-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JizeVsDjEV3sQ25CDeTEMFOd08EOWpKxs+Cl/FelkK1svoWVmP8kMqnXuJTReWIS p8//Z3lzyOK6QcsArd0hUg== 0000891804-05-002667.txt : 20050907 0000891804-05-002667.hdr.sgml : 20050907 20050907112404 ACCESSION NUMBER: 0000891804-05-002667 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050907 DATE AS OF CHANGE: 20050907 EFFECTIVENESS DATE: 20050907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Nuveen Equity Premium Advantage Fund CENTRAL INDEX KEY: 0001320492 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21731 FILM NUMBER: 051072027 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 file001.txt NUVEEN EQUITY PREMIUM ADVANTAGE FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21731 --------------------- Nuveen Equity Premium Advantage Fund ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: December 31 ------------------ Date of reporting period: June 30, 2005 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. SEMIANNUAL REPORT June 30, 2005 Nuveen Investments Closed-End Exchange-Traded Funds NUVEEN EQUITY PREMIUM INCOME FUND JPZ NUVEEN EQUITY PREMIUM OPPORTUNITY FUND JSN NUVEEN EQUITY PREMIUM ADVANTAGE FUND JLA Photo of: Man, woman and child at the beach. Photo of: A child. ATTRACTIVE MONTHLY DISTRIBUTIONS AND A MEASURE OF DOWNSIDE PROTECTION FROM AN INTEGRATED INDEX OPTION AND EQUITY STRATEGY Logo: NUVEEN Investments Photo of: Woman Photo of: Man and child Photo of: Woman NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ---------------------- DELIVERY DIRECT TO YOUR E-MAIL INBOX ---------------------- IT'S FAST, EASY & FREE: www.investordelivery.com if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR www.nuveen.com/accountaccess if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger= Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS On behalf of all of us at Nuveen Investments, I'd like to use this first shareholder report of the Nuveen Equity Premium Opportunity Fund (JSN) and the Nuveen Equity Premium Advantage Fund (JLA) to welcome each of you to the growing family of Nuveen investors. Along with the shareholders of the Nuveen Equity Premium Income Fund (JPZ), we're pleased and proud that you have chosen Nuveen Investments as a part of your investment program. For more than 100 years, Nuveen has specialized in offering quality investments such as your Fund to those seeking to accumulate and preserve wealth. Our mission continues to be to assist you and your financial advisor by offering the investment solutions and services that can help you secure your long-term financial goals. We thank you for choosing us as a partner as you work toward that objective. "OUR MISSION CONTINUES TO BE TO ASSIST YOU AND YOUR FINANCIAL ADVISOR BY OFFERING THE INVESTMENT SOLUTIONS AND SERVICES THAT CAN HELP YOU SECURE YOUR LONG-TERM FINANCIAL GOALS." Because JSN and JLA came to market during the first six months of 2005, this "semiannual" report really covers only the first few months of those Funds' operations. While it's too early to make any long-term observations about JSN and JLA, we do believe the Funds are off to a good start, and we are working to position them to meet their objectives. For details on the steps we've been taking to bring this about, I encourage you to read the Portfolio Managers' Comments and Performance Overview pages that immediately follow this letter. For shareholders of JPZ, your Fund is now over nine months old and we believe it is now well positioned to play an important role in a well-balanced portfolio. We hope you find this report valuable in assessing the early performance of your Fund. I also urge you to consider receiving future Fund reports and other Fund information faster by using e-mail and the Internet. Sign up is quick and easy - see the inside front cover of this report for step-by-step instructions. Earlier in 2005, The St. Paul Travelers Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent of your Fund's investment adviser), sold a substantial portion of its stake in Nuveen. More recently, St. Paul sold the balance of its shares in Nuveen to us or to others. Please be assured that these transactions only affect Nuveen's corporate structure, and they do not have any impact on the investment objectives or management of your Fund. Again, thank you for the confidence you have shown in Nuveen Investments. We look forward to reporting on the performance of your Fund in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board August 15, 2005 Nuveen Investments Closed-End Exchange-Traded Funds (JPZ, JSN, JLA) Portfolio Managers' COMMENTS These Funds feature portfolio management by Gateway Investment Advisers, L.P. (Gateway). J. Patrick Rogers and Kenneth H. Toft are the portfolio managers at Gateway responsible for investing the Funds' assets. Patrick joined Gateway in 1989 and has been the President, Chief Investment Officer and a member of the Board of Directors of Gateway since 1995. Ken joined Gateway in 1992 and has been Vice President and Portfolio Manager since 1997. Here Patrick and Ken talk about their management strategies and the performance of the Funds for the six-month period ended June 30, 2005. WHAT WAS YOUR OVERALL MANAGEMENT STRATEGY FOR THE SIX MONTHS ENDED JUNE 30, 2005? Our primary portfolio management strategy was to invest each Fund's assets in a well-diversified equity portfolio that, depending on the Fund, sought to substantially replicate the price movement of the S&P 500 Index or a specific blend of the S&P 500 and NASDAQ-100 Indexes. In addition, each Fund's portfolio was designed to support the Fund's index option strategy. For JPZ, this equity investment and index option strategy involved constructing a portfolio designed to substantially replicate the price movement of the S&P 500 Index. The Fund also sold S&P 500 Index calls in an attempt to generate incremental income and cash flow, and purchased S&P 500 Index puts to provide a measure of portfolio value protection in the event of a rapid decline in equity prices. For JSN and JLA, which were introduced during this six-month reporting period, our first task was to complete the initial equity investment process. The equity portion of JSN's portfolio was invested with the intention of producing results that combined 75% of the S&P 500 Index price movement with 25% of the NASDAQ-100 Index price movement. For JLA's equity portfolio, our intention was to provide performance that approximated 50% of the S&P 500 Index price movement and 50% of the NASDAQ-100 Index price movement. For both Funds, we sold calls based on both the S&P 500 and NASDAQ-100 Indexes in similar weightings to their performance targets in order to generate incremental income and cash flow. Similar to JPZ, we also bought puts based on both the S&P 500 and NASDAQ-100 Indexes to provide a measure of portfolio value protection in the event of a rapid decline in equity prices. 4 All of these initial and ongoing investment activities for all three Funds were completed by the end of this reporting period. HOW DID THE FUNDS PERFORM OVER THE SIX-MONTH PERIOD? The performance of JPZ and JSN, as well as the performance of comparative benchmarks, is shown in the following chart. JLA, which was introduced in May 2005, did not have meaningful historical performance to report as of June 30, 2005. We look forward to discussing the performance of this Fund in the next shareholder report. CUMULATIVE TOTAL RETURN ON NET ASSET VALUE For the periods ended June 30, 2005 6-MONTH SINCE INCEPTION - -------------------------------------------------------------------------------- JPZ (inception 10/26/04) 2.83% 4.56% - -------------------------------------------------------------------------------- S&P 500 Index1 -0.81% 6.72% - -------------------------------------------------------------------------------- JSN (inception 1/26/05) 2.10% - -------------------------------------------------------------------------------- Comparative benchmark2 0.87% - -------------------------------------------------------------------------------- Past performance does not guarantee future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that a shareholder may have to pay on Fund distributions or upon the sale of Fund shares. For more information, please see the individual Performance Overview pages in this report. While both JPZ and JSN have relatively short histories, we are pleased with their performance for the periods ended June 30, 2005. For the full six-month period, the index option strategy followed by JPZ helped the Fund exceed the return of the S&P 500 Index by 364 basis points (bps). Of this amount, 57 bps came from outperformance of the Fund's equity holdings when compared with the S&P 500, and 307 bps was from the index option strategy of collecting index call premiums and using some of that cash flow buy index put options to reduce downside risk. These results were achieved despite relatively low volatility in the options markets, which tended to keep the sale prices of index calls lower than they might have been in a more historically normal market environment. At the same time, this low volatility environment allowed the Fund to buy index puts at relatively inexpensive prices. 1 The S&P 500 Stock Index is an unmanaged index of 500 stocks that is market-capitalization weighted and is generally representative of the performance of larger companies in the U.S. Index returns to not include the effects of any sales charges or management fees. Individuals cannot invest directly in an index. 2 JSN comparative benchmark performance is a blended return consisting 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. 5 From its inception through June 30, 2005, JSN outperformed its comparative benchmark by 123 basis points. During this period, the Fund completed its initial investment process and fully implemented its index option strategy. The incremental cash flow generated by this strategy was the primary source of the Fund's outperformance for this period. We believe that it is important to remember that these Funds use an index option strategy in conjuction with their portfolios of common stocks. As a result, their returns should not be expected to track closely to the returns of the indexes used to produce the comparative benchmarks shown in this report. We provided these benchmarks solely to offer some context to assist shareholders in evaluating the performance of their Funds. 6 Distribution and Share Price INFORMATION Each of these Funds follows a managed distribution policy. Under this policy, each Fund seeks to provide a relatively stable monthly distribution paid in part out of the Fund's net investment income (primarily generated by dividends on the stocks in the Fund's portfolio), with the remainder being paid out of a combination of net realized capital gains on the Fund's portfolio investments plus the cash flows generated by each Fund's index option strategy. This portion of the distributions will consist of either net realized capital gains (a combination of long-term and short-term), a return of capital (representing in most cases, to at least a large extent, net unrealized gains), or some combination of the two. The final composition of the characteristics of the distributions cannot be determined with certainty until after the end of the Fund's fiscal year. That final composition will depend on several factors, most importantly the amount of realized gains and losses on the Fund's portfolio securities, and the amount of gains and losses realized in connection with the call options sold by the Fund and the put options purchased by the Fund. Using this managed distribution policy, JPZ maintained a stable monthly distribution of $0.1420 per share during this reporting period. JSN, which began distributions in March 2005, paid a stable monthly distribution of $0.1480 for the remainder of the report period. (In July 2005, following the close of this reporting period, JLA declared its first monthly distribution of $0.1510 per share.) As of June 30, 2005, each Fund was trading at a share price greater than its net asset value per share. The amount of this share price premium to NAV is shown in the accompanying chart: 6-MONTH OR SINCE INCEPTION 6/30/05 AVERAGE PREMIUM PREMIUM - -------------------------------------------------------------------------------- JPZ +6.80% +6.34% - -------------------------------------------------------------------------------- JSN +4.39% +4.31% - -------------------------------------------------------------------------------- JLA +3.24% +4.54% - -------------------------------------------------------------------------------- 7 Nuveen Equity Premium Income Fund JPZ Performance OVERVIEW As of June 30, 2005 Pie Chart: PORTFOLIO ALLOCATION (as a % of total investments) Common Stocks 95.1% Put Options 0.3% High-Grade Short-Term Investments 4.6% Bar Chart: 2004-2005 MONTHLY DISTRIBUTIONS PER SHARE Dec 0.142 Jan 0.142 Feb 0.142 Mar 0.142 Apr 0.142 May 0.142 Jun 0.142 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/26/04 20 20.06 20.1 20.08 20.01 20.08 20.05 20.04 20.03 20.01 20.03 20.03 20.02 20.02 20.14 20.01 20.19 20.19 20.09 20.1 20 20.03 20 20 20 20.02 20 19.98 19.94 19.98 19.98 20.1 20.12 20.2 20.24 20.15 20.06 20.14 20.07 20.13 20.24 20.25 20.2 20.2 20.26 20.22 20.25 20.08 20.13 20.24 20.2 20.2 20.2 20.27 20.15 20.18 20.3 20.34 20.26 20.25 20.25 20.35 20.24 20.2 20.33 20.3 20.28 20.4 20.45 20.46 20.5 20.6 20.62 20.6 20.74 20.75 20.65 20.69 20.71 20.65 20.68 20.4 20.59 20.73 20.8 20.85 20.97 20.87 20.81 20.88 20.84 20.83 20.66 20.64 20.43 20.5 20.33 20.12 20.18 20.2 20.06 19.85 19.95 19.85 19.84 19.65 19.82 19.93 19.87 19.9 20.06 20.08 20.15 20.12 20.1 20.12 19.92 19.85 19.94 19.82 19.93 19.89 19.93 19.85 19.83 19.85 19.91 19.82 19.98 19.98 19.95 19.98 20.02 20.08 20.15 20.18 20.16 19.99 19.98 20.15 20.08 20.05 20.08 20.09 20.08 20.05 20 19.94 20.04 20.05 20.09 20.14 20.17 20.14 20.22 20.31 20.4 20.3 20.41 20.23 20.11 20.07 20.12 20.24 20.09 20.11 20.08 20.02 20.09 20.09 20.1 20.22 6/30/05 20.25 FUND SNAPSHOT - ------------------------------------ Share Price $20.25 - ------------------------------------ Net Asset Value $18.96 - ------------------------------------ Premium/(Discount) to NAV 6.80% - ------------------------------------ Market Yield1 8.41% - ------------------------------------ Net Assets ($000) $719,505 - ------------------------------------ CUMULATIVE TOTAL RETURN (Inception 10/26/04) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ 6-Month 4.47% 2.83% - ------------------------------------ Since Inception 6.55% 4.56% - ------------------------------------ SECTORS (as a % of total investments) - ------------------------------------ Financials 20.4% - ------------------------------------ Information Technology 12.6% - ------------------------------------ Industrials 12.0% - ------------------------------------ Healthcare 11.0% - ------------------------------------ Consumer Discretionary 11.0% - ------------------------------------ Consumer Staples 7.5% - ------------------------------------ Energy 7.2% - ------------------------------------ Utilities 5.3% - ------------------------------------ Materials 4.5% - ------------------------------------ Telecommunication Services 3.6% - ------------------------------------ Put Options 0.3% - ------------------------------------ High-Grade Short-Term Investments 4.6% - ------------------------------------ 1 Market yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 8 Nuveen Equity Premium Opportunity Fund JSN Performance OVERVIEW As of June 30, 2005 Pie Chart: PORTFOLIO ALLOCATION (as a % of total investments) Common Stocks 94.2% Put Options 0.3% High-Grade Short-Term Investments 5.5% Bar Chart: 2005 MONTHLY DISTRIBUTIONS PER SHARE Mar 0.148 Apr 0.148 May 0.148 Jun 0.148 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 1/26/05 20 20 20.28 20.14 20.1 20.1 20.22 20.22 20.25 20.35 20.35 20.4 20.39 20.36 20.28 20.25 20.3 20.25 20.02 20.03 20.1 20.05 20.07 20.04 20 20.02 20.01 20.14 20.11 20.15 19.99 19.78 19.88 19.89 19.81 19.77 19.72 19.62 19.55 19.7 19.45 19.25 19.19 19.34 19.49 19.35 19.51 19.6 19.66 19.84 19.73 19.7 19.77 19.58 19.54 19.29 19.54 19.48 19.37 19.55 19.45 19.45 19.45 19.38 19.3 19.4 19.4 19.39 19.38 19.54 19.58 19.65 19.68 19.68 19.48 19.47 19.42 19.43 19.38 19.4 19.58 19.55 19.48 19.49 19.49 19.55 19.6 19.68 19.62 19.73 19.74 19.69 19.69 19.78 19.76 19.86 19.71 19.69 19.77 19.83 19.83 19.79 19.73 19.73 19.75 19.6 19.53 19.59 19.57 6/30/05 19.73 FUND SNAPSHOT - ------------------------------------ Share Price $19.73 - ------------------------------------ Net Asset Value $18.90 - ------------------------------------ Premium/(Discount) to NAV 4.39% - ------------------------------------ Market Yield1 9.00% - ------------------------------------ Net Assets ($000) $1,227,728 - ------------------------------------ CUMULATIVE TOTAL RETURN (Inception 1/26/05) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ Since Inception 1.75% 2.10% - ------------------------------------ SECTORS (as a % of total investments) - ------------------------------------ Information Technology 23.3% - ------------------------------------ Financials 15.6% - ------------------------------------ Consumer Discretionary 11.5% - ------------------------------------ Healthcare 10.9% - ------------------------------------ Industrials 10.4% - ------------------------------------ Energy 5.9% - ------------------------------------ Consumer Staples 5.6% - ------------------------------------ Telecommunication Services 3.9% - ------------------------------------ Utilities 3.7% - ------------------------------------ Materials 3.4% - ------------------------------------ Put Options 0.3% - ------------------------------------ High-Grade Short-Term Investments 5.5% - ------------------------------------ 1 Market yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a return of capital for tax purposes. 9 Nuveen Equity Premium Advantage Fund JLA Performance OVERVIEW As of June 30, 2005 Pie Chart: PORTFOLIO ALLOCATION (as a % of total investments) Common Stocks 93.5% Put Options 0.3% High-Grade Short-Term Investments 6.2% Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 5/25/05 20 20 20.02 20.01 20 20.01 20.01 20.01 20 20 20.01 20 20.01 20.01 20.01 20 20.01 20.01 20.01 20 20 20 19.86 19.71 19.72 6/30/05 19.73 FUND SNAPSHOT - ------------------------------------ Share Price $19.73 - ------------------------------------ Net Asset Value $19.11 - ------------------------------------ Premium/(Discount) to NAV 3.24% - ------------------------------------ Net Assets ($000) $472,058 - ------------------------------------ CUMULATIVE TOTAL RETURN (Inception 5/25/05) - ------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------ Since Inception -1.35% 0.05% - ------------------------------------ SECTORS (as a % of total investments) - ------------------------------------ Information Technology 32.9% - ------------------------------------ Consumer Discretionary 13.3% - ------------------------------------ Healthcare 11.5% - ------------------------------------ Financials 10.7% - ------------------------------------ Industrials 9.1% - ------------------------------------ Telecommunication Services 4.2% - ------------------------------------ Energy 3.5% - ------------------------------------ Consumer Staples 3.3% - ------------------------------------ Materials 2.5% - ------------------------------------ Utilities 2.5% - ------------------------------------ Put Options 0.3% - ------------------------------------ High-Grade Short-Term Investments 6.2% - ------------------------------------ 10 Nuveen Equity Premium Income Fund (JPZ) Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 97.0% CONSUMER DISCRETIONARY - 11.2% 38,000 Abercrombie & Fitch Co., Class A $ 2,610,600 5,300 Aeropostale, Inc. # 178,080 23,200 Amazon.com, Inc. # 767,456 10,800 American Axle and Manufacturing Holdings Inc. 272,916 43,400 American Eagle Outfitters, Inc. 1,330,210 35,800 Best Buy Company Inc. 2,454,090 3,400 Black & Decker Corporation 305,490 4,000 Career Education Corporation # 146,440 4,600 CarMax, Inc. # 122,590 13,400 Catalina Marketing Corporation 340,494 39,600 Chicos FAS, Inc. # 1,357,488 16,200 Christopher & Banks Corporation 295,812 44,800 Claire's Stores, Inc. 1,077,440 2,600 Coach, Inc. # 87,282 39,000 Dana Corporation 585,390 48,000 The Walt Disney Company 1,208,640 8,500 R.R. Donnelley & Sons Company 293,335 20,400 Eastman Kodak Company 547,740 54,700 Foot Locker, Inc. 1,488,934 180,500 Ford Motor Company 1,848,320 56,800 The Gap, Inc. 1,121,800 150,800 General Motors Corporation 5,127,200 23,300 GTECH Holdings Corporation 681,292 30,600 Hancock Fabrics, Inc. 203,184 146,000 The Home Depot, Inc. 5,679,400 28,800 International Game Technology 810,720 16,500 Lennar Corporation, Class A 1,046,925 68,800 Limited Brands, Inc. 1,473,696 15,800 Lowe's Companies, Inc. 919,876 58,700 Mattel Inc. 1,074,210 61,000 May Department Stores Company 2,449,760 27,900 Maytag Corporation 436,914 86,900 McDonald's Corporation 2,411,475 20,200 Michaels Stores, Inc. 835,674 107,400 Newell Rubbermaid Inc. 2,560,416 27,700 Nordstrom Inc. 1,882,769 13,000 Omnicom Group Inc. 1,038,180 5,900 Pacific Sunwear of California, Inc. # 135,641 1,700 J.C. Penney, Inc. 89,386 4,300 Pep Boys-Manny Moe and Jack 58,222 88,800 Pier 1 Imports, Inc. 1,260,072 1,100 Polaris Industries Inc. 59,400 5,800 Priceline.com Incorporated # 135,314 5,400 RadioShack Corporation 125,118 6,411 Rank Group plc, Sponsored ADR # 62,700 238,600 Regal Entertainment Group, Class A 4,504,768 12,800 Reuters Group plc, Sponsored ADR 542,643 15,000 Ross Stores, Inc. 433,650 7,900 Sears Holding Corporation # 1,183,973 117,800 Servicemaster 1,578,520 78,100 Sirius Satellite Radio Inc. # 506,088 12,400 Snap-On Incorporated 425,320 200 Superior Industries International, Inc. 4,740 11 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY (continued) 19,700 The TJX Companies, Inc. $ 479,695 28,600 Talbots, Inc. 928,642 104,200 Time Warner Inc. # 1,741,182 206,300 Tupperware Corporation 4,821,231 57,800 Unitrin, Inc. 2,837,980 8,800 Urban Outfitters, Inc. # 498,872 5,600 ValueClick, Inc. # 69,048 12,700 Viacom Inc., Class B 406,654 175,800 Wal-Mart Stores, Inc. 8,473,560 26,600 Whirlpool Corporation 1,864,926 10,300 XM Satellite Radio Holdings Inc., Class A # 346,698 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 7.6% 100,200 Albertson's, Inc. 2,072,136 235,500 Altria Group, Inc. 15,227,430 45,100 Avon Products, Inc. 1,707,035 2,400 The Clorox Company 133,728 153,000 The Coca-Cola Company 6,387,750 55,800 Colgate-Palmolive Company 2,784,978 72,500 ConAgra Foods, Inc. 1,679,100 12,500 Diageo plc, Sponsored ADR 741,250 48,500 The Gillette Company 2,455,555 56,200 Loews Corp - Carolina Group 1,872,584 4,800 Longs Drug Stores Corporation 206,640 40,500 PepsiCo, Inc. 2,184,165 199,600 The Procter & Gamble Company 10,528,900 16,100 Reynolds American Inc. 1,268,680 160,900 Sara Lee Corporation 3,187,429 4,300 UST Inc. 196,338 61,700 Vector Group Ltd 1,145,769 10,000 Walgreen Co. 459,900 6,700 Whole Foods Market Inc. 792,610 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 7.4% 151,900 ChevronTexaco Corporation 8,494,248 27,200 ConocoPhillips 1,563,728 21,300 Diamond Offshore Drilling, Inc. 1,138,059 38,100 ENSCO International Incorporated 1,362,075 442,600 Exxon Mobil Corporation 25,436,222 55,800 Halliburton Company 2,668,356 46,200 Kerr-McGee Corporation 3,525,522 11,600 Patterson-UTI Energy, Inc. 322,828 28,000 Royal Dutch Petroleum Company, ADR 1,817,200 39,600 Schlumberger Limited 3,007,224 3,200 Shell Transport & Trading Company plc, Sponsored ADR 185,792 8,800 Smith International, Inc. 560,560 72,200 Tidewater Inc. 2,752,264 2,800 Valero Energy Corporation 221,508 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 20.8% 36,800 The Allstate Corporation 2,198,800 62,300 American Financial Realty Trust 958,174 67,800 American Home Mortgage Investment Corp # 2,370,288 144,400 American International Group, Inc. 8,389,640 30,800 Apartment Investment & Management Company, Class A 1,260,336 3,500 Australia and New Zealand Banking Group Limited, Sponsored ADR 289,450 387,900 Bank of America Corporation 17,692,119 10,300 Capitol Federal Financial 355,144 10,800 The Chicago Merchantile Exchange 3,191,400 468,600 Citigroup Inc. 21,663,378 59,700 Converium Holding AG, ADR 240,591 12 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS (continued) 11,300 Countrywide Financial Corporation $ 436,293 154,100 Crescent Real Estate Equities Company 2,889,375 23,700 A. G. Edwards, Inc. 1,070,055 19,900 Equity Office Properties Trust 658,690 3,700 Fannie Mae 216,080 35,200 Fidelity National Financial, Inc. 1,256,288 40,300 First Industrial Realty Trust, Inc. 1,607,970 64,300 Arthur J. Gallagher & Co 1,744,459 5,900 Gladstone Capital Corporation 138,060 19,900 The Goldman Sachs Group, Inc. 2,030,198 117,900 HRPT Properties Trust 1,465,497 100,400 HSBC Holdings plc, Sponsored ADR 7,996,860 12,500 The Hartford Financial Services Group, Inc. 934,750 19,800 Health Care REIT, Inc. 746,262 357,200 JPMorgan Chase & Co 12,616,304 5,100 Jefferies Group, Inc. 193,239 1,500 Jefferson-Pilot Corporation 75,630 14,808 Ladenburg Thalmann Financial Services Inc. # 8,441 20,300 Legg Mason, Inc. 2,113,433 3,500 Liberty Property Trust 155,085 42,100 Lincoln National Corporation 1,975,332 145,300 Lloyds TSB Group plc, Sponsored ADR 4,947,465 90,800 MBNA Corporation 2,375,328 91,300 Marsh & McLennan Companies, Inc. 2,529,010 19,200 Mercury General Corporation 1,046,784 26,500 Merrill Lynch and Company Inc. 1,457,765 96,100 Morgan Stanley 5,042,367 7,600 National Australia Bank Limited, Sponsored ADR 889,428 40,500 Nationwide Health Properties, Inc. 956,205 29,800 New Century Financial Corporation 1,533,210 166,000 New York Community Bancorp, Inc. 3,007,920 112,500 Newcastle Investment Corporation 3,391,875 17,550 North Fork Bancorporation, Inc. 492,980 11,700 Reckson Associates Realty Corporation 392,535 37,400 The Charles Schwab Corporation 421,872 27,000 Senior Housing Properties Trust 510,570 55,400 TruStreet Properties, Inc. 920,194 175,300 U.S. Bancorp 5,118,760 106,300 Wachovia Corporation 5,272,480 59,100 Waddell & Reed Financial, Inc., Class A 1,093,350 34,100 Washington Mutual, Inc. 1,387,529 100,900 Wells Fargo & Company 6,213,422 1,900 Westpac Banking Corporation 144,267 8,300 XL Capital Ltd., Class A 617,686 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 11.2% 116,200 Abbott Laboratories 5,694,962 33,500 Amgen Inc. # 2,025,410 35,700 Baxter International Inc. 1,324,470 387,900 Bristol-Myers Squibb Company 9,689,742 1,300 Cardinal Health, Inc. 74,854 21,800 Caremarx Rx, Inc. # 970,536 10,300 Coventry Health Care, Inc. # 728,725 2,500 Genentech, Inc. # 200,700 61,100 GlaxoSmithKline plc, ADR 2,963,961 15,600 Guidant Corporation 1,049,880 8,900 HCA, Inc. 504,363 100 Imclone Systems Incorporated # 3,097 209,300 Johnson & Johnson 13,604,500 78,800 Eli Lilly and Company 4,389,948 28,900 Medtronic Inc. 1,496,731 13 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) 6,700 Mentor Corporation $ 277,916 254,400 Merck & Co. Inc. 7,835,520 2,100 Omnicare, Inc. 89,103 100 Onyx Pharmaceuticals, Inc. # 2,388 4,700 PacifiCare Health Systems # 335,815 574,600 Pfizer Inc. 15,847,468 36,000 Schering-Plough Corporation 686,160 87,000 UnitedHealth Group Incorporated 4,536,180 10,800 Universal Health Services, Inc., Class B 671,544 41,800 Wellpoint Inc. # 2,910,952 67,600 Wyeth 3,008,200 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 12.2% 22,200 AMR Coporation-DEL # 268,842 56,300 Automatic Data Processing, Inc. 2,362,911 3,800 Avery Dennison Corporation 201,248 71,400 The Boeing Inc 4,712,400 52,100 Briggs & Stratton Corporation 1,803,702 37,800 Caterpillar Inc. 3,602,718 9,600 Cendant Corporation 214,752 2,000 CheckFree Corp # 68,120 14,800 Continental Airlines Inc # 196,544 1,000 Cummins Inc. 74,610 5,000 Deere & Company 327,450 128,800 Delta Air Lines, Inc. # 484,288 83,300 Deluxe Corporation 3,381,980 1,000 Eaton Corporation 59,900 61,200 Emerson Electric Co 3,832,956 821,000 General Electric Company 28,447,650 27,800 Genuine Parts Company 1,142,302 13,600 Graco Inc 463,352 100,000 Honeywell International Inc. 3,663,000 40,600 Hubbell Incorporated, Class B # 1,790,460 1,600 ITT Educational Services Inc. # 85,472 1,600 Illinois Tool Works Inc. 127,488 5,900 Ingersoll-Rand Company, Class A 420,965 3,000 Manpower Inc. 119,340 2,600 Northrop Grumman Corporation 143,650 7,880 PHH Corporation # 202,674 5,700 Parker Hannifin Corporation 353,457 31,000 Paychex, Inc. 1,008,740 39,000 Pentair, Inc. 1,669,590 32,000 Raytheon Company 1,251,840 2,700 Reinhold Industries Inc., Class A 74,115 8,700 Republic Services Inc. 313,287 13,800 Rockwell Automation, Inc. 672,198 64,600 SPX Corporation 2,970,308 200 Siemens AG, Sponsored ADR 14,530 37,900 The Standard Register Company 599,199 25,600 The Stanley Works 1,165,824 54,500 StarTek, Inc. 894,890 2,500 Stolt-Nielsen S.A., Sponsored ADR 83,675 64,800 3M Co. 4,685,040 12,000 The Timken Company 277,200 7,400 Tomkins plc, Sponsored ADR 140,748 95,500 Tyco International Ltd. 2,788,600 26,600 United Parcel Service Inc., Class B 1,839,656 89,400 United Technologies Corporation 4,590,690 93,200 Waste Management, Inc. 2,641,288 43,100 York International Corporation 1,637,800 14 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY - 12.9% 17,600 Adobe Systems Incorporated $ 503,712 16,300 ADTRAN, Inc. 404,077 26,500 Advanced Micro Devices Inc. # 459,510 10,800 American Power Conversion Corporation 254,772 35,500 Analog Devices, Inc. 1,324,505 47,000 Apple Computer, Inc. # 1,730,070 97,200 Applied Materials, Inc. 1,572,696 14,900 Ask Jeeves, Inc. # 449,831 51,600 Atmel Corporation # 122,292 11,400 Autodesk, Inc. 391,818 31,200 Avaya Inc. # 259,584 34,800 BEA Systems, Inc. # 305,544 30,200 Broadcom Corporation, Class A # 1,072,402 61,800 Ciena Corporation # 129,162 284,500 Cisco Systems, Inc. # 5,436,795 18,500 Cognizant Technology Solutions Corporation, Class A # 871,905 46,600 Corning Incorporated # 774,492 63,900 Dell Inc. # 2,524,689 57,600 eBay Inc. # 1,901,376 9,600 Electronic Arts Inc. (EA) # 543,456 2,050 FactSet Research Systems Inc. 73,472 4,200 Fair Isaac Corporation 153,300 9,900 F5 Networks, Inc. # 467,627 33,800 Gentex Corporation 615,160 5,900 Google Inc., Class A # 1,735,485 129,100 Hewlett-Packard Company 3,035,141 468,200 Intel Corporation 12,201,292 91,300 International Business Machines Corporation (IBM) 6,774,460 1,900 International Rectifier Corporation # 90,668 9,900 Internet Security Systems, Inc. # 200,871 9,700 Intersil Corporation, Class A 182,069 95,000 JDS Uniphase Corporation # 144,400 8,000 KLA-Tencor Corporation 349,600 6,600 Lam Research Corporation # 191,004 13,300 Linear Technology Corporation 487,977 120,200 Lucent Technologies Inc. # 349,782 15,400 Macromedia, Inc. # 588,588 27,300 Maxim Integrated Products, Inc. 1,043,133 14,100 McAfee Inc. # 369,138 34,300 Microchip Technology Incorporated 1,015,966 759,400 Microsoft Corporation 18,863,496 149,100 Motorola, Inc. 2,722,566 24,800 National Semiconductor Corporation 546,344 9,900 NVIDIA Corporation # 264,528 8,300 OmniVision Technologies, Inc. # 112,797 264,600 Oracle Corporation # 3,492,720 200 Plantronics, Inc. 7,272 118,300 QUALCOM Inc. 3,905,083 6,100 Red Hat, Inc. # 79,910 29,800 Sanmina-SCI Corporation # 163,006 51,700 Siebel Systems, Inc. 460,130 7,800 Sigmatel Incorporated # 133,848 100 Silicon Laboratories Inc. # 2,621 19,100 Symantec Corporation # 415,234 115,500 Texas Instruments Incorporated 3,242,085 15,800 United Online, Inc. 171,588 32,400 VERITAS Software Corporation # 790,560 30,000 Veri Sign, Inc. # 862,800 12,300 WebEx Communications, Inc. # 324,843 28,600 Xilinx, Inc. 729,300 125,800 Yahoo! Inc. # 4,358,970 15 Nuveen Equity Premium Income Fund (JPZ) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 4.6% 40,200 Alcoa Inc. $ 1,050,426 14,400 CONSOL Energy Inc. 771,552 140,700 The Dow Chemical Company 6,265,371 160,500 E.I. du Pont de Nemours and Company 6,903,105 40,400 Eastman Chemical Company 2,228,060 72,700 The Lubrizol Corporation 3,054,127 91,400 Lyondell Chemical Company 2,414,788 16,000 Nucor Corporation 729,920 104,500 Olin Corporation 1,906,080 49,300 Packaging Corp of America 1,037,765 96,400 RPM International, Inc. 1,760,264 109,900 Sonoco Products Company 2,912,350 86,700 USEC Inc. 1,269,288 1,500 WMC Resources Limited, Sponsored ADR 35,850 50,800 Worthington Industries, Inc. 802,640 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES - 3.7% 35,000 AT&T Corp 666,400 1,300 ALLTEL Corporation 80,964 216,900 BellSouth Corporation 5,763,033 16,400 Nextel Communications, Inc., Class A # 529,884 50,100 Nokia Oyj, Sponsored ADR 833,664 366,300 SBC Communications Inc. 8,699,625 84,700 Sprint Corporation 2,125,123 3,100 TDC A/S, Sponsored ADR 66,371 11,600 Telstra Corporation Limited, ADR 224,460 214,100 Verizon Communications Inc. 7,397,155 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 0.0% 50,400 Northwest Airlines Corporation # 229,824 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.4% 28,200 AGL Resources Inc. 1,089,930 27,000 Ameren Corporation 1,493,100 183,300 Atmos Energy Corporation 5,279,040 312,500 Citizens Communications Company 4,200,000 20,900 Consolidated Edison, Inc. 978,956 21,900 Dayton Power & Light Company 601,155 125,900 Duke Energy Corporation 3,743,007 72,700 Duquesne Light Holdings Inc. 1,358,036 11,800 Enel SpA, Sponsored ADR 512,238 93,800 Great Plains Energy Incorporated 2,991,282 18,200 KeySpan Corporation 740,740 28,500 National Fuel Gas Company 823,935 81,800 NICOR, Inc. 3,367,706 60,600 OGE Energy Corp 1,753,764 49,100 ONEOK Inc. 1,603,115 26,600 Peoples Energy Corporation 1,156,036 80,800 Pepco Holdings, Inc. 1,934,352 32,400 Progress Energy, Inc. 1,465,776 32,100 Public Service Enterprise Group 1,952,322 59,600 United Utilities plc, Sponsored ADR 1,426,227 10,700 Vectren Corporation 307,410 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $669,599,200) 697,516,779 -------------------------------------------------------------------------------------------------------------------- 16 CONTRACTS DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS - 0.3% 850 On S&P 500 Index, expiring 7/16/05 at 1100 $ 21,250 1,604 On S&P 500 Index, expiring 8/20/05 at 1100 409,020 865 On S&P 500 Index, expiring 9/17/05 at 1075 320,050 2,470 On S&P 500 Index, expiring 9/17/05 at 1100 1,333,800 - ------------------------------------------------------------------------------------------------------------------------------------ Total Put Options (cost $2,968,610) 2,084,120 -------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000) - ------------------------------------------------------------------------------------------------------------------------------------ HIGH-GRADE SHORT-TERM INVESTMENTS - 4.7% $ 33,966 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 33,965,967 =============----------------------------------------------------------------------------------------------------------------------- Total High-Grade Short-Term Investments (cost $33,965,967) 33,965,967 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $706,533,777) - 102.0% 733,566,866 ==================================================================================================================== CONTRACTS - ------------------------------------------------------------------------------------------------------------------------------------ CALL OPTIONS - (2.1)% * (636) On S&P 500 Index, expiring 7/16/05 at 1150 (2,763,420) (1,084) On S&P 500 Index, expiring 7/16/05 at 1175 (2,303,500) (677) On S&P 500 Index, expiring 7/16/05 at 1200 (399,430) (679) On S&P 500 Index, expiring 8/20/05 at 1200 (1,083,005) (1,372) On S&P 500 Index, expiring 9/17/05 at 1175 (5,289,060) (1,341) On S&P 500 Index, expiring 9/17/05 at 1200 (3,131,235) - ------------------------------------------------------------------------------------------------------------------------------------ Total Call Options (premiums received $19,724,385) (14,969,650) ==================================================================================================================== Other Assets Less Liabilities - 0.1% 907,842 ==================================================================================================================== Net Assets - 100% $719,505,058 ====================================================================================================================
# Non-income producing. * The aggregate value of investments that covers outstanding call options is $682,434,065. See accompanying notes to financial statements. 17 Nuveen Equity Premium Opportunity Fund (JSN) Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 95.9% CONSUMER DISCRETIONARY - 11.7% 44,900 Abercrombie & Fitch Co., Class A $ 3,084,630 72,750 Amazon.com, Inc. # 2,406,570 74,400 American Eagle Outfitters, Inc. 2,280,360 59,300 Best Buy Co., Inc. 4,065,015 74,150 Catalina Marketing Corporation 1,884,152 48,900 Chicos FAS, Inc. # 1,676,292 81,900 Claire's Stores, Inc. 1,969,695 69,500 Clear Channel Communications, Inc. 2,149,635 151,500 The Walt Disney Company 3,814,770 49,100 R.R. Donnelley & Sons Company 1,694,441 82,200 Foot Locker, Inc. 2,237,484 212,500 Ford Motor Company 2,176,000 98,650 The Gap, Inc. 1,948,338 190,600 General Motors Corporation 6,480,400 71,750 GTECH Holdings Corporation 2,097,970 34,500 Harley-Davidson Inc 1,711,200 210,000 The Home Depot, Inc. 8,169,000 86,300 IAC/InterActiveCorp # 2,075,515 68,500 International Game Technology 1,928,275 126,450 Limited Brands, Inc. 2,708,559 53,150 Lowe's Companies, Inc. 3,094,393 116,800 Mattel Inc. 2,137,440 106,250 May Department Stores Company 4,267,000 178,400 Maytag Corporation 2,793,744 215,800 McDonald's Corporation 5,988,450 62,100 Michaels Stores, Inc. 2,569,077 184,850 Newell Rubbermaid Inc. 4,406,824 144,450 News Corporation Inc., Class A 2,337,201 46,500 Nordstrom, Inc. 3,160,605 28,100 Omnicom Group Inc. 2,244,066 179,500 Pier 1 Imports, Inc. 2,547,105 34,500 Polaris Industries Inc. 1,863,000 311,500 Regal Entertainment Group, Class A 5,881,120 28,977 Sears Holding Corporation # 4,342,783 267,200 Servicemaster 3,580,480 469,850 Sirius Satellite Radio Inc. # 3,044,628 31,000 Starwood Hotels & Resorts Worldwide, Inc. 1,815,670 41,500 Target Corporation 2,258,015 161,900 Time Warner Inc. # 2,705,349 81,750 Unitrin, Inc. 4,013,925 92,800 Viacom Inc., Class B 2,971,456 305,100 Wal-Mart Stores, Inc. 14,705,820 38,500 Whirlpool Corporation 2,699,235 66,850 XM Satellite Radio Holdings Inc., Class A # 2,250,171 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 5.7% 179,200 Albertson's, Inc. 3,705,856 260,400 Altria Group, Inc. 16,837,464 62,100 Avon Products, Inc. 2,350,485 176,150 The Coca-Cola Company 7,354,263 67,900 Colgate-Palmolive Company 3,388,889 101,700 ConAgra Foods, Inc. 2,355,372 85,000 The Gillette Company 4,303,550 18 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES (continued) 96,950 Loews Corp - Carolina Group $ 3,230,374 83,200 PepsiCo, Inc. 4,486,976 229,500 The Procter & Gamble Company 12,106,125 22,700 Reynolds American Inc. 1,788,760 256,100 Sara Lee Corporation 5,073,341 71,500 Walgreen Co. 3,288,285 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 6.0% 183,650 ChevronTexaco Corporation 10,269,708 74,000 ConocoPhillips 4,254,260 45,800 Diamond Offshore Drilling, Inc. 2,447,094 51,650 ENSCO International Incorporated 1,846,488 28,300 Equitable Resources Inc. 1,924,400 554,550 Exxon Mobil Corporation 31,869,989 97,250 Halliburton Company 4,650,495 76,950 Patterson-UTI Energy, Inc. 2,141,519 92,800 Royal Dutch Petroleum Company plc, Sponsored ADR 6,022,720 37,500 Schlumberger Limited 2,847,750 95,800 Tidewater Inc. 3,651,896 18,400 Total SA, Sponsored ADR 2,150,040 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 15.9% 56,200 A. G. Edwards, Inc. 2,537,430 41,400 The Allstate Corporation 2,473,650 31,000 American Express Company 1,650,130 155,350 American Financial Realty Trust 2,389,283 92,500 American Home Mortgage Investment Corp. # 3,233,800 208,100 American International Group, Inc. 12,090,610 418,900 Bank of America Corporation 19,106,029 18,500 The Chicago Merchantile Exchange 5,466,750 559,400 Citigroup Inc. 25,861,062 118,500 Commerce Bancorp, Inc. 3,591,735 277,600 Crescent Real Estate Equities Company 5,205,000 71,300 Eaton Vance Corporation 1,704,783 107,350 Fidelity National Financial, Inc. 3,831,322 101,900 First Industrial Realty Trust, Inc. 4,065,810 118,050 Arthur J. Gallagher & Co 3,202,697 26,800 The Goldman Sachs Group, Inc. 2,734,136 301,550 HRPT Properties Trust 3,748,267 92,100 HSBC Holdings plc, Sponsored ADR 7,335,765 59,500 Health Care REIT, Inc. 2,242,555 86,200 Hospitality Properties Trust 3,798,834 127,650 ING Group NV, Sponsored ADR 3,580,583 408,650 JPMorgan Chase & Co 14,433,518 34,700 Legg Mason, Inc. 3,612,617 154,500 Lloyds TSB Group plc, Sponsored ADR 5,260,725 145,200 MBNA Corporation 3,798,432 83,800 Marsh & McLennan Companies, Inc. 2,321,260 35,150 Mercury General Corporation 1,916,378 34,200 Merrill Lynch and Company Inc. 1,881,342 132,250 Morgan Stanley 6,939,158 112,500 Nationwide Health Properties, Inc. 2,656,125 261,200 New York Community Bancorp, Inc. 4,732,944 64,900 North Fork Bancorporation, Inc. 1,823,041 156,050 The Charles Schwab Corporation 1,760,244 283,700 U.S. Bancorp 8,284,040 135,250 Wachovia Corporation 6,708,400 149,400 Waddell & Reed Financial, Inc., Class A 2,763,900 108,950 Wells Fargo & Company 6,709,141 19 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 11.2% 166,900 Abbott Laboratories $ 8,179,769 24,500 Aetna Inc. 2,029,090 114,150 Amgen Inc. # 6,901,509 94,200 Baxter International Inc. 3,494,820 37,750 Biogen Idec Inc. # 1,300,488 408,950 Bristol-Myers Squibb Company 10,215,571 51,800 Caremarx Rx, Inc. # 2,306,136 54,400 Celgene Corporation # 2,217,888 26,000 Coventry Health Care, Inc. # 1,839,500 46,200 Genentech, Inc. # 3,708,936 46,900 Genzyme Corporation # 2,818,221 92,100 Gilead Sciences, Inc. # 4,051,479 94,300 GlaxoSmithKline plc, ADR 4,574,493 36,300 Guidant Corporation 2,442,990 259,650 Johnson & Johnson 16,877,250 134,950 Eli Lilly and Company 7,518,065 80,400 Medtronic Inc. 4,163,916 46,000 Mentor Co. Inc. 1,908,080 305,050 Merck & Co. Inc 9,395,540 730,250 Pfizer Inc. 20,140,295 125,350 Schering-Plough Corporation 2,389,171 20,150 Sepracor Inc. # 1,209,202 121,700 UnitedHealth Group Incorporated 6,345,438 66,800 Wellpoint Inc. # 4,651,952 139,850 Wyeth 6,223,325 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 10.6% 97,500 AMR Coporation-DEL # 1,180,725 95,800 Automatic Data Processing, Inc. 4,020,726 88,200 The Boeing Company 5,821,200 88,050 Briggs & Stratton Corporation 3,048,291 56,200 Caterpillar Inc. 5,356,422 86,500 Cendant Corporation 1,935,005 9,500 CheckFree Corp # 323,570 26,000 Cooper Industries Limited 1,661,400 27,500 Corporate Executive Board Company 2,154,075 114,150 Deluxe Corporation 4,634,490 80,400 Emerson Electric Co 5,035,452 52,800 First Data Corporation 2,119,392 936,350 General Electric Company 32,444,528 57,500 Genuine Parts Company 2,362,675 70,750 Graco Inc. 2,410,453 133,500 Honeywell International Inc. 4,890,105 71,050 Hubbell Incorporated, Class B # 3,133,305 26,000 Lockheed Martin Corporation 1,686,620 57,150 Manpower Inc. 2,273,427 41,700 Northrop Grumman Corporation 2,303,925 72,400 Pentair, Inc. 3,099,444 46,000 Raytheon Company 1,799,520 39,000 Rockwell Automation, Inc. 1,899,690 80,400 SPX Corporation 3,696,792 44,700 The Stanley Works 2,035,638 83,000 3M Co. 6,000,900 67,000 The Timken Company 1,547,700 183,850 Tyco International Ltd 5,368,420 78,500 United Parcel Service, Inc., Class B 5,429,060 107,600 United Technologies Corporation 5,525,260 95,550 Waste Management, Inc. 2,707,887 51,300 York International Corporation 1,949,400 20 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY - 23.5% 56,066 Activision Inc. # $ 926,210 117,900 Adobe Systems Incorporated 3,374,298 72,500 ADTRAN, Inc. 1,797,275 84,500 Advanced Micro Devices Inc. # 1,465,230 81,900 Altera Corporation # 1,623,258 121,800 Analog Devices, Inc. 4,544,358 331,300 Apple Computer, Inc. # 12,195,153 292,300 Applied Materials, Inc. 4,729,414 71,500 Autodesk, Inc. 2,457,455 86,600 Broadcom Corporation Class A # 3,075,166 886,400 Cisco Systems, Inc. # 16,939,104 104,400 Computer Associates International, Inc. 2,868,912 184,500 Corning Incorporated # 3,066,390 44,200 Cree Inc. # 1,125,774 257,100 Dell Inc. # 10,158,021 264,100 EMC Corporation # 3,620,811 341,600 eBay Inc. # 11,276,216 77,600 Electronic Arts Inc. (EA) # 4,392,936 86,700 Electronic Data Systems Corporation 1,668,975 47,200 Fair Isaac Corporation 1,722,800 58,000 Freescale Semiconductor Inc. # 1,218,580 123,100 Gentex Corporation 2,240,420 14,300 Google Inc., Class A # 4,206,345 55,800 Harris Corporation 1,741,518 317,700 Hewlett-Packard Company 7,469,127 1,023,350 Intel Corporation 26,668,501 162,500 International Business Machines Corporation 12,057,500 45,700 International Rectifier Corporation # 2,180,804 73,000 Juniper Networks Inc. # 1,838,140 51,550 KLA-Tencor Corporation 2,252,735 72,550 Linear Technology Corporation 2,661,860 52,800 Macromedia, Inc. # 2,018,016 59,150 Marvell Technology Group Limited # 2,250,066 123,350 Maxim Integrated Products, Inc. 4,713,204 46,850 McAfee Inc. # 1,226,533 1,679,450 Microsoft Corporation 41,717,538 243,800 Motorola, Inc. 4,451,788 132,350 National Semiconductor Corporation 2,915,671 97,500 Network Appliance Inc. # 2,756,325 744,500 Oracle Corporation # 9,827,400 578,650 QUALCOM Inc. 19,101,237 46,700 Research In Motion Limited # 3,444,125 25,600 Roper Industries Inc. 1,827,072 72,500 SAP AG, Sponsored ADR 3,139,250 185,600 Siebel Systems, Inc. 1,651,840 226,350 Symantec Corporation # 4,920,849 283,250 Texas Instruments Incorporated 7,950,828 114,100 VERITAS Software Corporation # 2,784,040 92,650 Veri Sign, Inc. # 2,664,614 130,650 Xilinx, Inc. 3,331,575 267,900 Yahoo! Inc. # 9,282,735 - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 3.5% 71,500 Alcoa Inc. 1,868,295 171,000 Companhia Siderurgica Nacional S.A., Sponsored ADR 2,761,650 147,700 The Dow Chemical Company 6,577,081 170,700 E.I. du Pont de Nemours and Company 7,341,807 49,050 Eastman Chemical Company 2,705,108 83,000 The Lubrizol Corporation 3,486,830 118,400 Lyondell Chemical Company 3,128,128 30,500 Monsanto Company 1,917,535 21 Nuveen Equity Premium Opportunity Fund (JSN) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS (continued) 127,650 Olin Corporation $ 2,328,336 218,700 Packaging Corp of America 4,603,635 152,650 RPM International, Inc. 2,787,389 127,450 Sonoco Products Company 3,377,425 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES - 4.0% 245,900 BellSouth Corporation 6,533,563 113,500 China Mobile Hong Kong Limited, Sponsored ADR 2,109,965 151,050 Chunghwa Telecom Co., Ltd., Sponsored ADR # 3,237,001 254,600 Nextel Communications, Inc., Class A # 8,226,125 132,000 Nokia Oyj, Sponsored ADR 2,196,480 451,300 SBC Communications Inc. 10,718,374 149,400 Sprint Corporation 3,748,445 352,400 Verizon Communications Inc. 12,175,420 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 3.8% 63,900 AGL Resources Inc. 2,469,734 38,400 Ameren Corporation 2,123,520 179,450 Atmos Energy Corporation 5,168,160 318,750 Citizens Communications Company 4,284,000 181,250 Duke Energy Corporation 5,388,562 98,700 Duquesne Light Holdings Inc. 1,843,715 129,350 Great Plains Energy Incorporated 4,124,971 88,300 National Fuel Gas Company 2,552,752 122,400 NICOR Inc. 5,039,207 92,500 OGE Energy Corp 2,676,950 95,800 ONEOK Inc. 3,127,870 118,050 Pepco Holdings, Inc. 2,826,116 84,600 Piedmont Natural Gas Company, Inc. 2,032,091 42,100 Public Service Enterprise Group 2,560,521 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $1,174,606,833) 1,178,376,827 -------------------------------------------------------------------------------------------------------------------- CONTRACTS - ------------------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS - 0.3% 1,094 On S&P 500 Index, expiring 7/16/05 at 1100 27,350 593 On Nasdaq 100 Index, expiring 8/20/05 at 1350 158,628 2,051 On S&P 500 Index, expiring 8/20/05 at 1100 523,005 6,310 On Mini-NDX 100 Index, expiring 9/17/05 at 135.0 394,375 492 On Nasdaq 100 Index, expiring 9/17/05 at 1325 223,860 218 On Nasdaq 100 Index, expiring 9/17/05 at 1350 137,340 1,365 On S&P 500 Index, expiring 9/17/05 at 1075 505,050 2,833 On S&P 500 Index, expiring 9/17/05 at 1100 1,529,820 - ------------------------------------------------------------------------------------------------------------------------------------ Total Put Options (cost $4,761,797) 3,499,428 -------------------------------------------------------------------------------------------------------------------- PRINCIPAL AMOUNT (000) - ------------------------------------------------------------------------------------------------------------------------------------ HIGH-GRADE SHORT-TERM INVESTMENTS - 5.6% $ 68,560 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 68,559,784 =============----------------------------------------------------------------------------------------------------------------------- Total High-Grade Short-Term Investments (cost $68,559,784) 68,559,784 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $1,247,928,414) - 101.8% 1,250,436,039 ==================================================================================================================== 22 CONTRACTS DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CALL OPTIONS - (1.9)% * (985) On Mini-NDX 100 Index, expiring 7/16/05 at 147.5 $ (261,025) (1,180) On Mini-NDX 100 Index, expiring 7/16/05 at 150.0 (141,600) (1,460) On Mini-NDX 100 Index, expiring 7/16/05 at 152.5 (58,400) (163) On Nasdaq 100 Index, expiring 7/16/05 at 1475 (427,875) (164) On Nasdaq 100 Index, expiring 7/16/05 at 1500 (191,060) (68) On Nasdaq 100 Index, expiring 7/16/05 at 1525 (27,200) (791) On S&P 500 Index, expiring 7/16/05 at 1150 (3,436,895) (1,195) On S&P 500 Index, expiring 7/16/05 at 1175 (2,539,375) (809) On S&P 500 Index, expiring 7/16/05 at 1200 (477,310) (1,265) On Mini-NDX 100 Index, expiring 8/20/05 at 152.5 (234,025) (2,633) On Mini-NDX 100 Index, expiring 8/20/05 at 155.0 (263,300) (290) On Nasdaq 100 Index, expiring 8/20/05 at 1500 (856,950) (66) On Nasdaq 100 Index, expiring 8/20/05 at 1525 (120,120) (915) On S&P 500 Index, expiring 8/20/05 at 1200 (1,459,425) (1,900) On Mini-NDX 100 Index, expiring 9/17/05 at 150.0 (798,000) (240) On Nasdaq 100 Index, expiring 9/17/05 at 1500 (1,002,000) (1,732) On S&P 500 Index, expiring 9/17/05 at 1175 (6,676,860) (1,901) On S&P 500 Index, expiring 9/17/05 at 1200 (4,438,835) - ------------------------------------------------------------------------------------------------------------------------------------ Total Call Options (premiums received $35,033,127) (23,410,255) ==================================================================================================================== Other Assets Less Liabilities - 0.1% 702,261 ==================================================================================================================== Net Assets - 100% $1,227,728,045 ====================================================================================================================
# Non-income producing * The aggregate value of investments that covers outstanding call options is $1,153,173,066. See accompanying notes to financial statements. 23 Nuveen Equity Premium Advantage Fund (JLA) Portfolio of INVESTMENTS June 30, 2005 (Unaudited)
SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 95.2% CONSUMER DISCRETIONARY - 13.6% 14,900 Abercrombie & Fitch Co., Class A $ 1,023,630 36,900 Amazon.com, Inc. # 1,220,652 26,200 American Eagle Outfitters, Inc 803,030 19,100 Best Buy Company Inc. 1,309,305 9,300 Black & Decker Corporation 835,605 32,600 Claire's Stores, Inc. 784,030 32,300 Clear Channel Communications, Inc. 999,039 24,400 Coach, Inc. # 819,108 191,400 Comcast Corporation # 5,732,430 58,600 The DIRECTV Group, Inc. # 908,300 51,400 The Walt Disney Company 1,294,252 22,900 Dow Jones & Company, Inc. 811,805 73,900 Ford Motor Company 756,736 37,300 Furniture Brands International, Inc. 806,053 58,100 General Motors Corporation 1,975,400 16,400 Harley-Davidson Inc 813,440 66,900 The Home Depot, Inc. 2,602,410 91,500 IAC/InterActiveCorp # 2,200,575 27,600 International Game Technology 776,940 40,900 Limited Brands, Inc. 876,078 24,500 Lowe's Companies, Inc. 1,426,390 24,500 May Department Stores Company 983,920 45,500 McDonald's Corporation 1,262,625 38,500 Newell Rubbermaid Inc. 917,840 72,400 News Corporation Inc., Class A 1,171,432 12,800 Omnicom Group Inc. 1,022,208 20,900 Outback Steakhouse, Inc. # 945,516 16,800 J.C. Penney Company, Inc. 883,344 51,800 Pier 1 Imports, Inc. 735,042 16,200 Polaris Industries Inc. 874,800 77,400 Regal Entertainment Group, Class A 1,461,312 28,700 Sears Holding Corporation # 4,301,269 111,400 Servicemaster 1,492,760 259,400 Sirius Satellite Radio Inc. # 1,680,912 67,200 Starbucks Corporation # 3,471,552 15,700 Starwood Hotels & Resorts Worldwide, Inc. 919,549 23,300 Target Corporation 1,267,753 121,600 Time Warner Inc. # 2,031,936 35,400 Tupperware Corporation 827,298 18,800 Unitrin, Inc. 923,080 49,300 Viacom Inc., Class B 1,578,586 75,300 Wal-Mart Stores, Inc. 3,629,460 20,300 Wendy's International, Inc. 967,295 12,700 Whirlpool Corporation 890,397 30,100 XM Satellite Radio Holdings Inc., Class A # 1,013,166 - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 3.4% 69,400 Albertson's, Inc. 1,435,192 69,700 Altria Group, Inc. 4,506,802 33,900 CVS Corporation 985,473 24 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES (continued) 52,900 The Coca-Cola Company $ 2,208,575 25,400 The Gillette Company 1,286,002 23,200 PepsiCo, Inc. 1,251,176 51,800 The Procter & Gamble Company 2,732,450 32,500 Walgreen Co. 1,494,675 - ------------------------------------------------------------------------------------------------------------------------------------ ENERGY - 3.5% 54,100 ChevronTexaco Corporation 3,025,272 29,400 ConocoPhillips 1,690,206 21,300 Diamond Offshore Drilling, Inc. 1,138,059 146,700 Exxon Mobil Corporation 8,430,849 26,400 Halliburton Company 1,262,448 17,500 Smith International, Inc. 1,114,750 - ------------------------------------------------------------------------------------------------------------------------------------ FINANCIALS - 10.9% 24,500 AFLAC Incorporated 1,060,360 18,700 American Express Company 995,401 67,800 American Financial Realty Trust 1,042,764 63,400 American International Group, Inc. 3,683,540 88,200 Bank of America Corporation 4,022,802 38,100 The Bank of New York Company, Inc. 1,096,518 4,500 The Chicago Merchantile Exchange 1,329,750 115,400 Citigroup Inc. 5,334,942 33,600 Commerce Bancorp, Inc. 1,018,416 36,000 Eaton Vance Corporation 860,760 32,700 Fidelity National Financial, Inc. 1,167,063 29,600 Arthur J. Gallagher & Co. 803,048 9,100 The Goldman Sachs Group, Inc. 928,382 149,900 HRPT Properties Trust 1,863,257 11,800 HSBC Holdings plc, Sponsored ADR 939,870 46,300 Health Care REIT, Inc. 1,745,047 89,700 JPMorgan Chase & Co 3,168,204 13,200 Legg Mason, Inc. 1,374,252 87,000 Lloyds TSB Group plc, Sponsored ADR 2,962,350 47,500 MBNA Corporation 1,242,600 20,000 Moody's Corporation 899,200 35,700 Morgan Stanley 1,873,179 66,600 Nationwide Health Properties, Inc. 1,572,426 53,100 New York Community Bancorp, Inc. 962,172 13,600 Prudential Financial, Inc. 892,976 74,000 The Charles Schwab Corporation 834,720 40,100 TCF Financial Corporation 1,037,788 50,400 TruStreet Properties, Inc. 837,144 63,800 U.S. Bancorp 1,862,960 33,300 Wachovia Corporation 1,651,680 51,000 Waddell & Reed Financial, Inc., Class A 943,500 25,100 Wells Fargo & Company 1,545,658 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 11.7% 52,400 Abbott Laboratories 2,568,124 15,900 Affymetrix, Inc. # 857,487 67,700 Amgen Inc. # 4,093,142 57,300 Applera Corporation-Applied Biosystems Group 1,127,091 37,800 Baxter International Inc. 1,402,380 67,600 Biogen Idec Inc. # 2,328,820 26,700 Boston Scientific Corporation # 720,900 112,000 Bristol-Myers Squibb Company 2,797,760 19,800 Caremarx Rx, Inc. # 881,496 22,700 Celgene Corporation # 925,479 23,000 Cephalon, Inc. # 915,630 18,900 Charles River Laboratories International, Inc. # 911,925 25 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) 12,300 Genentech, Inc. # $ 987,444 37,100 Genzyme Corporation # 2,229,339 56,200 Gilead Sciences, Inc. # 2,472,238 27,400 GlaxoSmithKline plc, ADR 1,329,174 11,700 Guidant Corporation 787,410 72,100 Human Genome Sciences, Inc. # 834,918 76,300 Johnson & Johnson 4,959,500 41,900 Eli Lilly and Company 2,334,249 15,100 Medco Health Solutions, Inc. # 805,736 34,300 Medtronic Inc. 1,776,397 80,800 Merck & Co. Inc. 2,488,640 192,300 Pfizer Inc. 5,303,634 55,400 Schering-Plough Corporation 1,055,924 15,000 Sepracor Inc. # 900,150 15,800 Stryker Corporation 751,448 59,100 Telik, Inc. # 960,966 33,700 UnitedHealth Group Incorporated 1,757,118 16,600 Wellpoint Inc. # 1,156,024 46,200 Wyeth 2,055,900 10,100 Zimmer Holdings, Inc. # 769,317 - ------------------------------------------------------------------------------------------------------------------------------------ INDUSTRIALS - 9.2% 38,800 Automatic Data Processing, Inc. 1,628,436 26,200 The Boeing Company 1,729,200 23,900 Briggs & Stratton Corporation 827,418 17,500 Burlington Northern Santa Fe Corporation 823,900 14,800 Caterpillar Inc. 1,410,588 41,400 Cendant Corporation 926,118 30,200 CheckFree Corp # 1,028,612 13,000 Cooper Industries Limited 830,700 13,800 Corporate Executive Board Company 1,080,954 18,200 Danaher Corporation 952,588 15,700 Eaton Corporation 940,430 33,700 Emerson Electric Co 2,110,631 29,700 First Data Corporation 1,192,158 250,900 General Electric Company 8,693,685 11,700 Global Payments Inc. 793,260 22,700 Graco Inc. 773,389 41,300 Honeywell International Inc. 1,512,819 22,400 Hubbell Incorporated, Class B # 987,840 15,900 ITT Educational Services Inc. # 849,378 24,000 Manpower Inc. 954,720 17,600 Pentair, Inc. 753,456 34,400 Pitney Bowes Inc. 1,498,120 15,500 Rockwell Automation, Inc. 755,005 21,500 SEI Investments Company 803,025 23,300 SPX Corporation 1,071,334 77,100 Southwest Airlines Co. 1,074,003 28,000 3M Co. 2,024,400 59,400 Tyco International Ltd 1,734,480 33,700 United Parcel Service, Inc., Class B 2,330,692 29,900 United Technologies Corporation 1,535,365 - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY - 33.5% 77,000 Adobe Systems Incorporated 2,203,740 47,900 Advanced Micro Devices Inc. # 830,586 19,200 Amphenol Corporation, Class A 771,264 47,400 Analog Devices, Inc. 1,768,494 221,500 Apple Computer, Inc. # 8,153,415 89,800 Applied Materials, Inc. 1,452,964 33,700 Arrow Electronics, Inc. # 915,292 26 SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ INFORMATION TECHNOLOGY (continued) 34,800 Autodesk, Inc. $ 1,196,076 36,900 Broadcom Corporation, Class A # 1,310,319 73,400 Cadence Design Systems, Inc. # 1,002,644 472,200 Cisco Systems, Inc. # 9,023,742 48,600 Computer Associates International, Inc. 1,335,528 68,300 Corning Incorporated # 1,135,146 32,300 Cymer, Inc. # 851,105 162,300 Dell Inc. # 6,412,473 24,300 Diebold, Incorporated 1,096,173 105,500 EMC Corporation # 1,446,405 202,600 eBay Inc. # 6,687,826 50,400 Electronic Arts Inc. (EA) # 2,853,144 44,300 Electronic Data Systems Corporation 852,775 63,900 Fairchild Semiconductor International Inc., Class A # 942,525 28,200 FormFactor Inc # 745,044 46,600 Freescale Semiconductor Inc. # 979,066 5,400 Google Inc., Class A # 1,588,410 29,400 Harris Corporation 917,574 100,200 Hewlett-Packard Company 2,355,702 20,300 Hyperion Solutions Corporation # 816,872 11,100 Infosys Technologies Limited, ADR 859,917 62,100 Integrated Device Technology, Inc. # 667,575 46,600 Integrated Circuit Systems, Inc. # 961,824 451,600 Intel Corporation 11,768,696 48,700 International Business Machines Corporation (IBM) 3,613,540 22,700 International Rectifier Corporation # 1,083,244 49,500 Juniper Networks Inc. # 1,246,410 23,200 KLA-Tencor Corporation 1,013,840 12,300 Lexmark International, Inc. # 797,409 24,800 Macromedia, Inc. # 947,856 35,300 Marvell Technology Group Limited # 1,342,812 52,300 Maxim Integrated Products, Inc. 1,998,383 65,500 Micrel, Incorporated # 754,560 834,100 Microsoft Corporation 20,719,044 75,200 Micron Technology, Inc. # 767,792 72,900 Motorola, Inc. 1,331,154 22,700 NCR Corporation # 797,224 53,400 National Semiconductor Corporation 1,176,402 53,500 Network Appliance Inc. # 1,512,445 396,300 Oracle Corporation # 5,231,160 358,500 QUALCOM Inc. 11,834,085 33,100 Research In Motion Limited # 2,441,125 29,800 The Reynolds and Reynolds Company 805,494 11,600 Roper Industries Inc. 827,892 23,900 SRA International, Inc. # 829,808 37,400 SAP AG, Sponsored ADR 1,619,420 32,000 Satyam Computer Services Limited, ADR 832,000 51,200 Semtech Corporation # 852,480 88,100 Siebel Systems, Inc. 784,090 39,600 Sybase, Inc. # 726,660 135,700 Symantec Corporation # 2,950,118 117,920 Taiwan Semiconductor Manufacturing Company Ltd., Sponsored ADR 1,075,428 26,700 Take-Two Interactive Software, Inc. # 679,515 106,500 Texas Instruments Incorporated 2,989,455 214,400 United Microelectronics Corporation, ADR # 881,184 26,000 Varian Semiconductor Equipment Associate # 962,000 64,500 VERITAS Software Corporation # 1,573,800 37,300 Veri Sign, Inc. # 1,072,748 53,000 Xilinx, Inc. 1,351,500 128,400 Yahoo! Inc. # 4,449,060 27 Nuveen Equity Premium Advantage Fund (JLA) (continued) Portfolio of INVESTMENTS June 30, 2005 (Unaudited) SHARES DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ MATERIALS - 2.6% 29,600 Alcoa Inc. $ 773,448 24,900 Cabot Microelectronics Corporation # 721,851 56,300 Companhia Siderurgica Nacional S.A., Sponsored ADR 909,245 36,600 The Dow Chemical Company 1,629,798 46,400 E.I. du Pont de Nemours and Company 1,995,664 35,300 Lyondell Chemical Company 932,626 13,900 Monsanto Company 873,893 74,200 Packaging Corp of America 1,561,910 52,000 RPM International, Inc. 949,520 34,400 Sonoco Products Company 911,600 14,900 Weyerhaeuser Company 948,385 - ------------------------------------------------------------------------------------------------------------------------------------ TELECOMMUNICATION SERVICES - 4.3% 48,900 AT&T Corp 931,056 54,100 BellSouth Corporation 1,437,437 46,400 China Mobile Hong Kong Limited, Sponsored ADR 862,576 50,800 Chunghwa Telecom Co., Ltd., Sponsored ADR # 1,088,644 232,200 Nextel Communications, Inc., Class A # 7,502,382 68,100 Nokia Oyj, Sponsored ADR 1,133,184 123,800 SBC Communications Inc. 2,940,250 53,400 Sprint Corporation 1,339,806 90,500 Verizon Communications Inc. 3,126,775 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 2.5% 52,400 Atmos Energy Corporation 1,509,120 61,600 Duke Energy Corporation 1,831,368 21,600 Exelon Corporation 1,108,728 33,400 Great Plains Energy Incorporated 1,065,126 50,200 NICOR Inc. 2,066,734 30,400 OGE Energy Corp 879,776 31,000 ONEOK Inc. 1,012,150 34,300 Piedmont Natural Gas Company 823,886 43,700 TECO Energy, Inc. 826,367 30,500 Vectren Corporation 876,265 - ------------------------------------------------------------------------------------------------------------------------------------ Total Common Stocks (cost $455,977,485) 449,358,405 -------------------------------------------------------------------------------------------------------------------- CONTRACTS - ------------------------------------------------------------------------------------------------------------------------------------ PUT OPTIONS - 0.3% 278 On S&P 500 Index, expiring 7/16/05 at 1100 6,950 380 On Mini-NDX 100 Index, expiring 8/20/05 at 135.0 9,500 404 On Nasdaq 100 Index, expiring 8/20/05 at 1350 108,070 573 On S&P 500 Index, expiring 8/20/05 at 1100 146,115 1,600 On Mini-NDX 100 Index, expiring 9/17/05 at 132.5 72,000 1,970 On Mini-NDX 100 Index, expiring 9/17/05 at 135.0 123,125 800 On Mini-NDX 100 Index, expiring 9/17/05 at 137.5 70,000 216 On Nasdaq 100 Index, expiring 9/17/05 at 1325 98,280 378 On Nasdaq 100 Index, expiring 9/17/05 at 1350 238,140 304 On S&P 500 Index, expiring 9/17/05 at 1075 112,480 709 On S&P 500 Index, expiring 9/17/05 at 1100 382,860 - ------------------------------------------------------------------------------------------------------------------------------------ Total Put Options (cost $1,799,686) 1,367,520 -------------------------------------------------------------------------------------------------------------------- 28 PRINCIPAL AMOUNT (000) DESCRIPTION VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HIGH-GRADE SHORT-TERM INVESTMENTS - 6.3% $ 29,795 State Street Bank Euro Dollar Time Deposit, 2.600%, 7/01/05 $ 29,795,105 =============----------------------------------------------------------------------------------------------------------------------- Total High-Grade Short-Term Investments (cost $29,795,105) 29,795,105 -------------------------------------------------------------------------------------------------------------------- Total Investments (cost $487,572,276) - 101.8% 480,521,030 ==================================================================================================================== CONTRACTS - ------------------------------------------------------------------------------------------------------------------------------------ CALL OPTIONS - (1.6)% * (1,200) On Mini-NDX 100 Index, expiring 7/16/05 at 150.0 (144,000) (770) On Mini-NDX 100 Index, expiring 7/16/05 at 152.5 (30,800) (56) On Nasdaq 100 Index, expiring 7/16/05 at 1500 (65,240) (120) On Nasdaq 100 Index, expiring 7/16/05 at 1525 (48,000) (184) On Nasdaq 100 Index, expiring 7/16/05 at 1550 (22,080) (184) On S&P 500 Index, expiring 7/16/05 at 1150 (799,480) (331) On S&P 500 Index, expiring 7/16/05 at 1175 (703,375) (228) On S&P 500 Index, expiring 7/16/05 at 1200 (134,520) (400) On Mini-NDX 100 Index, expiring 8/20/05 at 150.0 (121,000) (400) On Mini-NDX 100 Index, expiring 8/20/05 at 152.5 (74,000) (1,600) On Mini-NDX 100 Index, expiring 8/20/05 at 155.0 (160,000) (169) On Nasdaq 100 Index, expiring 8/20/05 at 1500 (499,395) (136) On Nasdaq 100 Index, expiring 8/20/05 at 1525 (247,520) (80) On Nasdaq 100 Index, expiring 8/20/05 at 1550 (80,800) (236) On S&P 500 Index, expiring 8/20/05 at 1200 (376,420) (380) On Mini-NDX 100 Index, expiring 9/17/05 at 150.0 (159,600) (253) On Nasdaq 100 Index, expiring 9/17/05 at 1500 (1,056,275) (466) On S&P 500 Index, expiring 9/17/05 at 1175 (1,796,430) (419) On S&P 500 Index, expiring 9/17/05 at 1200 (978,365) - ------------------------------------------------------------------------------------------------------------------------------------ Total Call Options (premiums received $14,573,490) (7,497,300) ==================================================================================================================== Other Assets Less Liabilities - (0.2)% (965,956) ==================================================================================================================== Net Assets - 100% $472,057,774 ====================================================================================================================
# Non-income producing * The aggregate value of investments that covers outstanding call options is $444,545,951. See accompanying notes to financial statements. 29 Statement of ASSETS AND LIABILITIES June 30, 2005 (Unaudited)
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at value (cost $706,533,777, $1,247,928,414 and $487,572,276, respectively) $733,566,866 $1,250,436,039 $480,521,030 Receivables: Dividends and interest 1,437,349 1,639,012 369,082 Reclaims 4,708 4,624 -- Other assets 15,924 641 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 735,024,847 1,252,080,316 480,890,112 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Call options written, at value (premiums received $19,724,385, $35,033,127 and $14,573,490, respectively) 14,969,650 23,410,255 7,497,300 Accrued expenses: Management fees 344,883 575,883 253,684 Organization and offering costs -- -- 988,000 Other 205,256 366,133 93,354 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 15,519,789 24,352,271 8,832,338 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $719,505,058 $1,227,728,045 $472,057,774 ==================================================================================================================================== Shares outstanding 37,957,064 64,944,879 24,705,240 ==================================================================================================================================== Net asset value per share outstanding (net assets divided by shares outstanding) $ 18.96 $ 18.90 $ 19.11 ==================================================================================================================================== NET ASSETS CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Shares, $.01 par value per share $ 379,571 $ 649,449 $ 247,052 Paid-in surplus 723,591,939 1,238,292,118 470,635,031 Undistributed (Over-distribution of) net investment income (465,360) 947,385 337,294 Distributions in excess of net investment income (24,126,755) (30,251,498) -- Accumulated net realized gain (loss) from investments, foreign currency transactions and option contracts (11,662,161) 3,960,094 813,453 Net unrealized appreciation of investments and option contracts 31,787,824 14,130,497 24,944 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $719,505,058 $1,227,728,045 $472,057,774 ====================================================================================================================================
See accompanying notes to financial statements. 30 Statement of OPERATIONS (Unaudited)
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) ------------ --------------- --------------- FOR THE PERIOD FOR THE PERIOD 1/26/05 5/25/05 (COMMENCEMENT (COMMENCEMENT SIX MONTHS OF OPERATIONS) OF OPERATIONS) ENDED THROUGH THROUGH 6/30/05 6/30/05 6/30/05 - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Dividends (net of foreign taxes withheld of $76,148, $101,643 and $6,528, respectively) $ 10,194,432 $ 11,267,507 $ 383,264 Interest 385,634 1,006,908 289,804 - ------------------------------------------------------------------------------------------------------------------------------------ Total investment income 10,580,066 12,274,415 673,068 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 3,145,214 4,329,996 338,009 Shareholders' servicing agent fees and expenses 881 824 603 Custodian's fees and expenses 102,886 144,806 9,963 Trustees' fees and expenses 9,114 11,911 849 Professional fees 18,925 22,627 4,791 Shareholders' reports - printing and mailing expenses 35,305 70,397 36,987 Stock exchange listing fees 13,391 10,727 -- Investor relations expense 60,528 91,282 6,463 Other expenses 39,670 193,682 14,232 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,425,914 4,876,252 411,897 Custodian fee credit (89,913) (102,022) (183) Expense reimbursement (1,067,395) (1,488,738) (75,940) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 2,268,606 3,285,492 335,774 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 8,311,460 8,988,923 337,294 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments (8,793,677) (18,539,265) (22,858) Foreign currency transactions 1,097 -- -- Option contracts written 22,753,493 22,499,359 836,311 Change in net unrealized appreciation (depreciation) of: Investments (10,338,688) 2,507,625 (7,051,246) Option contracts written 7,789,857 11,622,872 7,076,190 - ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain 11,412,082 18,090,591 838,397 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations $ 19,723,542 $ 27,079,514 $ 1,175,691 ====================================================================================================================================
See accompanying notes to financial statements. 31 Statement of CHANGES IN NET ASSETS (Unaudited)
EQUITY EQUITY PREMIUM PREMIUM EQUITY PREMIUM OPPORTUNITY ADVANTAGE INCOME (JPZ) (JSN) (JLA) ----------------------------- -------------- --------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 10/26/04 1/26/05 5/25/05 (COMMENCEMENT (COMMENCEMENT (COMMENCEMENT SIX MONTHS OF OPERATIONS) OF OPERATIONS) OF OPERATIONS) ENDED THROUGH THROUGH THROUGH 6/30/05 12/31/04 6/30/05 6/30/05 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 8,311,460 $ 4,491,508 $ 8,988,923 $ 337,294 Net realized gain (loss) from: Investments (8,793,677) 361,386 (18,539,265) (22,858) Foreign currency transactions 1,097 -- -- -- Option contracts written 22,753,493 (25,984,460) 22,499,359 836,311 Change in net unrealized appreciation (depreciation) of: Investments (10,338,688) 37,371,777 2,507,625 (7,051,246) Option contracts written 7,789,857 (3,035,122) 11,622,872 7,076,190 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 19,723,542 13,205,089 27,079,514 1,175,691 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS From net investment income (8,042,252) (5,226,076) (8,041,538) -- In excess of net investment income (24,126,755) -- (30,251,498) -- Tax return of capital -- (84,048) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (32,169,007) (5,310,124) (38,293,036) -- - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from sale of shares 67,480 713,053,231 1,228,579,554 470,781,999 Net proceeds from shares issued to shareholders due to reinvestment of distributions 7,988,896 2,845,867 10,261,929 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from capital share transactions 8,056,376 715,899,098 1,238,841,483 470,781,999 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets (4,389,089) 723,794,063 1,227,627,961 471,957,690 Net assets at the beginning of period 723,894,147 100,084 100,084 100,084 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets at the end of period $719,505,058 $723,894,147 $1,227,728,045 $472,057,774 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ (465,360) $ (734,568) $ 947,385 $ 337,294 ====================================================================================================================================
See accompanying notes to financial statements. 32 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds (the "Funds") covered in this report and their corresponding Common share New York Stock Exchange symbols are Nuveen Equity Premium Income Fund (JPZ), Nuveen Equity Premium Opportunity Fund (JSN) and Nuveen Equity Premium Advantage Fund (JLA). The Funds are registered under the Investment Company Act of 1940, as amended, as a diversified, closed-end management investment companies. Effective January 1, 2005, Nuveen Institutional Advisory Corp. ("NIAC"), Equity Premium Income's (JPZ) previous Adviser, and its affiliate, Nuveen Advisory Corp. ("NAC"), were merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the Adviser to all funds previously advised by either NIAC or NAC. Prior to the commencement of operations, each Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,084 by the Adviser, the recording of the organization expenses ($11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA)) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen. Each Fund seeks to provide a high level of current income and gains by investing primarily in a diversified equity portfolio that seeks to substantially replicate price movements of either the Standard & Poor's 500 Stock Index or a weighted average of the Standard &Poor's 500 Stock Index and the NASDAQ-100 Index and is designed to support the Funds' index option strategy. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Investment Valuation Exchange-listed equity securities are generally valued at the last sales price on the securities exchange on which such securities are primarily traded. Equity securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on Nasdaq are valued at the Nasdaq Official Closing Price. Prices of index options are provided through an independent pricing service approved by the Funds' Board of Trustees. If the pricing service is unable to supply a price for a derivative investment the Funds may use a market quote provided by a major broker/dealer in such investments. If it is determined that market prices for an investment are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish a fair value for the investment. High-grade 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 futures contract between the NYSE close and the options market close will be considered as an indication that closing market quotations for index options do not reflect the value of the contracts as of the stock market close. In the event of such a significant change, the Board of Trustees, or its designee, will determine a fair value for the options. Any such fair valuation will likely take into account any information that may be available about the actual trading price of the affected option as of 4:00 ET, and if no such information is reliably available, the fair valuation of the option may take into account various option pricing methodologies, as determined to be appropriate under the circumstances. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Option Transactions Each Fund purchases index put options and writes (sells) index call options. The purchase of put options involves the risk of loss of all or part of the cash paid for the options. Put options purchased are accounted for in the same manner as portfolio securities. 33 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) When the Funds write an index call option, an amount equal to the net premium received (the premium less commission) is recorded as a liability and is subsequently adjusted to the current value of the written option until the option expires or the Funds enter into a closing purchase transaction. When an index call option expires or the Funds enter into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on effecting a closing purchase transaction, including commission, is treated as a net realized gain on option contracts written or, if the net premium received is less than the amount paid, as a net realized loss on option contracts written. The Funds, as writers of an index call option, bear the risk of an unfavorable change in the market value of the index underlying the written option. Investment Income Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Dividends and Distributions to Shareholders Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds intend to declare monthly distributions to shareholders. A portion of the Funds' monthly distributions will be made from the Funds' net investment income and the remainder will be made from a combination of net realized capital gains on the Fundportfolio investments plus the cash flows generated by each Fund's index option strategy. This portion of the distributions will consist of either a combination of long-term and short-term capital gains, a return of capital (representing in most cases, to at least a large extent, net unrealized gains), or some combination of the two. The final composition of the characteristics of the distributions cannot be determined with certainty until after the end of the Fund's fiscal year. That final composition will depend on several factors, most importantly the amount of realized gains and losses on the Fund's portfolio securities, and the amount of gains and losses realized in connection with the call options sold by the Fund and the put options purchased by the Fund. The Funds may make total distributions during a fiscal year in an amount that exceeds the Funds' net investment income and net realized long-term capital gains for that fiscal year, in which event the amount of such excess would be characterized as a return of capital. For example, the Funds may distribute income early in the fiscal year that would initially be characterized as being taxable as short-term capital gains, but it could incur net short-term capital losses later in the fiscal year, thereby offsetting the income otherwise taxable as short-term capital gains for which distributions have already been made by the Funds. Moreover, in a rising equity market in which both the Funds' portfolio of stocks and the market index on which the Funds write and buy options rise in value, the Funds may realize capital losses in connection with their written index call options, while the largely reciprocal increases in the value of the Funds' portfolio of stocks will be treated as unrealized capital gains in this circumstance, the Funds' net cash flows may equal or exceed the amount of distributions paid, while the combination of their net income and net realized capital gains may be far less than the amount of distributions paid, in which case the difference will be treated as a return of capital for tax purposes. The actual character of the distributions made by JPZ during the period October 26, 2004 (commencement of operations) through December 31, 2004, are reflected in the accompanying financial statements. A portion of the distributions made by JPZ and JSN during the six months ended June 30, 2005, are provisionally classified as being "From Net Investment Income", portions of which may be reclassified after the fiscal year end. The remainder, designated as being "In Excess of Net Investment Income", can not be accurately classified, as described above, until after the end of the fiscal year. However, it is likely that a portion of the amounts reported as "In Excess of Net Investment Income" will result in a tax return of capital to shareholders. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. 34 Organization and Offering Costs Nuveen Investments, LLC has agreed to reimburse all organization expenses (approximately $11,500 for Equity Premium Income (JPZ) and $13,500 per Fund for Equity Premium Opportunity (JSN) and Equity Premium Advantage (JLA)) and pay all offering costs (other than the sales load) that exceed $.04 per share for each of the Funds. Equity Premium Income's (JPZ), Equity Premium Opportunity's (JSN) and Equity Premium Advantage's (JLA) share of offering costs ($1,028,288, $1,351,576 and $988,000, respectively) were recorded as reductions of the proceeds from the sale of shares. Indemnifications Under the Funds' organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Shares were as follows:
EQUITY PREMIUM EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ADVANTAGE (JLA) -------------------------------------- ----------------- ----------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 10/26/04 1/26/05 5/25/05 SIX MONTHS (COMMENCEMENT OF (COMMENCEMENT OF (COMMENCEMENT OF ENDED OPERATIONS) OPERATIONS) OPERATIONS) 6/30/05 THROUGH 12/31/04 THROUGH 6/30/05 THROUGH 6/30/05 - ------------------------------------------------------------------------------------------------------------------------------------ Shares sold -- 37,390,000 64,394,300 24,700,000 Shares issued to shareholders due to reinvestment of distributions 414,446 147,378 545,339 -- - ------------------------------------------------------------------------------------------------------------------------------------ 414,446 37,537,378 64,939,639 24,700,000 ====================================================================================================================================
3. INVESTMENT TRANSACTIONS Purchases and sales of investments (excluding short-term investments) were as follows:
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) ------------ --------------- --------------- FOR THE PERIOD FOR THE PERIOD 1/26/05 5/25/05 SIX MONTHS (COMMENCEMENT (COMMENCEMENT ENDED OF OPERATIONS) OF OPERATIONS) 6/30/05 THROUGH 6/30/05 THROUGH 6/30/05 - -------------------------------------------------------------------------------------------------------------------- Purchases $185,625,032 $1,294,764,712 $457,832,341 Sales 178,457,996 93,643,567 22,252 ====================================================================================================================
Transactions in index option contracts written were as follows:
EQUITY PREMIUM EQUITY PREMIUM EQUITY PREMIUM INCOME (JPZ) OPPORTUNITY (JSN) ADVANTAGE (JLA) --------------------------- -------------------------- ------------------------- FOR THE PERIOD FOR THE PERIOD 1/26/05 5/25/05 SIX MONTHS (COMMENCEMENT OF (COMMENCEMENT OF ENDED OPERATIONS) OPERATIONS) 6/30/05 THROUGH 6/30/05 THROUGH 6/30/05 --------------------------- -------------------------- ------------------------- NUMBER OF PREMIUMS NUMBER OF PREMIUMS NUMBER OF PREMIUMS CONTRACTS RECEIVED CONTRACTS RECEIVED CONTRACTS RECEIVED - ----------------------------------------------------------------------------------------------------------------------------- Outstanding, beginning of period 5,829 $ 19,757,348 -- $ -- -- $ -- Options written 18,504 48,273,622 64,899 94,162,688 9,060 17,624,600 Options terminated in closing purchase transactions (16,551) (42,951,501) (42,017) (51,243,264) (1,448) (3,051,110) Options expired (1,993) (5,355,084) (5,125) (7,886,297) -- -- - ----------------------------------------------------------------------------------------------------------------------------- Outstanding, end of period 5,789 $ 19,724,385 17,757 $ 35,033,127 7,612 $14,573,490 =============================================================================================================================
35 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. At June 30, 2005, the cost of investments owned was as follows:
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) - ------------------------------------------------------------------------------------------------------------------ Cost of investments $706,533,777 $1,247,928,414 $487,572,276 ==================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at June 30, 2005, were as follows:
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) - ------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $ 48,134,072 $ 48,271,794 $ 5,765,804 Depreciation (21,100,983) (45,764,169) (12,817,050) - ------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 27,033,089 $ 2,507,625 $ (7,051,246) ==================================================================================================================
The tax components of undistributed net ordinary income and net realized gains of Equity Premium Income (JPZ) at December 31, 2004, the Fund's last fiscal year end, were as follows: - -------------------------------------------------------------------------------- Accumulated capital and other losses * $ (818,616) Undistributed net capital gains (losses) (25,623,074) ================================================================================ * The balances above reflect operations for the portion of the tax year through December 31, 2004. The accumulated losses will be available to offset gains in future tax years subject to applicable tax rules. The tax character of Equity Premium Income's (JPZ) distributions paid during the period October 26, 2004 (commencement of operations) through December 31, 2004, the Fund's last fiscal year end, was designated for purposes of the dividends paid deduction as follows: - -------------------------------------------------------------------------------- Distributions from net ordinary income * $5,226,076 Tax return of capital 84,048 ================================================================================ * Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. 36 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Pursuant to the investment management agreements between the Adviser and the Funds, each Fund has agreed to pay an annual management fee for the services and facilities provided by the Adviser, payable on a monthly basis, based on the sum of a fund-level fee and a complex-level fee, as described below. Fund-Level Fee. The fund-level fee shall be applied according to the following schedule: FUND-LEVEL AVERAGE DAILY MANAGED ASSETS 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 ================================================================================ Complex-Level Fee. The complex-level fee schedule for all funds in the Nuveen fund complex is as follows: COMPLEX-LEVEL COMPLEX-LEVEL ASSETS (1) FEE RATE - -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion (2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser has entered into a 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: YEAR ENDING YEAR ENDING OCTOBER 31, OCTOBER 31, - -------------------------------------------------------------------------------- 2004* .30% 2009 .30% 2005 .30 2010 .22 2006 .30 2011 .14 2007 .30 2012 .07 2008 .30 ================================================================================ *From the commencement of operations. The Adviser has not agreed to reimburse Equity Premium Income (JPZ) for any portion of its fees and expenses beyond October 31, 2012. 37 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) For the first eight years of Equity Premium Opportunity's (JSN) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING JANUARY 31, JANUARY 31, - -------------------------------------------------------------------------------- 2005* .30% 2010 .30% 2006 .30 2011 .22 2007 .30 2012 .14 2008 .30 2013 .07 2009 .30 ================================================================================ *From the commencement of operations. The Adviser has not agreed to reimburse Equity Premium Opportunity (JSN) for any portion of its fees and expenses beyond January 31, 2013. For the first six years of Equity Premium Advantage's (JLA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily Managed Assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MAY 31, MAY 31, - -------------------------------------------------------------------------------- 2005* .20% 2009 .20% 2006 .20 2010 .20 2007 .20 2011 .10 2008 .20 ================================================================================ *From the commencement of operations. The Adviser has not agreed to reimburse Equity Premium Advantage (JLA) for any portion of its fees and expenses beyond May 31, 2011. 6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an additional $400 million of its Nuveen shares on a "forward" basis with payment for and settlement of these shares delayed for several months, and (D) entered into agreements with two unaffiliated investment banking firms to sell an amount equal to most or all of its remaining Nuveen shares for current payment but for future settlement. Transactions (C) and (D) above were settled in late July, which effectively reduced St. Paul Travelers' controlling stake in Nuveen and was deemed an "assignment" (as defined in the 1940 Act) of the investment management agreements between the Funds and the Adviser, which resulted in the automatic termination of each agreement under the 1940 Act. In anticipation of such deemed assignment, the Board of Trustees had approved new ongoing investment management agreements for each Fund and the submission of those agreements for approval by each respective Fund's shareholders, which shareholder approval was received prior to the settlement of transactions (C) and (D). The new ongoing management agreements took effect upon such settlement. 7. SUBSEQUENT EVENT - DISTRIBUTIONS TO SHAREHOLDERS The Funds declared distributions were paid on August 1, 2005, to shareholders of record on July 15, 2005, as follows:
EQUITY EQUITY EQUITY PREMIUM PREMIUM PREMIUM INCOME OPPORTUNITY ADVANTAGE (JPZ) (JSN) (JLA) - ------------------------------------------------------------------------------------------------------------------ Dividends per share $.1420 $.1480 $.1510 ==================================================================================================================
38 Financial HIGHLIGHTS (Unaudited) 39 Financial HIGHLIGHTS (Unaudited) Selected data for a share outstanding throughout each period:
Investment Operations Less Distributions --------------------------------- ---------------------------------------------------------- Net In Excess Beginning Net Realized/ Net of Net Tax Net Asset Investment Unrealized Investment Investment Capital Return of Value Income(a) Gain Total Income Income Gains Capital Total ==================================================================================================================================== EQUITY PREMIUM INCOME (JPZ) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 12/31: 2005(e) $19.28 $.22 $.31 $.53 $(.21) $(.64) $ -- $ -- $(.85) 2004(b) 19.10 .12 .24 .36 (.15) -- -- -- (.15) EQUITY PREMIUM OPPORTUNITY (JSN) - ------------------------------------------------------------------------------------------------------------------------------------ 2005(c) 19.10 .14 .27 .41 (.13) (.46) -- -- (.59) EQUITY PREMIUM ADVANTAGE (JLA) - ------------------------------------------------------------------------------------------------------------------------------------ 2005(d) 19.10 .01 .04 .05 -- -- -- -- -- ==================================================================================================================================== Total Returns -------------------- Based Based on Ending Ending on Net Offering Net Asset Market Market Asset Costs Value Value Value** Value** ======================================================================================= EQUITY PREMIUM INCOME (JPZ) - --------------------------------------------------------------------------------------- Year Ended 12/31: 2005(e) $ -- $18.96 $20.25 4.47% 2.83% 2004(b) (.03) 19.28 20.25 1.96 1.68 EQUITY PREMIUM OPPORTUNITY (JSN) - --------------------------------------------------------------------------------------- 2005(c) (.02) 18.90 19.73 1.75 2.10 EQUITY PREMIUM ADVANTAGE (JLA) - --------------------------------------------------------------------------------------- 2005(d) (.04) 19.11 19.73 (1.35) .05 ======================================================================================= Ratios/Supplemental Data ----------------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** --------------------------- ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses to Income to Expenses to Income to Portfolio Net Assets Average Average Average Average Turnover (000) Net Assets Net Assets Net Assets Net Assets Rate ======================================================================================================================== EQUITY PREMIUM INCOME (JPZ) - ------------------------------------------------------------------------------------------------------------------------ Year Ended 12/31: 2005(e) $ 719,505 .96%* 2.01%* .64%* 2.34%* 26% 2004(b) 723,894 1.07* 3.49* .73* 3.82* 1 EQUITY PREMIUM OPPORTUNITY (JSN) - ------------------------------------------------------------------------------------------------------------------------ 2005(c) 1,227,728 .98* 1.49* .66* 1.81* 8 EQUITY PREMIUM ADVANTAGE (JLA) - ------------------------------------------------------------------------------------------------------------------------ 2005(d) 472,058 1.08* .68* .88* .88* -- ========================================================================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement. (a) Per Shares 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 1/26/05 (commencement of operations) through June 30, 2005. (d) For the period 5/25/05 (commencement of operations) through June 30, 2005. (e) For the six months ended June 30, 2005. See accompanying notes to financial statements. 40-41 spread Reinvest Automatically EASILY AND CONVENIENTLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 42 Other Useful INFORMATION In April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers") sold the majority of its controlling equity interest in Nuveen Investments, Inc. ("Nuveen") to the general public. Nuveen is the parent of Nuveen Asset Management ("NAM"), which is each Fund's investment manager. This sale was deemed to be an "assignment" of the investment management agreement between each Fund and NAM and, if applicable, of the sub-advisory agreement between NAM and the Fund's sub-adviser. As required by law, the shareholders of each Fund were asked to approve a new investment management agreement and, if applicable, a new subadvisory agreement that reflected this change in ownership. The shareholders of each Fund voted this approval at a Shareholders' Meeting on July 26, 2005. There were no changes to the investment objectives or management of any Fund as a result of these actions. QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION The Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30, 2005, and (iii) a description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public Reference Section at 450 Fifth Street NW, Washington, D.C. 20549. GLOSSARY OF TERMS USED IN THIS REPORT MARKET YIELD (ALSO KNOWN AS DISTRIBUTION YIELD OR CURRENT YIELD): Market yield is based on the Fund's current annualized monthly distribution divided by the Fund's current market price. REIT distributions received by the Fund are generally comprised of investment income, long-term and short-term capital gains and a REIT return of capital. The Fund's monthly distributions to its shareholders may be comprised of ordinary income, net realized capital gains and, if at the end of the calendar year the Fund's cumulative net ordinary income and net realized gains are less than the amount of the Fund's distributions, a tax return of capital. NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. BOARD OF TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP Chicago, IL The Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 43 Nuveen Investments: SERVING Investors For GENERATIONS Photo of: 2 women looking at a photo album. Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $120 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details Learn more o Daily financial news about Nuveen Funds at o Investor education WWW.NUVEEN.COM/ETF o Interactive planning tools Logo: NUVEEN Investments ESA-D-0605D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Portfolio of Investments in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable at this time. 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. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Equity Premium Advantage Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: September 7, 2005 ------------------------------------------------------------------- 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: September 7, 2005 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: September 7, 2005 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 2 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Equity Premium Advantage Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 7, 2005 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Equity Premium Advantage Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 7, 2005 /s/ Stephen D. Foy ------------------------- -------------------------------- Vice President and Controller (principal financial officer) EX-99.906CERT 3 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Equity Premium Advantage Fund (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended June 30, 2005 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: September 7, 2005 ----------------------- /s/ Gifford R. Zimmerman --------------------- Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------- Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----