UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21731
Nuveen Equity Premium Advantage Fund
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
---------------------
Date of fiscal year end: December 31
-------------------
Date of reporting period: December 31, 2006
-----------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
ANNUAL REPORT DECEMBER 31, 2006
NUVEEN INVESTMENTS
CLOSED-END
FUNDS
NUVEEN EQUITY
PREMIUM INCOME
FUND
JPZ
NUVEEN EQUITY
PREMIUM OPPORTUNITY
FUND
JSN
NUVEEN EQUITY
PREMIUM ADVANTAGE
FUND
JLA
NUVEEN EQUITY
PREMIUM AND GROWTH
FUND
JPG
ATTRACTIVE MONTHLY
DISTRIBUTIONS AND
A MEASURE OF DOWNSIDE
PROTECTION FROM AN
INTEGRATED INDEX OPTION
AND EQUITY STRATEGY
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<Table>
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</Table>
NUVEEN LOGO
(TIMOTHY SCHWERTFEGER PHOTO)
Timothy R. Schwertfeger
Chairman of the Board
CHAIRMAN'S
LETTER TO SHAREHOLDERS
Dear Shareholder:
I am very pleased to report that over the twelve-month period covered by
this report, your Fund continued to provide you with attractive monthly
distributions from a portfolio 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.
"PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK
THAT COMES WITH INVESTING."
As you look through this report, be sure to review the inside front cover.
This contains information on how you can receive future Fund reports and
other Fund information faster by using e-mails and the Internet. Sign up
is quick and easy - just follow the step-by-step instructions.
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 SCHWERTFEGER SIG)
Timothy R. Schwertfeger
Chairman of the Board
February 15, 2007
Nuveen Investments Closed-End Funds (JPZ, JSN, JLA, JPG)
PORTFOLIO MANAGERS'
COMMENTS
These Funds feature portfolio management by Gateway Investment Advisers, L.P.
(Gateway). J. Patrick Rogers and Kenneth H. Toft are the portfolio managers at
Gateway responsible for investing the Funds' assets. Patrick joined Gateway in
1989. He has been President and a Director of Gateway since 1995 and is the
firm's Chief Executive Officer. Ken joined Gateway in 1992 and has been Vice
President and Portfolio Manager since 1997. Here Patrick and Ken talk about
their management strategy and the performance of the Funds for the twelve months
ended December 31, 2006.
WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS OVER THE COURSE OF
2006?
The year 2006 held many surprises for the economy and for Federal Reserve Board
watchers in particular. At the beginning of the year, the U.S. economy posted
solid numbers as consumer demand was resilient and unemployment remained low.
The March annualized GDP growth rate number came in at an impressive 5.60% rate,
reflecting strong corporate profits and demand for goods of all sorts. Federal
Reserve Board Chairman Bernanke clearly signaled to the market his focus on
containing inflation, with the Board's Open Market Committee raising short-term
interest rates four times throughout the first half of the year, taking the
federal funds target rate from 4.25% at the beginning of 2006 to 5.25% by year
end.
By mid-year, it became clear that some of the steam was coming off of the
overheated residential housing market (rapidly so in some of the most overheated
markets, like coastal Florida and California). Against this backdrop, the Fed
paused its program of regular interest rate increases as growth in the economy
cooled, evidenced by a third quarter annualized GDP growth rate of 2%. Median
home prices and new home construction rates dropped dramatically in the second
half of the year, raising the specter of a possible recession in 2007. The
prospect of no further increases in interest rates and possible reductions in
rates in 2007 played a part in a strong second-half rally in stocks.
The watchword for 2006 in the markets was liquidity, as both the Fed and the
Japanese central bank kept the world money supply high and growing throughout
the year. This liquidity manifested itself across nearly every asset class and
its effects were wide ranging. Equity markets around the world, both emerging
and developed, posted solid returns. Commodities, most notably oil, gold and
copper, increased in price. Risk premiums for high-yield bonds and emerging
market debt compressed and stock market volatility contracted. Large amounts of
capital found their way into hedge funds and
4
private equity funds. Worldwide buyouts of public companies by private equity
funds were the most active in history. September saw the largest IPO ever, the
$19 billion offering of the Industrial and Commercial Bank of China.
In the first half of 2006, U.S. stock markets churned without making much
headway before experiencing a sharp sell-off in May that continued into July.
From there, the market marched solidly higher, as the S&P 500 Index rose from
1,235 on July 17 to finish the year at 1,418. For 2006, the S&P 500 Index
generated a total return of 15.80% while the Dow Jones Industrial Average posted
a total return of 19.05%. The tech-heavy NASDAQ-100 Index lagged the broader
markets, ending the year with a return of 7.28%.
The economic crosscurrents throughout the year and mixed expectations for the
economy in 2007 made fixed income investing difficult in 2006. Long-term
interest rates remained relatively low and the yield curve remained
flat-to-slightly inverted (meaning short-term interest rates were higher than
long-term interest rates) for the majority of the year. For 2006, the Lehman
Brothers U.S. Intermediate Government/Credit Bond Index earned a modest total
return of 4.07%.
WHAT WAS YOUR OVERALL MANAGEMENT STRATEGY FOR THE TWELVE MONTHS ENDED DECEMBER
31, 2006?
The core investment strategy employed in JPZ, JSN, JLA and JPG consisted of an
investment in a broadly diversified portfolio of equity securities that sought
to substantially track the price movement of a stock market index or a custom
blend of stock market indices. The purpose of the equity portfolio was to
support the index option strategy.
For JPZ and JPG, the equity portfolio sought to track the price movements of the
S&P 500 Index. Over the course of 2006, JPZ actively sold listed S&P 500 index
call options against its stock portfolio. These call options generated a
meaningful amount of regular cash flow, which served to both reduce the risk of
owning the stock portfolio and also generated much of the return of the
strategy. The third component of the strategy was the purchase of listed S&P 500
index put options to help protect the value of the stock portfolio in the event
of a severe and unexpected pullback in the market.
5
JPG differed from JPZ in that the index option hedging activity was applied to
80% of the value of the equity portfolio, leaving 20% unhedged.
For JSN, the equity portfolio was invested to replicate the price performance of
a custom benchmark consisting of 75% of the S&P 500 Index and 25% of the NASDAQ-
100 Index. JSN employed an option strategy similar to JPZ, with roughly 75% of
the call and put options being S&P 500 index options and the remaining 25% being
NASDAQ-100 Index options.
For JLA, the overall equity and option strategy was similar to JSN. The
differentiating feature of JLA was its underlying equity portfolio, which
tracked a custom benchmark of 50% S&P 500 and 50% NASDAQ-100, with a matching
investment portfolio of S&P 500 and NASDAQ-100 index call and put options.
HOW DID THE FUNDS PERFORM OVER THIS TWELVE-MONTH PERIOD?
The performance of JPZ, JSN, JLA and JPG, as well as the performance of
comparative indexes or benchmarks, is shown in the nearby chart:
TOTAL RETURN ON NET ASSET VALUE
For the twelve-month period ended December 31, 2006
<Table>
<Caption>
- ----------------------------------------------------------------------------------------------------
JPZ 10.22%
S&P 500 15.80%
- ----------------------------------------------------------------------------------------------------
JSN 8.28%
Comparative benchmark(1) 13.69%
- ----------------------------------------------------------------------------------------------------
JLA 7.35%
Comparative benchmark(2) 11.59%
- ----------------------------------------------------------------------------------------------------
JPG 11.90%
S&P 500 15.80%
- ----------------------------------------------------------------------------------------------------
</Table>
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 JSN comparative benchmark performance is a blended return consisting of: 1)
75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index,
which includes 100 of the largest domestic and international non-financial
companies listed on The NASDAQ Stock Market based on market capitalization.
The NASDAQ-100 Index reflects companies across major industry groups including
computer hardware and software, telecommunications, retail/wholesale trade and
biotechnology. The S&P 500 Index is an unmanaged index generally considered
representative of the U.S. Stock Market.
2 JLA comparative benchmark performance is a blended return consisting of: 1)
50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index.
- --------------------------------------------------------------------------------
For the year ended December 31, 2006, each Fund's total return on net asset
value trailed the return of its unmanaged comparative index or benchmark.
During the year, the investment strategy of the Funds, which consisted of owning
a diversified portfolio of stocks, selling index call options to generate
regular cash flow,
6
and purchasing index put options to help protect the assets from a severe market
correction, was consistently applied.
As mentioned earlier, excess global liquidity resulted in low stock volatility
levels for much of the year. The CBOE Volatility Index (the "VIX"), a popular
index of expected volatility in the S&P 500 market and sometimes called the
"fear" index, hovered in the low double-digits for the majority of the year,
rising to a high of nearly 24 during the market sell-off in June before hitting
a low for the year of under 10 in November. Low volatility was demonstrated in
the usually more active NASDAQ-100 market as well.
This low equity market volatility level resulted in lower-than-average premium
cash flows available from the sale of index call options. The exception was the
period of May and June, when the market struggled. During this spike in
volatility, the Funds were able to realize much more generous cash flows from
their call writing activities. Importantly, even in periods of low volatility
seen throughout 2006, cash flow from the regular sale of index call options was
meaningful and a primary determinant of the Funds' total return.
The low volatility also had the benefit of reducing the cost of the Funds'
protective index put options, which allowed for significant put protection
throughout the year at much lower prices than average.
7
DISTRIBUTION AND SHARE PRICE
INFORMATION
Each Fund has a managed distribution policy designed to provide relatively
stable monthly cash flow to investors, and each paid steady monthly
distributions over the course of the period.
The goal of a managed distribution program is to provide shareholders relatively
consistent and predictable cash flow by systematically converting its expected
long-term return potential into regular monthly distributions. As a result,
regular distributions throughout the year will likely include a portion of
expected long-term gains (both realized and unrealized), along with net
investment income.
Important points to understand about the managed distribution program are:
- Each Fund seeks to establish a relatively stable distribution rate that
roughly corresponds to the projected total return from its investment
strategy over an extended period of time. However, you should not draw any
conclusions about the Fund's past or future investment performance from its
current distribution rate.
- Actual returns will differ from projected long-term returns (and therefore
the Fund's distribution rate), at least over shorter time periods. Over a
specific timeframe, the difference between actual returns and total
distributions will be reflected in an increasing (returns exceed
distributions) or a decreasing (distributions exceed returns) fund net asset
value.
- Each month's distributions are expected to be paid from some or all of the
following sources:
- net investment income (regular interest and dividends),
- realized capital gains, and
- unrealized gains, or, in certain cases, a return of principal
(non-taxable distributions)
- A non-taxable distribution is a payment of a portion of a Fund's capital.
When a Fund's returns exceed distributions, it may represent portfolio gains
generated, but not realized as a taxable capital gain. In periods when a
Fund's return falls short of distributions, it will represent a portion of
your original principal unless the shortfall is offset during other time
periods over the life of your investment (previous or subsequent) when the
fund's total return exceeds distributions.
- Because distribution source estimates are updated monthly during the year,
based on a Fund's performance and forecast for its current fiscal year
(which is the calendar
8
year for each Fund), these estimates may differ from both the tax information
reported to you in your Fund's 1099 statement provided at year end, as well as
the ultimate economic sources of distributions over the life of your investment.
The following table provides information regarding each Fund's distributions and
total return performance for the fiscal year ended December 31, 2006. The
distribution information is presented on a tax basis rather than on a generally
accepted accounting principles (GAAP) basis. This information is intended to
help you better understand whether the Fund's returns for the specified time
period was sufficient to meet each Fund's distributions. Information regarding
such distributions in the future will likely vary based on the Funds' investment
activities and portfolio investment value changes at that time.
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------------
AS OF 12/31/2006 JPZ JSN JLA JPG
- ---------------------------------------------------------------------------------------------------
Inception date 10/26/04 1/26/05 5/25/05 11/22/05
Calendar Year:
Per share distribution:
From net investment income $0.43 $0.32 $0.20 $0.49
From short-term capital gains -- -- -- $0.05
From long-term capital gains -- -- -- $0.09
From return of capital $1.28 $1.46 $1.62 $0.99
-------- ------- ------- --------
Total per share distribution $1.71 $1.78 $1.82 $1.62
======== ======= ======= ========
Distribution rate on NAV 9.20% 9.69% 9.92% 8.27%
One year total return on NAV 10.22% 8.28% 7.35% 11.90%
Annualized since inception total return on
NAV 7.69% 7.21% 6.73% 10.35%
- ---------------------------------------------------------------------------------------------------
</Table>
At the end of the reporting period, the Funds' share prices were trading
relative to their NAVs as shown in the accompanying table:
<Table>
<Caption>
12/31/06 AVERAGE 12-MONTH PERIOD
DISCOUNT/PREMIUM DISCOUNT/PREMIUM
- ---------------------------------------------------------------------------------
JPZ 3.39% -1.40%
- ---------------------------------------------------------------------------------
JSN 1.42% -0.05%
- ---------------------------------------------------------------------------------
JLA 4.63% 1.02%
- ---------------------------------------------------------------------------------
JPG -1.12% -5.61%
- ---------------------------------------------------------------------------------
</Table>
9
Nuveen Equity Premium Income Fund
JPZ
PERFORMANCE
OVERVIEW As of December 31, 2006
(PORTFOLIO ALLOCATION PIE CHART)
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Common Stocks 95.2%
- -------------------------------------------------------------------------------------
Put Options 0.2%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.6%
- -------------------------------------------------------------------------------------
</Table>
(2006 MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jan 0.142
Feb 0.142
Mar 0.142
Apr 0.142
May 0.142
Jun 0.142
Jul 0.142
Aug 0.142
Sep 0.142
Oct 0.142
Nov 0.142
Dec 0.142
</Table>
(SHARE PRICE CHART)
<Table>
1/01/06 17.79
18.05
18.1
18.1
18.3
18.2
18.3
18.24
18.48
18.94
18.61
18.29
18.39
18.58
18.63
18.06
17.66
17.72
18.1
17.65
17.4
17.44
17.83
17.5
17.23
17.14
17.3
17.45
17.43
17.15
17.21
18.15
18.2
18.35
18.6
18.72
18.85
18.85
18.62
18.57
18.79
19.16
18.73
18.84
18.86
18.63
18.86
17.99
18.03
18.13
18.76
19.04
19.1
19.02
19.22
12/31/06 19.22
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $19.22
- -------------------------------------------------------------------------------------
Net Asset Value $18.59
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV 3.39%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 8.87%
- -------------------------------------------------------------------------------------
Net Assets ($000) $715,680
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/26/04)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year 21.30% 10.22%
- -------------------------------------------------------------------------------------
Since
Inception 7.10% 7.69%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Commercial Banks 7.5%
- -------------------------------------------------------------------------------------
Pharmaceuticals 7.5%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 6.8%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 4.5%
- -------------------------------------------------------------------------------------
Diversified Financial Services 4.3%
- -------------------------------------------------------------------------------------
Insurance 4.2%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 4.0%
- -------------------------------------------------------------------------------------
Software 3.2%
- -------------------------------------------------------------------------------------
Tobacco 3.0%
- -------------------------------------------------------------------------------------
Capital Markets 2.9%
- -------------------------------------------------------------------------------------
Computers & Peripherals 2.9%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 2.8%
- -------------------------------------------------------------------------------------
Specialty Retail 2.7%
- -------------------------------------------------------------------------------------
Real Estate 2.5%
- -------------------------------------------------------------------------------------
Aerospace & Defense 2.5%
- -------------------------------------------------------------------------------------
Household Products 2.4%
- -------------------------------------------------------------------------------------
Chemicals 2.3%
- -------------------------------------------------------------------------------------
Communications Equipment 2.2%
- -------------------------------------------------------------------------------------
Energy Equipment & Services 2.0%
- -------------------------------------------------------------------------------------
Put Options 0.2%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.6%
- -------------------------------------------------------------------------------------
Other 25.0%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate 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.
10
Nuveen Equity Premium Opportunity Fund
JSN
PERFORMANCE
OVERVIEW As of December 31, 2006
(PORTFOLIO ALLOCATION PIE CHART)
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Common Stocks 95.4%
- -------------------------------------------------------------------------------------
Put Options 0.2%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.4%
- -------------------------------------------------------------------------------------
</Table>
(2006 MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jan 0.148
Feb 0.148
Mar 0.148
Apr 0.148
May 0.148
Jun 0.148
Jul 0.148
Aug 0.148
Sep 0.148
Oct 0.148
Nov 0.148
Dec 0.148
</Table>
(SHARE PRICE CHART)
<Table>
1/1/06 17.84
18.12
18.19
18.04
18.19
18.54
18.57
18.40
18.54
18.89
18.84
18.58
18.92
18.90
18.90
18.57
18.25
18.32
18.48
17.96
17.79
17.86
18.34
18.25
18.00
17.89
18.00
18.20
18.16
17.92
17.77
18.03
18.28
18.45
18.55
18.65
18.68
18.82
18.68
18.76
18.95
19.21
18.65
18.30
18.60
18.33
18.62
18.15
18.02
18.09
18.60
18.74
18.59
18.65
18.62
12/31/06 18.62
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $18.62
- -------------------------------------------------------------------------------------
Net Asset Value $18.36
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV 1.42%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 9.54%
- -------------------------------------------------------------------------------------
Net Assets ($000) $1,214,721
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year 17.86% 8.28%
- -------------------------------------------------------------------------------------
Since Inception 5.51% 7.21%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Software 6.9%
- -------------------------------------------------------------------------------------
Pharmaceuticals 6.7%
- -------------------------------------------------------------------------------------
Communications Equipment 5.2%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 5.0%
- -------------------------------------------------------------------------------------
Commercial Banks 4.8%
- -------------------------------------------------------------------------------------
Computers & Peripherals 4.7%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 4.4%
- -------------------------------------------------------------------------------------
Diversified Financial Services 3.7%
- -------------------------------------------------------------------------------------
Capital Markets 3.4%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 3.1%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 3.1%
- -------------------------------------------------------------------------------------
Internet Software & Services 3.1%
- -------------------------------------------------------------------------------------
Specialty Retail 2.7%
- -------------------------------------------------------------------------------------
Media 2.3%
- -------------------------------------------------------------------------------------
Insurance 2.2%
- -------------------------------------------------------------------------------------
Aerospace & Defense 2.2%
- -------------------------------------------------------------------------------------
Biotechnology 2.2%
- -------------------------------------------------------------------------------------
Commercial Services & Supplies 2.0%
- -------------------------------------------------------------------------------------
Tobacco 2.0%
- -------------------------------------------------------------------------------------
Real Estate 1.8%
- -------------------------------------------------------------------------------------
Put Options 0.2%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.4%
- -------------------------------------------------------------------------------------
Other 23.9%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate 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.
11
Nuveen Equity Premium Advantage Fund
JLA
PERFORMANCE
OVERVIEW As of December 31, 2006
(PORTFOLIO ALLOCATION PIE CHART)
(as a % of total investments)
<Table>
- --------------------------------------------------------------------------------------
Common Stocks 95.3%
- --------------------------------------------------------------------------------------
Put Options 0.2%
- --------------------------------------------------------------------------------------
Short-Term Investments 4.5%
- --------------------------------------------------------------------------------------
</Table>
(2006 MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jan 0.151
Feb 0.151
Mar 0.151
Apr 0.151
May 0.151
Jun 0.151
Jul 0.151
Aug 0.151
Sep 0.151
Oct 0.151
Nov 0.151
Dec 0.151
</Table>
(SHARE PRICE CHART)
<Table>
1/1/06 17.97
18.37
18.45
18.45
18.37
18.81
18.90
18.63
18.64
19.00
18.92
18.78
18.62
18.95
19.06
18.88
18.35
18.47
18.75
17.87
17.97
18.44
18.47
18.26
17.88
18.13
18.15
18.22
18.23
17.98
17.95
18.51
18.54
18.57
18.95
18.89
19.21
19.13
18.99
19.15
19.38
19.41
19.05
19.20
19.30
19.15
19.27
18.15
18.40
18.64
18.87
19.14
19.07
19.17
19.20
12/31/06 19.20
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $19.20
- -------------------------------------------------------------------------------------
Net Asset Value $18.35
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV 4.63%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 9.44%
- -------------------------------------------------------------------------------------
Net Assets ($000) $474,781
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/25/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year 20.52% 7.35%
- -------------------------------------------------------------------------------------
Since Inception 6.75% 6.73%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Software 9.7%
- -------------------------------------------------------------------------------------
Communications Equipment 7.1%
- -------------------------------------------------------------------------------------
Computers & Peripherals 6.8%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 6.0%
- -------------------------------------------------------------------------------------
Pharmaceuticals 5.0%
- -------------------------------------------------------------------------------------
Biotechnology 4.0%
- -------------------------------------------------------------------------------------
Internet Software & Services 4.0%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 3.9%
- -------------------------------------------------------------------------------------
Commercial Banks 3.9%
- -------------------------------------------------------------------------------------
Media 3.3%
- -------------------------------------------------------------------------------------
Capital Markets 2.9%
- -------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure 2.8%
- -------------------------------------------------------------------------------------
Commercial Services & Supplies 2.5%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 2.3%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 2.0%
- -------------------------------------------------------------------------------------
Diversified Financial Services 2.0%
- -------------------------------------------------------------------------------------
Specialty Retail 1.9%
- -------------------------------------------------------------------------------------
Insurance 1.8%
- -------------------------------------------------------------------------------------
Put Options 0.2%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.5%
- -------------------------------------------------------------------------------------
Other 23.4%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized monthly
distribution divided by the Fund's current market price. The Fund's monthly
distributions to its shareholders may be comprised of ordinary income, net
realized capital gains and, if at the end of the calendar year the Fund's
cumulative net ordinary income and net realized gains are less than the amount
of the Fund's distributions, a return of capital for tax purposes.
12
Nuveen Equity Premium and Growth Fund
JPG
PERFORMANCE
OVERVIEW As of December 31, 2006
(PORTFOLIO ALLOCATION PIE CHART)
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Common Stocks 94.2%
- -------------------------------------------------------------------------------------
Put Options 0.1%
- -------------------------------------------------------------------------------------
Short-Term Investments 5.7%
- -------------------------------------------------------------------------------------
</Table>
(MONTHLY DISTRIBUTIONS BAR CHART)
<Table>
Jan 0.135
Feb 0.135
Mar 0.135
Apr 0.135
May 0.135
Jun 0.135
Jul 0.135
Aug 0.135
Sep 0.135
Oct 0.135
Nov 0.135
Dec 0.135
</Table>
(SHARE PRICE CHART)
<Table>
01/01/2006 17.35
17.74
17.70
17.40
17.71
17.80
17.63
17.89
17.91
17.95
17.99
17.92
17.93
18.12
18.14
17.81
17.63
17.55
17.86
17.33
17.06
17.24
17.78
17.66
17.40
17.16
17.53
17.76
17.76
17.25
17.42
18.18
18.39
18.34
18.60
18.59
18.95
18.97
19.00
18.69
19.33
19.00
18.63
18.93
19.03
18.85
18.85
18.40
18.54
18.61
18.99
19.03
19.34
19.30
19.38
12/31/2006 19.38
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $19.38
- -------------------------------------------------------------------------------------
Net Asset Value $19.60
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -1.12%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 8.36%
- -------------------------------------------------------------------------------------
Net Assets ($000) $323,569
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/22/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year 22.68% 11.90%
- -------------------------------------------------------------------------------------
Since Inception 5.22% 10.35%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Pharmaceuticals 8.9%
- -------------------------------------------------------------------------------------
Commercial Banks 8.7%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 8.3%
- -------------------------------------------------------------------------------------
Capital Markets 5.0%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 4.3%
- -------------------------------------------------------------------------------------
Insurance 4.2%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 3.7%
- -------------------------------------------------------------------------------------
Real Estate 3.3%
- -------------------------------------------------------------------------------------
Software 3.2%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 2.8%
- -------------------------------------------------------------------------------------
Diversified Financial Services 2.8%
- -------------------------------------------------------------------------------------
Gas Utilities 2.4%
- -------------------------------------------------------------------------------------
Specialty Retail 2.4%
- -------------------------------------------------------------------------------------
Tobacco 2.3%
- -------------------------------------------------------------------------------------
Computers & Peripherals 2.2%
- -------------------------------------------------------------------------------------
Household Products 2.1%
- -------------------------------------------------------------------------------------
Internet Software & Services 1.9%
- -------------------------------------------------------------------------------------
Chemicals 1.6%
- -------------------------------------------------------------------------------------
Put Options 0.1%
- -------------------------------------------------------------------------------------
Short-Term Investments 5.7%
- -------------------------------------------------------------------------------------
Other 24.1%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate 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.
13
Report of
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
TO THE BOARD OF TRUSTEES AND SHAREHOLDERS OF
NUVEEN EQUITY PREMIUM INCOME FUND
NUVEEN EQUITY PREMIUM OPPORTUNITY FUND
NUVEEN EQUITY PREMIUM ADVANTAGE FUND
NUVEEN EQUITY PREMIUM AND GROWTH FUND
In our opinion, the accompanying statements of assets and liabilities, including
the portfolios of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial positions of Nuveen Equity Premium Income Fund,
Nuveen Equity Premium Opportunity Fund, Nuveen Equity Premium Advantage Fund,
and Nuveen Equity Premium and Growth Fund (collectively the "Funds") at December
31, 2006, the results of each of their operations for the year then ended and
the changes in each of their net assets and financial highlights for the year
then ended for Nuveen Equity Premium Income Fund, for the period January 26,
2005 (commencement of operations) through December 31, 2005 for Nuveen Equity
Premium Opportunity Fund, for the period May 25, 2005 (commencement of
operations) through December 31, 2005 for Nuveen Equity Premium Advantage Fund
and for the period November 22, 2005 (commencement of operations) through
December 31, 2005 for Nuveen Equity Premium and Growth Fund in conformity with
accounting principles generally accepted in the United States of America. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Funds' management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2006 with the
custodian, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, Illinois
February 28, 2007
14
Nuveen Equity Premium Income Fund (JPZ)
Portfolio of
INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 2.6%
71,400 Boeing Company $ 6,343,176
100,000 Honeywell International Inc. 4,524,000
32,000 Raytheon Company 1,689,600
89,400 United Technologies Corporation 5,589,288
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 18,146,064
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.6%
61,400 United Parcel Service, Inc., Class B 4,603,772
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
22,200 AMR Corporation-DEL, (1) 671,106
14,800 Continental Airlines, Inc., (1) 610,500
6,194 Southwest Airlines Co. 94,892
- --------------------------------------------------------------------------------------------------------------------------------
Total Airlines 1,376,498
-------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.1%
21,200 American Axle and Manufacturing Holdings Inc. 402,588
30,487 Cooper Tire & Rubber 435,964
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 838,552
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.5%
260,600 Ford Motor Company 1,957,106
48,800 General Motors Corporation 1,499,136
4,000 Harley-Davidson Inc. 281,880
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 3,738,122
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.1%
106,600 Coca-Cola Company 5,143,450
40,500 PepsiCo, Inc. 2,533,275
- --------------------------------------------------------------------------------------------------------------------------------
Total Beverages 7,676,725
-------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 0.2%
23,500 Amgen Inc., (1) 1,605,285
100 Genentech, Inc., (1) 8,113
- --------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 1,613,398
-------------------------------------------------------------------------------------------------------------------
BUILDING PRODUCTS - 0.1%
25,567 Masco Corporation 763,686
- --------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 3.1%
39,400 Charles Schwab Corporation 761,996
19,900 Goldman Sachs Group, Inc. 3,967,065
10,500 Jefferies Group, Inc. 281,610
177,861 JPMorgan Chase & Co. 8,590,686
20,300 Legg Mason, Inc. 1,929,515
26,500 Merrill Lynch & Co., Inc. 2,467,150
21,000 Morgan Stanley 1,710,030
59,400 Waddell & Reed Financial, Inc., Class A 1,625,184
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 21,333,236
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 2.4%
51,511 Dow Chemical Company 2,057,349
148,600 E.I. Du Pont de Nemours and Company 7,238,306
40,400 Eastman Chemical Company 2,396,124
42,998 Lubrizol Corporation 2,155,490
36,100 Lyondell Chemical Company 923,077
19,000 NL Industries Inc. 196,460
</Table>
15
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CHEMICALS (continued)
53,293 Olin Corporation $ 880,400
63,622 RPM International, Inc. 1,329,064
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 17,176,270
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 7.8%
383,779 Bank of America Corporation 20,489,961
18,000 Comerica Incorporated 1,056,240
27,500 Corus Bankshares Inc. 634,425
3,000 Federated Investors Inc. 101,340
52,600 HSBC Holdings PLC, Sponsored ADR 4,820,790
145,300 Lloyds TSB Group PLC, Sponsored ADR 6,586,449
3,414 National Australia Bank Limited, Sponsored ADR 543,680
38,400 TrustCo Bank Corporation NY 427,008
175,300 U.S. Bancorp 6,344,107
106,300 Wachovia Corporation 6,053,785
34,100 Washington Mutual, Inc. 1,551,209
201,800 Wells Fargo & Company 7,176,008
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 55,785,002
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.9%
65,710 Automatic Data Processing, Inc. 3,236,218
3,800 Avery Dennison Corporation 258,134
90,303 Deluxe Corporation 2,275,636
6,600 Fair Isaac Corporation 268,290
1,600 ITT Educational Services, Inc., (1) 106,192
3,000 Manpower Inc. 224,790
35,000 Paychex, Inc. 1,383,900
23,000 Pitney Bowes Inc. 1,062,370
5,800 Priceline.com Incorporated, (1) 252,938
8,500 R.R. Donnelley & Sons Company 302,090
116,428 ServiceMaster Company 1,526,371
34,100 Standard Register Company 409,200
65,671 Waste Management, Inc. 2,414,723
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 13,720,852
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 2.3%
17,400 ADTRAN, Inc. 394,980
30,600 Avaya Inc., (1) 427,788
8,828 Ciena Corporation, (1) 244,624
263,500 Cisco Systems, Inc., (1) 7,201,455
66,100 Corning Incorporated, (1) 1,236,731
11,875 JDS Uniphase Corporation, (1) 197,838
149,100 Motorola, Inc. 3,065,496
91,479 QUALCOMM Inc. 3,456,991
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 16,225,903
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 3.1%
49,226 Apple Computer, Inc., (1) 4,176,334
62,809 Dell Inc., (1) 1,575,878
93,700 EMC Corporation, (1) 1,236,840
129,100 Hewlett-Packard Company 5,317,629
81,628 International Business Machines Corporation 7,930,160
(IBM)
11,400 McAfee Inc., (1) 323,532
133,600 Sun Microsystems Inc., (1) 724,112
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 21,284,485
-------------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.1%
6,401 American Express Company 388,349
- --------------------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.7%
9,900 Chesapeake Corporation 168,498
65,700 Packaging Corp. of America 1,451,970
87,489 Sonoco Products Company 3,329,831
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 4,950,299
-------------------------------------------------------------------------------------------------------------------
</Table>
16
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 4.5%
16,900 A. G. Edwards, Inc. $ 1,069,601
8,700 Chicago Merchantile Exchange 4,434,825
438,000 Citigroup Inc. 24,396,600
20,700 Federal Home Loan Mortgage Corporation 1,405,530
29,300 Gladstone Capital Corporation 699,098
2,500 Moody's Corporation 172,650
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 32,178,304
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.1%
359,379 AT&T Inc. 12,847,799
168,074 BellSouth Corporation 7,917,966
220,900 Citizens Communications Company 3,174,333
83,587 Sprint Nextel Corporation 1,578,958
107,100 Verizon Communications Inc. 3,988,404
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 29,507,460
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.6%
27,000 Ameren Corporation 1,450,710
33,900 Consolidated Edison, Inc. 1,629,573
44,900 Great Plains Energy Incorporated 1,427,820
60,600 OGE Energy Corp. 2,424,000
80,800 Pepco Holdings, Inc. 2,101,608
33,400 Progress Energy, Inc. 1,639,272
27,000 Southern Company 995,220
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 11,668,203
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 0.9%
122,400 Emerson Electric Co. 5,396,616
11,646 Hubbell Incorporated, Class B 526,516
13,800 Rockwell Automation, Inc. 842,904
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 6,766,036
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
6,500 Cogent Inc., (1) 71,565
- --------------------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.0%
21,300 Diamond Offshore Drilling, Inc. 1,702,722
24,668 ENSCO International Incorporated 1,234,880
111,600 Halliburton Company 3,465,180
11,600 Patterson-UTI Energy, Inc. 269,468
79,200 Schlumberger Limited 5,002,272
17,600 Smith International, Inc. 722,832
46,500 Tidewater Inc. 2,248,740
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 14,646,094
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 0.5%
1,200 Longs Drug Stores Corporation 50,856
38,696 SUPERVALU Inc. 1,383,382
28,907 Wal-Mart Stores, Inc. 1,334,925
13,400 Whole Foods Market, Inc. 628,862
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 3,398,025
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.3%
1,600 Chiquita Brands International Inc. 25,552
12,959 H.J. Heinz Company 583,285
23,029 Kraft Foods Inc. 822,135
57,000 Sara Lee Corporation 970,710
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 2,401,682
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.7%
28,200 AGL Resources Inc. 1,097,262
62,601 Atmos Energy Corporation 1,997,598
8,892 KeySpan Corporation 366,173
81,800 Nicor Inc. 3,828,240
111,100 Peoples Energy Corporation 4,951,727
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 12,241,000
-------------------------------------------------------------------------------------------------------------------
</Table>
17
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
35,700 Baxter International Inc. $ 1,656,123
25,400 Boston Scientific Corporation, (1) 436,372
28,900 Medtronic, Inc. 1,546,439
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 3,638,934
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.3%
16,629 Aetna Inc. 718,040
21,800 Caremark Rx, Inc. 1,244,998
15,450 Coventry Health Care, Inc., (1) 773,273
6,700 Mentor Corporation 327,429
2,100 Omnicare, Inc. 81,123
88,646 UnitedHealth Group Incorporated 4,762,950
21,300 Wellpoint Inc., (1) 1,676,097
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 9,583,910
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.0%
17,000 Carnival Corporation 833,850
13,566 Harrah's Entertainment, Inc. 1,122,180
22,661 International Game Technology 1,046,938
86,900 McDonald's Corporation 3,852,277
2,112 OSI Restaurant Partners Inc. 82,790
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 6,938,035
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.6%
3,400 Black & Decker Corporation 271,898
34,651 D.R. Horton, Inc. 917,905
12,300 Furniture Brands International, Inc. 199,629
1,300 KB Home 66,664
107,400 Newell Rubbermaid Inc. 3,109,230
12,400 Snap-on Incorporated 590,736
25,600 Stanley Works 1,287,424
106,700 Tupperware Corporation 2,412,487
29,936 Whirlpool Corporation 2,485,287
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 11,341,260
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 2.4%
53,200 Colgate-Palmolive Company 3,470,768
22,000 Kimberly-Clark Corporation 1,494,900
195,207 Procter & Gamble Company 12,545,954
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Products 17,511,622
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 4.6%
58,500 3M Co. 4,558,905
2,000 American Standard Companies Inc. 91,700
697,773 General Electric Company 25,964,133
52,800 Genuine Parts Company 2,504,304
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 33,119,042
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 4.4%
36,800 Allstate Corporation 2,396,048
117,300 American International Group, Inc. 8,405,718
24,405 Arthur J. Gallagher & Co. 721,168
209,268 Fidelity National Title Group Inc., Class A 4,997,320
12,500 Hartford Financial Services Group, Inc. 1,166,375
80,446 Lincoln National Corporation 5,341,614
72,500 Marsh & McLennan Companies, Inc. 2,222,850
20,300 Mercury General Corporation 1,070,419
46,000 St. Paul Travelers Companies, Inc. 2,469,740
52,700 Unitrin, Inc. 2,640,797
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 31,432,049
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.2%
22,804 Amazon.com, Inc., (1) 899,846
16,437 IAC/InterActiveCorp., (1) 610,799
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 1,510,645
-------------------------------------------------------------------------------------------------------------------
</Table>
18
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 1.7%
82,917 eBay Inc., (1) $ 2,493,314
3,160 F5 Networks, Inc., (1) 234,504
12,700 Google Inc., Class A, (1) 5,848,096
7,100 Openwave Systems Inc., (1) 65,533
159,665 United Online, Inc. 2,120,351
49,038 Yahoo! Inc., (1) 1,252,431
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 12,014,229
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.1%
2,050 FactSet Research Systems Inc. 115,784
6,395 Fidelity National Information Services 256,376
8,900 WebEx Communications, Inc., (1) 310,521
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 682,681
-------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.1%
2,138 Brunswick Corporation 68,202
17,155 Eastman Kodak Company 442,599
7,900 Polaris Industries Inc. 369,957
- --------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 880,758
-------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.7%
30,891 Briggs & Stratton Corporation 832,512
75,600 Caterpillar Inc. 4,636,548
1,000 Cummins Inc. 118,180
8,400 Deere & Company 798,588
13,600 Graco Inc. 538,832
16,555 Ingersoll-Rand Company - Class A 647,797
200 Joy Global Inc. 9,668
5,700 Parker Hannifin Corporation 438,216
57,966 SPX Corporation 3,545,201
12,000 Timken Company 350,160
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 11,915,702
-------------------------------------------------------------------------------------------------------------------
MEDIA - 1.9%
45,213 CBS Corporation, Class B 1,409,741
67,800 Clear Channel Communications, Inc. 2,409,612
15,000 Dow Jones & Company, Inc. 570,000
5,355 Idearc Inc., (1) 153,421
39,613 New York Times, Class A 964,973
13,000 Omnicom Group Inc. 1,359,020
183,600 Regal Entertainment Group, Class A 3,914,352
95,465 Sirius Satellite Radio Inc., (1) 337,946
5,800 ValueClick, Inc., (1) 137,054
48,000 Walt Disney Company 1,644,960
24,132 XM Satellite Radio Holdings Inc., Class A, (1) 348,707
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 13,249,786
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 0.9%
16,400 Alcoa Inc. 492,164
28,800 CONSOL Energy Inc. 925,344
32,000 Nucor Corporation 1,749,120
63,400 Southern Copper Corporation 3,416,626
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 6,583,254
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 1.1%
13,000 Family Dollar Stores 381,290
38,002 Federated Department Stores, Inc. 1,449,016
55,400 Nordstrom, Inc. 2,733,436
7,900 Sears Holding Corporation, (1) 1,326,647
40,800 Target Corporation 2,327,640
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 8,218,029
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.6%
125,900 Duke Energy Corporation 4,181,139
28,500 National Fuel Gas Company 1,098,390
49,100 ONEOK, Inc. 2,117,192
</Table>
19
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES (continued)
32,100 Public Service Enterprise Group Incorporated $ 2,130,798
59,100 United Utilities PLC, Sponsored ADR 1,815,552
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 11,343,071
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 7.0%
167,900 ChevronTexaco Corporation 12,345,687
58,749 ConocoPhillips 4,226,991
422,200 Exxon Mobil Corporation 32,353,186
20,483 Occidental Petroleum Corporation 1,000,185
5,600 Valero Energy Corporation 286,496
4,760 Williams Companies Inc. 124,331
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 50,336,876
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.5%
12,070 Bowater Incorporated 271,575
47,000 Weyerhaeuser Company 3,320,550
- --------------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 3,592,125
-------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 7.8%
111,700 Abbott Laboratories 5,440,907
246,638 Bristol-Myers Squibb Company 6,491,512
13,040 CV Therapeutics Inc., (1) 182,038
61,800 Eli Lilly and Company 3,219,780
11,471 GlaxoSmithKline PLC, ADR 605,210
200,700 Johnson & Johnson 13,250,214
234,802 Merck & Co. Inc. 10,237,367
476,400 Pfizer Inc. 12,338,760
22,700 Schering-Plough Corporation 536,628
67,600 Wyeth 3,442,192
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 55,744,608
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 2.6%
9,500 American Financial Realty Trust 108,680
57,700 American Home Mortgage Investment Corp. 2,026,424
154,100 Crescent Real Estate Equities Company 3,043,475
19,900 Equity Office Properties Trust 958,583
39,900 First Industrial Realty Trust, Inc. 1,870,911
21,000 Health Care REIT, Inc. 903,420
58,500 Healthcare Realty Trust, Inc. 2,313,090
117,900 HRPT Properties Trust 1,456,065
22,300 Lexington Corporate Properties Trust 499,966
5,700 Liberty Property Trust 280,098
28,100 Mills Corp. 562,000
42,800 Nationwide Health Properties, Inc. 1,293,416
26,329 New Century Financial Corporation 831,733
7,682 Newcastle Investment Corporation 240,600
11,700 Reckson Associates Realty Corporation 533,520
27,000 Senior Housing Properties Trust 660,960
61,500 Trustreet Properties, Inc. 1,036,275
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate 18,619,216
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.3%
16,069 Burlington Northern Santa Fe Corporation 1,186,053
13,363 Norfolk Southern Corporation 672,025
- --------------------------------------------------------------------------------------------------------------------------------
Total Road & Rail 1,858,078
-------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 2.9%
31,000 Advanced Micro Devices, Inc., (1) 630,850
26,500 Analog Devices, Inc. 871,055
97,200 Applied Materials, Inc. 1,793,340
45,300 Broadcom Corporation, Class A, (1) 1,463,643
395,114 Intel Corporation 8,001,059
9,900 Intersil Holding Corporation, Class A 236,808
6,600 Lam Research Corporation, (1) 334,092
59,115 Maxim Integrated Products, Inc. 1,810,101
38,900 Microchip Technology Incorporated 1,272,030
24,800 National Semiconductor Corporation 562,960
</Table>
20
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT (continued)
19,800 NVIDIA Corporation, (1) $ 732,798
115,500 Texas Instruments Incorporated 3,326,400
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 21,035,136
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 3.3%
42,852 Adobe Systems Incorporated, (1) 1,762,074
4,580 Akamai Technologies, Inc., (1) 243,290
11,400 Autodesk, Inc., (1) 461,244
34,800 BEA Systems, Inc., (1) 437,784
16,333 Cognizant Technology Solutions Corporation, 1,260,254
Class A, (1)
474,900 Microsoft Corporation 14,180,514
16,433 NAVTEQ Corporation, (1) 574,662
251,178 Oracle Corporation, (1) 4,305,191
6,100 Red Hat, Inc., (1) 140,300
10,500 Salesforce.com, Inc., (1) 382,725
2,284 VeriSign, Inc., (1) 54,930
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 23,802,968
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.8%
27,715 Abercrombie & Fitch Co., Class A 1,929,795
47,700 American Eagle Outfitters, Inc. 1,488,717
52,650 Best Buy Co., Inc. 2,589,854
24,200 Chico's FAS, Inc., (1) 500,698
9,100 Christopher & Banks Corporation 169,806
21,256 Claire's Stores, Inc. 704,424
2,670 Foot Locker, Inc. 58,553
135,715 Home Depot, Inc. 5,450,314
53,597 Limited Brands, Inc. 1,551,097
65,243 Lowe's Companies, Inc. 2,032,319
173,557 Pier 1 Imports, Inc. 1,032,664
5,212 RadioShack Corporation 87,457
500 Sherwin-Williams Company 31,790
5,000 Tiffany & Co 196,200
19,700 TJX Companies, Inc. 561,844
83,660 Tuesday Morning Corporation 1,300,913
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 19,686,445
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
27,238 VF Corporation 2,235,695
- --------------------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.2%
10,500 Countrywide Financial Corporation 445,725
60,800 New York Community Bancorp, Inc. 978,880
- --------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 1,424,605
-------------------------------------------------------------------------------------------------------------------
TOBACCO - 3.1%
217,733 Altria Group, Inc. 18,685,846
40,400 Reynolds American Inc. 2,644,988
34,424 Vector Group Ltd. 611,026
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 21,941,860
-------------------------------------------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE - 0.1%
27,200 Stolt-Nielsen S.A., Sponsored ADR 829,329
- --------------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.1%
37,362 Vodafone Group PLC 1,037,916
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $557,793,556) 704,607,446
===================================================================================================================
</Table>
21
Nuveen Equity Premium Income Fund (JPZ) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.8%
$ 34,403 Repurchase Agreement with Fixed Income Clearing 4.580% 1/02/07 $ 34,402,898
Corporation, dated 12/29/06, repurchase price
$34,420,405, collateralized by $29,960,000 U.S.
Treasury Bonds, 6.250%, due 8/15/23, value
$35,094,515
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $34,402,898) 34,402,898
===================================================================================================================
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
670 S&P 500 Index $ 83,750,000 1/20/07 $ 1250 $ 16,750
707 S&P 500 Index 88,375,000 2/17/07 1250 88,375
669 S&P 500 Index 85,297,500 2/17/07 1275 120,420
668 S&P 500 Index 86,840,000 2/17/07 1300 173,680
708 S&P 500 Index 88,500,000 3/17/07 1250 219,480
789 S&P 500 Index 100,597,500 3/17/07 1275 331,380
743 S&P 500 Index 96,590,000 3/17/07 1300 423,510
- -----------------------------------------------------------------------------------------------------------------------------------
4,954 TOTAL PUT OPTIONS (COST $2,187,630) 629,950,000 1,373,595
===================================================================================================================================
TOTAL INVESTMENTS (COST $594,384,084) - 103.5% 740,383,939
====================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (3.6)% (3)
(630) S&P 500 Index $ (85,050,000) 1/20/07 $ 1350 $ (4,583,250)
(621) S&P 500 Index (85,387,500) 1/20/07 1375 (3,058,425)
(588) S&P 500 Index (82,320,000) 1/20/07 1400 (1,631,700)
(640) S&P 500 Index (86,400,000) 2/17/07 1350 (5,142,400)
(614) S&P 500 Index (84,425,000) 2/17/07 1375 (3,601,110)
(641) S&P 500 Index (89,740,000) 2/17/07 1400 (2,496,695)
(646) S&P 500 Index (90,440,000) 3/17/07 1400 (3,136,330)
(574) S&P 500 Index (81,795,000) 3/17/07 1425 (1,839,670)
- --------------------------------------------------------------------------------------------------------------------------------
(4,954) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (685,557,500) (25,489,580)
$23,418,815)
================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.1% 785,567
===================================================================================================================
NET ASSETS - 100% $ 715,679,926
===================================================================================================================
</Table>
<Table>
(1) Non-income producing.
(2) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by Strike Price by 100.
(3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding
Call Options Written.
ADR American Depositary Receipt.
</Table>
See accompanying notes to financial statements.
22
Nuveen Equity Premium Opportunity Fund (JSN)
Portfolio of
INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.5%
AEROSPACE & DEFENSE - 2.3%
79,265 Boeing Company $ 7,041,903
133,500 Honeywell International Inc. 6,039,540
26,000 Lockheed Martin Corporation 2,393,820
41,700 Northrop Grumman Corporation 2,823,090
46,000 Raytheon Company 2,428,800
107,600 United Technologies Corporation 6,727,152
- ---------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 27,454,305
--------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.6%
99,300 United Parcel Service, Inc., Class B 7,445,514
- ---------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
93,200 AMR Corporation-DEL, (1) 2,817,436
- ---------------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.6%
233,032 Ford Motor Company 1,750,070
82,581 General Motors Corporation 2,536,888
35,100 Harley-Davidson Inc. 2,473,497
- ---------------------------------------------------------------------------------------------------------------------------
Total Automobiles 6,760,455
--------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.1%
176,250 Coca-Cola Company 8,504,063
83,200 PepsiCo, Inc. 5,204,160
- ---------------------------------------------------------------------------------------------------------------------------
Total Beverages 13,708,223
--------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 2.2%
114,150 Amgen Inc., (1) 7,797,587
122,150 Biogen Idec Inc., (1) 6,008,559
44,700 Genentech, Inc., (1) 3,626,511
48,100 Genzyme Corporation, (1) 2,961,998
92,100 Gilead Sciences, Inc., (1) 5,980,053
13,534 Sepracor Inc., (1) 833,424
- ---------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 27,208,132
--------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 3.5%
38,820 American Capital Strategies Limited 1,795,813
157,750 Charles Schwab Corporation 3,050,885
26,800 Goldman Sachs Group, Inc. 5,342,580
308,177 JPMorgan Chase & Co. 14,884,949
33,700 Legg Mason, Inc. 3,203,185
132,250 Morgan Stanley 10,769,118
136,400 Waddell & Reed Financial, Inc., Class A 3,731,904
- ---------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 42,778,434
--------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.6%
63,500 Dow Chemical Company 2,536,190
137,700 E.I. Du Pont de Nemours and Company 6,707,367
46,050 Eastman Chemical Company 2,731,226
72,000 Lubrizol Corporation 3,609,360
26,400 Lyondell Chemical Company 675,048
4,287 NL Industries Inc. 44,328
152,650 RPM International, Inc. 3,188,859
- ---------------------------------------------------------------------------------------------------------------------------
Total Chemicals 19,492,378
--------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 5.0%
137,550 Allied Capital Corporation 4,495,134
485,130 Bank of America Corporation 25,901,091
</Table>
23
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (continued)
113,756 Commerce Bancorp, Inc. $ 4,012,174
30,000 F.N.B. Corporation PA 548,100
11,515 HSBC Holdings PLC, Sponsored ADR 1,055,350
91,300 Lloyds TSB Group PLC, Sponsored ADR 4,138,629
283,700 U.S. Bancorp 10,267,103
41,702 Wachovia Corporation 2,374,929
217,900 Wells Fargo & Company 7,748,524
- ---------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 60,541,034
--------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 2.1%
98,100 Automatic Data Processing, Inc. 4,831,425
300 CheckFree Corp., (1) 12,048
27,700 Corporate Executive Board Company 2,429,290
88,440 Deluxe Corporation 2,228,688
48,400 Fair Isaac Corporation 1,967,460
17,300 Getty Images Inc., (1) 740,786
57,150 Manpower Inc. 4,282,250
49,600 R.R. Donnelley & Sons Company 1,762,784
267,200 ServiceMaster Company 3,502,992
16,055 Sirva Inc., (1) 55,871
48,264 Synagro Technologies, Inc. 213,327
95,550 Waste Management, Inc. 3,513,374
- ---------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 25,540,295
--------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 5.4%
68,500 ADTRAN, Inc. 1,554,950
939,000 Cisco Systems, Inc., (1) 25,662,870
184,500 Corning Incorporated, (1) 3,451,995
55,800 Harris Corporation 2,558,988
580 Juniper Networks Inc., (1) 10,985
243,800 Motorola, Inc. 5,012,528
576,050 QUALCOMM Inc. 21,768,930
45,342 Research In Motion Limited, (1) 5,793,801
- ---------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 65,815,047
--------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 4.9%
331,300 Apple Computer, Inc., (1) 28,107,489
74,803 Dell Inc., (1) 1,876,807
222,900 EMC Corporation, (1) 2,942,280
317,700 Hewlett-Packard Company 13,086,063
93,345 International Business Machines Corporation (IBM) 9,068,467
57,350 McAfee Inc., (1) 1,627,593
49,100 Network Appliance Inc., (1) 1,928,648
13,043 SanDisk Corporation, (1) 561,240
- ---------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 59,198,587
--------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.3%
31,000 American Express Company 1,880,770
1,103 Capital One Financial Corporation 84,732
55,700 Western Union Company 1,248,794
- ---------------------------------------------------------------------------------------------------------------------------
Total Consumer Finance 3,214,296
--------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.8%
206,200 Packaging Corp. of America 4,557,020
127,450 Sonoco Products Company 4,850,747
- ---------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 9,407,767
--------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 3.8%
56,200 A. G. Edwards, Inc. 3,556,898
11,000 Chicago Merchantile Exchange 5,607,250
549,300 Citigroup Inc. 30,596,007
33,900 Eaton Vance Corporation 1,119,039
126,150 ING Group N.V., Sponsored ADR 5,572,046
- ---------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 46,451,240
--------------------------------------------------------------------------------------------------------------
</Table>
24
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.2%
439,300 AT&T Inc. $ 15,704,975
231,248 BellSouth Corporation 10,894,093
10,200 Broadwing Communications Inc., (1) 159,324
162,893 Citizens Communications Company 2,340,772
110,023 Sprint Nextel Corporation 2,078,334
219,641 Verizon Communications Inc. 8,179,431
- ---------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 39,356,929
--------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.1%
38,400 Ameren Corporation 2,063,232
40,998 Duquesne Light Holdings Inc. 813,810
113,550 Great Plains Energy Incorporated 3,610,890
92,500 OGE Energy Corp. 3,700,000
118,050 Pepco Holdings, Inc. 3,070,481
- ---------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 13,258,413
--------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.2%
26,500 Cooper Industries, Ltd., Class A 2,396,395
161,600 Emerson Electric Co. 7,124,944
47,150 Hubbell Incorporated, Class B 2,131,652
39,000 Rockwell Automation, Inc. 2,382,120
- ---------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 14,035,111
--------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
123,100 Gentex Corporation 1,915,436
51,200 Roper Industries Inc. 2,572,288
- ---------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 4,487,724
--------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 1.9%
45,800 Diamond Offshore Drilling, Inc. 3,661,252
51,150 ENSCO International Incorporated 2,560,569
194,500 Halliburton Company 6,039,225
76,950 Patterson-UTI Energy, Inc. 1,787,549
75,000 Schlumberger Limited 4,737,000
77,800 Tidewater Inc. 3,762,408
- ---------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 22,548,003
--------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.1%
33,114 SUPERVALU Inc. 1,183,826
61,400 Walgreen Co. 2,817,646
198,300 Wal-Mart Stores, Inc. 9,157,494
- ---------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 13,158,966
--------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.4%
61,000 Monsanto Company 3,204,330
90,000 Sara Lee Corporation 1,532,700
- ---------------------------------------------------------------------------------------------------------------------------
Total Food Products 4,737,030
--------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 1.0%
24,400 AGL Resources Inc. 949,404
149,850 Atmos Energy Corporation 4,781,714
122,400 Nicor Inc. 5,728,320
22,569 Piedmont Natural Gas Company 603,721
- ---------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 12,063,159
--------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
83,900 Baxter International Inc. 3,892,121
65,280 Boston Scientific Corporation, (1) 1,121,510
35,700 Hillenbrand Industries 2,032,401
16,800 Lincare Holdings, (1) 669,312
- ---------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 7,715,344
--------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.7%
49,000 Aetna Inc. 2,115,820
7,100 AmericGroup Corporation, (1) 254,819
51,800 Caremark Rx, Inc. 2,958,298
39,000 Coventry Health Care, Inc., (1) 1,951,950
</Table>
25
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES (continued)
43,000 Mentor Corporation $ 2,101,410
53,350 Tenet Healthcare Corporation, (1) 371,850
116,200 UnitedHealth Group Incorporated 6,243,426
66,800 Wellpoint Inc., (1) 5,256,492
- ---------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 21,254,065
--------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.3%
68,500 International Game Technology 3,164,700
218,400 McDonald's Corporation 9,681,672
1,310 OSI Restaurant Partners Inc. 51,352
31,500 Starwood Hotels & Resorts Worldwide, Inc. 1,968,750
15,200 Wynn Resorts Ltd 1,426,520
- ---------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 16,292,994
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.0%
184,850 Newell Rubbermaid Inc. 5,351,408
44,700 Stanley Works 2,247,963
52,780 Whirlpool Corporation 4,381,796
- ---------------------------------------------------------------------------------------------------------------------------
Total Household Durables 11,981,167
--------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.6%
61,100 Colgate-Palmolive Company 3,986,164
232,575 Procter & Gamble Company 14,947,595
- ---------------------------------------------------------------------------------------------------------------------------
Total Household Products 18,933,759
--------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 3.2%
16,805 3M Co. 1,309,614
908,350 General Electric Company 33,799,701
57,800 Genuine Parts Company 2,741,454
45,750 Tyco International Ltd. 1,390,800
- ---------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 39,241,569
--------------------------------------------------------------------------------------------------------------
INSURANCE - 2.3%
43,400 Allstate Corporation 2,825,774
150,500 American International Group, Inc. 10,784,830
118,050 Arthur J. Gallagher & Co. 3,488,378
53,486 Fidelity National Title Group Inc., Class A 1,277,246
105,900 Marsh & McLennan Companies, Inc. 3,246,894
35,150 Mercury General Corporation 1,853,460
81,750 Unitrin, Inc. 4,096,493
- ---------------------------------------------------------------------------------------------------------------------------
Total Insurance 27,573,075
--------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.4%
80,250 Amazon.com, Inc., (1) 3,166,665
45,850 IAC/InterActiveCorp., (1) 1,703,786
- ---------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 4,870,451
--------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 3.2%
307,900 eBay Inc., (1) 9,258,553
45,100 Google Inc., Class A, (1) 20,767,648
265,070 United Online, Inc. 3,520,130
197,981 Yahoo! Inc., (1) 5,056,435
- ---------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 38,602,766
--------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.4%
87,200 Electronic Data Systems Corporation 2,402,360
27,434 Fidelity National Information Services 1,099,829
55,700 First Data Corporation 1,421,464
- ---------------------------------------------------------------------------------------------------------------------------
Total IT Services 4,923,653
--------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.3%
85,100 Mattel, Inc. 1,928,366
34,500 Polaris Industries Inc. 1,615,635
- ---------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 3,544,001
--------------------------------------------------------------------------------------------------------------
</Table>
26
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.5%
49,050 Briggs & Stratton Corporation $ 1,321,898
105,200 Caterpillar Inc. 6,451,916
52,750 Graco Inc. 2,089,955
23,890 Joy Global Inc. 1,154,843
76,400 SPX Corporation 4,672,624
67,000 Timken Company 1,955,060
- ---------------------------------------------------------------------------------------------------------------------------
Total Machinery 17,646,296
--------------------------------------------------------------------------------------------------------------
MEDIA - 2.3%
19,550 Catalina Marketing Corporation 537,625
71,700 Clear Channel Communications, Inc. 2,548,218
10,982 Idearc Inc., (1) 314,634
8,687 Live Nation Inc., (1) 194,589
144,450 News Corporation, Class A 3,102,786
29,400 Omnicom Group Inc. 3,073,476
234,500 Regal Entertainment Group, Class A 4,999,540
558,320 Sirius Satellite Radio Inc., (1) 1,976,453
19,800 Time Warner Inc. 431,244
46,400 Viacom Inc., Class B, (1) 1,903,792
144,300 Walt Disney Company 4,945,161
192,470 Westwood One, Inc. 1,358,838
218,640 XM Satellite Radio Holdings Inc., Class A, (1) 3,159,348
- ---------------------------------------------------------------------------------------------------------------------------
Total Media 28,545,704
--------------------------------------------------------------------------------------------------------------
METALS & MINING - 0.6%
52,210 Alcoa Inc. 1,566,822
140,000 Companhia Siderurgica Nacional S.A., Sponsored 4,197,200
ADR, (1)
35,000 Southern Copper Corporation 1,886,150
- ---------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 7,650,172
--------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.9%
66,792 Federated Department Stores, Inc. 2,546,779
93,000 Nordstrom, Inc. 4,588,620
9,977 Sears Holding Corporation, (1) 1,675,438
44,400 Target Corporation 2,533,020
- ---------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 11,343,857
--------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.3%
181,250 Duke Energy Corporation 6,019,313
88,300 National Fuel Gas Company 3,403,082
95,800 ONEOK, Inc. 4,130,896
42,100 Public Service Enterprise Group Incorporated 2,794,598
- ---------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 16,347,889
--------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 5.2%
183,650 ChevronTexaco Corporation 13,503,785
75,900 ConocoPhillips 5,461,005
539,550 Exxon Mobil Corporation 41,345,714
44,960 Norsk Hydro ASA 1,378,923
2,417 Occidental Petroleum Corporation 118,022
15,611 Royal Dutch Shell PLC, Class A 1,105,103
640 YPF Sociedad Anonima 30,688
- ---------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 62,943,240
--------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.1%
37,000 Bowater Incorporated 832,500
- ---------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 6.9%
152,900 Abbott Laboratories 7,447,759
406,450 Bristol-Myers Squibb Company 10,697,764
108,800 Celgene Corporation, (1) 6,259,264
92,538 Eli Lilly and Company 4,821,230
49,700 GlaxoSmithKline PLC, ADR 2,622,172
111,950 Johnson & Johnson 7,390,939
381,350 Merck & Co. Inc. 16,626,860
698,250 Pfizer Inc. 18,084,675
</Table>
27
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS (continued)
124,850 Schering-Plough Corporation $ 2,951,454
139,850 Wyeth 7,121,162
- ---------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 84,023,279
--------------------------------------------------------------------------------------------------------------
REAL ESTATE - 1.9%
125,350 American Financial Realty Trust 1,434,004
22,000 American Home Mortgage Investment Corp. 772,640
277,600 Crescent Real Estate Equities Company 5,482,600
56,800 First Industrial Realty Trust, Inc. 2,663,352
59,500 Health Care REIT, Inc. 2,559,690
86,200 Hospitality Properties Trust 4,097,086
18,978 Host Marriott Corporation 465,910
149,200 HRPT Properties Trust 1,842,620
112,500 Nationwide Health Properties, Inc. 3,399,750
- ---------------------------------------------------------------------------------------------------------------------------
Total Real Estate 22,717,652
--------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 4.6%
84,500 Advanced Micro Devices, Inc., (1) 1,719,575
87,500 Altera Corporation, (1) 1,722,000
110,300 Analog Devices, Inc. 3,625,561
303,800 Applied Materials, Inc. 5,605,110
136,700 Broadcom Corporation, Class A, (1) 4,416,777
1,024,250 Intel Corporation 20,741,063
300 International Rectifier Corporation, (1) 11,559
4,800 KLA-Tencor Corporation 238,800
73,850 Linear Technology Corporation 2,239,132
118,300 Marvell Technology Group Ltd., (1) 2,270,177
26,293 Maxim Integrated Products, Inc. 805,092
123,350 National Semiconductor Corporation 2,800,045
213,250 Texas Instruments Incorporated 6,141,600
131,950 Xilinx, Inc. 3,141,730
- ---------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 55,478,221
--------------------------------------------------------------------------------------------------------------
SOFTWARE - 7.2%
84,154 Activision Inc., (1) 1,450,815
191,964 Adobe Systems Incorporated, (1) 7,893,560
36,736 Akamai Technologies, Inc., (1) 1,951,416
71,800 Autodesk, Inc., (1) 2,905,028
800 CA Inc. 18,120
1,669,950 Microsoft Corporation 49,864,703
34,740 NAVTEQ Corporation, (1) 1,214,858
830,192 Oracle Corporation, (1) 14,229,491
19,117 Red Hat, Inc., (1) 439,691
41,500 SAP AG, Sponsored ADR 2,203,650
117,021 Symantec Corporation, (1) 2,439,888
93,850 VeriSign, Inc., (1) 2,257,093
- ---------------------------------------------------------------------------------------------------------------------------
Total Software 86,868,313
--------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.8%
20,800 Abercrombie & Fitch Co., Class A 1,448,304
56,550 American Eagle Outfitters, Inc. 1,764,926
88,950 Best Buy Co., Inc. 4,375,451
13,700 Cabela's Incorporated, (1) 330,581
34,900 CarMax, Inc., (1) 1,871,687
48,900 Chico's FAS, Inc., (1) 1,011,741
81,900 Claire's Stores, Inc. 2,714,166
64,850 Gap, Inc. 1,264,575
198,859 Home Depot, Inc. 7,986,177
126,450 Limited Brands, Inc. 3,659,463
109,500 Lowe's Companies, Inc. 3,410,925
440,860 Pier 1 Imports, Inc. 2,623,117
106,640 Tuesday Morning Corporation 1,658,252
- ---------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 34,119,365
--------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.2%
188,076 New York Community Bancorp, Inc. 3,028,024
- ---------------------------------------------------------------------------------------------------------------------------
</Table>
28
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- ---------------------------------------------------------------------------------------------------------------------------
TOBACCO - 2.0%
221,400 Altria Group, Inc. $ 19,000,548
42,914 Loews Corp - Carolina Group 2,777,394
45,400 Reynolds American Inc. 2,972,338
- ---------------------------------------------------------------------------------------------------------------------------
Total Tobacco 24,750,280
--------------------------------------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE - 0.0%
2,000 Stolt-Nielsen S.A., Sponsored ADR 60,980
- ---------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
84,500 China Mobile Hong Kong Limited, Sponsored ADR 3,652,090
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $974,737,455) 1,196,419,184
==============================================================================================================
PRINCIPAL
AMOUNT
(000) DESCRIPTION COUPON MATURITY VALUE
- ---------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.6%
$ 55,514 Repurchase Agreement with Fixed Income Clearing 4.580% 1/02/07 $ 55,514,316
Corporation, dated 12/29/06, repurchase price
$55,542,567, collateralized by $48,345,000 U.S.
Treasury Bonds, 6.250%, due 8/15/23, value
$56,630,318
========== --------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $55,514,316) 55,514,316
==============================================================================================================
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- ---------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
347 Nasdaq 100 Index $53,785,000 2/17/07 $1550 $ 106,529
454 Nasdaq 100 Index 72,640,000 2/17/07 1600 233,810
856 Nasdaq 100 Index 132,680,000 3/17/07 1550 603,480
863 S&P 500 Index 107,875,000 1/20/07 1250 21,575
893 S&P 500 Index 111,625,000 2/17/07 1250 111,625
841 S&P 500 Index 107,227,500 2/17/07 1275 151,380
867 S&P 500 Index 112,710,000 2/17/07 1300 225,420
893 S&P 500 Index 111,625,000 3/17/07 1250 276,830
996 S&P 500 Index 126,990,000 3/17/07 1275 418,320
935 S&P 500 Index 121,550,000 3/17/07 1300 532,950
- ---------------------------------------------------------------------------------------------------------------------------
7,945 TOTAL PUT OPTIONS (COST $4,003,308) 1,058,707,500 2,681,919
===========================================================================================================================
TOTAL INVESTMENTS (COST $1,034,255,079) - 103.3% 1,254,615,419
==============================================================================================================
</Table>
29
Nuveen Equity Premium Opportunity Fund (JSN) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (3.3)% (3)
(1,415) Mini-NDX 100 Index $ (24,055,000) 1/20/07 $170.0 $ (990,500)
(3,560) Mini-NDX 100 Index (62,300,000) 2/17/07 175.0 (1,833,400)
(1,103) Mini-NDX 100 Index (19,578,250) 2/17/07 177.5 (408,110)
(280) Mini-NDX 100 Index (4,900,000) 3/17/07 175.0 (191,800)
(2,090) Mini-NDX 100 Index (37,097,500) 3/17/07 177.5 (1,128,600)
(34) Nasdaq 100 Index (5,780,000) 1/20/07 1700 (236,300)
(360) Nasdaq 100 Index (63,000,000) 1/20/07 1750 (1,153,800)
(82) Nasdaq 100 Index (14,555,000) 2/17/07 1775 (308,320)
(163) Nasdaq 100 Index (28,525,000) 3/17/07 1750 (1,119,810)
(173) Nasdaq 100 Index (30,707,500) 3/17/07 1775 (937,660)
(826) S&P 500 Index (111,510,000) 1/20/07 1350 (6,009,150)
(755) S&P 500 Index (103,812,500) 1/20/07 1375 (3,718,375)
(760) S&P 500 Index (106,400,000) 1/20/07 1400 (2,109,000)
(813) S&P 500 Index (109,755,000) 2/17/07 1350 (6,532,455)
(769) S&P 500 Index (105,737,500) 2/17/07 1375 (4,510,185)
(814) S&P 500 Index (113,960,000) 2/17/07 1400 (3,170,530)
(823) S&P 500 Index (115,220,000) 3/17/07 1400 (3,995,665)
(728) S&P 500 Index (103,740,000) 3/17/07 1425 (2,333,240)
- --------------------------------------------------------------------------------------------------------------------------------
(15,548) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (1,160,633,250) (40,686,900)
$44,498,005)
================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.0% 792,311
===================================================================================================================
NET ASSETS - 100% $1,214,720,830
===================================================================================================================
</Table>
<Table>
(1) Non-income producing.
(2) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by Strike Price by 100.
(3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding
Call Options Written.
ADR American Depositary Receipt.
</Table>
See accompanying notes to financial statements.
30
Nuveen Equity Premium Advantage Fund (JLA)
Portfolio of
INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.3%
AEROSPACE & DEFENSE - 1.3%
26,200 Boeing Company $ 2,327,608
41,300 Honeywell International Inc. 1,868,412
29,900 United Technologies Corporation 1,869,348
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 6,065,368
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.5%
33,210 United Parcel Service, Inc., Class B 2,490,086
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
57,313 Southwest Airlines Co. 878,035
- --------------------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.3%
41,333 American Axle and Manufacturing Holdings Inc. 784,914
49,461 Cooper Tire & Rubber 707,292
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 1,492,206
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.6%
116,095 Ford Motor Company 871,873
23,349 General Motors Corporation 717,281
14,900 Harley-Davidson Inc. 1,050,003
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 2,639,157
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.6%
32,700 Coca-Cola Company 1,577,775
23,200 PepsiCo, Inc. 1,451,160
- --------------------------------------------------------------------------------------------------------------------------------
Total Beverages 3,028,935
-------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 4.1%
81,330 Amgen Inc., (1) 5,555,652
67,600 Biogen Idec Inc., (1) 3,325,244
12,500 Cephalon, Inc., (1) 880,125
48,599 Genzyme Corporation, (1) 2,992,726
79,260 Gilead Sciences, Inc., (1) 5,146,352
33,162 MedImmune, Inc., (1) 1,073,454
11,700 Sepracor Inc., (1) 720,486
- --------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 19,694,039
-------------------------------------------------------------------------------------------------------------------
BUILDING PRODUCTS - 0.1%
22,301 Masco Corporation 666,131
- --------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 3.1%
23,800 Bank of New York Company, Inc. 937,006
72,720 Charles Schwab Corporation 1,406,405
9,100 Goldman Sachs Group, Inc. 1,814,085
89,700 JPMorgan Chase & Co. 4,332,510
12,825 Merrill Lynch & Co., Inc. 1,194,007
35,700 Morgan Stanley 2,907,051
51,000 Waddell & Reed Financial, Inc., Class A 1,395,360
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 13,986,424
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.6%
12,674 Dow Chemical Company 506,200
44,813 E.I. Du Pont de Nemours and Company 2,182,841
21,574 NL Industries Inc. 223,075
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 2,912,116
-------------------------------------------------------------------------------------------------------------------
</Table>
31
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 4.0%
113,367 Bank of America Corporation $ 6,052,664
25,052 Commerce Bancorp, Inc. 883,584
19,882 Fifth Third Bancorp 813,770
38,433 FirstMerit Corporation 927,773
73,513 Lloyds TSB Group PLC, Sponsored ADR 3,332,344
63,800 U.S. Bancorp 2,308,922
38,800 Wachovia Corporation 2,209,660
72,183 Wells Fargo & Company 2,566,827
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 19,095,544
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 2.6%
32,240 Automatic Data Processing, Inc. 1,587,820
23,755 CheckFree Corp., (1) 954,001
12,940 Corporate Executive Board Company 1,134,838
32,672 Deluxe Corporation 823,334
7,816 Global Payments Inc. 361,881
11,893 ITT Educational Services, Inc., (1) 789,338
20,400 Manpower Inc. 1,528,572
60,290 Paychex, Inc. 2,383,867
29,775 Pitney Bowes Inc. 1,375,307
24,714 R.R. Donnelley & Sons Company 878,336
42,188 ServiceMaster Company 553,085
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 12,370,379
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 7.3%
459,280 Cisco Systems, Inc., (1) 12,552,122
33,878 Comverse Technology, Inc., (1) 715,165
59,568 Corning Incorporated, (1) 1,114,517
29,400 Harris Corporation 1,348,284
41,875 JDS Uniphase Corporation, (1) 697,638
72,900 Motorola, Inc. 1,498,824
358,677 QUALCOMM Inc. 13,554,404
24,140 Research In Motion Limited, (1) 3,084,609
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 34,565,563
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 7.0%
218,498 Apple Computer, Inc., (1) 18,537,370
100,200 Hewlett-Packard Company 4,127,238
43,935 International Business Machines Corporation 4,268,285
(IBM)
7,123 Lexmark International, Inc., (1) 521,404
23,041 McAfee Inc., (1) 653,904
7,245 NCR Corporation, (1) 309,796
58,720 Network Appliance Inc., (1) 2,306,522
24,387 SanDisk Corporation, (1) 1,049,373
242,000 Sun Microsystems Inc., (1) 1,311,640
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 33,085,532
-------------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.2%
18,700 American Express Company 1,134,529
- --------------------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.4%
43,903 Packaging Corp. of America 970,256
24,900 Sonoco Products Company 947,694
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 1,917,950
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 2.0%
4,400 Chicago Merchantile Exchange 2,242,900
108,876 Citigroup Inc. 6,064,393
20,000 Moody's Corporation 1,381,200
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 9,688,493
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.4%
149,013 AT&T Inc. 5,327,215
54,100 BellSouth Corporation 2,548,651
51,014 Chunghwa Telecom Co., Ltd., Sponsored ADR 1,006,506
72,955 Citizens Communications Company 1,048,363
</Table>
32
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
11,127 France Telecom SA $ 308,218
32,766 Verizon Communications Inc. 1,220,206
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 11,459,159
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.5%
21,600 Exelon Corporation 1,336,824
30,400 OGE Energy Corp. 1,216,000
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 2,552,824
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.1%
13,000 Cooper Industries, Ltd., Class A 1,175,590
59,800 Emerson Electric Co. 2,636,582
13,500 Hubbell Incorporated, Class B 610,335
13,700 Rockwell Automation, Inc. 836,796
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 5,259,303
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
17,182 Agilent Technologies, Inc., (1) 598,793
13,202 Amphenol Corporation, Class A 819,580
13,259 Diebold Inc. 617,869
48,857 Gentex Corporation 760,215
18,868 Roper Industries Inc. 947,928
177,201 Solectron Corporation, (1) 570,587
- --------------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 4,314,972
-------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 1.1%
15,000 Cooper Cameron Corporation, (1) 795,750
19,059 Diamond Offshore Drilling, Inc. 1,523,576
52,800 Halliburton Company 1,639,440
34,000 Smith International, Inc. 1,396,380
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 5,355,146
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 0.9%
22,767 CVS Corporation 703,728
9,416 Kroger Co. 217,227
23,562 SUPERVALU Inc. 842,342
13,901 Walgreen Co. 637,917
45,300 Wal-Mart Stores, Inc. 2,091,954
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 4,493,168
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.6%
9,285 Chiquita Brands International Inc. 148,281
27,800 Monsanto Company 1,460,334
64,658 Sara Lee Corporation 1,101,126
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 2,709,741
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.8%
47,295 Nicor Inc. 2,213,406
18,791 Peoples Energy Corporation 837,515
26,700 Piedmont Natural Gas Company 714,225
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 3,765,146
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 1.2%
33,800 Applera Corporation-Applied Biosystems Group 1,240,122
34,400 Baxter International Inc. 1,595,816
19,890 Boston Scientific Corporation, (1) 341,710
3,702 Intuitive Surgical, Inc., (1) 355,022
10,999 Medtronic, Inc. 588,556
19,174 St. Jude Medical Inc., (1) 701,001
11,687 Zimmer Holdings, Inc., (1) 916,027
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 5,738,254
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 0.9%
12,213 Caremark Rx, Inc. 697,484
9,749 Medco Health Solutions, Inc., (1) 520,987
13,835 Tenet Healthcare Corporation, (1) 96,430
24,837 UnitedHealth Group Incorporated 1,334,492
</Table>
33
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES (continued)
11,200 Universal Health Services, Inc., Class B $ 620,816
14,993 Wellpoint Inc., (1) 1,179,799
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 4,450,008
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 3.1%
18,429 Carnival Corporation 903,942
9,154 Harrah's Entertainment, Inc. 757,219
26,904 International Game Technology 1,242,965
45,500 McDonald's Corporation 2,017,015
176,220 Starbucks Corporation, (1) 6,241,712
15,700 Starwood Hotels & Resorts Worldwide, Inc. 981,250
27,491 Tim Hortons Inc. 796,139
20,300 Wendy's International, Inc. 671,727
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 13,611,969
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 0.6%
24,388 Leggett and Platt Inc. 582,873
38,500 Newell Rubbermaid Inc. 1,114,575
12,700 Whirlpool Corporation 1,054,354
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 2,751,802
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.0%
75,195 Procter & Gamble Company 4,832,783
- --------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 2.1%
13,164 3M Co. 1,025,871
14,536 American Standard Companies Inc. 666,476
163,140 General Electric Company 6,070,439
17,994 Genuine Parts Company 853,455
37,342 Tyco International Ltd. 1,135,197
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 9,751,438
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.9%
14,028 AFLAC Incorporated 645,288
63,270 American International Group, Inc. 4,533,928
34,260 Fidelity National Title Group Inc., Class A 818,129
30,179 Marsh & McLennan Companies, Inc. 925,288
13,260 Prudential Financial, Inc. 1,138,504
18,273 St. Paul Travelers Companies, Inc. 981,077
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 9,042,214
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.8%
52,439 Amazon.com, Inc., (1) 2,069,243
51,320 IAC/InterActiveCorp., (1) 1,907,051
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 3,976,294
-------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 4.1%
44,756 Earthlink, Inc., (1) 317,768
194,220 eBay Inc., (1) 5,840,195
22,623 Google Inc., Class A, (1) 10,417,439
7,873 j2 Global Communications, Inc., (1) 214,539
43,727 United Online, Inc. 580,695
82,105 Yahoo! Inc., (1) 2,096,962
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 19,467,598
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.7%
41,600 Electronic Data Systems Corporation 1,146,080
17,573 Fidelity National Information Services 704,502
17,600 First Data Corporation 449,152
13,150 Infosys Technologies Limited, Sponsored ADR 717,464
9,801 WebEx Communications, Inc., (1) 341,957
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 3,359,155
-------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.1%
26,523 Eastman Kodak Company 684,293
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
34
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.2%
29,600 Caterpillar Inc. $ 1,815,368
8,259 Danaher Corporation 598,282
15,700 Eaton Corporation 1,179,698
18,700 Graco Inc. 740,894
21,330 SPX Corporation 1,304,543
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 5,638,785
-------------------------------------------------------------------------------------------------------------------
MEDIA - 3.4%
32,300 Clear Channel Communications, Inc. 1,147,942
152,415 Comcast Corporation, Special Class A, (1) 6,383,140
1,638 Idearc Inc., (1) 46,929
20,333 Monster Worldwide Inc., (1) 948,331
36,179 New York Times, Class A 881,320
62,500 News Corporation, Class A 1,342,500
10,200 Omnicom Group Inc. 1,066,308
65,946 Regal Entertainment Group, Class A 1,405,969
34,600 Walt Disney Company 1,185,742
95,910 Westwood One, Inc. 677,125
67,170 XM Satellite Radio Holdings Inc., Class A, (1) 970,607
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 16,055,913
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 0.6%
56,000 Companhia Siderurgica Nacional S.A., Sponsored 1,678,880
ADR, (1)
4,084 Phelps Dodge Corporation 488,936
14,778 Southern Copper Corporation 796,386
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 2,964,202
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 1.3%
10,616 Dollar General Corporation 170,493
23,453 Federated Department Stores, Inc. 894,263
16,800 J.C. Penney Company, Inc. 1,299,648
12,439 Kohl's Corporation, (1) 851,201
18,530 Sears Holding Corporation, (1) 3,111,743
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 6,327,348
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 0.4%
61,600 Duke Energy Corporation 2,045,736
26 National Grid PLC, Sponsored ADR 1,888
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 2,047,624
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 4.0%
70,620 ChevronTexaco Corporation 5,192,689
29,400 ConocoPhillips 2,115,330
140,291 Exxon Mobil Corporation 10,750,499
16,092 Norsk Hydro ASA 493,542
7,981 Occidental Petroleum Corporation 389,712
5,544 Valero Energy Corporation 283,631
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 19,225,403
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.2%
6,887 Bowater Incorporated 154,958
23,723 International Paper Company 808,954
- --------------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 963,912
-------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 5.1%
34,430 Abbott Laboratories 1,677,085
77,186 Bristol-Myers Squibb Company 2,031,536
58,000 Celgene Corporation, (1) 3,336,740
10,718 CV Therapeutics Inc., (1) 149,623
28,008 Eli Lilly and Company 1,459,217
8,855 GlaxoSmithKline PLC, ADR 467,190
17,972 Idenix Pharmaceuticals Inc., (1) 156,177
47,476 Johnson & Johnson 3,134,366
99,822 Merck & Co. Inc. 4,352,239
182,940 Pfizer Inc. 4,738,146
31,686 Schering-Plough Corporation 749,057
</Table>
35
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS (continued)
22,020 Telik, Inc., (1) $ 97,549
38,806 Wyeth 1,976,002
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 24,324,927
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 1.7%
19,881 American Home Mortgage Investment Corp. 698,221
38,900 Health Care REIT, Inc. 1,673,478
30,269 Healthcare Realty Trust, Inc. 1,196,836
9,611 Host Marriott Corporation 235,950
38,339 Lexington Corporate Properties Trust 859,560
29,977 Mills Corp. 599,540
51,777 Nationwide Health Properties, Inc. 1,564,701
41,422 Senior Housing Properties Trust 1,014,011
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate 7,842,297
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.3%
17,500 Burlington Northern Santa Fe Corporation 1,291,675
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 6.2%
34,737 Advanced Micro Devices, Inc., (1) 706,898
41,982 Agere Systems Inc., (1) 804,795
54,763 Altera Corporation, (1) 1,077,736
14,165 Analog Devices, Inc. 465,604
109,780 Applied Materials, Inc. 2,025,441
66,600 Broadcom Corporation, Class A, (1) 2,151,846
18,900 Cymer, Inc., (1) 830,655
47,717 Cypress Semiconductor Corporation, (1) 804,986
39,437 Fairchild Semiconductor International Inc., 662,936
Class A, (1)
46,242 Integrated Device Technology, Inc., (1) 715,826
5,434 International Rectifier Corporation, (1) 209,372
20,531 Intersil Holding Corporation, Class A 491,102
20,150 KLA-Tencor Corporation 1,002,463
70,275 Linear Technology Corporation 2,130,738
51,022 LSI Logic Corporation, (1) 459,198
62,210 Marvell Technology Group Ltd., (1) 1,193,810
98,150 Maxim Integrated Products, Inc. 3,005,353
73,000 Micron Technology, Inc., (1) 1,019,080
52,100 National Semiconductor Corporation 1,182,670
27,401 Novellus Systems Inc., (1) 943,142
56,690 NVIDIA Corporation, (1) 2,098,097
21,817 PMC-Sierra, Inc., (1) 146,392
109,893 Taiwan Semiconductor Manufacturing Company Ltd., 1,201,130
Sponsored ADR
13,849 Tessera Technologies Inc., (1) 558,669
80,091 Texas Instruments Incorporated 2,306,621
22,335 Varian Semiconductor Equipment Associate, (1) 1,016,689
2,103 Verigy Limited, (1) 37,328
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 29,248,577
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 10.0%
60,364 Activision Inc., (1) 1,040,675
91,430 Adobe Systems Incorporated, (1) 3,759,602
28,460 Akamai Technologies, Inc., (1) 1,511,795
27,018 Autodesk, Inc., (1) 1,093,148
63,545 BEA Systems, Inc., (1) 799,396
27,633 CA Inc. 625,887
74,410 Cadence Design Systems, Inc., (1) 1,332,683
62,757 CNET Networks, Inc., (1) 570,461
19,482 Hyperion Solutions Corporation, (1) 700,183
741,380 Microsoft Corporation 22,137,606
8,453 NAVTEQ Corporation, (1) 295,601
490,178 Oracle Corporation, (1) 8,401,651
8,038 SAP AG, Sponsored ADR 426,818
38,088 Satyam Computer Services Limited, ADR 914,493
146,348 Symantec Corporation, (1) 3,051,356
40,834 VeriSign, Inc., (1) 982,058
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 47,643,413
-------------------------------------------------------------------------------------------------------------------
</Table>
36
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.0%
28,650 Best Buy Co., Inc. $ 1,409,294
11,600 Claire's Stores, Inc. 384,424
50,492 Gap, Inc. 984,594
43,371 Home Depot, Inc. 1,741,779
40,900 Limited Brands, Inc. 1,183,646
29,000 Lowe's Companies, Inc. 903,350
53,164 Pier 1 Imports, Inc. 316,326
6,115 RadioShack Corporation 102,610
28,938 TJX Companies, Inc. 825,312
43,412 Tuesday Morning Corporation 675,057
37,616 Urban Outfitters, Inc., (1) 866,296
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 9,392,688
-------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.2%
13,605 Fannie Mae 808,001
- --------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 1.4%
68,196 Altria Group, Inc. 5,852,581
5,596 Reynolds American Inc. 366,370
12,882 Vector Group Ltd. 228,656
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 6,447,607
-------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
46,400 China Mobile Hong Kong Limited, Sponsored ADR 2,005,408
36,448 Vodafone Group PLC 1,012,525
- --------------------------------------------------------------------------------------------------------------------------------
Total Wireless Telecommunication Services 3,017,933
-------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $371,511,809) 466,526,059
===================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.6%
$ 21,813 Repurchase Agreement with Fixed Income Clearing 4.580% 1/02/07 $ 21,812,979
Corporation, dated 12/29/06, repurchase price
$21,824,079, collateralized by $18,995,000 U.S.
Treasury Bonds, 6.250%, due 8/15/23, value
$22,250,344
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $21,812,979) 21,812,979
===================================================================================================================
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
80 Nasdaq 100 Index $ 12,000,000 1/20/07 $1500 $ 1,600
321 Nasdaq 100 Index 49,755,000 2/17/07 1550 98,547
246 Nasdaq 100 Index 39,360,000 2/17/07 1600 126,690
643 Nasdaq 100 Index 99,665,000 3/17/07 1550 453,315
224 S&P 500 Index 28,000,000 1/20/07 1250 5,600
222 S&P 500 Index 27,750,000 2/17/07 1250 27,750
225 S&P 500 Index 28,687,500 2/17/07 1275 40,500
224 S&P 500 Index 29,120,000 2/17/07 1300 58,240
222 S&P 500 Index 27,750,000 3/17/07 1250 68,820
272 S&P 500 Index 34,680,000 3/17/07 1275 114,240
239 S&P 500 Index 31,070,000 3/17/07 1300 136,230
- -----------------------------------------------------------------------------------------------------------------------------------
2,918 TOTAL PUT OPTIONS (COST $1,730,525) 407,837,500 1,131,532
===================================================================================================================================
TOTAL INVESTMENTS (COST $395,055,313) - 103.1% 489,470,570
====================================================================================================================
</Table>
37
Nuveen Equity Premium Advantage Fund (JLA) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (3.1)% (3)
(100) Mini-NDX 100 Index (1,700,000) 1/20/07 170.0 $ (70,000)
(200) Mini-NDX 100 Index (3,500,000) 1/20/07 175.0 (64,000)
(2,730) Mini-NDX 100 Index (47,775,000) 2/17/07 175.0 (1,405,950)
(970) Mini-NDX 100 Index (17,217,500) 2/17/07 177.5 (358,900)
(780) Mini-NDX 100 Index (13,650,000) 3/17/07 175.0 (534,300)
(880) Mini-NDX 100 Index (15,620,000) 3/17/07 177.5 (475,200)
(128) Nasdaq 100 Index (21,760,000) 1/20/07 1700 (889,600)
(263) Nasdaq 100 Index (46,025,000) 1/20/07 1750 (842,915)
(50) Nasdaq 100 Index (8,875,000) 2/17/07 1775 (188,000)
(52) Nasdaq 100 Index (9,100,000) 3/17/07 1750 (357,240)
(235) Nasdaq 100 Index (41,712,500) 3/17/07 1775 (1,273,700)
(203) S&P 500 Index (27,405,000) 1/20/07 1350 (1,476,825)
(194) S&P 500 Index (26,675,000) 1/20/07 1375 (955,450)
(205) S&P 500 Index (28,700,000) 1/20/07 1400 (568,875)
(191) S&P 500 Index (25,785,000) 2/17/07 1350 (1,534,685)
(215) S&P 500 Index (29,562,500) 2/17/07 1375 (1,260,975)
(219) S&P 500 Index (30,660,000) 2/17/07 1400 (853,005)
(210) S&P 500 Index (29,400,000) 3/17/07 1400 (1,019,550)
(191) S&P 500 Index (27,217,500) 3/17/07 1425 (612,155)
- --------------------------------------------------------------------------------------------------------------------------------
(8,016) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (452,340,000) (14,741,325)
$19,166,900)
================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.0% 51,463
===================================================================================================================
NET ASSETS - 100% $ 474,780,708
===================================================================================================================
</Table>
<Table>
(1) Non-income producing.
(2) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by Strike Price by 100.
(3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding
Call Options Written.
ADR American Depositary Receipt.
</Table>
See accompanying notes to financial statements.
38
Nuveen Equity Premium and Growth Fund (JPG)
Portfolio of
INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 96.6%
AEROSPACE & DEFENSE - 1.6%
20,500 Boeing Company $ 1,821,220
4,500 Goodrich Corporation 204,975
33,500 Honeywell International Inc. 1,515,540
23,900 United Technologies Corporation 1,494,228
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 5,035,963
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.7%
28,200 United Parcel Service, Inc., Class B 2,114,436
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.2%
5,400 AMR Corporation-DEL, (1) 163,242
9,600 Continental Airlines, Inc., (1) 396,000
3,250 Southwest Airlines Co. 49,790
- --------------------------------------------------------------------------------------------------------------------------------
Total Airlines 609,032
-------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.2%
24,800 American Axle and Manufacturing Holdings Inc. 470,952
9,310 Cooper Tire & Rubber 133,133
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 604,085
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.6%
82,400 Ford Motor Company 618,824
35,600 General Motors Corporation 1,093,632
2,500 Harley-Davidson Inc. 176,175
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 1,888,631
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.5%
35,500 Coca-Cola Company 1,712,875
- --------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 5.1%
130,200 American Capital Strategies Limited 6,023,052
35,000 Charles Schwab Corporation 676,900
8,500 Goldman Sachs Group, Inc. 1,694,475
104,500 JPMorgan Chase & Co. 5,047,350
31,000 Morgan Stanley 2,524,330
18,800 Waddell & Reed Financial, Inc., Class A 514,368
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 16,480,475
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.7%
1,000 Chemtura Corporation 9,630
51,000 Dow Chemical Company 2,036,940
38,955 E.I. Du Pont de Nemours and Company 1,897,498
2,700 Eastman Chemical Company 160,137
3,000 Lyondell Chemical Company 76,710
14,000 Olin Corporation 231,280
13,000 PPG Industries, Inc. 834,730
8,000 RPM International, Inc. 167,120
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 5,414,045
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 8.9%
136,400 Allied Capital Corporation 4,457,552
167,515 Bank of America Corporation 8,943,626
8,000 Comerica Incorporated 469,440
9,000 Federated Investors Inc. 304,020
27,720 HSBC Holdings PLC, Sponsored ADR 2,540,538
34,000 Lloyds TSB Group PLC, Sponsored ADR 1,541,220
2,133 National Australia Bank Limited, Sponsored ADR 339,680
</Table>
39
Nuveen Equity Premium and Growth Fund (JPG) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (continued)
18,800 National City Corporation $ 687,328
15,493 Regions Financial Corporation 579,438
91,383 U.S. Bancorp 3,307,151
32,118 Wachovia Corporation 1,829,120
9,600 Washington Mutual, Inc. 436,704
98,100 Wells Fargo & Company 3,488,436
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 28,924,253
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.2%
23,000 Automatic Data Processing, Inc. 1,132,750
1,400 Avery Dennison Corporation 95,102
46,100 Deluxe Corporation 1,161,720
1,000 Robert Half International Inc. 37,120
86,500 ServiceMaster Company 1,134,015
6,000 Standard Register Company 72,000
71,265 Synagro Technologies, Inc. 314,991
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 3,947,698
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 1.5%
11,321 Alcatel SA 160,985
119,800 Cisco Systems, Inc., (1) 3,274,134
28,400 Corning Incorporated, (1) 531,364
35,100 Motorola, Inc. 721,656
1,000 Plantronics Inc. 21,200
3,291 QUALCOMM Inc. 124,367
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 4,833,706
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 2.3%
15,467 Apple Computer, Inc., (1) 1,312,220
14,919 Dell Inc., (1) 374,318
25,000 EMC Corporation, (1) 330,000
65,500 Hewlett-Packard Company 2,697,945
27,500 International Business Machines Corporation 2,671,625
(IBM)
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 7,386,108
-------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.3%
22,600 Chesapeake Corporation 384,652
21,200 Packaging Corp. of America 468,520
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 853,172
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 2.9%
1,500 Chicago Merchantile Exchange 764,625
140,929 Citigroup Inc. 7,849,745
4,000 Federal Home Loan Mortgage Corporation 271,600
21,800 Gladstone Capital Corporation 520,148
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 9,406,118
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.8%
4,000 Alaska Communications Systems Group Inc. 60,760
118,000 AT&T Inc. 4,218,500
16,000 BellSouth Corporation 753,760
104,800 Citizens Communications Company 1,505,976
3,700 Compania Anonima Nacional Telefonos de Venezuela 72,483
15,600 FairPoint Communications Inc. 295,620
2,000 France Telecom SA 55,400
4,000 SK Telecom Company Limited 105,920
16,800 Telstra Corporation Limited, ADR 275,184
129,500 Verizon Communications Inc. 4,822,580
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 12,166,183
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.9%
5,400 Ameren Corporation 290,142
26,500 Centerpoint Energy Inc. 439,370
13,600 Consolidated Edison, Inc. 653,752
12,000 Duquesne Light Holdings Inc. 238,200
6,000 Enel SpA, Sponsored ADR 309,600
14,700 Great Plains Energy Incorporated 467,460
</Table>
40
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES (continued)
8,882 Progress Energy, Inc. $ 435,929
3,849 TXU Corporation 208,654
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 3,043,107
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.1%
21,000 American Power Conversion Corporation 642,390
2,500 Cooper Industries, Ltd., Class A 226,075
60,000 Emerson Electric Co. 2,645,400
2,000 Hubbell Incorporated, Class B 90,420
1,000 Rockwell Automation, Inc. 61,080
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 3,665,365
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.0%
3,100 MEMC Electronic Materials, (1) 121,334
- --------------------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 1.5%
12,700 Baker Hughes Incorporated 948,182
12,000 Carbo Ceramics Inc. 448,440
2,500 Diamond Offshore Drilling, Inc. 199,850
17,600 Halliburton Company 546,480
2,500 National-Oilwell Varco Inc., (1) 152,950
5,000 Noble Corporation 380,750
8,000 Patterson-UTI Energy, Inc. 185,840
23,514 Schlumberger Limited 1,485,144
2,000 Tidewater Inc. 96,720
7,000 Transocean Inc., (1) 566,230
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 5,010,586
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.1%
8,500 CVS Corporation 262,735
29,375 SUPERVALU Inc. 1,050,156
37,400 Wal-Mart Stores, Inc. 1,727,132
9,000 Whole Foods Market, Inc. 422,370
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 3,462,393
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.3%
41,300 ConAgra Foods, Inc. 1,115,100
- --------------------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 2.5%
77,000 KeySpan Corporation 3,170,860
35,390 Nicor Inc. 1,656,252
71,000 Peoples Energy Corporation 3,164,470
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 7,991,582
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.5%
2,700 Baxter International Inc. 125,253
3,360 Boston Scientific Corporation, (1) 57,725
29,000 Medtronic, Inc. 1,551,790
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 1,734,768
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 0.6%
9,173 Aetna Inc. 396,090
17,000 Health Management Associates Inc. 358,870
24,600 UnitedHealth Group Incorporated 1,321,758
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 2,076,718
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.0%
4,800 Harrah's Entertainment, Inc. 397,056
5,500 International Game Technology 254,100
31,900 McDonald's Corporation 1,414,127
11,000 OSI Restaurant Partners Inc. 431,200
12,813 Tim Hortons Inc. 371,064
10,200 Wendy's International, Inc. 337,518
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 3,205,065
-------------------------------------------------------------------------------------------------------------------
</Table>
41
Nuveen Equity Premium and Growth Fund (JPG) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.4%
5,000 Black & Decker Corporation $ 399,850
1,000 D.R. Horton, Inc. 26,490
2,200 Furniture Brands International, Inc. 35,706
13,500 Kimball International Inc., Class B 328,050
1,000 La Z Boy Inc. 11,870
55,500 Newell Rubbermaid Inc. 1,606,725
12,000 Snap-on Incorporated 571,680
13,500 Stanley Works 678,915
8,998 Whirlpool Corporation 747,014
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 4,406,300
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 2.1%
20,000 Kimberly-Clark Corporation 1,359,000
85,500 Procter & Gamble Company 5,495,085
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Products 6,854,085
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 4.4%
15,600 3M Co. 1,215,708
6,700 American Standard Companies Inc. 307,195
302,676 General Electric Company 11,262,574
23,200 Genuine Parts Company 1,100,376
14,166 Tyco International Ltd. 430,646
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 14,316,499
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 4.3%
20,000 Allstate Corporation 1,302,200
29,140 American International Group, Inc. 2,088,172
9,000 Arthur J. Gallagher & Co. 265,950
149,977 Fidelity National Title Group Inc., Class A 3,581,451
74,334 Lincoln National Corporation 4,935,778
13,000 Marsh & McLennan Companies, Inc. 398,580
9,000 Mercury General Corporation 474,570
16,400 St. Paul Travelers Companies, Inc. 880,516
1,500 Unitrin, Inc. 75,165
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 14,002,382
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.2%
14,500 Amazon.com, Inc., (1) 572,170
- --------------------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 1.9%
43,000 eBay Inc., (1) 1,293,010
6,400 Google Inc., Class A, (1) 2,947,072
104,600 United Online, Inc. 1,389,088
23,800 Yahoo! Inc., (1) 607,852
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 6,237,022
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.1%
5,374 Fidelity National Information Services 215,444
- --------------------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.5%
5,000 Brunswick Corporation 159,500
2,000 Eastman Kodak Company 51,600
39,200 Mattel, Inc. 888,272
8,000 Polaris Industries Inc. 374,640
- --------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 1,474,012
-------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.4%
25,000 Briggs & Stratton Corporation 673,750
30,000 Caterpillar Inc. 1,839,900
5,100 Deere & Company 484,857
11,000 Illinois Tool Works Inc. 508,090
19,000 Ingersoll-Rand Company - Class A 743,470
3,000 Pentair, Inc. 94,200
2,100 Volvo AB 144,522
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 4,488,789
-------------------------------------------------------------------------------------------------------------------
</Table>
42
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
MEDIA - 1.5%
1,500 Clear Channel Communications, Inc. $ 53,310
17,600 Dow Jones & Company, Inc. 668,800
39,000 New York Times, Class A 950,040
500 Reed Elsevier NV, Sponsored ADR 17,050
76,486 Regal Entertainment Group, Class A 1,630,682
37,000 Sirius Satellite Radio Inc., (1) 130,980
99,500 Westwood One, Inc. 702,470
18,500 World Wrestling Entertainment Inc. 301,550
19,000 XM Satellite Radio Holdings Inc., Class A, (1) 274,550
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 4,729,432
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.4%
38,104 Companhia Siderurgica Nacional S.A., Sponsored 1,142,358
ADR, (1)
1,140 Phelps Dodge Corporation 136,481
57,336 Southern Copper Corporation 3,089,837
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 4,368,676
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.6%
18,000 Dollar General Corporation 289,080
19,200 Federated Department Stores, Inc. 732,096
5,500 J.C. Penney Company, Inc. 425,480
12,800 Nordstrom, Inc. 631,552
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 2,078,208
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.0%
1,450 Dominion Resources, Inc. 121,568
76,000 Duke Energy Corporation 2,523,960
10,500 ONEOK, Inc. 452,760
6,600 United Utilities PLC, Sponsored ADR 202,752
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 3,301,040
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 8.5%
68,900 ChevronTexaco Corporation 5,066,217
17,026 ConocoPhillips 1,225,021
185,000 Exxon Mobil Corporation 14,176,550
3,600 Frontline Limited 114,660
12,800 General Maritime Corporation 450,432
7,800 Marathon Oil Corporation 721,500
141,559 Norsk Hydro ASA 4,341,615
24,500 Occidental Petroleum Corporation 1,196,335
3,000 YPF Sociedad Anonima 143,850
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 27,436,180
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.9%
11,000 Bowater Incorporated 247,500
8,500 International Paper Company 289,850
32,400 Weyerhaeuser Company 2,289,060
- --------------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 2,826,410
-------------------------------------------------------------------------------------------------------------------
PERSONAL PRODUCTS - 0.2%
23,000 Avon Products, Inc. 759,920
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 9.1%
65,000 Abbott Laboratories 3,166,150
146,264 Bristol-Myers Squibb Company 3,849,668
2,000 CV Therapeutics Inc., (1) 27,920
31,132 Eli Lilly and Company 1,621,977
89,900 Johnson & Johnson 5,935,198
140,500 Merck & Co. Inc. 6,125,800
277,500 Pfizer Inc. 7,187,250
30,500 Wyeth 1,553,060
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 29,467,023
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE - 3.4%
9,700 American Home Mortgage Investment Corp. 340,664
60,671 Apartment Investment & Management Company, Class 3,398,789
A
2,800 Colonial Properties Trust 131,264
</Table>
43
Nuveen Equity Premium and Growth Fund (JPG) (continued)
Portfolio of INVESTMENTS December 31, 2006
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
REAL ESTATE (continued)
57,500 Healthcare Realty Trust, Inc. $ 2,273,550
47,000 Hospitality Properties Trust 2,233,910
17,500 Lexington Corporate Properties Trust 392,350
53,300 Nationwide Health Properties, Inc. 1,610,726
4,799 New Century Financial Corporation 151,600
20,000 Senior Housing Properties Trust 489,600
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate 11,022,453
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.4%
39,500 CSX Corporation 1,359,985
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 2.9%
47,000 Analog Devices, Inc. 1,544,890
11,500 Applied Materials, Inc. 212,175
237,500 Intel Corporation 4,809,375
44,000 Maxim Integrated Products, Inc. 1,347,280
30,600 Microchip Technology Incorporated 1,000,620
13,400 NVIDIA Corporation, (1) 495,934
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 9,410,274
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 3.3%
7,700 Adobe Systems Incorporated, (1) 316,624
273,500 Microsoft Corporation 8,166,710
9,000 NAVTEQ Corporation, (1) 314,730
99,976 Oracle Corporation, (1) 1,713,589
3,500 Salesforce.com, Inc., (1) 127,575
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 10,639,228
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.4%
6,450 Abercrombie & Fitch Co., Class A 449,114
25,500 American Eagle Outfitters, Inc. 795,855
17,000 Best Buy Co., Inc. 836,230
7,000 Chico's FAS, Inc., (1) 144,830
14,151 Gap, Inc. 275,945
26,012 Home Depot, Inc. 1,044,642
30,700 Limited Brands, Inc. 888,458
23,000 Lowe's Companies, Inc. 716,450
108,100 Pier 1 Imports, Inc. 643,195
12,000 RadioShack Corporation 201,360
7,300 Sherwin-Williams Company 464,134
6,000 Talbots, Inc. 144,600
1,000 Tiffany & Co 39,240
12,000 TJX Companies, Inc. 342,240
58,000 Tuesday Morning Corporation 901,900
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 7,888,193
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
702 Cherokee Inc. 30,123
20,000 VF Corporation 1,641,600
- --------------------------------------------------------------------------------------------------------------------------------
Total Textiles, Apparel & Luxury Goods 1,671,723
-------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.6%
18,900 Fannie Mae 1,122,471
4,025 Great Lakes Bancorp Inc., (1) 56,511
38,000 New York Community Bancorp, Inc. 611,800
- --------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 1,790,782
-------------------------------------------------------------------------------------------------------------------
TOBACCO - 2.3%
65,586 Altria Group, Inc. 5,628,591
3,000 Reynolds American Inc. 196,410
30,000 UST Inc. 1,746,000
422 Vector Group Ltd. 7,491
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 7,578,492
-------------------------------------------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS - 0.0%
1,000 W.W. Grainger, Inc. 69,940
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
44
<Table>
<Caption>
SHARES DESCRIPTION VALUE
- --------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION INFRASTRUCTURE - 0.0%
4,000 Stolt-Nielsen S.A., Sponsored ADR $ 121,960
- --------------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.3%
32,000 Vodafone Group PLC 888,958
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $266,674,688) 312,778,378
===================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 5.9%
$ 18,934 Repurchase Agreement with Fixed Income Clearing 4.580% 1/02/07 $ 18,933,566
Corporation, dated 12/29/06, repurchase price
$18,943,201, collateralized by $14,310,000 U.S.
Treasury Bonds, 7.625%, due 2/15/25, value
$19,318,500
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $18,933,566) 18,933,566
===================================================================================================================
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
235 S&P 500 Index $ 29,375,000 1/20/07 $1250 $ 5,875
241 S&P 500 Index 30,125,000 2/17/07 1250 30,125
237 S&P 500 Index 30,217,500 2/17/07 1275 42,660
236 S&P 500 Index 30,680,000 2/17/07 1300 61,360
255 S&P 500 Index 31,875,000 3/17/07 1250 79,050
287 S&P 500 Index 36,592,500 3/17/07 1275 120,540
263 S&P 500 Index 34,190,000 3/17/07 1300 149,910
- -----------------------------------------------------------------------------------------------------------------------------------
1,754 TOTAL PUT OPTIONS (COST $774,955) 223,055,000 489,520
===================================================================================================================================
TOTAL INVESTMENTS (COST $286,383,209) - 102.7% 332,201,464
====================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (2) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (2.8)% (3)
(224) S&P 500 Index $ (30,240,000) 1/20/07 $ 1350 $ (1,629,600)
(213) S&P 500 Index (29,287,500) 1/20/07 1375 (1,049,025)
(215) S&P 500 Index (30,100,000) 1/20/07 1400 (596,625)
(229) S&P 500 Index (30,915,000) 2/17/07 1350 (1,840,015)
(217) S&P 500 Index (29,837,500) 2/17/07 1375 (1,272,705)
(229) S&P 500 Index (32,060,000) 2/17/07 1400 (891,955)
(223) S&P 500 Index (31,220,000) 3/17/07 1400 (1,082,665)
(204) S&P 500 Index (29,070,000) 3/17/07 1425 (653,820)
- --------------------------------------------------------------------------------------------------------------------------------
(1,754) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (242,730,000) (9,016,410)
$8,277,155)
================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.1% 383,952
===================================================================================================================
NET ASSETS - 100% $ 323,569,006
===================================================================================================================
</Table>
<Table>
(1) Non-income producing.
(2) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by Strike Price by 100.
(3) The Fund may designate up to 100% of its Common Stock investments to cover outstanding
Call Options Written.
ADR American Depositary Receipt.
</Table>
See accompanying notes to financial statements.
45
Statement of
ASSETS AND LIABILITIES December 31, 2006
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $594,384,084, $1,034,255,079,
$395,055,313 and $286,383,209, respectively) $740,383,939 $1,254,615,419 $489,470,570 $332,201,464
Receivables:
Dividends 1,332,926 1,698,294 479,831 706,120
Interest 13,130 21,188 8,325 7,226
Reclaims 296 16,231 -- 3,233
Other assets 18,305 23,093 9,555 4,839
- --------------------------------------------------------------------------------------------------------------------------------
Total assets 741,748,596 1,256,374,225 489,968,281 332,922,882
- --------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Call options written, at value (premiums received
$23,418,815, $44,498,005, $19,166,900 and $8,277,155,
respectively) 25,489,580 40,686,900 14,741,325 9,016,410
Accrued expenses:
Management fees 350,328 582,690 275,624 236,589
Other 228,762 383,805 170,624 100,877
- --------------------------------------------------------------------------------------------------------------------------------
Total liabilities 26,068,670 41,653,395 15,187,573 9,353,876
- --------------------------------------------------------------------------------------------------------------------------------
Net assets $715,679,926 $1,214,720,830 $474,780,708 $323,569,006
- --------------------------------------------------------------------------------------------------------------------------------
Shares outstanding 38,490,917 66,156,100 25,877,752 16,505,240
- --------------------------------------------------------------------------------------------------------------------------------
Net asset value per share outstanding $ 18.59 $ 18.36 $ 18.35 $ 19.60
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 384,909 $ 661,561 $ 258,778 $ 165,052
Paid-in surplus 635,253,835 1,097,361,243 434,003,478 298,026,341
Undistributed (Over-distribution of) net investment income -- -- -- --
Accumulated net realized gain (loss) from investments and
call options written (63,887,908) (107,473,419) (58,322,380) (19,701,387)
Net unrealized appreciation (depreciation) of investments
and call options written 143,929,090 224,171,445 98,840,832 45,079,000
- --------------------------------------------------------------------------------------------------------------------------------
Net assets $715,679,926 $1,214,720,830 $474,780,708 $323,569,006
- --------------------------------------------------------------------------------------------------------------------------------
Authorized shares Unlimited Unlimited Unlimited Unlimited
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
46
Statement of
OPERATIONS Year Ended December 31, 2006
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $3,798, $69,208,
$32,360 and $42,404, respectively) $ 19,133,252 $25,536,845 $ 7,498,551 $ 9,758,697
Interest 1,847,411 3,130,418 1,258,244 734,344
- -----------------------------------------------------------------------------------------------------------------------------
Total investment income $ 20,980,663 $28,667,263 $ 8,756,795 $10,493,041
- -----------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 6,248,742 10,525,224 4,220,057 2,756,479
Shareholders' servicing agent fees and expenses 1,834 2,697 559 99
Custodian's fees and expenses 155,283 259,183 121,709 113,214
Trustees' fees and expenses 16,753 30,022 11,227 10,117
Professional fees 58,234 62,880 27,745 26,884
Shareholders' reports - printing and mailing expenses 136,581 255,458 89,578 22,136
Stock exchange listing fees 17,245 49,113 9,823 9,823
Investor relations expense 83,369 143,710 65,390 42,258
Other expenses 98,648 237,532 153,402 62,649
- -----------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
reimbursement 6,816,689 11,565,819 4,699,490 3,043,659
Custodian fee credit (32,491) (61,035) (35,697) (86,763)
Expense reimbursement (2,130,216) (3,636,243) (951,075) --
- -----------------------------------------------------------------------------------------------------------------------------
Net expenses 4,653,982 7,868,541 3,712,718 2,956,896
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income 16,326,681 20,798,722 5,044,077 7,536,145
- -----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (21,102,851) (39,977,281) (25,325,874) (11,889,817)
Call options written (15,767,514) (25,604,162) (9,667,782) (5,336,041)
Change in net unrealized appreciation (depreciation) of:
Investments 99,612,007 153,481,781 66,909,819 49,090,741
Call options written (9,209,912) (11,574,115) (3,099,138) (3,295,248)
- -----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 53,531,730 76,326,223 28,817,025 28,569,635
- -----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 69,858,411 $97,124,945 $ 33,861,102 $36,105,780
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
47
Statement of
CHANGES IN NET ASSETS
<Table>
<Caption>
EQUITY PREMIUM
OPPORTUNITY (JSN)
EQUITY PREMIUM ----------------------------------
INCOME (JPZ) FOR THE PERIOD
------------------------------- 1/26/05
(COMMENCEMENT
YEAR YEAR YEAR OF OPERATIONS)
ENDED ENDED ENDED THROUGH
12/31/06 12/31/05 12/31/06 12/31/05
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 16,326,681 $ 16,060,048 $ 20,798,722 $ 19,262,032
Net realized gain (loss) from:
Investments (21,102,851) (18,142,299) (39,977,281) (36,918,822)
Call options written (15,767,514) 16,747,831 (25,604,162) 4,493,069
Change in net unrealized appreciation (depreciation) of:
Investments 99,612,007 9,016,071 153,481,781 66,885,971
Call options written (9,209,912) 10,174,269 (11,574,115) 15,385,220
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 69,858,411 33,855,920 97,124,945 69,107,470
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (16,326,681) (15,325,480) (20,798,722) (19,262,032)
From accumulated net realized gains -- -- -- (9,477,626)
Tax return of capital (49,045,844) (49,390,391) (96,097,991) (67,663,695)
- ---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (65,372,525) (64,715,871) (116,896,713) (96,403,353)
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of shares and offering costs
adjustments (4,982) 67,480 256,067 1,228,579,554
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 3,149,525 14,947,821 8,701,885 24,150,891
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions 3,144,543 15,015,301 8,957,952 1,252,730,445
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 7,630,429 (15,844,650) (10,813,816) 1,225,434,562
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the beginning of period 708,049,497 723,894,147 1,225,534,646 100,084
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $715,679,926 $708,049,497 $1,214,720,830 $1,225,534,646
- ---------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment
income at the end of period $ -- $ -- $ -- $ --
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
48
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
------------------------------- --------------------------------
FOR THE PERIOD FOR THE PERIOD
5/25/05 11/22/05
(COMMENCEMENT (COMMENCEMENT
YEAR OF OPERATIONS) YEAR OF OPERATIONS)
ENDED THROUGH ENDED THROUGH
12/31/06 12/31/05 12/31/06 12/31/05
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,044,077 $ 2,638,831 $ 7,536,145 $ 609,808
Net realized gain (loss) from:
Investments (25,325,874) (11,273,386) (11,889,817) (48,900)
Call options written (9,667,782) (8,846,038) (5,336,041) (255,830)
Change in net unrealized appreciation (depreciation) of:
Investments 66,909,819 27,505,438 49,090,741 (3,249,440)
Call options written (3,099,138) 7,524,713 (3,295,248) 2,555,993
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 33,861,102 17,549,558 36,105,780 (388,369)
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (5,044,077) (2,638,831) (8,145,953) --
From accumulated net realized gains -- (3,209,300) (2,230,158) --
Tax return of capital (41,535,076) (17,292,115) (16,362,378) --
- ---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (46,579,153) (23,140,246) (26,738,489) --
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from sale of shares and offering costs
adjustments 38,068 484,128,408 -- 314,490,000
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 4,481,520 4,341,367 -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions 4,519,588 488,469,775 -- 314,490,000
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (8,198,463) 482,879,087 9,367,291 314,101,631
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the beginning of period 482,979,171 100,084 314,201,715 100,084
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $474,780,708 $ 482,979,171 $323,569,006 $ 314,201,715
- ---------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income
at the end of period $ -- $ -- $ -- $ 609,808
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
49
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share New York Stock Exchange symbols are Nuveen Equity Premium Income Fund
(JPZ), Nuveen Equity Premium Opportunity Fund (JSN), Nuveen Equity Premium
Advantage Fund (JLA) and Nuveen Equity Premium and Growth Fund (JPG). The Funds
are registered under the Investment Company Act of 1940, as amended, as
diversified, closed-end management investment companies.
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), Equity Premium Advantage (JLA) and Equity
Premium and Growth (JPG)) and their reimbursement by Nuveen Investments, LLC,
also a wholly owned subsidiary of Nuveen.
Each Fund seeks to provide a high level of current income and gains by investing
primarily in a diversified equity portfolio that seeks to substantially
replicate price movements of either the Standard & Poor's 500 Stock Index or a
weighted average of the Standard & Poor's 500 Stock Index and the NASDAQ-100
Index and is designed to support the Funds' index option 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.
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 the market price for an investment is
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 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 investment transactions are determined on the specific
identification method.
Option Transactions
Each Fund purchases index put options and writes (sells) index call options. The
purchase of put options involves the risk of loss of all or part of the cash
paid for the options. Put options purchased are accounted for in the same manner
as portfolio securities.
50
When the Funds write an index call option, an amount equal to the net premium
received (the premium less commission) is recorded as a liability and is
subsequently adjusted to the current value of the written option until the
option expires or the Funds enter into a closing purchase transaction. When an
index call option expires or the Funds enter into a closing purchase
transaction, the difference between the net premium received and any amount paid
at expiration or on effecting a closing purchase transaction, including
commission, is treated as a net realized gain on option contracts written or, if
the net premium received is less than the amount paid, as a net realized loss on
option contracts written. The Funds, as writers of an index call option, bear
the risk of an unfavorable change in the market value of the index underlying
the written option.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities,
when information is available. Interest income 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 per share. Subject to approval and oversight by the Funds' Board of
Trustees, each Fund seeks to maintain a stable distribution level designed to
deliver the long-term return potential of each Fund's investment strategy
through regular monthly distributions (a "Managed Distribution Policy"). Total
distributions during a calendar year generally will be made from each Fund's net
investment income, net realized capital gains and net unrealized capital gains
in the Fund's portfolio, if any. The portion of distributions paid from net
unrealized gains, if any, would be distributed from the Fund's assets and would
be treated by shareholders as a non-taxable distribution for tax purposes. If a
Fund's total return on net asset value exceeds total distributions during a
calendar year, the excess will be reflected as an increase in net asset value
per share. In the event that total distributions during a calendar year exceed a
Fund's total return on net asset value, the difference will be treated as a
return of capital for tax purposes and will reduce net asset value per share.
The final determination of the source and character of all distributions for the
fiscal year are made after the end of the fiscal year and are reflected in the
accompanying financial statements.
Real Estate Investment Trust ("REIT") distributions received by the Funds are
generally comprised of ordinary income, long-term and short-term capital gains,
and a return of REIT capital. The actual character of amounts received during
the period are not known until after the fiscal year-end.
For the fiscal year ended December 31, 2006, the character of distributions to
the Funds from the REITs was as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Ordinary income 69.68% 56.33% 65.29% 54.03%
Long-term and short-term capital
gains 13.99 20.25 19.55 37.72
Return of REIT capital 16.33 23.42 15.16 8.25
- -----------------------------------------------------------------------------------------------------------------------
</Table>
For the fiscal year ended December 31, 2005, the character of distributions to
the Funds from the REITs was as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Ordinary income 60.14% 46.28% 49.62% 46.66%
Long-term and short-term capital
gains 21.75 20.99 1.75 17.49
Return of REIT capital 18.11 32.73 48.63 35.85
- -----------------------------------------------------------------------------------------------------------------------
</Table>
51
Notes to
FINANCIAL STATEMENTS (continued)
For the fiscal years ended December 31, 2006 and December 31, 2005, the Funds
applied the actual character of distributions reported by the REITs in which the
Funds invest to their 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 years
ended December 31, 2006 and December 31, 2005, are reflected in the accompanying
financial statements.
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses
(approximately $11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for
Equity Premium Opportunity (JSN), Equity Premium Advantage (JLA) and Equity
Premium and Growth (JPG)) and pay all offering costs (other than the sales load)
that exceed $.04 per share for each of the Funds. Equity Premium Income's (JPZ),
Equity Premium Opportunity's (JSN), Equity Premium Advantage's (JLA) and Equity
Premium and Growth's (JPG) share of offering costs ($1,033,270, $1,095,509,
$973,524 and $660,000, respectively) were recorded as reductions of the proceeds
from the sale of shares.
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.
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.
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:
<Table>
<Caption>
EQUITY PREMIUM
OPPORTUNITY (JSN)
EQUITY PREMIUM ------------------------------------
INCOME (JPZ) FOR THE PERIOD
---------------------------------- 1/26/05
YEAR YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS)
12/31/06 12/31/05 12/31/06 THROUGH 12/31/05
- ----------------------------------------------------------------------------------------------------------------------
Shares sold -- -- -- 64,394,300
Shares issued to shareholders due
to reinvestment of
distributions 169,642 778,657 476,189 1,280,371
- ----------------------------------------------------------------------------------------------------------------------
169,642 778,657 476,189 65,674,671
- ----------------------------------------------------------------------------------------------------------------------
</Table>
52
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
------------------------------------ ------------------------------------
FOR THE PERIOD FOR THE PERIOD
5/25/05 11/22/05
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
12/31/06 THROUGH 12/31/05 12/31/06 THROUGH 12/31/05
- ------------------------------------------------------------------------------------------------------------------------
Shares sold -- 25,400,000 -- 16,500,000
Shares issued to shareholders due
to reinvestment of
distributions 245,272 227,240 -- --
- ------------------------------------------------------------------------------------------------------------------------
245,272 25,627,240 -- 16,500,000
- ------------------------------------------------------------------------------------------------------------------------
</Table>
3. INVESTMENT TRANSACTIONS
Purchases and sales (excluding put options, call options written and short-term
investments) during the fiscal year ended December 31, 2006, were as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- ------------------------------------------------------------------------------------------------------------------------
Purchases $158,288,205 $ 91,518,926 $120,812,954 $113,413,810
Sales 207,978,238 188,462,983 171,949,560 139,714,180
- ------------------------------------------------------------------------------------------------------------------------
</Table>
Transactions in call options written during the fiscal year ended December 31,
2006, were as follows:
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN)
---------------------------------- ----------------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED
- ------------------------------------------------------------------------------------------------------------------------
Outstanding, beginning of period 5,370 $ 17,469,697 14,758 $ 32,582,025
Call options written 37,848 133,882,504 107,155 234,739,015
Call options terminated in closing
purchase transactions (36,501) (123,988,358) (99,847) (215,366,558)
Call options expired (1,763) (3,945,028) (6,518) (7,456,477)
- ------------------------------------------------------------------------------------------------------------------------
Outstanding, end of period 4,954 $ 23,418,815 15,548 $ 44,498,005
- ------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
---------------------------------- ----------------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED
- ------------------------------------------------------------------------------------------------------------------------
Outstanding, beginning of period 7,512 $ 13,854,368 1,931 $ 6,274,596
Call options written 55,016 94,645,291 13,663 48,454,193
Call options terminated in closing
purchase transactions (48,336) (85,261,538) (13,348) (45,413,565)
Call options expired (6,176) (4,071,221) (492) (1,038,069)
- ------------------------------------------------------------------------------------------------------------------------
Outstanding, end of period 8,016 $ 19,166,900 1,754 $ 8,277,155
- ------------------------------------------------------------------------------------------------------------------------
</Table>
53
Notes to
FINANCIAL STATEMENTS (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and Federal income tax purposes are
primarily due to the recognition of unrealized gain or loss for tax
(mark-to-market) on index option contracts, recognition of income on REIT
investments and timing differences in recognizing certain gains and losses on
investment transactions. To the extent that differences arise that are permanent
in nature, such amounts are reclassified within the capital accounts on the
Statement of Assets and Liabilities presented in the annual report, based on
their Federal tax basis treatment; temporary differences do not require
reclassification. Temporary and permanent differences do not impact the net
asset values of the Funds.
At December 31, 2006, the cost of investments (excluding call options written)
was as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Cost of investments $594,384,113 $1,034,255,267 $395,055,322 $286,383,209
- -----------------------------------------------------------------------------------------------------------------------
</Table>
Gross unrealized appreciation and gross unrealized depreciation of investments
(excluding call options written) at December 31, 2006, were as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $150,857,963 $239,330,360 $98,354,493 $47,459,217
Depreciation (4,858,137) (18,970,208) (3,939,245) (1,640,962)
- -----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $145,999,826 $220,360,152 $94,415,248 $45,818,255
- -----------------------------------------------------------------------------------------------------------------------
</Table>
The tax components of undistributed net ordinary income and net long-term
capital gains at December 31, 2006, the Funds' tax year end, were as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Undistributed net ordinary income * $ -- $ -- $ -- $ --
Undistributed net long-term capital
gains -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------
</Table>
* 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 tax years ended December 31,
2006 and December 31, 2005, was designated for purposes of the dividends paid
deduction as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
2006 (JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Distributions from net ordinary
income * $16,326,681 $20,798,723 $5,044,077 $9,032,221
Distributions from net long-term
capital gains ** -- -- -- 1,343,890
Tax return of capital 49,045,844 96,097,990 41,535,076 16,362,378
- -----------------------------------------------------------------------------------------------------------------------
</Table>
54
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY(1) ADVANTAGE(2) AND GROWTH(3)
2005 (JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Distributions from net ordinary
income * $15,325,480 $19,262,032 $2,638,831 $ --
Distributions from net long-term
capital gains -- 9,477,626 3,209,300 --
Tax return of capital 49,390,391 67,663,695 17,292,115 --
- -----------------------------------------------------------------------------------------------------------------------
</Table>
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
** The Funds 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 Funds related to net capital gain to zero
for the tax year ended December 31, 2006.
(1) For the period January 26, 2005 (commencement of operations) through
December 31, 2005.
(2) For the period May 25, 2005 (commencement of operations) through December
31, 2005.
(3) For the period November 22, 2005 (commencement of operations) through
December 31, 2005.
At December 31, 2006, the following Funds had unused capital loss carryforwards
available for Federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforwards will expire as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
2006 (JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
Expiration Year
2013 $7,414,951 $ -- $ -- $ --
2014 48,509,922 88,340,234 49,316,814 17,559,325
- -----------------------------------------------------------------------------------------------------------------------
Total $55,924,873 $ 88,340,234 $ 49,316,814 $ 17,559,325
- -----------------------------------------------------------------------------------------------------------------------
</Table>
The Funds elected to defer net realized losses from investments incurred from
November 1, 2006 through December 31, 2006 ("post-October losses") in accordance
with Federal income tax regulations. Post-October losses are treated as having
arisen on the first day of the following fiscal year:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- -----------------------------------------------------------------------------------------------------------------------
$10,847,811 $16,643,281 $5,178,975 $3,166,753
- -----------------------------------------------------------------------------------------------------------------------
</Table>
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:
<Table>
<Caption>
EQUITY PREMIUM INCOME (JPZ)
EQUITY PREMIUM OPPORTUNITY (JSN)
EQUITY PREMIUM ADVANTAGE (JLA)
AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE
- ----------------------------------------------------------------------------------------------
For the first $500 million .7000%
For the next $500 million .6750
For the next $500 million .6500
For the next $500 million .6250
For Managed Assets over $2 billion .6000
- ----------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
EQUITY PREMIUM AND GROWTH (JPG)
AVERAGE DAILY MANAGED ASSETS FUND-LEVEL FEE RATE
- ---------------------------------------------------------------------------------------------
For the first $500 million .6800%
For the next $500 million .6550
For the next $500 million .6300
For the next $500 million .6050
For Managed Assets over $2 billion .5800
- ---------------------------------------------------------------------------------------------
</Table>
55
Notes to
FINANCIAL STATEMENTS (continued)
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of December 31, 2006, the complex-level fee rate was .1845%.
<Table>
<Caption>
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
- -------------------------------------------------------------------------------
</Table>
(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
preferred stock issued by or borrowings 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 its Officers, all of whom receive remuneration
for their services to the Funds from the Adviser or its affiliates. The Board of
Trustees has adopted a deferred compensation plan for independent Trustees that
enables Trustees to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
For the first eight years of Equity Premium Income's (JPZ) operations, the
Adviser has agreed to reimburse the Fund, as a percentage of average daily
Managed Assets, for fees and expenses in the amounts and for the time periods
set forth below:
<Table>
<Caption>
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
- -------------------------------------------------------------------------------
</Table>
* 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.
56
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:
<Table>
<Caption>
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
- -------------------------------------------------------------------------------
</Table>
* 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:
<Table>
<Caption>
YEAR ENDING YEAR ENDING
MAY 31, MAY 31,
- -------------------------------------------------------------------------------
2005 * .20% 2009 .20%
2006 .20 2010 .20
2007 .20 2011 .10
2008 .20
- -------------------------------------------------------------------------------
</Table>
* 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. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. Recent SEC guidance allows funds
to delay implementing FIN 48 into NAV calculations until the fund's last NAV
calculation in the first required financial statement reporting period. As a
result, the Funds must begin to incorporate FIN 48 into their NAV calculations
on June 29, 2007. At this time, management is continuing to evaluate the
implications of FIN 48 and does not expect the adoption of FIN 48 will have a
significant impact on the net assets or results of operations of the Funds.
Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of December 31, 2006, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
7. SUBSEQUENT EVENTS
Distributions to Shareholders
The Funds declared distributions were paid on February 1, 2007, to shareholders
of record on January 15, 2007, as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- --------------------------------------------------------------------------------
Distributions per share $.1420 $.1480 $.1510 $.1350
- --------------------------------------------------------------------------------
</Table>
57
Financial
HIGHLIGHTS
Selected data for a share outstanding throughout each period:
<Table>
<Caption>
Investment Operations Less Distributions
------------------------------------- -----------------------------------------------
Net
Beginning Net Realized/ Net Tax
Net Asset Investment Unrealized Investment Capital Return of
Value Income(a) Gain (Loss) Total Income Gains Capital Total
- ---------------------------------------------------------------------------------------------------------------------------------
EQUITY PREMIUM INCOME
(JPZ)
- ---------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006 $ 18.48 $ .43 $ 1.39 1.82 $ (.43) $ -- $ (1.28) $(1.71)
2005 19.28 .42 .48 .90 (.40) -- (1.30) (1.70)
2004(b) 19.10 .12 .24 .36 (.15) -- --* (.15)
EQUITY PREMIUM
OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006 18.66 .32 1.16 1.48 (.32) -- (1.46) (1.78)
2005(c) 19.10 .30 .78 1.08 (.30) (.15) (1.05) (1.50)
EQUITY PREMIUM
ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006 18.84 .20 1.13 1.33 (.20) -- (1.62) (1.82)
2005(d) 19.10 .10 .60 .70 (.10) (.13) (.69) (.92)
EQUITY PREMIUM AND
GROWTH (JPG)
- ---------------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2006 19.04 .46 1.72 2.18 (.49) (.14) (.99) (1.62)
2005(e) 19.10 .04 (.06) (.02) -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
<Caption>
Ending Ending
Offering Net Asset Market
Costs Value Value
- --------------------- ----------------------------------
EQUITY PREMIUM INCOME
(JPZ)
- --------------------- ----------------------------------
Year Ended 12/31:
2006 $ -- $ 18.59 $ 19.22
2005 -- 18.48 17.38
2004(b) (.03) 19.28 20.25
EQUITY PREMIUM
OPPORTUNITY (JSN)
- --------------------- ----------------------------------
Year Ended 12/31:
2006 -- 18.36 $ 18.62
2005(c) (.02) 18.66 17.39
EQUITY PREMIUM
ADVANTAGE (JLA)
- --------------------- ----------------------------------
Year Ended 12/31:
2006 -- 18.35 $ 19.20
2005(d) (.04) 18.84 17.56
EQUITY PREMIUM AND
GROWTH (JPG)
- --------------------- ----------------------------------
Year Ended 12/31:
2006 -- 19.60 $ 19.38
2005(e) (.04) 19.04 17.25
- --------------------- ----------------------------------
</Table>
* Per share Tax Return of Capital rounds to less than $.01 per share.
** Annualized.
*** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Net Asset Value is the
combination of changes in net asset value, reinvested dividend income at
net asset value and reinvested capital gains distributions at net asset
value, if any. Total returns are not annualized.
**** After custodian fee credit and expense reimbursement, where applicable.
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) For the period October 26, 2004 (commencement of operations) through
December 31, 2004.
(c) For the period January 26, 2005 (commencement of operations) through
December 31, 2005.
(d) For the period May 25, 2005 (commencement of operations) through December
31, 2005.
(e) For the period November 22, 2005 (commencement of operations) through
December 31, 2005.
58
<Table>
<Caption>
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Before Ratios to Average Net Assets After
Total Returns Credit/Reimbursement Credit/Reimbursement****
--------------------- ------------------------------------ ----------------------------------
Based on
Based on Net Ending Net Net Portfolio
Market Asset Net Assets Investment Investment Turnover
Value*** Value*** (000) Expenses Income Expenses Income Rate
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
21.30% 10.22% $ 715,680 .96% 1.99% .66% 2.30% 23%
(6.12) 4.88 708,049 .96 1.93 .65 2.25 29
1.96 1.68 723,894 1.07** 3.49** .73** 3.82** 1
- -------------------------------------------------------------------------------------------------------------------------------
17.86% 8.28% 1,214,721 .95 1.41 .65 1.72 8
(5.90) 5.65 1,225,535 .95** 1.40** .63** 1.72** 16
- -------------------------------------------------------------------------------------------------------------------------------
20.52% 7.35% 474,781 .99 .85 .78 1.06 26
(7.87) 3.43 482,979 1.01** .71** .78** .93** 9
- -------------------------------------------------------------------------------------------------------------------------------
22.68% 11.90% 323,569 .96 2.34 .93 2.37 37
(13.75) (.31) 314,202 1.11** 2.08** 1.11** 2.08** --
- -------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
59
Board Members
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at ten. None of the board members who are not "interested" persons of the Funds
has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.
<Table>
<Caption>
NUMBER OF PORTFOLIOS
PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
NAME, BIRTHDATE POSITION(S) HELD YEAR FIRST ELECTED INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS WITH THE FUNDS OR APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- -------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
- -------------------------------------------------------------------------------------------------------------------------------
Timothy R. Chairman of the 1994 Chairman (since 1996) and Director 172
Schwertfeger(1) Board and Board of Nuveen Investments, Inc., Nuveen
3/28/49 Member Investments, LLC; Chairman and
333 W. Wacker Drive Director (since 1997) of Nuveen
Chicago, IL 60606 Asset Management; Chairman and
Director of Rittenhouse Asset
Management, Inc. (since 1999);
Chairman of Nuveen Investments
Advisers Inc. (since 2002);
formerly, Chairman and Director
(1996-2004) Nuveen Advisory Corp.
and Nuveen Institutional Advisory
Corp.(3); formerly, Director
(1996-2006) of Institutional
Capital Corporation.
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- -------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Lead Independent 1997 Private Investor and Management 172
8/22/40 Board member Consultant.
333 W. Wacker Drive
Chicago, IL 60606
- -------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Board member 1993 Retired (since 1989) as Senior Vice 172
7/29/34 President of The Northern Trust
333 W. Wacker Drive Company; Director (since 2002)
Chicago, IL 60606 Community Advisory Board for
Highland Park and Highwood, United
Way of the North Shore; Director
(since 2006) of the Michael Rolfe
Pancreatic Cancer Foundation.
- -------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Board member 1999 President, The Hall-Perrine 172
10/22/48 Foundation, a private philanthropic
333 W. Wacker Drive corporation (since 1996); Director
Chicago, IL 60606 and Vice Chairman, United Fire
Group, a publicly held company;
Adjunct Faculty Member, University
of Iowa; Director, Gazette
Companies; Life Trustee of Coe
College and Iowa College
Foundation; formerly, Director,
Alliant Energy; formerly, Director,
Federal Reserve Bank of Chicago;
formerly, President and Chief
Operating Officer, SCI Financial
Group, Inc., a regional financial
services firm.
- -------------------------------------------------------------------------------------------------------------------------------
William C. Hunter Board member 2004 Dean, Tippie College of Business, 172
3/6/48 University of Iowa (since July
333 W. Wacker Drive 2006); formerly, Dean and
Chicago, IL 60606 Distinguished Professor of Finance,
School of Business at the
University of Connecticut
(2003-2006); previously, Senior
Vice President and Director of
Research at the Federal Reserve
Bank of Chicago (1995-2003);
Director (since 1997), Credit
Research Center at Georgetown
University; Director (since 2004)
of Xerox Corporation; Director,
SS&C Technologies, Inc. (May 2005-
October 2005).
- -------------------------------------------------------------------------------------------------------------------------------
David J. Kundert Board member 2005 Director, Northwestern Mutual 170
10/28/42 Wealth Management Company; Retired
333 W. Wacker Drive (since 2004) as Chairman, JPMorgan
Chicago, IL 60606 Fleming Asset Management, President
and CEO, Banc One Investment
Advisors Corporation, and
President, One Group Mutual Funds;
prior thereto, Executive Vice
President, Banc One Corporation and
Chairman and CEO, Banc One
Investment Management Group; Board
of Regents, Luther College; member
of the Wisconsin Bar Association;
member of Board of Directors,
Friends of Boerner Botanical
Gardens; member of Board of
Directors, Milwaukee Repertory
Theater.
</Table>
60
<Table>
<Caption>
NUMBER OF PORTFOLIOS
PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
NAME, BIRTHDATE POSITION(S) HELD YEAR FIRST ELECTED INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS WITH THE FUNDS OR APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- -------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
- -------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Board member 1997 Chairman of Miller-Valentine 172
9/24/44 Partners Ltd., a real estate
333 W. Wacker Drive investment company; formerly,
Chicago, IL 60606 Senior Partner and Chief Operating
Officer (retired, 2004) of
Miller-Valentine Group; formerly,
Vice President, Miller-Valentine
Realty; Board Member, Chair of the
Finance Committee and member of the
Audit Committee of Premier Health
Partners, the not-for-profit
company of Miami Valley Hospital;
Vice President, Dayton Philharmonic
Orchestra Association; Board
Member, Regional Leaders Forum,
which promotes cooperation on
economic development issues;
Director, Dayton Development
Coalition; formerly, Member,
Community Advisory Board, National
City Bank, Dayton, Ohio and
Business Advisory Council,
Cleveland Federal Reserve Bank.
- -------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Board member 1997 Executive Director, Gaylord and 172
12/29/47 Dorothy Donnelley Foundation (since
333 W. Wacker Drive 1994); prior thereto, Executive
Chicago, IL 60606 Director, Great Lakes Protection
Fund (from 1990 to 1994).
- -------------------------------------------------------------------------------------------------------------------------------
Carole E. Stone Board Member 2007 Director, Chicago Board Options 172
6/28/47 Exchange (since 2006); Chair New
333 West Wacker Drive York Racing Association Oversight
Chicago, IL 60606 Board (since 2005); Commissioner,
New York State Commission on Public
Authority Reform (since 2005);
formerly Director, New York State
Division of the Budget (2000-2004),
Chair, Public Authorities Control
Board (2000-2004) and Director,
Local Government Assistance
Corporation (2000-2004).
- -------------------------------------------------------------------------------------------------------------------------------
Eugene S. Sunshine Board member 2005 Senior Vice President for Business 172
1/22/50 and Finance, Northwestern
333 W. Wacker Drive University (since 1997); Director
Chicago, IL 60606 (since 2003), Chicago Board Options
Exchange; Chairman (since 1997),
Board of Directors, Rubicon, a pure
captive insurance company owned by
Northwestern University; Director
(since 1997), Evanston Chamber of
Commerce and Evanston Inventure, a
business development organization;
Director (since 2006), Pathways, a
provider of therapy and related
information for physically disabled
infants and young children;
formerly, Director (2003-2006),
National Mentor Holdings, a
privately-held, national provider
of home and community-based
services.
</Table>
61
Board Members
AND OFFICERS (CONTINUED)
<Table>
<Caption>
NUMBER OF PORTFOLIOS
NAME, BIRTHDATE POSITION(S) HELD YEAR FIRST ELECTED PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS WITH THE FUNDS OR APPOINTED(4) DURING PAST 5 YEARS OVERSEEN BY OFFICER
- -------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUND:
- -------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), 172
9/9/56 Administrative Assistant Secretary and Associate
333 W. Wacker Drive Officer General Counsel, formerly, Vice
Chicago, IL 60606 President and Assistant General
Counsel, of Nuveen Investments,
LLC; Managing Director (2002-2004),
General Counsel (1998-2004) and
Assistant Secretary, formerly, Vice
President of Nuveen Advisory Corp.
and Nuveen Institutional Advisory
Corp.(3); Managing Director (since
2002) and Assistant Secretary and
Associate General Counsel,
formerly, Vice President (since
1997), of Nuveen Asset Management;
Managing Director (since 2004) and
Assistant Secretary (since 1994) of
Nuveen Investments, Inc.; Assistant
Secretary of NWQ Investment
Management Company, LLC. (since
2002); Vice President and Assistant
Secretary of Nuveen Investments
Advisers Inc. (since 2002);
Managing Director, Associate
General Counsel and Assistant
Secretary of Rittenhouse Asset
Management, Inc.; Assistant
Secretary of Symphony Asset
Management LLC (since 2003),
Tradewinds NWQ Global Investors,
LLC and Santa Barbara Asset
Management, LLC; (since 2006);
Chartered Financial Analyst.
- -------------------------------------------------------------------------------------------------------------------------------
Julia L. Antonatos Vice President 2004 Managing Director (since 2005), 172
9/22/63 formerly, Vice President (since
333 W. Wacker Drive 2002); formerly, Assistant Vice
Chicago, IL 60606 President (since 2000) of Nuveen
Investments, LLC; Chartered
Financial Analyst.
- -------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), 172
2/3/66 and Assistant formerly, Assistant Vice President
333 W. Wacker Drive Secretary (since 2000) of Nuveen Investments,
Chicago, IL 60606 LLC.
- -------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President and Treasurer of 172
11/28/67 Nuveen Investments, LLC and of
333 W. Wacker Drive Nuveen Investments, Inc. (since
Chicago, IL 60606 1999); Vice President and Treasurer
of Nuveen Asset Management (since
2002) and of Nuveen Investments
Advisers Inc. (since 2002);
Assistant Treasurer of NWQ
Investment Management Company, LLC.
(since 2002); Vice President and
Treasurer of Nuveen Rittenhouse
Asset Management, Inc. (since
2003); Treasurer of Symphony Asset
Management LLC (since 2003) and
Santa Barbara Asset Management, LLC
(since 2006); Assistant Treasurer,
Tradewinds NWQ Global Investors,
LLC (since 2006); formerly, Vice
President and Treasurer (1999-2004)
of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.(3);
Chartered Financial Analyst.
- -------------------------------------------------------------------------------------------------------------------------------
John N. Desmond Vice President 2005 Vice President, Director of 172
8/24/61 Investment Operations, Nuveen
333 W. Wacker Drive Investments, LLC (since January
Chicago, IL 60606 2005); formerly, Director, Business
Manager, Deutsche Asset Management
(2003- 2004), Director, Business
Development and Transformation,
Deutsche Trust Bank Japan
(2002-2003); previously, Senior
Vice President, Head of Investment
Operations and Systems, Scudder
Investments Japan, (2000-2002),
Senior Vice President, Head of Plan
Administration and Participant
Services, Scudder Investments
(1995-2002).
</Table>
62
<Table>
<Caption>
NUMBER OF PORTFOLIOS
NAME, BIRTHDATE POSITION(S) HELD YEAR FIRST ELECTED PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS WITH THE FUNDS OR APPOINTED(4) DURING PAST 5 YEARS OVERSEEN BY OFFICER
- -------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 1998 Vice President (since 2002), 172
9/24/64 and Secretary Assistant Secretary and Assistant
333 W. Wacker Drive General Counsel (since 1998)
Chicago, IL 60606 formerly, Assistant Vice President
(since 1998) of Nuveen Investments,
LLC; Vice President (2002-2004) and
Assistant Secretary (1998-2004)
formerly, Assistant Vice President
of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.(3);
Vice President and Assistant
Secretary (since 2005) of Nuveen
Asset Management.
- -------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Managing Director (since 2004), 172
10/24/45 formerly, Vice President of Nuveen
333 W. Wacker Drive Investments, LLC, Managing Director
Chicago, IL 60606 (2004) formerly, Vice President
(1998-2004) of Nuveen Advisory
Corp. and Nuveen Institutional
Advisory Corp.(3); Managing
Director (since 2005) of Nuveen
Asset Management.
- -------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002), 172
3/2/64 formerly, Vice President of Nuveen
333 W. Wacker Drive Investments, LLC; Managing Director
Chicago, IL 60606 (1997-2004) of Nuveen Advisory
Corp. and Nuveen Institutional
Advisory Corp.(3); Managing
Director (since 2001) of Nuveen
Asset Management; Vice President
(since 2002) of Nuveen Investments
Advisers Inc.; Chartered Financial
Analyst.
- -------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and 172
5/31/54 and Controller Funds Controller (since 1998) of
333 W. Wacker Drive Nuveen Investments, LLC; formerly,
Chicago, IL 60606 Vice President and Funds Controller
(1998-2004) of Nuveen Investments,
Inc.; Certified Public Accountant.
- -------------------------------------------------------------------------------------------------------------------------------
Walter M. Kelly Chief Compliance 2003 Vice President and Assistant 172
2/24/70 Officer and Vice Secretary (since 2006) formerly,
333 West Wacker Drive President Assistant Vice President and
Chicago, IL 60606 Assistant General Counsel (since
2003) of Nuveen Investments, LLC;
Vice President (since 2006) and
Assistant Secretary (since 2003)
formerly, Assistant Vice President
of Nuveen Asset Management;
previously, Associate (2001-2003)
at the law firm of Vedder, Price,
Kaufman & Kammholz.
- -------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of 172
3/22/63 Nuveen Investments, LLC; Certified
333 W. Wacker Drive Public Accountant.
Chicago, IL 60606
- -------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President of Nuveen 172
8/27/61 Investments, LLC (since 1999).
333 W. Wacker Drive
Chicago, IL 60606
</Table>
63
Board Members
AND OFFICERS (CONTINUED)
<Table>
<Caption>
NUMBER OF PORTFOLIOS
NAME, BIRTHDATE POSITION(S) HELD YEAR FIRST ELECTED PRINCIPAL OCCUPATION(S) IN FUND COMPLEX
AND ADDRESS WITH THE FUNDS OR APPOINTED(4) DURING PAST 5 YEARS OVERSEEN BY OFFICER
- -------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED)
- -------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary 172
7/27/51 and Assistant and Assistant General Counsel of
333 W. Wacker Drive Secretary Nuveen Investments, LLC; formerly,
Chicago, IL 60606 Vice President and Assistant
Secretary of Nuveen Advisory Corp.
and Nuveen Institutional Advisory
Corp.(3); Vice President (since
2005) and Assistant Secretary of
Nuveen Investments, Inc.; Vice
President (since 2005) and
Assistant Secretary (since 1997) of
Nuveen Asset Management; Vice
President (since 2000), Assistant
Secretary and Assistant General
Counsel (since 1998) of Rittenhouse
Asset Management, Inc.; Vice
President and Assistant Secretary
of Nuveen Investments Advisers Inc.
(since 2002); Assistant Secretary
of NWQ Investment Management
Company, LLC (since 2002), Symphony
Asset Management LLC (since 2003)
and Tradewinds NWQ Global
Investors, LLC and Santa Barbara
Asset Management, LLC (since 2006).
</Table>
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and board member of
the Adviser.
(2) Board members serve a three year term until his/her successor is elected.
The year first elected or appointed represents the year in which the board
member was first elected or appointed to any fund in the Nuveen Complex.
(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
reorganized into Nuveen Asset Management, effective January 1, 2005.
(4) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
64
REINVEST AUTOMATICALLY
EASILY AND CONVENIENTLY
NUVEEN CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional fund shares
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of compounding.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO
SET UP YOUR REINVESTMENT ACCOUNT.
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. Dividends and distributions received to purchase
shares in the open market will normally be invested shortly after the dividend
payment date. No interest will be paid on dividends and distributions awaiting
reinvestment. Because the market price of the shares may increase before
purchases are completed, the average purchase price per share may exceed the
market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
65
Automatic Dividend
REINVESTMENT PLAN
NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS
The Fund amended the terms and conditions of its Automatic Dividend Reinvestment
Plan (the "Plan") as further described below effective the close of business on
December 1, 2006. THESE CHANGES ARE INTENDED TO ENABLE PLAN PARTICIPANTS UNDER
CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A LOWER AGGREGATE COST
THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who do not wish to
continue as participants under the amended Plan may withdraw from the Plan by
notifying the Plan Agent prior to the effective date of the amendments.
Participants should refer to their Plan document for notification instructions,
or may simply call Nuveen at (800) 257-8787.
Fund shareholders who elect to participate in the Plan are able to have Fund
distributions consisting of income dividends, realized capital gains and returns
of capital automatically reinvested in additional Fund shares. Under the Plan's
existing terms, the Plan Agent purchases Fund shares in the open market if the
Fund's shares are trading at a discount to their net asset value on the payable
date for the distribution. If the Fund's shares are trading at or above their
net asset value on the payable date for the distribution, the Plan Agent
purchases newly-issued Fund shares directly from the Fund at a price equal to
the greater of the shares' net asset value or 95% of the shares' market value.
Under the Plan's amended terms, if the Plan Agent begins purchasing Fund shares
on the open market while shares are trading below net asset value, but the
Fund's shares subsequently trade at or above their net asset value before the
Plan Agent is able to complete its purchases, the Plan Agent may cease
open-market purchases and may invest the uninvested portion of the distribution
in newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value. This change will permit Plan
participants under these circumstances to reinvest Fund distributions at a lower
aggregate cost than is possible under the existing Plan.
66
OTHER USEFUL
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
The Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
most recent 12-month period ended June 30, 2006, and (iii) a description of the
policies and procedures that the Fund used to determine how to vote proxies
relating to portfolio securities are available without charge, upon request, by
calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
Reference Section at 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
DISTRIBUTION INFORMATION
Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund
(JSN), Nuveen Equity Premium Advantage Fund (JLA) and Nuveen Equity Premium and
Growth Fund (JPG) designate 100%, 100%, 100% and 93.59%, respectively, of
dividends declared from net investment income as dividends qualifying for the
70% dividends received deduction for corporations and 100%, 100%, 100% and
93.03%, respectively, as qualified dividend income for individuals under the
Jobs and Growth Tax Relief Reconciliation Act of 2003.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
MARKET YIELD: 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 Funds'
cumulative net ordinary income and net realized gains are less than the amount
of the Fund's distributions, a tax return of capital.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares issued
in order to leverage the Fund) from its total assets and then dividing the
remainder by the number of shares outstanding. Fund NAVs are calculated at the
end of each business day.
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
PricewaterhouseCoopers LLP
Chicago, IL
67
(BACK COVER PHOTO)
NUVEEN INVESTMENTS:
SERVING INVESTORS
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past
century, Nuveen Investments has adhered to the belief that the best
approach to investing is to apply conservative risk-management principles
to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity
and fixed-income solutions that are integral to a well-diversified core
portfolio. Our clients have come to appreciate this diversity, as well as
our continued adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT
NEEDS.
Managing $162 billion in assets, as of December 31, 2006, Nuveen
Investments offers access to a number of different asset classes and
investing solutions through a variety of products. Nuveen Investments
markets its capabilities under six distinct brands: Nuveen, a leader in
fixed-income investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; Symphony, a leading
institutional manager of market-neutral alternative investment
portfolios; Santa Barbara, a leader in growth equities; and Tradewinds
NWQ, a leader in global equities.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers,
talk to your financial advisor, or call us at (800) 257-8787. Please read
the information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should
consider the investment objective and policies, risk considerations,
charges and expenses of the Fund carefully before investing. The
prospectus contains this and other information relevant to an investment
in the Fund. For a prospectus, please contact your securities
representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL
60606. Please read the prospectus carefully before you invest or send
money.
LEARN MORE
ABOUT NUVEEN FUNDS AT
WWW.NUVEEN.COM/CEF
- Share prices
- Fund details
- Daily financial news
- Investor education
- Interactive planning tools
EAN-D-1206D
NUVEEN LOGO
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. [There were no amendments to or waivers
from the Code during the period covered by this report.] The registrant has
posted the code of ethics on its website at www.nuveen.com/etf. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees determined that the registrant
has at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its Audit Committee. The registrant's audit committee
financial expert is Jack B. Evans, Chairman of the Audit Committee, who is
"independent" for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Equity Premium Advantage Fund
The following tables show the amount of fees that PricewaterHouse Coopers, the
Fund's auditor, billed to the Fund during the Fund's last two full fiscal years.
For engagements with PricewaterHouse Coopers the Audit Committee approved in
advance all audit services and non-audit services that PricewaterHouse Coopers
provided to the Fund, except for those non-audit services that were subject to
the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval
exception"). The pre-approval exception for services provided directly to the
Fund waives the pre-approval requirement for services other than audit, review
or attest services if: (A) the aggregate amount of all such services provided
constitutes no more than 5% of the total amount of revenues paid by the Fund to
its accountant during the fiscal year in which the services are provided; (B)
the Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND (4)
- ----------------- ----------------- ------------------ ------------------ ------------------
December 31, 2006 $20,019 $0 $0 $0
Percentage approved pursuant to
pre-approval exception 0% 0% 0% 0%
December 31, 2005 $26,000 $0 $0 $0
Percentage approved pursuant to
pre-approval exception 0% 0% 0% 0%
(1) "Audit Fees" are the aggregate fees billed for professional services for
the audit of the Fund's annual financial statements and services provided
in connection with statutory and regulatory filings or engagements.
(2) "Audit Related Fees" are the aggregate fees billed for assurance and
related services reasonably related to the performance of the audit or
review of financial statements and are not reported under "Audit Fees".
(3) "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.
(4) "All Other Fees" are the aggregate fees billed for products and services
other than "Audit Fees", "Audit Related Fees", and "Tax Fees".
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by PricewaterHouse Coopers
to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to PricewaterHouse Coopers by the Fund, the Adviser and Affiliated
Fund Service Providers during the fiscal year in which the services are provided
that would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
FISCAL YEAR ENDED SERVICE PROVIDERS SERVICE PROVIDERS (1) SERVICE PROVIDERS
- ----------------- --------------------- --------------------- -------------------
December 31, 2006 $0 $2,450 $0
Percentage approved pursuant to
pre-approval exception 0% 0% 0%
December 31, 2005 $0 $2,250 $0
Percentage approved pursuant to
pre-approval exception 0% 0% 0%
(1) The amounts reported for the Fund under the column heading "Tax Fees"
represents amounts billed to the Adviser exclusively for the preparation
for the Fund's tax return, the cost of which is borne by the Adviser. In
the aggregate, for all Nuveen funds for which Pricewaterhouse Coopers
serves as independent registered public accounting firm, these fees
amounted to $140,700 in 2006 and $121,500 in 2005.
NON-AUDIT SERVICES
The following table shows the amount of fees that PricewaterhouseCoopers billed
during the Fund's last two full fiscal years for non-audit services. For
engagements entered into on or after May 6, 2003, the Audit Committee is
required to pre-approve non-audit services that PricewaterhouseCoopers provides
to the Adviser and any Affiliated Fund Services Provider, if the engagement
related directly to the Fund's operations and financial reporting (except for
those subject to the de minimis exception described above). The Audit Committee
requested and received information from PricewaterhouseCoopers about any
non-audit services that PricewaterhouseCoopers rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating PricewaterhouseCoopers
independence.
TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
FISCAL YEAR ENDED BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
- ----------------- -------------------- ------------------------ ----------------------- ------
December 31, 2006 $0 $2,450 $0 $2,450
December 31, 2005 $0 $2,250 $0 $2,250
"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax
Fees" billed to Adviser in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board of Directors or Trustees has a separately designated
Audit Committee established in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The
members of the audit committee are Robert P. Bremner, Lawrence H. Brown, Jack B.
Evans, William J. Schneider and Eugene S. Sunshine.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Gateway Investment Advisers, L.P. ("Gateway" or
"Sub-Adviser") as Sub-Adviser to provide discretionary investment advisory
services. As part of these services, the Adviser has also delegated to the
Sub-Adviser the full responsibility for proxy voting and related duties in
accordance with the Sub-Adviser's policy and procedures. The Adviser
periodically will monitor the Sub-Adviser's voting to ensure that they are
carrying out their duties. The Sub-Adviser's proxy voting policies and
procedures are summarized as follows:
The SEC has issued regulations with respect to proxy voting for all registered
investment advisers and their clients. To meet these requirements on a client's
behalf, Gateway has adopted policies as described below.
Gateway recognizes that voting rights are financial assets of a client's account
and that they must be managed accordingly, with voting decisions made in the
client's best interests. To that end and because of increasing complexity in
administering policies in this area, Gateway has contracted with Institutional
Shareholder Services ("ISS"), a nationally recognized proxy voting agent, to
assist in administering client proxy votes and to provide voting recommendation
on each ballot issue. ISS has developed its US Proxy Voting Manual, which
provides guidelines for proxy voting that are designed to serve the best
interest of investors. Effective July 1, 2003, Gateway incorporated these
guidelines into its proxy voting policies and procedures and has instructed ISS
to vote accordingly. Gateway's policies and procedures now reflect ISS's voting
guidelines with regard to particular types of issues that my come before
shareholder meetings, and also address the rare circumstances in which ISS'
voting recommendations may not be followed. The procedures also describe how any
conflicts of interest would be handled.
The regulations were implemented to improve corporate governance and the
functioning of the free market. We support these objectives and have adopted the
policies and procedures as described above to effectively represent each
client's interests.
A client may obtain Gateway's full proxy voting policy upon request. For clients
for whom Gateway votes proxies, a voting record for an account's respective
votes can be obtained by calling or writing Gateway.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
The Adviser has engaged Gateway Investment Advisers, L.P. (the "Sub-Adviser") as
sub-adviser to provide discretionary investment advisory services. The following
section provides information on the portfolio managers at the Sub-Adviser.
ITEM 8 (A)(1). PORTFOLIO MANAGER BIOGRAPHIES:
J. PATRICK ROGERS AND KENNETH H. TOFT- J. Patrick Rogers, CFA, and Kenneth
H. Toft, CFA, are the portfolio managers at Gateway responsible for investing
the Managed Assets of the Nuveen Equity Premium Opportunity and Nuveen Equity
Premium Advantage Funds. Mr. Rogers is Gateway's Chief Executive Officer. He
joined Gateway in 1989 and has been the President and a member of the Board of
Directors of Gateway since 1995. Mr. Rogers also serves as co-portfolio manager
of Gateway's flagship open-end fund, the Gateway Fund, and as the portfolio
manager of one open-end fund sub-advised by Gateway. Mr. Toft joined Gateway in
1992 and has been Vice President and Portfolio Manager since 1997, prior to
which he held the position of Senior Trader and Research Analyst.
ITEM 8 (A)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS
As of December 31, 2006, Mr. Rogers was responsible for day-to-day
management of 2 registered investment company accounts (excluding the Funds)
having assets of approximately $3.4 billion in the aggregate. Mr. Toft was not
responsible for day-to-day management of any investment company accounts other
than the above-referenced Nuveen Funds. Mr. Rogers was responsible for
day-to-day management of 1 other pooled investment vehicle having assets of
approximately $79 million. Mr. Rogers was responsible for day-to-day management
of 70 other accounts having assets of approximately $758 million in the
aggregate, and Mr. Toft was responsible for day-to-day management of 15 other
accounts having assets of approximately $74 million in the aggregate. None of
Messrs. Rogers or Toft managed any accounts having a performance based
investment advisory fee.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
As described above, the portfolio managers may manage other accounts with
investment strategies similar to the Funds, including other investment companies
and separately managed accounts. Fees earned by Gateway may vary among these
accounts and the portfolio managers may personally invest in some but not all of
these accounts. These factors could create conflicts of interest because a
portfolio manager may have incentives to favor certain accounts over others,
resulting in other accounts outperforming one or more of the Funds. A conflict
may also exist if a portfolio manager identified a limited investment
opportunity that may be appropriate for more than one account, but one or more
of the Funds are not able to take full advantage of that opportunity due to the
need to allocate that opportunity among multiple accounts. In addition, the
portfolio manager may execute transactions for another account that may
adversely impact the value of securities held by one or more of the Funds.
However, Gateway believes that these risks are mitigated by the fact that
accounts with like investment strategies managed by a particular portfolio
manager are generally managed in a similar fashion, subject to exceptions to
account for particular investment restrictions or policies applicable only to
certain accounts, differences in cash flows and account sizes, and similar
factors. In addition, Gateway has adopted trade allocation procedures that
require equitable allocation of trade orders for a particular security among
participating accounts.
ITEM 8 (A)(3). FUND MANAGER COMPENSATION
Messrs. Rogers and Toft are compensated for their services by Gateway.
Their compensation consists of a fixed salary, bonuses related to the financial
performance of Gateway (but not based on the investment performance of any of
the Funds or any other managed account, either absolutely or in relation to any
benchmark), and a retirement plan.
ITEM 8 (A)(4). OWNERSHIP OF JLA SECURITIES AS OF DECEMBER 31, 2006
DOLLAR RANGE OF EQUITY SECURITIES
NAME OF PORTFOLIO MANAGER BENEFICIALLY OWNED IN FUND
- ------------------------- ---------------------------------
J. Patrick Rogers $0
Kenneth Toft $0
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of
a date within 90 days of the filing date of this report that
includes the disclosure required by this paragraph, based on their
evaluation of the controls and procedures required by Rule 30a-3(b)
under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or
15d-15(b) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because the code is posted on registrant's website at www.nuveen.com/etf and
there were no amendments during the period covered by this report. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Equity Premium Advantage Fund
By (Signature and Title)* /s/ Jessica R. Droeger
------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: March 9, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: March 9, 2007
By (Signature and Title)* /s/ Stephen D. Foy
------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 9, 2007
* Print the name and title of each signing officer under his or her signature.