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)
Kevin J. McCarthy
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, 2007
-----------------------
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 SHAREHOLDERS
Annual Report
DECEMBER 31, 2007
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>
www.investordelivery.com OR www.nuveen.com/accountaccess
If you received your Nuveen Fund If you received your Nuveen Fund
dividends and statements from your dividends and statements directly from
financial advisor or brokerage Nuveen.
account.
</Table>
NUVEEN INVESTMENTS LOGO
Chairman's
LETTER TO SHAREHOLDERS
<Table>
(TIMOTHY
SCHWERTFEGER
PHOTO) Timothy R. Schwertfeger Chairman of the Board
</Table>
Dear Shareholder:
Once again, I am pleased to report that over the twelve-month period covered by
this report your Fund continued to provide you with attractive income. For more
details about the management strategy and performance of your Fund, please read
the Portfolio Managers' Comments, the Distribution and Share Price Information,
and the Performance Overview sections of this report.
With the recent volatility in the stock market, many have begun to wonder which
way the market is headed, and whether they need to adjust their holdings of
investments. No one knows what the future will bring, which is why we think a
well-balanced portfolio that is structured and carefully monitored with the help
of an investment professional is an important component in achieving your
long-term financial goals. A well-diversified portfolio may actually help to
reduce your overall investment risk, and we believe that investments like your
Nuveen Investments Fund can be important building blocks in a portfolio crafted
to perform well through a variety of market conditions.
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. 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.
Sincerely,
(TIMOTHY SCHWERTFEGER SIG)
Timothy R. Schwertfeger
Chairman of the Board
February 15, 2008
Portfolio Managers' COMMENTS
NUVEEN INVESTMENTS CLOSED-END FUNDS JPZ, JSN, JLA, JPG
These Funds feature portfolio management by Gateway Investment Advisers, L.P.
(Gateway) J. Patrick Rogers and Kenneth H. Toft serve as co-portfolio managers
for JSN and JLA; Patrick and Michael T. Buckius are co-portfolio managers for
JPZ and JPG. 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 a Vice President and Portfolio Manager since
1997. Mike joined Gateway in 1999 as a Vice President and Portfolio Manager.
Here the portfolio managers talk about their management strategy and the
performance of the Funds for the twelve-month period ending December 31, 2007.
WHAT WERE THE GENERAL ECONOMIC CONDITIONS AND MARKET TRENDS DURING THE ANNUAL
REPORTING PERIOD ENDED DECEMBER 31, 2007?
During the first part of the period, equities generally performed well as
favorable corporate earnings and export-driven economic growth were sufficient
to offset some growing anxiety over the deteriorating housing and mortgage
markets. The second half of the period was dominated by concerns about the
impact of possible sub-prime mortgage defaults and fears of a recession,
especially as the impact began to spread beyond mortgage lenders to
international and domestic money center banks and other financial institutions.
When data began to show the potential for a severely weakening economy, the
Federal Reserve cut the widely followed short-term fed funds rate by a half a
percentage point in September, by another quarter of a percentage point in
October and yet another quarter point in December. (On January 22 and 29, 2008,
after the close of this reporting period, the Federal Reserve cut the fed funds
rate by a combined 1.25%, bringing the rate to 3.00%.)
- --------------------------------------------------------------------------------
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio managers as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.
- --------------------------------------------------------------------------------
The U.S. equity markets suffered through significant turbulence during the year,
as concerns about the credit markets, a slowing economy and rising commodity
prices (particularly oil) weighed on investor sentiment. Additionally, recent
inflation reports have not been favorable, further raising investor concerns
about the equity market's prospects. Nevertheless, several leading market
indicators did finish 2007 with positive returns, including the S&P 500 Index
with 5.49%, and the Russell 3000 Index with 5.14%.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS?
The core strategy employed in JPZ, JSN, JLA and JPG continued to consist of
investing in a broadly diversified portfolio of equity securities that seek 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 is to support the
index option strategy.
4
For JPZ and JPG, the equity portfolio sought to track the price movements of the
S&P 500 Index. Over the course of the first half of 2007, JPZ actively sold
listed S&P 500 Index call options against its equity portfolio. These call
options generated a meaningful amount of regular cash flow, which served to both
reduce the risk of owning the equity portfolio and generate 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 equity portfolio in
the event of a significant market decline over a short period of time. 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% S&P 500 Index and 25% 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
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 comprised of 50% S&P 500 Index and 50% NASDAQ-100
Index, with a matching investment portfolio of the S&P 500 and NASDAQ-100 Index
call and put options.
On November 21, 2007, the Funds announced their intention to begin gradually
phasing out the put option component of their investment strategy. The put
options were intended to protect the value of the portfolio from sudden, severe
declines in equity market prices. They often were priced out-of-the-money,
meaning that the underlying stock prices would have to decline to the options'
strike prices before the protection offered by the options began to take effect.
The elimination of the put component provides the Funds with additional cash
flow that previously would have gone to financing the puts. This cash flow may
help support current and future distributions or serve to increase the Funds'
NAV over time, with the tradeoff being a higher level of risk in the underlying
portfolio.
5
HOW DID THE FUNDS PERFORM OVER THIS TWELVE-MONTH PERIOD?
The performance of JPZ, JSN, JLA and JPG, as well as their comparative indices
or benchmarks, are presented in the accompanying table.
Total Returns on Net Asset Value
For the twelve-month period ended 12/31/07
<Table>
JPZ 7.80%
S&P 500 Index(1) 5.49%
JSN 11.35%
Comparative Benchmark(2) 3.11%
JLA 11.50%
Comparative Benchmark(3) 3.55%
JPG 6.86%
S&P 500 Index(1) 5.49%
</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 shareholders may have to pay
on Fund distributions or upon the sale of Fund shares. For additional
information, see the individual Performance Overview for your Fund in this
report.
- --------------------------------------------------------------------------------
For the twelve months ended December 31, 2007, the total return on net asset
value for each Fund outperformed its respective index and comparative benchmark.
- --------------------------------------------------------------------------------
1 The S&P 500 Index is an unmanaged Index generally considered representative of
the U.S. Stock Market.
2 JSN comparative benchmark performance is a blended return consisting of: 1)
75% of the return of the S&P 500 Index, and 2) 25% of the NASDAQ-100 Index,
which includes 100 of the largest domestic and international non-financial
companies listed on The NASDAQ Stock Market based on market capitalization. The
NASDAQ-100 Index reflects companies across major industry groups including
computer hardware and software, telecommunications, retail/wholesale trade and
biotechnology.
3 JLA comparative benchmark performance is a blended return consisting of: 1)
50% of the return of the S&P 500 Index, and 2) 50% of the NASDAQ-100 Index.
- --------------------------------------------------------------------------------
The most significant factor impacting the performance of the Funds in 2007 was
the increase in equity market volatility. The CBOE Volatility Index ("VIX"), a
popular gauge of investor sentiment, shifted to a higher range. Compared to its
2006-2007 low of 9.89 on January 24, 2007, the VIX index ended 2007 at 22.50, an
increase of over 127%. The CBOE NASDAQ Volatility Index ("VXN") experienced a
similar dramatic increase, moving from 14.09 on December 14, 2006, to 25.90 at
December 31, 2007, an increase of 84%.
This elevated market volatility translated to higher prices (premiums) for
option contracts and, as the Funds are consistent net sellers of options,
resulted in more generous cash flows from their option writing activity. This
increased cash flow helped to generate an attractive return and served to
cushion each Fund against some of the market turbulence present throughout the
second half of 2007.
6
Distribution and Share Price
INFORMATION
On March 1, 2007, Nuveen Investments announced that the Funds would move from a
monthly to a quarterly distribution schedule. The last monthly distributions
were paid on April 2, 2007, and first quarterly distributions were paid on July
2, 2007.
Each Fund has a managed distribution program. The goal of a managed distribution
program is to provide shareholders with relatively consistent and predictable
cash flow by systematically converting its expected long-term return potential
into regular distributions. As a result, regular distributions throughout the
year are likely to 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 a Fund's past or future investment performance from its current
distribution rate.
- - Actual returns will differ from projected long-term returns (and therefore a
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 distribution is 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 a
Fund's total return exceeds distributions.
- - Because distribution source estimates are updated during the year based on a
Fund's performance and forecast for its current fiscal year (which is the
calendar year for each Fund), estimates on the nature of your distributions
provided at the time the distributions are paid may differ from both the tax
information reported to you in your Fund's IRS Form 1099 statement provided at
year end, as well as the ultimate economic sources of distributions over the
life of your investment.
7
The following table provides information regarding each Fund's distributions and
total return performance for the fiscal year ended December 31, 2007. 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 Funds' distributions.
<Table>
<Caption>
- ---------------------------------------------------------------------------------------------------------------
As of 12/31/07 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 $0.54 $0.35 $0.21 $0.79
From short-term capital gains -- -- -- --
From long-term capital gains -- -- -- --
From return of capital 1.17 1.43 1.61 0.83
-------- ------- ------- --------
Total per share distribution $1.71 $1.78 $1.82 $1.62
======== ======= ======= ========
Distribution rate on NAV 9.34% 9.57% 9.80% 8.39%
Annualized total returns on NAV
1-year 7.80% 11.35% 11.50% 6.86%
Since inception 7.72% 8.60% 8.54% 8.68%
- ---------------------------------------------------------------------------------------------------------------
</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>
- -----------------------------------------------------------------------------------------------
12/31/07 Average 12-Month Period
Discount Discount
- -----------------------------------------------------------------------------------------------
JPZ -10.33% -4.40%
JSN -12.15% -4.28%
JLA -11.42% -2.72%
JPG -11.29% -6.02%
- -----------------------------------------------------------------------------------------------
</Table>
8
<Table>
JPZ Nuveen Equity
PERFORMANCE Premium Income
OVERVIEW Fund
as of December 31, 2007
</Table>
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS)
(PIE CHART)
<Table>
Common Stocks 95.00
Put Options 0.40
Short-Term Investments 4.60
</Table>
2007 DISTRIBUTIONS PER SHARE(2)
(BAR CHART)
<Table>
Jan 0.142
Feb 0.142
Mar 0.142
Jun 0.426
Sep 0.426
Dec 0.426
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(LINE GRAPH)
<Table>
1/01/2007 19.30
19.04
19.17
18.97
19.05
19.29
19.30
18.87
18.82
18.65
18.79
18.35
18.58
18.59
18.77
18.95
18.61
18.75
18.71
18.70
18.85
18.74
18.91
18.82
18.29
18.20
18.27
18.59
18.15
17.87
17.23
17.28
17.01
16.96
17.68
17.70
17.59
17.06
17.08
17.20
17.39
16.97
16.53
16.66
16.36
15.83
15.88
15.81
16.16
16.65
15.66
15.66
16.31
12/31/07 16.41
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $16.41
- -------------------------------------------------------------------------------------
Net Asset Value $18.30
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.33%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 10.38%
- -------------------------------------------------------------------------------------
Net Assets ($000) $707,933
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 10/26/04)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year -6.07% 7.80%
- -------------------------------------------------------------------------------------
Since
Inception 2.79% 7.72%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 8.6%
- -------------------------------------------------------------------------------------
Pharmaceuticals 7.6%
- -------------------------------------------------------------------------------------
Commercial Banks 6.0%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 4.5%
- -------------------------------------------------------------------------------------
Computers & Peripherals 4.1%
- -------------------------------------------------------------------------------------
Software 3.9%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 3.7%
- -------------------------------------------------------------------------------------
Insurance 3.4%
- -------------------------------------------------------------------------------------
Diversified Financial Services 3.0%
- -------------------------------------------------------------------------------------
Aerospace & Defense 2.9%
- -------------------------------------------------------------------------------------
Energy Equipment & Services 2.8%
- -------------------------------------------------------------------------------------
Household Products 2.7%
- -------------------------------------------------------------------------------------
Capital Markets 2.7%
- -------------------------------------------------------------------------------------
Tobacco 2.7%
- -------------------------------------------------------------------------------------
Machinery 2.3%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 2.3%
- -------------------------------------------------------------------------------------
Chemicals 2.2%
- -------------------------------------------------------------------------------------
Communications Equipment 2.2%
- -------------------------------------------------------------------------------------
Real Estate Investment Trust 2.0%
- -------------------------------------------------------------------------------------
Multi-Utilities 1.9%
- -------------------------------------------------------------------------------------
Put Options 0.4%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.6%
- -------------------------------------------------------------------------------------
Other 23.5%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized quarterly
distribution divided by the Fund's current market price. The Fund's quarterly
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.
2 Effective March 1, 2007, the Fund changed from a monthly distribution to a
quarterly distribution schedule. The Fund's last monthly distribution was
declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly
distribution was declared June 1, 2007, and paid on July 2, 2007.
9
<Table>
JSN Nuveen Equity
PERFORMANCE Premium Opportunity
OVERVIEW Fund
as of December 31, 2007
</Table>
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS)
(PIE CHART)
<Table>
Common Stocks 94.20
Put Options 0.30
Short-Term Investments 5.50
</Table>
2007 DISTRIBUTIONS PER SHARE(2)
(BAR CHART)
<Table>
Jan 0.148
Feb 0.148
Mar 0.148
Jun 0.444
Sep 0.444
Dec 0.444
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(LINE GRAPH)
<Table>
1/01/2007 18.7500
18.7500
18.7200
18.6300
18.6200
18.8900
18.9100
18.5800
18.6300
18.5200
18.6600
18.1700
18.4200
18.4000
18.5300
18.6300
18.4600
18.6200
18.6600
18.6900
18.7200
18.6700
18.9700
18.9000
18.2700
18.1800
18.2200
18.5300
18.1500
17.9100
17.4600
17.3900
17.1300
16.7200
17.6500
17.6400
17.7000
17.2500
17.1100
17.2299
17.5000
17.2500
16.6100
16.7800
16.5500
16.2600
16.2100
16.1400
16.4300
16.9000
16.2200
15.9200
16.3600
12/31/07 16.3400
</Table>
FUND SNAPSHOT
<Table>
- ---------------------------------------------------------------------------------------
Share Price $16.34
- ---------------------------------------------------------------------------------------
Net Asset Value $18.60
- ---------------------------------------------------------------------------------------
Premium/(Discount) to NAV -12.15%
- ---------------------------------------------------------------------------------------
Current Distribution Rate(1) 10.87%
- ---------------------------------------------------------------------------------------
Net Assets ($000) $1,237,527
- ---------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year -3.03% 11.35%
- -------------------------------------------------------------------------------------
Since Inception 2.52% 8.60%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Computers & Peripherals 7.6%
- -------------------------------------------------------------------------------------
Software 6.8%
- -------------------------------------------------------------------------------------
Pharmaceuticals 6.4%
- -------------------------------------------------------------------------------------
Communications Equipment 5.7%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 5.7%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 4.2%
- -------------------------------------------------------------------------------------
Commercial Banks 3.7%
- -------------------------------------------------------------------------------------
Internet Software & Services 3.5%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 3.2%
- -------------------------------------------------------------------------------------
Capital Markets 2.9%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 2.7%
- -------------------------------------------------------------------------------------
Aerospace & Defense 2.5%
- -------------------------------------------------------------------------------------
Diversified Financial Services 2.3%
- -------------------------------------------------------------------------------------
Energy Equipment & Services 2.3%
- -------------------------------------------------------------------------------------
Biotechnology 2.1%
- -------------------------------------------------------------------------------------
Media 1.9%
- -------------------------------------------------------------------------------------
Tobacco 1.7%
- -------------------------------------------------------------------------------------
Household Products 1.7%
- -------------------------------------------------------------------------------------
Machinery 1.7%
- -------------------------------------------------------------------------------------
Specialty Retail 1.6%
- -------------------------------------------------------------------------------------
Put Options 0.3%
- -------------------------------------------------------------------------------------
Short-Term Investments 5.5%
- -------------------------------------------------------------------------------------
Other 24.0%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized quarterly
distribution divided by the Fund's current market price. The Fund's quarterly
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.
2 Effective March 1, 2007, the Fund changed from a monthly distribution to a
quarterly distribution schedule. The Fund's last monthly distribution was
declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly
distribution was declared June 1, 2007, and paid on July 2, 2007.
10
<Table>
JLA Nuveen Equity
PERFORMANCE Premium Advantage
OVERVIEW Fund
as of December 31, 2007
</Table>
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS)
(PIE CHART)
<Table>
Common Stocks 95.20
Put Options 0.30
Short-Term Investments 4.50
</Table>
2007 DISTRIBUTIONS PER SHARE(2)
(BAR CHART)
<Table>
Jan 0.151
Feb 0.151
Mar 0.151
Jun 0.453
Sep 0.453
Dec 0.453
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(LINE GRAPH)
<Table>
1/01/2007 19.2700
19.4200
19.5199
19.2300
19.1000
19.2900
19.4600
19.1700
19.2500
19.0000
19.0500
18.4600
18.6100
18.5500
18.9400
18.9700
18.7100
18.8600
18.9000
18.8400
18.9400
18.8700
19.1000
19.1400
18.5800
18.4500
18.5100
18.5800
18.2200
18.0300
17.4600
17.7260
17.4300
16.8300
17.9000
17.9200
17.8100
17.2000
17.0500
17.3000
17.4200
17.1600
16.7200
16.9900
16.7200
16.0500
16.0500
16.1100
16.4400
17.0200
16.0100
15.9100
16.2500
12/31/07 16.4500
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $16.45
- -------------------------------------------------------------------------------------
Net Asset Value $18.57
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -11.42%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 11.02%
- -------------------------------------------------------------------------------------
Net Assets ($000) $484,998
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/25/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year -5.15% 11.50%
- -------------------------------------------------------------------------------------
Since Inception 2.03% 8.54%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Computers & Peripherals 11.0%
- -------------------------------------------------------------------------------------
Software 9.9%
- -------------------------------------------------------------------------------------
Communications Equipment 7.6%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 4.9%
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 4.8%
- -------------------------------------------------------------------------------------
Internet Software & Services 4.5%
- -------------------------------------------------------------------------------------
Pharmaceuticals 4.3%
- -------------------------------------------------------------------------------------
Biotechnology 3.9%
- -------------------------------------------------------------------------------------
Commercial Banks 2.8%
- -------------------------------------------------------------------------------------
Capital Markets 2.6%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 2.5%
- -------------------------------------------------------------------------------------
Media 2.1%
- -------------------------------------------------------------------------------------
Hotels, Restaurants & Leisure 2.0%
- -------------------------------------------------------------------------------------
Energy Equipment & Services 1.7%
- -------------------------------------------------------------------------------------
Insurance 1.6%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 1.6%
- -------------------------------------------------------------------------------------
Machinery 1.5%
- -------------------------------------------------------------------------------------
Aerospace & Defense 1.4%
- -------------------------------------------------------------------------------------
Put Options 0.3%
- -------------------------------------------------------------------------------------
Short-Term Investments 4.5%
- -------------------------------------------------------------------------------------
Other 24.5%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized quarterly
distribution divided by the Fund's current market price. The Fund's quarterly
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.
2 Effective March 1, 2007, the Fund changed from a monthly distribution to a
quarterly distribution schedule. The Fund's last monthly distribution was
declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly
distribution was declared June 1, 2007, and paid on July 2, 2007.
11
<Table>
JPG Nuveen Equity
PERFORMANCE Premium and Growth
OVERVIEW Fund
as of December 31, 2007
</Table>
PORTFOLIO ALLOCATION (AS A % OF TOTAL INVESTMENTS)
(PIE CHART)
<Table>
Common Stocks 96.50
Put Options 0.30
Short-Term Investments 3.20
</Table>
2007 DISTRIBUTIONS PER SHARE(2)
(BAR CHART)
<Table>
Jan 0.135
Feb 0.135
Mar 0.135
Jun 0.405
Sep 0.405
Dec 0.405
</Table>
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
(LINE GRAPH)
<Table>
1/01/2007 19.60
19.42
19.51
19.63
19.69
19.80
19.75
19.33
19.34
19.14
19.63
19.15
19.65
19.75
19.79
19.99
19.74
19.86
19.91
19.79
19.86
19.53
19.69
19.48
19.03
19.04
19.10
19.41
19.18
18.89
18.18
18.03
17.86
17.60
18.45
18.32
18.12
17.65
17.80
17.84
17.95
17.77
17.27
17.77
17.46
16.80
16.87
16.68
17.02
17.35
16.55
16.57
17.03
12/31/07 17.13
</Table>
FUND SNAPSHOT
<Table>
- -------------------------------------------------------------------------------------
Share Price $17.13
- -------------------------------------------------------------------------------------
Net Asset Value $19.31
- -------------------------------------------------------------------------------------
Premium/(Discount) to NAV -11.29%
- -------------------------------------------------------------------------------------
Current Distribution Rate(1) 9.46%
- -------------------------------------------------------------------------------------
Net Assets ($000) $319,300
- -------------------------------------------------------------------------------------
</Table>
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/22/05)
<Table>
<Caption>
- -------------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
- -------------------------------------------------------------------------------------
1-Year -3.55% 6.86%
- -------------------------------------------------------------------------------------
Since Inception 0.97% 8.68%
- -------------------------------------------------------------------------------------
</Table>
INDUSTRIES
(as a % of total investments)
<Table>
- -------------------------------------------------------------------------------------
Oil, Gas & Consumable Fuels 10.4%
- -------------------------------------------------------------------------------------
Pharmaceuticals 8.8%
- -------------------------------------------------------------------------------------
Commercial Banks 7.5%
- -------------------------------------------------------------------------------------
Diversified Telecommunication Services 4.6%
- -------------------------------------------------------------------------------------
Industrial Conglomerates 4.3%
- -------------------------------------------------------------------------------------
Computers & Peripherals 3.8%
- -------------------------------------------------------------------------------------
Software 3.6%
- -------------------------------------------------------------------------------------
Real Estate Investment Trust 3.0%
- -------------------------------------------------------------------------------------
Insurance 2.8%
- -------------------------------------------------------------------------------------
Capital Markets 2.7%
- -------------------------------------------------------------------------------------
Energy Equipment & Services 2.6%
- -------------------------------------------------------------------------------------
Semiconductors & Equipment 2.5%
- -------------------------------------------------------------------------------------
Household Products 2.4%
- -------------------------------------------------------------------------------------
Tobacco 2.4%
- -------------------------------------------------------------------------------------
Diversified Financial Services 2.3%
- -------------------------------------------------------------------------------------
Electric Utilities 2.3%
- -------------------------------------------------------------------------------------
Chemicals 2.0%
- -------------------------------------------------------------------------------------
Aerospace & Defense 2.0%
- -------------------------------------------------------------------------------------
Internet Software & Services 1.8%
- -------------------------------------------------------------------------------------
Put Options 0.3%
- -------------------------------------------------------------------------------------
Short-Term Investments 3.2%
- -------------------------------------------------------------------------------------
Other 24.7%
- -------------------------------------------------------------------------------------
</Table>
1 Current Distribution Rate is based on the Fund's current annualized quarterly
distribution divided by the Fund's current market price. The Fund's quarterly
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.
2 Effective March 1, 2007, the Fund changed from a monthly distribution to a
quarterly distribution schedule. The Fund's last monthly distribution was
declared March 1, 2007, and paid on April 2, 2007. The Fund's first quarterly
distribution was declared June 1, 2007, and paid on July 2, 2007.
12
SHAREHOLDER MEETING REPORT
The special meeting of shareholders was held in the offices of Nuveen
Investments on October 12, 2007; the meeting for Nuveen Equity
Premium Advantage Fund (JLA) and Nuveen Equity Premium and Growth
Fund (JPG) was subsequently adjourned to October 22, 2007, and
additionally adjourned for Nuveen Equity Premium and Growth Fund
(JPG) to November 8, 2007.
<Table>
<Caption>
JPZ JSN JLA JPG
- ----------------------------------------------------------------------------------------------------------------
Common Common Common Common
Shares Shares Shares Shares
- ----------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
For 16,728,100 29,981,664 12,794,579 8,392,401
Against 666,684 1,365,905 511,045 258,257
Abstain 604,777 1,218,434 536,900 266,117
Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639
- ----------------------------------------------------------------------------------------------------------------
Total 24,200,335 43,846,039 18,747,700 12,218,414
- ----------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET
MANAGEMENT AND
GATEWAY INVESTMENT ADVISERS, L.P.:
For 16,638,963 29,839,983 12,751,370 8,338,109
Against 707,933 1,442,604 558,891 289,442
Abstain 652,665 1,283,416 532,263 289,224
Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639
- ----------------------------------------------------------------------------------------------------------------
Total 24,200,335 43,846,039 18,747,700 12,218,414
- ----------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW SUB-ADVISORY AGREEMENT BETWEEN NUVEEN ASSET
MANAGEMENT AND
GATEWAY INVESTMENT ADVISERS, LLC:
For 16,619,775 29,903,802 12,765,162 8,333,943
Against 723,286 1,406,366 552,529 291,811
Abstain 656,500 1,255,835 524,833 291,021
Broker Non-Votes 6,200,774 11,280,036 4,905,176 3,301,639
- ----------------------------------------------------------------------------------------------------------------
Total 24,200,335 43,846,039 18,747,700 12,218,414
- ----------------------------------------------------------------------------------------------------------------
TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE
CURRENT FISCAL YEAR:
For 23,444,989 42,257,144 18,131,558 11,878,034
Against 351,481 729,567 238,592 144,164
Abstain 403,865 859,328 377,550 196,216
- ----------------------------------------------------------------------------------------------------------------
Total 24,200,335 43,846,039 18,747,700 12,218,414
- ----------------------------------------------------------------------------------------------------------------
</Table>
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 (the "Funds") at December 31, 2007,
the results of each of their operations for the year then ended, the changes in
each of their net assets for the periods then ended and the financial highlights
for the periods then ended in conformity with accounting principles generally
accepted in the United States of America. These financial statements and
financial highlights (hereafter referred to as "financial statements") are the
responsibility of the Funds' management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the 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, 2007 with the custodian and brokers,
provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
February 26, 2008
14
JPZ
Nuveen Equity Premium Income Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.0%
AEROSPACE & DEFENSE - 3.0%
71,400 Boeing Company $ 6,244,644
100,000 Honeywell International Inc. 6,157,000
32,000 Raytheon Company 1,942,400
89,400 United Technologies Corporation 6,842,676
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 21,186,720
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.2%
16,859 United Parcel Service, Inc., Class B 1,192,268
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.1%
22,200 AMR Corporation-DEL, (2) 311,466
14,800 Continental Airlines, Inc., (2) 329,300
- --------------------------------------------------------------------------------------------------------------------------------
Total Airlines 640,766
-------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.1%
21,200 American Axle and Manufacturing Holdings Inc. 394,744
30,487 Cooper Tire & Rubber 505,474
666 WABCO Holdings Inc. 33,360
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 933,578
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.4%
204,000 Ford Motor Company, (2) 1,372,920
48,800 General Motors Corporation 1,214,632
4,000 Harley-Davidson, Inc. 186,840
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 2,774,392
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.4%
106,397 Coca-Cola Company 6,529,584
40,810 PepsiCo, Inc. 3,097,479
- --------------------------------------------------------------------------------------------------------------------------------
Total Beverages 9,627,063
-------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 0.0%
310 Genentech, Inc., (2) 20,792
- --------------------------------------------------------------------------------------------------------------------------------
BUILDING PRODUCTS - 0.1%
2,000 American Standard Companies Inc. 93,420
25,567 Masco Corporation 552,503
- --------------------------------------------------------------------------------------------------------------------------------
Total Building Products 645,923
-------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 2.8%
46,000 Charles Schwab Corporation 1,175,300
19,900 Goldman Sachs Group, Inc. 4,279,495
10,500 Jefferies Group, Inc. 242,025
177,861 JPMorgan Chase & Co. 7,763,633
20,300 Legg Mason, Inc. 1,484,945
26,500 Merrill Lynch & Co., Inc. 1,422,520
23,500 Morgan Stanley 1,248,085
59,400 Waddell & Reed Financial, Inc., Class A 2,143,746
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 19,759,749
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 2.3%
51,511 Dow Chemical Company 2,030,564
148,600 E.I. Du Pont de Nemours and Company 6,551,774
40,400 Eastman Chemical Company 2,468,036
</Table>
15
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
CHEMICALS (continued)
42,998 Lubrizol Corporation $ 2,328,772
19,000 NL Industries Inc. 217,170
53,293 Olin Corporation 1,030,154
63,622 RPM International, Inc. 1,291,527
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 15,917,997
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 6.1%
383,779 Bank of America Corporation 15,834,722
18,300 Comerica Incorporated 796,599
3,000 Federated Investors Inc. 123,480
52,600 HSBC Holdings PLC, Sponsored ADR 4,403,146
145,300 Lloyds TSB Group PLC, Sponsored ADR 5,470,545
38,700 TrustCo Bank Corporation NY 383,904
175,300 U.S. Bancorp 5,564,022
129,036 Wachovia Corporation 4,907,239
190,800 Wells Fargo & Company 5,760,252
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 43,243,909
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.2%
3,800 Avery Dennison Corporation 201,932
90,303 Deluxe Corporation 2,970,066
3,000 Manpower Inc. 170,700
23,000 Pitney Bowes Inc. 874,920
5,800 Priceline.com Incorporated, (2) 666,188
8,500 R.R. Donnelley & Sons Company 320,790
41,615 Resources Connection, Inc. 755,728
65,671 Waste Management, Inc. 2,145,472
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 8,105,796
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 2.2%
17,600 ADTRAN, Inc. 376,288
8,828 Ciena Corporation, (2) 301,123
275,350 Cisco Systems, Inc., (2) 7,453,725
56,100 Corning Incorporated 1,345,839
11,875 JDS Uniphase Corporation, (2) 157,938
149,100 Motorola, Inc. 2,391,564
92,889 QUALCOMM Inc. 3,655,182
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 15,681,659
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 4.1%
51,646 Apple, Inc., (2) 10,230,040
94,081 Dell Inc., (2) 2,305,925
93,700 EMC Corporation, (2) 1,736,261
129,100 Hewlett-Packard Company 6,516,968
70,044 International Business Machines Corporation 7,571,756
(IBM)
10,457 McAfee Inc., (2) 392,138
33,400 Sun Microsystems Inc. 605,542
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 29,358,630
-------------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.0%
10,500 Discover Financial Services 158,340
- --------------------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.7%
65,700 Packaging Corp. of America 1,852,740
87,489 Sonoco Products Company 2,859,141
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 4,711,881
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES - 0.0%
1,700 ITT Educational Services, Inc., (2) 144,959
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 3.1%
91,104 Capitalsource Inc. 1,602,519
438,000 Citigroup Inc. 12,894,720
8,700 CME Group, Inc. 5,968,200
77,422 Compass Diversified Trust 1,153,588
</Table>
16
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES (continued)
9,942 Federal Home Loan Mortgage Corporation $ 338,724
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 21,957,751
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.6%
582,077 AT&T Inc. 24,191,119
220,900 Citizens Communications Company 2,812,057
6,450 Consolidated Communications Holdings, Inc. 128,355
7,448 Iowa Telecommunications Services, Inc. 121,104
107,100 Verizon Communications Inc. 4,679,199
21,026 Windstream Corporation 273,759
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 32,205,593
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.6%
27,000 Ameren Corporation 1,463,670
33,900 Consolidated Edison, Inc. 1,656,015
25,949 Great Plains Energy Incorporated 760,825
60,600 OGE Energy Corp. 2,199,174
80,800 Pepco Holdings, Inc. 2,369,864
33,400 Progress Energy, Inc. 1,617,562
27,000 Southern Company 1,046,250
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 11,113,360
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.1%
122,400 Emerson Electric Co. 6,935,184
400 Hubbell Incorporated, Class B 20,640
14,000 Rockwell Automation, Inc. 965,440
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 7,921,264
-------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.9%
21,300 Diamond Offshore Drilling, Inc. 3,024,600
24,668 ENSCO International Incorporated 1,470,706
111,600 Halliburton Company 4,230,756
11,600 Patterson-UTI Energy, Inc. 226,432
79,200 Schlumberger Limited 7,790,904
17,600 Smith International, Inc. 1,299,760
46,500 Tidewater Inc. 2,550,990
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 20,594,148
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 0.8%
36,406 CVS Caremark Corporation 1,447,139
200 Longs Drug Stores Corporation 9,400
38,696 SUPERVALU INC 1,451,874
53,325 Wal-Mart Stores, Inc. 2,534,537
1,810 Whole Foods Market, Inc. 73,848
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 5,516,798
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.9%
173,705 Kraft Foods Inc. 5,667,994
57,000 Sara Lee Corporation 915,420
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 6,583,414
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.9%
28,200 AGL Resources Inc. 1,061,448
62,601 Atmos Energy Corporation 1,755,332
81,800 Nicor Inc. 3,464,230
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 6,281,010
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
36,000 Baxter International Inc. 2,089,800
10,375 Medtronic, Inc. 521,551
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 2,611,351
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 1.6%
26,939 Brookdale Senior Living Inc. 765,337
15,450 Coventry Health Care, Inc., (2) 915,413
</Table>
17
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES (continued)
83,690 Kindred Healthcare Inc., (2) $ 2,090,576
6,700 Mentor Corporation 261,970
88,646 UnitedHealth Group Incorporated 5,159,197
27,330 Wellpoint Inc., (2) 2,397,661
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 11,590,154
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.1%
17,000 Carnival Corporation 756,330
13,566 Harrah's Entertainment, Inc. 1,203,983
22,661 International Game Technology 995,498
86,900 McDonald's Corporation 5,119,279
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 8,075,090
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.5%
4,100 Black & Decker Corporation 285,565
107,400 Newell Rubbermaid Inc. 2,779,512
12,400 Snap-on Incorporated 598,176
25,600 Stanley Works 1,241,088
106,700 Tupperware Corporation 3,524,301
29,936 Whirlpool Corporation 2,443,676
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 10,872,318
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 2.8%
53,200 Colgate-Palmolive Company 4,147,472
22,000 Kimberly-Clark Corporation 1,525,480
193,080 Procter & Gamble Company 14,175,934
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Products 19,848,886
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 3.8%
657,430 General Electric Company 24,370,929
52,800 Genuine Parts Company 2,444,640
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 26,815,569
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 3.5%
36,800 Allstate Corporation 1,922,064
111,000 American International Group, Inc. 6,471,300
24,405 Arthur J. Gallagher & Co. 590,357
209,268 Fidelity National Title Group Inc., Class A 3,057,405
12,500 Hartford Financial Services Group, Inc. 1,089,875
80,446 Lincoln National Corporation 4,683,566
72,500 Marsh & McLennan Companies, Inc. 1,919,075
1,100 Mercury General Corporation 54,791
46,000 Travelers Companies, Inc. 2,474,800
52,700 Unitrin, Inc. 2,529,073
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 24,792,306
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.4%
24,004 Amazon.com, Inc., (2) 2,223,731
17,488 IAC/InterActiveCorp., (2) 470,777
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 2,694,508
-------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 1.8%
63,687 eBay Inc., (2) 2,113,772
6,320 F5 Networks, Inc., (2) 180,246
11,546 Google Inc., Class A, (2) 7,983,828
159,665 United Online, Inc. 1,887,240
38,910 Yahoo! Inc., (2) 905,047
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 13,070,133
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.7%
65,710 Automatic Data Processing, Inc. 2,926,066
2,050 FactSet Research Systems Inc. 114,185
6,395 Fidelity National Information Services 265,968
35,800 Paychex, Inc. 1,296,676
</Table>
18
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
IT SERVICES (continued)
34,100 Standard Register Company $ 397,606
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 5,000,501
-------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.1%
17,155 Eastman Kodak Company 375,180
7,900 Polaris Industries Inc. 377,383
- --------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 752,563
-------------------------------------------------------------------------------------------------------------------
MACHINERY - 2.3%
30,891 Briggs & Stratton Corporation 699,990
75,600 Caterpillar Inc. 5,485,536
2,400 Cummins Inc. 305,688
18,400 Deere & Company 1,713,408
13,600 Graco Inc. 506,736
16,555 Ingersoll Rand Company Limited, Class A 769,311
400 Joy Global Inc. 26,328
9,750 Parker Hannifin Corporation 734,273
57,966 SPX Corporation 5,961,803
12,000 Timken Company 394,200
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 16,597,273
-------------------------------------------------------------------------------------------------------------------
MEDIA - 1.6%
45,213 CBS Corporation, Class B 1,232,054
67,800 Clear Channel Communications, Inc. 2,340,456
91,271 Entrcom Communications Corporation 1,249,500
14,810 GateHouse Media, Inc. 130,032
5,355 Idearc Inc. 94,034
39,613 New York Times, Class A 694,416
26,000 Omnicom Group Inc. 1,235,780
183,600 Regal Entertainment Group, Class A 3,317,652
5,800 ValueClick, Inc., (2) 127,020
36,200 Walt Disney Company 1,168,536
6,200 XM Satellite Radio Holdings Inc., Class A, (2) 75,888
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 11,665,368
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.6%
16,400 Alcoa Inc. 599,420
28,800 CONSOL Energy Inc. 2,059,776
32,000 Nucor Corporation 1,895,040
63,400 Southern Copper Corporation 6,665,242
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 11,219,478
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.9%
13,000 Family Dollar Stores, Inc. 249,990
38,002 Federated Department Stores, Inc. 983,112
55,400 Nordstrom, Inc. 2,034,842
7,900 Sears Holding Corporation, (2) 806,195
40,800 Target Corporation 2,040,000
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 6,114,139
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.9%
125,900 Duke Energy Corporation 2,539,403
82,456 Integrys Energy Group, Inc. 4,262,151
28,500 National Fuel Gas Company 1,330,380
49,100 ONEOK, Inc. 2,198,207
32,100 Public Service Enterprise Group Incorporated 3,153,504
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 13,483,645
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 8.8%
1,100 BP Amoco PLC 80,487
167,900 Chevron Corporation 15,670,107
63,649 ConocoPhillips 5,620,207
409,200 Exxon Mobil Corporation 38,337,944
34,420 Tesoro Petroleum Corporation 1,641,834
</Table>
19
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS (continued)
9,900 Valero Energy Corporation $ 693,297
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 62,043,876
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.5%
47,000 Weyerhaeuser Company 3,465,780
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 7.7%
111,700 Abbott Laboratories 6,271,955
246,638 Bristol-Myers Squibb Company 6,540,840
7,510 CV Therapeutics Inc., (2) 67,966
63,000 Eli Lilly and Company 3,363,570
11,471 GlaxoSmithKline PLC, ADR 578,024
164,856 Johnson & Johnson 10,995,895
234,802 Merck & Co. Inc. 13,644,344
426,857 Pfizer Inc. 9,702,460
22,700 Schering-Plough Corporation 604,728
69,200 Wyeth 3,057,948
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 54,827,730
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST - 2.0%
9,500 American Financial Realty Trust 76,190
83,552 Ashford Hospitality Trust Inc. 600,739
23,473 Brandywine Realty Trust 420,871
65,884 CapLease Inc. 554,743
39,900 First Industrial Realty Trust, Inc. 1,380,540
39,146 Glimcher Realty Trust 559,396
21,000 Health Care REIT, Inc. 938,490
49,761 Healthcare Realty Trust, Inc. 1,263,432
96,574 Hospitality Properties Trust 3,111,614
117,900 HRPT Properties Trust 911,367
78,791 Lexington Corporate Properties Trust 1,145,621
5,700 Liberty Property Trust 164,217
17,263 Medical Properties Trust Inc. 175,910
42,800 Nationwide Health Properties, Inc. 1,342,636
4,446 Northstar Realty Finance Corporation 39,658
27,000 Senior Housing Properties Trust 612,360
11,215 Sun Communities Inc. 236,300
61,650 U-Store-It Trust 564,714
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate Investment Trust 14,098,798
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.3%
17,069 Burlington Northern Santa Fe Corporation 1,420,653
13,563 Norfolk Southern Corporation 684,118
- --------------------------------------------------------------------------------------------------------------------------------
Total Road & Rail 2,104,771
-------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 2.3%
26,500 Analog Devices, Inc. 840,050
105,600 Applied Materials, Inc. 1,875,456
45,300 Broadcom Corporation, Class A, (2) 1,184,142
193,691 Intel Corporation 5,163,802
10,600 Intersil Holding Corporation, Class A 259,488
6,800 Lam Research Corporation, (2) 293,964
39,700 Microchip Technology Incorporated 1,247,374
24,800 National Semiconductor Corporation 561,472
31,200 NVIDIA Corporation, (2) 1,061,424
115,500 Texas Instruments Incorporated 3,857,700
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 16,344,872
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 4.0%
43,822 Adobe Systems Incorporated, (2) 1,872,514
4,580 Akamai Technologies, Inc., (2) 158,468
11,610 Autodesk, Inc., (2) 577,714
34,800 BEA Systems, Inc., (2) 549,144
32,666 Cognizant Technology Solutions Corporation, 1,108,684
Class A, (2)
3,946 InfoSpace, Inc. 74,185
</Table>
20
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SOFTWARE (continued)
450,462 Microsoft Corporation $ 16,036,446
16,433 NAVTEQ Corporation, (2) 1,242,335
251,668 Oracle Corporation, (2) 5,682,663
6,100 Red Hat, Inc., (2) 127,124
10,500 Salesforce.com, Inc., (2) 658,245
4,414 VeriSign, Inc., (2) 166,011
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 28,253,533
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 1.6%
27,715 Abercrombie & Fitch Co., Class A 2,216,369
47,700 American Eagle Outfitters, Inc. 990,729
52,650 Best Buy Co., Inc. 2,772,023
9,100 Christopher & Banks Corporation 104,195
73,831 Home Depot, Inc. 1,989,007
53,597 Limited Brands, Inc. 1,014,591
55,300 Lowe's Companies, Inc. 1,250,886
5,212 RadioShack Corporation 87,874
500 Sherwin-Williams Company 29,020
5,000 Tiffany & Co. 230,150
19,700 TJX Companies, Inc. 565,981
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 11,250,825
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.3%
14,234 Cherokee Inc. 459,331
27,238 VF Corporation 1,870,161
- --------------------------------------------------------------------------------------------------------------------------------
Total Textiles, Apparel & Luxury Goods 2,329,492
-------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.2%
60,800 New York Community Bancorp, Inc. 1,068,864
- --------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 2.7%
217,733 Altria Group, Inc. 16,456,259
32,200 Reynolds American Inc. 2,123,912
36,145 Vector Group Ltd. 725,069
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 19,305,240
-------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.0%
11,816 USA Mobility Inc. 168,969
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $517,133,233) 686,743,792
===================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.7%
$ 33,409 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 33,409,183
Corporation, dated 12/31/07, repurchase price
$33,411,039, collateralized by $24,430,000 U.S.
Treasury Bonds, 7.625%, due 2/15/25, value
$34,079,850
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $33,409,183) 33,409,183
===================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.4%
408 S&P 500 Index $ 53,040,000 1/19/08 $ 1,300 $ 36,720
366 S&P 500 Index 48,495,000 1/19/08 1,325 53,070
408 S&P 500 Index 55,080,000 1/19/08 1,350 104,040
408 S&P 500 Index 56,100,000 1/19/08 1,375 179,520
406 S&P 500 Index 54,810,000 2/16/08 1,350 519,680
420 S&P 500 Index 57,750,000 2/16/08 1,375 705,600
375 S&P 500 Index 50,625,000 3/22/08 1,350 935,625
- --------------------------------------------------------------------------------------------------------------------------------
2,791 TOTAL PUT OPTIONS (COST $5,868,565) 375,900,000 2,534,255
================================================================================================================================
TOTAL INVESTMENTS (COST $556,410,981) - 102.1% 722,687,230
===================================================================================================================
</Table>
21
JPZ
Nuveen Equity Premium Income Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (2.2)% (4)
(567) S&P 500 Index $ (82,215,000) 1/19/08 $ 1,450 $ (2,231,145)
(872) S&P 500 Index (128,620,000) 1/19/08 1,475 (2,088,440)
(896) S&P 500 Index (134,400,000) 1/19/08 1,500 (1,111,040)
(570) S&P 500 Index (82,650,000) 2/16/08 1,450 (3,360,150)
(1,183) S&P 500 Index (174,492,500) 2/16/08 1,475 (5,140,135)
(564) S&P 500 Index (84,600,000) 2/16/08 1,500 (1,700,460)
- ---------------------------------------------------------------------------------------------------------------------------------
(4,652) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (686,977,500) (15,631,370)
$22,205,750)
=================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.1% 877,496
====================================================================================================================
NET ASSETS - 100% $ 707,933,356
====================================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Non-income producing.
(3) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by the Strike Price by 100.
(4) 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
JSN
Nuveen Equity Premium Opportunity Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 96.3%
AEROSPACE & DEFENSE - 2.6%
79,265 Boeing Company $ 6,932,517
132,561 Honeywell International Inc. 8,161,781
26,000 Lockheed Martin Corporation 2,736,760
41,700 Northrop Grumman Corporation 3,279,288
46,000 Raytheon Company 2,792,200
107,414 United Technologies Corporation 8,221,468
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 32,124,014
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.6%
97,172 United Parcel Service, Inc., Class B 6,872,004
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.1%
92,897 AMR Corporation-DEL, (2) 1,303,345
- --------------------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.3%
81,079 General Motors Corporation 2,018,056
35,100 Harley-Davidson, Inc. 1,639,521
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 3,657,577
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.4%
176,250 Coca-Cola Company 10,816,463
86,200 PepsiCo, Inc. 6,542,580
- --------------------------------------------------------------------------------------------------------------------------------
Total Beverages 17,359,043
-------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 2.2%
101,453 Amgen Inc., (2) 4,711,477
85,000 Biogen Idec Inc., (2) 4,838,200
108,800 Celgene Corporation, (2) 5,027,648
44,500 Genentech, Inc., (2) 2,984,615
199,002 Gilead Sciences, Inc., (2) 9,156,082
- --------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 26,718,022
-------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 3.0%
156,050 Charles Schwab Corporation 3,987,078
26,800 Goldman Sachs Group, Inc. 5,763,340
302,086 JPMorgan Chase & Co. 13,186,054
32,585 Legg Mason, Inc. 2,383,593
132,034 Morgan Stanley 7,012,326
136,190 Waddell & Reed Financial, Inc., Class A 4,915,097
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 37,247,488
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 1.4%
57,426 Dow Chemical Company 2,263,733
130,232 E.I. Du Pont de Nemours and Company 5,741,929
41,441 Eastman Chemical Company 2,531,631
72,000 Lubrizol Corporation 3,899,520
152,430 RPM International, Inc. 3,094,329
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 17,531,142
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 3.8%
464,273 Bank of America Corporation 19,155,904
113,380 Commerce Bancorp, Inc. 4,324,313
29,817 F.N.B. Corporation PA 438,310
10,475 HSBC Holdings PLC, Sponsored ADR 876,862
91,102 Lloyds TSB Group PLC, Sponsored ADR 3,429,990
</Table>
23
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (continued)
258,904 U.S. Bancorp $ 8,217,613
88,686 Wachovia Corporation 3,372,729
216,543 Wells Fargo & Company 6,537,433
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 46,353,154
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 1.0%
28,958 Corporate Executive Board Company 1,740,376
88,440 Deluxe Corporation 2,908,792
57,150 Manpower Inc. 3,251,835
49,600 R.R. Donnelley & Sons Company 1,871,904
95,550 Waste Management, Inc. 3,121,619
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 12,894,526
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 5.8%
67,497 ADTRAN, Inc. 1,443,086
880,708 Cisco Systems, Inc., (2) 23,840,766
182,856 Corning Incorporated 4,386,715
55,800 Harris Corporation 3,497,544
234,109 Motorola, Inc. 3,755,108
547,260 QUALCOMM Inc. 21,534,681
121,135 Research In Motion Limited, (2) 13,736,709
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 72,194,609
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 7.8%
305,735 Apple, Inc., (2) 60,559,989
158,400 Dell Inc., (2) 3,882,384
222,900 EMC Corporation, (2) 4,130,337
316,255 Hewlett-Packard Company 15,964,552
74,117 International Business Machines Corporation 8,012,048
(IBM)
57,156 McAfee Inc., (2) 2,143,350
48,028 Network Appliance, Inc., (2) 1,198,779
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 95,891,439
-------------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.2%
33,000 American Express Company 1,716,660
59,442 Discover Financial Services 896,385
13,000 Western Union Company 315,640
- --------------------------------------------------------------------------------------------------------------------------------
Total Consumer Finance 2,928,685
-------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.8%
206,025 Packaging Corp. of America 5,809,905
126,709 Sonoco Products Company 4,140,850
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 9,950,755
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 2.4%
1,171 Capitalsource Inc. 20,598
513,026 Citigroup Inc. 15,103,485
11,000 CME Group, Inc. 7,546,000
33,900 Eaton Vance Corporation 1,539,399
126,150 ING Group N.V. 4,908,497
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 29,117,979
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 3.3%
711,379 AT&T Inc. 29,564,911
161,956 Citizens Communications Company 2,061,700
13,679 Level 3 Communications Inc., (2) 41,584
41,311 Sprint Nextel Corporation 542,413
190,295 Verizon Communications Inc. 8,313,989
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 40,524,597
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 1.1%
38,205 Ameren Corporation 2,071,093
92,139 Companhia Energetica de Minas Gerais 1,700,886
884 CPFL Energia SA 50,087
</Table>
24
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES (continued)
112,715 Great Plains Energy Incorporated $ 3,304,804
92,500 OGE Energy Corp. 3,356,825
118,050 Pepco Holdings, Inc. 3,462,407
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 13,946,102
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.4%
52,646 Cooper Industries, Ltd., Class A 2,783,920
161,417 Emerson Electric Co. 9,145,887
46,143 Hubbell Incorporated, Class B 2,380,979
38,848 Rockwell Automation, Inc. 2,678,958
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 16,989,744
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.4%
122,860 Gentex Corporation 2,183,222
51,200 Roper Industries Inc. 3,202,048
2,742 Tyco Electronics, Limited, (2) 101,810
- --------------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 5,487,080
-------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.3%
45,800 Diamond Offshore Drilling, Inc. 6,503,600
35,700 ENSCO International Incorporated 2,128,434
193,449 Halliburton Company 7,333,652
57,014 Patterson-UTI Energy, Inc. 1,112,913
75,000 Schlumberger Limited 7,377,750
77,472 Tidewater Inc. 4,250,114
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 28,706,463
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.0%
92,506 CVS Caremark Corporation 3,677,114
69,900 Kroger Co. 1,867,029
33,114 SUPERVALU INC. 1,242,437
21,174 Walgreen Co. 806,306
96,014 Wal-Mart Stores, Inc. 4,563,545
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 12,156,431
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 1.1%
153,214 Kraft Foods Inc. 4,999,373
60,792 Monsanto Company 6,789,858
90,000 Sara Lee Corporation 1,445,400
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 13,234,631
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.9%
24,226 AGL Resources Inc. 911,867
148,952 Atmos Energy Corporation 4,176,614
121,607 Nicor Inc. 5,150,056
22,569 Piedmont Natural Gas Company 590,405
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 10,828,942
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.6%
83,900 Baxter International Inc. 4,870,395
875 Covidien Limited, (2) 38,754
35,700 Hillenbrand Industries 1,989,561
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 6,898,710
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 0.8%
49,762 Aetna Inc. 2,872,760
7,100 AmericGroup Corporation, (2) 258,795
39,826 Coventry Health Care, Inc., (2) 2,359,691
43,000 Mentor Corporation 1,681,300
22,600 UnitedHealth Group Incorporated 1,315,320
22,400 Wellpoint Inc., (2) 1,965,152
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 10,453,018
-------------------------------------------------------------------------------------------------------------------
</Table>
25
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.6%
68,500 International Game Technology $ 3,009,205
215,800 McDonald's Corporation 12,712,778
43,125 Starwood Hotels & Resorts Worldwide, Inc. 1,898,794
15,200 Wynn Resorts Ltd 1,704,376
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 19,325,153
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 0.9%
184,645 Newell Rubbermaid Inc. 4,778,613
44,504 Stanley Works 2,157,554
52,780 Whirlpool Corporation 4,308,431
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 11,244,598
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.7%
59,100 Colgate-Palmolive Company 4,607,436
229,375 Procter & Gamble Company 16,840,713
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Products 21,448,149
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 2.8%
9,718 3M Co. 819,422
841,835 General Electric Company 31,206,823
57,620 Genuine Parts Company 2,667,806
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 34,694,051
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.6%
43,193 Allstate Corporation 2,255,970
90,384 American International Group, Inc. 5,269,387
117,057 Arthur J. Gallagher & Co. 2,831,609
76,372 Fidelity National Title Group Inc., Class A 1,115,795
105,530 Marsh & McLennan Companies, Inc. 2,793,379
35,150 Mercury General Corporation 1,750,822
81,586 Unitrin, Inc. 3,915,312
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 19,932,274
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.6%
66,150 Amazon.com, Inc., (2) 6,128,136
47,134 IAC/InterActiveCorp., (2) 1,268,847
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 7,396,983
-------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 3.6%
2,328 Baidu.com, Inc., (2) 908,828
203,512 Earthlink, Inc., (2) 1,438,830
185,708 eBay Inc., (2) 6,163,649
41,385 Google Inc., Class A, (2) 28,616,900
264,033 United Online, Inc. 3,120,870
184,790 Yahoo! Inc., (2) 4,298,215
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 44,547,292
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.6%
98,100 Automatic Data Processing, Inc. 4,368,393
87,200 Electronic Data Systems Corporation 1,807,656
9,876 Fair Isaac Corporation 317,513
26,178 Fidelity National Information Services 1,088,743
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 7,582,305
-------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.3%
84,813 Mattel, Inc. 1,614,840
34,258 Polaris Industries Inc. 1,636,505
- --------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 3,251,345
-------------------------------------------------------------------------------------------------------------------
</Table>
26
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.7%
105,004 Caterpillar Inc. $ 7,619,090
52,609 Graco Inc. 1,960,211
23,730 Joy Global Inc. 1,561,909
76,240 SPX Corporation 7,841,284
66,807 Timken Company 2,194,610
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 21,177,104
-------------------------------------------------------------------------------------------------------------------
MARINE - 0.0%
20,539 Eagle Bulk Shipping Inc. 545,310
- --------------------------------------------------------------------------------------------------------------------------------
MEDIA - 2.0%
18,600 CBS Corporation, Class B 506,850
71,700 Clear Channel Communications, Inc. 2,475,084
59,030 Entrcom Communications Corporation 808,121
50,000 GateHouse Media, Inc. 439,000
10,982 Idearc Inc. 192,844
8,687 Live Nation Inc., (2) 126,135
144,450 News Corporation, Class A 2,959,781
56,950 Omnicom Group Inc. 2,706,834
233,710 Regal Entertainment Group, Class A 4,223,140
10,000 Salem Communications Corporation 65,900
308,859 Sirius Satellite Radio Inc., (2) 935,843
23,800 Time Warner Inc. 392,938
46,400 Viacom Inc., Class B, (2) 2,037,888
144,300 Walt Disney Company 4,658,004
162,325 XM Satellite Radio Holdings Inc., Class A, (2) 1,986,858
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 24,515,220
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.5%
50,989 Alcoa Inc. 1,863,648
120,648 Companhia Siderurgica Nacional S.A., Sponsored 10,806,441
ADR
55,255 Southern Copper Corporation 5,808,958
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 18,479,047
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.8%
12,800 Family Dollar Stores, Inc. 246,144
66,792 Federated Department Stores, Inc. 1,727,909
93,000 Nordstrom, Inc. 3,415,890
26,877 Sears Holding Corporation, (2) 2,742,798
46,400 Target Corporation 2,320,000
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 10,452,741
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.3%
179,621 Duke Energy Corporation 3,622,956
88,300 National Fuel Gas Company 4,121,844
95,800 ONEOK, Inc. 4,288,966
42,100 Public Service Enterprise Group Incorporated 4,135,904
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 16,169,670
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 5.8%
182,768 Chevron Corporation 17,057,737
74,000 ConocoPhillips 6,534,200
485,656 Exxon Mobil Corporation 45,501,111
2,417 Occidental Petroleum Corporation 186,085
15,562 Royal Dutch Shell PLC, Class A 1,310,320
38,764 Statoil ASA 1,183,077
3,110 Tesoro Petroleum Corporation 148,347
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 71,920,877
-------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 6.5%
152,652 Abbott Laboratories 8,571,410
373,980 Bristol-Myers Squibb Company 9,917,950
24,800 CV Therapeutics Inc., (2) 224,440
</Table>
27
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS (continued)
91,471 Eli Lilly and Company $ 4,883,637
49,416 GlaxoSmithKline PLC, ADR 2,490,072
119,950 Johnson & Johnson 8,000,665
376,271 Merck & Co. Inc. 21,865,108
666,169 Pfizer Inc. 15,142,021
124,850 Schering-Plough Corporation 3,326,004
139,500 Wyeth 6,164,505
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 80,585,812
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST - 1.0%
40,000 Alesco Financial Inc. 131,200
25,000 Ashford Hospitality Trust Inc. 179,750
56,622 First Industrial Realty Trust, Inc. 1,959,121
16,396 GMH Communities Trust 90,506
59,500 Health Care REIT, Inc. 2,659,055
86,256 Hospitality Properties Trust 2,779,168
18,978 Host Hotels & Resorts Inc. 323,385
149,200 HRPT Properties Trust 1,153,316
112,500 Nationwide Health Properties, Inc. 3,529,125
20,000 U-Store-It Trust 183,200
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate Investment Trust 12,987,826
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.2%
15,000 Union Pacific Corporation 1,884,300
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 4.3%
76,900 Advanced Micro Devices, Inc., (2) 576,750
67,138 Altera Corporation 1,297,106
105,640 Analog Devices, Inc. 3,348,788
251,538 Applied Materials, Inc. 4,467,315
131,882 Broadcom Corporation, Class A, (2) 3,447,395
894,555 Intel Corporation 23,848,836
25,784 Intersil Holding Corporation, Class A 631,192
4,607 KLA-Tencor Corporation 221,873
51,341 Linear Technology Corporation 1,634,184
85,586 Marvell Technology Group Ltd., (2) 1,196,492
121,745 National Semiconductor Corporation 2,756,307
206,961 Texas Instruments Incorporated 6,912,497
111,004 Xilinx, Inc. 2,427,657
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 52,766,392
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 6.9%
82,841 Activision Inc., (2) 2,460,378
162,764 Adobe Systems Incorporated, (2) 6,954,906
36,736 Akamai Technologies, Inc., (2) 1,271,066
68,043 Autodesk, Inc., (2) 3,385,820
22,611 CNET Networks, Inc., (2) 206,665
1,339,734 Microsoft Corporation 47,694,530
39,361 NAVTEQ Corporation, (2) 2,975,692
671,102 Oracle Corporation, (2) 15,153,483
41,248 SAP AG, Sponsored ADR 2,105,710
88,542 VeriSign, Inc., (2) 3,330,065
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 85,538,315
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 1.6%
20,800 Abercrombie & Fitch Co., Class A 1,663,376
56,354 American Eagle Outfitters, Inc. 1,170,473
88,950 Best Buy Co., Inc. 4,683,218
13,700 Cabela's Incorporated, (2) 206,459
69,800 CarMax, Inc., (2) 1,378,550
64,850 Gap, Inc. 1,380,008
183,609 Home Depot, Inc. 4,946,426
</Table>
28
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL (continued)
126,161 Limited Brands, Inc. $ 2,388,228
90,003 Lowe's Companies, Inc. 2,035,868
41,493 Tuesday Morning Corporation 210,370
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 20,062,976
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
25,000 Xerium Technologies, Inc. 130,000
- --------------------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.3%
156,136 IndyMac Bancorp, Inc. 929,009
186,849 New York Community Bancorp, Inc. 3,284,805
- --------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 4,213,814
-------------------------------------------------------------------------------------------------------------------
TOBACCO - 1.8%
198,523 Altria Group, Inc. 15,004,368
42,914 Loews Corp - Carolina Group 3,660,564
45,154 Reynolds American Inc. 2,978,358
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 21,643,290
-------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.6%
83,549 China Mobile Hong Kong Limited, Sponsored ADR 7,257,899
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $866,571,798) 1,191,122,243
===================================================================================================================
</Table>
<Table>
PRINCIPAL
AMOUNT
(000) DESCRIPTION (1) COUPON MATURITY VALUE
- --------------------------------------------------------------------------------------------------------------------------------
<Caption>
SHORT-TERM INVESTMENTS - 5.6%
$ 69,996 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 69,996,318
Corporation, dated 12/31/07, repurchase price
$70,000,207, collateralized by $51,185,000 U.S.
Treasury Bonds, 7.625%, due 2/15/25, value
$71,403,075
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $69,996,318) 69,996,318
===================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.3%
32 NASDAQ 100 Index $ 5,440,000 1/19/08 $ 1,700 $ 1,120
303 NASDAQ 100 Index 53,025,000 1/19/08 1,750 12,120
295 NASDAQ 100 Index 51,625,000 2/16/08 1,750 193,225
238 NASDAQ 100 Index 44,030,000 2/16/08 1,850 335,580
529 S&P 500 Index 68,770,000 1/19/08 1,300 47,610
475 S&P 500 Index 62,937,500 1/19/08 1,325 68,875
529 S&P 500 Index 71,415,000 1/19/08 1,350 134,895
529 S&P 500 Index 72,737,500 1/19/08 1,375 232,760
529 S&P 500 Index 71,415,000 2/16/08 1,350 677,120
547 S&P 500 Index 75,212,500 2/16/08 1,375 918,960
511 S&P 500 Index 68,985,000 3/22/08 1,350 1,274,945
- --------------------------------------------------------------------------------------------------------------------------------
4,517 TOTAL PUT OPTIONS (COST $9,362,227) 645,592,500 3,897,210
================================================================================================================================
TOTAL INVESTMENTS (COST $945,930,343) - 102.2% 1,265,015,771
===================================================================================================================
</Table>
29
JSN
Nuveen Equity Premium Opportunity Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ---------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (2.3)% (4)
(1,585) Mini-NDX 100 Index $(32,888,750) 1/19/08 $ 207.5 $ (840,050)
(1,403) Mini-NDX 100 Index (30,515,250) 1/19/08 217.5 (157,838)
(1,510) Mini-NDX 100 Index (33,220,000) 1/19/08 220.0 (101,925)
(1,650) Mini-NDX 100 Index (34,237,500) 2/16/08 207.5 (1,427,250)
(148) NASDAQ 100 Index (30,340,000) 1/19/08 2,050 (1,020,460)
(162) NASDAQ 100 Index (34,830,000) 1/19/08 2,150 (295,650)
(17) NASDAQ 100 Index (3,697,500) 1/19/08 2,175 (19,040)
(11) NASDAQ 100 Index (2,420,000) 1/19/08 2,200 (7,260)
(319) NASDAQ 100 Index (65,395,000) 2/16/08 2,050 (3,252,205)
(154) NASDAQ 100 Index (32,340,000) 2/16/08 2,100 (1,105,720)
(724) S&P 500 Index (104,980,000) 1/19/08 1,450 (2,848,940)
(1,144) S&P 500 Index (168,740,000) 1/19/08 1,475 (2,739,880)
(1,176) S&P 500 Index (176,400,000) 1/19/08 1,500 (1,458,240)
(745) S&P 500 Index (108,025,000) 2/16/08 1,450 (4,391,775)
(1,519) S&P 500 Index (224,052,500) 2/16/08 1,475 (6,600,055)
(724) S&P 500 Index (108,600,000) 2/16/08 1,500 (2,182,860)
- ---------------------------------------------------------------------------------------------------------------------------
(12,991) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (1,190,681,500) (28,449,148)
$41,558,293)
===========================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.1% 960,292
==============================================================================================================
NET ASSETS - 100% $1,237,526,915
==============================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Non-income producing.
(3) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by the Strike Price by 100.
(4) 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
JLA
Nuveen Equity Premium Advantage Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 97.4%
AEROSPACE & DEFENSE - 1.5%
26,200 Boeing Company $ 2,291,452
41,300 Honeywell International Inc. 2,542,841
29,966 United Technologies Corporation 2,293,598
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 7,127,891
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.5%
31,710 United Parcel Service, Inc., Class B 2,242,531
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.0%
12,313 Southwest Airlines Co. 150,219
- --------------------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.4%
41,333 American Axle and Manufacturing Holdings Inc. 769,620
49,461 Cooper Tire & Rubber 820,063
4,845 WABCO Holdings Inc. 242,686
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 1,832,369
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.4%
87,695 Ford Motor Company, (2) 590,187
19,783 General Motors Corporation 492,399
14,900 Harley-Davidson, Inc. 695,979
- --------------------------------------------------------------------------------------------------------------------------------
Total Automobiles 1,778,565
-------------------------------------------------------------------------------------------------------------------
BEVERAGES - 1.0%
39,700 Coca-Cola Company 2,436,389
28,800 PepsiCo, Inc. 2,185,920
- --------------------------------------------------------------------------------------------------------------------------------
Total Beverages 4,622,309
-------------------------------------------------------------------------------------------------------------------
BIOTECHNOLOGY - 4.0%
49,255 Amgen Inc., (2) 2,287,402
67,600 Biogen Idec Inc., (2) 3,847,792
58,800 Celgene Corporation, (2) 2,717,148
12,500 Cephalon, Inc., (2) 897,000
31,099 Genzyme Corporation, (2) 2,315,010
158,520 Gilead Sciences, Inc., (2) 7,293,505
- --------------------------------------------------------------------------------------------------------------------------------
Total Biotechnology 19,357,857
-------------------------------------------------------------------------------------------------------------------
BUILDING PRODUCTS - 0.2%
14,536 American Standard Companies Inc. 678,977
10,301 Masco Corporation 222,605
- --------------------------------------------------------------------------------------------------------------------------------
Total Building Products 901,582
-------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 2.6%
22,452 Bank of New York Company, Inc. 1,094,760
72,720 Charles Schwab Corporation 1,857,996
9,100 Goldman Sachs Group, Inc. 1,956,955
89,700 JPMorgan Chase & Co. 3,915,405
4,909 Merrill Lynch & Co., Inc. 263,515
35,700 Morgan Stanley 1,896,027
51,000 Waddell & Reed Financial, Inc., Class A 1,840,590
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 12,825,248
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 0.6%
12,674 Dow Chemical Company 499,609
44,813 E.I. Du Pont de Nemours and Company 1,975,805
21,574 NL Industries Inc. 246,591
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 2,722,005
-------------------------------------------------------------------------------------------------------------------
</Table>
31
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 2.9%
108,993 Bank of America Corporation $ 4,497,051
25,052 Commerce Bancorp, Inc. 955,483
19,882 Fifth Third Bancorp 499,635
38,433 FirstMerit Corporation 769,044
73,513 Lloyds TSB Group PLC, Sponsored ADR 2,767,764
63,800 U.S. Bancorp 2,025,012
34,900 Wachovia Corporation 1,327,247
40,776 Wells Fargo & Company 1,231,027
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 14,072,263
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 0.9%
4,940 Corporate Executive Board Company 296,894
32,672 Deluxe Corporation 1,074,582
20,400 Manpower Inc. 1,160,760
29,775 Pitney Bowes Inc. 1,132,641
24,714 R.R. Donnelley & Sons Company 932,706
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 4,597,583
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 7.8%
459,280 Cisco Systems, Inc., (2) 12,432,710
33,878 Comverse Technology, Inc., (2) 584,396
59,568 Corning Incorporated 1,429,036
29,400 Harris Corporation 1,842,792
12,475 JDS Uniphase Corporation, (2) 165,918
15,830 Motorola, Inc. 253,913
323,872 QUALCOMM Inc. 12,744,363
73,197 Research In Motion Limited, (2) 8,300,540
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 37,753,668
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 11.3%
209,598 Apple, Inc., (2) 41,517,169
100,200 Hewlett-Packard Company 5,058,096
43,935 International Business Machines Corporation 4,749,374
(IBM)
23,041 McAfee Inc., (2) 864,038
7,245 NCR Corporation, (2) 181,850
37,720 Network Appliance, Inc., (2) 941,491
60,500 Sun Microsystems Inc. 1,096,865
7,245 Teradata Corporation 198,585
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 54,607,468
-------------------------------------------------------------------------------------------------------------------
CONSUMER FINANCE - 0.3%
18,700 American Express Company 972,774
17,850 Discover Financial Services 269,178
- --------------------------------------------------------------------------------------------------------------------------------
Total Consumer Finance 1,241,952
-------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.4%
43,903 Packaging Corp. of America 1,238,065
24,900 Sonoco Products Company 813,732
- --------------------------------------------------------------------------------------------------------------------------------
Total Containers & Packaging 2,051,797
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED CONSUMER SERVICES - 0.2%
11,893 ITT Educational Services, Inc., (2) 1,014,116
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 1.4%
5,000 Capitalsource Inc. 87,950
108,149 Citigroup Inc. 3,183,907
4,400 CME Group, Inc. 3,018,400
20,000 Moody's Corporation 714,000
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 7,004,257
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 2.6%
220,695 AT&T Inc. 9,172,084
25,413 Chunghwa Telecom Co., Ltd., Sponsored ADR 536,468
72,955 Citizens Communications Company 928,717
</Table>
32
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES (continued)
11,127 France Telecom SA $ 396,455
31,090 Verizon Communications Inc. 1,358,322
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 12,392,046
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 0.6%
21,600 Exelon Corporation 1,763,424
30,400 OGE Energy Corp. 1,103,216
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 2,866,640
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.3%
26,000 Cooper Industries, Ltd., Class A 1,374,880
59,800 Emerson Electric Co. 3,388,268
13,500 Hubbell Incorporated, Class B 696,600
13,700 Rockwell Automation, Inc. 944,752
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 6,404,500
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.9%
17,182 Agilent Technologies, Inc., (2) 631,267
26,404 Amphenol Corporation, Class A 1,224,353
13,259 Diebold Inc. 384,246
48,857 Gentex Corporation 868,189
18,868 Roper Industries Inc. 1,180,005
3,560 Tyco Electronics, Limited, (2) 132,183
- --------------------------------------------------------------------------------------------------------------------------------
Total Electronic Equipment & Instruments 4,420,243
-------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 1.8%
30,000 Cooper Cameron Corporation, (2) 1,443,900
19,059 Diamond Offshore Drilling, Inc. 2,706,378
52,800 Halliburton Company 2,001,648
34,200 Smith International, Inc. 2,525,670
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 8,677,596
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 0.9%
43,162 CVS Caremark Corporation 1,715,690
10,816 Kroger Co. 288,895
23,562 SUPERVALU INC. 884,046
29,992 Wal-Mart Stores, Inc. 1,425,520
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 4,314,151
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 1.2%
9,285 Chiquita Brands International Inc., (2) 170,751
47,193 Kraft Foods Inc. 1,539,908
27,800 Monsanto Company 3,104,982
64,658 Sara Lee Corporation 1,038,407
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 5,854,048
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.6%
47,295 Nicor Inc. 2,002,943
26,700 Piedmont Natural Gas Company 698,472
- --------------------------------------------------------------------------------------------------------------------------------
Total Gas Utilities 2,701,415
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 1.3%
33,800 Applera Corporation-Applied Biosystems Group 1,146,496
34,400 Baxter International Inc. 1,996,920
3,335 Covidien Limited, (2) 147,707
3,702 Intuitive Surgical, Inc., (2) 1,201,299
3,900 Medtronic, Inc. 196,053
19,174 Saint Jude Medical Inc., (2) 779,231
11,687 Zimmer Holdings, Inc., (2) 773,095
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 6,240,801
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 0.6%
2,000 Kindred Healthcare Inc., (2) 49,960
11,349 Medco Health Solutions, Inc., (2) 1,150,789
</Table>
33
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES (continued)
11,200 Universal Health Services, Inc., Class B $ 573,440
14,593 Wellpoint Inc., (2) 1,280,244
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 3,054,433
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 2.1%
18,429 Carnival Corporation 819,906
9,154 Harrah's Entertainment, Inc. 812,418
26,904 International Game Technology 1,181,893
45,500 McDonald's Corporation 2,680,405
109,420 Starbucks Corporation, (2) 2,239,827
15,700 Starwood Hotels & Resorts Worldwide, Inc. 691,271
27,491 Tim Hortons Inc. 1,015,243
20,300 Wendy's International, Inc. 524,552
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 9,965,515
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 0.4%
5,000 Beazer Homes USA, Inc. 37,150
8,000 La Z Boy Inc. 63,440
38,500 Newell Rubbermaid Inc. 996,380
12,700 Whirlpool Corporation 1,036,701
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 2,133,671
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 1.1%
75,195 Procter & Gamble Company 5,520,817
- --------------------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 1.6%
13,364 3M Co. 1,126,852
158,640 General Electric Company 5,880,785
17,994 Genuine Parts Company 833,122
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 7,840,759
-------------------------------------------------------------------------------------------------------------------
INSURANCE - 1.7%
15,228 AFLAC Incorporated 953,730
63,270 American International Group, Inc. 3,688,641
34,260 Fidelity National Title Group Inc., Class A 500,539
30,179 Marsh & McLennan Companies, Inc. 798,838
13,260 Prudential Financial, Inc. 1,233,710
18,273 Travelers Companies, Inc. 983,087
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 8,158,545
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 1.3%
52,639 Amazon.com, Inc., (2) 4,876,477
50,620 IAC/InterActiveCorp., (2) 1,362,690
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet & Catalog Retail 6,239,167
-------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 4.6%
28,556 Earthlink, Inc., (2) 201,891
93,739 eBay Inc., (2) 3,111,197
24,523 Google Inc., Class A, (2) 16,957,164
7,385 NIC, Incorporated 62,329
43,727 United Online, Inc. 516,853
72,305 Yahoo! Inc., (2) 1,681,814
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 22,531,248
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 1.3%
32,440 Automatic Data Processing, Inc. 1,444,553
41,600 Electronic Data Systems Corporation 862,368
17,573 Fidelity National Information Services 730,861
7,816 Global Payments Inc. 363,600
13,150 Infosys Technologies Limited, Sponsored ADR 596,484
61,190 Paychex, Inc. 2,216,302
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 6,214,168
-------------------------------------------------------------------------------------------------------------------
</Table>
34
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.1%
26,523 Eastman Kodak Company $ 580,058
- --------------------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.5%
29,600 Caterpillar Inc. 2,147,776
8,259 Danaher Corporation 724,645
15,700 Eaton Corporation 1,522,115
18,700 Graco Inc. 696,762
21,330 SPX Corporation 2,193,791
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 7,285,089
-------------------------------------------------------------------------------------------------------------------
MEDIA - 2.2%
32,300 Clear Channel Communications, Inc. 1,114,996
228,623 Comcast Corporation, Special Class A, (2) 4,142,649
6,000 Entrcom Communications Corporation 82,140
1,638 Idearc Inc. 28,763
12,233 Monster Worldwide Inc., (2) 396,349
17,179 New York Times, Class A 301,148
62,500 News Corporation, Class A 1,280,625
20,400 Omnicom Group Inc. 969,612
65,946 Regal Entertainment Group, Class A 1,191,644
34,600 Walt Disney Company 1,116,888
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 10,624,814
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.2%
46,042 Companhia Siderurgica Nacional S.A., Sponsored 4,123,982
ADR
2,736 Freeport-McMoRan Copper & Gold, Inc. 280,276
14,778 Southern Copper Corporation 1,553,611
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 5,957,869
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.6%
23,453 Federated Department Stores, Inc. 606,729
16,800 J.C. Penney Company, Inc. 739,032
12,439 Kohl's Corporation, (2) 569,706
7,597 Sears Holding Corporation, (2) 775,274
- --------------------------------------------------------------------------------------------------------------------------------
Total Multiline Retail 2,690,741
-------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 0.4%
61,600 Duke Energy Corporation 1,242,472
15,502 Integrys Energy Group, Inc. 801,298
26 National Grid PLC, Sponsored ADR 2,170
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 2,045,940
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 5.0%
70,620 Chevron Corporation 6,590,965
27,800 ConocoPhillips 2,454,740
136,446 Exxon Mobil Corporation 12,783,626
3,453 Statoil ASA 105,386
43,670 Tesoro Petroleum Corporation 2,083,059
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 24,017,776
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.1%
3,581 Abitibi-Bowater Inc. 73,804
23,723 International Paper Company 768,151
- --------------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 841,955
-------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 4.4%
34,430 Abbott Laboratories 1,933,245
77,186 Bristol-Myers Squibb Company 2,046,973
29,208 Eli Lilly and Company 1,559,415
8,855 GlaxoSmithKline PLC, ADR 446,203
42,743 Johnson & Johnson 2,850,958
99,822 Merck & Co. Inc. 5,800,656
182,940 Pfizer Inc. 4,158,226
</Table>
35
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS (continued)
33,686 Schering-Plough Corporation $ 897,395
38,806 Wyeth 1,714,837
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 21,407,908
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST - 0.7%
3,269 Healthcare Realty Trust, Inc. 83,000
9,611 Host Hotels & Resorts Inc. 163,771
38,339 Lexington Corporate Properties Trust 557,449
51,777 Nationwide Health Properties, Inc. 1,624,244
41,422 Senior Housing Properties Trust 939,451
10,000 U-Store-It Trust 91,600
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate Investment Trust 3,459,515
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.3%
17,500 Burlington Northern Santa Fe Corporation 1,456,525
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 5.0%
54,763 Altera Corporation 1,058,021
14,165 Analog Devices, Inc. 449,031
109,780 Applied Materials, Inc. 1,949,693
66,600 Broadcom Corporation, Class A, (2) 1,740,924
18,900 Cymer, Inc., (2) 735,777
47,717 Cypress Semiconductor Corporation, (2) 1,719,244
39,437 Fairchild Semiconductor International Inc., 569,076
Class A, (2)
46,242 Integrated Device Technology, Inc., (2) 522,997
39,750 Intel Corporation 1,059,735
20,531 Intersil Holding Corporation, Class A 502,599
70,275 Linear Technology Corporation 2,236,853
90,603 LSI Logic Corporation, (2) 481,102
58,000 Micron Technology, Inc., (2) 420,500
52,100 National Semiconductor Corporation 1,179,544
27,401 Novellus Systems, Inc., (2) 755,446
85,035 NVIDIA Corporation, (2) 2,892,891
21,817 PMC-Sierra, Inc., (2) 142,683
110,442 Taiwan Semiconductor Manufacturing Company Ltd., 1,100,002
Sponsored ADR
13,849 Tessera Technologies Inc., (2) 576,118
79,714 Texas Instruments Incorporated 2,662,448
33,502 Varian Semiconductor Equipment Associate, (2) 1,239,574
2,103 Verigy Limited, (2) 57,139
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 24,051,397
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 10.1%
60,364 Activision Inc., (2) 1,792,811
91,430 Adobe Systems Incorporated, (2) 3,906,804
28,460 Akamai Technologies, Inc., (2) 984,716
27,918 Autodesk, Inc., (2) 1,389,200
61,885 BEA Systems, Inc., (2) 976,545
27,633 CA Inc. 689,443
74,410 Cadence Design Systems, Inc., (2) 1,265,714
62,757 CNET Networks, Inc., (2) 573,599
1,000 InfoSpace, Inc. 18,800
638,901 Microsoft Corporation 22,744,876
8,453 NAVTEQ Corporation, (2) 639,047
490,178 Oracle Corporation, (2) 11,068,219
8,038 SAP AG, Sponsored ADR 410,340
38,088 Satyam Computer Services Limited, ADR 1,017,711
40,834 VeriSign, Inc., (2) 1,535,767
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 49,013,592
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 1.3%
28,650 Best Buy Co., Inc. 1,508,423
50,492 Gap, Inc. 1,074,470
7,334 Home Depot, Inc. 197,578
40,900 Limited Brands, Inc. 774,237
29,000 Lowe's Companies, Inc. 655,980
</Table>
36
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL (continued)
24,837 Pier 1 Imports, Inc., (2) $ 129,898
6,115 RadioShack Corporation 103,099
28,938 TJX Companies, Inc. 831,389
37,616 Urban Outfitters, Inc., (2) 1,025,412
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 6,300,486
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.0%
22,000 Xerium Technologies, Inc. 114,400
- --------------------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.0%
4,769 Federal National Mortgage Association 190,665
- --------------------------------------------------------------------------------------------------------------------------------
TOBACCO - 1.1%
68,196 Altria Group, Inc. 5,154,254
13,526 Vector Group Ltd. 271,332
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 5,425,586
-------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 1.1%
46,400 China Mobile Hong Kong Limited, Sponsored ADR 4,030,768
36,448 Vodafone Group PLC, Sponsored ADR 1,360,239
- --------------------------------------------------------------------------------------------------------------------------------
Total Wireless Telecommunication Services 5,391,007
-------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $321,175,617) 472,288,766
===================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.6%
$ 22,279 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 22,278,961
Corporation, dated 12/31/07, repurchase price
$22,280,199, collateralized by $16,290,000 U.S.
Treasury Bonds, 7.625%, due 2/15/25, value
$22,724,550
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $22,278,961) 22,278,961
===================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
56 NASDAQ 100 Index $ 9,520,000 1/19/08 $1,700 $ 1,960
208 NASDAQ 100 Index 36,400,000 1/19/08 1,750 8,320
233 NASDAQ 100 Index 40,775,000 2/16/08 1,750 152,615
187 NASDAQ 100 Index 34,595,000 2/16/08 1,850 263,670
139 S&P 500 Index 18,070,000 1/19/08 1,300 12,510
125 S&P 500 Index 16,562,500 1/19/08 1,325 18,125
139 S&P 500 Index 18,765,000 1/19/08 1,350 35,445
139 S&P 500 Index 19,112,500 1/19/08 1,375 61,160
139 S&P 500 Index 18,765,000 2/16/08 1,350 177,920
143 S&P 500 Index 19,662,500 2/16/08 1,375 240,240
135 S&P 500 Index 18,225,000 3/22/08 1,350 336,825
- --------------------------------------------------------------------------------------------------------------------------------
1,643 TOTAL PUT OPTIONS (COST $3,324,612) 250,452,500 1,308,790
================================================================================================================================
TOTAL INVESTMENTS (COST $346,779,190) - 102.2% 495,876,517
===================================================================================================================
</Table>
37
JLA
Nuveen Equity Premium Advantage Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- -----------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (2.4)% (4)
(1,345) Mini-NDX 100 Index $ (27,908,750) 1/19/08 $ 207.5 $ (712,850)
(575) Mini-NDX 100 Index (12,506,250) 1/19/08 217.5 (64,688)
(210) Mini-NDX 100 Index (4,620,000) 1/19/08 220.0 (14,175)
(1,230) Mini-NDX 100 Index (25,522,500) 2/16/08 207.5 (1,063,950)
(230) Mini-NDX 100 Index (4,830,000) 2/16/08 210.0 (165,600)
(120) NASDAQ 100 Index (24,600,000) 1/19/08 2,050 (827,400)
(132) NASDAQ 100 Index (28,380,000) 1/19/08 2,150 (240,900)
(64) NASDAQ 100 Index (13,920,000) 1/19/08 2,175 (71,680)
(103) NASDAQ 100 Index (22,660,000) 1/19/08 2,200 (67,980)
(249) NASDAQ 100 Index (51,045,000) 2/16/08 2,050 (2,538,555)
(101) NASDAQ 100 Index (21,210,000) 2/16/08 2,100 (725,180)
(183) S&P 500 Index (26,535,000) 1/19/08 1,450 (720,105)
(303) S&P 500 Index (44,692,500) 1/19/08 1,475 (725,685)
(290) S&P 500 Index (43,500,000) 1/19/08 1,500 (359,600)
(191) S&P 500 Index (27,695,000) 2/16/08 1,450 (1,125,945)
(400) S&P 500 Index (59,000,000) 2/16/08 1,475 (1,738,000)
(182) S&P 500 Index (27,300,000) 2/16/08 1,500 (548,730)
- -----------------------------------------------------------------------------------------------------------------------------------
(5,908) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (465,925,000) (11,711,023)
$17,591,180)
===================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.2% 832,505
======================================================================================================================
NET ASSETS - 100% $ 484,997,999
======================================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Non-income producing.
(3) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by the Strike Price by 100.
(4) 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
JPG
Nuveen Equity Premium and Growth Fund
Portfolio of INVESTMENTS
as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 98.1%
AEROSPACE & DEFENSE - 2.0%
25,638 Boeing Company $ 2,242,299
4,500 Goodrich Corporation 317,745
33,500 Honeywell International Inc. 2,062,595
23,900 United Technologies Corporation 1,829,306
- --------------------------------------------------------------------------------------------------------------------------------
Total Aerospace & Defense 6,451,945
-------------------------------------------------------------------------------------------------------------------
AIR FREIGHT & LOGISTICS - 0.4%
15,600 United Parcel Service, Inc., Class B 1,103,232
- --------------------------------------------------------------------------------------------------------------------------------
AIRLINES - 0.3%
3,200 Continental Airlines, inc., (2) 71,200
55,105 Lan Airlines S.A. 738,958
- --------------------------------------------------------------------------------------------------------------------------------
Total Airlines 810,158
-------------------------------------------------------------------------------------------------------------------
AUTO COMPONENTS - 0.2%
24,800 American Axle and Manufacturing Holdings Inc. 461,776
9,310 Cooper Tire & Rubber 154,360
- --------------------------------------------------------------------------------------------------------------------------------
Total Auto Components 616,136
-------------------------------------------------------------------------------------------------------------------
AUTOMOBILES - 0.3%
35,600 General Motors Corporation 886,084
- --------------------------------------------------------------------------------------------------------------------------------
BEVERAGES - 0.7%
36,488 Coca-Cola Company 2,239,269
- --------------------------------------------------------------------------------------------------------------------------------
BUILDING PRODUCTS - 0.2%
13,135 American Standard Companies Inc. 613,536
- --------------------------------------------------------------------------------------------------------------------------------
CAPITAL MARKETS - 2.7%
35,000 Charles Schwab Corporation 894,250
8,574 Goldman Sachs Group, Inc. 1,843,839
90,178 JPMorgan Chase & Co. 3,936,270
24,914 Morgan Stanley 1,323,183
18,800 Waddell & Reed Financial, Inc., Class A 678,492
- --------------------------------------------------------------------------------------------------------------------------------
Total Capital Markets 8,676,034
-------------------------------------------------------------------------------------------------------------------
CHEMICALS - 2.0%
18,614 Chemtura Corporation 145,189
56,173 Dow Chemical Company 2,214,340
47,395 E.I. Du Pont de Nemours and Company 2,089,646
5,835 Eastman Chemical Company 356,460
29,107 Olin Corporation 562,638
13,161 PPG Industries, Inc. 924,297
10,283 RPM International, Inc. 208,745
- --------------------------------------------------------------------------------------------------------------------------------
Total Chemicals 6,501,315
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS - 7.7%
120,108 Bank of America Corporation 4,955,656
26,291 Citizens Republic Bancorp. 381,482
31,135 Comerica Incorporated 1,355,307
18,871 Federated Investors Inc. 776,730
50,627 First Horizon National Corporation 918,880
8,605 FirstMerit Corporation 172,186
27,720 HSBC Holdings PLC, Sponsored ADR 2,320,441
69,089 Huntington BancShares Inc. 1,019,754
42,876 Lloyds TSB Group PLC, Sponsored ADR 1,614,281
75,828 National City Corporation 1,248,129
62,192 Regions Financial Corporation 1,470,841
96,551 U.S. Bancorp 3,064,529
</Table>
39
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS (continued)
84,097 Wachovia Corporation $ 3,198,209
64,182 Wells Fargo & Company 1,937,655
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Banks 24,434,080
-------------------------------------------------------------------------------------------------------------------
COMMERCIAL SERVICES & SUPPLIES - 0.4%
13,262 Avery Dennison Corporation 704,743
19,872 Deluxe Corporation 653,590
- --------------------------------------------------------------------------------------------------------------------------------
Total Commercial Services & Supplies 1,358,333
-------------------------------------------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT - 1.9%
120,513 Cisco Systems, Inc., (2) 3,262,287
31,946 Corning Incorporated 766,385
1,000 Plantronics Inc. 26,000
48,492 QUALCOMM Inc. 1,908,160
- --------------------------------------------------------------------------------------------------------------------------------
Total Communications Equipment 5,962,832
-------------------------------------------------------------------------------------------------------------------
COMPUTERS & PERIPHERALS - 3.8%
21,813 Apple, Inc., (2) 4,320,719
28,437 Dell Inc., (2) 696,991
47,668 EMC Corporation, (2) 883,288
65,500 Hewlett-Packard Company 3,306,440
28,526 International Business Machines Corporation 3,083,661
(IBM)
- --------------------------------------------------------------------------------------------------------------------------------
Total Computers & Peripherals 12,291,099
-------------------------------------------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 0.2%
21,200 Packaging Corp. of America 597,840
- --------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED FINANCIAL SERVICES - 2.3%
166,189 Citigroup Inc. 4,892,604
2,177 CME Group, Inc. 1,493,422
30,634 Federal Home Loan Mortgage Corporation 1,043,700
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Financial Services 7,429,726
-------------------------------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES - 4.7%
4,000 Alaska Communications Systems Group Inc. 60,000
141,639 AT&T Inc. 5,886,517
179,349 Citizens Communications Company 2,283,113
3,700 Compania Anonima Nacional Telefonos de Venezuela 27,166
15,600 FairPoint Communications Inc. 203,112
21,065 France Telecom SA 750,546
129,500 Verizon Communications Inc. 5,657,855
- --------------------------------------------------------------------------------------------------------------------------------
Total Diversified Telecommunication Services 14,868,309
-------------------------------------------------------------------------------------------------------------------
ELECTRIC UTILITIES - 2.3%
20,454 Ameren Corporation 1,108,811
26,500 CenterPoint Energy, Inc. 453,945
84,051 Companhia Energetica de Minas Gerais 1,551,581
21,447 Consolidated Edison, Inc. 1,047,686
66,284 Great Plains Energy Incorporated 1,943,447
26,735 Progress Energy, Inc. 1,294,776
- --------------------------------------------------------------------------------------------------------------------------------
Total Electric Utilities 7,400,246
-------------------------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 1.3%
8,053 Cooper Industries, Ltd., Class A 425,843
60,000 Emerson Electric Co. 3,399,600
2,000 Hubbell Incorporated, Class B 103,200
4,542 Rockwell Automation, Inc. 313,216
- --------------------------------------------------------------------------------------------------------------------------------
Total Electrical Equipment 4,241,859
-------------------------------------------------------------------------------------------------------------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%
7,120 MEMC Electronic Materials, (2) 630,049
- --------------------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES - 2.6%
12,700 Baker Hughes Incorporated 1,029,970
3,264 Carbo Ceramics Inc. 121,421
</Table>
40
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
ENERGY EQUIPMENT & SERVICES (continued)
2,500 Diamond Offshore Drilling, Inc. $ 355,000
31,459 Halliburton Company 1,192,611
12,178 National-Oilwell Varco Inc., (2) 894,596
10,000 Noble Corporation 565,100
34,167 Schlumberger Limited 3,361,008
2,000 Tidewater Inc. 109,720
4,897 Transocean Inc. 701,006
- --------------------------------------------------------------------------------------------------------------------------------
Total Energy Equipment & Services 8,330,432
-------------------------------------------------------------------------------------------------------------------
FOOD & STAPLES RETAILING - 1.7%
24,596 CVS Caremark Corporation 977,691
29,375 SUPERVALU INC. 1,102,150
56,846 Wal-Mart Stores, Inc. 2,701,890
14,330 Whole Foods Market, Inc. 584,664
- --------------------------------------------------------------------------------------------------------------------------------
Total Food & Staples Retailing 5,366,395
-------------------------------------------------------------------------------------------------------------------
FOOD PRODUCTS - 0.8%
41,300 ConAgra Foods, Inc. 982,527
48,088 Kraft Foods Inc. 1,569,111
- --------------------------------------------------------------------------------------------------------------------------------
Total Food Products 2,551,638
-------------------------------------------------------------------------------------------------------------------
GAS UTILITIES - 0.5%
35,390 Nicor Inc. 1,498,767
- --------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SUPPLIES - 0.4%
8,390 Baxter International Inc. 487,040
12,351 Medtronic, Inc. 620,885
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Equipment & Supplies 1,107,925
-------------------------------------------------------------------------------------------------------------------
HEALTH CARE PROVIDERS & SERVICES - 0.8%
12,173 Aetna Inc. 702,747
40,964 Brookdale Senior Living Inc. 1,163,787
12,268 UnitedHealth Group Incorporated 713,998
- --------------------------------------------------------------------------------------------------------------------------------
Total Health Care Providers & Services 2,580,532
-------------------------------------------------------------------------------------------------------------------
HOTELS, RESTAURANTS & LEISURE - 1.1%
4,800 Harrah's Entertainment, Inc. 426,000
5,500 International Game Technology 241,615
37,449 McDonald's Corporation 2,206,121
12,813 Tim Hortons Inc. 473,184
10,200 Wendy's International, Inc. 263,568
- --------------------------------------------------------------------------------------------------------------------------------
Total Hotels, Restaurants & Leisure 3,610,488
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD DURABLES - 1.0%
5,583 Black & Decker Corporation 388,856
13,500 Kimball International Inc., Class B 184,950
39,679 Newell Rubbermaid Inc. 1,026,893
12,000 Snap-on Incorporated 578,880
13,500 Stanley Works 654,480
2,527 Whirlpool Corporation 206,279
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Durables 3,040,338
-------------------------------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS - 2.4%
20,000 Kimberly-Clark Corporation 1,386,800
87,432 Procter & Gamble Company 6,419,257
- --------------------------------------------------------------------------------------------------------------------------------
Total Household Products 7,806,057
-------------------------------------------------------------------------------------------------------------------
INDUSTRIAL CONGLOMERATES - 4.4%
19,540 3M Co. 1,647,613
296,601 General Electric Company 10,994,998
29,620 Genuine Parts Company 1,371,406
- --------------------------------------------------------------------------------------------------------------------------------
Total Industrial Conglomerates 14,014,017
-------------------------------------------------------------------------------------------------------------------
</Table>
41
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
INSURANCE - 2.8%
41,539 American International Group, Inc. $ 2,421,724
52,053 Arthur J. Gallagher & Co. 1,259,162
10,475 Fidelity National Title Group Inc., Class A 153,040
36,741 Lincoln National Corporation 2,139,061
21,461 Marsh & McLennan Companies, Inc. 568,073
17,648 Mercury General Corporation 879,047
16,400 Travelers Companies, Inc. 882,320
13,560 Unitrin, Inc. 650,744
- --------------------------------------------------------------------------------------------------------------------------------
Total Insurance 8,953,171
-------------------------------------------------------------------------------------------------------------------
INTERNET & CATALOG RETAIL - 0.4%
14,348 Amazon.com, Inc., (2) 1,329,199
- --------------------------------------------------------------------------------------------------------------------------------
INTERNET SOFTWARE & SERVICES - 1.9%
27,185 eBay Inc., (2) 902,270
6,255 Google Inc., Class A, (2) 4,325,207
62,833 United Online, Inc. 742,686
- --------------------------------------------------------------------------------------------------------------------------------
Total Internet Software & Services 5,970,163
-------------------------------------------------------------------------------------------------------------------
IT SERVICES - 0.5%
27,033 Automatic Data Processing, Inc. 1,203,779
5,374 Fidelity National Information Services 223,505
24,017 Standard Register Company 280,038
- --------------------------------------------------------------------------------------------------------------------------------
Total IT Services 1,707,322
-------------------------------------------------------------------------------------------------------------------
LEISURE EQUIPMENT & PRODUCTS - 0.7%
17,095 Eastman Kodak Company 373,868
75,693 Mattel, Inc. 1,441,195
8,000 Polaris Industries Inc. 382,160
- --------------------------------------------------------------------------------------------------------------------------------
Total Leisure Equipment & Products 2,197,223
-------------------------------------------------------------------------------------------------------------------
MACHINERY - 1.9%
26,093 Briggs & Stratton Corporation 591,267
30,000 Caterpillar Inc. 2,176,800
16,985 Deere & Company 1,581,643
11,000 Illinois Tool Works Inc. 588,940
19,000 Ingersoll Rand Company Limited, Class A 882,930
3,000 Pentair, Inc. 104,430
- --------------------------------------------------------------------------------------------------------------------------------
Total Machinery 5,926,010
-------------------------------------------------------------------------------------------------------------------
MEDIA - 1.7%
1,500 Clear Channel Communications, Inc. 51,780
116,842 Entrcom Communications Corporation 1,599,567
4,590 Lamar Advertising Company 220,641
67,386 New York Times, Class A 1,181,277
500 Reed Elsevier NV, Sponsored ADR 19,825
76,486 Regal Entertainment Group, Class A 1,382,102
59,243 World Wrestling Entertainment Inc. 874,427
- --------------------------------------------------------------------------------------------------------------------------------
Total Media 5,329,619
-------------------------------------------------------------------------------------------------------------------
METALS & MINING - 1.7%
26,914 Companhia Siderurgica Nacional S.A., Sponsored 2,410,687
ADR
5,348 Freeport-McMoRan Copper & Gold, Inc. 547,849
22,128 Southern Copper Corporation 2,326,317
- --------------------------------------------------------------------------------------------------------------------------------
Total Metals & Mining 5,284,853
-------------------------------------------------------------------------------------------------------------------
MULTILINE RETAIL - 0.1%
7,921 Nordstrom, Inc. 290,938
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES - 1.4%
18,542 Dominion Resources, Inc. 879,818
76,000 Duke Energy Corporation 1,532,920
</Table>
42
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
MULTI-UTILITIES (continued)
33,554 Integrys Energy Group, Inc. $ 1,734,406
10,500 ONEOK, Inc. 470,085
- --------------------------------------------------------------------------------------------------------------------------------
Total Multi-Utilities 4,617,229
-------------------------------------------------------------------------------------------------------------------
OIL, GAS & CONSUMABLE FUELS - 10.6%
68,900 Chevron Corporation 6,430,436
35,804 ConocoPhillips 3,161,493
185,000 Exxon Mobil Corporation 17,332,647
29,824 Frontline Limited 1,431,552
15,600 Marathon Oil Corporation 949,416
24,605 Occidental Petroleum Corporation 1,894,339
53,751 Ship Financial International Limited 1,489,440
36,647 Statoil ASA 1,118,466
- --------------------------------------------------------------------------------------------------------------------------------
Total Oil, Gas & Consumable Fuels 33,807,789
-------------------------------------------------------------------------------------------------------------------
PAPER & FOREST PRODUCTS - 0.7%
1,200 International Paper Company 38,856
31,000 Weyerhaeuser Company 2,285,940
- --------------------------------------------------------------------------------------------------------------------------------
Total Paper & Forest Products 2,324,796
-------------------------------------------------------------------------------------------------------------------
PERSONAL PRODUCTS - 0.3%
23,000 Avon Products, Inc. 909,190
- --------------------------------------------------------------------------------------------------------------------------------
PHARMACEUTICALS - 8.9%
65,000 Abbott Laboratories 3,649,750
141,000 Bristol-Myers Squibb Company 3,739,320
30,800 Eli Lilly and Company 1,644,412
86,663 Johnson & Johnson 5,780,422
120,821 Merck & Co. Inc. 7,020,907
235,000 Pfizer Inc. 5,341,550
28,671 Wyeth 1,266,971
- --------------------------------------------------------------------------------------------------------------------------------
Total Pharmaceuticals 28,443,332
-------------------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST - 3.1%
89,211 Ashford Hospitality Trust Inc. 641,427
57,917 Brandywine Realty Trust 1,038,452
35,411 CapLease Inc. 298,161
107,759 Hospitality Properties Trust 3,471,995
118,167 Lexington Corporate Properties Trust 1,718,148
53,300 Nationwide Health Properties, Inc. 1,672,021
20,000 Senior Housing Properties Trust 453,600
64,979 U-Store-It Trust 595,208
- --------------------------------------------------------------------------------------------------------------------------------
Total Real Estate Investment Trust 9,889,012
-------------------------------------------------------------------------------------------------------------------
ROAD & RAIL - 0.5%
39,500 CSX Corporation 1,737,210
- --------------------------------------------------------------------------------------------------------------------------------
SEMICONDUCTORS & EQUIPMENT - 2.5%
31,000 Analog Devices, Inc. 982,700
35,263 Applied Materials, Inc. 626,271
171,768 Intel Corporation 4,579,335
36,128 Microchip Technology Incorporated 1,135,142
20,100 NVIDIA Corporation, (2) 683,802
- --------------------------------------------------------------------------------------------------------------------------------
Total Semiconductors & Equipment 8,007,250
-------------------------------------------------------------------------------------------------------------------
SOFTWARE - 3.6%
7,783 Adobe Systems Incorporated, (2) 332,568
233,276 Microsoft Corporation 8,304,625
9,000 NAVTEQ Corporation, (2) 680,400
99,976 Oracle Corporation, (2) 2,257,458
- --------------------------------------------------------------------------------------------------------------------------------
Total Software 11,575,051
-------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL - 1.4%
6,450 Abercrombie & Fitch Co., Class A 515,807
25,500 American Eagle Outfitters, Inc. 529,635
</Table>
43
JPG
Nuveen Equity Premium and Growth Fund (continued)
Portfolio of INVESTMENTS as of December 31, 2007
<Table>
<Caption>
SHARES DESCRIPTION (1) VALUE
- --------------------------------------------------------------------------------------------------------------------------------
SPECIALTY RETAIL (continued)
6,186 Best Buy Co., Inc. $ 325,693
14,956 Gap, Inc. 318,264
63,870 Home Depot, Inc. 1,720,658
2,073 Limited Brands, Inc. 39,242
7,300 Sherwin-Williams Company 423,692
15,038 Talbots, Inc. 177,749
2,993 Tiffany & Co. 137,768
12,000 TJX Companies, Inc. 344,760
- --------------------------------------------------------------------------------------------------------------------------------
Total Specialty Retail 4,533,268
-------------------------------------------------------------------------------------------------------------------
TEXTILES, APPAREL & LUXURY GOODS - 0.5%
5,418 Cherokee Inc. 174,839
19,758 VF Corporation 1,356,584
- --------------------------------------------------------------------------------------------------------------------------------
Total Textiles, Apparel & Luxury Goods 1,531,423
-------------------------------------------------------------------------------------------------------------------
THRIFTS & MORTGAGE FINANCE - 0.7%
33,584 Federal National Mortgage Association 1,342,688
58,864 New York Community Bancorp, Inc. 1,034,829
- --------------------------------------------------------------------------------------------------------------------------------
Total Thrifts & Mortgage Finance 2,377,517
-------------------------------------------------------------------------------------------------------------------
TOBACCO - 2.4%
65,586 Altria Group, Inc. 4,956,990
3,000 Reynolds American Inc. 197,880
30,000 UST Inc. 1,644,000
49,793 Vector Group Ltd. 998,848
- --------------------------------------------------------------------------------------------------------------------------------
Total Tobacco 7,797,718
-------------------------------------------------------------------------------------------------------------------
TRADING COMPANIES & DISTRIBUTORS - 0.1%
2,380 W.W. Grainger, Inc. 208,298
- --------------------------------------------------------------------------------------------------------------------------------
WIRELESS TELECOMMUNICATION SERVICES - 0.4%
4,000 SK Telecom Company Limited 119,360
32,000 Vodafone Group PLC, Sponsored ADR 1,194,240
- --------------------------------------------------------------------------------------------------------------------------------
Total Wireless Telecommunication Services 1,313,600
-------------------------------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS (COST $261,380,154) 313,079,852
===================================================================================================================
<Caption>
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) COUPON MATURITY VALUE
- ----------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 3.3%
$ 10,455 Repurchase Agreement with Fixed Income Clearing 1.000% 1/02/08 $ 10,455,095
Corporation, dated 12/31/07, repurchase price
$10,455,676, collateralized by $7,645,000 U.S.
Treasury Bonds, 7.625%, due 2/15/25, value
$10,664,775
========== -------------------------------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS (COST $10,455,095) 10,455,095
===================================================================================================================
</Table>
<Table>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- --------------------------------------------------------------------------------------------------------------------------------
PUT OPTIONS - 0.2%
149 S&P 500 Index $ 19,370,000 1/19/08 $1,300 $ 13,410
133 S&P 500 Index 17,622,500 1/19/08 1,325 19,285
149 S&P 500 Index 20,115,000 1/19/08 1,350 37,995
149 S&P 500 Index 20,487,500 1/19/08 1,375 65,560
149 S&P 500 Index 20,115,000 2/16/08 1,350 190,720
154 S&P 500 Index 21,175,000 2/16/08 1,375 258,720
143 S&P 500 Index 19,305,000 3/22/08 1,350 356,785
- --------------------------------------------------------------------------------------------------------------------------------
1,026 TOTAL PUT OPTIONS (COST $2,163,317) 138,190,000 942,475
================================================================================================================================
TOTAL INVESTMENTS (COST $273,998,566) - 101.6% 324,477,422
===================================================================================================================
</Table>
44
<Table>
<Caption>
NOTIONAL EXPIRATION STRIKE
CONTRACTS TYPE AMOUNT (3) DATE PRICE VALUE
- ---------------------------------------------------------------------------------------------------------------------------------
CALL OPTIONS WRITTEN - (1.8)% (4)
(211) S&P 500 Index $ (30,595,000) 1/19/08 $ 1,450 $ (830,285)
(319) S&P 500 Index (47,052,500) 1/19/08 1,475 (764,005)
(333) S&P 500 Index (49,950,000) 1/19/08 1,500 (412,920)
(210) S&P 500 Index (30,450,000) 2/16/08 1,450 (1,237,950)
(427) S&P 500 Index (62,982,500) 2/16/08 1,475 (1,855,315)
(211) S&P 500 Index (31,650,000) 2/16/08 1,500 (636,165)
- ---------------------------------------------------------------------------------------------------------------------------------
(1,711) TOTAL CALL OPTIONS WRITTEN (PREMIUMS RECEIVED (252,680,000) (5,736,640)
$8,134,443)
=================================================================================================================================
OTHER ASSETS LESS LIABILITIES - 0.2% 559,453
====================================================================================================================
NET ASSETS - 100% $ 319,300,235
====================================================================================================================
</Table>
<Table>
(1) All percentages shown in the Portfolio of Investments are based on net assets unless
otherwise noted.
(2) Non-income producing.
(3) For disclosure purposes, Notional Amount is calculated by multiplying the number of
Contracts by the Strike Price by 100.
(4) 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 & LIABILITIES
December 31, 2007
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $556,410,981, $945,930,343,
$346,779,190 and $273,998,566, respectively) $722,687,230 $1,265,015,771 $495,876,517 $324,477,422
Receivables:
Call options sold -- -- 620,775 --
Dividends 1,405,673 1,845,384 630,486 885,428
Interest 928 1,944 619 290
Reclaims 296 9,579 1,780 3,377
Other assets 29,497 41,015 16,558 9,377
- --------------------------------------------------------------------------------------------------------------------------------
Total assets 724,123,624 1,266,913,693 497,146,735 325,375,894
- --------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Call options written, at value (premiums received
$22,205,750, $41,558,293, $17,591,180 and $8,134,443,
respectively) 15,631,370 28,449,148 11,711,023 5,736,640
Accrued expenses:
Management fees 348,846 596,535 282,640 236,670
Other 210,052 341,095 155,073 102,349
- --------------------------------------------------------------------------------------------------------------------------------
Total liabilities 16,190,268 29,386,778 12,148,736 6,075,659
- --------------------------------------------------------------------------------------------------------------------------------
Net assets $707,933,356 $1,237,526,915 $484,997,999 $319,300,235
================================================================================================================================
Shares outstanding 38,682,087 66,537,837 26,114,541 16,536,342
================================================================================================================================
Net asset value per share outstanding $ 18.30 $ 18.60 $ 18.57 $ 19.31
================================================================================================================================
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 386,821 $ 665,378 $ 261,145 $ 165,363
Paid-in surplus 589,439,301 1,009,666,264 396,671,399 282,275,348
Undistributed (Over-distribution of) net investment income -- -- -- --
Accumulated net realized gain (loss) from investments and
call options written (54,743,395) (104,999,300) (66,912,029) (16,017,135)
Net unrealized appreciation (depreciation) of investments
and call options written 172,850,629 332,194,573 154,977,484 52,876,659
- --------------------------------------------------------------------------------------------------------------------------------
Net assets $707,933,356 $1,237,526,915 $484,997,999 $319,300,235
================================================================================================================================
Authorized shares Unlimited Unlimited Unlimited Unlimited
================================================================================================================================
</Table>
See accompanying notes to financial statements.
46
Statement of
OPERATIONS
Years ended December 31, 2007
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM AND
INCOME OPPORTUNITY ADVANTAGE GROWTH
(JPZ) (JSN) (JLA) (JPG)
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $--, $61,866,
$23,230 and $27,623, respectively) $ 19,957,341 $ 28,861,052 $ 8,382,819 $13,629,803
Interest 1,667,909 2,858,191 1,092,239 602,791
- ------------------------------------------------------------------------------------------------------------------------------
Total investment income 21,625,250 31,719,243 9,475,058 14,232,594
- ------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 6,308,042 10,678,847 4,257,856 2,827,157
Shareholders' servicing agent fees and expenses 622 991 23 91
Custodian's fees and expenses 120,083 207,098 92,358 60,420
Trustees' fees and expenses 23,377 40,817 15,504 11,164
Professional fees 39,949 58,017 30,513 24,751
Shareholders' reports - printing and mailing expenses 109,237 198,664 75,345 45,415
Stock exchange listing fees 14,389 25,377 9,634 9,634
Investor relations expense 133,655 224,212 86,849 56,200
Other expenses 114,820 234,339 155,668 72,608
- ------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
reimbursement 6,864,174 11,668,362 4,723,750 3,107,440
Custodian fee credit (31,593) (57,319) (20,805) (11,771)
Expense reimbursement (2,160,791) (3,708,903) (963,925) --
- ------------------------------------------------------------------------------------------------------------------------------
Net expenses 4,671,790 7,902,140 3,739,020 3,095,669
- ------------------------------------------------------------------------------------------------------------------------------
Net investment income 16,953,460 23,817,103 5,736,038 11,136,925
- ------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (13,563,781) (18,391,814) (10,102,981) (5,678,097)
Call options written 22,261,445 20,438,733 1,293,676 8,652,428
Change in net unrealized appreciation (depreciation) of:
Investments 20,276,394 98,725,088 54,682,070 4,660,601
Call options written 8,645,145 9,298,040 1,454,582 3,137,058
- ------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 37,619,203 110,070,047 47,327,347 10,771,990
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 54,572,663 $ 133,887,150 $53,063,385 $21,908,915
==============================================================================================================================
</Table>
See accompanying notes to financial statements.
47
Statement of
CHANGES in NET ASSETS
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN)
----------------------------- ----------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/07 12/31/06 12/31/07 12/31/06
- ---------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 16,953,460 $ 16,326,681 $ 23,817,103 $ 20,798,722
Net realized gain (loss) from:
Investments (13,563,781) (21,102,851) (18,391,814) (39,977,281)
Call options written 22,261,445 (15,767,514) 20,438,733 (25,604,162)
Change in net unrealized appreciation (depreciation) of:
Investments 20,276,394 99,612,007 98,725,088 153,481,781
Call options written 8,645,145 (9,209,912) 9,298,040 (11,574,115)
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 54,572,663 69,858,411 133,887,150 97,124,945
- ---------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (20,649,838) (16,326,681) (23,107,788) (20,798,722)
From accumulated net realized gains -- -- -- --
Tax return of capital (45,224,870) (49,045,844) (94,982,869) (96,097,991)
- ---------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (65,874,708) (65,372,525) (118,090,657) (116,896,713)
- ---------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Offering costs adjustments -- (4,982) -- 256,067
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 3,555,475 3,149,525 7,009,592 8,701,885
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions 3,555,475 3,144,543 7,009,592 8,957,952
- ---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (7,746,570) 7,630,429 22,806,085 (10,813,816)
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the beginning of year 715,679,926 708,049,497 1,214,720,830 1,225,534,646
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $707,933,356 $715,679,926 1,237,526,915 $1,214,720,830
- ---------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income
at the end of year $ -- $ -- $ -- $ --
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
See accompanying notes to financial statements.
48
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
----------------------------- ------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
12/31/07 12/31/06 12/31/07 12/31/06
- ------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 5,736,038 $ 5,044,077 $ 11,136,925 $ 7,536,145
Net realized gain (loss) from:
Investments (10,102,981) (25,325,874) (5,678,097) (11,889,817)
Call options written 1,293,676 (9,667,782) 8,652,428 (5,336,041)
Change in net unrealized appreciation (depreciation) of:
Investments 54,682,070 66,909,819 4,660,601 49,090,741
Call options written 1,454,582 (3,099,138) 3,137,058 (3,295,248)
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 53,063,385 33,861,102 21,908,915 36,105,780
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (5,456,558) (5,044,077) (13,005,997) (8,145,953)
From accumulated net realized gains -- -- -- (2,230,158)
Tax return of capital (41,746,860) (41,535,076) (13,774,719) (16,362,378)
- ------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (47,203,418) (46,579,153) (26,780,716) (26,738,489)
- ------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Offering costs adjustments -- 38,068 (11,071) --
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 4,357,324 4,481,520 614,101 --
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from capital share
transactions 4,357,324 4,519,588 603,030 --
- ------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 10,217,291 (8,198,463) (4,268,771) 9,367,291
- ------------------------------------------------------------------------------------------------------------------------------
Net assets at the beginning of year 474,780,708 482,979,171 323,569,006 314,201,715
- ------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $484,997,999 $474,780,708 $319,300,235 $323,569,006
- ------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income
at the end of year $ -- $ -- $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------
</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 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.
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. On November
21, 2007, the Funds announced their intention to begin gradually phasing out the
put option component of their investment strategy. The Funds will continue to
follow their integrated stock-call option strategy, buying stocks and selling
index call options in pursuit of attractive distributions and more stable
returns than an all-equity portfolio.
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 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. The value of options written are based on the
last sale price in the case of exchange-traded options or, in the case of
options traded in the OTC market, the last asked price. If the pricing service
is unable to supply a price for an investment or derivative instrument 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 or derivative
instrument 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. 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.
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.
Option Transactions
Each Fund is authorized to purchase index put options and write (sell) 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. The risk associated with purchasing
options is limited to the premium paid.
When the Funds write a call option, an amount equal to the net premium received
(the premium less commission) is recorded as a liability and is subsequently
adjusted to reflect the current value of the written option until the option
expires or the Funds enter into a closing purchase transaction. When a 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 a call option, bear the risk of an unfavorable
change in the
50
market value of the security or index underlying the written option. There is
the risk a Fund may not be able to enter into a closing transaction because of
an illiquid market.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of Subchapter M of the Internal Revenue
Code applicable to regulated investment companies. Each Fund intends to
distribute substantially all of its investment company taxable income to
shareholders. In any year when the Funds realize net capital gains, each Fund
may choose to distribute all or a portion of its net capital gains to
shareholders, or alternatively, to retain all or a portion of its net capital
gains and pay federal corporate income taxes on such retained gains.
Effective June 29, 2007, the Funds adopted Financial Accounting Standards Board
(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 affirmative evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine whether it
is "more-likely-than-not" (i.e. greater than 50-percent) of being sustained by
the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax benefit or expense in the
current year.
Implementation of FIN 48 required management of the Funds to analyze all open
tax years, as defined by the statute of limitations, for all major
jurisdictions, which includes federal and certain states. Open tax years are
those that are open for examination by taxing authorities (i.e. the last four
tax year ends and the interim tax period since then). The Funds have no
examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the fiscal year ended December 31,
2007.
The Funds are also not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
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 corporate
income tax regulations, which may differ from accounting principles generally
accepted in the United States.
The Funds make quarterly 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 quarterly distributions (a "Managed Distribution Program").
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. 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. 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. 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.
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 net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which the Funds overdraw their account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their 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
51
Notes to
FINANCIAL STATEMENTS (continued)
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 EQUITY PREMIUM
INCOME (JPZ) OPPORTUNITY (JSN)
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/07 12/31/06 12/31/07 12/31/06
- -----------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due
to reinvestment of distributions 191,170 169,642 381,737 476,189
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
---------------------------------- ----------------------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
12/31/07 12/31/06 12/31/07 12/31/06
- -----------------------------------------------------------------------------------------------------------------------------
Shares issued to shareholders due
to reinvestment of distributions 236,789 245,272 31,102 --
- -----------------------------------------------------------------------------------------------------------------------------
</Table>
3. INVESTMENT TRANSACTIONS
Purchases and sales (excluding put options, call options written and short-term
investments) during the fiscal year ended December 31, 2007, were as follows:
<Table>
<Caption>
EQUITY EQUITY EQUITY EQUITY
PREMIUM PREMIUM PREMIUM PREMIUM
INCOME OPPORTUNITY ADVANTAGE AND GROWTH
(JPZ) (JSN) (JLA) (JPG)
- ---------------------------------------------------------------------------------------------------------------------------------
Purchases $47,775,658 $53,717,727 $15,561,749 $85,639,266
Sales 77,368,779 151,129,101 59,003,726 84,863,808
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
Transactions in call options written during the fiscal year ended December 31,
2007, 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 year 4,954 $23,418,815 15,548 $44,498,005
Call options written 33,741 145,596,682 90,973 255,627,669
Call options terminated in closing purchase
transactions (30,875) (130,739,787) (87,701) (233,239,130)
Call options expired (3,168) (16,069,960) (5,829) (25,328,251)
- ---------------------------------------------------------------------------------------------------------------------------------
Outstanding, end of year 4,652 $22,205,750 12,991 $41,558,293
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
52
<Table>
<Caption>
EQUITY PREMIUM EQUITY PREMIUM
ADVANTAGE (JLA) AND GROWTH (JPG)
---------------------------------- ----------------------------------
NUMBER OF PREMIUMS NUMBER OF PREMIUMS
CONTRACTS RECEIVED CONTRACTS RECEIVED
- ---------------------------------------------------------------------------------------------------------------------------------
Outstanding, beginning of year 8,016 $19,166,900 1,754 $8,277,155
Call options written 41,074 102,357,396 12,361 53,193,358
Call options terminated in closing purchase
transactions (39,513) (95,182,228) (11,204) (47,253,390)
Call options expired (3,669) (8,750,888) (1,200) (6,082,680)
- ---------------------------------------------------------------------------------------------------------------------------------
Outstanding, end of year 5,908 $17,591,180 1,711 $8,134,443
- ---------------------------------------------------------------------------------------------------------------------------------
</Table>
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recording income, timing differences in
recognizing certain gains and losses on investment transactions and the
recognition of unrealized gain or loss for tax (mark-to-market) on option
contracts. 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, 2007, the cost of investments (including put options and
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 $552,798,356 $940,194,644 $344,703,553 $272,637,567
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
Gross unrealized appreciation and gross unrealized depreciation of investments
(including put options but excluding call options written) at December 31, 2007,
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 $192,337,202 $360,798,024 $160,692,439 $61,739,169
Depreciation (22,448,328) (35,976,897) (9,519,475) (9,899,314)
- --------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
investments $169,888,874 $324,821,127 $151,172,964 $51,839,855
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
The tax components of undistributed net ordinary income and net long-term
capital gains at December 31, 2007, 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 Funds' tax years ended
December 31, 2007 and December 31, 2006, 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
2007 (JPZ) (JSN) (JLA) (JPG)
- --------------------------------------------------------------------------------------------------------------------------------
Distributions from net ordinary income * $20,649,838 23,107,788 5,456,558 13,005,997
Tax return of capital 45,224,870 94,982,869 41,746,860 13,774,719
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
53
Notes to
FINANCIAL STATEMENTS (continued)
<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 $20,798,722 $5,044,077 $9,032,221
Distributions from net long-term capital
gains -- -- -- 1,343,890
Tax return of capital 49,045,844 96,097,991 41,535,076 16,362,378
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
* Net ordinary income consists of net taxable income derived from dividends,
interest, and net short-term capital gains, if any.
At December 31, 2007, the Funds' tax year end, the 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
(JPZ) (JSN) (JLA) (JPG)
- --------------------------------------------------------------------------------------------------------------------------------
Expiration year:
2013 $ 2,993,379 $ -- $ -- $ --
2014 48,509,922 88,351,637 49,316,814 14,840,175
2015 -- 9,003,505 13,730,872 --
- --------------------------------------------------------------------------------------------------------------------------------
Total $51,503,301 $97,355,142 $63,047,686 $14,840,175
- --------------------------------------------------------------------------------------------------------------------------------
</Table>
54
5. MANAGEMENT FEES 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 Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. ("Nuveen"), 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>
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 tables below. As
of December 31, 2007, the complex-level fee rate was .1846%.
Effective August 20, 2007, the complex-level fee schedule is as follows:
<Table>
<Caption>
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
- ------------------------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
- ------------------------------------------------------------------------------------------------
</Table>
55
Notes to
FINANCIAL STATEMENTS (continued)
Prior to August 20, 2007, the complex-level fee schedule was as follows:
<Table>
<Caption>
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
- ------------------------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1698
$125 billion .1617
$200 billion .1536
$250 billion .1509
$300 billion .1490
- ------------------------------------------------------------------------------------------------
</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.
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.
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.
56
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.
Agreement and Plan of Merger
On June 20, 2007, Nuveen Investments announced that it had entered into a
definitive Agreement and Plan of Merger ("Merger Agreement") with Windy City
Investments, Inc. ("Windy City"), a corporation formed by investors led by
Madison Dearborn Partners, LLC ("Madison Dearborn"), pursuant to which Windy
City would acquire Nuveen Investments. Madison Dearborn is a private equity
investment firm based in Chicago, Illinois. The merger was consummated on
November 13, 2007.
The consummation of the merger was deemed to be an "assignment" (as that term is
defined in the Investment Company Act of 1940) of the investment management
agreement between each Fund and the Adviser and, if applicable, the sub-advisory
agreement between the Adviser and the sub-adviser of the Funds, and resulted in
the automatic termination of each such agreement. The Board of Trustees of each
Fund considered and approved a new investment management agreement with the
Adviser, and, if applicable, a new sub-advisory agreement between the Adviser
and the sub-adviser on the same terms as the previous agreements. Each new
ongoing investment management agreement and sub-advisory agreement, if
applicable, was approved by the shareholders of each Fund and took effect on
November 13, 2007.
The investors led by Madison Dearborn includes an affiliate of Merrill Lynch. As
a result, Merrill Lynch is an indirect "affiliated person" (as that term is
defined in the Investment Company Act of 1940) of each Fund. Certain conflicts
of interest may arise as a result of such indirect affiliation. For example, the
Funds are generally prohibited from entering into principal transactions with
Merrill Lynch and its affiliates. The Adviser does not believe that any such
prohibitions or limitations as a result of Merrill Lynch's affiliation will
significantly impact the ability of the Funds to pursue their investment
objectives and policies.
Related Party Holdings
At December 31, 2007, Equity Premium Income (JPZ) and Equity Premium Advantage
(JLA) owned 26,500 and 4,909 shares, respectively, of Merrill Lynch and Co.,
Inc. common stock with aggregate market values of $1,422,520 and $263,515,
respectively. Total income earned by Equity Premium Income (JPZ) and Equity
Premium Advantage (JLA) from such securities amounted to $42,245 and $15,184,
respectively, and is included in dividend income on the Statement of Operations.
6. NEW ACCOUNTING PRONOUNCEMENT
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, 2007, management does 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.
57
Financial
HIGHLIGHTS
Selected data for a share outstanding throughout each period:
<Table>
<Caption>
Investment Operations
-------------------------------------------------------
Net
Beginning Net Realized/
Net Asset Investment Unrealized
Value Income(a) Gain (Loss) Total
- ---------------------------------------------------------------------------------------------------------------------------
EQUITY PREMIUM INCOME (JPZ)
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2007 $18.59 $.44 $ .98 $ 1.42
2006 18.48 .43 1.39 1.82
2005 19.28 .42 .48 .90
2004(b) 19.10 .12 .24 .36
EQUITY PREMIUM OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 18.36 .36 1.66 2.02
2006 18.66 .32 1.16 1.48
2005(C) 19.10 .30 .78 1.08
EQUITY PREMIUM ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 18.35 .22 1.82 2.04
2006 18.84 .20 1.13 1.33
2005(D) 19.10 .10 .60 .70
EQUITY PREMIUM AND GROWTH (JPG)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 19.60 .68 .65 1.33
2006 19.04 .46 1.72 2.18
2005(E) 19.10 .04 (.06) (.02)
- ---------------------------------------------------------------------------------------------------------------------------
<Caption>
Less Distributions
--------------------------------------------
Net Tax Ending Ending
Investment Capital Return of Offering Net Asset Market
Income Gains Capital Total Costs Value Value
- ---------------------------------------------------------------------------------------------------------------------------
EQUITY PREMIUM INCOME (JPZ)
- ---------------------------------------------------------------------------------------------------------------------------
Year Ended 12/31:
2007 $(.54) $ -- $ (1.17) $ (1.71) $ -- $18.30 $ 16.41
2006 (.43) -- (1.28) (1.71) --** 18.59 19.22
2005 (.40) -- (1.30) (1.70) --** 18.48 17.38
2004(b) (.15) -- --* (.15) (.03) 19.28 20.25
EQUITY PREMIUM OPPORTUNITY (JSN)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 (.35) -- (1.43) (1.78) -- 18.60 $ 16.34
2006 (.32) -- (1.46) (1.78) --** 18.36 18.62
2005(C) (.30) (.15) (1.05) (1.50) (.02) 18.66 17.39
EQUITY PREMIUM ADVANTAGE (JLA)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 (.21) -- (1.61) (1.82) -- 18.57 $ 16.45
2006 (.20) -- (1.62) (1.82) --** 18.35 19.20
2005(D) (.10) (.13) (.69) (.92) (.04) 18.84 17.56
EQUITY PREMIUM AND GROWTH (JPG)
- ---------------------------------------------------------------------------------------------------------------------------
YEAR ENDED 12/31:
2007 (.79) -- (.83) (1.62) --** 19.31 $ 17.13
2006 (.49) (.14) (.99) (1.62) -- 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.
** Per share Offering Costs rounds to less than $.01 per share.
*** 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. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period takes place over
several days, and in some instances may not be based on the market price,
so the actual reinvestment price may be different from the price used in
the calculation. Total returns are not annualized.
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. The last dividend
declared in the period, which is typically paid on the first business day
of the following month, is assumed to be reinvested at the ending net
asset value. The actual reinvest price for the last dividend declared in
the period may often be based on the Fund's market price (and not its net
asset value), and therefore may be different from the price used in the
calculation. Total returns are not annualized.
**** After custodian fee credit and expense reimbursement, where applicable.
***** Annualized.
(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
Based on
on Net Ending Net Net Portfolio
Market Asset Net Assets Investment Investment Turnover
Value*** Value*** (000) Expenses Income Expenses Income Rate
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
(6.07)% 7.80% $707,933 .95% 2.05% .65% 2.35% 7%
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
- ------------------------------------------------------------------------------------------------------------------------------
(3.03) 11.35 1,237,527 .94 1.62 .64 1.93 4
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
- ------------------------------------------------------------------------------------------------------------------------------
(5.15) 11.50 484,998 .98 .99 .78 1.19 3
20.52 7.35 474,781 .99 .85 .78 1.06 26
(7.87) 3.43 482,979 1.01***** .71***** .78***** .93***** 9
- ------------------------------------------------------------------------------------------------------------------------------
(3.55) 6.86 319,300 .95 3.40 .95 3.40 26
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 & 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 eight. 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>
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S)
APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS
AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
- - TIMOTHY R.
SCHWERTFEGER(1)
3/28/49 Chairman of 1994 Former director
333 W. Wacker Drive the Board and CLASS I (1994-November 12, 2007),
Chicago, IL 60606 Board Member Chairman (1996-June 30,
2007), Non-Executive Chairman
(July 1, 2007-November 12,
2007) and Chief Executive
184 Officer (1996-June 30, 2007)
of Nuveen Investments, Inc.
and Nuveen Asset Management
and certain other subsidi-
aries of Nuveen Investments,
Inc.; formerly, Director
(1992-2006) of Institutional
Capital Corporation.
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- - ROBERT P. BREMNER
8/22/40 Lead 1997 184 Private Investor and
333 W. Wacker Drive Independent CLASS III Management Consultant.
Chicago, IL 60606 Board member
- - JACK B. EVANS
10/22/48 1999 President, The Hall-Perrine
333 W. Wacker Drive Board member CLASS III Foundation, a private philan-
Chicago, IL 60606 thropic corporation (since
1996); Director and Vice
Chairman, United Fire Group,
a publicly held company;
Member of the Board of
Regents for the State of Iowa
University System; Director,
Gazette Companies; Life
Trustee of Coe College and
184 Iowa College Foundation;
Member of the Advisory
Council of the Department of
Finance in the Tippie College
of Business, University of
Iowa; 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
3/6/48 2004 Dean, Tippie College of
333 W. Wacker Drive Board member CLASS II Business, University of Iowa
Chicago, IL 60606 (since July 2006); formerly,
Dean and Distinguished
Professor of Finance, School
of Business at the Univer-
sity of Connecticut
(2003-2006); previously,
Senior Vice President and
Director of Research at the
184 Federal Reserve Bank of
Chicago (1995-2003); Director
(since 1997), Credit Research
Center at George Washington
University; Director (since
2004) of Xerox Corporation;
Director (since 2005), Beta
Gamma Sigma International
Honor Society; Director, SS&C
Technologies, Inc. (May
2005-October 2005).
</Table>
60
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH YEAR FIRST NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS ELECTED OR IN FUND COMPLEX PRINCIPAL OCCUPATION(S)
APPOINTED OVERSEEN BY INCLUDING OTHER DIRECTORSHIPS
AND TERM(2) BOARD MEMBER DURING PAST 5 YEARS
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
- - DAVID J. KUNDERT
10/28/42 2005 Director, Northwestern Mutual
333 W. Wacker Drive Board member CLASS II Wealth Management Company;
Chicago, IL 60606 Retired (since 2004) as
Chairman, JPMorgan Fleming
Asset Management, President
and CEO, Banc One Investment
Advisors Corporation, and
President, One Group Mutual
Funds; prior thereto,
Executive Vice President,
182 Banc One Corporation and
Chairman and CEO, Banc One
Investment Management Group;
Member, Board of Regents,
Luther College; member of the
Wisconsin Bar Association;
member of Board of Directors,
Friends of Boerner Botanical
Gardens; member of Investment
Committee, Greater Milwaukee
Foundation.
- - WILLIAM J. SCHNEIDER
9/24/44 1997 Chairman of Miller-Valentine
333 W. Wacker Drive Board member CLASS III Partners Ltd., a real estate
Chicago, IL 60606 investment company, formerly,
Senior Partner and Chief
184 Operating Officer (retired,
2004); Director, Dayton
Development Coalition;
formerly, Member, Business
Advisory Council, Cleveland
Federal Reserve Bank.
- - JUDITH M. STOCKDALE
12/29/47 1997 Executive Director, Gaylord
333 W. Wacker Drive Board member CLASS I and Dorothy Donnelley
Chicago, IL 60606 Foundation (since 1994);
184 prior thereto, Executive
Director, Great Lakes
Protection Fund (from 1990 to
1994).
- - CAROLE E. STONE
6/28/47 2007 Director, Chicago Board
333 W. Wacker Drive Board member CLASS I Options Exchange (since
Chicago, IL 60606 2006); Chair New York Racing
Association Oversight Board
(2005-12/2007); Commissioner,
New York State Commission on
Public Authority Reform
184 (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).
</Table>
61
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND:
- - GIFFORD R. ZIMMERMAN
9/9/56 Chief Managing Director (since
333 W. Wacker Drive Administrative 1988 2002), Assistant
Chicago, IL 60606 Officer Secretary and Associate
General Counsel,
formerly, Vice President
and Assistant General
Counsel, of Nuveen
Investments, LLC;
Managing Director (since
2002), Associate General
Counsel and Assistant
Secretary, of Nuveen
Asset Management; Vice
President and Assistant
Secretary of NWQ
Investment Management
Company, LLC. (since
2002), Nuveen Investments
Advisers Inc. (since
2002), Symphony Asset
Management LLC, and NWQ
184 Investment Management
Company, LLC (since
2003), Tradewinds Global
Investors, LLC, and Santa
Barbara Asset Management,
LLC (since 2006); Nuveen
HydePark Group LLC and
Richards & Tierney, Inc.
(since 2007); Managing
Director, Associate
General Counsel and
Assistant Secretary of
Rittenhouse Asset
Management, Inc. (since
2003); Managing Director
(since 2004) and
Assistant Secretary
(since 1994) of Nuveen
Investments, Inc.,
Assistant Secretary
(since 2003) of Symphony
Asset Management LLC.
- - WILLIAM ADAMS IV
6/9/55 Executive Vice President,
333 W. Wacker Drive Vice President 2007 U.S. Structured Products
Chicago, IL 60606 of Nuveen Investments,
120 LLC, (since 1999), prior
thereto, Managing
Director of Structured
Investments.
- - JULIA L. ANTONATOS
9/22/63 Managing Director (since
333 W. Wacker Drive Vice President 2004 2005), formerly Vice
Chicago, IL 60606 184 President (2002-2005) of
Nuveen Investments, LLC;
Chartered Financial
Analyst.
- - CEDRIC H. ANTOSIEWICZ
1/11/62 Managing Director, (since
333 W. Wacker Drive Vice President 2007 120 2004) previously, Vice
Chicago, IL 60606 President (1993-2004) of
Nuveen Investments, LLC.
- - MICHAEL T. ATKINSON
2/3/66 Vice President Vice President (since
333 W. Wacker Drive and Assistant 2000 184 2002) of Nuveen
Chicago, IL 60606 Secretary Investments, LLC.
- - PETER H. D'ARRIGO
11/28/67 Vice President and
333 W. Wacker Drive Vice President 1999 Treasurer of Nuveen
Chicago, IL 60606 Investments, LLC and
Nuveen Investments, Inc.;
Vice President and
Treasurer of Nuveen Asset
Management (since 2002),
Nuveen Investments
Advisers Inc. (since
2002); NWQ Investment
Management Company, LLC.
(since 2002); Rittenhouse
Asset Management, Inc.
(since 2003), Tradewinds
NWQ Global Investors, LLC
184 (since 2006), Santa
Barbara Asset Management,
LLC (since 2006) and
Nuveen HydePark Group,
LLC and Richards &
Tierney, Inc. (since
2007); Treasurer of
Symphony Asset Management
LLC (since 2003);
formerly, Vice President
and Treasurer (1999-2004)
of Nuveen Advisory Corp.
and Nuveen Institutional
Advisory Corp.(3),
Chartered Financial
Analyst.
</Table>
62
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND (CONTINUED):
- - LORNA C. FERGUSON
10/24/45 Managing Director (since
333 W. Wacker Drive Vice President 1998 2004), formerly, Vice
Chicago, IL 60606 President of Nuveen
Investments, LLC,
Managing Director (2004)
184 formerly, Vice President
(1998-2004) of Nuveen
Advisory Corp. and Nuveen
Institutional Advisory
Corp.(3); Managing
Director (since 2005) of
Nuveen Asset Management.
- - STEPHEN D. FOY
5/31/54 Vice President Vice President (since
333 W. Wacker Drive and Controller 1998 1993) and Funds
Chicago, IL 60606 Controller (since 1998)
of Nuveen Investments,
LLC; Vice President
(since 2005) of Nuveen
184 Asset Management;
formerly, Vice President
and Funds Controller
(1998-2004) of Nuveen
Investments, Inc.;
Certified Public
Accountant.
- - WALTER M. KELLY
2/24/70 Chief Compliance Vice President (since
333 W. Wacker Drive Officer and 2003 2006) formerly, Assistant
Chicago, IL 60606 Vice President Vice President and
Assistant General Counsel
(2003-2006) of Nuveen
Investments, LLC;
184 Assistant Vice President
and Assistant Secretary
of the Nuveen Funds
(2003-2006); previously,
Associate (2001-2003) at
the law firm of
VedderPrice P.C.
- - DAVID J. LAMB
3/22/63 Vice President (since
333 W. Wacker Drive Vice President 2000 2000) of Nuveen
Chicago, IL 60606 184 Investments, LLC;
Certified Public
Accountant.
- - TINA M. LAZAR
8/27/61 Vice President of Nuveen
333 W. Wacker Drive Vice President 2002 184 Investments, LLC (since
Chicago, IL 60606 1999).
- - LARRY W. MARTIN
7/27/51 Vice President Vice President, Assistant
333 W. Wacker Drive and Assistant 1988 Secretary and Assistant
Chicago, IL 60606 Secretary General Counsel of Nuveen
Investments, LLC;
formerly, 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
184 Assistant General Counsel
(since 1998) of
Rittenhouse Asset
Management, Inc.; Vice
President and Assistant
Secretary of Nuveen
Investments Advisers Inc.
(since 2002); NWQ
Investment Management
Company, LLC (since
2002), Symphony Asset
Management LLC (since
2003), Tradewinds Global
Investors, LLC, Santa
Barbara Asset Management
LLC (since 2006) and of
Nuveen HydePark Group,
LLC and Richards &
Tierney, Inc. (since
2007).
</Table>
63
<Table>
<Caption>
NAME, BIRTHDATE POSITION(S) HELD WITH NUMBER OF PORTFOLIOS
& ADDRESS THE FUNDS YEAR FIRST IN FUND COMPLEX PRINCIPAL
ELECTED OR OVERSEEN OCCUPATION(S)
APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
OFFICERS OF THE FUND (CONTINUED):
- - KEVIN J. MCCARTHY
3/26/66 Vice President Vice President, Nuveen
333 W. Wacker Drive and Secretary 2007 Investments, LLC (since
Chicago, IL 60606 2007); Vice President,
and Assistant Secretary,
Nuveen Asset Management,
Rittenhouse Asset
Management, Inc., Nuveen
Investment Advisers Inc.,
Nuveen Investment
Institutional Services
Group LLC, NWQ Investment
Management Company, LLC,
Tradewinds Global Inves-
184 tors LLC, NWQ Holdings,
LLC, Symphony Asset
Management LLC, Santa
Barbara Asset Management
LLC, Nuveen HydePark
Group, LLC and Richards &
Tierney, Inc. (since
2007); Vice President and
Assistant General
Counsel, Nuveen
Investments, Inc. (since
2007). prior thereto,
Partner, Bell, Boyd &
Lloyd LLP (1997-2007).
- - JOHN V. MILLER
4/10/67 Managing Director (since
333 W. Wacker Drive Vice President 2007 2007), formerly, Vice
Chicago, IL 60606 184 President (2002-2007) of
Nuveen Investments, LLC;
Chartered Financial
Analyst.
- - JAMES F. RUANE
7/3/62 Vice President Vice President, Nuveen
333 W. Wacker Drive and Assistant 2007 Investments (since 2007);
Chicago, IL 60606 Secretary prior thereto, Partner,
184 Deloitte & Touche USA LLP
(since 2005), formerly,
senior tax manager (since
2002); Certified Public
Accountant.
- - MARK L. WINGET
12/21/68 Vice President Vice President, Nuveen
333 W. Wacker Drive and Assistant 2008 Investments, LLC (since
Chicago, IL 60606 Secretary 2008); Vice President and
Assistant Secretary,
Nuveen Asset Management,
Rittenhouse Asset
Management, Inc., Nuveen
Investment Advisers Inc.,
Nuveen Investment
Institutional Services
Group LLC, NWQ Investment
Management Company, LLC,
Tradewinds Global Inves-
184 tors, LLC, NWQ Holdings,
LLC, Symphony Asset
Management LLC, Santa
Barbara Asset Management,
LLC, Nuveen HydePark
Group, LLC and Richards &
Tierney, Inc. (since
2008); Vice President and
Assistant General
Counsel, Nuveen
Investments Inc. (since
2008); prior thereto,
Counsel, VedderPrice P.C.
(1997-2007).
</Table>
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, by reason of being the former Chairman and
Chief Executive Officer of Nuveen Investments, Inc. and having previously
served in various other capacities with Nuveen Investments, Inc. and its
subsidiaries. It is expected that Mr. Schwertfeger will resign from the
Board of Trustees by the end of the second quarter of 2008.
(2) Board Members serve three year terms. The Board of Trustees is divided into
three classes, Class I, Class II, and Class III, with each being elected to
serve until the third succeeding annual shareholders' meeting subsequent to
its election or thereafter in each case when its respective successors are
duly elected or appointed. The first year 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 makes reinvesting easy. A phone call is all it takes to set up your
reinvestment account.
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 tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. 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 on the last business day
immediately prior to the purchase date. 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.
65
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.
66
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 (also known as Dividend Yield or Current Yield): Market yield is
based on the Fund's current annualized quarterly distribution divided by the
Fund's current market price. The Fund's quarterly distributions to its
shareholders may be comprised of ordinary income, net realized capital gains
and, if at the end of the calendar year the Fund's cumulative net ordinary
income and net realized gains are less than the amount of the Fund's
distributions, a tax return of capital.
Net Asset Value (NAV): A Fund's NAV per share is calculated by subtracting the
liabilities of 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.
67
NOTES
68
NOTES
69
NOTES
70
OTHER USEFUL INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
most recent twelve-month period ended June 30, 2007, and (iii) a description of
the policies and procedures that the Funds used to determine how to vote proxies
relating to portfolio securities are available without charge, upon request, by
calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
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 82.51%, 100.00%, 100.00% and 63.82%, respectively,
of dividends paid from ordinary income as dividends qualifying for the 70%
dividends received deduction for corporations and 91.61%, 100.00%, 100.00% and
93.58%, respectively, as qualified dividend income for individuals under the
Section 1(h)(11) of the Internal Revenue Code.
Board of Trustees
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carol E. Stone
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
Each Fund intends to repurchase shares of its own common stock in the
future at such times and in such amounts as is deemed advisable. No
shares were repurchased during the period covered by this report. Any
future repurchases will be reported to shareholders in the next
annual or semi-annual report.
71
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 $170 billion in assets, as of September 30, 2007, 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, 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.
EAN-D-1207D
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
Share prices
Fund details
Daily financial news
Investor education
Interactive planning tools
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 Shareholder 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 (the "Board") 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 PricewaterhouseCoopers, the
Fund's auditor, billed to the Fund during the Fund's last two full fiscal years.
For engagements with PricewaterhouseCoopers the Audit Committee approved in
advance all audit services and non-audit services that PricewaterhouseCoopers
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
- ----------------- ----------------- ------------------ ------------------ --------------
December 31, 2007 $21,313 $0 $0 $0
------- --- --- ---
Percentage approved
pursuant to
pre-approval
exception 0% 0% 0% 0%
------- --- --- ---
December 31, 2006 $20,019 $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.
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 PricewaterhouseCoopers
LLP to Nuveen Asset Management ("NAM" or the "Adviser"), and any entity
controlling, controlled by or under common control with NAM ("Control
Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service
Provider"), for engagements directly related to the Fund's operations and
financial reporting, during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to PricewaterhouseCoopers 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 SERVICE PROVIDERS
- ----------------- --------------------- ------------------ -------------------
December 31, 2007 $0 $0 $0
--- --- ---
Percentage approved
pursuant to
pre-approval
exception 0% 0% 0%
--- --- ---
December 31, 2006 $0 $0 $0
--- --- ---
Percentage approved
pursuant to
pre-approval
exception 0% 0% 0%
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, 2007 $0 $0 $0 $0
December 31, 2006 $0 $0 $0 $0
"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, Jack B. Evans, David J.
Kundert and William J. Schneider. Mr. Eugene S. Sunshine, who also served as a
member of the Committee during this reporting period, has resigned from the
Board. His resignation became effective on July 31, 2007.
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, LLC (formerly known as
Gateway Investment Advisers, L.P.) ("Gateway" or the "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, an affiliate of RiskMetrics Group ("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, LLC (formerly known as
Gateway Investment Advisers, L.P.) ("Gateway", or 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. 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, 2007, Mr. Rogers was responsible for day-to-day management of
1 registered investment company account (excluding the Funds) having assets of
approximately $4.3 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
$83 million. Mr. Rogers was responsible for day-to-day management of 71 other
accounts having assets of approximately $769 million in the aggregate, and Mr.
Toft was responsible for day-to-day management of 29 other accounts having
assets of approximately $379 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, 2007
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 Shareholder 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: See
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: See 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/ Kevin J. McCarthy
------------------------------------------
Kevin J. McCarthy
Vice President and Secretary
Date: March 7, 2008
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 7, 2008
By (Signature and Title)* /s/ Stephen D. Foy
------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: March 7, 2008
* Print the name and title of each signing officer under his or her signature.