 HRPT Properties Trust 2,894,497
112,500 Nationwide Health Properties, Inc. 2,418,750
- ------------------------------------------------------------------------------------------------------------------------------------
Total Real Estate 22,368,457
---------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 5.6%
84,500 Advanced Micro Devices, Inc., (1) 2,802,020
81,900 Altera Corporation, (1) 1,690,416
109,800 Analog Devices, Inc. 4,204,242
292,300 Applied Materials, Inc. 5,118,173
129,900 Broadcom Corporation, Class A, (1) 5,606,484
41,500 Cree, Inc., (1) 1,361,615
58,000 Freescale Semiconductor, Inc., (1) 1,612,980
1,021,350 Intel Corporation 19,763,123
12,700 International Rectifier Corporation, (1) 526,161
51,550 KLA-Tencor Corporation 2,492,958
72,550 Linear Technology Corporation 2,545,054
</Table>
<Table>
59,150 Marvell Technology Group Ltd., (1) $ 3,200,015
123,350 Maxim Integrated Products, Inc. 4,582,453
123,350 National Semiconductor Corporation 3,434,064
213,250 Texas Instruments Incorporated 6,924,228
130,650 Xilinx, Inc. 3,326,349
- ------------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 69,190,335
---------------------------------------------------------------------------------------------------------------
SOFTWARE - 6.6%
49,753 Activision Inc., (1) 686,108
190,764 Adobe Systems Incorporated 6,661,479
71,500 Autodesk, Inc. 2,754,180
102,500 Computer Associates International, Inc. 2,789,025
77,600 Electronic Arts Inc. (EA), (1) 4,246,272
1,663,550 Microsoft Corporation 45,265,193
746,691 Oracle Corporation, (1) 10,222,213
41,500 SAP AG, Sponsored ADR 2,254,280
326,621 Symantec Corporation, (1) 5,497,031
58,650 Verisign, Inc., (1) 1,407,014
- ------------------------------------------------------------------------------------------------------------------------------------
Total Software 81,782,795
---------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.6%
18,900 Abercrombie & Fitch Co., Class A 1,101,870
33,400 American Eagle Outfitters, Inc. 997,324
88,950 Best Buy Co., Inc. 4,974,974
13,700 Cabela's Incorporated, (1) 281,124
48,900 Chico's FAS, Inc., (1) 1,987,296
81,900 Claire's Stores, Inc. 2,973,789
64,150 Gap, Inc. 1,198,322
210,000 Home Depot, Inc. 8,883,000
126,450 Limited Brands, Inc. 3,092,967
53,150 Lowe's Companies, Inc. 3,424,986
62,100 Michaels Stores, Inc. 2,333,718
24,000 Pier 1 Imports, Inc. 278,640
- ------------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 31,528,010
---------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.4%
261,200 New York Community Bancorp, Inc. 4,576,224
- ------------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 1.8%
249,400 Altria Group, Inc. 17,672,484
56,950 Loews Corp - Carolina Group 2,692,027
22,700 Reynolds American Inc. 2,394,850
- ------------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 22,759,361
---------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.2%
84,500 China Mobile Hong Kong Limited, Sponsored ADR 2,242,630
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $1,082,739,292) 1,195,785,216
===============================================================================================================
</Table>
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
490 Nasdaq 100 Index $ 73,500,000 5/20/06 $1500 $ 110,250
908 Nasdaq 100 Index 136,200,000 6/17/06 1500 426,760
348 Nasdaq 100 Index 53,070,000 6/17/06 1525 210,540
1,637 S&P 500 Index 192,347,500 4/22/06 1175 65,480
1,025 S&P 500 Index 117,875,000 5/20/06 1150 112,750
1,026 S&P 500 Index 120,555,000 5/20/06 1175 164,160
1,665 S&P 500 Index 199,800,000 5/20/06 1200 399,600
1,076 S&P 500 Index 126,430,000 6/17/06 1175 333,560
430 S&P 500 Index 51,600,000 6/17/06 1200 197,800
- ------------------------------------------------------------------------------------------------------------------------------------
8,605 TOTAL PUT OPTIONS (COST $4,174,241) 1,071,377,500 2,020,900
====================================================================================================================================
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 5.3%
Repurchase Agreement with State Street Bank, dated
3/31/06, repurchase price $65,770,875, collateralized by
$70,875,000 U.S. Treasury Bonds, 4.500%,
$ 65,748 due 2/15/36, value $67,065,469 4.250% 4/03/06 $ 65,747,589
===============---------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $65,747,589) 65,747,589
===============================================================================================================
TOTAL INVESTMENTS (COST $1,152,661,122) - 102.5% 1,263,553,705
===============================================================================================================
</Table>
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (2.6)% (2)
(300) Mini-Nasdaq 100 Index $ (5,100,000) 5/20/06 $ 170.0 $ (147,000)
(360) Mini-NDX 100 Index (5,940,000) 4/22/06 165.0 (246,600)
(495) Mini-NDX 100 Index (8,291,250) 4/22/06 167.5 (240,075)
(2,543) Mini-NDX 100 Index (43,231,000) 4/22/06 170.0 (801,045)
(1,410) Mini-NDX 100 Index (23,265,000) 5/20/06 165.0 (1,170,300)
(1,490) Mini-NDX 100 Index (24,957,500) 5/20/06 167.5 (968,500)
(188) Nasdaq 100 Index (31,020,000) 4/22/06 1650 (1,292,500)
(303) Nasdaq 100 Index (50,752,500) 4/22/06 1675 (1,487,730)
(173) Nasdaq 100 Index (29,410,000) 4/22/06 1700 (548,410)
(34) Nasdaq 100 Index (5,610,000) 5/20/06 1650 (283,390)
(216) Nasdaq 100 Index (36,180,000) 5/20/06 1675 (1,406,160)
(172) Nasdaq 100 Index (29,240,000) 5/20/06 1700 (833,340)
(891) S&P 500 Index (111,375,000) 4/22/06 1250 (4,423,815)
(1,850) S&P 500 Index (235,875,000) 4/22/06 1275 (5,170,750)
(885) S&P 500 Index (115,050,000) 4/22/06 1300 (1,017,750)
(736) S&P 500 Index (92,000,000) 5/20/06 1250 (4,132,640)
(1,621) S&P 500 Index (206,677,500) 5/20/06 1275 (5,876,125)
(876) S&P 500 Index (113,880,000) 5/20/06 1300 (1,752,000)
- ------------------------------------------------------------------------------------------------------------------------------------
(14,543) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $33,350,427) (1,167,854,750) (31,798,130)
====================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.1% 896,050
===================================================================================================================
NET ASSETS - 100% $1,232,651,625
===================================================================================================================
(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.
</Table>
<Table>
Nuveen Equity Premium Advantage Fund (JLA)
PORTFOLIO OF INVESTMENTS March 31, 2006 (Unaudited)
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.0%
AEROSPACE & DEFENSE - 1.1%
26,200 Boeing Company $ 2,041,766
41,300 Honeywell International Inc. 1,766,401
29,900 United Technologies Corporation 1,733,303
- ---------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 5,541,470
------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.5%
33,700 United Parcel Service, Inc., Class B 2,675,106
- ---------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
60,900 Southwest Airlines Co. 1,095,591
- ---------------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.1%
22,700 Lear Corporation 402,471
- ---------------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.2%
14,900 Harley-Davidson Inc. 773,012
- ---------------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.6%
32,700 Coca-Cola Company 1,369,149
23,200 PepsiCo, Inc. 1,340,728
- ---------------------------------------------------------------------------------------------------------------------------
Total Beverages 2,709,877
------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 4.8%
112,400 Amgen Inc., (1) 8,177,100
73,600 Biogen Idec Inc., (1) 3,466,560
12,500 Cephalon, Inc., (1) 753,125
11,700 Genentech, Inc., (1) 988,767
61,300 Genzyme Corporation, (1) 4,120,586
80,200 Gilead Sciences, Inc., (1) 4,990,044
19,500 Sepracor Inc., (1) 951,795
- ---------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 23,447,977
------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 1.6%
74,000 Charles Schwab Corporation 1,273,540
9,100 Goldman Sachs Group, Inc. 1,428,336
13,200 Legg Mason, Inc. 1,654,356
35,700 Morgan Stanley 2,242,674
51,000 Waddell & Reed Financial, Inc., Class A 1,178,100
- ---------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 7,777,006
------------------------------------------------------------------------------------------------------
CHEMICALS - 0.5%
23,800 Dow Chemical Company 966,280
26,100 Lyondell Chemical Company 519,390
22,000 Olin Corporation 472,340
34,800 RPM International, Inc. 624,312
- ---------------------------------------------------------------------------------------------------------------------------
Total Chemicals 2,582,322
------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 3.5%
118,691 Bank of America Corporation 5,405,234
23,800 Bank of New York Company, Inc. 857,752
33,600 Commerce Bancorp, Inc. 1,231,440
82,400 Lloyds TSB Group PLC, Sponsored ADR 3,171,576
63,800 U.S. Bancorp. 1,945,900
38,800 Wachovia Corporation 2,174,740
32,600 Wells Fargo & Company 2,082,162
- ---------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 16,868,804
------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 2.8%
38,800 Automatic Data Processing, Inc. 1,772,384
28,200 CheckFree Corp., (1) 1,424,100
13,800 Corporate Executive Board Company 1,392,420
18,500 Deluxe Corporation 484,145
23,400 Global Payments Inc. 1,240,434
15,900 ITT Educational Services, Inc., (1) 1,018,395
20,400 Manpower Inc. 1,166,472
65,500 Paychex, Inc. 2,728,730
26,600 Pitney Bowes Inc. 1,141,938
</Table>
<Table>
88,800 ServiceMaster Company $ 1,165,056
- ---------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 13,534,074
------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 7.9%
101,000 Ciena Corporation, (1) 526,210
467,900 Cisco Systems, Inc., (1) 10,139,393
68,300 Corning Incorporated, (1) 1,837,953
29,400 Harris Corporation 1,390,326
263,500 JDS Uniphase Corporation, (1) 1,098,795
44,100 Juniper Networks Inc., (1) 843,192
150,600 Lucent Technologies Inc. (1) 459,330
72,900 Motorola, Inc. 1,670,139
374,500 QUALCOMM Inc. 18,953,445
17,100 Research In Motion Limited, (1) 1,451,448
- ---------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 38,370,231
------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 5.9%
226,500 Apple Computer, Inc., (1) 14,206,080
118,300 Dell Inc., (1) 3,520,608
66,500 EMC Corporation, (1) 906,395
100,200 Hewlett-Packard Company 3,296,580
36,800 International Business Machines Corporation (IBM) 3,034,896
59,000 Network Appliance Inc., (1) 2,125,770
31,500 SanDisk Corporation, (1) 1,811,880
- ---------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 28,902,209
------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.5%
74,200 Packaging Corp of America 1,665,048
24,900 Sonoco Products Company 843,363
- ---------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 2,508,411
------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 3.0%
18,700 American Express Company 982,685
4,400 Chicago Merchantile Exchange 1,969,000
115,400 Citigroup Inc. 5,450,342
36,000 Eaton Vance Corporation 985,680
89,700 JPMorgan Chase & Co. 3,735,108
20,000 Moody's Corporation 1,429,200
- ---------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 14,552,015
------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.1%
149,013 AT&T Inc. 4,029,312
54,100 BellSouth Corporation 1,874,565
70,914 Sprint Nextel Corporation 1,832,418
75,700 Verizon Communications Inc. 2,578,342
- ---------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 10,314,637
------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.6%
21,600 Exelon Corporation 1,142,640
30,400 OGE Energy Corp. 881,600
42,000 TECO Energy, Inc. 677,040
- ---------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 2,701,280
------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.1%
13,000 Cooper Industries, Ltd., Class A 1,129,700
29,900 Emerson Electric Co. 2,500,537
13,500 Hubbell Incorporated, Class B 692,010
15,500 Rockwell Automation, Inc. 1,114,605
- ---------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 5,436,852
------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.5%
16,300 Amphenol Corporation, Class A 850,534
20,300 Arrow Electronics, Inc., (1) 655,081
23,200 Roper Industries Inc. 1,128,216
- ---------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 2,633,831
------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 1.5%
15,000 Cooper Cameron Corporation, (1) 661,200
21,300 Diamond Offshore Drilling, Inc. 1,906,350
9,000 ENSCO International Incorporated 463,050
26,400 Halliburton Company 1,927,728
</Table>
<Table>
7,300 Schlumberger Limited $ 923,961
35,000 Smith International, Inc. 1,363,600
- ---------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 7,245,889
------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.3%
60,200 Albertson's, Inc. 1,545,334
33,900 CVS Corporation 1,012,593
32,500 Walgreen Co. 1,401,725
46,000 Wal-Mart Stores, Inc. 2,173,040
- ---------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 6,132,692
------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.3%
22,800 ConAgra Foods, Inc. 489,288
13,900 Monsanto Company 1,178,025
- ---------------------------------------------------------------------------------------------------------------------------
Total Food Products 1,667,313
------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.9%
36,400 Atmos Energy Corporation 958,412
50,200 Nicor Inc. 1,985,912
18,000 Peoples Energy Corporation 641,520
26,700 Piedmont Natural Gas Company 640,533
- ---------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 4,226,377
------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 1.2%
33,800 Applera Corporation-Applied Biosystems Group 917,332
34,400 Baxter International Inc. 1,335,064
10,500 Guidant Corporation 819,630
4,600 Intuitive Surgical, Inc. (1) 542,800
34,300 Medtronic, Inc. 1,740,725
10,000 Stryker Corporation 443,400
- ---------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 5,798,951
------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.4%
19,800 Caremark Rx, Inc., (1) 973,764
18,400 HealthExtras, Inc. (1) 649,520
9,100 Humana Inc., (1) 479,115
15,100 Medco Health Solutions, Inc., (1) 864,022
33,700 UnitedHealth Group Incorporated 1,882,482
11,200 Universal Health Services, Inc., Class B 568,848
16,600 Wellpoint Inc., (1) 1,285,338
- ---------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 6,703,089
------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 2.4%
27,600 International Game Technology 972,072
45,500 McDonald's Corporation 1,563,380
182,400 Starbucks Corporation, (1) 6,865,536
15,700 Starwood Hotels & Resorts Worldwide, Inc. 1,063,361
20,300 Wendy's International, Inc. 1,259,818
- ---------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 11,724,167
------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 0.8%
5,000 Black & Decker Corporation 434,450
37,300 Furniture Brands International, Inc. 914,223
38,500 Newell Rubbermaid Inc. 969,815
24,600 Tupperware Corporation 506,514
12,700 Whirlpool Corporation 1,161,669
- ---------------------------------------------------------------------------------------------------------------------------
Total Household Durables 3,986,671
------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 0.9%
76,565 Procter & Gamble Company 4,411,675
- ---------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 2.3%
24,900 3M Co. 1,884,681
233,000 General Electric Company 8,103,740
42,100 Tyco International Ltd. 1,131,648
- ---------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 11,120,069
------------------------------------------------------------------------------------------------------
INSURANCE - 1.8%
24,500 AFLAC Incorporated 1,105,685
63,400 American International Group, Inc. 4,190,106
29,600 Arthur J. Gallagher & Co. 823,176
</Table>
<Table>
32,700 Fidelity National Financial, Inc. $ 1,161,831
13,600 Prudential Financial, Inc. 1,031,016
14,400 Unitrin, Inc. 669,744
- ---------------------------------------------------------------------------------------------------------------------------
Total Insurance 8,981,558
------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.9%
39,200 Amazon.com, Inc., (1) 1,431,192
57,750 Expedia, Inc., (1) 1,170,593
45,750 IAC/InterActiveCorp., (1) 1,348,253
15,900 Stamps.com Inc. (1) 560,634
- ---------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 4,510,672
------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 3.1%
41,600 Earthlink, Inc. (1) 397,280
207,600 eBay Inc., (1) 8,108,856
18,900 j2 Global Communications, Inc. (1) 888,300
19,300 Sohu.com Inc. (1) 515,117
77,200 United Online, Inc. 992,792
134,400 Yahoo! Inc., (1) 4,335,744
- ---------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 15,238,089
------------------------------------------------------------------------------------------------------
IT SERVICES - 0.9%
26,100 aQuantive, Inc. (1) 614,394
11,800 Digital River, Inc. (1) 514,598
41,600 Electronic Data Systems Corporation 1,116,128
29,700 First Data Corporation 1,390,554
7,300 Infosys Technologies Limited, Sponsored ADR 568,378
- ---------------------------------------------------------------------------------------------------------------------------
Total IT Services 4,204,052
------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.1%
12,100 Polaris Industries Inc. 660,176
- ---------------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.4%
23,900 Briggs & Stratton Corporation 845,343
29,600 Caterpillar Inc. 2,125,576
11,100 Danaher Corporation 705,405
15,700 Eaton Corporation 1,145,629
18,700 Graco Inc. 849,541
23,300 SPX Corporation 1,244,686
- ---------------------------------------------------------------------------------------------------------------------------
Total Machinery 6,916,180
------------------------------------------------------------------------------------------------------
MEDIA - 3.0%
32,300 Clear Channel Communications, Inc. 937,023
149,100 Comcast Corporation, Special Class A, (1) 3,894,492
22,900 Dow Jones & Company, Inc. 899,970
62,500 News Corporation, Class A 1,038,125
12,800 Omnicom Group Inc. 1,065,600
76,300 Regal Entertainment Group, Class A 1,435,203
259,400 Sirius Satellite Radio Inc., (1) 1,317,752
121,600 Time Warner Inc. 2,041,664
33,200 ValueClick, Inc., (1) 561,744
34,600 Walt Disney Company 964,994
28,600 XM Satellite Radio Holdings Inc., Class A, (1) 636,922
- ---------------------------------------------------------------------------------------------------------------------------
Total Media 14,793,489
------------------------------------------------------------------------------------------------------
METALS & MINING - 1.0%
29,600 Alcoa Inc. 904,576
56,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 1,759,520
20,000 Phelps Dodge Corporation 1,610,600
6,500 Southern Copper Corporation 549,120
- ---------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 4,823,816
------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 1.3%
11,331 Federated Department Stores, Inc. 827,163
16,800 J.C. Penney Company, Inc. 1,014,888
19,500 Nordstrom, Inc. 764,010
19,400 Sears Holding Corporation, (1) 2,565,456
23,300 Target Corporation 1,211,833
- ---------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 6,383,350
------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 0.7%
</Table>
<Table>
61,600 Duke Energy Corporation $ 1,795,640
12,700 National Grid PLC, Sponsored ADR 630,301
30,500 Vectren Corporation 804,590
- ---------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 3,230,531
------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 3.4%
71,100 ChevronTexaco Corporation 4,121,667
35,300 ConocoPhillips 2,229,195
151,700 Exxon Mobil Corporation 9,232,462
12,500 Valero Energy Corporation 747,250
- ---------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 16,330,574
------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.7%
18,000 International Paper Company 622,260
31,500 Potlatch Corporation 1,349,460
20,300 Weyerhaeuser Company 1,470,329
- ---------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 3,442,049
------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 5.3%
34,800 Abbott Laboratories 1,477,956
90,700 Bristol-Myers Squibb Company 2,232,127
58,000 Celgene Corporation, (1) 2,564,760
48,800 Eli Lilly and Company 2,698,640
20,700 GlaxoSmithKline PLC, ADR 1,082,817
53,500 Johnson & Johnson 3,168,270
110,300 Merck & Co. Inc. 3,885,869
174,300 Pfizer Inc. 4,343,556
55,400 Schering-Plough Corporation 1,052,046
42,900 Telik, Inc., (1) 830,544
46,200 Wyeth 2,241,624
- ---------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 25,578,209
------------------------------------------------------------------------------------------------------
REAL ESTATE - 1.2%
68,000 American Financial Realty Trust 792,200
67,400 Health Care REIT, Inc. 2,567,940
66,600 Nationwide Health Properties, Inc. 1,431,900
49,550 Trustreet Properties, Inc. 752,665
- ---------------------------------------------------------------------------------------------------------------------------
Total Real Estate 5,544,705
------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.4%
17,500 Burlington Northern Santa Fe Corporation 1,458,275
17,500 Laidlaw International Inc. 476,000
- ---------------------------------------------------------------------------------------------------------------------------
Total Road & Rail 1,934,275
------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 7.1%
46,200 Advanced Micro Devices, Inc., (1) 1,531,992
50,600 Analog Devices, Inc. 1,937,474
106,300 Applied Materials, Inc. 1,861,313
66,600 Broadcom Corporation, Class A, (1) 2,874,456
18,900 Cymer, Inc., (1) 858,816
55,600 Fairchild Semiconductor International Inc., Class A, (1) 1,060,292
46,600 Freescale Semiconductor, Inc., (1) 1,295,946
60,580 Integrated Device Technology, Inc., (1) 900,219
441,500 Intel Corporation 8,543,025
24,700 KLA-Tencor Corporation 1,194,492
35,300 Marvell Technology Group Ltd., (1) 1,909,730
74,400 Maxim Integrated Products, Inc. 2,763,960
30,100 Micrel, Incorporated, (1) 446,082
73,000 Micron Technology, Inc., (1) 1,074,560
53,400 National Semiconductor Corporation 1,486,656
112,818 Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR 1,134,959
85,100 Texas Instruments Incorporated 2,763,197
30,150 Varian Semiconductor Equipment Associate, (1) 846,612
- ---------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 34,483,781
------------------------------------------------------------------------------------------------------
SOFTWARE - 10.3%
92,500 Adobe Systems Incorporated 3,230,100
22,100 Akamai Technologies, Inc. (1) 726,869
39,700 Autodesk, Inc. 1,529,244
47,500 Computer Associates International, Inc. 1,292,475
</Table>
<Table>
73,400 Cadence Design Systems, Inc., (1) $ 1,357,166
50,300 CNET Networks, Inc. (1) 714,763
58,600 Electronic Arts Inc. (EA), (1) 3,206,592
28,850 Hyperion Solutions Corporation, (1) 940,510
18,600 Internet Security Systems, Inc., (1) 446,028
834,600 Microsoft Corporation 22,709,466
506,651 Oracle Corporation, (1) 6,936,052
17,600 Red Hat, Inc., (1) 492,448
18,900 Reynolds and Reynolds Company 536,760
16,800 SAP AG, Sponsored ADR 912,576
32,000 Satyam Computer Services Limited, ADR 1,400,320
25,400 Sybase, Inc., (1) 536,448
182,610 Symantec Corporation, (1) 3,073,326
21,400 VeriSign, Inc., (1) 513,386
- ------------------------------------------------------------------------------------------------------------------------------------
Total Software 50,554,529
---------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.1%
6,500 Abercrombie & Fitch Co., Class A 378,950
28,650 Best Buy Co., Inc. 1,602,395
11,300 Chico's FAS, Inc., (1) 459,232
32,600 Claire's Stores, Inc. 1,183,706
25,700 Gap, Inc. 480,076
60,100 Home Depot, Inc. 2,542,230
40,900 Limited Brands, Inc. 1,000,414
24,500 Lowe's Companies, Inc. 1,578,780
14,100 Office Depot, Inc. (1) 525,084
22,800 TJX Companies, Inc. 565,896
- ------------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 10,316,763
---------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.2%
24,400 Coach, Inc., (1) 843,752
- ------------------------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.3%
13,800 Fannie Mae 709,320
53,100 New York Community Bancorp, Inc. 930,312
- ------------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 1,639,632
---------------------------------------------------------------------------------------------------------------
TOBACCO - 1.0%
69,700 Altria Group, Inc. 4,938,940
- ------------------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
46,400 China Mobile Hong Kong Limited, Sponsored ADR 1,231,456
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $423,602,722) 472,424,647
===============================================================================================================
</Table>
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
374 Nasdaq 100 Index $ 56,100,000 5/20/06 $1500 $ 84,150
671 Nasdaq 100 Index 100,650,000 6/17/06 1500 315,370
311 Nasdaq 100 Index 47,427,500 6/17/06 1525 188,155
468 S&P 500 Index 54,990,000 4/22/06 1175 18,720
285 S&P 500 Index 32,775,000 5/20/06 1150 31,350
271 S&P 500 Index 31,842,500 5/20/06 1175 43,360
413 S&P 500 Index 49,560,000 5/20/06 1200 99,120
289 S&P 500 Index 33,957,500 6/17/06 1175 89,590
78 S&P 500 Index 9,360,000 6/17/06 1200 35,880
- ------------------------------------------------------------------------------------------------------------------------------------
3,160 TOTAL PUT OPTIONS (COST $1,775,475) 416,662,500 905,695
====================================================================================================================================
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 5.5%
Repurchase Agreement with State Street Bank, dated
3/31/06, repurchase price $26,609,311, collateralized by
$27,235,000 U.S. Treasury Notes, 4.625%,
$ 26,600 due 3/31/08, value $27,132,869 4.250% 4/03/06 $ 26,599,890
==============----------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $26,599,890) 26,599,890
===============================================================================================================
TOTAL INVESTMENTS (COST $451,978,087) - 102.7% 499,930,232
===============================================================================================================
</Table>
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS - (2.7)% (2)
(1,430) Mini-Nasdaq 100 Index $ (24,310,000) 5/20/06 $ 170.0 $ (700,700)
(300) Mini-NDX 100 Index (4,950,000) 4/22/06 165.0 (205,500)
(1,140) Mini-NDX 100 Index (19,380,000) 4/22/06 170.0 (359,100)
(120) Mini-NDX 100 Index (1,980,000) 5/20/06 165.0 (99,600)
(1,250) Mini-NDX 100 Index (20,937,500) 5/20/06 167.5 (812,500)
(131) Nasdaq 100 Index (21,615,000) 4/22/06 1650 (900,625)
(294) Nasdaq 100 Index (49,245,000) 4/22/06 1675 (1,443,540)
(190) Nasdaq 100 Index (32,300,000) 4/22/06 1700 (602,300)
(128) Nasdaq 100 Index (21,120,000) 5/20/06 1650 (1,066,880)
(190) Nasdaq 100 Index (31,825,000) 5/20/06 1675 (1,236,900)
(237) S&P 500 Index (29,625,000) 4/22/06 1250 (1,176,705)
(484) S&P 500 Index (61,710,000) 4/22/06 1275 (1,352,780)
(230) S&P 500 Index (29,900,000) 4/22/06 1300 (264,500)
(194) S&P 500 Index (24,250,000) 5/20/06 1250 (1,089,310)
(425) S&P 500 Index (54,187,500) 5/20/06 1275 (1,540,625)
(234) S&P 500 Index (30,420,000) 5/20/06 1300 (468,000)
- ------------------------------------------------------------------------------------------------------------------------------------
(6,977) TOTAL CALL OPTIONS (PREMIUMS RECEIVED $12,803,402) (457,755,000) (13,319,565)
====================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.0% 81,411
===============================================================================================================
NET ASSETS - 100% $486,692,078
===============================================================================================================
(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.
</Table>
Statement of
ASSETS AND LIABILITIES March 31, 2006 (Unaudited)
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $658,064,279, $1,152,661,122 and
$451,978,087, respectively) $731,262,726 $1,263,553,705 $499,930,232
Receivables:
Dividends 1,487,640 1,779,581 512,802
Interest 5,375 7,762 3,140
Investments sold 83,890 7,344 --
Reclaims -- 6,677 --
Other assets 20,231 55,648 14,735
- -------------------------------------------------------------------------------------------------------------------------------
Total assets 732,859,862 1,265,410,717 500,460,909
- -------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Call options written, at value (premiums received $19,211,381, $33,350,427 and
$12,803,402, respectively) 17,022,105 31,798,130 13,319,565
Payable for investments purchased -- 62,910 --
Accrued expenses:
Management fees 351,634 594,457 284,365
Other 208,468 303,595 164,901
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities 17,582,207 32,759,092 13,768,831
- -------------------------------------------------------------------------------------------------------------------------------
Net assets $715,277,655 $1,232,651,625 $486,692,078
===============================================================================================================================
Shares outstanding 38,321,275 65,679,911 25,632,480
===============================================================================================================================
Net asset value per share outstanding $ 18.67 $ 18.77 $ 18.99
===============================================================================================================================
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 383,213 $ 656,799 $ 256,325
Paid-in surplus 681,151,850 1,184,766,102 471,064,113
Undistributed (Over-distribution of) net investment income 235,648 235,227 (25,818)
Accumulated net realized gain (loss) from investments and derivative
transactions (41,880,779) (65,451,383) (32,038,524)
Net unrealized appreciation (depreciation) of investments and
derivative transactions 75,387,723 112,444,880 47,435,982
- -------------------------------------------------------------------------------------------------------------------------------
Net assets $715,277,655 $1,232,651,625 $486,692,078
===============================================================================================================================
Authorized shares Unlimited Unlimited Unlimited
===============================================================================================================================
See accompanying notes to financial statements.
Statement of
OPERATIONS Three Months Ended March 31, 2006 (Unaudited)
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- --------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $3,690, $8,211
and $0, respectively) $ 4,779,114 $ 6,530,043 $ 1,887,493
Interest 371,714 617,997 295,206
- --------------------------------------------------------------------------------------------------------------------------------
Total investment income 5,150,828 7,148,040 2,182,699
- --------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,545,951 2,635,272 1,065,418
Shareholders' servicing agent fees and expenses 267 223 201
Custodian's fees and expenses 45,044 80,114 41,851
Trustees' fees and expenses 3,091 6,959 2,466
Professional fees 8,330 9,995 8,451
Shareholders' reports - printing and mailing expenses 32,909 43,309 19,008
Stock exchange listing fees 6,658 1,137 2,422
Investor relations expense 29,136 45,475 18,664
Other expenses 20,742 66,861 32,278
- --------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 1,692,128 2,889,345 1,190,759
Custodian fee credit (5,522) (24,722) (19,793)
Expense reimbursement (526,144) (909,330) (239,715)
- --------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,160,462 1,955,293 931,251
- --------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,990,366 5,192,747 1,251,448
- --------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (3,547,369) (7,437,869) (3,734,834)
Option contracts written 1,254,278 8,094,226 5,359,281
Change in net unrealized appreciation (depreciation) of:
Investments 26,810,599 44,006,612 20,446,707
Option contracts written (4,949,871) (13,832,923) (8,040,876)
- --------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 19,567,637 30,830,046 14,030,278
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $23,558,003 $36,022,793 $15,281,726
================================================================================================================================
See accompanying notes to financial statements.
Statement of
CHANGES IN NET ASSETS (Unaudited)
EQUITY PREMIUM EQUITY PREMIUM
OPPORTUNITY (JSN) ADVANTAGE (JLA)
----------------------------- ---------------------------
EQUITY PREMIUM FOR THE PERIOD FOR THE PERIOD
INCOME (JPZ) 1/26/05 5/25/05
--------------------------- (COMMENCEMENT (COMMENCEMENT
THREE MONTHS YEAR THREE MONTHS OF OPERATIONS) THREE MONTHS OF OPERATIONS)
ENDED ENDED ENDED THROUGH ENDED THROUGH
3/31/06 12/31/05 3/31/06 12/31/05 3/31/06 12/31/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,990,366 $ 16,060,048 $ 5,192,747 $ 19,262,032 $ 1,251,448 $ 2,638,831
Net realized gain (loss) from:
Investments (3,547,369) (18,142,299) (7,437,869) (36,918,822) (3,734,834) (11,273,386)
Option contracts written 1,254,278 16,747,831 8,094,226 4,493,069 5,359,281 (8,846,038)
Change in net unrealized appreciation
(depreciation) of:
Investments 26,810,599 9,016,071 44,006,612 66,885,971 20,446,707 27,505,438
Option contracts written (4,949,871) 10,174,269 (13,832,923) 15,385,220 (8,040,876) 7,524,713
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 23,558,003 33,855,920 36,022,793 69,107,470 15,281,726 17,549,558
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (3,754,718) (15,325,480) (4,957,520) (19,262,032) (1,277,266) (2,638,831)
In excess of net investment income (12,570,145) -- (24,204,361) (9,477,626) (10,334,247) (3,209,300)
Tax return of capital -- (49,390,391) -- (67,663,695) -- (17,292,115)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (16,324,863) (64,715,871) (29,161,881) (96,403,353) (11,611,513) (23,140,246)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of shares and
offering cost adjustments (4,982) 67,480 256,067 1,228,579,554 42,694 484,128,408
Net proceeds from shares issued to
shareholders due to reinvestment
of distributions -- 14,947,821 -- 24,150,891 -- 4,341,367
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from capital share transactions (4,982) 15,015,301 256,067 1,252,730,445 42,694 488,469,775
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 7,228,158 (15,844,650) 7,116,979 1,225,434,562 3,712,907 482,879,087
Net assets at the beginning of period 708,049,497 723,894,147 1,225,534,646 100,084 482,979,171 100,084
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $715,277,655 $ 708,049,497 $1,232,651,625 $1,225,534,646 $486,692,078 $482,979,171
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the end of
period $ 235,648 $ -- $ 235,227 $ -- $ (25,818) $ --
====================================================================================================================================
See accompanying notes to financial statements.
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share New York Stock Exchange symbols are Nuveen Equity Premium Income Fund
(JPZ), Nuveen Equity Premium Opportunity Fund (JSN) and Nuveen Equity Premium
Advantage Fund (JLA). The Funds are registered under the Investment Company Act
of 1940, as amended, as diversified, closed-end management investment companies.
Prior to the commencement of operations, each Fund had no operations other than
those related to organizational matters, the initial capital contribution of
$100,084 by Nuveen Asset Management (the "Adviser"), a wholly owned subsidiary
of Nuveen Investments, Inc. ("Nuveen"), the recording of the organization
expenses ($11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for
Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA)) and their
reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of
Nuveen.
Each Fund seeks to provide a high level of current income and gains by investing
primarily in a diversified equity portfolio that seeks to substantially
replicate price movements of either the Standard & Poor's 500 Stock Index or a
weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100
Index and is designed to support the Funds' index option strategies.
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.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Option Transactions
Each Fund purchases index put options and writes (sells) index call options. The
purchase of put options involves the risk of loss of all or part of the cash
paid for the options. Put options purchased are accounted for in the same manner
as portfolio securities.
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
When the Funds write an index call option, an amount equal to the net premium
received (the premium less commission) is recorded as a liability and is
subsequently adjusted to the current value of the written option until the
option expires or the Funds enter into a closing purchase transaction. When an
index call option expires or the Funds enter into a closing purchase
transaction, the difference between the net premium received and any amount paid
at expiration or on effecting a closing purchase transaction, including
commission, is treated as a net realized gain on option contracts written or, if
the net premium received is less than the amount paid, as a net realized loss on
option contracts written. The Funds, as writers of an index call option, bear
the risk of an unfavorable change in the market value of the index underlying
the written option.
Repurchase Agreements
In connection with transactions in repurchase agreements, it is the Funds'
policy that its custodian take possession of the underlying collateral
securities, the fair value of which exceeds the principal amount of the
repurchase transaction, including accrued interest, at all times. If the seller
defaults, and the fair value of the collateral declines, realization of the
collateral may be delayed or limited.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities,
when information is available. Interest income, which includes the amortization
of premiums and accretion of discounts for financial reporting purposes, is
recorded on an accrual basis.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required.
Dividends and Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount
and timing of distributions are determined in accordance with federal income tax
regulations, which may differ from accounting principles generally accepted in
the United States.
The Funds 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. If, for any monthly distribution, net investment
income and net realized capital gain were less than the amount of the
distribution, the difference would be distributed from Fund assets and would be
treated by shareholders as a non-taxable distribution (sometimes referred to 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. A Fund's net cash flows and/or total returns on net
asset value may equal or exceed the amount of distributions paid, while the
combination of its net income and net realized capital gains may be less than
the amount of the distributions made, in which case the difference will be
treated as a non-taxable distribution for tax purposes. The final determination
of the source and character of all distributions for the year are made after the
end of the year.
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
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------
Ordinary income of the Funds 60.14% 46.28% 49.62%
Long-term and short-term capital gains 21.75 20.99 1.75
Return of REIT capital 18.11 32.73 48.63
===============================================================================
For the three months ended March 31, 2006, the Funds applied the actual
percentages for the twelve months ended December 31, 2005, described above, to
its receipts from the REITs and treated as income in the Statement of Operations
only the amount of ordinary income so calculated. The Fund adjusts that
estimated breakdown of income type (and consequently its net investment income)
as necessary early in the following calendar year when the REITs inform their
shareholders of the actual breakdown of income type. For the fiscal year ended
December 31, 2005, the Fund applied the actual character of distributions
reported by the REITs in which the Funds invest 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 Funds treated the
distributions as ordinary income.
The actual character of distributions made by the Funds during the fiscal year
ended December 31, 2005, are reflected in the accompanying financial statements.
A portion of the distributions made by the Funds during the three months ended
March 31, 2006, are provisionally classified as being "From Net Investment
Income", portions of which may be reclassified after the fiscal year end. The
remainder, designated as being "In Excess of Net Investment Income", can not be
accurately classified, as described above, until after the end of the fiscal
year. However, it is likely that a portion of the amounts reported as "In Excess
of Net Investment Income" will result in a non-taxable distribution to
shareholders.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
(approximately $11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for
Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA)) and pay all
offering costs (other than the sales load) that exceed $.04 per share for each
of the Funds. Equity Premium Income's (JPZ), Equity Premium Opportunity's (JSN)
and Equity Premium Advantage's (JLA) share of offering costs ($1,033,270,
$1,095,509 and $968,898, 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
OPPORTUNITY (JSN) ADVANTAGE (JLA)
EQUITY PREMIUM ------------------------------ ------------------------------
INCOME (JPZ) FOR THE PERIOD FOR THE PERIOD
----------------------------- 1/26/05 5/25/05
THREE MONTHS YEAR THREE MONTHS (COMMENCEMENT OF THREE MONTHS (COMMENCEMENT OF
ENDED ENDED ENDED OPERATIONS) ENDED OPERATIONS)
3/31/06 12/31/05 3/31/06 THROUGH 12/31/05 3/31/06 THROUGH 12/31/05
- -----------------------------------------------------------------------------------------------------------------------------------
Shares sold -- -- -- 64,394,300 -- 25,400,000
Shares issued to shareholders due
to reinvestment of distributions -- 778,657 -- 1,280,371 -- 227,240
- -----------------------------------------------------------------------------------------------------------------------------------
-- 778,657 -- 65,674,671 -- 25,627,240
===================================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (excluding put and call options and short-term investments)
during the three months ended March 31, 2006, were as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- --------------------------------------------------------------------------------------------------------------------
Purchases $ 16,495,886 $ 5,981,986 $ 30,076,980
Sales 35,761,260 30,628,022 47,981,904
====================================================================================================================
Transactions in index option contracts written during the three months ended
March 31, 2006 were as follows:
EQUITY PREMIUM EQUITY PREMIUM EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN) ADVANTAGE (JLA)
--------------------------- -------------------------- --------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED CONTRACTS RECEIVED
- ------------------------------------------------------------------------------------------------------------------------------
Outstanding, beginning of period 5,370 $ 17,469,697 14,758 $ 32,582,025 7,512 $ 13,854,368
Options written 9,979 35,833,065 25,617 61,308,642 12,216 23,405,085
Options terminated in closing
purchase transactions (10,139) (34,091,381) (25,832) (60,540,240) (12,751) (24,456,051)
Options expired -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Outstanding, end of period 5,210 $ 19,211,381 14,543 $ 33,350,427 6,977 $ 12,803,402
==============================================================================================================================
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to recognition of income on REIT investments and timing
differences in recognizing certain gains and losses on investment transactions.
At March 31, 2006, the cost of investments (excluding call options written)
was as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------------------------------------------
Cost of investments $ 658,064,385 $ 1,152,661,122 $ 451,978,087
===================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
(excluding call options written) at March 31, 2006, were as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 88,917,956 $145,726,318 $ 60,620,980
Depreciation (15,719,615) (34,833,735) (12,668,835)
- -------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $ 73,198,341 $110,892,583 $ 47,952,145
===================================================================================================================
The tax components of undistributed net ordinary income and net realized gains
at December 31, 2005, the Funds' last tax year end, were as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -------------------------------------------------------------------------------------------------------------------
Undistributed net ordinary income * $ -- $ -- $ --
Undistributed net long-term capital gains -- -- --
===================================================================================================================
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
December 31, 2005, was designated for purposes of the dividends paid deduction
as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY*** ADVANTAGE****
(JPZ) (JSN) (JLA)
- --------------------------------------------------------------------------------------------------------------
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
==============================================================================================================
* 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.
At December 31, 2005, the Funds' last tax year end, 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 Funds 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 current fiscal year:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- -----------------------------------------------------------------------------------------------------------
$ 12,706,689 $ 27,335,047 $ 16,291,808
===========================================================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily Managed Assets of each Fund as follows:
AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $500 million .7000%
For the next $500 million .6750
For the next $500 million .6500
For the next $500 million .6250
For Managed Assets over $2 billion .6000
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of March 31, 2006, the complex-level fee rate was .1887%.
COMPLEX-LEVEL ASSETS (1) COMPLEX-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Adviser has entered
into Sub-Advisory Agreements with Gateway Investment Advisers, L.P. ("Gateway")
under which Gateway manages the investment portfolios of the Funds. Gateway is
compensated for its services to the Funds from the management fees paid to the
Adviser.
The Funds pay no compensation directly to those of its Trustees who are
affiliated with the Adviser or to officers, all of whom receive remuneration for
their services to the Funds from the Adviser or its affiliates. The Board of
Trustees has adopted a deferred compensation plan for independent Trustees that
enables Trustees to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
For the first eight years of Equity Premium Income's (JPZ) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily
Managed Assets, for fees and expenses in the amounts and for the time periods
set forth below:
YEAR ENDING YEAR ENDING
OCTOBER 31, OCTOBER 31,
- --------------------------------------------------------------------------------
2004* .30% 2009 .30%
2005 .30 2010 .22
2006 .30 2011 .14
2007 .30 2012 .07
2008 .30
================================================================================
*From the commencement of operations.
The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any
portion of its fees and expenses beyond October 31, 2012.
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
For the first eight years of Equity Premium Opportunity's (JSN) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily
Managed Assets, for fees and expenses in the amounts and for the time periods
set forth below:
YEAR ENDING YEAR ENDING
JANUARY 31, JANUARY 31,
- --------------------------------------------------------------------------------
2005* .30% 2010 .30%
2006 .30 2011 .22
2007 .30 2012 .14
2008 .30 2013 .07
2009 .30
================================================================================
*From the commencement of operations.
The Adviser has not agreed to reimburse Equity Premium Opportunity (JSN) for any
portion of its fees and expenses beyond January 31, 2013.
For the first six years of Equity Premium Advantage's (JLA) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily
Managed Assets, for fees and expenses in the amounts and for the time periods
set forth below:
YEAR ENDING YEAR ENDING
MAY 31, MAY 31,
- --------------------------------------------------------------------------------
2005* .20% 2009 .20%
2006 .20 2010 .20
2007 .20 2011 .10
2008 .20
================================================================================
*From the commencement of operations.
The Adviser has not agreed to reimburse Equity Premium Advantage (JLA) for any
portion of its fees and expenses beyond May 31, 2011.
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS
The Funds declared distributions which were paid on May 1, 2006, to
shareholders of record on April 15, 2006, as follows:
EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE
(JPZ) (JSN) (JLA)
- ------------------------------------------------------------------------------------------------------------------
Distributions per share $.1420 $.1480 $.1510
==================================================================================================================
Financial
HIGHLIGHTS (Unaudited)
Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------- --------------------------------------------------------
Net In Excess
Beginning Net Realized/ Net of Net Tax
Net Asset Investment Unrealized Investment Investment Capital Return of
Value Income(a) Gain (Loss) Total Income Income Gains Capital Total
==================================================================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006(e) $ 18.48 $ .10 $ .52 $ .62 $ (.10) $(.33) $ -- $ -- $ (.43)
2005 19.28 .42 .48 .90 (.40) -- -- (1.30) (1.70)
2004(b) 19.10 .12 .24 .36 (.15) -- -- --* (.15)
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ----------------------------------------------------------------------------------------------------------------------------------
2006(e) 18.66 .08 .48 .56 (.08) (.37) -- -- (.45)
2005(c) 19.10 .30 .78 1.08 (.30) -- (.15) (1.05) (1.50)
EQUITY PREMIUM
ADVANTAGE (JLA)
- ----------------------------------------------------------------------------------------------------------------------------------
2006(e) 18.84 .05 .55 .60 (.05) (.40) -- -- (.45)
2005(d) 19.10 .10 .60 .70 (.10) -- (.13) (.69) (.92)
==================================================================================================================================
Total Returns
--------------------
Based
Based on
Ending Ending on Net
Offering Net Asset Market Market Asset
Costs Value Value Value*** Value***
=======================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ---------------------------------------------------------------------------------------
Year Ended 12/31:
2006(e) $ -- $ 18.67 $18.58 9.37% 3.36%
2005 -- 18.48 17.38 (6.12) 4.88
2004(b) (.03) 19.28 20.25 1.96 1.68
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------
2006(e) -- 18.77 18.90 11.28 2.99
2005(c) (.02) 18.66 17.39 (5.90) 5.65
EQUITY PREMIUM
ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------
2006(e) -- 18.99 18.95 10.53 3.21
2005(d) (.04) 18.84 17.56 (7.87) 3.43
=======================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement****
--------------------------- -------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses to Income to Expenses to Income to Portfolio
Net Assets Average Average Average Average Turnover
(000) Net Assets Net Assets Net Assets Net Assets Rate
========================================================================================================================
EQUITY PREMIUM
INCOME (JPZ)
- ------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006(e) $715,278 .96%** 1.97%** .66%** 2.27%** 2%
2005 708,049 .96 1.93 .65 2.25 29
2004(b) 723,894 1.07** 3.49** .73** 3.82** 1
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ------------------------------------------------------------------------------------------------------------------------
2006(e) 1,232,652 .95** 1.40** .64** 1.71** 1
2005(c) 1,225,535 .95** 1.40** .63** 1.72** 16
EQUITY PREMIUM
ADVANTAGE (JLA)
- ------------------------------------------------------------------------------------------------------------------------
2006(e) 486,692 .99** .83** .78** 1.04** 6
2005(d) 482,979 1.01** .71** .78** .93** 9
========================================================================================================================
* 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.
(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 three months ended March 31, 2006.
See accompanying notes to financial statements.
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During this reporting period, the registrant's Board of Trustees implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of trustees by amending the registrant's by-laws to include a
provision specifying the date by which shareholder nominations for election as
trustee at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if and only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of trustees, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of
a date within 90 days of the filing date of this report that
includes the disclosure required by this paragraph, based on their
evaluation of the controls and procedures required by Rule 30a-3(b)
under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Equity Premium Advantage Fund
By (Signature and Title)* /s/ Jessica R. Droeger
---------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: June 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: June 8, 2006
By (Signature and Title)* /s/ Stephen D. Foy
---------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2006
* Print the name and title of each signing officer under his or her signature.